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ANKARA (Reuters) - An administrator of the Turkish military university established by President Tayyip Erdogan to help clean up the armed forces after a 2016 failed coup has been arrested over alleged links to the putsch, the Cumhuriyet newspaper said on Tuesday.
Authorities formally arrested Colonel Kadir Atakan of the National Defence University after detaining him some two weeks ago, the newspaper said. He was a director in charge of organizational matters at the school, which is not yet fully operational, the paper said.
Erdogan had ordered the establishment of the university after the July 2016 coup attempt, when a group of rogue soldiers commandeered tanks and warplanes in attempt to seize power. It was set up to replace the previous military academies, which were closed by an official decree after the failed putsch.
Turkish police declined to comment. University officials and prosecutors could not immediately be reached for comment.
Ankara blames U.S.-based cleric Fethullah Gulen for orchestrating the July 15, 2016 coup attempt. Gulen, who has lived in self-imposed exile in Pennsylvania since 1999, has denied involvement in the attempt in which more than 240 people were killed.
Since then, Turkey has detained 160,000 people and dismissed nearly the same number of civil servants, the U.N. human rights office said in March. Of that number, more than 50,000 have been formally charged and kept in jail during their trials.
The scope of the crackdown has alarmed rights groups and Turkey’s Western allies, who accuse Erdogan of using the failed putsch as a pretext to quash dissent. The government, however, says the measures are necessary to combat threats to national security.
Reporting by Ece Toksabay and Tuvan Gumrukcu; Editing by David Dolan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-security/official-of-turkish-university-set-up-to-cleanse-military-arrested-for-coup-ties-newspaper-idUSKCN1IU19O |
ADEN (Reuters) - Yemen declared a state of emergency on the island of Socotra on Thursday as a tropical storm intensified after flooding several villages and capsizing boats to leave at least 17 people missing, government officials said.
Socotra, which lies between the Arabian Peninsula and the Horn of Africa, has been largely untouched by Yemen’s three-year-old war. It is under the control of the internationally recognized government whose president, Abdu Rabbu Mansour Hadi, is in exile in Saudi Arabia.
The island “requires urgent aid to help people stranded in their villages or those who reside in the mountains,” government spokesman Rajeh Badi told state news agency SABA.
He said 17 people were missing after two boats capsized and three cars were washed away by floods. Another official said more than 200 families had been evacuated from their villages.
The storm is worsening and most parts of the island have lost communications, said the governor of the nearby province of Hadramout.
The same weather system hit the Horn of Africa on Wednesday, killing more than 50 people in Somaliland.
Yemeni government spokesman Badi called on international humanitarian organizations and the Riyadh-led military coalition participating in the war to provide urgent aid to the island, where Saudi and UAE forces have a presence.
The Western-backed coalition intervened in Yemen in 2015 to try to restore Hadi’s government, toppled by the Iran-aligned Houthi movement.
The storm is expected to hit southern Yemen and the coast of neighboring Oman on Thursday, Oman’s state news agency reported.
It said Omani authorities evacuated hospitals in Dhofar province and other areas bordering Yemen, while the Public Authority for Civil Aviation said the country’s second largest airport, in Salalah, would be shut for 24 hours from midnight (2000 GMT).
Yemen is already grappling with one of the world’s worst humanitarian crises. The war has killed more than 10,000 people, displaced three million, triggered a cholera outbreak and pushed the impoverished country to the verge of starvation, according to the United Nations.
Additional reporting by Aziz El Yaakoubi in Dubai and Sarah Dadouch in Riyadh; Editing by Ghaida Ghantous and John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-security-cyclone/tropical-storm-hits-yemens-socotra-state-of-emergency-declared-idUSKCN1IP14Y |
(Reuters) - Nike Inc's investigation into workplace behavior has led to the departure of four more top-level executives, raising the total to 10, the New York Times reported nyti.ms/2jHxF1W on Tuesday.
Nike did not immediately respond to Reuters request for comment.
The sportswear maker has seen a slew of senior executives exiting since March 15, when brand president Trevor Edwards resigned after the Wall Street Journal reported that Nike was investigating workplace complaints.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-nike-moves/four-more-nike-executives-exit-after-harassment-allegations-inquiry-nyt-idUSKBN1I926E |
May 7 (Reuters) - Recro Pharma Inc:
* RECRO PHARMA ANNOUNCES RECEIPT OF ISSUE NOTIFICATIONS FOR THREE NEW PATENTS FOR IV MELOXICAM Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-recro-pharma-announces-receipt-of/brief-recro-pharma-announces-receipt-of-issue-notifications-for-three-new-patents-for-iv-meloxicam-idUSFWN1SE0DE |
May 14 (Reuters) - GSE Systems Inc:
* GSE SYSTEMS, INC. ACQUIRES TRUE NORTH CONSULTING, LLC * GSE SYSTEMS INC - DEAL FOR $9.75 MILLION
* GSE SYSTEMS INC - TRANSACTION ANTICIPATED TO BE IMMEDIATELY ACCRETIVE TO GSE’S ADJUSTED EARNINGS
* GSE SYSTEMS INC - GSE SECURES $25 MILLION DELAYED DRAW TERM LOAN TO FUND ACQUISITIONS
* GSE SYSTEMS INC - FOR REPORTING PURPOSES, TRUE NORTH WILL BE INCLUDED IN GSE’S PERFORMANCE IMPROVEMENT SOLUTIONS SEGMENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gse-systems-acquires-true-north-co/brief-gse-systems-acquires-true-north-consulting-llc-idUSASC0A1YF |
BERGEN, Norway, May 15, 2018 /PRNewswire/ -- BerGenBio ASA (OSE: BGBIO), a clinical-stage biopharmaceutical company developing novel, selective AXL kinase inhibitors for multiple cancer indications, announces its results for the first quarter 2018. A presentation of the results by the Company's management will take place today at 10.00 am CET in Oslo – details below.
Richard Godfrey, Chief Executive Officer of BerGenBio, commented: "We are pleased with the progress made during Q1 2018. Patient recruitment into our global Phase II clinical proof-of-concept trials with bemcentinib is progressing well and we expect to deliver interim read-outs across all studies during 2018. Presentation of these results will be at major clinical congresses, including the annual American Society of Clinical Oncology (ASCO) meeting in June. Coinciding with ASCO, we will host a satellite event that will allow us to meet with our stakeholders and provide insights from KOLs and clinical experts on our selective AXL inhibitor bemcentinib as a potential cornerstone of cancer combination therapy. We believe that we will be able to demonstrate the significant potential of bemcentinib in cancer therapy by making tumour cells visible to the immune system and more susceptible to treatment with chemotherapy, targeted therapy and immuno-oncology drugs."
Highlights - First Quarter 2018
Good progress advancing bemcentinib's proof-of-concept clinical development First efficacy endpoint met in Phase II trial of bemcentinib/TARCEVA® (erlotinib) combination in advanced lung cancer (NSCLC) patients Recruitment completed in first stage of Phase II trial of bemcentinib in combination with KEYTRUDA® in advanced breast cancer (TBNC) patients Bemcentinib shown to be well tolerated in all patients enrolled across three combination trials with KEYTRUDA – data presented at ASCO-SITC 2018 Single agent therapy with bemcentinib led to increased immune activity in relapsed / refractory leukaemia (AML & MDS) patients – data presented at ASCO-SITC 2018
Post period
Private placement raising gross NOK 187.5 million from international institutional investors including from the USA, specialising in the biotechnology sector Recruitment completed in the first stage of Phase II trial of bemcentinib in combination with KEYTRUDA® in NSCLC patients Preclinical data highlighting bemcentinib's potential to reverse tumour immune suppression and enhance immune checkpoint inhibitor efficacy, presented at AACR annual meeting Publications describe the role of AXL signalling in, and potential therapeutic effect of selective AXL inhibition to counteract the progression of aggressive fibrosis in lung and liver diseases
Financial Summary
(NOK million)
Q1 2018
Q1 2017
FY 2017
Operating revenues
-
-
-
Operating expenses
54.8
65.8
183.7
Operating profit (loss)
-54.8
-65.8
-183.7
Profit (loss) after tax
-53.8
-65.1
-182.2
Basic and diluted earnings (loss) per share (NOK)
-1.08
-1.93
-4.01
Net cash flow in the period
-41.1
-66.4
208.5
Cash position end of period
329.2
95.4
370.3
Presentation and Webcast Details
A presentation by BerGenBio's senior management team will take place at 10.00 am CET at:
Felix Konferansesenter, Bryggetorget 3, 0125 Oslo
The presentation will webcast live and the link will be available at www.bergenbio.com in the section Investors/ Financial Reports. A recording will be available shortly after the webcast has finished.
The results report and the presentation will be available at www.bergenbio.com in the section: Investors/ Financial Reports from 7:00 am CET the same day.
About BerGenBio ASA
BerGenBio ASA is a clinical-stage biopharmaceutical company focused on developing a pipeline of first-in-class AXL kinase inhibitors as a potential cornerstone of combination cancer therapy. The Company is a world leader in understanding the essential role of AXL kinase in mediating aggressive disease, including immune evasive, drug resistant, metastatic solid and haematological cancers.
BerGenBio's lead product, bemcentinib (BGB324), is a selective, potent and orally bio- available small molecule AXL inhibitor in four Company sponsored Phase II clinical trials in major cancer indications, with read-outs anticipated during 2018. It is the only selective AXL inhibitor in clinical development.
The Company sponsored clinical trials are:
Bemcentinib with TARCEVA® (erlotinib) in advanced EGFR mutation driven non-small cell lung cancer (NSCLC) Bemcentinib with KEYTRUDA in advanced adenocarcinoma of the lung, and Bemcentinib with KEYTRUDA in triple-negative breast cancer (TNBC). Bemcentinib as a single agent and combination therapy in acute myeloid leukaemia (AML) / myeloid dysplastic syndrome (MDS)
The clinical trials combining bemcentinib with KEYTRUDA in adenocarcinoma of the lung and TNBC are conducted in collaboration with Merck & Co., Inc. (Kenilworth, NJ, USA), through a subsidiary.
In addition, a number of investigator-sponsored trials are underway, including a trial to investigate bemcentinib with either MEKINIST® (trametinib) plus TAFINLAR® (dabrafenib) or KEYTRUDA in advanced melanoma, as well as a trial combining bemcentinib with docetaxel in advanced NSCLC.
BerGenBio is simultaneously developing a companion diagnostic test to identify patient subpopulations most likely to benefit from treatment with bemcentinib. This will facilitate more efficient registration trials and support a precision medicine based commercialization strategy.
The Company is also developing a diversified pre-clinical pipeline of drug candidates, including BGB149, an anti-AXL monoclonal antibody.
For further information, please visit: www.bergenbio.com
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA, TARCEVA® is a registered trademark of OSI Pharmaceuticals, LLC., marketed by Roche-Genentech. TAFLINAR® is a registered trademark of Novartis International AG and MEKINIST® is a registered trademark of GSK plc.
Contacts
Richard Godfrey
CEO, BerGenBio ASA
+47-917-86-304
Rune Skeie
CFO, BerGenBio ASA
[email protected]
+47-917-86-513
International Media Relations
David Dible, Mark Swallow, Marine Perrier
Citigate Dewe Rogerson
[email protected]
+44-207-638-9571
Media relations in Norway
Jan Petter Stiff,
Crux Advisers
[email protected]
+47-995-13-891
Forward looking statements
This announcement may contain forward-looking statements, which as such are not historical facts, but are based upon various assumptions, many of which are based, in turn, upon further assumptions. These assumptions are inherently subject to significant known and unknown risks, uncertainties and other important factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this announcement by such forward-looking statements
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/bergenbio-asa/r/bergenbio-asa--results-for-the-first-quarter-2018,c2520434
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2018 1Q pres final reduced-size
http://mb.cision.com/Public/15728/2520434/b28c6cb35ffb07aa.pdf
2018 1Q Report reduced-size
http://news.cision.com/bergenbio-asa/i/richard-godfrey,c2409693
Richard Godfrey
View original content: http://www.prnewswire.com/news-releases/bergenbio-asa-results-for-the-first-quarter-2018-300648321.html
SOURCE BerGenBio ASA | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-bergenbio-asa-results-for-the-first-quarter-2018.html |
RPT-Farmers worldwide struggle with rising fuel costs Stephanie Kelly and Tom Polansek Published 7:00 AM ET Fri, 18 May 2018 Reuters
(Repeats with no changes to text)
NEW YORK/CHICAGO, May 18 (Reuters) - Farmers worldwide are feeling the pinch as fuel costs rise to near four-year highs just as they plant and harvest their fields, eroding agricultural income already hamstrung by depressed crop prices.
The agricultural sector from the United States to Russia, and Brazil to Europe, is seeing profits harmed by the rise in diesel prices. The global oil benchmark, Brent crude, touched $80 a barrel for the first time since late 2014 on Thursday.
Coupled with local economic issues, the increase is making it even harder for many farmers worldwide to turn a profit in the estimated $2.4 trillion agriculture industry, casting a cloud over future investments.
In the United States, fuel accounts for about five percent of farmers' overall costs, and is hurting margins at a time when farm income is already half that of 2013. Massive harvests have depressed prices of staples such as corn, wheat and soybeans.
Diesel fuel is essential for planting, harvesting, and shipping crops to market. In the United States, farmers will spend an estimated $15.25 billion on fuel and oil in 2018, an 8 percent increase from 2017, U.S. Department of Agriculture data showed.
The price of ultra-low sulfur diesel used for farming equipment and transporting crops has not been this high in May since 2014. Heating oil futures, the proxy for ultra-low sulfur diesel, traded at $2.29 a gallon on Thursday.
Ron Heck, who grows soybeans in Perry, Iowa, said his fuel costs could go up $1,000 to $2,000 during the northern hemisphere's spring.
"You feel the pain right away," Heck said.
In Russia, fuel prices for farmers are up 50 percent compared with a year ago, Arkady Zlochevsky, the head of Russia's Grain Union, a non-governmental farm lobby, told Reuters. Farmers will need to spend more ahead of harvesting, which starts in about a month in Russia, he said.
FINANCIAL STRESS
U.S. farms are also factoring in potential losses of income due to a 25 percent tax China announced on major American imports following the U.S. government's decision to slap duties on steel and aluminum.
"We're seeing financial stress occurring in agriculture that we probably haven't seen for a decade or so," said Scott Brown, director of strategic partnerships at the University of Missouri's College of Agriculture, Food and Natural Resources. "If diesel prices continue to go higher, it continues to put more pressure on."
Net farm income is forecast to fall to $59.5 billion in 2018, an 8.3 percent decline from 2017, according to the USDA. It has fallen by 55 percent since 2013.
In Holly Grove, Arkansas, Tim Gannon paid about $17,000 in February to fill a 7,500-gallon tank with diesel used to run equipment and irrigation. The price increase means it may cost up to 25 percent more, or an extra $4,000, to refill it in coming weeks, he said.
"That's a fairly significant amount of income to lose," he said. Gannon has been taking steps to cut his diesel costs over the past year by reducing the number of times he plows, or tills.
In Brazil, farmers are also taking steps to deal with higher costs, as diesel prices have climbed 43 percent in the country since July 2017. Eder Ferreira Bueno, a farmer in grain state Mato Grosso, said increased fuel costs meant he had "no other option but to spend less to treat the soil." Other farmers might hire fewer workers or delay investment plans, he added.
In neighboring Argentina, the top shipper of soybean meal and oil worldwide, farmers are having to deal with a weakening currency at the same time fuel costs are rising.
"Where the impact is felt greatest is in trucking costs. We are already at a disadvantage when compared to our competitors on freight costs within Argentina," said David Hughes, a farmer in Buenos Aires province and president of Argentine wheat industry chamber Argentrigo.
In Europe, French grain producers say rising oil costs may have a knock-on effect on fertilizers and crop protection products.
"It comes at a time when things are already difficult for farmers economically," said Philippe Pinta, head of grain growers group AGPB in Paris.
Wamego, Kansas, farmer Glenn Brunkow said he may lock in diesel prices in advance for the first time ever next year, to avoid the pain of future increases.
"You just kind of all of a sudden realize, 'Wow, it's pretty high,"' he said.
(Reporting by Stephanie Kelly in New York and Tom Polansek in Chicago; additional reporting by Sybille de La Hamaide and Valerie Parent in Paris, Polina Devitt in Moscow, Ana Mano and Marcelo Teixeira in Sao Paulo, and Hugh Bronstein in Buenos Aires, Editing by Rosalba O'Brien) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-rpt-farmers-worldwide-struggle-with-rising-fuel-costs.html |
Adam Plutko, called up from the minors to make the start, carried a no-hit bid into the seventh inning, and Michael Brantley drove in the lone run as the Cleveland Indians held on for a 1-0 win over the Chicago Cubs on Wednesday at Wrigley Field.
May 23, 2018; Chicago, IL, USA; Cleveland Indians left fielder Michael Brantley (23) hits an RBI single during the third inning against the Chicago Cubs at Wrigley Field. Mandatory Credit: Patrick Gorski-USA TODAY Sports Cleveland swept the two-game series in the teams’ first meeting in Chicago since the 2016 World Series. The Cubs scored one run in the series and lost for the third time in the past five games.
In only his second career start, Plutko tossed six hitless innings before Cubs first baseman Anthony Rizzo doubled to lead off the seventh. Plutko (2-0) worked six-plus shutout innings, allowing two hits, walking four and striking out four.
Andrew Miller tossed 1 2/3 innings, and Cody Allen got the last four outs for his seventh save, completing Cleveland’s three-hitter.
Astros 4, Giants 1
George Springer belted his team-leading 10th home run, and Houston completed an interleague series sweep of visiting San Francisco.
Springer clubbed his homer off Jeff Samardzija (1-3) with one out in the fifth inning, delivering a two-run blast that drove home Tony Kemp and snapped a 1-1 tie.
Justin Verlander (6-2) limited the Giants to one run on three hits and one walk with nine strikeouts over six innings. It marked his fifth consecutive start with no more than one run allowed. Verlander has surrendered three earned runs in 35 innings this month.
Angels 5, Blue Jays 4
Andrelton Simmons capped a four-run ninth inning with a two-run, go-ahead single, and visiting Los Angeles came back to defeat Toronto.
Blue Jays reliever Tyler Clippard (4-2) loaded the bases with three walks after retiring the first batter in the ninth. Shohei Ohtani followed with a two-run single before Simmons did likewise.
The Blue Jays came back with a run in the bottom of the ninth against Blake Parker, who picked up his third save of the season.
Dodgers 3, Rockies 0
Kenta Maeda struck out 12 over 6 2/3 scoreless innings as Los Angeles blanked visiting Colorado for its sixth victory in seven games.
The right-hander has thrown 14 2/3 scoreless innings over his last two outings, striking out 20 since making a mechanical adjustment designed to slow down his delivery. Maeda (4-3) threw a career-high 111 pitches Wednesday, giving up just two hits for the second consecutive start. He walked four.
Logan Forsythe hit an RBI double during a two-run fourth inning. Yasiel Puig and Matt Kemp also drove in runs for the Dodgers, and Justin Turner had hits in back-to-back at-bats to end a 1-for-14 skid.
Mariners 1, A’s 0
Marco Gonzales combined with two relievers on a three-hit shutout, and Seattle made a fourth-inning unearned run stand up in a victory at Oakland.
Guillermo Heredia doubled and eventually scored on an error by Oakland shortstop Marcus Semien, giving the Seattle pitching staff all the offense it would need.
Gonzales (4-3) went seven innings, allowing just an infield single to Jed Lowrie with two outs in the first inning and a two-out single to Lowrie in the sixth. He walked two and struck out six. Juan Nicasio pitched a one-hit eighth inning before Edwin Diaz slammed the door in the ninth for his 17th save, striking out the side on just 13 pitches.
May 23, 2018; Houston, TX, USA; San Francisco Giants starting pitcher Jeff Samardzija (left) reacts as Houston Astros right fielder George Springer (4) celebrates with third base coach Gary Pettis (8) after hitting a home run during the fifth inning at Minute Maid Park. Mandatory Credit: Troy Taormina-USA TODAY Sports White Sox 11, Orioles 1
Yoan Moncada bashed a three-run home run to back Dylan Covey’s seven innings of one-run pitching as Chicago routed visiting Baltimore.
Adam Engel had four hits, including a two-run homer for the White Sox, and Jose Rondon also went deep. Covey (1-1) scattered six hits while striking out eight and walking one to earn his first major league victory. His 103-pitch performance lowered his ERA from 6.00 to 3.46.
Alex Cobb (1-6) took the loss after allowing six runs on eight hits in 3 2/3 innings.
Rangers 12, Yankees 10
Jurickson Profar hit a bases-clearing, go-ahead double with two outs in the sixth inning, and Texas posted a wild victory over visiting New York.
Profar gave Texas the lead when he lifted a first-pitch cutter from David Robertson (3-2) over right fielder Aaron Judge’s head to the warning track. Profar’s hit occurred after rookie Isiah Kiner-Falefa drew a bases-loaded walk against Robertson to make it 10-8.
Nomar Mazara hit a two-run home run and rookie Ronald Guzman hit a three-run homer for Texas. The Yankees got homers from Didi Gregorius, Neil Walker, Gleyber Torres and Judge.
Red Sox 4, Rays 1
Xander Bogaerts drove in the go-ahead run in the ninth inning, and Boston stayed hot with a win over Tampa Bay in St. Petersburg, Fla.
With the score tied 1-1, Bogaerts doubled off Tampa Bay closer Alex Colome, scoring J.D. Martinez, who reached base on a throwing error by shortstop Willy Adames to lead off the inning.
The Red Sox tacked on two insurance runs in the inning. Eduardo Nunez hit sacrifice fly, and Rafael Devers scored on a passed ball to lead Boston to its fourth win in row and sixth in seven games.
Padres 3, Nationals 1
Tyson Ross allowed one run over 6 2/3 innings, and San Diego scored three runs on a pair of two-out, opposite-field hits to earn a win at Washington, salvaging the finale of a three-game series.
All the Padres’ runs came against right-hander Erick Fedde, the Nationals’ top pitching prospect who was promoted from Triple-A for the start. Fedde (0-1) gave up five hits in 5 2/3 innings.
Ross (4-3) allowed five hits and a walk while striking out nine. Brad Hand recorded his first five-out save of the season, his 15th of the season overall.
Pirates 5, Reds 4 (12 innings)
Josh Harrison’s two-out RBI triple in the 12th inning gave Pittsburgh a win at Cincinnati.
The Pirates, who blew a three-run lead when the Reds tied it in the eighth, ended a four-game losing streak.
Slideshow (13 Images) In the 12th, Austin Meadows opened with a double against Dylan Floro (1-1) but was tagged out in a rundown on Jordy Mercer’s fielder’s choice. After Sean Rodriguez flied out, Harrison smacked a ball to the corner in right, his fourth hit, bringing home Mercer.
Marlins 2, Mets 1
J.T. Realmuto and Starlin Castro delivered RBI singles in the ninth inning as visiting Miami came back against New York and closer Jeurys Familia. The Marlins took two of three from the Mets, who have lost 20 of 33 since an 11-1 start.
The Marlins didn’t get a runner beyond second base in the first eight innings against Jacob deGrom and Seth Lugo. However, pinch hitter Martin Prado laced a one-out single against Familia (2-2) and pinch runner Yadiel Rivera advanced to third on Derek Dietrich’s double.
Rivera scored on Realmuto’s single, though Dietrich was thrown out at the plate. After an intentional walk to Justin Bour, Castro singled to left to score Realmuto.
Phillies 4, Braves 0
Jake Arrieta threw 6 2/3 scoreless innings, and Philadelphia continued its streak of pitching excellence with a shutout of visiting Atlanta. The Phillies took two of three in the series.
Arrieta (4-2) allowed seven hits and one walk while striking out eight. Philadelphia starters have allowed one or no earned runs in 14 of 19 games this month. It is the first time the Phillies’ rotation has done so since 2011.
Seranthony Dominguez followed Arrieta with 1 1/3 scoreless innings. Hector Neris pitched a scoreless ninth in a non-save situation.
Royals 5, Cardinals 2 (10 innings)
Drew Butera ignited a three-run uprising in the 10th inning with a bases-loaded single, sending Kansas City to a victory at St. Louis. The Royals posted their second consecutive win and a 2-1 series triumph.
After being held to four hits in the first nine innings, the Royals pieced together four more in the 10th, starting with inning-opening singles by Jorge Soler and Alex Gordon.
An error by Cardinals reliever Bud Norris (1-1) loaded the bases, setting the stage for Butera’s tiebreaking hit. One out later, Jon Jay singled in a third run.
Brewers 9, Diamondbacks 2
Travis Shaw hit a three-run homer in a seven-run fourth inning, and Jesus Aguilar had three RBIs as Milwaukee topped visiting Arizona.
Tyler Saladino had two hits and a homer, Aguilar added two hits, and Brent Suter tied a season high with six strikeouts as the Brewers won for the sixth time in seven games. All three of Saladino’s homers this season have come against Arizona.
Paul Goldschmidt and John Ryan Murphy homered for the Diamondbacks, who have lost seven in a row and 13 of 14. Goldschmidt has eight homers and 21 RBIs in 23 career games at Miller Park.
Tigers 4, Twins 1
Niko Goodrum had a two-run home run, Michael Fulmer recorded his first win since April 7, and Detroit snapped a five-game losing streak by defeating Minnesota in Minneapolis.
Goodrum added a double and another run. Victor Martinez supplied two hits, a run and an RBI. Nicholas Castellanos recorded his fourth consecutive multi-hit game and his team-best 19th of the season.
Fulmer (2-3) limited the Twins to one run on four hits while walking three and striking out five. Shane Greene pitched the ninth for his 11th save as the Tigers salvaged the finale of a three-game series.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-roundup-indians-blank-cubs-idUSKCN1IP1E3 |
PALO ALTO, Calif./AMELIA ISLAND, Fla. (Reuters) - The Federal Reserve is entering new terrain in its post-crisis planning: how to describe the conditions under which it would try to slow the economy and to do so without alarming financial markets.
FILE PHOTO: The Federal Reserve headquarters in Washington September 16 2015. REUTERS/Kevin Lamarque/File Photo The Fed’s gradual interest-rate hikes are bringing it ever closer to a shift to a neutral stance from “accommodative” policies, the first time it will face such a transition since its rate-hiking cycle in 2004-2006. None of the policymakers charged with overseeing the move today were in that position then.
“What is the message we should be sending out to accompany that move?” Atlanta Fed president Raphael Bostic said in an interview with Reuters on Friday.
The inflection point comes after many of the certainties of central banking were shattered by the 2008 financial crisis, and the Fed has spent more time trying to stimulate inflation than control it in the past decade.
At the same time, the old math – low unemployment equals rising inflation equals the need to slam on the brakes using higher interest rates – no longer works as it once did.
That can make it harder to formulate the right message.
The Fed needs to think “in terms of sending signals about what performance metrics we are thinking about or looking at, what dynamics are shaping our thoughts on the upside and to the downside,” Bostic said. “All those sorts of things become significant.”
Similar questions are being asked across the wider Fed system, according to three people familiar with the discussions who declined to speak openly because no decisions have been made. Minutes from the Fed’s March meeting showed that some policymakers were already flagging the need to acknowledge the coming transition to neutral or even restraining policy “at some point.”
One issue under consideration is the continued use of “forward guidance,” a communication tool used by central banks across the globe during the era of ultra-low rates in which they pledged to do “whatever it takes” to reflate the economy.
The Fed may feel the need to reassure financial markets that policy tightening to the neutral rate, something that could happen by the end of this year, will not be followed by a ratcheting of interest rates so high that recession would follow.
But forward guidance, which mitigates risk for financial institutions, spurring needed investment during an economic slowdown, may be controversial as it is not seen as appropriate for ‘normal’ times when it can stoke instability.
Speaking in Zurich on Tuesday, Fed Chairman Jerome Powell said the central bank “will communicate our policy strategy as clearly and transparently as possible to help align expectations and avoid market disruptions.”
CROSSING AN INVISIBLE LINE TO NEUTRAL The Fed began raising rates in December 2015. In every post policy-meeting statement since, it has repeated its promise to keep policy loose “for some time” to encourage employment, economic growth and to rekindle inflation.
Related Coverage U.S. banks eased business loan lending standards in first-quarter 2018: Fed Now, with unemployment at 3.9 percent, and inflation nearly at the Fed’s 2-percent inflation objective, that promise is starting to sound stale.
The Fed also describes its policy as “accommodative,” which is less and less tenable as benchmark rates, now in a range of 1.50-1.75 percent, rise toward the Fed’s estimate of neutral, somewhere between 2.3 percent and 3.5 percent.
The Fed expects to raise rates at least two more times this year, to between 2 and 2.25 percent. Nearly half of Fed policymakers expect an additional increase this year, putting rates squarely within the estimated range for neutral. (For a graphic please see tmsnrt.rs/2rqX9F1 )
As they weigh revisions, policymakers are sensitive to the ramifications of any communication misstep. In 2013, when Fed Chairman Ben Bernanke unexpectedly suggested that the central bank would soon scale back its bond purchases, a sharp global selloff ensued.
“We don’t want to freak out the market,” Bostic said.
WHAT TO DO AND WHEN Another key issue any new statement may need to address will be how far the Fed would tolerate inflation going above its 2-percent target before it would need to put on the brakes, Bostic said.
The transition is further complicated by the Fed’s slimming but still-large balance sheet that continues to deliver some accommodation even as short-term rates rise.
And there is the question of timing: ditch the stale language ahead of hitting a neutral level of rates, or only after? And do it in one go, or piecemeal?
During the 2004 to 2006 tightening cycle, the Fed simply dropped the word “accommodative” from its statement after rates had crossed above its estimate of the long-run neutral and had become restrictive, Goldman Sachs analysts have shown.
“My impulse would be to have (the new message) out before we actually got (to neutral), just so that there wasn’t so much to digest all at once,” Bostic said.
No matter what the decision, the process means a fraught several months ahead.
“We will have to make judgments as we go through this process, and once we get to neutral, what we should do from there,” Dallas Fed President Robert Kaplan said on Monday.
Reporting by Ann Saphir and Howard Schneider; Editing by David Chance and Andrea Ricci
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed/fed-debates-new-vocabulary-as-it-shifts-away-from-loose-policies-idUSKBN1I92L6 |
Donaldson Company Inc:
* DONALDSON COMPANY ANNOUNCES 5.6 PERCENT DIVIDEND INCREASE
* SETS REGULAR QUARTERLY CASH DIVIDEND OF $0.19PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-donaldson-company-announces-56-per/brief-donaldson-company-announces-5-6-percent-dividend-increase-idUSASC0A3EX |
LONDON (Reuters) - Customers of Britain’s TSB bank complained on Friday they were unable to access its banking app, a little more than a month after the lender suffered one of the country’s worst ever computer systems outages following a botched IT migration.
FILE PHOTO: Signs are seen outside of a branch of TSB bank in London May 27, 2014. REUTERS/Neil Hall Last month the bank faced criticism from lawmakers over the outage and faces as-yet unknown costs from compensating aggrieved customers.
“We’re aware that our mobile app is currently unavailable for some customers – we’re really sorry for the inconvenience this may cause,” a spokeswoman for TSB said.
TSB, bought in 2015 by Spain’s Sabadell Bank ( SABE.MC ), directed customers to its website instead, which it said is working normally.
The bank had on the weekend of April 21-22 been migrating to a new IT system called Proteo developed by Sabadell when its problems began, leaving up to 1.9 million customers locked out of its services and unable to pay bills or make essential purchases.
Rushed testing and poor communication between TSB and its Spanish parent prior to the migration contributed to the subsequent problems, Reuters reported on May 2.
The bank has said that no customer will be left out of pocket as a result of its problems, a promise that could prove costly as British newspapers have reported some customers being robbed of thousands of pounds by fraudsters taking advantage of the crisis.
TSB chief executive Paul Pester is set to lose millions of pounds worth of bonuses linked to the software migration project as a result of its failings, and has faced harsh criticism from lawmakers over his handling of the crisis.
Reporting By Lawrence White; Editing by Elaine Hardcastle
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-tsb/customers-of-britains-tsb-bank-hit-with-further-it-outage-idUSKCN1IQ1KR |
May 29, 2018 / 2:42 PM / Updated 28 minutes ago Bank of Spain says external conditions favourable for Spanish economy Reuters Staff 1 Min Read
MADRID (Reuters) - The outgoing Bank of Spain Governor said on Tuesday that despite current political uncertainty in some markets, external economic conditions surrounding Spain remain positive.
“The external environment of the Spanish economy remains favourable,” Luis María Linde said, after Spain and other countries on the euro zone’s periphery saw their borrowing costs jump amid fears that political turmoil in Italy could spark wider trouble.
On Tuesday, the Spanish government put forward Pablo Hernandez de Cos as the next central bank governor to replace Linde when his mandate runs out next month. Reporting By Jesús Aguado; editing by Isla Binnie | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-cenbank-economy/bank-of-spain-says-external-conditions-favourable-for-spanish-economy-idUKKCN1IU1UP |
May 8 (Reuters) - Firm Capital Mortgage Investment Corp :
* FIRM CAPITAL MORTGAGE INVESTMENT CORPORATION ANNOUNCES Q1/2018 RESULTS
* FIRM CAPITAL MORTGAGE INVESTMENT CORP - BASIC WEIGHTED AVERAGE PROFIT PER SHARE FOR THREE MONTHS ENDED MARCH 31, 2018, WAS $0.247 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-firm-capital-mortgage-investment-c/brief-firm-capital-mortgage-investment-corporation-announces-q1-2018-results-idUSASC0A0T6 |
LONDON (Reuters) - The euro slid to a new 2018 low on Wednesday as more investors bet on the dollar rising because of relatively higher interest rates, while concerns about the U.S. exit from an international nuclear deal with Iran also supported the greenback.
FILE PHOTO: U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration/File Photo While there was talk of investors seeking out safe havens on Tuesday ahead of U.S. President Donald Trump’s announcement of a withdrawal from the nuclear deal, on Wednesday the Swiss Franc barely budged versus the euro and the Japanese yen fell to a one-week low as the dollar gained half a percent.
Trump’s decision to exit the accord was most keenly felt in oil markets, where prices rallied.
Analysts said the three-week long rally for the U.S. currency, in which it has reversed several months of weakness, showed little sign of abating.
“It’s a continuation of what we have been witnessing for the past few weeks,” said Christin Tuxen, FX strategist at Danske Bank. “There might have been a bit of safe haven flows but overall it’s to do with the U.S. holding a favourable cyclical position.”
U.S. Treasury rates have crept higher in recent weeks on expectations the Federal Reserve will tighten policy to combat inflation amid a huge government injection of fiscal stimulus under Trump.
Forecasts for rising rates in the euro zone, by contrast, are being pushed back. Euro zone money markets now price roughly a 75 percent chance of a 10 basis point hike from the European Central Bank by mid-2019, scaling back bets on a rate rise given a softening in economic data and inflation.
Worries about political uncertainty in Italy, which faces fresh elections, is also weighing on the single currency.
The euro fell 0.3 percent to $1.1828 versus the dollar, bringing its year-to-date losses to 1.4 percent.
An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham The euro has already lost 2 percent of its value in May as investors betting on a falling dollar were caught out and rushed to cover their positions, further pushing the greenback higher.
The dollar index rose 0.3 percent to 93.377, its strongest since late December.
Against the yen, the dollar rose 0.6 percent to 109.74.
Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
Sentiment towards the euro cooled after Italian President Sergio Mattarella’s call to bickering political parties to rally behind a “neutral government” were met with immediate opposition and raised the prospect of elections being held as early as July.
“The dollar is in a firm position to gain against its European peers as rhetoric from central banks such as the ECB and the Bank of England is perceived to have turned dovish,” said Shin Kadota, senior strategist at Barclays in Tokyo.
The Swiss franc, traditionally a safe-haven currency, fell 0.2 percent versus the dollar but gained 0.1 percent against the euro. It had hit a three-week high against the euro on Tuesday.
The Australian dollar extended its overnight slide to touch an 11-month low of $0.7415.
Pressured by the dollar’s broad strength, the Aussie has weakened despite an upbeat budget from the country’s government.
Additional reporting by Shinichi Saoshiro; Editing by Jon Boyle
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-stands-tall-over-euro-stabilises-after-iran-developments-idUSKBN1IA03J |
May 25 (Reuters) -
For other diaries, please see:
Top Economic Events
Emerging Markets Economic Events
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Political and General News
U.S. Federal Reserve
Today in Washington - This Diary is filed daily. ** Indicates new events -
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision - 1300GMT
TUESDAY, MAY 29 ** LIMA - Peru finance minister David Tuesta and central bank president Julio Velarde will deliver presentations at separate economic events. WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
WEDNESDAY, MAY 30 YEREVAN - Armenian central bank to publish inflation report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report.
THURSDAY, MAY 31 ** KIEV - Swedish central bank deputy governor, Cecilia Skingsley participates in a panel call at the conference of “Interaction of fiscal and monetary policies” organized by the Central Bank of Ukraine – 1130 GMT. SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JUNE 4 ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT.
TUESDAY, JUNE 5 MELBOURNE, Australia - Panel participation by Michele Bullock, RBA assistant governor (financial system), at the Melbourne Business School - Competition in Banking conference, Melbourne – 2300 GMT. KOKOPO, Papua New Guinea – APEC Second Senior Finance Officials’ Meeting (to June 8). CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting – 0430 GMT.
WEDNESDAY, JUNE 6 BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting – 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bank of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision. TUESDAY, JUNE 12
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13 MELBOURNE, Australia - Speech by Philip Lowe, RBA Governor, at the Australian Industry Group event, Melbourne – 0200 GMT. ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14 BISHKEK - Bank of Lithuania holds monetary policy meeting of the ECB Governing Council. ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15 SYDNEY - Speech by Luci Ellis, RBA assistant governor (economic), at the Infrastructure Partnerships event, Sydney - 0332 GMT. MOSCOW - Central Bank of Russia announces interest rate decision – 1030 GMT.
TUESDAY, JUNE 19 GABORONE - Bank of Botswana Monetary Policy Committee Meeting.
SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting – 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting – 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20 BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds Monetary Policy Meeting.
FRIDAY, JUNE 22 ULAANBAATAR - Central Bank of Mongolia holds Monetary Policy Committee Meeting.
MONDAY, JUNE 25 BISHKEK - National Bank of the Kyrgyzstan holds board meetings on monetary policy rate. TUESDAY, JUNE 26
SYDNEY - Speech by Tony Richards, RBA head of payments policy, at the Australian Business Economists (ABE) event on cryptocurrencies. BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 BISHKEK - Bank of Lithuania holds non-monetary policy meeting of the ECB Governing Council. LILONGWE - Reserve Bank of Malawi monetary policy committee meeting (to June 28).
KINGSTON - Bank of Jamaica holds interest rate announcement and monetary policy report.
BEIRUT - Lebanese central bank governor Riad Salameh and other government officials and business leaders from the country and the region participate in the annual Euromoney Lebanon Conference 2018. PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published – 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JUNE 29 COLOMBO – Central bank of Sri Lanka announces monetary policy report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report. WEDNESDAY, JULY 4
** BUDAPEST - Hungarian Central Bank to publish the minutes of its June 2018 rate-setting meeting – 1200 GMT. THURSDAY, JULY 5
** MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting. MONDAY, JULY 9
** ASTANA - National Bank of Kazakhstan releases monetary policy statements – 1100 GMT. MONDAY, JULY 9
** JERUSALEM - Bank of Israel announces interest rate decision. TUESDAY, JULY 10
** WARSAW - National Bank of Poland holds monetary policy council meeting (to July 11).
** BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. WEDNESDAY, JULY 11
** KUALA LUMPUR - Central Bank of Malaysia announces interest rate decision. ** ZAGREB - Croatia National Bank holds monetary policy meeting. THURSDAY, JULY 12
** SEOUL - Bank of Korea holds monetary policy meeting to announce interest rates. ** KIEV - National Bank of Ukraine holds monetary policy meeting. ** LIMA - Central Bank of Peru announces interest rate decision. FRIDAY, JULY 13
** PRAGUE - Czech National Bank will release the minutes of its June 2018 monetary policy meeting. TUESDAY, JULY 17
** CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to July 19). WEDNESDAY, JULY 18
** JAKARTA - Indonesia Central Bank holds board of governors meeting (to July 19). THURSDAY, JULY 19
** BUENOS AIRES - Central Bank of Argentina holds press conference on monetary policy report. MONDAY, JULY 23
** ABUJA - Central Bank of Nigeria holds monetary policy meeting (to July. 24). TUESDAY, JULY 24
** ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting. ** BUDAPEST - Hungarian Central Bank holds its rate-setting meeting - 1200 GMT. ** BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. WEDNESDAY, JULY 25
** TBILISI - National Bank of Georgia holds monetary policy committee meeting. ** DUSHANBE - National Bank of Tajikistan holds monetary policy committee meeting. THURSDAY, JULY 26
** CHISINAU - National Bank of Moldova announces interest rate decision. ** SUVA - Reserve Bank of Fiji holds board meets to announce interest rates. FRIDAY, JULY 27
** MOSCOW - Central Bank of Russia announces interest rate decision - 1030 GMT. TUESDAY, JULY 31
** ANKARA - Central Bank of the Republic of Turkey releases minutes of its July monetary policy committee meeting. ** BRASILIA- Central Bank of Brazil holds monetary policy committee meeting (to August 1). | ashraq/financial-news-articles | https://www.reuters.com/article/diary-emrg-econ/diary-emerging-markets-economic-events-to-july-31-idUSL3N1SV5C1 |
May 11, 2018 / 10:35 AM / Updated 7 hours ago Prince Philip, 96, drives to horse show, chats with Queen Reuters Staff 1 Min Read
WINDSOR, England (Reuters) - Britain’s Prince Philip drove to a horse show in Windsor on Friday, the first public sighting of Queen Elizabeth’s 96-year-old husband since he left hospital last month after a hip replacement. Britain's Queen Elizabeth speaks to Prince Philip at the Royal Windsor Horse Show, in Windsor, May 11, 2018. REUTERS/Peter Nicholls
Former naval officer Philip sat behind the wheel of a black Land Rover at the Royal Windsor Horse Show and chatted to the queen.
Philip retired from public life last August, quipping at the time that he was no longer able to “stand up much”. Reporting by Peter Nicholls, writing by Guy Faulconbridge; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-philip/prince-philip-96-drives-to-horse-show-chats-with-queen-idUKKBN1IC138 |
PMI: more doubts for euro zone, China shows solid rise 8:29am EDT - 01:43
Euro zone business growth faded again in April and inflationary pressures eased, according to the latest PMI reading. But as David Pollard reports, China's latest survey shows a solid rise in a sector Beijing is counting on to maintain economic growth.
Euro zone business growth faded again in April and inflationary pressures eased, according to the latest PMI reading. But as David Pollard reports, China's latest survey shows a solid rise in a sector Beijing is counting on to maintain economic growth. //reut.rs/2FIOhi6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/pmi-more-doubts-for-euro-zone-china-show?videoId=423786326 |
Maybe Republicans aren’t doomed to lose Congress after all. That’s one message from Tuesday’s primaries, where the GOP improved its chances of holding the Senate, if not the House.
In West Virginia, Attorney General Patrick Morrisey won an acrimonious primary against Rep. Evan Jenkins and former Massey Energy executive Don Blankenship, who had served a year in prison after a coal-mine explosion in 2010. The coal baron stood no chance of defeating Democrat Joe Manchin in the fall, as President Trump noted with a Monday tweet... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/republican-senate-salvage-job-1525908188 |
Twitter says it found a password bug and that you should change yours Twitter says a bug caused it to store passwords improperly. It doesn't think user accounts were affected but recommends users change their passwords. 12 Mins Ago | 00:43
Twitter said on Thursday that it found a bug in how it stores passwords, which meant they weren't scrambled to protect them from attack.
Twitter said it typically usually hashes passwords so that they're stored as a random mix of numbers and letters. It discovered password logs where the passwords hadn't been hashed, however.
"Due to a bug, passwords were written to an internal log before completing the hashing process," Twitter explained in a blog post . "We found this error ourselves, removed the passwords, and are implementing plans to prevent this bug from happening again."
Twitter said it doesn't believe "information ever left Twitter's systems or was misused by anyone," but recommends that users change their passwords and enable two factor authentication. You can change your password by visiting Twitter's password reset page .
Shares of Twitter dipped slightly in after-hours trading on the news. Todd Haselton Technology Product Editor Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/twitter-says-it-fixed-a-password-problem-but-that-you-should-still-change-yours-anwway.html |
Pro hockey arenas turn to greener ice-making tech 2 Hours Ago NHL Commissioner Gary Bettman and AEG President and CEO Dan Beckerman discuss hockey rink technology that pulls moisture from the air to create a more sustainable skating surface. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/pro-hockey-arenas-turn-to-greener-ice-making-tech.html |
May 25, 2018 / 6:53 PM / Updated an hour ago U.S. proposes scrapping program aimed at attracting foreign entrepreneurs Yeganeh Torbati 3 Min Read
WASHINGTON (Reuters) - The Trump administration moved on Friday to end a program that aimed to attract foreign entrepreneurs to the United States, saying the Obama-era effort did not adequately protect American workers and was an inappropriate use of government authority. FILE PHOTO - U.S. Customs and Immigration officers keep watch at the arrivals level at Los Angeles International Airport in Los Angeles, California, U.S., June 29, 2017. REUTERS/Mike Blake
The Department of Homeland Security’s formal proposal to rescind the international entrepreneur rule, which is set to be published in the Federal Register next week, was widely expected given the administration had stated its intent to do so last year.
The program would have allowed foreign entrepreneurs to stay in the United States for up to five years to manage and grow start-up businesses.
DHS said in a filing on Friday that the program represented an “extraordinary use” of the agency’s discretionary authority, that it “does not adequately protect U.S. investors and U.S. workers,” and that Congress was better placed to create a special visa for entrepreneurs.
The Obama administration established the international entrepreneur rule in January 2017, shortly before former President Barack Obama left office, with an effective date of July 2017.
But last year the administration of President Donald Trump, which has moved to sharply curtail both legal and illegal immigration, delayed the program’s effective date to March 2018, while also indicating it would later rescind it entirely.
Pro-immigrant groups criticized the decision.
“Eliminating this vital policy is a clear step in the wrong direction that will hurt job creation and middle class wage growth in the United States,” said Todd Schulte, president of FWD.us, a nonprofit group which advocates for pro-immigration policies and was founded by tech executives including Facebook founder Mark Zuckerberg.
The National Venture Capital Association (NVCA), a trade group, sued DHS over the postponement, and a federal court in December ordered DHS to move forward with the program. That month, U.S. Citizenship and Immigration Services, a DHS agency, began accepting applications.
A USCIS spokesman said on Friday that the agency “has received approximately 12 applications for the IE program, but has not yet issued any final decisions.”
This month NVCA filed a motion in federal court demanding to know whether USCIS “has adopted any policies or practices” that circumvent the December court ruling. It claimed that DHS “failed to take action” on the applications.
Jeff Farrah, NVCA’s vice president of government affairs, said the group would continue to pursue that motion, regardless of the DHS decision. Reporting by Yeganeh Torbati, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-immigration-entrepreneurs/u-s-proposes-scrapping-program-aimed-at-attracting-foreign-entrepreneurs-idUSKCN1IQ2SX |
Oil prices return to 3.5 year high over Iran 3:19pm IST - 01:58
Oil prices are predicted to rise several dollars on the barrel on fears that the U.S. withdraw from the Iran nuclear agreement will bring more volatility to the oil-producing region.
Oil prices are predicted to rise several dollars on the barrel on fears that the U.S. withdraw from the Iran nuclear agreement will bring more volatility to the oil-producing region. //reut.rs/2rwod4T | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/oil-prices-return-to-35-year-high-over-i?videoId=425217954 |
First Quarter Net Income Attributable to Common Shareholders of $0.99 Per Share
First Quarter Normalized FFO of $0.45 Per Share
NEWTON, Mass.--(BUSINESS WIRE)-- Senior Housing Properties Trust (Nasdaq: SNH) today announced its financial results for the quarter ended March 31, 2018.
“2018 is off to a strong start, as we were able to put a large amount of capital to work which will be additive to our portfolio of stable, high quality healthcare real estate,” said Jennifer Francis, President and Chief Operating Officer. "During the quarter, we sold $217 million of senior living communities at low cap rates generating significant book gains, and accretively recycled the capital into $155 million of senior living and MOB acquisitions. Since the beginning of 2017, we have sold $812 million of assets and accretively recycled the proceeds into $307 million of acquisitions. We continue to make good progress selectively reinvesting capital into high quality healthcare real estate.
We would also like to recognize and thank David Hegarty for his contributions to SNH since its founding in 1999. His expertise and commitment helped develop SNH into a premier healthcare REIT.”
Results for the Quarter Ended March 31, 2018:
Net income attributable to common shareholders was $236.0 million, or $0.99 per diluted share, for the quarter ended March 31, 2018 compared to $32.2 million, or $0.14 per diluted share, for the quarter ended March 31, 2017. This increase in net income attributable to common shareholders is primarily the result of a $181.2 million gain on sale of properties recognized for the quarter ended March 31, 2018, unrealized gains and losses on equity securities, net, of $27.2 million which, effective January 1, 2018, is included in earnings in accordance with an update to U.S. generally accepted accounting principles, or GAAP, as well as SNH's acquisitions since January 1, 2017. These increases were partially offset by an increase in general and administrative expenses due to the $14.3 million of business management incentive fee expense recognized for the quarter ended March 31, 2018 as a result of SNH's total shareholder return, as defined, exceeding the returns for the SNL U.S. REIT Healthcare index over the applicable measurement period compared to the $3.3 million of business management incentive fee expense recognized for the quarter ended March 31, 2017. Normalized funds from operations, or Normalized FFO, were $107.2 million and $108.4 million, respectively, or $0.45 and $0.46 per diluted share, respectively, for the quarters ended March 31, 2018 and 2017.
Reconciliations of net income attributable to common shareholders determined in accordance with GAAP to funds from operations, or FFO, and Normalized FFO for the quarters ended March 31, 2018 and 2017 appear later in this press release.
Portfolio Operating Results:
For the quarter ended March 31, 2018, 41.9% of net operating income, or NOI, came from 129 properties leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs, with 12.6 million leasable square feet. As of March 31, 2018, 95.1% of MOB square feet were leased compared to 96.4% as of March 31, 2017. Occupancy at MOBs owned continuously since January 1, 2017, or same property, was 94.9% as of March 31, 2018 compared to 96.3% as of March 31, 2017. Same property cash basis net operating income, or Cash Basis NOI, from MOBs decreased 1.9% for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017.
For the quarter ended March 31, 2018, 40.6% of NOI came from 233 triple net leased senior living communities with 24,947 living units. The weighted average rent coverage for triple net leased senior living communities decreased to 1.20x for the 12 month period ended December 31, 2017 compared to 1.26x for the 12 month period ended December 31, 2016 (1)(2) . Same property Cash Basis NOI from triple net leased senior living communities increased 1.9% for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017.
For the quarter ended March 31, 2018, 14.8% of NOI came from 72 managed senior living communities with 9,258 living units. Occupancy at managed senior living communities was 85.8% for the quarter ended March 31, 2018 compared to 86.0% for the quarter ended March 31, 2017. Same property occupancy at managed senior living communities was 85.8% for the quarter ended March 31, 2018 compared to 86.0% for the quarter ended March 31, 2017. Same property average monthly rates at managed senior living communities were $4,318 for the quarter ended March 31, 2018, which rates were generally consistent with the rates for the quarter ended March 31, 2017. Same property Cash Basis NOI from managed senior living communities decreased 1.6% for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017.
SNH's 10 wellness centers remained 100% leased as of March 31, 2018 and March 31, 2017, and provided SNH with Cash Basis NOI of $4.4 million in each of the three months ended March 31, 2018 and 2017.
Reconciliations of net income determined in accordance with GAAP to same property Cash Basis NOI by operating segment for the quarters ended March 31, 2018 and 2017 appear later in this press release.
Financing Activities:
In January 2018, SNH prepaid approximately $4.3 million of secured debt encumbering one senior living community with an annual interest rate of 4.375% and a maturity date in September 2043.
In February 2018, SNH issued $500.0 million of 4.75% senior unsecured notes due 2028. SNH used the net proceeds of this offering to reduce the outstanding balance under its revolving credit facility.
Investment Activities:
In November 2017, SNH agreed to acquire six senior living communities from Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, for an aggregate purchase price of approximately $104.0 million, including SNH’s assumption of approximately $33.7 million of mortgage debt secured by certain of these senior living communities and excluding closing costs. In December 2017, SNH acquired two of these communities for an aggregate purchase price of approximately $39.2 million, excluding closing costs. In January 2018, SNH acquired one of these communities for approximately $19.7 million, excluding closing costs. In February 2018, SNH acquired one of these communities for approximately $22.2 million, including the assumption of approximately $16.8 million of mortgage debt and excluding closing costs. In connection with these acquisitions, SNH entered management and pooling agreements with Five Star for Five Star to manage these senior living communities for SNH, and SNH expects to enter management and pooling agreements with Five Star concurrent with the acquisition of the remaining two communities. The closings of the acquisitions of the remaining two communities for an aggregate purchase price of approximately $23.3 million, including SNH's assumption of approximately $16.8 million of mortgage debt, are expected to occur by the end of the second quarter of 2018 as third party approvals are received.
In January 2018, SNH acquired three MOBs (three buildings) located in Kansas, Missouri and California with a total of approximately 400,000 square feet for an aggregate purchase price of approximately $91.2 million, excluding closing costs.
In March 2018, SNH acquired one MOB (one building) located in Virginia with approximately 135,000 square feet for a purchase price of approximately $22.8 million, including the assumption of approximately $11.1 million of mortgage debt and excluding closing costs.
During the quarter ended March 31, 2018, SNH invested approximately $2.2 million in improvements at its owned senior living communities that has generated or will generate additional rent under the terms of its existing senior living communities’ leases. SNH regularly makes additional investments at its MOBs and its managed senior living communities that it expects may maintain or enhance the competitive positions of those properties and may increase its operating revenue from those properties.
Disposition Activities:
In March 2018, SNH sold two senior living communities that were leased to Sunrise Senior Living, LLC, or Sunrise, for an aggregate sales price of $217.0 million, excluding closing costs, resulting in a gain of approximately $181.2 million. SNH has agreed to sell an additional senior living community leased to Sunrise for a sales price of $96.0 million, and expects the closing of this sale to occur before the end of the second quarter of 2018. SNH expects to realize a gain of approximately $80.0 million related to this sale.
In March 2018, SNH agreed to sell one skilled nursing facility, or SNF, leased to Five Star for a sales price of approximately $6.5 million, excluding closing costs. SNH expects the closing of the sale of this SNF to occur before the end of 2018. SNH expects to realize a gain of approximately $3.0 million related to this sale.
Conference Call:
At 8:00 a.m. Eastern Time on Thursday, May 10, 2018, President and Chief Operating Officer, Jennifer Francis, and Chief Financial Officer and Treasurer, Richard Siedel, will host a conference call to discuss SNH's first quarter 2018 financial results. The conference call telephone number is (877) 329-4297. Participants calling from outside the United States and Canada should dial (412) 317-5435. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, May 17, 2018. To access the replay, dial (412) 317-0088. The replay pass code is 10118590.
A live audio webcast of the conference call will also be available in a listen-only mode on SNH’s website, which is located at www.snhreit.com . Participants wanting to access the webcast should visit SNH’s website about five minutes before the call. The archived webcast will be available for replay on SNH’s website following the call for about one week. The transcription, recording and retransmission in any way of SNH’s first quarter conference call are strictly prohibited without the prior written consent of SNH.
Supplemental Data:
A copy of SNH’s First Quarter 2018 Supplemental Operating and Financial Data is available for download at SNH’s website, which is located at www.snhreit.com . SNH’s website is not incorporated as part of this press release.
SNH is a real estate investment trust, or REIT, that owns senior living communities, medical office and life science properties and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
Please see the pages attached hereto for a more detailed statement of SNH’s operating results and financial condition, and for an explanation of SNH’s calculation of FFO, Normalized FFO, NOI and Cash Basis NOI and a reconciliation of those amounts to amounts determined in accordance with GAAP.
(1) SNH reports rent coverage one quarter in arrears because operating results from tenants are usually provided to SNH three months after the end of a fiscal quarter. Operating data from triple net leased senior living communities are provided by tenants and SNH has not independently verified this information.
(2) Excludes data for periods prior to SNH's ownership of certain properties, as well as properties sold or classified as held for sale during the periods presented.
WARNING CONCERNING FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER SECURITIES LAWS. ALSO, WHENEVER SNH USES WORDS SUCH AS “BELIEVE”, “EXPECT”, “ANTICIPATE”, “INTEND”, “PLAN”, “ESTIMATE”, "WILL", “MAY” AND NEGATIVES OR DERIVATIVES OF THESE OR SIMILAR EXPRESSIONS, SNH IS MAKING FORWARD LOOKING STATEMENTS. THESE FORWARD LOOKING STATEMENTS ARE BASED UPON SNH’S PRESENT INTENT, BELIEFS OR EXPECTATIONS, BUT FORWARD LOOKING STATEMENTS ARE NOT GUARANTEED TO OCCUR AND MAY NOT OCCUR. ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE CONTAINED IN OR IMPLIED BY SNH’S FORWARD LOOKING STATEMENTS AS A RESULT OF VARIOUS FACTORS. FOR EXAMPLE:
MS. FRANCIS NOTES SNH’S STRONG START TO 2018 WITH RESPECT TO CAPITAL REINVESTMENT. HOWEVER, SNH CANNOT BE SURE THAT IT WILL SUSTAIN THE LEVEL OF DISPOSITION AND ACQUISITION ACTIVITY IT HAS ACHIEVED SINCE THE BEGINNING OF 2017, AND IN FACT, SNH’S DISPOSITION AND ACQUISITION ACTIVITY AND CORRESPONDING CAPITAL REINVESTMENT COULD DECLINE OR NOT BE AS ACCRETIVE AS IN THE PAST. THIS PRESS RELEASE INCLUDES A STATEMENT THAT SNH EXPECTS THE ADDITIONAL INVESTMENTS IT REGULARLY MAKES AT ITS MOBS AND SENIOR LIVING COMMUNITIES MAY MAINTAIN OR ENHANCE THE COMPETITIVE POSITION OF THOSE PROPERTIES AND MAY INCREASE ITS OPERATING REVENUE FROM THOSE PROPERTIES. HOWEVER, THERE CAN BE NO ASSURANCE THAT THE FUTURE COMPETITIVE POSITION OF, OR THE OPERATING REVENUE FROM, THOSE PROPERTIES WILL INCREASE AS A RESULT OF THESE INVESTMENTS OR OTHERWISE. IN FACT, THE COMPETITIVE POSITION OF, AND SNH’S REVENUES FROM, THOSE PROPERTIES MAY DECLINE. SNH HAS AGREED TO ACQUIRE TWO SENIOR LIVING COMMUNITIES FOR APPROXIMATELY $23.3 MILLION, INCLUDING SNH’S ASSUMPTION OF APPROXIMATELY $16.8 MILLION OF MORTGAGE DEBT AND EXCLUDING CLOSING COSTS, AND SNH EXPECTS TO ENTER MANAGEMENT AND POOLING AGREEMENTS WITH FIVE STAR FOR FIVE STAR TO MANAGE THESE TWO SENIOR LIVING COMMUNITIES. THESE ACQUISITIONS ARE SUBJECT TO CONDITIONS. THESE CONDITIONS MAY NOT BE MET AND THESE ACQUISITIONS AND ANY RELATED MANAGEMENT AND POOLING AGREEMENTS MAY NOT OCCUR, MAY BE DELAYED BEYOND THE SECOND QUARTER OF 2018 OR THEIR TERMS MAY CHANGE. SNH HAS AGREED TO SELL ONE SENIOR LIVING COMMUNITY AND ONE SNF FOR AN AGGREGATE SALES PRICE OF APPROXIMATELY $102.5 MILLION, EXCLUDING CLOSING COSTS, AND REALIZE AGGREGATE GAINS OF $83.0 MILLION. THESE SALES ARE SUBJECT TO CONDITIONS. THESE CONDITIONS MAY NOT BE MET AND THESE SALES MAY NOT OCCUR, MAY BE DELAYED OR THEIR TERMS MAY CHANGE, AND SNH MAY NOT REALIZE THE EXPECTED GAINS ON THESE SALES.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION, OR SEC, INCLUDING UNDER “RISK FACTORS” IN SNH’S PERIODIC REPORTS, OR INCORPORATED THEREIN, IDENTIFIES OTHER IMPORTANT FACTORS THAT COULD CAUSE SNH’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED IN OR IMPLIED BY SNH’S FORWARD LOOKING STATEMENTS. SNH’S FILINGS WITH THE SEC ARE AVAILABLE ON THE SEC’S WEBSITE AT WWW.SEC.GOV .
YOU SHOULD NOT PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
SENIOR HOUSING PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 173,728 $ 166,443 Residents fees and services 102,087 98,118 Total revenues 275,815 264,561 Expenses: Property operating expenses 108,143 101,057 Depreciation and amortization 70,339 73,175 General and administrative (1) 25,118 15,083 Acquisition and certain other transaction related costs 20 292 Total expenses 203,620 189,607 Operating income 72,195 74,954 Dividend income 659 659 Unrealized gains and losses on equity securities, net (2) 27,241
— Interest and other income 54 120 Interest expense (43,552 ) (43,488 ) Loss on early extinguishment of debt (130 ) — Income from continuing operations before income tax expense and equity in earnings of an investee 56,467 32,245 Income tax expense (260 ) (92 ) Equity in earnings of an investee 44 128 Income before gain on sale of properties 56,251 32,281 Gain on sale of properties 181,154 — Net income 237,405 32,281 Net income attributable to noncontrolling interest (1,383 ) (126 ) Net income attributable to common shareholders $ 236,022 $ 32,155 Weighted average common shares outstanding (basic) 237,478 237,391 Weighted average common shares outstanding (diluted) 237,493 237,416 Per common share data (basic and diluted):
Net income attributable to common shareholders $ 0.99 $ 0.14 (1) General and administrative expenses include estimated business management incentive fee expense of $14,347 and $3,266 and 2017, respectively.
(2) Unrealized gains and losses on equity securities, net, represent the adjustment required to adjust the carrying value of SNH's investments in RMR Inc. and Five Star common shares to their fair value as of March 31, 2018 in accordance with new GAAP standards effective January 1, 2018.
SENIOR HOUSING PROPERTIES TRUST
CONSOLIDATED STATEMENTS OF FFO AND NORMALIZED FFO
(amounts in thousands, except per share data)
(unaudited)
Calculation of FFO and Normalized FFO (1) :
Three Months Ended March 31, 2018 2017 Net income attributable to common shareholders $ 236,022 $ 32,155 Depreciation and amortization expense 70,339 73,175 Noncontrolling interest's share of net FFO adjustments (5,300 ) (456 ) Gain on sale of properties (181,154 ) — FFO 119,907 104,874 Estimated business management incentive fees (2) 14,347 3,266 Acquisition and certain other transaction related costs 20 292 Loss on early extinguishment of debt 130 — Unrealized gains and losses on equity securities, net (3) (27,241 ) — Normalized FFO $ 107,163 $ 108,432 Weighted average common shares outstanding (basic) 237,478 237,391 Weighted average common shares outstanding (diluted) 237,493 237,416 Per common share data (basic and diluted):
Net income attributable to common shareholders $ 0.99 $ 0.14 FFO $ 0.50 $ 0.44 Normalized FFO $ 0.45 $ 0.46 Distributions declared $ 0.39 $ 0.39 (1) SNH calculates FFO and Normalized FFO as shown above. FFO is calculated on the basis defined by the National Association of Real Estate Investment Trusts, or Nareit, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of properties and loss on impairment of real estate assets, if any, plus real estate depreciation and amortization and the difference between net income attributable to common shareholders and FFO attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to SNH. SNH’s calculation of Normalized FFO differs from Nareit’s definition of FFO because SNH includes business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of SNH’s core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year, and SNH excludes acquisition and certain other transaction related costs expensed under GAAP such as legal and professional fees associated with SNH's acquisition and disposition activities, gains and losses on early extinguishment of debt, if any, unrealized gains and losses on equity securities, net, if any, and Normalized FFO from noncontrolling interest, net of FFO, if any. SNH considers FFO and Normalized FFO to be appropriate supplemental measures of operating performance for a REIT, along with net income, net income attributable to common shareholders and operating income. SNH believes that FFO and Normalized FFO provide useful information to investors, because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, FFO and Normalized FFO may facilitate a comparison of SNH's operating performance between periods and with other REITs. FFO and Normalized FFO are among the factors considered by SNH’s Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain SNH’s qualification for taxation as a REIT, limitations in SNH’s revolving credit facility and term loan agreements and SNH’s public debt covenants, the availability to SNH of debt and equity capital, SNH’s expectation of its future capital requirements and operating performance and SNH’s expected needs for and availability of cash to pay its obligations. FFO and Normalized FFO do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income, net income attributable to common shareholders or operating income as indicators of SNH’s operating performance or as measures of SNH’s liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in SNH’s condensed consolidated statements of income. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than SNH does.
(2) Incentive fees under SNH’s business management agreement are payable after the end of each calendar year, are calculated based on common share total return, as defined, and are included in general and administrative expense in SNH’s consolidated statements of income. In calculating net income attributable to common shareholders in accordance with GAAP, SNH recognizes estimated business management incentive fee expense, if any, in the first, second and third quarters. Although SNH recognizes this expense, if any, in the first, second and third quarters for purposes of calculating net income attributable to common shareholders, SNH does not include these amounts in the calculation of Normalized FFO until the fourth quarter, when the amount of the business management incentive fee expense for the calendar year, if any, is determined.
(3) Unrealized gains and losses on equity securities, net, represent the adjustment required to adjust the carrying value of SNH's investments in RMR Inc. and Five Star common shares to their fair value as of March 31, 2018 in accordance with new GAAP standards effective January 1, 2018.
SENIOR HOUSING PROPERTIES TRUST
CALCULATION AND RECONCILIATION OF NET OPERATING INCOME (NOI) AND CASH BASIS NOI
(amounts in thousands)
(unaudited)
Three Months Ended March 31, 2018 2017 Calculation of NOI and Cash Basis NOI (1) :
Revenues: Rental income $ 173,728 $ 166,443 Residents fees and services 102,087 98,118 Total revenues 275,815 264,561 Property operating expenses (108,143 ) (101,057 ) Property net operating income (NOI): 167,672 163,504 Non-cash straight line rent adjustments (2,993 ) (3,429 ) Lease value amortization (1,381 ) (1,291 ) Non-cash amortization included in property operating expenses (2) (199 ) (199 ) Cash Basis NOI $ 163,099 $ 158,585 Reconciliation of Net Income to Cash Basis NOI:
Net income $ 237,405 $ 32,281 Gain on sale of properties (181,154 ) — Income before gain on sale of properties 56,251 32,281 Equity in earnings of an investee (44 ) (128 ) Income tax expense 260 92 Loss on early extinguishment of debt 130 — Interest expense 43,552 43,488 Interest and other income (54 ) (120 ) Unrealized gains and losses on equity securities, net (27,241 ) — Dividend income (659 ) (659 ) Operating income 72,195 74,954 Acquisition and certain other transaction related costs 20 292 General and administrative expense 25,118 15,083 Depreciation and amortization expense 70,339 73,175 Property NOI 167,672 163,504 Non-cash amortization included in property operating expenses (2) (199 ) (199 ) Lease value amortization (1,381 ) (1,291 ) Non-cash straight line rent adjustments (2,993 ) (3,429 ) Cash Basis NOI $ 163,099 $ 158,585 (1) The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to SNH’s property level results of operations. SNH calculates NOI and Cash Basis NOI as shown above. SNH defines NOI as income from its real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that SNH records as depreciation and amortization. SNH defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization, lease termination fee amortization, if any, and non-cash amortization included in property operating expenses. SNH considers NOI and Cash Basis NOI to be appropriate supplemental measures to net income because they may help both investors and management to understand the operations of SNH’s properties. SNH uses NOI and Cash Basis NOI to evaluate individual and company wide property level performance, and it believes that NOI and Cash Basis NOI provide useful information to investors regarding its results of operations because these measures reflect only those income and expense items that are generated and incurred at the property level and may facilitate comparisons of its operating performance between periods and with other REITs. NOI and Cash Basis NOI do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income, net income attributable to common shareholders or operating income as indicators of SNH’s operating performance or as measures of SNH’s liquidity. These measures should be considered in conjunction with net income, net income attributable to common shareholders and operating income as presented in SNH’s condensed consolidated statements of income. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than SNH does.
(2) SNH recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price SNH paid for its investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fee expense, which is included in property operating expenses.
SENIOR HOUSING PROPERTIES TRUST
Calculation and Reconciliation of NOI, Cash Basis NOI, Same Property NOI and Same Property Cash Basis NOI by Segment (1)
(dollars in thousands)
(unaudited)
For the Three Months Ended March 31, 2018 For the Three Months Ended March 31, 2017 Calculation of NOI and Cash Basis NOI: Triple Net
Leased Senior
Living
Communities
Managed
Senior Living
Communities
MOBs Non-
Segment (2)
Total Triple Net
Leased Senior
Living
Communities
Managed
Senior Living
Communities
MOBs Non-
Segment (2)
Total Rental income / residents fees and services $ 67,975 $ 102,087 $ 101,151 $ 4,602 $ 275,815 $ 67,252 $ 98,118 $ 94,646 $ 4,545 $ 264,561 Property operating expenses — (77,205 ) (30,938 ) — (108,143 ) — (73,880 ) (27,177 ) — (101,057 ) Property net operating income (NOI) $ 67,975 $ 24,882 $ 70,213 $ 4,602 $ 167,672 $ 67,252 $ 24,238 $ 67,469 $ 4,545 $ 163,504 NOI change 1.1 % 2.7 % 4.1 % 1.3 % 2.5 % Property NOI $ 67,975 $ 24,882 $ 70,213 $ 4,602 $ 167,672 $ 67,252 $ 24,238 $ 67,469 $ 4,545 $ 163,504 Less: Non-cash straight line rent adjustments 619 — 2,236 138 2,993 776 — 2,515 138 3,429 Lease value amortization — — 1,326 55 1,381 — — 1,236 55 1,291 Non-cash amortization included in property operating expenses (3) — — 199 — 199 — — 199 — 199 Cash Basis NOI $ 67,356 $ 24,882 $ 66,452 $ 4,409 $ 163,099 $ 66,476 $ 24,238 $ 63,519 $ 4,352 $ 158,585 Cash Basis NOI change 1.3 % 2.7 % 4.6 % 1.3 % 2.8 % Reconciliation of NOI to Same Property NOI: Property NOI $ 67,975 $ 24,882 $ 70,213 $ 4,602 $ 167,672 $ 67,252 $ 24,238 $ 67,469 $ 4,545 $ 163,504 Less: NOI not included in same property 1,762 1,025 4,626 — 7,413 2,124 5 266 — 2,395 Same property NOI (4) $ 66,213 $ 23,857 $ 65,587 $ 4,602 $ 160,259 $ 65,128 $ 24,233 $ 67,203 $ 4,545 $ 161,109 Same property NOI change 1.7 % (1.6 )% (2.4 )% 1.3 % (0.5 )% Reconciliation of Same Property NOI to Same Property Cash Basis NOI: Same property NOI (4) $ 66,213 $ 23,857 $ 65,587 $ 4,602 $ 160,259 $ 65,128 $ 24,233 $ 67,203 $ 4,545 $ 161,109 Less: Non-cash straight line rent adjustments 619 — 1,938 138 2,695 776 — 2,488 138 3,402 Lease value amortization — — 1,373 55 1,428 — — 1,238 55 1,293 Non-cash amortization included in property operating expenses (3) — — 199 — 199 — — 199 — 199 Same property cash basis NOI (4) $ 65,594 $ 23,857 $ 62,077 $ 4,409 $ 155,937 $ 64,352 $ 24,233 $ 63,278 $ 4,352 $ 156,215 Same property cash basis NOI change 1.9 % (1.6 )% (1.9 )% 1.3 % (0.2 )% (1) See above for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. For a definition of NOI and Cash Basis NOI, a description of why management believes they are appropriate supplemental measures and a description of how management uses these measures, please see footnote 1 to the table included on page 7.
(2) Includes the operating results of certain properties that offer wellness, fitness and spa services to members.
(3) SNH recorded a liability for the amount by which the estimated fair value for accounting purposes exceeded the price SNH paid for its investment in RMR Inc. common stock in June 2015. A portion of this liability is being amortized on a straight line basis through December 31, 2035 as a reduction to property management fee expense, which is included in property operating expenses.
(4) Consists of properties owned continuously and properties owned and managed continuously by the same operator since January 1, 2017 and includes SNH's MOB (two buildings) that is owned in a joint venture arrangement and excludes properties classified as held for sale, if any.
SENIOR HOUSING PROPERTIES TRUST
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
(unaudited)
March 31, 2018 December 31, 2017 ASSETS
Real estate properties $ 7,958,274 $ 7,824,763 Accumulated depreciation (1,505,427 ) (1,454,477 ) 6,452,847 6,370,286 Cash and cash equivalents 39,161 31,238 Restricted cash 14,080 16,083 Acquired real estate leases and other intangible assets, net 490,505 472,265 Other assets, net 387,471 404,147 Total assets $ 7,384,064 $ 7,294,019 LIABILITIES AND EQUITY
Unsecured revolving credit facility $ 55,000 $ 596,000 Unsecured term loans, net 547,666 547,460 Senior unsecured notes, net 2,213,811 1,725,662 Secured debt and capital leases, net 828,318 805,404 Accrued interest 35,075 17,987 Assumed real estate lease obligations, net 93,543 96,018 Other liabilities 194,534 228,300 Total liabilities 3,967,947 4,016,831 Total equity 3,416,117 3,277,188 Total liabilities and equity $ 7,384,064 $ 7,294,019 A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006567/en/
Senior Housing Properties Trust
Brad Shepherd, 617-796-8234
Director, Investor Relations
Source: Senior Housing Properties Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-senior-housing-properties-trust-announces-first-quarter-2018-results.html |
(Reuters) - Alphabet Inc’s Google said on Tuesday it had updated its ad-serving platform, which is used by online publishers, allowing them to select advertising tech vendors that comply with new European data privacy laws.
A man walks through light rain in front of the Hey Google booth under construction at the Las Vegas Convention Center in preparation for the 2018 CES in Las Vegas, Nevada, U.S. January 8, 2018. REUTERS/Steve Marcus/Files Google is the top vendor of the software that many newspapers and digital media firms use to sell ads on their platforms.
The new controls that Google gave publishers make it easier for them to become compliant with the European Union’s General Data Protection Regulation (GDPR), which comes into effect on May 25.
Google said it will give publishers two options for selecting compliant ad tech vendors, including publishers choosing from a list of providers (mainly ad buyers) that contribute most to its revenue.
Four major publisher trade groups had told Google late last month it was forcing media firms that generate revenue from its advertising services to accept unreasonable responsibilities under the GDPR, according to a letter seen by Reuters.
The trade groups represent about 4,000 newspapers and media companies, primarily in Europe and North America, including Axel Springer, Telegraph Media Group and the New York Times Co.
The dispute reflects differing interpretations of the GDPR, which imposes a range of new requirements on how companies collect and process personal information about EU users.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar and Shounak Dasgupta
| ashraq/financial-news-articles | https://in.reuters.com/article/alphabet-privacy-publishers-gdpr/google-gives-publishers-controls-to-comply-with-eu-privacy-law-idINKBN1I92E2 |
Major oil companies are doubling down on gas stations, refineries and processing plants, betting on a once-unloved part of the energy business to shore up profits and expand their customer bases.
BP PLC plans to open thousands of gas stations in new markets such as Mexico and India over the next three years. Exxon Mobil Corp. is investing heavily to expand its petrochemical operations, which make products like plastics and the basic ingredients for all sorts of household goods. In November, Royal Dutch Shell PLC started work... | ashraq/financial-news-articles | https://www.wsj.com/articles/oil-companies-look-to-profit-at-the-pump-1526472000 |
For years, the humorist David Sedaris thought 62 would be a good age to die.
Now that he’s 61, he’s reconsidering.
“Calypso,” Mr. Sedaris’s new essay collection on sale next week, delivers dispatches from his march through middle age. The book includes tales from his purchase of a beach cottage in North Carolina and his proposal to longtime... | ashraq/financial-news-articles | https://www.wsj.com/articles/david-sedaris-on-a-12-page-attention-span-1527091045 |
May 14, 2018 / 1:53 PM / Updated an hour ago CBS sues controlling Redstone family in bid for independence Jessica Toonkel , Tom Hals 6 Min Read
(Reuters) - CBS Corp filed a lawsuit on Monday to reduce the voting power of controlling shareholder National Amusements Inc, the movie theater company owned by Sumner and Shari Redstone, in an act of defiance aimed at thwarting the Redstones’ plan to merge CBS with Viacom Inc.
CBS said in its lawsuit it is seeking to prevent the Redstones from ousting any directors or changing the company’s bylaws before its full board meets on Thursday to consider issuing a dividend that would curb National Amusements’ voting power.
If the dividend is approved, National Amusements’ voting rights in CBS would shrink to about 17 percent from about 80 percent, more in line with National Amusements’ economic stake in CBS of 10.3 percent, according to CBS’s legal complaint, filed with the Court of Chancery in Delaware.
Legal experts said the lawsuit was a rare example of a company attempting to use a “nuclear option” to free itself from its controlling shareholder, setting the stage for a high-stakes legal battle over the future of one of the biggest U.S. entertainment companies.
“(CBS is) at least sending the signal and creating evidence they had the best interests of everyone in mind, and not (Shari Redstone),” said Brian Quinn, a professor at the Boston College Law School, referring to Shari Redstone.
National Amusements denied it had any plan to oust CBS’s board.
“National Amusements had absolutely no intention of replacing the CBS board or forcing a deal that was not supported by both companies,” it said in a statement. “National Amusements’ conduct throughout supports this, and reflects its commitment to a well-governed process.”
Shari Redstone was surprised by the lawsuit, particularly since the two parties had informally agreed on a stock exchange ratio for combining CBS and Viacom, according to two people familiar with the situation.
In its statement, National Amusements said it believes CBS filed its lawsuit because National Amusements had raised specific concerns about incidents of bullying and intimidation by one CBS director, dating back to 2016.
National Amusements brought these concerns up again with CBS last week, according to one of the sources familiar with the situation.
CBS declined to comment on the bullying accusation.
CBS shares rose 3 percent to $54.07 on Monday on hopes of a better deal for the company. Viacom shares dropped 7 percent to $28.05, as investors fretted over the company’s prospects as a standalone company.
CBS’s lawsuit comes after its merger negotiations with smaller peer Viacom, which National Amusements also controls, failed to produce a deal. The talks, that started in February, had hit an impasse over disagreements about price as well as the leadership of the combined company, sources have said. FILE PHOTO: The CBS television network logo is seen outside their offices on 6th avenue in New York, U.S. on May 19, 2016. REUTERS/Shannon Stapleton/File Photo
It was the second attempt in three years by Shari Redstone to merge CBS and Viacom, after her father separated them 12 years ago.
National Amusements believes a deal is needed for the two media companies to gain scale and compete with growing internet powers Netflix Inc and Amazon.com Inc pushing deeper into the media business.
In its lawsuit, CBS cited the battle for control of publisher Hollinger International Inc, which like CBS had a controlling shareholder, Conrad Black, who wanted to sell control of the company over opposition from the board.
A Delaware court ruled in 2004 that the Hollinger board could dilute Black’s voting control in response to what it considered to be the damage he had done to the company.
“Ms. Redstone has acted to undermine the (CBS) management team, including, without board authority, talking to potential CEO replacements, deriding the chief operating officer and threatening to change the board,” the lawsuit said.
CBS sees good reason to worry about Redstone replacing directors. In 2016, National Amusements waged a legal battle and took back control of Viacom after ousting its CEO Philippe Dauman. INTEREST FROM VERIZON
In a sign that CBS is keeping the door open to negotiations with Redstone, CBS said in its lawsuit that if it is granted an injunction against Redstone, it would agree not to issue the dividend once it approves it, pending further orders from the court.
CBS said in its lawsuit that Shari Redstone had taken actions over the past two years that have led the special committee of the board considering the merger to conclude that she presents a “significant threat” to the company and its stockholders.
Its proposed dividend would not dilute the economic interests of any CBS stockholder, but would help the company to operate as an independent, non-controlled company and fully evaluate strategic alternatives, the company said.
CBS’s lawsuit also said Redstone rejected an approach by an unnamed potential acquirer of CBS, citing that as another reason her interests are not aligned with other CBS shareholders. FILE PHOTO: The Viacom office is seen in Hollywood, Los Angeles, California, April 24, 2018. REUTERS/Lucy Nicholson
The undisclosed party is U.S. wireless carrier Verizon Communications Inc, according to two sources familiar with the situation who requested anonymity to disclose confidential details. Verizon declined to comment.
CBS’s lawsuit has been assigned to Delaware Chancellor Andre Bouchard, who will consider the request for a temporary restraining order on Wednesday. Reporting by Jessica Toonkel in New York and Tom Hals in Wilmington, Delaware; Additional reporting by Arjun Panchadar and Supantha Mukherjee in Bengaluru and Greg Roumeliotis in New York; Editing by Patrick Graham and Bill Rigby | ashraq/financial-news-articles | https://www.reuters.com/article/us-viacom-cbs/cbs-sues-controlling-shareholder-over-proposed-viacom-deal-idUSKCN1IF1TO |
Litigation services group delivers lower costs and reduced complexity for e-discovery, information management
NEW YORK--(BUSINESS WIRE)-- Alternative legal services provider Integreon has named Jamie Berry as managing director of the company’s litigation services group, reporting directly to Bob Rowe, CEO of Integreon. Berry will lead Integreon’s data, analytics and client services teams and spearhead the creation of comprehensive solutions to address clients’ litigation needs. Berry brings nearly 20 years of legal experience to his new role, working with corporate legal departments and global law firm clients.
Berry has developed and implemented custom, integrated strategies and solutions for e-discovery and information management during complex litigation and investigations. Most recently, he was a senior vice president at UnitedLex Corporation and previously served as a managing director at Huron Consulting Group. Prior to that, Berry directed litigation consulting services at Thomson Reuters, which was later acquired by Navigant Consulting. Initially, after graduating from law school, Berry was the litigation support manager for DLA Piper.
“Jamie’s experience in the litigation services arena is unparalleled, helping organizations to both develop their overall discovery strategy and address their day-to-day discovery and litigation challenges through the effective balance of people, processes and technology,” Rowe said. “We are excited to welcome Jamie to the Integreon family during an exciting time of progress and change within our organization, and the legal industry as a whole.”
In his new role, Berry plans to focus on further building brand awareness of Integreon’s litigation services practice and launching new creative services for existing and new clients. The company’s managed litigation services include: discovery consulting; digital forensics; data analytics consulting; data reduction and ECA; high-speed processing; hosted review and managed review. Additionally, Integreon’s Allegory technology provides real-time access to all litigation information in context, offering clients a greater level of transparency and efficiency for even the most complex matters.
“As the line between in-house and law firm work continues to evolve, Integreon combines valuable expertise with tested, credible workflows to solve important business challenges,” Berry said. “With our comprehensive set of offerings, Integreon is uniquely positioned to be the process experts for organizations with discovery challenges and deliver cost-effective, creative solutions for problems.” Integreon’s integrated and flexible pricing model, Simplicity Plus, also reduces the barriers for legal departments and law firms to leverage Integreon’s people, processes and technology while using alternative commercial models.
“We have removed complex pricing models as an inhibitor to do business. By offering alternative, yet appropriate fee arrangements, companies gain a heightened sense of cost predictability,” Berry added. “Our commercial models are fueled by good metrics, allowing Integreon to offer cost-savings and efficiency for all discovery services.”
Berry received his B.A. from Marquette University and his J.D. from The Catholic University of America, Columbus School of Law, where he is currently an adjunct professor.
About Integreon
Integreon is a trusted, global provider of award-winning legal, document, business and research support solutions to leading law firms, legal departments, financial institutions and professional services firms. We apply a highly trained, experienced staff of 2,400 associates globally to a wide range of problems that require scale and expertise, enabling clients to become more operationally efficient by streamlining operations, maximizing investment and improving the quality of work they provide their end clients. With delivery centers on four continents, Integreon offers multi-lingual, around-the-clock support, as well as, onshore, offshore and onsite delivery of our award-winning services. For more information about Integreon’s extensive range of services, visit www.Integreon.com and follow Integreon at LinkedIn , Twitter , Facebook and Weibo .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005570/en/
Baretz+Brunelle
Erin Harrison, 646-921-8851
Source: Integreon | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-integreon-names-jamie-berry-managing-director-of-litigation-services.html |
Novo Resources Corp:
* NOVO REPORTS PLANNED SHARE TRANSACTION BETWEEN KIRKLAND LAKE GOLD AND ARTEMIS RESOURCES
* NOVO RESOURCES CORP - CONDITIONALLY AGREED TO LIFT REMAINDER OF 12-MONTH CONTRACTUAL HOLD PERIOD IN ORDER TO PERMIT PURCHASE BY KIRKLAND LAKE GOLD
* NOVO RESOURCES CORP - INFORMED SHARE TRANSFER IS EXPECTED TO CLOSE BY END OF THIS MONTH
* NOVO RESOURCES - HOLD PERIOD IN ORDER TO PERMIT PURCHASE BY KIRKLAND LAKE GOLD OF 4 MILLION NOVO SHARES WHICH WERE ISSUED TO ARTEMIS RESOURCES IN AUG 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novo-reports-planned-share-transac/brief-novo-reports-planned-share-transaction-between-kirkland-lake-gold-and-artemis-resources-idUSFWN1SI0OS |
PITTSBURGH--(BUSINESS WIRE)-- Alcoa Corporation (NYSE:AA) (“Alcoa”) announced today a proposed offering of senior notes (the “notes”) by Alcoa Nederland Holding B.V. (the “issuer”), a wholly-owned subsidiary of Alcoa.
The timing of pricing and terms of the notes are subject to market conditions and other factors. The issuer intends to use the net proceeds from the issuance of the notes being offered for general corporate purposes, including to make mandatory or discretionary contributions to Alcoa’s U.S. pension and other postretirement benefit plans. The notes will be guaranteed on a senior unsecured basis by Alcoa and certain of its subsidiaries.
The notes and related guarantees will be sold in a private placement to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended, (the “Securities Act”) and to certain non-United States persons in offshore transactions in accordance with Regulation S under the Securities Act.
The notes and related guarantees have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States or to, or for the benefit of, U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the Securities Act.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the notes or any other security and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which, or to any persons to whom, such an offer, solicitation or sale would be unlawful. Any offers of the notes or related guarantees will be made only by means of a private offering memorandum.
About Alcoa
Alcoa is a global industry leader in bauxite, alumina, and aluminum products, and is built on a foundation of strong values and operating excellence dating back nearly 130 years to the world-changing discovery that made aluminum an affordable and vital part of modern life. Since developing the aluminum industry, and throughout our history, our talented Alcoans have followed on with breakthrough innovations and best practices that have led to efficiency, safety, sustainability, and stronger communities wherever we operate.
Forward-Looking Statements
This press release contains statements that relate to future events and expectations and as such constitute within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning. All statements that reflect Alcoa’s expectations, assumptions or projections about the future, other than statements of historical fact, are . Forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and changes in circumstances that are difficult to predict. Although Alcoa believes that the expectations reflected in any are based on reasonable assumptions, it can give no assurance that these expectations will be attained and it is possible that actual results may those indicated by these due to a variety of risks and uncertainties. Additional information concerning factors that could cause actual results to those projected in the is contained in our filings with the Commission. Alcoa disclaims any obligation to update publicly any , whether in response to new information, future events or otherwise, except as required by applicable law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005601/en/
Alcoa Corporation
Investors:
James Dwyer, 412-992-5450
[email protected]
or
Media:
Jim Beck, 412-315-2909
[email protected]
Source: Alcoa Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-alcoa-corporation-announces-proposed-debt-offering.html |
Interest Rates Gold holds steady in face of robust dollar due to Italy crisis Italy kept the dollar at 10-month highs versus the euro amid concerns that repeat elections may become a de-facto referendum on Italian membership of the currency bloc. Spot gold barely changed at $1,298.98 per ounce by 0932 GMT while U.S. gold futures for June delivery edged slightly lower to $1,298.70 per ounce. Published 14 Hours Ago
Gold prices were steady on Wednesday as concerns about political turmoil in Italy and over a trade conflict between China and the United States outweighed strength in the dollar.
Italy kept the dollar at 10-month highs versus the euro amid concerns that repeat elections may become a de-facto referendum on Italian membership of the currency bloc.
The turbulence underpinned gold due to its appeal as a store of value during political and financial uncertainty.
The dollar index , which measures the greenback against a basket of six major currencies, hovered near its 6-1/2 month peak from the previous session. A stronger dollar makes assets such as gold more expensive for holders of other currencies, curbing demand.
"There has been a little bit of support from what has been happening in Italy and the potential implications for the Eurozone from the Italian crisis," Capital Economics commodities economist Simona Gambarini said.
"But it doesn't seem like the worries are big enough to warrant an increase in prices," she said, adding that price support was slightly eroded by the potential for an interest rate increase in June by the U.S. Federal Reserve.
U.S. benchmark 10-year Treasury yields [US/] on Tuesday registered their largest one-day drop since Brexit nearly two years ago. Higher rates could dent demand for non-interest-paying gold.
Spot gold barely changed at $1,298.98 per ounce by 0932 GMT while U.S. gold futures for June delivery edged slightly lower to $1,298.70 per ounce.
China on Wednesday lashed out at Washington's unexpected statement that it still holds the threat of imposing tariffs on $50 billion of Chinese goods, saying Beijing was ready to fight back in any trade war.
But Capital Economics' Gambarini said the potential trade war between China and the United States was mostly priced into gold, which would need an escalation or resolution to become a catalyst to prices again.
Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 0.35 percent to 851.45 tonnes on Tuesday.
In other precious metals, spot silver was stead at $16.40 an ounce.
Platinum fell 0.5 percent to $899.35 an ounce, while palladium was 0.6-percent lower at $973.90. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/gold-markets-italy-crisis-drives-safe-haven-buying.html |
* First cargo to be sent to Inpex’s Japan LNG terminal -sources
* Expected to be shipped by late-September -source
* Giant LNG project has been delayed multiple times (Adds detail)
By Osamu Tsukimori and Jessica Jaganathan
TOKYO/SINGAPORE, May 17 (Reuters) - Japan’s Inpex Corp expects to ship the first liquefied natural gas (LNG) cargo from its giant Ichthys LNG project in Australia by the end of September, an industry source with knowledge of the matter said on Thursday.
The source, who declined to be identified as he was not authorised to speak with media, said the shipment would come by late-September, although it could be sent a month or more earlier.
A spokesman for Inpex, Japan’s top oil and gas producer, said the company could not give a schedule for the first cargo.
The around $40 billion Ichthys project has seen multiple delays and cost overruns of billions of dollars due to technical difficulties. It was originally slated to start in 2016.
The commissioning LNG cargo from Ichthys will be exported to Inpex’s Naoetsu LNG terminal in Japan, according to the first source and a second one also familiar with the matter.
Inpex has said the Ichthys project will start-up this month with gas production set to begin by the end of May.
Project holders in Ichthys are seeking five liquefied natural gas (LNG) cargoes for delivery into Japan and Taiwan over July to September to replace LNG they will not be able to supply from Ichthys due to delays in its start-up, two traders told Reuters.
That is to fulfil contractual commitments to buyers such as Taiwan’s state-owned CPC Corp and the world’s top LNG buyer JERA Co, a fuel joint venture of Tokyo Electric and Chubu Electric, one of the traders said.
The Inpex spokesman declined to comment, citing a confidentiality agreement with customers.
“They have indicated their interest just to a few companies, so the requirement is not firm yet,” the trader said, adding that offers were due by Thursday.
At full operation, Ichthys is expected to produce 8.9 million tonnes of LNG a year, along with about 1.7 million tonnes of liquefied petroleum gas and about 100,000 barrels per day of condensate, an ultra-light form of crude oil.
Inpex holds 62.245 percent of Ichthys, France’s Total 30 percent, with the rest spread amongst Taiwan’s CPC Corp and Japanese utilities Tokyo Gas, Osaka Gas, Kansai Electric, JERA Corp and Toho Gas . (Reporting by Osamu Tsukimori in Tokyo and Jessica Jaganathan in Singapore; Editing by Christian Schmollinger and Joseph Radford)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-inpex-c/update-1-japans-inpex-expects-to-ship-first-lng-cargo-from-ichthys-site-in-aus-by-end-sept-source-idUSL3N1SO285 |
In the sixth annual Disruptor 50 list, CNBC features private companies — from biotech and machine learning to transportation and retail and even exploring outer space — whose innovations are changing the world . These forward-thinking start-ups have not only identified unexploited niches in the market that have the potential to become billion-dollar businesses, a majority of them already are billion-dollar businesses. A startling 33 disruptors this year are unicorns that have already reached or passed the billion-dollar mark.
Unseating corporate giants is no easy feat. But we ranked those venture capital–backed companies doing the best job. In aggregate, these 50 companies have raised nearly $78 billion in venture capital at an implied Disruptor 50 list market valuation of more than $350 billion, according to PitchBook data. Many already are part of our daily lives, whether or not we know it. Read more about the trends that stand out in the 2018 list ranking — from drones and genes to the battles for control in the rapidly growing ridesharing , lodging and cryptocurrency industries — and the methodology used to select this year's Disruptor companies.
1 SpaceX Taking the lead in the new space race. 2 Uber Faring better in the post-Travis era. 3 Airbnb Rewriting the book on bookings. 4 Didi Chuxing How do you say "Uber" in Mandarin? 5 Lyft Sticking to the high road. 6 Grab Just another rideshare unicorn ... 7 23andMe A genetics house call. 8 Udacity Nanodegree your way to a new job. 9 Rent the Runway A closet in the cloud. 10 Coinbase Buy, sell, HODL. 11 TransferWise Eating up foreign-exchange fees. 12 Oscar Health 200,000 people who like their plan. 13 Payoneer Helping companies get paid around the world. 14 SurveyMonkey A way to better answers. 15 Progyny Fertile ground for disruption. 16 Adyen The company that gave PayPal the wooden shoe. 17 TheRealReal What's in your closet? 18 Indigo Agriculture Seeding the world. 19 Ezetap Powering India's cashless revolution. 20 Peloton A new spin on spinning. 21 Ginkgo Bioworks Microbe economics. 22 LISNR No Wi-Fi? No problem. 23 WeWork For when you need some space. 24 Ellevest Wall Street for, and by, women. 25 Zipline International Drones to the rescue. 26 LanzaTech Won't let carbon go to waste. 27 Crowdstrike Into the breach, and ending it. 28 Xiaomi A $100 billion iPhone competitor, any day now. 29 Flirtey The robot revolution takes flight. 30 Veritas Genetics Your whole genome, all 6.4 billion letters of it. 31 Houzz Improving home improvement. 32 C3 IoT What are those devices saying? 33 Palantir Technologies They know you, even if you don't know them. 34 Darktrace A digital immune boost. 35 Duolingo How do you say ... 36 Pinterest 75 billion ideas shared. 37 Thinx An underwear innovator takes on Tampax. 38 Robinhood Turning trading upside down. 39 Uptake Big machines break, but maybe they don't have to. 40 Drawbridge An ad's journey from screen to screen. 41 InMobi A personalized mobile ad experience. 42 Coursera We don't need no formal IT education. 43 Stripe Cracking the code on getting your internet business paid. 44 Illumio We all have vulnerabilities. 45 Fanatics They root for everyone, as long as you root for someone. 46 Auris Health A surgical robot pioneer scrubs in, in the next generation. 47 Luminar How self-driving cars see around corners. 48 Apeel Sciences The end of rotten food. 49 GitHub The ultimate source for open source. 50 SoFi Yes, online lending still has a future. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/meet-the-2018-cnbc-disruptor-50-companies.html |
BOSTON, May 31 (Reuters) - All eight of Facebook Inc's director nominees were elected at its annual meeting on Thursday, and all six shareholder proposals urging reforms, including to its voting structure and content oversight, were rejected, company executives said.
Facebook executives did not immediately give vote tallies at the annual meeting in Menlo Park, California, which was webcast.
(Reporting by Ross Kerber; Editing by Richard Chang) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/reuters-america-facebook-says-all-directors-elected-shareholder-proposals-rejected.html |
(Adds strategist Quote: and details on market activity, updates prices) * Canadian dollar at C$1.2856, or 77.78 U.S. cents * Price of oil rises 3 percent * Bond prices lower across steeper yield curve * 10-year yield touches highest since Feb. 8 at 2.405 percent By Fergal Smith TORONTO, May 9 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Wednesday, rebounding from a nearly seven-week low the day before, as a jump in oil prices countered uncertain prospects for talks on revamping the NAFTA trade pact. At 4 p.m. (2000 GMT), the Canadian dollar was trading 0.8 percent higher at C$1.2856 to the greenback, or 77.78 U.S. cents. The currency traded in a range of C$1.2826 to C$1.2975. On Tuesday, it touched its weakest level since March 21 at C$1.2998. "There is still NAFTA uncertainty lingering, but the higher oil prices are helping the Canadian dollar," said Eric Viloria, a currency strategist at Wells Fargo. U.S. crude oil futures settled 3 percent higher after a bigger-than-expected drawdown in U.S. oil inventories extended gains from the U.S. decision to quit a nuclear deal with Iran. Oil is one of Canada's major exports. Mexico has launched a counterproposal to U.S. demands to toughen automotive industry content rules under the North American Free Trade Agreement, officials said on Tuesday, as ministers again pushed for a deal to rework the 24-year-old accord. Canada sends 75 percent of its exports to the United States. Its economy could benefit if a deal to revamp NAFTA is reached. The value of Canadian building permits rose 3.1 percent in March, more than economists' forecasts for a gain of 2.0 percent, on increased plans to build apartment buildings in the provinces of Quebec and British Columbia, data from Statistics Canada showed. Canadian government bond prices were lower across a steeper yield curve as the yield on the benchmark U.S. government note rose back above the psychologically significant level of 3 percent. Canada's 10-year bond declined 33 Canadian cents to yield 2.391 percent. The yield touched its highest intraday level since Feb. 8 at 2.405 percent. Canada's jobs report for April is due on Friday. (Reporting by Fergal Smith; Editing by Jonathan Oatis and Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-rises-from-7-week-low-as-oil-surge-offsets-nafta-uncertainty-idUSL1N1SG2AI |
Study puts Puerto Rico hurricane deaths at 4,645 3:04am IST - 01:49
A Harvard University study published Tuesday estimated at least 4,645 people died in Puerto Rico as a result of Hurricane Maria last fall, seventy times the official death toll of 64. Zachary Goelman reports.
A Harvard University study published Tuesday estimated at least 4,645 people died in Puerto Rico as a result of Hurricane Maria last fall, seventy times the official death toll of 64. Zachary Goelman reports. //reut.rs/2L7eVnR | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/study-puts-puerto-rico-hurricane-deaths?videoId=431489116 |
DUBAI, May 23 (Reuters) - The Saudi-led coalition has destroyed two Houthi boats threatening an oil tanker in the Red Sea, Al Arabiya television reported on Wednesday.
Separately, the United Arab Emirates (UAE) news agency WAM said UAE coalition forces destroyed two boats described as being deployed by the Iran-aligned Houthi movement to target the tanker, while another two escaped.
Neither report gave specifics about the tanker or mentioned whether it had been damaged.
Reporting by Ghaida Ghantous; Editing by Katie Paul and Dale Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/yemen-security-tanker/saudi-led-coalition-destroys-houthi-boats-targeting-tanker-in-red-sea-al-arabiya-idUSD5N1R400F |
PARIS (Reuters) - France’s Alize Cornet has pulled out of the Strasbourg International tournament because of a groin injury but hopes to be ready for the French Open.
FILE PHOTO: Tennis - Australian Open - Margaret Court Arena, Melbourne, Australia, January 17, 2018. France's Alize Cornet reacts during her match against Germany's Julia Goerges. REUTERS/Edgar Su/File Photo Cornet, who was cleared of an anti-doping violation on Tuesday after a charge against her for missing three out-of-competition drug tests was dismissed, picked up the injury last week in Madrid, where she was beaten in the first round by Elina Svitolina.
“I am very disappointed that I cannot take part in the Strasbourg tournament but unfortunately I have not fully recovered from an adductor muscle injury,” the world number 32 said on Twitter on Thursday.
“I am going to do everything to be ready for the French Open.”
Cornet, who won the Strasbourg tournament in 2013, reached the last 16 at Roland Garros last year.
The French Open runs from May 27-June 10.
Reporting by Julien Pretot; Editing by Toby Davis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-cornet/tennis-cornet-pulls-out-of-strasbourg-hopeful-for-french-open-idUSKCN1II28V |
OAKLAND, Md., May 9, 2018 /PRNewswire/ -- First United Corporation (NASDAQ: FUNC), a bank holding company and the parent company of First United Bank & Trust (the "Bank"), announces consolidated net income available to common shareholders of $2.5 million for the first three months of 2018, compared to $1.4 million for the same period of 2017. Basic and diluted net income per common share for the first three months of 2018 were both $.35, compared to basic and diluted net income per common share of $.22 for the same period of 2017. The increase in earnings was primarily due to an increase in net interest income of $1.2 million, an increase of $.2 million in wealth management income, a $.2 million decrease in provision for loan loss expense, a decrease of $.5 million in preferred stock dividends due to the redemptions of the Corporation's Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") in March and November 2017, offset by a $.6 million increase in salaries and benefits attributable to new hires in late 2017 and first quarter of 2018, a $.2 million increase in life and health insurance related to increased claims in the first quarter of 2018, an increase of $.2 million in equipment, occupancy and data processing expenses in the first quarter of 2018, an increase in other real estate owned ("OREO") expenses due to valuation allowance write-downs on properties in the first quarter of 2018 and an increase in other miscellaneous expenses such as legal and professional, contract labor and miscellaneous loan fees. The net interest margin for the first three months of 2018, the year ended December 31, 2017 and the first three months of 2017, on a fully tax equivalent ("FTE") basis, was 3.68%, 3.37% and 3.27%, respectively.
According to Carissa L. Rodeheaver, Chairman, President and Chief Executive Officer, "The Bank was well positioned for a rising interest rate environment which had a positive impact on the net interest margin for the first quarter of 2018. Our retail associates have also done an excellent job of holding interest expense relatively stable and continuing to build our low-cost core deposits. The improved margin along with increasing income from our wealth management division, the lower cost of capital and the reduced tax rates all contributed to our strong financial quarterly results."
"The Board of Directors was pleased to announce the resumption of a cash dividend during the first quarter, which was made possible in large part by our stable core earnings, reduced capital expense and improved asset quality. The dividend of $.09 per common share was paid on May 2, 2018. We hope to be able to continue this cash dividend in future quarters."
Financial Highlights Comparing the First Quarters of 2018 and 2017:
The ratio of the allowance for loan losses ("ALL") to loans outstanding was 1.12% at both March 31, 2018 and December 31, 2017 and 1.29% at March 31, 2017. Provision for loan losses was $.4 million for the three months ended March 31, 2018 and $.6 million for the three months ended March 31, 2017. The reduction in provision expense for the first three months of 2018 was primarily driven by a reduction of historical loss factors due to the continued improvement of the loan portfolio. Other operating income increased $.2 million during the first three months of 2018 when compared to the same period of 2017. This increase was primarily attributable to increased wealth management income. Net gains and increased BOLI and service charge income were offset by slight declines in debit card and other income. Operating expenses increased $1.2 million in the first three months of 2018 when compared to the same period of 2017. The increase was due primarily to a $.6 million increase in salaries and benefits attributable to new hires in late 2017 and first quarter of 2018, a $.2 million increase in life and health insurance related to increased claims in the first quarter of 2018, an increase of $.2 million in equipment, occupancy and data processing expenses, an increase in OREO expenses due to valuation allowance write-downs on properties in the first quarter of 2018 and an increase in other miscellaneous expenses such as legal and professional, contract labor and miscellaneous loan fees.
Balance Sheet Overview
Total assets at March 31, 2018 remained unchanged at $1.3 billion when compared to December 31, 2017. During the first three months of 2018, cash and interest-bearing deposits in other banks decreased $62.5 million, the investment portfolio decreased $2.6 million and gross loans increased $45.0 million. Premises and equipment increased $1.7 million due to bank-wide building renovation projects associated with our new brand efforts. Total liabilities remained steady at $1.2 billion, although deposits decreased $21.5 million and long-term borrowings decreased by $5.0 million due to the repayment of two FHLB advances in the first quarter of 2018. These decreases were offset by a $6.4 million increase in short-term borrowings in the first quarter of 2018. The increase in short-term borrowings was due to a $9.0 million increase in overnight borrowings, offset by a $2.6 million decrease in our Treasury Management product.
Comparing March 31, 2018 to December 31, 2017, outstanding loans increased by $45.0 million (5.0%). Commercial real estate ("CRE") loans increased $13.6 million due primarily to several new large relationships in the first quarter of 2018. Acquisition and development ("A&D") loans decreased $3.2 million. Commercial and industrial ("C&I") loans increased $4.9 million. Residential mortgages increased $19.8 million primarily to the purchase of a $15.0 million 1-4 family mortgage pool in February 2018, in house growth of $3.8 million continues in our professional's program, offset slightly by amortization on existing balances. The consumer portfolio increased $9.9 million due to the purchase of a $10.0 million student loan pool in the first quarter of 2018. Approximately 28% of the commercial loan portfolio was collateralized by real estate at both March 31, 2018 and December 31, 2017.
Total deposits decreased $21.5 million during the first three months of 2018 when compared to deposits at December 31, 2017. During the first three months of 2018, non-interest bearing deposits decreased $3.0 million. Traditional savings accounts increased $6.3 million due to continued growth in our Prime Saver product. Total demand deposits decreased $.2 million and total money market accounts decreased $12.2 million due to decreased balances in our ICS money market account relating to the re-allocation of cash in our trust accounts. Time deposits less than $100,000 decreased $4.1 million and time deposits greater than $100,000 decreased $8.3 million. The decrease in time deposits greater than $100,000 was due to the maturity of one large certificate of deposit for a municipality.
The book value of the Corporation's common stock was $15.73 per share at March 31, 2018, compared to $15.34 per share at December 31, 2017.
At March 31, 2018, there were 7,067,425 outstanding shares of the Corporation's common stock.
Net- Interest Income (Tax-Equivalent Basis)
Net interest income, on an FTE basis, increased $1.3 million (13.3%) during the first three months of 2018 over the same period in 2017 due to a $1.1 million (9.5%) increase in interest income and a $.2 million (9.1%) decrease in interest expense. The net interest margin for the first three months of 2018 was 3.68%, compared to 3.27% for the first three months of 2017.
Comparing the first three months of 2018 to the same period of 2017, the increase in interest income was due to increases of $.8 million in interest and fees on loans and $.2 million in interest income on investments. The increase in interest and fees on loans was due primarily to an increase in the rate earned of 30 basis points attributable to loans repricing, new loans booked at higher rates and increased balances related to the purchases of a $10.0 million student loan pool and a $15.0 million pool of 1-4 family mortgage loans. The increase in investment interest income was due primarily to an increase in the rate earned of 29 points related to increased rates on the CDO portfolio.
Interest expense on our interest-bearing liabilities decreased by $.2 million during the three months ended March 31, 2018 when compared to the same period of 2017 due primarily to a $13.2 million reduction in long-term borrowings that resulted from the repayment of two FHLB advances totaling $5.0 million at their maturity in January 2018 and the repayment of $10.8 million of junior subordinated debentures in March 2017. These decreases were offset slightly by increased interest expense on deposits as we offered product special and increased pricing on the full relationship accounts.
Asset Quality
The ALL was $10.5 million at March 31, 2018 and $10.0 million at December 31, 2017. The provision for loan losses for the first three months of 2018 was $.4 million, compared to $.6 million for the first three months of 2017. Net recoveries of $51 thousand were recorded for the three months ended March 31, 2018, compared to $1.1 million for the three months ended March 31, 2017. The ratio of the ALL to loans outstanding was 1.12% at both March 31, 2018 and December 31, 2017, and 1.29% at March 31, 2017.
The ratio of net recoveries to average loans for the three months ended March 31, 2018 was an annualized .02%, compared to .47% for the same period in 2017 and a net charge-off to average loans of .28% for the year ended December 31, 2017. The CRE portfolio had an annualized net recovery rate of .08% as of March 31, 2018, compared to a net charge-off rate of 1.43% as of December 31, 2017. The A&D loans had an annualized net recovery rate of .47% as of March 31, 2018, compared to .11% as of December 31, 2017. The C&I loans had a net recovery rate of .09% as of March 31, 2018, compared to 2.21% as of December 31, 2017. The reduction in recoveries in the C&I portfolio in 2018 was due to a large recovery on a loan on an ethanol plant in the first quarter of 2017 that had been charged off in prior years. The residential mortgage ratios were a net charge-off rate of .11% as of March 31, 2018, compared to .01% as of December 31, 2017, and the consumer loan ratios were net charge-off rates of .46% and .53% as of March 31, 2018 and December 31, 2017, respectively.
Non-accrual loans totaled $4.3 million at March 31, 2018, compared to $7.1 million at December 31, 2017. The decrease in non-accrual balances at March 31, 2018 was primarily due to payoffs of two relationships totaling $2.5 million. Non-accrual loans that have been subject to partial charge-offs totaled $1.9 million at March 31, 2018, compared to $2.1 million at December 31, 2017. Loans secured by 1-4 family residential real estate properties in the process of foreclosure were $.3 million at March 31, 2018 and $.4 million at December 31, 2017.
Accruing loans past due 30 days or more increased to 1.14% of the loan portfolio at March 31, 2018, compared to .63% at December 31, 2017. The increase for the first three months of 2018 was due primarily to increases in the past due loans in the commercial A&D portfolio relating to one large relationship that moved to 30 days past due at the end of the quarter.
Non-Interest Income and Non-Interest Expense
Other operating income, exclusive of gains, increased $.2 million during the first three months of 2018 when compared to the same period of 2017. This increase was primarily attributable to increased wealth management income. Increased BOLI and service charge income were offset by slight declines in debit card and other income.
Net gains of $34 thousand were reported in other income for the first three months of 2018, compared to net gains of $5 thousand during the same period of 2017.
Operating expenses increased $1.2 million in the first three months of 2018 when compared to the same period of 2017. The increase was due primarily to a $.6 million increase in salaries and benefits attributable to new hires in late 2017 and 2018, a $.2 million increase in life and health insurance related to increased claims in the first quarter of 2018, an increase of $.2 million in equipment, occupancy and data processing expenses in the first quarter of 2018, an increase in OREO expenses due to valuation allowance write-downs on properties in the first quarter of 2018 and an increase in other miscellaneous expenses such as legal and professional, contract labor and miscellaneous loan fees.
ABOUT FIRST UNITED CORPORATION
First United Corporation is the parent company of First United Bank & Trust, a Maryland trust company with commercial banking powers, and three statutory trusts that were used as financing vehicles. The Bank has four wholly-owned subsidiaries: OakFirst Loan Center, Inc., a West Virginia finance company; OakFirst Loan Center, LLC, a Maryland finance company, First OREO Trust, a Maryland statutory trust, and FUBT OREO I, LLC, a Maryland company, both formed for the purposes of holding, servicing and disposing of the real estate that the Bank acquires through foreclosure or by deed in lieu of foreclosure. The Bank also owns 99.9% of the limited partnership interests in Liberty Mews Limited Partnership; a Maryland limited partnership formed for the purpose of acquiring, developing and operating low-income housing units in Garrett County, Maryland. The Corporation's website is www.mybank.com .
FORWARD-LOOKING STATEMENTS
This press release contains as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements do not represent historical facts, but are statements about management's beliefs, plans and objectives about the future, as well as its assumptions and judgments concerning such beliefs, plans and objectives. These statements are evidenced by terms such as "anticipate," "estimate," "should," "expect," "believe," "intend," and similar expressions. Although these statements reflect management's good faith beliefs and projections, they are not guarantees of future performance and they may not prove true. These projections involve risk and uncertainties that could cause actual results to differ materially from those addressed in the For a discussion of these risks and uncertainties, see the section of the periodic reports that First United Corporation files Commission entitled "Risk Factors".
FIRST UNITED CORPORATION
Oakland, MD
Stock Symbol : FUNC
(Dollars in thousands, except per share data)
Three Months Ended
unaudited
31-Mar
31-Mar
2018
2017
EARNINGS SUMMARY
Interest income
$ 12,362
$ 11,327
Interest expense
$ 1,780
$ 1,958
Net interest income
$ 10,582
$ 9,369
Provision for loan losses
$ 447
$ 609
Other Operating Income
$ 3,676
$ 3,464
Net Gains
$ 34
$ 5
Other Operating Expense
$ 10,691
$ 9,456
Income before taxes
$ 3,154
$ 2,773
Income tax expense
$ 648
$ 793
Net income
$ 2,506
$ 1,980
Accumulated preferred stock dividends
$ 0
$ 540
Net income available
to common shareholders
$ 2,506
$ 1,440
Three Months Ended
unaudited
31-Mar
31-Mar
2018
2017
PER COMMON SHARE
Basic/ Diluted Net Income Per Common Share
$ 0.35
$ 0.22
Book value
$ 15.73
$ 14.87
Closing market value
$ 19.20
$ 14.50
Market Range:
High
$ 20.25
$ 16.32
Low
$ 16.60
$ 13.00
Common shares outstanding at period end
7,067,425
7,052,630
PERFORMANCE RATIOS (Period End, annualized)
Return on average assets
0.76%
0.61%
Return on average shareholders' equity
9.13%
7.00%
Net interest margin
3.68%
3.27%
Efficiency ratio
72.30%
72.60%
PERIOD END BALANCES
31-Mar
31-Dec
31-Mar
2018
2017
2017
Assets
$ 1,319,412
$ 1,336,470
$ 1,319,434
Earning assets
$ 1,171,675
$ 1,129,331
$ 1,125,198
Gross loans
$ 937,493
$ 892,518
$ 894,532
Commercial Real Estate
$ 296,796
$ 283,162
$ 294,781
Acquisition and Development
$ 107,295
$ 110,530
$ 107,408
Commercial and Industrial
$ 81,647
$ 76,723
$ 74,593
Residential Mortgage
$ 418,445
$ 398,648
$ 393,988
Consumer
$ 33,310
$ 23,455
$ 23,762
Investment securities
$ 237,482
$ 240,102
$ 234,956
Total deposits
$ 1,017,863
$ 1,039,390
$ 1,026,868
Noninterest bearing
$ 249,035
$ 252,049
$ 239,292
Interest bearing
$ 768,828
$ 787,341
$ 787,576
Shareholders' equity
$ 111,134
$ 108,390
$ 114,884
CAPITAL RATIOS
31-Mar
31-Dec
31-Mar
2018
2017
2017
Period end capital
Tier 1 to risk weighted assets
15.01%
14.97%
14.88%
Common Equity Tier 1 to risk weighted assets
12.59%
12.54%
12.12%
Tier 1 Leverage
11.45%
11.00%
10.99%
Total risk based capital
16.06%
15.98%
16.09%
ASSET QUALITY
Net (recoveries)/charge-offs for the quarter
$ (51)
$ 1,508
$ (1,056)
Nonperforming assets: (Period End)
Nonaccrual loans
$ 4,301
$ 7,118
$ 10,893
Loans 90 days past due
and accruing
$ 108
$ 595
$ 196
Total nonperforming loans
and 90 days past due loans
$ 4,409
$ 7,713
$ 11,089
Restructured loans
$ 5,252
$ 5,955
$ 9,026
Other real estate owned
$ 9,514
$ 10,141
$ 11,002
Allowance for loan losses
to gross loans, at period end
1.12%
1.12%
1.29%
Nonperforming and 90 day past due loans
to total loans, at period end
0.47%
0.86%
1.24%
Nonperforming loans and 90 day past due
loans to total assets, at period end
0.33%
0.58%
0.84%
View original content: http://www.prnewswire.com/news-releases/first-united-corporation-announces-first-quarter-2018-earnings-300645873.html
SOURCE First United Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-first-united-corporation-announces-first-quarter-2018-earnings.html |
Mexico's Central Bank to create cyber security unit after hack 7:54am EDT - 01:23
Mexico's central bank says a cyber attack has sucked around 300 million pesos ($15.33 million) in fraudulent transfers from five companies, but it was unclear how much thieves had managed to pull out in cash. Kate King reports.
Mexico's central bank says a cyber attack has sucked around 300 million pesos ($15.33 million) in fraudulent transfers from five companies, but it was unclear how much thieves had managed to pull out in cash. Kate King reports. //reut.rs/2wRTsgH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/mexicos-central-bank-to-create-cyber-sec?videoId=428071648 |
May 30, 2018 / 5:14 PM / Updated 21 minutes ago Dimitrov survives Donaldson dogfight to reach third round Martyn Herman 2 Min Read
PARIS (Reuters) - Claycourt tennis has never come easy for silky Bulgarian Grigor Dimitrov and his struggle to master the dirt was evident again in a four-hour dogfight with Jared Donaldson in the French Open second round on Wednesday. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Bulgaria's Grigor Dimitrov celebrates winning his second round match against Jared Donaldson of the U.S. REUTERS/Charles Platiau
Try as he could on a sun-baked Court 18, fourth seed Dimitrov could never tame the 57th-ranked American youngster but he eventually prevailed 6-7(2) 6-4 4-6 6-4 10-8 to collect the 50th Grand Slam win of his career.
Twice he needed to serve to stay in the match in the deciding set before breaking a cramping Donaldson to love in the 15th game, only to drop serve immediately.
Dimitrov broke again, though, at 9-9 and at the second time of asking he brought up match point with his 17th ace and sealed victory with a hefty first serve. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Bulgaria's Grigor Dimitrov shakes hands with Jared Donaldson of the U.S. after winning their second round match REUTERS/Charles Platiau
It is only the third time the 27-year-old has reached the third round at Roland Garros in eight attempts and he has never gone further — a surprisingly poor record for a player blessed with such a wide range of weapons.
Things will not get any easier if Dimitrov is to break new ground with Spaniard Fernando Verdasco next up. Tennis - French Open - Roland Garros, Paris, France - May 30, 2018 Jared Donaldson of the U.S. in action during his second round match against Bulgaria's Grigor Dimitrov REUTERS/Charles Platiau
“I think it was one of those matches that I didn’t play my best, but I managed a way to win,” Dimitrov said.
“And when one thing wasn’t going well, the physical part was great.”
Donaldson did little wrong and was 0-30 when Dimitrov served at 5-6 in the decider, only for the Bulgarian to unleash a succession of winners to stay alive.
The 21-year-old served an underarm second serve to hold serve in the next game as he was clearly struggling physically but Dimitrov eventually scrambled over the line.
Asked if he had been surprised by an opponent dropping in an underarm serve (Donaldson won the point), Dimitrov said it was a fair tactic.
“I think it was very smart for him to do that,” he said. “I’ve done it once in my career and I think it worked.
“He wanted to use something different to kind of try to put me off guard with that. I know why he did it. He was hurting big time.” Reporting by Martyn Herman, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-dimitrov/dimitrov-survives-donaldson-dogfight-to-reach-third-round-idUKKCN1IV2BR |
Our relationship with China is a very good one: President Trump 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-china-trade.html |
TORONTO, May 2, 2018 /PRNewswire/ - Denison Mines Corp. ("Denison" or the "Company") (DML: TSX, DNN: NYSE MKT) today filed its Consolidated Financial Statements and Management's Discussion & Analysis ("MD&A") for the 2018. Both documents can be found on the Company's website at www.denisonmines.com or on SEDAR (at www.sedar.com ) and EDGAR (at www.sec.gov/edgar.shtml ). The highlights provided below are derived from these documents and should be read in conjunction with them. All amounts in this release are in Canadian dollars unless otherwise stated.
David Cates, President and CEO of Denison commented, "Today, Denison reported its results from the first quarter of 2018 – which proved to be another productive quarter, with numerous results showcasing the Company's assets in the Athabasca Basin. The Company reported significant increases in the estimated mineral resources at our Wheeler River and Midwest projects, as well as exploration successes from each of our winter drilling programs. At Wheeler River, the exploration team is approaching 2018 with the view of making a new discovery to complement the already impressive Gryphon and Phoenix deposits. At Waterbury, the winter program returned the second best drill hole to date at the Huskie zone, and at Hook-Carter, Denison initiated its inaugural drill program on the property and returned results that are indicative of the continuation of the mineralizing system within the Patterson Lake Corridor. As we progress through the second quarter of the year, I am pleased to report that we are advancing on schedule with the Wheeler River Pre-Feasibility Study – which remains on track for completion during the second half of 2018. With a combination of company specific and industry related catalysts on the horizon, 2018 continues to have the potential to be a very exciting year.
PERFORMANCE HIGHLIGHTS
Announced increase in mineral resources estimated for Wheeler River
On January 31, 2018, Denison announced an 88% increase in the Indicated Mineral Resources estimated for the Wheeler River project (63.3% Denison owned). The result was attributable to an increase in the estimated resources at the Gryphon deposit, which is estimated to include, above a cut-off grade of 0.2% U 3 O 8 , 61.9 million pounds of U 3 O 8 (1,643,000 tonnes at 1.71% U 3 O 8 ) in Indicated Mineral Resources, plus 1.9 million pounds of U 3 O 8 (73,000 tonnes at 1.18% U 3 O 8 ) in Inferred Mineral Resources. Together with the resources estimated for the Phoenix deposit, the Wheeler River project is now host to 132.1 million pounds U 3 O 8 in total Indicated Mineral Resources – which will be used to support the Pre-Feasibility Study ('PFS') for the project, that was initiated in July 2016 and is expected to be completed during the second half of 2018. Following the resource update, Wheeler River retained and improved its standing as the largest undeveloped high-grade uranium project in the infrastructure rich eastern portion of the Athabasca Basin.
Discovered high-grade uranium northeast of Wheeler River's Gryphon deposit
On April 18, 2018, Denison reported preliminary, radiometric equivalent uranium ('eU 3 O 8 ') results from the Wheeler River winter 2018 diamond drilling program, which totalled 21,153 metres in 29 holes. High-grade uranium drill intercepts were obtained at the sub-Athabasca unconformity 600 metres and 1 kilometre to the northeast of the Gryphon deposit along the K-North trend. Results included 0.55% eU 3 O 8 over 5.6 metres (including 2.3% eU 3 O 8 over 1.0 metre) in drill hole WR-704, and 0.94% eU 3 O 8 over 3.5 metres (including 2.7% eU 3 O 8 over 1.0 metre) in drill hole WR-710D1.
Expanded the high-grade, basement-hosted, Huskie Zone on the Waterbury Lake property
On April 25, 2018, Denison reported assay results from the winter 2018 diamond drilling program on the Waterbury Lake project (64.22% Denison). The winter drilling program, totalling 9,794 metres in 19 holes, was focused on testing for extensions to the Huskie zone, which was discovered by Denison in July 2017. The program was highlighted by drill hole WAT18-452, which intersected 4.5% U 3 O 8 over 6.0 metres (including 5.8% U 3 O 8 over 4.5 metres) approximately 50 metres down-dip of the mineralization identified during 2017. The result from WAT18-452 suggests that mineralization at Huskie may be controlled by cross-cutting, northeast striking faults, interpreted to be associated with the regional Midwest structure, which presents additional targets for exploration during the summer of 2018.
Reported increase in mineral resources estimated for Midwest
On March 27, 2018, Denison reported an updated mineral resource estimate for the Midwest Main and Midwest A deposits located on the Midwest property (25.17% Denison owned), which is operated by Orano Canada Inc. ('Orano Canada'). Inferred Mineral Resources for the property increased by 13.50 million pounds of U 3 O 8 and currently total 18.2 million pounds of U 3 O 8 (846,000 tonnes at 1.0% U 3 O 8 ) above a cut-off grade of 0.1% U 3 O 8 . Indicated Mineral Resources for the property increased by 2.08 million pounds of U 3 O 8 and currently total 50.78 million pounds of U 3 O 8 (1,019,000 tonnes at 2.3% U 3 O 8 ) above a cut-off grade of 0.1% U 3 O 8 .
CHANGE IN PRESENTATION CURRENCY
Effective January 1, 2018, Denison changed its presentation currency to Canadian dollars ('CAD') from US dollars ('USD'). This change in presentation currency was made to better reflect the Company's business activities, which, following the divestiture of the Mongolian and African mining divisions in 2015 and 2016, are now solely focused in Canada, with the majority of the Company's entities, including all of its operating entities, having the Canadian dollar as their functional currency. The consolidated financial statements, for all periods presented, are shown in the new presentation currency.
SELECTED QUARTERLY FINANCIAL INFORMATION
(in thousands, except for per share amounts)
Q1 2018
Q1 2017
Total revenues
$
3,573
$
3,735
Net loss
$
(6,968)
$
(1,124)
Basic and diluted loss per share
$
(0.01)
$
-
(in thousands)
As at
March 31,
2018
As at
December 31,
2017
Financial Position:
Cash and cash equivalents
$
35,768
$
3,636
Investments in debt instruments (GICs)
$
-
$
37,807
Cash, cash equivalents and GIC's
$
35,768
$
41,443
Working capital
$
33,958
$
38,065
Property, plant and equipment
$
248,088
$
249,002
Total assets
$
316,146
$
326,300
Total long-term liabilities (1)
$
82,730
$
84,252
(1)
Predominantly comprised of the non-current portion of deferred revenue, non-current reclamation obligations, and deferred income taxes.
RESULTS OF CONTINUING OPERATIONS
Revenues
On February 13, 2017, Denison closed an arrangement with Anglo Pacific Group PLC and one of its wholly owned subsidiaries (the 'APG Transaction') under which Denison received an upfront payment of $43,500,000 in exchange for its right to receive future toll milling cash receipts from the MLJV under the current toll milling agreement with the Cigar Lake Joint Venture ('CLJV') from July 1, 2016 onwards. The APG Transaction represents a contractual obligation of Denison to forward to APG any cash proceeds of toll milling revenue earned by the Company, after July 1, 2016, related to the processing of specified Cigar Lake ore through the McClean Lake mill, and as such, the upfront payment has been accounted for as deferred revenue.
Effective January 1, 2018, upon adoption of IFRS 15, the accounting policy applicable to the toll milling deferred revenue arrangement has changed and the comparative period has been restated to reflect this change. Refer to the Company's unaudited interim consolidated financial statements and related notes for more details on the accounting for the APG Transaction related revenue.
During Q1 2018, the McClean Lake mill processed 4.4 million pounds U 3 O 8 for the CLJV. The Company recorded toll milling revenue of $780,000 and related accretion expense of $829,000.
Revenue from the Company's DES division was $2,378,000 and revenue from the Company's management contract with UPC was $415,000 during Q1 2018.
Operating expenses
Operating expenses in the Canadian mining segment include depreciation, mining and other development costs, as well as adjustments, where applicable, to the estimates of future reclamation costs in relation to the companies mining properties. Operating expenses during Q1 2018 were $1,442,000, including $839,000 of depreciation from the McClean Lake mill, which is associated with the processing and packaging of U 3 O 8 for the CLJV.
Operating expenses at DES during Q1 2018 totaled $2,024,000 and relate primarily to care and maintenance, and environmental consulting services provided to clients, and includes labour and other costs.
Exploration and evaluation
During Q1 2018, the Company continued to focus on its highest priority projects in the Athabasca Basin region in Saskatchewan. Denison's share of exploration and evaluation expenditures in the quarter was $6,254,000. The Company's Athabasca land package increased during the first quarter from 351,365 hectares (267 claims) to 353,007 hectares (270 claims) owing to selective staking contiguous with Denison's existing claims.
Wheeler River
Project Highlights:
Updated resource estimate confirms Wheeler River as the largest undeveloped high-grade uranium project in the eastern Athabasca
On January 31, 2018, Denison announced an updated mineral resource estimate for the Gryphon deposit following drilling results from a further 144 drill holes completed during 2016 and 2017. The updated mineral resource estimate for Gryphon, above a cut-off grade of 0.2% U 3 O 8 , includes 61.9 million pounds of U 3 O 8 (1,643,000 tonnes at 1.71% U 3 O 8 ) in Indicated Mineral Resources, and 1.9 million pounds of U 3 O 8 (73,000 tonnes at 1.18% U 3 O 8 ) in Inferred Mineral Resources.
The Phoenix deposit, located approximately three kilometres southeast of Gryphon, is estimated to include Indicated Mineral Resources of 70.2 million pounds of U 3 O 8 above a cut-off grade of 0.8% U 3 O 8 (166,000 tonnes at 19.1% U 3 O 8 ). The mineral resource estimates are, as disclosed in the Technical Report with an Updated Mineral Resource Estimate for the Wheeler River Uranium Project, Northern Saskatchewan, Canada dated March 9, 2018 and prepared by Mark Mathisen, C.P.G. of Roscoe Postle Associates Inc. and Ken Reipas, P.Eng of SRK Consulting (Canada) Inc.
With the update to the Gryphon deposit resource estimate, the combined Indicated Mineral Resources estimated for Wheeler River have increased by 88% to 132.1 million pounds U 3 O 8 , which will be used to support the Pre-feasibility study ('PFS') initiated for the project in 2016 and expected to be completed in the second half of 2018.
Proximal to existing uranium mining and milling infrastructure
The property is located in the infrastructure rich eastern portion of the Athabasca Basin, which is host to existing uranium mining and milling infrastructure, including the 22.5% Denison owned McClean Lake mill. The Wheeler River property lies alongside provincial highway 914 and a provincial powerline.
Increasing Denison ownership
As previously announced on January 10, 2017, Denison entered into an agreement with its Wheeler River Joint Venture partners, Cameco Corp ('Cameco') and JCU (Canada) Exploration Company, Limited ('JCU'), to fund 75% of Joint Venture expenses in 2017 and 2018 (ordinarily 60%) in exchange for an increase in Denison's interest in the project up to approximately 66%. Under the terms of the agreement, Cameco is funding 50% of its ordinary 30% share in 2017 and 2018, and JCU continues to fund based on its 10% interest in the project. On January 31, 2018, Denison announced it had increased its interest in the Wheeler River project during 2017 from 60% to 63.3%, in accordance with this agreement.
Exploration Program:
Denison's share of exploration costs at Wheeler River amounted to $3,127,000 during Q1 2018. The program was completed in early April 2018, with a total of 21,153 metres drilled in 29 diamond drill holes. The winter 2018 drilling program was focused on step-out drilling along strike of the Gryphon deposit and reconnaissance level regional exploration along the K-North and K-West trends. Refer to Denison's press release dated April 18, 2018 for results of the winter 2018 drill program.
Evaluation Program:
During Q1 2018, Denison's share of evaluation costs at Wheeler River amounted to $866,000, which related to work on PFS engineering and environmental activities.
PFS Activities highlights include:
The advancement of engineering activities: including Gryphon shaft design; Gryphon mine ground stability and support analysis; Gryphon mine backfill trade-off study; radiological assessments; Phoenix ground freeze engineering; Phoenix mine design; water treatment plant design; Wheeler surface facilities; metallurgical analysis and milling capacity assessment; and metallurgical test programs.
The continuation of environmental and sustainability activities: including the community consultation and engagement process; data collection and assessment of aquatic environment, terrestrial environment and atmospheric environment; and waste rock geochemical testing.
Exploration Pipeline Properties
During the 2018 winter season, Denison also carried out drilling programs at Waterbury Lake and Hook-Carter, while Orano Canada completed a winter drilling program, as operator, at the Midwest property.
At Waterbury Lake (Denison 64.22% interest and operator), the winter drilling program involved 9,794 metres of diamond drilling in 19 drill holes, and was focused on 50 metre step-out drilling along strike and down-dip of the Huskie zone, as well as wider-spaced reconnaissance drilling to the west along the geological trend. The winter drilling program is part of a larger 14,400 metre drill program planned for Waterbury Lake in 2018, with the remainder expected to be completed during the summer months. Refer to Denison's press release dated April 18, 2018 for results of the winter 2018 drill program at Waterbury Lake.
At Hook Carter (Denison 80% interest and operator), Denison completed 3,062 metres of diamond drilling in four drill holes. All four holes encountered hydrothermal alteration in both the sandstone and the basement lithologies associated with graphitic structures, which are indicative of the continuation of the mineralizing system within the Patterson Lake Corridor.
At Midwest (25.17% Denison owned), the winter 2018 drill program comprised 4,709 metres in 12 completed diamond drill holes. On March 27, 2018, Denison also reported an updated mineral resource estimate for the Midwest Main and Midwest A deposits located on the Midwest property.
General and administrative expenses
Total general and administrative expenses were $1,832,000 during Q1 2018. These costs are mainly comprised of head office salaries and benefits, office costs in multiple regions, audit and regulatory costs, legal fees, investor relations expenses, project costs, and all other costs related to operating a public company with listings in Canada and the United States, as well as non-recurring project or legal costs.
Other income and expenses
During Q1 2018, the Company recognized a loss of $3,456,000 in other income. The loss is predominantly due to net losses on investments carried at fair value of $3,405,000.
Equity share of income from associates
During Q1 2018, the Company recognized a loss of $643,000 from its 18.55% equity share of its associate GoviEx Uranium Inc.
Liquidity and capital resources
Cash and cash equivalents were $35,768,000 at March 31, 2018.
In April 2018, the Company amended its CAD$24 million credit facility with the Bank of Nova Scotia. The amendment was related to the Company's change in presentation currency, discussed above. The covenant to maintain a specified level of tangible net worth has been changed to $131,000,000 (from USD$150,000,000). The credit facility is fully utilized for non-financial letters of credit in relation to future decommissioning and reclamation obligations.
Outlook for 2018
There was no change in the Company's outlook for 2018.
ABOUT DENISON
Denison was formed under the laws of Ontario and is a reporting issuer in all Canadian provinces. Denison's common shares are listed on the Toronto Stock Exchange (the 'TSX') under the symbol 'DML' and on the NYSE American (formerly NYSE MKT) exchange under the symbol 'DNN'.
Denison is a uranium exploration and development company with interests focused in the Athabasca Basin region of northern Saskatchewan, Canada. In addition to its 63.3% owned Wheeler River project, which hosts the high grade Phoenix and Gryphon uranium deposits, Denison's exploration portfolio consists of numerous projects covering approximately 353,000 hectares in the Athabasca Basin region, including 332,000 hectares in the infrastructure rich eastern portion of the Athabasca Basin. Denison's interests in Saskatchewan also include a 22.5% ownership interest in the McClean Lake Joint Venture ('MLJV'), which includes several uranium deposits and the McClean Lake uranium mill, which is currently processing ore from the Cigar Lake mine under a toll milling agreement, plus a 25.17% interest in the Midwest deposits and a 64.22% interest in the J Zone deposit and newly discovered Huskie zone on the Waterbury Lake property. Both the Midwest and J Zone deposits, as well as the Huskie zone, are located within 20 kilometres of the McClean Lake mill.
Denison is engaged in mine decommissioning and environmental services through its Denison Environmental Services ('DES') division, which manages Denison's Elliot Lake reclamation projects and provides post-closure mine and maintenance as well as environmental consulting services to a variety of industry and government clients.
Denison is also the manager of Uranium Participation Corporation ('UPC'), a publicly traded company listed on the TSX under the symbol 'U', which invests in uranium oxide in concentrates ('U 3 O 8 ') and uranium hexafluoride ('UF 6 ').
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this news release constitutes 'forward-looking information', within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison.
Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'budget', 'target', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', or 'believes', or the negatives and/or variations of such words and phrases, or state that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur', 'be achieved' or 'has the potential to'.
In particular, this news release contains forward-looking information pertaining to the following: the benefits to be derived from corporate transactions; the estimates of Denison's mineral reserves and mineral resources; exploration, development and expansion plans and objectives, including the results of the PEA, the completion of the PFS, and statements regarding anticipated budgets, fees and expenditures; capital expenditure programs and reclamation costs and Denison's share of same; expectations regarding Denison's joint venture ownership and other contractual interests in its properties and projects and the continuity of its agreements with its partners and other counterparties; expectations regarding adding to its mineral reserves and resources through acquisitions and exploration; expectations regarding the toll milling of Cigar Lake ores; expectations regarding revenues and expenditures from operations at DES; expectations regarding revenues from the UPC management contract; and expectations of the impacts of changes in accounting policies. Statements relating to 'mineral reserves' or 'mineral resources' are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions that the mineral reserves and mineral resources described can be profitably produced in the future.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the factors discussed in Denison's Annual Information Form dated March 27, 2018 under the heading 'Risk Factors'. These factors are not, and should not be construed as being exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. This cautionary statement expressly qualifies the forward-looking information contained in this news release. Any forward-looking information and the assumptions made with respect thereto speaks only as of the date of this news release. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this news release to conform such information to actual results or to changes in Denison's expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This news release may use the terms 'measured', 'indicated' and 'inferred' mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. 'Inferred mineral resources' have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
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SOURCE Denison Mines Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-denison-reports-results-from-q1-2018.html |
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Spencer Platt/Getty Images Uber announced Monday that it has hired a former chairman on the National Transportation Safety Board (NTSB) to advise the company on safety culture following a fatal Arizona crash involving one of its self-driving cars. The announcement coincides with The Information's report that Uber determined the fatal crash was caused by a problem with the software that detected the pedestrian yet decided no reaction was needed. The company said Monday that a full safety review of its self-driving vehicle program is underway as well.
Uber Technologies said Monday it has hired a former National Transportation Safety Board (NTSB) chairman to advise the company on its safety culture after a fatal self-driving crash in Arizona .
Online news outlet The Information reported Monday that Uber has determined the likely cause of the fatal collision was a problem with the software that decides how the car should react to objects it detects. The outlet said the car’s sensors detected the pedestrian but the software decided it did not need to react right away.
“We have initiated a top-to-bottom safety review of our self-driving vehicles program, and we have brought on former NTSB Chair Christopher Hart to advise us on our overall safety culture,” Uber said Monday. “Our review is looking at everything from the safety of our system to our training processes for vehicle operators, and we hope to have more to say soon.”
A 49-year-old woman was killed on March 18 after being hit by an Uber self-driving sports utility vehicle while walking across a street in Phoenix, leading the company to suspend testing of autonomous vehicles. Arizona’s governor also ordered a halt to Uber’s testing.
Uber declined to comment on the Information report. “We can’t comment on the specifics of the incident,” the company said, citing the ongoing NTSB investigation.
The National Highway Traffic Safety Administration is also investigating the incident.
Uber Chief Executive Dara Khosrowshahi said in April the ride-sharing company still believes in the prospects for autonomous transport. “Autonomous (vehicles) at maturity will be safer,” he said at a Washington event. | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-wsj/press-digest-wall-street-journal-may-7-idUSL3N1SE231 |
RIO DE JANEIRO (Reuters) - Top Brazilian funds and banks like Itaú Unibanco Holding SA, Banco Bradesco SA and Banco Santander Brasil SA have joined a collective arbitration action against Petróleo Brasileiro SA seeking compensation for graft at the state-controlled oil giant, a newspaper report said on Thursday.
FILE PHOTO: The logo of Petrobras, state-controlled Petroleo Brasileiro SA, is seen at their President Bernardes Refinery in Cubatao, Brazil June 8, 2017. REUTERS/Paulo Whitaker/File photo State-owned banks Caixa Econômica Federal and Banco do Brasil SA and pension funds including Petros, Previ and Funcef also took part in the action, Brazilian newspaper Valor Econômico said, citing sources familiar with the matter.
The move seeks to replicate a January settlement inked by U.S. investors who received nearly $3 billion from Petrobras for claims stemming from a massive corruption scandal, in which contractors bribed company officials and politicians to win inflated contracts from the company.
Valor said foreign funds were also involved in the arbitration, which is being conducted in the Market Arbitration Chamber of the B3 segment of the São Paulo Stock Exchange.
Representatives for Petrobras, Itaú, Bradesco, Santander, Caixa Econômica Federal, Banco do Brasil, Petros and Funcef did not immediately respond to requests for comment. Previ declined to comment.
Reporting by Alexandra Alper; Editing by Paul Simao
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-petrobras-arbitration/brazilian-banks-funds-join-arbitration-against-petrobras-paper-idUSKBN1I41I9 |
SANDUSKY, Ohio, May 2, 2018 /PRNewswire/ -- Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and immersive entertainment, today announced results for the first quarter ended March 25, 2018. Historically, first-quarter results represent less than 5% of the Company's full-year net revenues as the majority of its parks and facilities are closed during this quarter. As a result, the Company typically operates at a loss during this period.
"Our commitment to investing in high quality and immersive experiences at our parks is a differentiator for Cedar Fair and our guests," said Richard Zimmerman, Cedar Fair's president and chief executive officer. "We believe everything we do should be unique by scale and unique by offer. In doing so, we are able to elevate the overall guest experience, encourage repeat visitation, provide greater pricing power and more aggressively market to incremental audiences outside the traditional geographic market range of our parks."
"The success of this strategy was evident during the first quarter at Knott's Berry Farm, our only park with meaningful first-quarter operations," continued Zimmerman. "During the quarter, the introduction of a new Peanuts Celebration and growth in the Knott's Annual Boysenberry Festival were large contributors to our strong early-season performance in 2018. The immersive, multi-week, multi-generational events we have worked hard to create continue to build upon Knott's unique regional brand and provide even greater value to its 'Seasons of FUN' season pass program, which is also off to a very positive start in 2018."
Commenting on the positive reception of the Company's new rides and attractions, including Cedar Point's world-record-breaking hyper-hybrid roller coaster, Steel Vengeance, Zimmerman stated, "Our season passholders experienced their first rides on Steel Vengeance this past week and the response was extraordinary. We are proud to say Steel Vengeance is truly a ride like no other."
First-Quarter Results
For the first quarter ended March 25, 2018, Cedar Fair's net revenues increased to $55 million, compared with $48 million in the first quarter ended March 26, 2017. The solid increase in revenues for the current-year first quarter was driven by increases in both attendance and average in-park guest per capita spending.
The operating loss for the quarter was $76 million, comparable with the operating loss reported in the first quarter of 2017. The increased revenues noted above, were partially offset by a $6 million increase in operating costs and expenses, which totaled $124 million for the first quarter of 2018. The increase in operating costs and expenses was in-line with the Company's expectations and reflects higher costs to support the increased attendance and guest spending in the quarter; higher labor costs due to market/minimum-wage rate increases; and higher operating expenses attributable to disassembling of attractions and decorations associated with the inaugural WinterFest holiday events at three parks. Depreciation and amortization and loss on impairment/retirement of fixed assets were comparable with the prior-year first quarter.
Interest expense for the first quarter of 2018 increased slightly to $20 million due to an increase in term debt from the Company's April 2017 refinancing. The net effect of the Company's swaps during the quarter resulted in a $4 million benefit to earnings, reflecting the change in fair market value movements in the Company's de-designated swap portfolio offset by the amortization of amounts in "Other Comprehensive Income" related to the outstanding swaps. During the first quarter of 2018, the Company also recognized a $10 million net charge to earnings for foreign currency gains and losses related to the U.S.-dollar denominated Canadian term loan compared with a $3 million net benefit to earnings for the first quarter in 2017.
A net benefit of $19 million was recorded to account for the tax attributes of the Company's corporate subsidiaries and publicly traded partnership taxes during the first quarter of 2018, compared with a net benefit of $28 million for taxes in the same period a year ago. This decrease in benefit for taxes relates largely to the decrease in the federal statutory income tax rate implemented by the Tax Cuts and Jobs Act which was signed into law during the fourth quarter of 2017. Actual cash taxes paid or payable are estimated to be between $40 million and $50 million for the 2018 calendar year.
The net loss for the first quarter ended March 25, 2018, totaled $78 million, or $1.39 per diluted limited partner (LP) unit. This compares with a net loss of $65 million, or $1.16 per diluted LP unit, for the first quarter a year ago. The increase in net loss is primarily a result of increased net revenues more than offset by planned increases in operating costs and expenses, an increase in the loss on foreign currency and a lower benefit for taxes.
Adjusted EBITDA, which management believes is a meaningful measure of the Company's park-level operating results, for the first quarter of 2018 was comparable with the same period a year ago. This is the result of increased net revenues for the quarter due to increased attendance and average in-park guest per capita spending offset by increased operating costs and expenses associated with labor, operating supplies and other planned spending.
Cash Flow and Liquidity Remain Strong
As of March 25, 2018, the Company had $735 million of variable-rate term debt (before giving consideration to fixed-rate interest rate swaps), $950 million of fixed-rate debt (excluding amounts related to debt issuance costs), $40 million of borrowings under its revolving credit facilities, and $43 million of cash and cash equivalents on hand. The Company believes it is in a strong position to produce future cash flows from operations that, combined with its existing credit facilities, will be sufficient to meet working capital needs, debt service, planned capital expenditures and distributions for the foreseeable future.
Distribution Declaration
The Company also announced today the declaration of a cash distribution of $0.89 per LP unit. The distribution will be paid on June 15, 2018, to unitholders of record as of June 4, 2018. This distribution reflects the Company's confidence in its business model and long-term strategy and is consistent with its targeted annualized distribution rate of $3.56 per LP unit for 2018.
Outlook
"As we head into our core operating season, we remain enthusiastic about our plans, progress and potential - driven by our 2018 initiatives and the highly talented associates at our parks," said Zimmerman. "We have a solid line-up of new attractions for 2018, including four new world-class coasters and the continued investment in the growing market of Charlotte, North Carolina, with the expansion of our PEANUTS-themed children's area at Carowinds. In addition, we expect immersive, multi-week special events and unique culinary offerings to be key drivers of success at each of our parks in 2018."
In February, the Company announced that it had finalized a deal to build a 129-room SpringHill Suites hotel adjacent to Carowinds, which should come on line in late 2019. "We continue to pursue complementary development opportunities adjacent to our parks that will drive incremental attendance and create a consistent revenue stream. Along with the recent investments in the park, we expect the new Carowinds hotel to enhance the park's position as a multi-day destination in the same way the hotel investments have done at Cedar Point. And, we believe there are similar opportunities at our other properties," continued Zimmerman.
The Company also continues to extend the operating season at many of its parks into November and December with its new WinterFest holiday celebrations. With the introduction of WinterFest at Kings Dominion in 2018, more than half of Cedar Fair's amusement parks will be in operation in November and December. The Company continues to analyze the opportunity to bring this event to more parks in the future.
Zimmerman concluded by stating, "This is an exciting time for Cedar Fair as we prepare for our busiest time of the year and continue to execute on our strategies. While the majority of our operating season is still ahead of us, based on early-season trends and confidence in our business model, we believe we are well positioned to deliver another outstanding year in 2018. We remain confident in our ability to maintain the growth trajectory we have produced for the past several years, which supports our commitment to a steady 4% increase in our annual distribution rate going forward."
Conference Call
The Company will host a conference call with analysts today, May 2, 2018, at 10:00 a.m. Eastern Time, which will be webcast live in "listen only" mode via the Cedar Fair website ( www.cedarfair.com ) under the Investors tab. It will also be available for replay starting at approximately 1:00 p.m. ET, today, until 11:59 p.m. ET, Wednesday, May 16, 2018. In order to access the replay of the earnings call, please dial (844) 512-2921 followed by the access code 4549131.
About Cedar Fair
Cedar Fair Entertainment Company (NYSE: FUN), one of the largest regional amusement-resort operators in the world, is a publicly traded partnership headquartered in Sandusky, Ohio. Focused on its mission to become "THE place to be for FUN," the Company owns and operates 11 amusement parks, including its flagship park, Cedar Point, along with two outdoor water parks, one indoor water park and four hotels. It also operates an additional theme park under a management contract. Its parks are located in Ohio, California, North Carolina, South Carolina, Virginia, Pennsylvania, Minnesota, Missouri, Michigan and Toronto, Ontario.
Forward-Looking Statements
Some of the statements contained in this news release constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, including statements as to the Company's expectations, beliefs and strategies regarding the future. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, adverse weather conditions, competition for the consumer leisure time and spending, unanticipated construction delays, changes in the Company's capital investment plans and projects and other factors discussed from time to time by the Company in reports filed with the Securities and Exchange Commission (the "SEC") could affect attendance at the Company's parks and cause actual results to differ materially from the Company's expectations. Additional information on risk factors that may affect the business and financial results of the Company can be found in the Company's Annual Report on Form 10-K and in the filings of the Company made from time to time with the SEC. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release and prior releases are available online at http://ir.cedarfair.com
CEDAR FAIR, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per unit amounts)
Three months ended
3/25/2018
3/26/2017
Net revenues:
Admissions
$
26,721
$
22,563
Food, merchandise and games
21,055
18,208
Accommodations, extra-charge products and other
6,951
7,547
54,727
48,318
Costs and expenses:
Cost of food, merchandise, and games revenues
6,003
5,480
Operating expenses
88,828
84,289
Selling, general and administrative
28,682
27,619
Depreciation and amortization
5,521
5,365
Loss on impairment / retirement of fixed assets, net
1,340
1,526
130,374
124,279
Operating loss
(75,647)
(75,961)
Interest expense
19,762
18,914
Net effect of swaps
(3,628)
301
Loss on early debt extinguishment
1,073
—
(Gain) loss on foreign currency
10,094
(2,671)
Other income
(349)
(32)
Loss before taxes
(102,599)
(92,473)
Benefit for taxes
(19,199)
(27,719)
Net loss
(83,400)
(64,754)
Net loss allocated to general partner
(1)
(1)
Net loss allocated to limited partners
$
(83,399)
$
(64,753)
Net loss
$
(83,400)
$
(64,754)
Other comprehensive income, (net of tax):
Foreign currency translation adjustment
4,604
(660)
Unrealized gain on cash flow hedging derivatives
2,018
1,994
Other comprehensive income, (net of tax)
6,622
1,334
Total comprehensive loss
$
(76,778)
$
(63,420)
Basic loss per limited partner unit:
Weighted average limited partner units outstanding
56,150
56,008
Net loss per limited partner unit
$
(1.49)
$
(1.16)
Diluted loss per limited partner unit:
Weighted average limited partner units outstanding
56,150
56,008
Net loss per limited partner unit
$
(1.49)
$
(1.16)
CEDAR FAIR, L.P.
UNAUDITED BALANCE SHEET DATA
(In thousands)
3/25/2018
3/26/2017
Cash and cash equivalents
$
42,888
$
34,242
Total assets
$
2,004,591
$
1,958,279
Long-term debt, including current maturities:
Revolving credit loans
$
40,000
$
85,000
Term debt
723,525
597,547
Notes
937,257
940,421
$
1,700,782
$
1,622,968
Total partners' equity
$
(50,963)
$
(47,552)
CEDAR FAIR, L.P.
RECONCILIATION OF ADJUSTED EBITDA
(In thousands)
Three months ended
3/25/2018
3/26/2017
Net loss
$
(83,400)
$
(64,754)
Interest expense
19,762
18,914
Interest income
(226)
(32)
Benefit for taxes
(19,199)
(27,719)
Depreciation and amortization
5,521
5,365
EBITDA
(77,542)
(68,226)
Loss on early debt extinguishment
1,073
—
Net effect of swaps
(3,628)
301
Non-cash foreign currency (gain) loss
10,098
(2,679)
Non-cash equity compensation expense
2,968
3,417
Loss on impairment / retirement of fixed assets, net
1,340
1,526
Other (1)
169
192
Adjusted EBITDA (2)
$
(65,522)
$
(65,469)
(1)
Consists of certain costs as defined in the Company's Amended 2017 Credit Agreement and prior credit agreements. These items are excluded in the calculation of Adjusted EBITDA and have included certain legal expenses, costs associated with certain ride abandonment or relocation expenses, and severance expenses. This balance also includes unrealized gains and losses on short-term investments.
(2)
Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, other non-cash items, and adjustments as defined in the Amended 2017 Credit Agreement and the 2013 Credit Agreement. The Company believes Adjusted EBITDA is a meaningful measure as it is widely used by analysts, investors and comparable companies in our industry to evaluate our operating performance on a consistent basis, as well as more easily compare our results with those of other companies in our industry. Further, management believes Adjusted EBITDA is a meaningful measure of park-level operating profitability and we use it for measuring returns on capital investments, evaluating potential acquisitions, determining awards under incentive compensation plans, and calculating compliance with certain loan covenants. Adjusted EBITDA is provided in the discussion of results of operations that follows as a supplemental measure of our operating results and is not intended to be a substitute for operating income, net income or cash flows from operating activities as defined under generally accepted accounting principles. In addition, Adjusted EBITDA may not be comparable to similarly titled measures of other companies.
CONTACT:
Stacy Frole
419.627.2227
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SOURCE Cedar Fair Entertainment Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-cedar-fair-reports-2018-first-quarter-results.html |
Bill Ackman reveals size of United Technologies stake Shares of United Technologies, a Dow component, closed down 0.3 percent at $124.55. Ackman told CNBC's Scott Wapner in February he had been building a stake in United Technologies, noting he thought the company was "great." The 13F filing released Tuesday also revealed Pershing Square sold about 7.1 million shares of Mondelez. Adam Jeffery | CNBC Bill Ackman, founder and CEO of Pershing Square Capital Management.
Bill Ackman 's Pershing Square revealed in a regulatory filing it bought nearly 2 million shares of United Technologies in the first quarter.
Shares of United Technologies, a Dow component, closed down 0.3 percent at $124.55.
Ackman told CNBC's Scott Wapner in February he had been building a stake in United Technologies, noting he thought the company was " great ."
The 13F filing released Tuesday also revealed Pershing Square sold about 7.1 million shares of Mondelez , bringing his stake to 16.16 million shares. Ackman first bought into the company in 2015 with a massive $5.5 billion investment. The filings reflect holdings as of the end of the quarter, and holdings may have changed since then. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/bill-ackman-reveals-size-of-united-technologies-stake.html |
CNBC.com Source: San Diego State University Aaron Elkins, a professor at the San Diego State University, is working on a kiosk system that can ask travelers questions at an airport or border crossings and capture behaviors to detect if someone is lying.
International travelers could find themselves in the near future talking to a lie-detecting kiosk when they're going through customs at an airport or border crossing.
The same technology could be used to provide initial screening of refugees and asylum seekers at busy border crossings.
The U.S. Department of Homeland Security funded research of the virtual border agent technology known as the Automated Virtual Agent for Truth Assessments in Real-Time , or AVATAR, about six years ago and allowed it to be tested it at the U.S.-Mexico border on travelers who volunteered to participate. Since then, Canada and the European Union tested the robot-like kiosk that uses a virtual agent to ask travelers a series of questions.
Last month, a caravan of migrants from Central America made it to the U.S.-Mexico border, where they sought asylum but were delayed several days because the port of entry near San Diego had reached full capacity. It's possible that a system such as AVATAR could provide initial screening of asylum seekers and others to help U.S. agents at busy border crossings such as San Diego's San Ysidro.
"The technology has much broader applications potentially," despite most of the funding for the original work coming primarily from the Defense or Homeland Security departments a decade ago, according to Aaron Elkins, one of the developers of the system and an assistant professor at the San Diego State University director of its Artificial Intelligence Lab. He added that AVATAR is not a commercial product yet but could be also used in human resources for screening.
The U.S.-Mexico border trials with the advanced kiosk took place in Nogales, Arizona, and focused on low-risk travelers. The research team behind the system issued a report after the 2011-12 trials that stated the AVATAR technology had potential uses for processing applications for citizenship, asylum and refugee status and to reduce backlogs. High levels of accuracy
President Donald Trump 's fiscal 2019 budget request for Homeland Security includes $223 million for "high-priority infrastructure, border security technology improvements," as well as another $210.5 million for hiring new border agents. Last year, federal workers interviewed or screened more than 46,000 refugee applicants and processed nearly 80,000 "credible fear cases."
The AVATAR combines artificial intelligence with various sensors and biometrics that seeks to flag individuals who are untruthful or a potential risk based on eye movements or changes in voice, posture and facial gestures.
"We're always consistently above human accuracy," said Elkins, who worked on the technology with a team of researchers that included the University of Arizona.
According to Elkins, the AVATAR as a deception-detection judge has a success rate of 60 to 75 percent and sometimes up to 80 percent.
"Generally, the accuracy of humans as judges is about 54 to 60 percent at the most," he said. "And that's at our best days. We're not consistent." The human element
Regardless, Homeland Security appears to be sticking with human agents for the moment and not embracing virtual technology that the EU and Canadian border agencies are still researching. Another advanced border technology, known as iBorderCtrl, is a EU-funded project that aims to increase speed but also reduce "the workload and subjective errors caused by human agents."
A Homeland Security official, who declined to be named, told CNBC the concept for the AVATAR system "was envisioned by researchers to assist human screeners by flagging people exhibiting suspicious or anomalous behavior."
"As the research effort matured, the system was evaluated and tested by the DHS Science and Technology Directorate and DHS operational components in 2012," the official added. "Although the concept was appealing at the time, the research did not mature enough for further consideration or further development."
Another DHS official familiar with the technology didn't work at a high enough rate of speed to be practical. "We have to screen people within seconds, and we can't take minutes to do it," said the official.
Elkins, meanwhile, said the funding for the AVATAR system hasn't come from Homeland Security in recent years "because they sort of felt that this is in a different category now and needs to transition."
The technology, which relies on advanced statistics and machine learning, was tested a year and a half ago with the Canadian Border Services Agency, or CBSA, to help agents determine whether a traveler has ulterior motives entering the country and should be questioned further or denied entry.
A report from the CBSA on the AVATAR technology is said to be imminent, but it's unclear whether the agency will proceed the technology beyond the testing phase.
"The CBSA has been following developments in AVATAR technology since 2011 and is continuing to monitor developments in this field," said Barre Campbell, a senior spokesman for the Canadian agency. He said the work carried out in March 2016 was "an internal-only experiment of AVATAR" and that "analysis for this technology is ongoing."
Prior to that, the EU border agency known as Frontex helped coordinate and sponsor a field test of the AVATAR system in 2014 at the international arrivals section of an airport in Bucharest, Romania . People and machines working together
Once the system detects deception, it alerts the human agents to do follow-up interviews.
AVATAR doesn't use your standard polygraph instrument. Instead, people face a kiosk screen and talk to a virtual agent or kiosk fitted with various sensors and biometrics that seeks to flag individuals who are untruthful or signal a potential risk based on eye movements or changes in voice, posture and facial gestures.
"Artificial intelligence has allowed us to use sensors that are noncontact that we can then process the signal in really advanced ways," Elkins said. "We're able to teach computers to learn from some data and actually act intelligently. The science is very mature over the last five or six years."
But the researcher insists the AVATAR technology wasn't developed as a replacement for people.
"We wanted to let people focus on what they do best," he said. "Let the systems do what they do best and kind of try to merge them into the process."
Still, future advancement in artificial intelligence systems may allow the technology to someday supplant various human jobs because the robot-like machines may be seen as more productive and cost effective particularly in screening people.
Elkins believes the AVATAR could potentially get used one day at security checkpoints at airports "to make the screening process faster but also to improve the accuracy."
"It's just a matter of finding the right implementation of where it will be and how it will be used," he said. "There's also a process that would need to occur because you can't just drop the AVATAR into an airport as it exists now because all that would be using an extra step." WATCH: Researchers say they've created an automated test that can tell if you're lying by tracking your eyes show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/lie-detectors-with-artificial-intelligence-are-future-of-border-security.html |
"It takes seven people to make our jeans," said Faye Toogood, the co-founder and designer of the Toogood fashion label, from her studio in east London.
"See these initials on the inside of the pocket?" She gestured to some jeans so voluminous and rigid that they could easily stand of their own accord. "This is the 'passport.' It details everyone involved, from weaver to the finished product." And what it reveals is that Ms. Toogood's denim line is the first of its kind to be designed and constructed entirely in Britain.
Wait … denim? Britain? Indeed. Meghan Markle is not the only American icon being remade in a British mode.
More from the New York Times:
Director Joe Mantello, Broadway's invisible wizard
Shaniqwa Jarvis is no one's assistant
Costume secrets fro 'Picnic at Hanging Rock'
"Thirty years after the last cotton mill in the UK closed down, production is returning, and our garment-making infrastructure is growing," said Adam Mansell, the chief executive of the UK Fashion and Textile Association. Mr. Mansell believes that artisanal denim production is a natural evolution of British manufacturing — and the next chapter of Made in Britain.
"Customers today want clothes that come with a story, not ones that have traveled halfway around the world," he said.
Ms. Toogood is at the forefront of a boom in denim labels making jeans in England. She has plenty of confederates. Patrick Grant, the creative director of E. Tautz, was so determined to make his jeans in Britain that in 2015 he bought a factory in Blackburn, in Lancashire, that was on the brink of closure.
Labels including Le Kilt, the Cooper Collection and King & Tuckfield are designing and producing their jeans in London, albeit with imported Japanese or Turkish fabrics. And the introduction of England's first selvage fabric mill, in Lancashire, could change even that.
At the same time, the denim industry in the United States is contracting. The Cone Mills plant in White Oak, N.C., the last selvage denim mill in America , was shuttered in December 2017. Britain, which has never been known for denim despite its past associations with garment manufacturing, is sensing opportunity.
"American denim as a business is in turmoil, and more brands are wanting to craft their jeans here, which gives us an advantage," said Han Ates, the owner of Blackhorse Lane Ateliers, a denim factory in Walthamstow, in north London. When it opened its doors in 2016, the atelier was the first in London in 50 years to start making jeans again.
The nascent industry is still tiny, of course. It took Mr. Ates three months to build a team of eight. Chris Hewitt, the founder of Hewitt Heritage Fabrics, which produces selvage denim in Lancashire, was turned down by multiple mills that thought his project impossible.
He currently weaves his fabric on two Northrop looms from the 1950s. He is also working on ways to turn locally grown hemp and nettle into a cotton-like yarn strong enough to make denim.
"The closer jeans get to being 100 percent made in the U.K., the more powerful the message becomes," said David Giusti, the head of digital and retail at Blackhorse Lane. "Level 1 is made here. Two is made and designed here. Level 3 is made, designed and woven here."
Made-in-Britain jeans share a certain directional and utilitarian aesthetic: The jeans are wide legged and sit high on the waist; outerwear is long line and more akin to workers' overalls than to classic denim jackets; and many of the pieces are unisex.
"From the music to the mining strikes, there are so many cultural reference points," said Christopher Lynd, a founder of Ullac, a gender-neutral denim label that began last year with two styles of jeans. Priced from 96 pounds (about $129), they sold out within weeks, according to the label. Mr. Lynd is currently working with a denim maker in Birmingham.
"The industry was hit hard in the '80s, money wasn't in abundance, so uniforms had to last," Mr. Lynd said. "Ullac is built on that ethos. We offer a repair service for our jeans." So does Dawson Denim, which makes jeans, work wear jackets and pinstripe overalls in Brighton using fabric milled in Japan. The denim comes with a lifetime guarantee.
But will the rest of the world buy it?
"We've never heard of British denim, and I'd be skeptical from a quality for value perspective," said Erik Allen Shockenberger, a founder of Buck Mason, a men's clothing label in Los Angeles. "But I was never in love with Cone Mills fabric. We source our denim from Japan."
Others are more positive. "We have used U.K.-made fabrics like waxed cottons in the past," said Anthony Lupesco, the founder of the Shockoe Atelier in Richmond, Va. "They have a depth to them that you don't find elsewhere. And there is romance to something made in a smaller mill that can't be replicated in volume."
Standard & Strange, a men's clothing store in Oakland, Calif., has begun stocking Dawson jeans. "I love brands that are crazy enough to take something as universal as a pair of jeans, break it down and make it themselves," said Neil Barrett, the store's co-founder.
Mr. Ates, who was a tailor before starting Blackhorse Lane and applied his background to its in-house line, has also made jeans for the recast American line Band of Outsiders . And Ms. Toogood said that more than 50 percent of inquiries about her jeans have come from the United States. As a result, she has doubled production orders for her second season and will introduce e-commerce.
"You would think it would be like trying to sell coal to Newcastle, wouldn't you, trying to sell jeans to Americans?" she said, laughing. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/jeans-made-in-the-uk.html |
SAN DIEGO (AP) _ Halozyme Therapeutics Inc. (HALO) on Thursday reported a loss of $27.5 million in its first quarter.
On a per-share basis, the San Diego-based company said it had a loss of 19 cents.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 21 cents per share.
The biopharmaceutical company posted revenue of $30.9 million in the period, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $29.5 million.
Halozyme Therapeutics expects full-year revenue in the range of $115 million to $125 million.
Halozyme Therapeutics shares have declined slightly more than 1 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $19.97, a rise of 47 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on HALO at https://www.zacks.com/ap/HALO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-halozyme-therapeutics-1q-earnings-snapshot.html |
LONDON (Reuters) - The euro gave up its early gains and turned negative on Monday after Italy’s president set the country on a path to fresh elections, raising concerns that such a route may deliver an even stronger mandate for the country’s anti-establishment parties.
U.S. dollar and Euro banknotes are seen in this picture illustration taken May 3, 2018. REUTERS/Dado Ruvic/Illustration President Sergio Mattarella’s decision to appoint Carlo Cottarelli to form a stopgap administration sets the stage for elections that are likely to be fought over Italy’s role in the European Union and the euro zone, a prospect that is unnerving global financial markets.
After climbing more than half a percent in early London trading to rise to the day's highs of $1.17285, the single currency EUR=EBS fell sharply to trade at the day's lows at $1.1647, down 0.1 percent on the day.
“Given the stance towards the euro is the single topic financial markets are most sensitive to, the worries towards Italy are probably only starting to increase in the bigger picture,” Nordea economist Jan Von Gerich said.
With elections likely to be held in the second half of the year, markets are worried the timing of Italy’s elections poses a tricky problem to European Central Bank policymakers who are on track to wind down its bond purchase program by September.
Nordea’s Gerich believes the ECB may choose a more cautious alternative and extend its bond purchases beyond that month.
The euro has been weakened by the dollar’s rally and by widening bond spreads between Italian and German debt, as markets grappled with the prospects of a spendthrift coalition government in Rome comprising the two parties.
Though investors have initially ignored the impact of the new coalition, the events in the last few days have prompted investors to cut their positions in the single currency.
Latest positioning data shows that net euro long positions are at their lowest levels this year after a fifth consecutive weekly drop in bullish euro bets.
The euro also strengthened by 0.8 percent against the Swiss franc EURCHF=EBS, rebounding from near three-month lows, but was had halved those gains in midday European trading.
Goldman Sachs strategists said political uncertainty will remain elevated, because the prospect of new elections would remain a drag on the economy.
The euro’s weakness meant that the dollar firmed against a basket of rivals on Friday .DXY and was trading 0.2 percent up on the day at 94.34 at a fresh six-month high.
Elsewhere, the dollar was flat against the Japanese yen at 109.42 yen JPY=EBS . Risk aversion receded after U.S. President Donald Trump said on Sunday a U.S. team had arrived in North Korea to prepare for a summit between him and North Korean leader Kim Jong Un.
Trump had pulled out of the summit last week, which had sapped investor risk appetite and helped push the dollar to a two-week trough of 108.955 yen on Thursday.
Trading volumes were low with Britain and the United States, the two main financial centres for foreign exchange trading, both closed for holidays, thus leading to some exaggerated price moves.
Adding to concerns was news that Spanish Prime Minister Mariano Rajoy would face a vote of confidence in his leadership on Friday.
Reporting by Saikat Chatterjee; Editing by Catherine Evans/
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-forex/euro-crawls-off-6-1-2-month-lows-italian-political-woes-limit-bounce-idUSKCN1IT01S |
CNBC.com Carlos Barria | Reuters FBI Director Christopher Wray arrives at the West Wing of the White House for a meeting with U.S. President Donald Trump, Deputy Attorney General Rod Rosenstein and Director of National Intelligence Dan Coats on FBI investigations into the 2016 Trump presidential campaign at the White House in Washington, U.S., May 21, 2018.
President Donald Trump is meeting Monday with top law enforcement intelligence officials at the White House a day after demanding the Justice Department investigate whether it and the FBI infiltrated the Trump campaign "for political purposes."
Trump was scheduled to talk with Deputy Attorney General Rod Rosenstein , FBI Director Christopher Wray and Director of National Intelligence Dan Coats , the White House said.
Spokeswoman Lindsay Walters said the sit-down, which also will include White House chief of staff John Kelly , had been scheduled last week, and will focus on the response to congressional requests on a range of topics.
But the session comes less than 24 hours after the Justice Department asked its internal watchdog, the Office of the Inspector General, to investigate whether there were improprieties in the use of an alleged FBI source who provided authorities with information about several Trump campaign operatives.
Trump called for the Justice Department to investigate agency officials amid a blistering series of tweets on Sunday morning.
He said he wanted Justice to "look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!" Tweet
Trump has been angry since last year about an ongoing probe into his campaign by special counsel Robert Mueller , who is also investigating Russian interference in the 2016 election.
The president has repeatedly called that investigation a "witch hunt." And he has suggested that the FBI had improperly surveilled his campaign while letting his opponent, Hillary Clinton, off of the hook for a probe related to her use of a private email server while secretary of State. Tweet
Trump's ire on Sunday seems to have been ignited by a New York Times article on Saturday that revealed the president's son, Donald Trump Jr., three months before the election had met with an emissary for two rich Arab princes, an Israeli social media expert and a Republican, who were offering to help the Trump campaign. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/trump-meets-top-justice-intelligence-officials-after-demanding-probe.html |
GeneNews to close on up to Cdn$2 million financing, and is completing negotiating up to Cdn$5 million, as Cdn$2 million in immediate financing, with up to Cdn$3 million as a follow-on.
Number of enrolled and active practices continues to grow
Active engagement campaign with small and mid-size practices to increase utilization showing gains.
Initial testing for large employer groups with a high-risk workforce demonstrated need with above average high-risk findings. Expansion of testing with risk stratification screening to begin this quarter (Q2).
Implementation planning continues with several large healthcare systems, with test initiation planned for Q2/Q3.
Telemedicine and direct to consumer testing continues to be built out, as does new agreements with supportive diagnostic labs to cross-promote as well as expand testing to each other's client base. IDL will utilize the 8,000+ draw sites & mobile phlebotomists across the 50 US states added late in 2017, as well as the new laboratory agreements. Expansion of testing to begin this quarter (Q2).
Approximately 1600 tests processed during the quarter.
New publications expected on both ColonSentry and Aristotle - GeneNews' multiple cancer, early detection program utilizing the Sentinel Principle, and from a single sample of blood.
GeneNews is beginning the process of collecting and sharing aggregated data in an effort to build a data-driven product to help practices and healthcare systems better understand their patient populations and build more effective programs.
TORONTO, May 16, 2018 /PRNewswire/ - GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced operational and financial results for the three-month period ending March 31, 2018, and provided a progress update on its business.
"The First Quarter of 2018 continues to build on the groundwork we laid in 2017 to prepare for the growth that we expect this year," commented James R Howard-Tripp, GeneNews' Chairman and CEO. "Test volume is expected to grow from this point forward as we have made significant progress in our plans for growth into the four key areas of focus; lack of received revenue in Q1 is a result of us having to restructure and restart our billing process. Q2 is showing progress in cash received.
Discussions continue with several self-insured organizations that serve high risk workforces. As disclosed, this past period included presentations to multiple groups, including a large union, to generate support for using GeneNews' tests for cancer risk stratification to help identify patients who need to be placed in active surveillance.
Another key development has been the MyCancerRisk Data Analytics™ Platform which is being developed to track and analyze aggregate cancer screening data in order to monitor performance on testing and early intervention. This platform will bring significant value to large healthcare systems and self-insured organizations who want to monitor compliance with cancer screening, risk stratify their patient populations, and improve early intervention. The program will also deliver economic comparisons of early and late intervention.
"After nearly two years of very careful preparation, the pieces are in place and it is now a matter of execution," said Howard-Tripp. "We are fully focused on executing".
Q1 2018 Financial Results
All amounts are expressed in U.S. dollars unless otherwise stated and results are reported in accordance with International Financial Reporting Standards.
For the three-month period ended March 31, 2018, we reported a consolidated net loss of $0.6 million, or $0.00 loss per common share, as compared with a consolidated net loss of $1.5 million, or $0.02 loss per common share, for the same period in 2017. The $0.9 million decrease in net loss primarily results from a $0.6 million change in revaluation of warrants, by decreases in general and administrative expenses of $0.2 million, in cost of goods sold of $0.1 million, in finance costs of $0.1 million, offset by declines in revenue of $0.2 million.
Our partner, JTS, is currently assisting with the implementation of a new billing process at IDL, the transition to which resulted in having to cease billing, switch to JTS and an in-house operation, and re-start billing. This change over has, of necessity, negatively impacted revenues. Invoicing for tests run but not billed during this transition period is expected to be submitted to payers in Q2 2018 and collected thereafter as well as follow up of previously submitted billings.
The Company's financial statements and management's discussion and analysis are available on www.sedar.com .
About GeneNews
GeneNews, an innovator in the liquid biopsy space, is committed to becoming a leader in advanced diagnostics and personalized medicine, serving as a strong commercialization outlet for early detection of cancer and other chronic diseases. Our mission is to identify, assess and make commercially available a comprehensive menu of diagnostics that provide physicians and patients with personalized clinical intelligence and actionable information to improve health out-comes through the early diagnosis of disease.Our Richmond, Virginia-based Innovative Diagnostic Laboratory clinical reference lab specializes in traditional and advanced clinical evidence-based blood testing that helps find, understand, and address cancer risk in patient populations. Currently, IDL offers risk assessment blood tests for four prevalent cancer types - colon, lung, prostate and breast. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL can be found at www.GeneNews.com and www.myinnovativelab.com , respectively.
Forward-Looking Statements
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
View original content: http://www.prnewswire.com/news-releases/genenews-announces-q1-2018-results-and-provides-progress-update-300649209.html
SOURCE GeneNews Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-genenews-announces-q1-2018-results-and-provides-progress-update.html |
SEOUL (Reuters) - The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and trade frictions between the United States and China raising fears of collateral damage to other export-reliant Asian economies.
The logo of the Bank of Korea is seen in Seoul, South Korea, November 30, 2017. REUTERS/Kim Hong-Ji The Bank of Korea’s monetary policy committee held its base rate steady at 1.5 percent, in line with forecasts from 13 analysts surveyed in a Reuters poll.
Market players took Thursday’s decision in stride. The Korean won was up 0.1 percent as of 0105 GMT versus its previous close, while June contract on 3-year treasury bond futures increased by 0.07 points 107.83.
A majority of analysts see the central bank raising its benchmark rate in July, which they believe would be the only increase this year. There is no monetary policy meeting scheduled for June.
Moon Hong-chul, an economist at Dongbu Financial Investment said there may have been a dissenting vote at Thursday’s meeting.
“The BOK will look for opportunities to raise interest rates to stay aligned with policy tightening in the U.S., to reduce interest rate differential. As such, there could be a dissenter at Thursday’s meeting, even though it’s a hold,” Moon said.
Any dissenting votes will be announced by Governor Lee Ju-yeol at the start of his news conference later in the day.
South Korean policymakers are increasingly concerned about the collateral damage to Korea’s own exports from the Sino-U.S. trade dispute. A fall in China’s exports to the United States would hurt Korean shipments to China, including large volumes of intermediary goods used in China to make products for export.
The United States and China are currently in talks to resolve trade issues after President Donald Trump threatened to impose tariffs on up to $150 billion worth of imports from China, prompting Beijing to retaliate.
At home, inflation has been trailing the central bank’s 2 percent target since last October, further dimming the prospects for interest rate increases in the coming months.
In April, the bank trimmed its 2018 inflation outlook to 1.6 percent from 1.7 percent previously, but remained positive about the underpinnings of Korean growth.
The economy remains on track to grow 3 percent this year but Governor Lee Ju-yeol said last week difficult local job market conditions and escalating U.S.-China trade friction cloud South Korea’s growth outlook.
Thursday’s interest rate decision was the first for new board member Lim Ji-won, formerly of JP Morgan, who joined the seven-member committee on May 17 for her four-year term.
Reporting by Cynthia Kim and Christine Kim; Additional reporting by Dahee Kim; Editing by Eric Meijer
| ashraq/financial-news-articles | https://in.reuters.com/article/southkorea-economy-rates/bank-of-korea-holds-rates-as-inflation-trails-target-trade-fears-remain-idINKCN1IP0DB |
Disney will make shows just for Twitter 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/disney-will-make-shows-just-for-twitter.html |
Researchers at the University of Pennsylvania had a hunch about gun laws: A place with strict laws surrounded by states with lenient ones would have more shootings.
But the data revealed something different.
Counties in states with tight gun laws weren’t affected by the loose laws of neighboring states—but counties in states with loose laws... RELATED VIDEO How Student Survivors Are Fueling a Gun-Control Movement In the wake of the school shooting in Parkland, Fla., that left 17 people dead, student survivors have started a movement for greater gun control. Two students from Marjory Stoneman Douglas High School explain how social media, crowdfunding and political activism have helped spread their message. Photo: Getty Images | ashraq/financial-news-articles | https://www.wsj.com/articles/the-spillover-effects-of-state-gun-laws-1526648401 |
May 17, 2018 / 11:53 AM / Updated 18 minutes ago Dutch insurer NN Group to quit tobacco holdings Reuters Staff 1 Min Read
AMSTERDAM, May 17 (Reuters) - Dutch insurer NN Group will no longer invest in the tobacco industry and said on Thursday it aims to divest all tobacco-related holdings on its own accounts and in the funds of its asset manager within a year.
NN’s step follows similar moves by BNP Paribas Asset Management and insurers AXA, Aviva and Scor , who all decided to sell out of the industry because of the health, social and environmental costs linked to tobacco.
“Tobacco no longer fits with our responsible investment approach”, NN Chief Investment Officer Jelle van der Giessen said. “It is not possible to use tobacco products responsibly.”
NN spokesman Maurice Piek said the company itself owns around 200 million euros ($236 million) in corporate bonds issued by tobacco manufacturers. He did not comment on the size of tobacco-related investments managed on behalf of clients. ($1 = 0.8480 euros) (Reporting by Bart Meijer Editing by Alexander Smith) | ashraq/financial-news-articles | https://www.reuters.com/article/nn-group-tobacco/dutch-insurer-nn-group-to-quit-tobacco-holdings-idUSL5N1SO3RC |
May 9 (Reuters) - PennantPark Investment Corp:
* PENNANTPARK INVESTMENT CORPORATION ANNOUNCES $30 MILLION STOCK REPURCHASE PROGRAM
* PENNANTPARK INVESTMENT CORP - EXPECTS REPURCHASE PROGRAM TO REMAIN IN PLACE UNTIL EARLIER OF MAY 8, 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pennantpark-investment-corp-announ/brief-pennantpark-investment-corp-announces-30-mln-stock-repurchase-program-idUSASC0A13F |
LONDON (Reuters) - Uber’s license in the southern English coastal city of Brighton will not be renewed, the local council said on Tuesday, adding the taxi app is not “fit and proper” and citing concerns over a data breach and the use of drivers from outside the area.
FILE PHOTO: A photo illustration shows the Uber app on a mobile telephone, as it is held up for a posed photograph, in London, Britain November 10, 2017. REUTERS/Simon Dawson/File Photo The Silicon Valley firm is also battling a decision by London’s transport regulator last September to strip the firm of its license, after which Brighton granted a six-month extension while it monitored the situation.
On Tuesday, the Chair of Brighton’s licensing panel Councillor Jackie O’Quinn said the council would not renew the firm’s right to operate in the area, partly after the company failed to promptly disclose a hack which affected some 57 million accounts worldwide.
“Our priority is the safety of residents and visitors and, due to the data breach and the lack of commitment to using drivers licensed here, we were not satisfied that UBL (Uber Britannia Limited) are a fit and proper person to hold an operator’s license,” she said.
Uber said it would be appealing.
“This is a disappointing decision for the thousands of passengers and drivers who rely on our app in Brighton and Hove. We intend to appeal so we can continue serving the city,” a spokesman said.
Uber has made changes to its business model in recent months, responding to requests from regulators, including the introduction of 24/7 telephone support and the proactive reporting of serious incidents to police.
Whilst its licenses have been renewed in a number of British cities including Sheffield, Cambridge, Nottingham and Leicester, York council last year stripped the firm of its ability to operate.
Reporting by Costas Pitas; editing by Stephen Addison
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-britain-brighton/uber-loses-its-license-in-uk-coastal-city-of-brighton-idUSKBN1I23WA |
WILMINGTON, Del., May 08, 2018 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB:ACFN), a provider of Internet of Things (IoT) remote monitoring and control systems and services, will host a conference call to review its first quarter ended March 31, 2018 financial results, business progress and outlook on Wednesday, May 16, 2018 at 11:00 a.m. ET. Results will be issued after the market closes on Tuesday, May 15th.
Participating on the call will be Jan Loeb, President and CEO and Michael Barth, CFO of Acorn Energy.
Conference Call Details
Date/Time: Wednesday, May 16th at 11:00 am ET Dial-in Number: 844-834-0644 or 1-412-317-5190 (International) Online Replay/Transcript: Audio file and call transcript will be posted to the Investor section of Acorn's website when available. Email Option for Q&A : [email protected] – before or after the call. About Acorn ( www.acornenergy.com ) and OmniMetrix TM ( www.omnimetrix.net )
Acorn Energy, Inc. owns an 80% equity stake in OmniMetrix, Inc. and consolidates its assets, liabilities and results of operations. OmniMetrix is a pioneer and leader in machine-to-machine (M2M) and Internet of Things (IoT) wireless remote monitoring and control for gas pipelines and stand-by generators used in cell towers, medical facilities, data centers, public transportation systems and for other critical equipment, including at federal, state and municipal government facilities. OmniMetrix offers proven cost-effective solutions for making critical systems more reliable with thousands of monitored assets and thousands of customers, including 23 in the Fortune 500 or Fortune Global 500.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn will be successful in growing its business; reaching profitability; or maximizing the value of its operating company and other assets. A complete discussion of the risks and uncertainties, which may affect Acorn Energy’s business, including the businesses of its subsidiaries, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
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Twitter: @Acorn_IR
Investor Relations Contacts
William Jones, 267-987-2082
David Collins, 212-924-9800
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[email protected]
Source: Acorn Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-iot-remote-monitoring-and-control-provider-acorn-to-host-q118-investor-call-on-wednesday-may-16th-at-11-am-et.html |
ATLANTA, May 8, 2018 /PRNewswire/ -- Kaizen Analytix LLC, a rapidly-growing analytics and insights services provider, announced today that Raja Rangarajan has joined the company as Chief Technologist and Head of Analytics Technology.
Rangarajan brings to Kaizen and its rapidly-growing client base over 20 years of experience in technology and consulting. He has led development, delivery and client success teams, and possesses more than two decades of industry expertise in Media & Entertainment, Travel & Hospitality, Transportation, Retail, and Distribution. Rangarajan has a distinguished track record of ensuring client success while building and growing high-performance teams.
"We live in an age of urgency. It's all about speed of execution. Companies in all sectors need an ability to quickly capture business value with advanced analytics," said CEO Krishna Arangode, "Kaizen Analytix is here to deliver the insights needed to rapidly drive business value for companies of all sizes, and to ensure analytics are accessible and actionable."
"Raja's analytics acumen, client service mindset, and ability to lead high-performance teams in a disruptive marketplace fit perfectly with our mission to be our clients' analytics portal to increased profitability through continually better decision-making."
"I'm thrilled to be part of the Kaizen Analytix family," said Rangarajan. "We are in a very dynamic marketplace in which speed and continuous innovation will be handsomely rewarded. I look forward to expanding Kaizen's offerings and leveraging my experience for the benefit of Kaizen clients and Kaizen associates."
Rangarajan will lead Kaizen's Analytics Technology team and oversee all data and technology aspects of client initiatives. He will also take over development of Kaizen's Insights-as-a-Service offering. Prior to joining Kaizen, Rangarajan served as a Managing Director of JDA's Media & Hospitality industry solutions, as well as Director of their Pricing and Revenue Management business unit in North America.
About Kaizen Analytix
Kaizen Analytix LLC is an analytics and insights services company that gives clients unmatched speed to increased revenues, reduced costs, and maximized margins through advanced analytics solutions and actionable business insights. Working from client and industry data, Kaizen combines its pre-built ValueAccelerators with proven analytics subject matter experts to rapidly deliver analytically-driven insights across the value chain, from Sales and Marketing to Operations and Finance.
Media Contact:
Jess Schuler - 678.712.7092 / [email protected]
View original content: http://www.prnewswire.com/news-releases/kaizen-analytix-welcomes-new-head-of-analytics-technology-300644924.html
SOURCE Kaizen Analytix LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-kaizen-analytix-welcomes-new-head-of-analytics-technology.html |
* Forint off 23-month lows, bond market remains tense * Hungarian central bank seen keeping rates on hold * Possible cbank comments on Hungarian yield rally awaited By Sandor Peto BUDAPEST, May 22 (Reuters) - The forint rebounded from 23-month lows on Tuesday and investors waited to see if later in the session the National Bank of Hungary (NBH) would address a recent surge in government bond yields, though it was expected to keep rates unchanged. The forint firmed 0.6 percent 316.55 against the euro by 0822 GMT, after hitting its weakest level in almost two years at 319.49 on Monday, when domestic markets were closed. The NBH is still in "a difficult situation" as global markets remain shaky, and will need to communicate cautiously to prevent unwanted speculative flows through the forint market, one Budapest-based foreign currency dealer said. "If they say anything, they are more likely to talk about the bond market... Stirring the forint market could be dangerous," the dealer added. The NBH is expected to keep rates steady at its meeting on Tuesday, in keeping with expectations for this year and next. It is due to publish its interest rate decision at 1200 GMT. But investors are particularly interested in whether the bank has anything to say about the surge in long-terms yields which shattered a main NBH goal to keep its spreads over core market yields stable, traders and analysts said. Hungarian bonds outperformed most regional peers in the last two years, with yields falling below those of Poland, which has better credit ratings. This has made them more vulnerable to a rise in U.S. interest rates. In recent weeks Hungarian bonds have been the hardest hit in Central Europe by a sell-off in emerging market assets in the past weeks amid rallies in the dollar and the 10-year U.S. Treasury yield. Hungary's 10-year bond yield has risen by about 60 basis points this month, compared to the Polish yield's rise of about 20 basis point. The corresponding U.S. yield rose by around 30 basis points. On Tuesday the 10-year Hungarian paper traded at a steady 3.18 percent yield in morning trade, off an early high of 3.23 percent, while Poland's yield dropped 5 basis points from their last close to 3.27 percent. "If they do not say anything, that has a message, too," another Budapest-based dealer said, adding that a further rise in yields may lead to a drying up of the secondary market within days as a lack of buyers has caused bid/ask spreads to widen. "The success of 3-4 years (in pushing down yields) just should not get wiped out so easily," the trader added. In currency markets, the zloty -- the other most liquid currency in the region along with the forint -- got a bigger beating than the Hungarian unit from this month's sell-off in emerging markets. CEE SNAPSHOT AT MARKETS 1022 CET CURRENCI ES Latest Previous Daily Change bid close change in 2018 Czech <EURCZK= 25.6600 25.7200 +0.23% -0.46% crown > Hungary <EURHUF= 316.5500 318.5900 +0.64% -1.78% forint > Polish <EURPLN= 4.2762 4.2950 +0.44% -2.34% zloty > Romanian <EURRON= 4.6240 4.6225 -0.03% +1.20% leu > Croatian <EURHRK= 7.3860 7.3830 -0.04% +0.60% kuna > Serbian <EURRSD= 118.0200 118.1000 +0.07% +0.41% dinar > Note: calculated from 1800 CET daily change Latest Previous Daily Change close change in 2018 Prague 1105.09 1102.150 +0.27% +2.50% 0 Budapest 36858.22 36770.93 +0.24% -6.40% Warsaw 2261.63 2268.39 -0.30% -8.11% Bucharest 8402.99 8260.86 +1.72% +8.37% Ljubljana <.SBITOP 893.04 897.75 -0.52% +10.75% > Zagreb 1855.63 1849.34 +0.34% +0.69% Belgrade <.BELEX1 744.41 744.23 +0.02% -2.03% 5> Sofia 648.37 646.24 +0.33% -4.29% BONDS Yield Yield Spread Daily (bid) change vs Bund change in Czech spread Republic 2-year <CZ2YT=R 0.9650 0.0930 +156bps +9bps R> 5-year <CZ5YT=R 1.4220 0.0220 +149bps -2bps R> 10-year <CZ10YT= 1.9570 0.0000 +139bps -5bps RR> Poland 2-year <PL2YT=R 1.6140 -0.0130 +220bps -2bps R> 5-year <PL5YT=R 2.5370 -0.0440 +260bps -9bps R> 10-year <PL10YT= 3.2640 -0.0630 +269bps -11bps RR> FORWARD RATE AGREEMEN T 3x6 6x9 9x12 3M interban k Czech Rep 1.03 1.19 1.33 0.90 <PRIBOR= > Hungary 0.07 0.39 0.54 0.10 Poland 1.73 1.78 1.83 1.70 Note: FRA are for ask prices Quote: s | ashraq/financial-news-articles | https://www.reuters.com/article/easteurope-markets/cee-markets-forint-rebounds-eyes-on-c-bank-for-yield-surge-idUSL5N1ST23G |
Deere’s fiscal second-quarter results spurred investor relief on Friday.
Net sales of $10.7 billion were up 29% from a year ago, while adjusted earnings of $3.14 a share rose 26%. Both numbers fell short of analyst consensus, but the stock charged 6% higher by Friday afternoon.
That is because things could have been worse. A lengthy drought... | ashraq/financial-news-articles | https://www.wsj.com/articles/its-still-deeres-season-1526664159 |
April 30 (Reuters) - Nektar Therapeutics:
* NEKTAR THERAPEUTICS SAYS CEO HOWARD W. ROBIN’S 2017 TOTAL COMPENSATION WAS $18.1 MILLION – SEC FILING
* NEKTAR THERAPEUTICS SAYS CFO GIL M. LABRUCHERIE'S 2017 TOTAL COMPENSATION WAS $7.8 MILLION – SEC FILING Source : bit.ly/2HI5nyD Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nektar-therapeutics-says-ceo-howar/brief-nektar-therapeutics-says-ceo-howard-w-robins-2017-total-compensation-was-18-1-million-idUSFWN1S719C |
Remington Outdoor, one of the country's oldest and largest gun makers, is getting ready to emerge from bankruptcy.
The question is whether somebody — anybody — will buy the company, especially at such a politically and emotionally polarized time for the gun industry.
The usual suspects of potential buyers are circling, including rival gun manufacturers like Sturm, Ruger & Company and some small financiers willing to accept whatever criticism would come from buying Remington.
More tantalizing is a pie-in-the-sky idea: whether a beneficent billionaire, like Michael R. Bloomberg , could buy the company and either try to transform it or shut it down — a sort of philanthropic euthanasia in the name of gun control.
More from The New York Times:
Remington, the Gun Maker, Is Set to Exit Bankruptcy
Gun Makers Are Reeling Even as Threat of Regulation Recedes
How Banks Could Control Gun Sales if Washington Won't
Yet all of those options have challenges. So here's a practical idea that should be considered more than just a thought experiment:
What if the big banks that have provided financing to Remington during its bankruptcy were to back — and partner with — one or more of the big private equity firms in an effort to transform the company into the most advanced and responsible gun manufacturer in the country?
After all, virtually all the banks have a "social impact" unit or at least an initiative meant to "do good." And so do many private equity firms, like TPG and Bain Capital.
And they would not be out to kill the business; quite the opposite: They could create a profitable model for the rest of the industry using technology and sound sales policies to reinvent the modern-gun manufacturer.
A reimagined Remington with a new management and mandate could develop smart-gun technology. It could back fingerprint technology meant to prevent anyone who is not the gun's owner from shooting it, a measure that could greatly reduce suicides and the potential for guns to be stolen. It could add an identity stamp to ammunition fired from any of its guns. It could also establish and standardize responsible sales policies for retailers to sell its firearms.
What would happen, for instance, if a consortium were to come together so that the banks offered the buyer a below-market loan, giving a socially responsible investor the advantage of a lower cost of capital? What would happen if one of the big retail chains like Walmart and Dick's — both of which have already established that they only want to sell guns in a responsible way — were to guarantee distribution, sales and marketing support?
Such an approach would be in the best interests of all of the players, the banks and retailers included.
Of course, it would takes leadership, and a substantial amount of courage. The National Rifle Association and other industry groups have been pushing back hard against even the slightest addition of restrictions on gun sales.
There is pressure from within the government, too. Just two weeks ago, Michael Piwowar, a Republican commissioner of the Securities and Exchange Commission, used a regularly scheduled meeting with Citigroup executives, one intended to discuss various banking regulations, to berate them over the bank's new policy distancing it from financing gun manufacturers, according to Bloomberg News.
Bank of America , which has also started putting gun makers at arm's length, was criticized along with Citigroup by Senator Mike Crapo , Republican of Idaho and chairman of the Senate Banking Committee, who wrote a letter admonishing it for "using their market power to manage social policy."
Before it established its policy, Bank of America decided to provide financing to Remington. It insists that it will not offer such financing going forward.
Yet the opportunity for Bank of America — which said it had "more than $11.3 billion in assets with a clearly defined environmental, social and governance approach" as of the end of 2016 — could be a perfect candidate to take a piece of Remington. Other banks, like JPMorgan Chase , which also owns a stake in Remington as a result of previous financing, says it is trying to reduce its relationship with gun makers. It, too, has been a big proponent of impact investing.
And here's a big opportunity.
To be sure, efforts to invest and develop smart gun initiatives have long been troubled. Ron Conway, a revered investor in Silicon Valley , has for years been investing in gun companies employing new technology, and has seen little success. The N.R.A. and others have pressured retailers not to sell the new firearms . (That's why a buying consortium that includes retailers is so important, and why a billionaire buying a gun company would quickly lead to a boycott.)
Investors have been hard to find. After all, many people who are interested in gun control cannot stomach the thought of actually investing in any kind of gun company, no matter how responsible it may be. Many of the banks, which have pledged to stop backing gun makers, might now find it difficult to change course, even for a company that is aimed at changing the industry.
The gun complex clearly does not want change, but the biggest opportunity for change may come from investors who can get themselves on the inside, as I described in a previous column . Last week, Sturm Ruger opposed a shareholder proposal to detail its plans to monitor violence associated with their guns and develop safer products; the shareholders prevailed.
Those investors, which included a group of nuns , have the right idea. Those who share their vision of a safer gun company would have the opportunity to not only make a social impact, but reap the profits that come with innovation.
Make no mistake: There is absolutely a market for a gun company focused on safety technology. A poll conducted by Johns Hopkins University researchers and published online by the American Journal of Public Health showed 59 percent of Americans were willing to buy a smart gun.
Will someone step up to make it happen? | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/please-please-buy-this-gun-company.html |
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V:NUAG) (OTCQX:NUPMF) (“New Pacific” or the “Company”) today announced its unaudited condensed consolidated interim financial results for the three and nine months ended March 31, 2018.
This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted under the Company’s profile on SEDAR at www.sedar.com and are also available on the Company's website at www.newpacificmetals.com . All figures are expressed in Canadian dollars (CAD) unless otherwise stated.
FINANCIALS
Net loss attributable to equity holders of the Company for the three months ended March 31, 2018 was $258,719 or $0.00 per share (three months ended March 31, 2017 - net income of $1,570,466 or $0.02 per share). The Company’s financial results were mainly impacted by the following: (i) loss from investments of $35,551 compared to income of $2,420,122 in the prior year; (ii) foreign exchange gain of $474,432 compared to foreign exchange loss of $153,676 in the prior year; and, (iii) operating expenses of $748,893 compared to $698,410 in the prior year.
For the nine months ended March 31, 2018, net loss attributable to equity holders of the Company was $2,906,517 or $0.02 per share compared to net income of $2,924,118 or $0.04 per share for nine months ended March 31, 2017.
Loss from investments for the three months ended March 31, 2018 was $35,551 (three months ended March 31, 2017 - income of $2,420,122). Within the loss from investments, loss of $76,987 from fair value change and interest earned on bonds was partially offset by gain of $40,235 on the Company’s equity investments.
For the nine months ended March 31, 2018, loss from investments was $543,962 compared to income of $3,741,354 for the nine months ended March 31, 2017.
Operating expenses for the three months ended March 31, 2018 were $748,893 (three months ended March 31, 2017 - $698,410). For the nine months ended March 31, 2018, operating expenses were $2,487,090 (nine months ended March 31, 2017 - $1,350,664). The increase in operating expenses was a result of the Company’s increased activity.
Foreign exchange gain for the three months ended March 31, 2018 was $474,432 (three months ended March 31, 2017 - foreign exchange loss of $153,676). The Company holds a large portion of cash and cash equivalents and bonds in US dollars while the Company’s functional currency is the Canadian dollar. The fluctuation in exchange rates between the US dollar and Canadian dollar will impact the financial results of the Company. During the three months ended March 31, 2018, the US dollar appreciated by 2.8% against Canadian dollar (from 1.2545 to 1.2894) while during the three months ended March 31, 2017 the US dollar depreciated by 0.8% against Canadian dollar (from 1.3427 to 1.3322).
For nine months ended March 31, 2018, foreign exchange loss was $64,763 (nine months ended March 31, 2017 – foreign exchange gain of $445,152).
SILVER SAND PROJECT
The Company started the preparation work for the planned exploration program after the acquisition of the Silver Sand Project. In October 2017, the Company successfully received exploration permits required by the relevant Bolivian government authorities and immediately commenced a 30,000 metre exploration drilling program on the property. For the three and nine months ended March 31, 2018, total expenditures of $2,292,123 and $3,646,522, respectively, were capitalized under the property. These expenditures were mainly related to the drilling program, site and camp preparation, maintaining a regional office in La Paz, and building a competent management team and workforce for the property.
ABOUT NEW PACIFIC
New Pacific Metals Corp. is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosi Department of Bolivia, the Tagish Lake Gold Project in Yukon, Canada, and the RZY Project in Qinghai Province, China.
For further information, please contact:
New Pacific Metals Corp.
Investor Relations
Phone: (604) 633-1368
Fax: (604) 669-9387
[email protected]
www.newpacificmetals.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
Certain of the statements and information in this press release constitute “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.
Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others.
This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2017 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company’s forward-looking statements or information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements or information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements or information.
Source:New Pacific Metals Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-new-pacific-reports-financial-results-for-the-three-and-nine-months-ended-march-31-2018.html |
Philadelphia right-hander Jake Arrieta threw 6 2/3 scoreless innings, and the Phillies continued their streak of pitching excellence with a 4-0 win over the visiting Atlanta Braves on Wednesday.
The Phillies took two of three in the series.
Arrieta (4-2) allowed seven hits and one walk while striking out eight. It was a welcomed bounce-back for Arrieta, who lasted only three innings in his previous outing. He has allowed two or fewer earned runs in eight of his nine starts, and he improved to 4-1 in his career against Atlanta.
Philadelphia starters have allowed one or no earned runs in 14 of 19 games this month. It is the first time the Phillies’ rotation has done so since 2011.
Seranthony Dominguez followed Arrieta with 1 1/3 scoreless innings. Hector Neris pitched a scoreless ninth in a non-save situation.
The Phillies scored single runs in the third, fourth and fifth innings against Atlanta starter Luiz Gohara.
Philadelphia got an RBI single from Carlos Santana in the third. Cesar Hernandez provided a run-scoring single in the fourth, and Maikel Franco knocked in a run with double to center in the fifth.
Gohara (0-1) lasted only four innings in his first start of the season. He allowed two runs on four hits and four walks with six strikeouts. He has not pitched more than 4 1/3 innings in any of his appearances in the minors or majors this year.
Gohara was expected to be in the Braves’ rotation, but the Brazilian sustained a sprained left ankle in spring training and began the season in the minors. He became the eighth different Atlanta pitcher to start a game this season.
The Phillies added an insurance run in the eighth when Nick Williams delivered his eighth pinch-hit of the season, his double driving in a run against reliever Shane Carle.
Philadelphia handed Atlanta its first setback in a rubber game this season. Atlanta leads the season series 7-5. The teams won’t play again until September.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-phi-atl-recap/arrieta-phillies-shut-out-braves-idUSMTZEE5O7N9ORS |
President Donald Trump 's nominee to be the next CIA director says that if she is confirmed by the Senate, the spy agency will not undertake a detention and harsh interrogation program like the one used after 9/11.
The CIA released excerpts of the opening remarks Gina Haspel will make at her confirmation hearing Wednesday before the Senate intelligence committee. Haspel's fate hinges on how well she fields tough questions from senators who want details of her time running a covert detention site where terror suspects were brutally interrogated and seek an explanation for why she wanted videos of the sessions destroyed.
"I understand that what many people around the country want to know about me are my views on CIA's former detention and interrogation program," Haspel says in the excerpts. "Having served in that tumultuous time, I can offer you my personal commitment, clearly and without reservation, that under my leadership, CIA will not restart such a detention and interrogation program."
Haspel's promise to fight any attempt to resurrect the program could put her at odds with Trump, who spoke during the campaign about toughening the U.S. approach to fighting extremists and vowed to authorize waterboarding and a "hell of a lot worse."
Trump, however, has made no move to implement that promise since he has taken office. He has praised Haspel's three decades of intelligence experience and has said Democrats are wary of her because she has been tough on terrorists.
"This is a woman who has been a leader wherever she has gone. The CIA wants her to lead them into America's bright and glorious future!" Trump tweeted Tuesday.
In other excerpts, Haspel pledges to work closely with the Senate oversight committee. She said she would fight to put more intelligence officers in the field abroad, emphasize foreign language proficiency and work to strengthen partnerships with U.S. allies. She also says there has been an outpouring of support from young women at the CIA who hope she becomes the first female CIA director.
"It is not my way to trumpet the fact that I am a woman up for the top job, but I would be remiss in not remarking on it — not least because of the outpouring of support from young women at CIA who consider it a good sign for their own prospects," Haspel says.
Haspel, a 61-year-old career undercover spy who has been acting CIA director since Mike Pompeo was nominated as secretary of state, has been practicing her answers at mock confirmation hearings with former top intelligence officials. Many of them praise her 33-year tenure at the agency in foreign and domestic assignments, and she received glowing endorsements from Republican senators.
A GOP colleague on the committee, Sen. John Cornyn of Texas, lamented how Haspel's nomination fueled a "toxic political environment." He said Democrats and other opponents have engaged in "character assassination" before giving her the opportunity to answer questions and defend herself.
Democrats have complained repeatedly that the CIA has failed to declassify enough information on her career, leaving the public in the dark about the person who might end up leading the CIA.
Sen. Ron Wyden , D-Ore., and three of his Democratic colleagues recently wrote a letter to Dan Coats, the director of national intelligence, asking that his office, which oversees all U.S. intelligence agencies, declassify the documents. He cited a provision of an executive order that prohibits information from being classified "in order to conceal violations of law, inefficiency or administrative error" or "to prevent embarrassment to a person, organization or agency."
"This is really a high-stakes hearing," Wyden said. He warned it would set a damaging precedent "if this administration is allowed to get away with what I consider to be a secret confirmation" for the most visible official in U.S. intelligence.
Sen. Richard Burr of North Carolina, the Republican chairman of the intelligence committee said the documents will not be made public or declassified.
"That has never happened in the history of the CIA, and it's not going to happen with Gina Haspel's nomination," he said.
It's unclear when the committee will vote on Haspel's nomination. After that, it will go to the full Senate for a vote. Without Sen. John McCain of Arizona, who is battling brain cancer, the Republicans hold a 50-49 majority in the Senate. Most Republicans, except Sen. Rand Paul of Kentucky, are expected to vote for Haspel, though support is not certain, which means she would need at least one Democratic vote to be confirmed. Vice President Mike Pence , as president of the Senate, can be called on to break a tie vote.
As the hearing neared, Haspel's critics outside Congress stepped up their opposition, arguing that anyone who willingly participated in one of the CIA's darkest chapters should not head the spy agency. They argue that having Haspel as the face of U.S. intelligence will undercut America's effort to champion human rights.
Robert Ford, former U.S. ambassador to Syria and a fellow at the Middle East Institute in Washington, said that while U.S. military personnel had been punished for human rights abuses such as at Abu Ghraib prison in Iraq, few intelligence professionals were reprimanded for their activities with the detention and interrogation program that had been approved by the White House and reviewed and approved by the Justice Department.
A confirmation of Haspel would be interpreted overseas as implicit approval of a program of harsh detention and interrogation, Ford said.
Ali Soufan, a former FBI agent who interrogated high-value terror detainees, said he has concerns about how Haspel drafted a cable ordering the destruction of 92 videotapes made at the Thailand site. Haspel's boss, Jose Rodriguez, actually dispatched the order in 2005 to have the tapes shredded.
Soufan, who now heads a private risk-assessment firm, asked whether Haspel wanted them destroyed to protect the identities of CIA personnel who worked there or because they would discredit the agency.
Last month, the CIA released a memo showing Haspel was cleared of wrongdoing in the destruction of the videotapes. The memo, written in 2011, summarizes a disciplinary review conducted by then-CIA Deputy Director Mike Morell. He said that while Haspel was one of the two officers "directly involved in the decision to destroy the tapes," he "found no fault" with what she did. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/cia-nominee-says-she-wouldnt-restart-interrogation-program.html |
May 15, 2018 / 3:48 PM / Updated 31 minutes ago 'Bonfire of the Vanities' author Tom Wolfe dead at 88 Reuters Staff 6 Min Read
(Corrects Wolfe’s age to 88 from 87 and year of birth to 1930 from 1931)
By Bill Trott
(Reuters) - Tom Wolfe, an early practitioner of “new journalism” who captured the mood and culture of America across five decades with books including “The Bonfire of the Vanities,”“The Right Stuff,” and “The Electric Kool-Aid Acid Test,” has died at the age of 88, his agent said.
Wolfe, who had a knack for coining phrases such as “radical chic” and “the me decade,” died on Monday of an unspecified infection in a New York City hospital, his agent, Lynn Nesbit, said in a phone interview on Tuesday.
Wolfe’s works - fiction and non-fiction alike - looked at realms ranging from the art world to Wall Street to 1960s hippie culture and touched on the issues of class, power, race, corruption and sex.
“I think every living moment of a human being’s life, unless the person is starving or in immediate danger of death in some other way, is controlled by a concern for status,” Wolfe said in a Wall Street Journal interview.
Wolfe came up with “radical chic” to brand pretentious liberals, the “me decade” to sum up the self-indulgence of the 1970s and the “right stuff” to quantify intangible characteristics of the first U.S. astronauts and their test pilot predecessors.
He was never deterred by the fact that he often did not fit in with his research subjects, partly because he was such a sartorial dandy, known for his white suits.
Wolfe was in his mid-70s while hanging out with college kids and working on the novel “I Am Charlotte Simmons,” and was a fairly conservative drug-free observer in a coat and tie while travelling with Ken Kesey and his LSD-dropping hippie tribe known as The Merry Pranksters for “The Electric Kool-Aid Acid Test” in the ‘60s. By looking so out of place, he figured people would be more prone to explain things to him. ‘NEW JOURNALISM’
Wolfe started his writing career at the Springfield, Massachusetts, Union newspaper and also worked for the Washington Post, New York Herald-Tribune and New York magazine.
He was present at the birth of what was known as “new journalism,” a loose style that featured lots of dialogue and detail and allowed reporters to narrate and develop characters in a way more often associated with fiction. Writer Tom Wolfe arrives at Time magazine's 100 most influential people dinner in New York, U.S., April 19, 2005. REUTERS/Jeff Christensen/Files
One of the genre’s defining moments came when Wolfe was having trouble meeting a deadline for a 1964 magazine story on the hot-rod car culture. In frustration, he sent his editor a letter with his thoughts and reportage. The magazine ran it verbatim as “There Goes (Varoom! Varoom!) That Kandy-Kolored Tangerine-Flake Streamline Baby.”
That led to a compilation of Wolfe’s magazine pieces, followed by “The Electric Kool-Aid Acid Test,” which captured the spirit of the psychedelic era during his time with Kesey, author of “One Flew Over the Cuckoo’s Nest,” and his band of pranksters who helped spread the popularity of LSD in California. Written in a wild free-association style that disregarded rules of punctuation, it was filled with sentence fragments and used words like “ska ” and “wo .”
Wolfe’s style was not for everyone. “The question is not only whether Tom Wolfe can be taken seriously but whether he can be taken at all,” a Time magazine critic wrote in 1968. “He is irritating, but he did develop a new journalistic idiom that has brought relief from standard Middle-High Journalese.”
Wolfe became fascinated with astronauts after Rolling Stone magazine assigned him to cover an Apollo program launch in 1972. Nine years later and in a more restrained style than some of his earlier works, he wrote “The Right Stuff” about the first seven U.S. astronauts and test pilot Chuck Yeager who came before them.
His first try at fiction was “The Bonfire of the Vanities” in 1987, which captured the cultural feel of free-wheeling Wall Street “masters of the universe” as well as his non-fiction books did. “Bonfire,” a best-seller that was a much-revised version of a serial he wrote for Rolling Stone, portrayed class struggles in New York City against a backdrop of Wall Street ambition, racial stress and yellow journalism.
New York Governor Andrew Cuomo said on Tuesday that Wolfe’s “wry wit and sharp observations defined an era of life in New York.”
Wolfe followed with more novels - “A Man in Full” about race, big money and high society in Atlanta; “I Am Charlotte Simmons,” a tale of college high life, and “Back to Blood” about immigrants in Florida in 2012.
Wolfe complained that novelists did not bring enough reality to their books, and while bemoaning the state of American literature, offered himself as an exemplar of what it should be. That kindled rivalries with contemporaries Norman Mailer and John Updike, who Wolfe referred to as “two old piles of bones.” John Irving angrily denounced Wolfe by saying, “I can’t read him because he’s such a bad writer.”
Wolfe’s trademark was the white suit, often accessorised with a white hat and two-tone shoes. He admitted he liked the attention they brought him.
Wolfe was born March 2, 1930 and grew up in Richmond, Virginia, the son of an agronomist father and an arts-oriented mother. He was a star pitcher in high school and in college at Washington and Lee and unsuccessfully tried out for the New York Giants. Author Tom Wolfe stands with U.S. President George W. Bush while receiving the National Humanities Medal in Washington, U.S., April 22, 2002. REUTERS/Larry Downing/Files
Wolfe lived in New York with his wife, Sheila. He had two children. Reporting by Bill Trott in Washington and Peter Szekely in New York; Editing by Scott Malone, Bill Rigby and Bill Berkrot | ashraq/financial-news-articles | https://in.reuters.com/article/people-tom-wolfe/right-stuff-bonfire-author-tom-wolfe-dead-at-87-agent-says-idINKCN1IG2FI |
May 10, 2018 / 12:23 PM / Updated 10 minutes ago BRIEF-Fibrocell Reports Q1 Loss Per Share $0.11 Reuters Staff
May 10 (Reuters) - Fibrocell Science Inc:
* FIBROCELL REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND RECENT HIGHLIGHTS
* Q1 LOSS PER SHARE $0.11 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fibrocell-reports-q1-loss-per-shar/brief-fibrocell-reports-q1-loss-per-share-0-11-idUSASC0A1ES |
WASHINGTON—Centrist Republicans edged closer Thursday to forcing a series of immigration votes in the House, while their negotiations continued with GOP leaders working to reach a deal on the divisive issue.
Three more House Republicans signed on this week to the discharge petition, a procedural tool that a group of centrist Republicans and nearly all Democrats are pushing to circumvent House GOP leaders and compel votes on four immigration measures on the House floor.
... RELATED VIDEO Can the GOP Find Consensus on Immigration? House Speaker Paul Ryan's tussles with some Republican lawmakers on immigration underscore how the party has struggled to define their consensus position on the issue. Gerald F. Seib discusses their different stances on Dreamers, stricter immigration policies and the Mexico border wall. Photo: Getty Images | ashraq/financial-news-articles | https://www.wsj.com/articles/centrist-republicans-gain-support-in-effort-to-force-immigration-votes-1527196452 |
May 9, 2018 / 6:04 PM / Updated 29 minutes ago IPL Scoreboard Reuters Staff 3 Min Read May 9 (OPTA) - Scoreboard at close of play on the first day of match 41 between Kolkata Knight Riders and Mumbai Indians on Wednesday at Kolkata, India Mumbai Indians win by 102 runs Mumbai Indians 1st innings Suryakumar Yadav c Rinku Singh b Piyush Chawla 36 Evin Lewis c Chris Lynn b Piyush Chawla 18 Rohit Sharma c Robin Uthappa b Prasidh Krishna 36 Ishan Kishan c Robin Uthappa b Sunil Narine 62 Hardik Pandya c Rinku Singh b Tom Curran 19 Ben Cutting c Andre Russell b Piyush Chawla 24 Krunal Pandya Not Out 8 Extras 2b 0lb 1nb 0pen 4w 7 Total (20.0 overs) 210-6 Fall of Wickets : 1-46 Lewis, 2-62 Yadav, 3-144 Kishan, 4-177 Pandya, 5-178 Sharma, 6-204 Cutting Did Not Bat : Duminy, McClenaghan, Markande, Bumrah Bowling Ov Md Rn Wk Econ Ex Andre Russell 2 0 16 0 8.00 2w Prasidh Krishna 4 0 41 1 10.25 1w Tom Curran 3 0 33 1 11.00 1w 1nb Sunil Narine 4 0 27 1 6.75 Piyush Chawla 4 0 48 3 12.00 Kuldeep Yadav 3 0 43 0 14.33 Kolkata Knight Riders 1st innings Sunil Narine c Krunal Pandya b Mitchell McClenaghan 4 Chris Lynn Run Out Suryakumar Yadav 21 Robin Uthappa c Suryakumar Yadav b Mayank Markande 14 Nitish Rana c Ben Cutting b Hardik Pandya 21 Andre Russell c Mayank Markande b Hardik Pandya 2 Dinesh Karthik Run Out JP Duminy 5 Rinku Singh c Ishan Kishan b Jasprit Bumrah 5 Tom Curran c JP Duminy b Krunal Pandya 18 Piyush Chawla c Suryakumar Yadav b Ben Cutting 11 Kuldeep Yadav lbw Krunal Pandya 5 Prasidh Krishna Not Out 1 Extras 0b 1lb 0nb 0pen 0w 1 Total (18.1 overs) 108 all out Fall of Wickets : 1-4 Narine, 2-32 Lynn, 3-49 Uthappa, 4-54 Russell, 5-67 Karthik, 6-67 Rana, 7-76 Singh, 8-93 Chawla, 9-106 Curran, 10-108 Yadav Bowling Ov Md Rn Wk Econ Ex Mitchell McClenaghan 3 0 24 1 8.00 Krunal Pandya 3.1 0 12 2 3.79 Jasprit Bumrah 3 0 17 1 5.67 Hardik Pandya 3 0 16 2 5.33 Mayank Markande 4 0 26 1 6.50 Ben Cutting 2 0 12 1 6.00 Umpire Karumanaseri Ananthapadmanabhan Umpire Anil Chaudhary Video Handunnettige Dharmasena Match Referee Prakash Bhatt | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idUKMTZXEE59H3CATS |
Attorneys representing clients against Weinstein oppose sale of Weinstein Co. through bankruptcy proceedings in favor of bid from producer Howard Kagan
NEW YORK--(BUSINESS WIRE)-- Five of the named plaintiffs in the racketeering and sexual assault class action filed against Harvey Weinstein and The Weinstein Company, among others, announced today they will oppose a sale of the company through the bankruptcy proceedings that proposes to wipe out their claims against the company without compensation, according to attorneys at Hagens Berman and The Armenta Law Firm.
The five plaintiffs – Katherine Kendall, Zoe Brock, Sarah Ann Masse, Melissa Sagemiller and Nannette Klatt – instead strongly support the bid of Inclusion Media, a New York-based company to be formed by Tony award-winning producer Howard Kagan.
Mr. Kagan proposes to form a progressive media company that will ensure the inclusion, advancement and promotion of diversity, including women, people of color, people with disabilities and LGBT persons.
“Mr. Kagan has a long history of supporting and promoting women and diversity, and has stated that he intends to ensure that the content of the new company is likewise forward-thinking and will serve as a model for the industry,” said Cris Armenta, founding partner of The Armenta Law Firm. “We believe this is the best possible course of action for the class of women who suffered unspeakable harassment at the hands of Harvey Weinstein.”
Mr. Kagan also proposes, as part of his bid, to create a settlement fund of $25 million, plus 4% of the equity of Inclusion Media, for the victims who are class members in the class-action lawsuit filed against Weinstein in December 2017, Geiss v. The Weinstein Company et al., to be overseen by the Honorable Alvin K. Hellerstein, the federal district court judge in Geiss. Judge Hellerstein also oversaw the wrongful death, property damage and personal injury lawsuits that arose from the 9/11 terror attacks.
The class-action lawsuit filed Dec. 6, 2017, in the U.S. District Court for the Southern District of New York against Weinstein, Miramax, The Weinstein Company Holdings and the members of its Board of Directors states that these entities colluded to perpetuate and conceal Weinstein’s widespread sexual harassment and assaults. Plaintiffs bringing the case were lured by Miramax or TWC employees and isolated with Weinstein at industry events, hotel rooms, Weinstein’s home, office meetings and/or auditions or to discuss involvement in a project.
The sixth named plaintiff, Louisette Geiss, serves as the Chair to the Unsecured Creditors’ Committee, and will be in New York at the auction to fulfill her role as a committee member.
In addition, Mr. Kagan proposes, as part of his bid, to make a payment of cash equal to $5 million and 1% of the equity in Inclusion Media to be distributed to current and former employees of the company who were victims of sexual harassment.
Lantern Asset Capital: A Raw Deal for Victims
Media reports surfaced yesterday that no other bidders have submitted full asset bids to compete with Lantern Asset Capital, the potential default purchaser.
Lantern, a private equity fund based in Dallas, Texas, negotiated a Stalking Horse Bid with The Weinstein Company, which provided for competing bids to be delivered by Apr. 30, 2018, and an auction to occur on Friday, May 4, 2018.
The plaintiffs in the class-action lawsuit against Weinstein are strongly opposed to a purchase of The Weinstein Company by Lantern, a company that never reached out to the plaintiffs and does not propose any fund or compensation for assault victims.
“Lantern’s bid in no way addresses the victims of Harvey Weinstein’s sexual assault enterprise, and would sweep the 100+ instances of sexual assault, rape and more under the rug. We’re here to show them the assault survivors will not go away quietly,” said Elizabeth Fegan, a Hagens Berman partner and attorney representing those against Weinstein.
“Victims have already shown they will no longer be silenced, and we intend to protect them from being further harmed,” she added.
Lantern Asset Capital proposes purchasing all the assets of The Weinstein Company for $310 million. The proposed Lantern deal contains no fund for assault survivors, no equitable considerations for company employees, and no assurance protections to ensure that women are not required to submit to the “casting couch” in exchange for a career in Hollywood.
Recent news headlines have brought these heinous acts to the forefront, and many victims have bravely stepped forward to tell their stories. Hagens Berman and The Armenta Law Firm continue the fight, working to help achieve justice for those who have been victim to sexual harassment, and affect systemic change throughout the industry. Tell us about your case .
About Hagens Berman
Hagens Berman Sobol Shapiro LLP is a consumer-rights class-action law firm with 11 offices across the country. The firm has been named to the National Law Journal’s Plaintiffs’ Hot List eight times. More about the law firm and its successes can be found at https://www.hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw .
About The Armenta Law Firm
Cris Armenta is the founder of The Armenta Law Firm APC, located in Southern California. Ms. Armenta began her career by clerking for the late Honorable J. Kelleher in the United States District Court for the Central District of California. Cris is an alumni and former Senior Litigation Associate of Skadden Arps Slate Meagher and Flom. Cris’s clients include CEOs, clients with civil and criminal matters needing coordination, and celebrities with crisis management needs. Cris is a past board member of the American Civil Liberties Union in Los Angeles, and a graduate of U.C. Berkeley and Loyola Law School. Cris’s pro bono work is dedicated to finding missing and abducted children. More about Cris and the firm can be found at www.crisarmenta.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006615/en/
Hagens Berman
Ashley Klann, 206-268-9363
[email protected]
or
The Armenta Law Firm & Louisette Geiss
Lorna Brett, 646-247-1530
[email protected]
Source: Hagens Berman Sobol Shapiro LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-hagens-berman-and-the-armenta-law-firm-default-purchaser-of-the-weinstein-co-would-leave-harvey-victims-empty-handed-class.html |
Updated 2 Hours Ago CNBC.com
Wars and conflicts in the Middle East are nothing new and the Gulf region has still managed to be a success, ministers and chief executives said during an investment forum in Bahrain.
The immediate outlook for the Middle East looks more uncertain in light of President Donald Trump 's decision to withdraw from the Iranian nuclear deal . That decision, added to ongoing conflict in Yemen and Syria, and Saudi Arabia's battle for dominance with Iran and its allies, further complicates the wider region.
But commerce and industry ministers from Kuwait and Bahrain, as well as Gulf business leaders, said the region had managed to prosper despite a backdrop of conflict. show chapters 3:29 AM ET Tue, 1 May 2018 | 03:20
"In the past 50 years, this region has always been at war, whether it's the Gulf War, the Israeli-Palestinian conflict, today it's the Yemen war, this will go on. But in that same period of time the GCC (Gulf Cooperation Council) has prospered tremendously," Jassim Al Seddiqi, CEO of the Abu Dhabi Financial Group, said during the Gateway Gulf Investment Forum in Bahrain on Wednesday.
"The margins in the GCC are superior, the tax regime is superior. Please don't forget South Korea has been a neighbor to North Korea for a very long time and yet it has prospered in the last 30 years," he added.
The Gateway Gulf forum taking place in Manama, Bahrain, is aimed at exploring ways to attract foreign investment into the Gulf as well as looking at the challenges the region faces, such as youth unemployment, the diversification process, boosting private sector involvement and geopolitical instability.
Perhaps the most tumultuous events of the last 10 years have been the Arab Spring of social uprisings in late 2010 to 2011 that showed the appetite, particularly among the young, for change.
The rise of the so-called Islamic State, which grew partly out of a power vacuum in parts of Iraq and Syria, has also dominated the region in the last few years, as have civil wars in Syria and Yemen, widely seen as a proxy war between Saudi and Iran. Mohammed Huwais | AFP | Getty Images Huthi rebel fighters are seen riding an armoured vehicle in front of the residence of Yemen's former President Ali Abdullah Saleh in Sanaa on December 4, 2017.
The latest U.S. decision on Iran — and competing interests between the Shia republic and the Gulf — is just one of the factors that could bring more tumult to a region already riven with sectarian power struggles.
Bahrain's Minister of Industry, Commerce and Tourism, Zayed Al Zayani, said investors were not deterred by the backdrop. "Risk is always factored into the investment. No investment in the world is riskless," he said during the panel, entitled "The Rise of the New GCC."
"But when you look at the stability of the region as an investor you wouldn't take an isolated year or two, you'd look more at the trend and cycle, so I think with all our challenges, with all our threats, with all the risks around, the GCC as a region has proven to be sound."
The Gulf refers to countries that surround the Persian Gulf in the core of the Middle East, and mainly refers to those that are part of the Gulf Cooperation Council (GCC), a political and economic alliance of six Middle Eastern countries — Saudi Arabia, Kuwait, the United Arab Emirates, Qatar, Bahrain, and Oman.
Despite its location, long-time GCC nemesis Iran is excluded from the group. Iraq, though in the region, is also not in the GCC. Economic transformation
Bahraini minister Al Zayani told the panel that the GCC is "about to embark on a new journey."
"The countries in the GCC have developed stable economies driven by oil revenues and today diversification seems to be the top agenda item," he said.
He said Bahrain had had a "head start" on diversifying its economy, having started its diversification process in the 1960s and 1970s by diversifying into, and deregulating, various industries. FAYEZ NURELDINE/AFP/Getty Images Towers under construction at the King Abdullah Financial District in the Saudi capital Riyadh.
As part of this diversification process, governments are trying to encourage the private sector to take a leading role in the economic transformation, while policymakers take more of a regulatory role.
Khaled Nasser Abdullah Al-Roudan, Kuwait's minister of commerce and industry, told the panel that government cooperation with the private sector is a necessity.
"Oil will not be the only source of revenue to rely on in the future, therefore all these economic reforms are positive steps taken by GCC counties and there is cooperation to attract foreign direct investment," he said.
Representing the private sector, Kuwait's Alshaya Group's Executive Chairman, Mohammed Alshaya, said the key ingredient to economic success was the GDP (gross domestic product) per capita and getting populations to spend more.
"No investment is riskless and look at the history of the GCC, with all our challenges and threats, the GCC has proved to be sound and growing. And people who have invested here have come back and invested further," he said. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/middle-east-ministers-war-is-nothing-new-to-us.html |
DALLAS, May 22, 2018 (GLOBE NEWSWIRE) -- Magna5 , NewSpring Holdings’ voice and data managed services platform, today introduced Richard (Rick) Lottie, an IT and telecom services veteran of more than 30 years, as its new chief executive officer.
Findings from a recent Frost & Sullivan survey show an increasing appetite for cloud-based solutions. Of the telecom and IT decision-makers polled, 54% indicated that they’ve moved all or part of their enterprise telephony solutions to the cloud, while 31% plan to migrate within the next couple of years.
“Rick’s appointment marks a pivotal next step in Magna5’s evolution and ascension to one of the nation’s leading providers of managed IT services, unified communications and infrastructure as a service,” said Skip Maner, director, NewSpring Holdings.
Magna5’s expansive portfolio includes managed services, business voice and data services, hybrid network services, in addition to unified communications ( UCaaS ), infrastructure (IaaS), and software (SaaS) delivered from the cloud. Following acquisitions of X5 Solutions in Seattle, WA, CornerStone Telephone Company in Troy, NY, NovaTel Ltd. in San Antonio, TX, and NetServe365 in Pittsburgh, PA, Magna5 has emerged as a national provider of network, managed IT and cloud services.
Among cloud communications’ most compelling benefits is accessibility to a single application for all communications at a lower price-point. UCaaS, specifically, not only empowers organizations to improve productivity but to also lower costs and increase customer satisfaction by removing prohibitive capital expenses (CAPEX) with a much more affordable subscription-based model.
To conduct business in the 21st century, user experience on the road must mirror that of being onsite. An increasingly remote workforce must have the means to collaborate with their onsite colleagues in real-time from any location, and from the device of their choosing. Outdated PBXs and other antiquated systems cannot meet employees’ need for ‘anytime, anywhere and from any device’ communications. Dependency on these legacy systems hinders productivity and leads to frustration among personnel who feel they’re not supported with the right tools to do their jobs.
“Businesses today either evolve or get left behind, as trying to compete in a digital world with analog tools is an exercise in futility,” said Rick Lottie.
Lottie has served as Magna5 Executive Chairman and Board Member for the past six months, and is replacing Greg Forrest, who has recently stepped down.
ABOUT MAGNA5
Magna5 delivers network services, unified communications (UC), infrastructure technology and managed services to more than 7,500 mid-market enterprise customers nationwide, including leaders within the education, healthcare, government, financial services and beyond. Magna5 offers voice and data services, as well as a host of “above the net” cloud services and operates a proprietary, secure network designed to leverage diversified carriers and infrastructure in targeted points-of-presence (PoPs) throughout the United States, a key strategy for network reliability. Within the managed services offerings, Magna5 provides security services, data backup, recovery management, hosting services, and IT Consulting from their 24/7/365 fully staffed Operations Center. Headquartered in Dallas, Magna5 operates office and network facilities across the country, including Albany, NY; Los Angeles; New York City; Pittsburgh; Portland, OR; San Antonio; Seattle, and Troy, NY. Magna5 is NewSpring Holdings’ voice and data managed services platform. For more information, visit www.magna5global.com .
ABOUT NEWSPRING HOLDINGS
NewSpring Holdings, NewSpring’s dedicated holding company with a buy-and-build strategy focused on control buyouts and platform builds, brings a wealth of knowledge, experience, and resources to take profitable, growing companies to the next level through acquisitions and proven organic methodologies. Founded in 1999 NewSpring partners with the innovators, makers, and operators of high-performing companies in dynamic industries to catalyze new growth and seize compelling opportunities. The Firm manages approximately $1.7 billion across four distinct strategies covering the spectrum from growth equity and control buyouts to mezzanine debt. Partnering with management teams to help develop their businesses into market leaders, NewSpring identifies opportunities and builds relationships using its network of industry leaders and influencers across a wide array of operational areas and industries. Visit NewSpring at www.newspringcapital.com .
CONTACT
Mostafa Razzak
JMRConnect
202.904.2048
[email protected]
Source: Magna5 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-magna5-taps-richard-lottie-as-chief-executive-officer.html |
May 23, 2018 / 2:29 PM / Updated 20 minutes ago Expectations high as Swiss generation reaches its peak Reuters Staff 3 Min Read
BERN (Reuters) - Switzerland usually arrive at major tournaments with modest ambitions but with one of the finest generations of players the country has produced reaching its peak, expectations are much higher at this World Cup. Soccer Football - FIFA World Cup - Switzerland Training - Freienbach, Switzerland - May 23, 2018 - Switzerland team members warm up. REUTERS/Arnd Wiegmann
The squad is brimming with players based in Europe’s top leagues and those such as Ricardo Rodriguez, Fabian Schaer, Xherdan Shaqiri and Granit Xhaka are all in their mid-20s with a World Cup and European championship behind them.
Swiss football is reaping the rewards of the hard work done in youth development a decade ago which tapped into the potential offered by second-generation immigrants, many from the former Yugoslavia.
Coach Vladimir Petkovic, who himself boasts a Yugoslav league winners’ medal from his playing days with FK Sarajevo, has tried to establish a new attitude in the team, telling them they are no longer “little Switzerland” and must look to dominate matches.
The old defensive tactics which bored fans rigid at the 2006 and 2010 World Cups have been thrown out of window.
The Swiss have jumped to sixth in the FIFA rankings, lost only one of 12 matches in the qualifying campaign and recently enjoyed a 6-0 thumping of fellow World Cup qualifiers Panama.
For all the optimism though, doubts linger.
Apart from Portugal, the Swiss have not faced any of the world’s leading teams since Euro 2016, a tournament where they never quite lived up to their billing and went out in the last 16 to Poland. Switzerland World Cup factbox
Some players have suffered a loss of form.
Schaer has fallen out of favour at Deportivo Coruna, Shaqiri has suffered relegation with Stoke City in the English Premier League and Xhaka, who runs the Swiss midfield, has been made the scapegoat for Arsenal’s failings.
The biggest problem lies in attack where none of the potential forwards have had a good season at club level, with first-choice Haris Seferovic relegated to a substitute’s role at Benfica.
Seferovic was even booed off the field when he was substituted in the playoff against Northern Ireland — a very rare reaction from a Swiss crowd.
The Swiss have reached the last 16 at their last two major tournaments but have not made the quarter-finals since the 1954 World Cup, which the country hosted.
An awkward draw has somewhat dampened hopes that they could take that extra step this time around.
With Brazil expected to top their group, the Swiss will battle Costa Rica and Serbia for second place, which would likely bring a last-16 encounter with defending champions Germany. Writing by Brian Homewood in Bern; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-swi-prospects/expectations-high-as-swiss-generation-reaches-its-peak-idUKKCN1IO25Q |
A lot of people use the wrong tone in their emails, a recent analysis of nearly 350,000 messages from productivity software firm Boomerang finds. And it can hurt you: People write back significantly more often when you get the tone of your email right.
Boomerang data scientist Brendan Greenley looked at messages from mailing list archives of over 20 online communities from different industries, extracted the opening and closing lines of each email and correlated them to the response rate each email received. His main takeaway? Be friendly.
"Perhaps we should move past the era of formal salutations," Greenley notes in a blog post . "Messages that struck a more informal, conversational tone from the start got more responses."
Here's what Boomerang found are the most effective email openings and closings in terms of getting someone to write you back.
The best way to start an email "Hey" and "hello" are both winners, generating a response rate more than 15 percent higher than a formal "dear."
Overall, Greenley found that "while omitting a salutation on follow-up replies seems to be increasingly common, it looks like you are best off including an opening, at least in your initial email."
The best way to end an email Greenley found that "thankful closings" in emails received the most responses, and especially the cheery, optimistic phrase, "Thanks in advance."
By contrast, Greenley found that "best" is the worst way to sign off.
Given that people tend to match the tone of whoever they are emailing with, Greenley notes that the most important thing to do is "keep your audience in mind when you're starting to write a new message."
Since tone can also be lost over text onscreen, here are five common mistakes to watch for when sending your next email.
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AFL-CIO President Richard Trumka and Boston Mayor Marty Walsh’s “Rebuilding Schools, Bridges—and Lives” (op-ed, May 15), which promotes spending $4 trillion of federal money on infrastructure with no local cost-sharing, is a prime example of delusionary Democratic socialism. With the national debt now exceeding $21 trillion, and the annual interest cost exceeding $450 billion, how would we pay for this investment? An increase in the federal gasoline tax? Congress is afraid to add 25 cents to the current 18.4-cent gasoline tax, which has been unchanged since 1993.
There... | ashraq/financial-news-articles | https://www.wsj.com/articles/beware-of-democrats-when-they-offer-free-lunches-1526922801 |
JP Morgan recommends betting on AMD for a short-term pop from cryptocurrency conference hype J.P. Morgan is bullish on AMD shares due to the blockchain conferences in New York this week. "We like the reward-risk of owning upside in AMD given its historical returns following the [cryptocurrency] summit, cheap implied volatility and high short interest, which could add a short-squeeze component to the trade," the firm's equity derivatives strategist writes. CoinDesk's Consensus three-day conference starts Monday. The conference is now the centerpiece of a full-blown "Blockchain Week NYC," an event run in partnership with the New York Economic Development Corporation. Norbert Millauer | AFP | Getty Images A 200-millimetre wafer of Advanced Micro Devices (AMD).
The digital currency conferences this week in New York City present an attractive trading opportunity in AMD , according to J.P. Morgan.
"Over the last three years, AMD has staged significant rallies following the blockchain technology summit, Consensus," J.P. Morgan equity derivatives strategist Shawn Quigg wrote in a note to clients Monday. "We like the reward-risk of owning upside in AMD given its historical returns following the summit, cheap implied volatility and high short interest, which could add a short-squeeze component to the trade."
CoinDesk's Consensus three-day conference started Monday. The conference is now the centerpiece of a full-blown "Blockchain Week NYC," an event run in partnership with the New York Economic Development Corporation.
Quigg said AMD shares rose about 15 percent on average over the last three years during the month after the conference.
As a result, the strategist recommended buying the AMD June $13 strike call option.
A call option gives an investor the right to buy a stock at a certain price during a particular time period. It rises in value as the underlying security's price goes higher.
Cryptocurrency miners use graphics cards based on AMD's and Nvidia's chips to "mine" new coins, which can then be sold or held for future appreciation.
Options trading is typically for sophisticated investors and not for the faint of heart.
AMD shares rose 2.6 percent Monday after the report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/jp-morgan-recommends-betting-on-amd-for-a-short-term-pop-from-cryptocurrency-conference-hype.html |
April 30 (Reuters) - MillenMin Ventures Inc:
* MILLENMIN VENTURES INC. ANNOUNCES FORMATION OF TWO BOARD COMMITTEES AND DIRECTOR AND OFFICER APPOINTMENTS
* MILLENMIN VENTURES INC - LEE CHAM WAN HAS BEEN APPOINTED CHIEF EXECUTIVE OFFICER OF MILLENMIN
* MILLENMIN VENTURES INC - CHING FU CHENG HAS BEEN APPOINTED CHIEF FINANCIAL OFFICER AND SECRETARY Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-millenmin-ventures-announces-forma/brief-millenmin-ventures-announces-formation-of-two-board-committees-and-director-and-officer-appointments-idUSASC09YAD |
VANCOUVER, British Columbia, May 24, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Cryptobloc Technologies Corp. CSE Symbol / Symbole CSE : CRYP Reason / Motif : Failure to Maintain Exchange Requirements / Défaut de satisfaire aux exigences de la Bourse Halt Time (ET) / Heure de la suspension (HE) 9:11 am IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--cryp.html |
May 30, 2018 / 3:21 PM / Updated 5 minutes ago Orlando Magic hire Clifford as head coach Reuters Staff
Former Orlando assistant Steve Clifford rejoined the Magic as their new head coach. Oct 26, 2016; Orlando, FL, USA; the Amway Center. Mandatory Credit: Kim Klement-USA TODAY Sports
Clifford received a four-year deal from Orlando, and will be introduced later Wednesday, the team announced.
Clifford was fired by the Charlotte Hornets in April after a second consecutive 36-46 season, capping a five-year run. Clifford, 56, helped revive the franchise by taking the Hornets to the playoffs in 2014 and 2016 and leaves with a 196-214 record.
He was an assistant to former Magic coach Stan Van Gundy for five seasons.
The Magic fired head coach Frank Vogel after he went 25-57 in 2017-18 and 54-110 in two seasons with the team. Vogel previously coached the Indiana Pacers.
Orlando finished the season outside of the playoffs for the sixth consecutive season.
Injuries played a significant role in the product Orlando put on the floor in 2017-18. A total of 227 games were missed due to injuries or illness.
Rumors persisted around the time of Vogel’s firing that the Magic wanted former NBA guard Jerry Stackhouse to take the reins. Stackhouse is considered a top coaching candidate after he guided Toronto’s G-League team to a championship last year. He is also connected to Jeff Weltman, the Magic’s president of basketball operations and former Toronto Raptors executive.
Weltman’s hiring process was kept very quiet, and no interview with Stackhouse was ever acknowledged. Weltman did interview University of Houston coach Kelvin Sampson, San Antonio assistant Ime Udoka and Portland assistant David Vanterpool in the nearly two months since firing Vogel.
The Magic hold the No. 6 overall pick in the 2018 NBA Draft, which is just three weeks away.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-orl-clifford/orlando-magic-hire-clifford-as-head-coach-idUSKCN1IV21R |
(Reuters) - The father of a student killed during the Parkland, Florida high school mass shooting filed on Monday a wrongful death lawsuit against a former deputy sheriff who he accused of failing in his duty to confront the shooter, calling him a “coward.”
FILE PHOTO: Marjory Stoneman Douglas High School parent Andrew Pollack discusses the death of his daughter Meadow in the Parkland school shooting as he and his sons attend a listening session on school safety and shootings with U.S. President Donald Trump at the White House in Washington, U.S., February 21, 2018. REUTERS/Jonathan Ernst/File Photo Andrew Pollack filed the lawsuit in a Broward County court on behalf of his late daughter Meadow, who was one of 17 people killed on Feb. 14 by Nikolas Cruz, a former student who opened fire inside Marjory Stoneman Douglas High School in Parkland, Florida, according to a court document.
The lawsuit accuses former Broward Sheriff Deputy Scot Peterson, who was an armed resource officer at the school, of failing in his duty to enter the building during the shooting.
Peterson instead hid between two concrete walls where he called dispatch multiple times for the school to be locked down, the lawsuit said.
“Scot Peterson did nothing,” the suit said. “... He let those innocent people die because he was a coward.”
Peterson’s lawyer Joseph DiRuzzo could not be immediately reached for comment.
DiRuzzo told the Sun-Sentinel newspaper in February his client had acted appropriately based on the belief that gunshots were coming from outside the school.
Other defendants listed in the suit are the estate of Cruz’s late mother, a Parkland couple who housed Cruz in the time immediately before the massacre and three mental health centers that evaluated and treated Cruz. The suit claims that the defendants failed to prevent the shooting.
Peterson, who had been assigned to the school since 2009, resigned in February rather than face suspension after an internal investigation was launched.
Broward County Sheriff Scott Israel has said that Peterson should have entered the school and killed the shooter.
After she was shot four times in the back, Pollack’s daughter Meadow crawled and laid on top of a freshman in a hallway. Cruz then shot and killed both, the suit said.
The suit seeks a jury trial and an unspecified amount of damages from eight defendants, including Cruz.
Peterson’s lawyer Joseph DiRuzzo could not be immediately reached for comment.
Monday’s lawsuit was the second suit filed on behalf of a victim of the Parkland shooting.
Earlier in April, the parents of Anthony Borges, 17, who was shot as he shielded others, filed a similar lawsuit. Borges is confined to a wheelchair for the foreseeable future and requires constant care, that suit said.
In the criminal case against Cruz that has 17 first-degree murder counts and 17 attempted murder counts, a Broward Circuit judge has yet to determine if he has enough funds to pay for his own defense.
Reporting by Brendan O'Brien in Milwaukee; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-florida-shooting-lawsuit/father-of-parkland-shooting-victim-files-wrongful-death-lawsuit-idUSKBN1I22WR |
CNBC.com Carlos Barria | Reuters President Donald Trump meets Mexico's President Enrique Pena Nieto during the their bilateral meeting at the G20 summit in Hamburg, Germany July 7, 2017.
Mexico will "never" pay for a wall that separates its border from the United States , Mexican President Enrique Pena Nieto said Tuesday.
The North American country won't ever finance such a project, Nieto said in a tweet addressed to President Donald Trump .
Speaking at a rally earlier in the day, the U.S. leader had said the neighboring nation would eventually foot the bill for a border wall that he claims will stymie illegal immigration into the U.S .
It's not the first time Nieto has denied the idea.
In 2016, he penned a similar tweet and earlier this year, he postponed plans to visit the White House after an argument with Washington over the matter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/us-mexico-wall-mexican-president-enrique-pena-nieto-responds-to-trump.html |
(Reuters) - There was a sense of poetic justice about Roman Torres’s goal that sent Panama to their first World Cup finals and at the same time eliminated the United States.
Football Soccer - 2018 World Cup Qualifiers - Panama v Costa Rica - Panama City, Panama - October 10, 2017. Panama's Roman Torres celebrates after scoring a goal against Costa Rica. REUTERS/Carlos Lemos The 32-year-old center-half has been at the heart of the Central American country’s rise from minnows of the CONCACAF region and featured in the side that came agonizingly close to qualification four years previously.
With the score tied at 1-1 in their final 2018 qualifier against Costa Rica, Torres left his defensive position and pushed himself up front without instruction from the bench.
There were just three minutes remaining when he charged on to a flicked-on header and blasted the ball past Costa Rica goalkeeper Patrick Pemberton, a moment the country’s La Prensa newspaper dubbed: ‘The Miracle of Roman’.
They were quick to draw comparisons with the misery of four years earlier, when Panama lost 3-2 to the United States on the final day of qualifying and handed Mexico a barely deserved playoff place.
“Four years ago they were tears of pain. Now they are tears of happiness. Panama is going to Russia 2018 and the hero is called Roman Torres,” declared the paper.
Torres, who has made 108 appearances for his country and plays in Major League Soccer with Seattle Sounders, was quick to note the achievement had been based on years of work.
“It’s something we’ve been working towards for a very long time. I can’t say it enough, the stadium was just pure happiness and euphoria over what happened. It was a historic moment for our country and for our national team,” he said.
In an era of heavy transfer traffic from the Americas to Europe, it is a little surprising that Torres has spent most of his career in Colombia and the United States.
He was linked with moves to England on several occasions but reported interest from Swansea City and Nottingham Forest, including a trial at the latter, failed to turn into a switch to the English game.
He has, however, enjoyed late career success in MLS and his popularity in Seattle was further enhanced in 2016 when he scored the title-winning penalty in a shoot-out against Toronto FC to win the MLS Cup, the first in Sounders history.
His debut in the World Cup finals, against Belgium on June 18 in Sochi, sets up an individual duel with Romelu Lukaku where Torres will have the chance to show the world the value of his strength and defensive nous.
Editing by Peter Rutherford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-pan-star/panamas-torres-finally-gets-chance-to-shine-on-biggest-stage-idUSKCN1IP2B3 |
May 10, 2018 / 2:05 PM / Updated 13 minutes ago ETP plans 600,000 bpd oil pipeline from Permian to Texas coast Reuters Staff 3 Min Read
NEW YORK (Reuters) - Energy Transfer Partners said on Thursday it plans to build a crude pipeline from the Permian basin in Texas to the Houston Ship Channel and Nederland, Texas, which will have an initial capacity of up to 600,000 barrels per day (bpd).
The pipeline will be “easily expandable” to 1 million bpd, in order to serve growing export markets at coastal ports, the company said during a first quarter earnings conference call. It is likely to come online by 2020.
Surging crude output from the Permian basin, the biggest oilfield in the United States and the source of most of the country’s shale crude, is straining the region’s infrastructure. Pipelines are running full, sending crude prices there to their weakest level against benchmark futures in three and a half years. [CRU/C]
“The almost historical widening of that basis will certainly help our margins in the coming quarters,” said Marshall McCrea, a senior ETP executive.
ETP also said volumes on its Permian Express 3 crude pipeline averaged about “a couple of hundred thousand” bpd in the first quarter. The company said it would continue to evaluate further expansions for that pipeline.
Separately, ETP said it plans to ask U.S. federal energy regulators for permission to put the full Rover natural gas pipeline in service by June 1.
The $4.2 billion project is designed to carry up to 3.25 billion cubic feet per day (bcfd) of gas from the Marcellus and Utica shale fields in Pennsylvania, Ohio and West Virginia to the U.S. Midwest and Gulf Coast and Ontario in Canada.
ETP has also delayed the planned startup of its Mariner East 2 liquids pipeline in Pennsylvania to the third quarter from the second quarter, but that delay was not expected to have a material impact on the project’s cost. A planned expansion, known as Mariner East 2X, is expected by the middle of 2019.
The $2.5 billion Mariner East 2 project will boost total capacity of the Mariner East project to 345,000 bpd from an existing 70,000 bpd and open the pipe to suppliers in Ohio and West Virginia. Mariner East 2X will add another 250,000 bpd to the project.
ETP also said its 1.4-bcfd Red Bluff gas pipe in the Permian shale will enter service later this month. Reporting by Devika Krishna Kumar and Scott DiSavino in New York; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-energy-transf-results-permian/etp-to-build-600000-bpd-oil-pipeline-from-permian-to-nederland-texas-idUSKBN1IB20J |
SAN FRANCISCO--(BUSINESS WIRE)-- CAI International, Inc. (CAI or the Company) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today announced that it had completed the purchase of 1,225,214 shares of its common stock, or approximately 6.0% of its outstanding common stock, from an affiliate of Andrew S. Ogawa in a privately-negotiated transaction. Mr. Ogawa is a member of the Company’s Board of Directors.
The stock was purchased at a price of $22.81 per share, which represents a 2% discount to the closing price on May 1, 2018, and the shares will be subsequently retired.
Victor Garcia, CAI’s President and Chief Executive Officer, commented, “We are pleased to have the opportunity to purchase in one transaction 6% of our outstanding shares. We believe we have purchased our shares at a compelling price and that this repurchase is immediately accretive to this year’s earnings per share and is in the best long-term interest of our stockholders given our strong financial position and positive outlook for our company.”
About CAI International, Inc.
CAI is one of the world’s leading transportation finance and logistics companies. As of March 31, 2018, CAI operated a worldwide fleet of approximately 1.3 million CEUs of containers and owned a fleet of 7,358 railcars that it leases within North America. CAI operates through 24 offices located in 14 countries including the United States.
Forward-Looking Statements
This press release contains forward-looking statements regarding future events and the future performance of CAI, including, but not limited to, CAI’s expectations regarding the completion of the stock repurchase announced above. These statements and others herein are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and involve risks and uncertainties that could cause actual results of operations and other performance measures to differ materially from current expectations. CAI refers you to the documents that it has filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2017, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K. These documents contain important factors that could cause actual results to differ from current expectations and from forward-looking statements contained in this press release. Furthermore, CAI is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements contained in this press release whether as a result of new information, future events or otherwise, unless required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006904/en/
CAI International, Inc.
Tim Page, 415-788-0100
Chief Financial Officer
[email protected]
Source: CAI International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-cai-international-inc-announces-the-purchase-of-6-point-0-percent-of-its-outstanding-common-shares-from-an-affiliate-of-a.html |
TOKYO, May 24 (Reuters) - Toyota Motor Corp on Thursday said it plans to build a plant to manufacture hydrogen fuel cell stacks, a key component of fuel cell vehicles, as it seeks to mass manufacture hydrogen-powered cars to expand their usage as a zero emissions alternative to gasoline vehicles.
The plant will be built on the grounds of its Honsha Plant in Toyota City, near its global headquarters, Toyota said in a statement, adding that it was also building a dedicated line at its nearby Shimoyama plant to produce the tanks which store high-pressure hydrogen gas in vehicles.
Toyota also said it planned to increase global annual sales of fuel cell electric vehicles (FCEVs), including passenger cars and busses, to at least 30,000 from 3,000 now. (Reporting by Naomi Tajitsu Editing by Robert Birsel)
| ashraq/financial-news-articles | https://www.reuters.com/article/toyota-fuelcell/toyota-to-build-fuel-cell-stack-plant-ramp-up-fuel-cell-vehicle-sales-from-2020-idUST9N1SI002 |
COPENHAGEN, May 29 (Reuters) - The Danish crown strengthened markedly against the euro on Tuesday, hitting its strongest since January, after Italy’s president on Monday set his country on a path to early elections.
The gains are “probably as a consequence of safe-haven flow from increased uncertainty about Italy,” economist Jan Storup Nielsen from Nordea said on Twitter.
Reporting by Teis Jensen; Editing by Jacob Gronholt-Pedersen and John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/denmark-forex/danish-crown-jumps-on-italy-driven-safe-haven-flows-idUSC7N1RG01E |
May 7 (Reuters) - BBX Capital Corp:
* ORATION REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER, 2018
* QTRLY DILUTED EARNINGS PER SHARE OF $0.11 * QTRLY TOTAL CONSOLIDATED REVENUES OF $218.0 MILLION VERSUS. $185.4 MILLION, AN INCREASE OF 17.6% Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bbx-capital-corp-reports-q1-eps-01/brief-bbx-capital-corp-reports-q1-eps-0-11-idUSASC0A088 |
People 'cannot get enough of London': Lord Mayor 5 Hours Ago London and the United Kingdom's financial and services sector will "remain preeminent well, well beyond Brexit," says Charles Bowman, Lord Mayor of the City of London. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/people-cannot-get-enough-of-london-lord-mayor.html |
Cougar kills U.S. mountain biker, mauls another Sunday, May 20, 2018 - 02:05
A mountain lion killed one mountain biker and mauled another in Washington state on Saturday when they rode into its territory, and authorities later shot the animal dead, police said. Colette Luke has more.
A mountain lion killed one mountain biker and mauled another in Washington state on Saturday when they rode into its territory, and authorities later shot the animal dead, police said. Colette Luke has more. //reut.rs/2KCgwSo | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/cougar-kills-us-mountain-biker-mauls-ano?videoId=428863086 |
The St. Louis Cardinals teed off on Padres pitchers Friday night at Petco Park in San Diego.
Paul DeJong’s three-run homer in the second off Padres rookie left-hander Eric Lauer was the first of five home runs hit by the Cardinals in a 9-5 win over the Padres.
Four of the home runs came against Lauer in 2 1/3 innings.
Right-hander Luke Weaver (3-2) shut out the Padres on four hits and a walk with four strikeouts over five innings to get credit for the win.
Marcell Ozuna and former Padre Jedd Gyorko opened the second with singles when DeJong drove a changeup on the ninth pitch of a duel with Lauer 398 feet to left-center for his eighth homer of the season.
The home run snapped a string of 11 straight scoreless innings worked by Lauer.
Then in the third inning, Harrison Bader, Ozuna and Gyorko all homered off Lauer.
Bader opened the inning with his second homer, a 396-foot drive to left. After Lauer retired Jose Martinez on a fly to right, Ozuna pulled a 371-foot homer into the left field corner.
Then Gyorko struck with a 410-foot drive into the second deck in left. It was the infielder’s eighth homer against his original team. He went 3-for-5 Friday night and is now 21-for-42 as a Cardinal against the Padres.
DeJong got his career-high fourth RBI in the fifth with a run-scoring single against Bryan Mitchell, who was making his first appearance out of the Padres bullpen after losing his spot in the rotation. Tommy Pham made it 9-0 in the sixth with a two-run homer off Mitchell.
Lauer (1-2) allowed six runs on seven hits (including the four home runs) and a walk in 2 1/3 innings. Mitchell allowed three runs on six hits and three walks over 5 2/3 innings.
The Padres scored five times against the Cardinals bullpen on run-scoring doubles by A.J. Ellis and Jose Pirela (his first extra-base hit since April 15), a triple by Franchy Cordero and Travis Jankowski’s first homer of the season leading off the ninth. St. Louis reliever Luke Gregerson also balked in a run in the final frame.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sd-stl-recap/cardinals-crush-five-homers-in-rout-of-padres-idUSMTZEE5CLORSQC |
May 2 (Reuters) - Ningbo Joyson Electronic Corp:
* SAYS IT PLANS TO BUY BACK 1.8-2.2 BILLION YUAN ($283.13-346.04 million) WORTH OF COMPANY SHARES WITHIN SIX MONTHS Source text in Chinese: bit.ly/2HPtdIV Further company coverage: ($1 = 6.3576 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ningbo-joyson-electronic-plans-to/brief-ningbo-joyson-electronic-plans-to-buy-back-1-8-2-2-bln-yuan-worth-of-company-shares-idUSH9N1S402T |
Excitement around 5G is eclipsing the prospects for a competing technology that General Motors Co. and Toyota Motor Corp. are backing, potentially giving rivals a leg-up in the race to debut vehicles with state-of-the-art internet connectivity.
The U.S. government has invested hundreds of millions of dollars in Wi-Fi-based technology known as DSRC, or dedicated short-range communication, that allows cars to link to “smart” traffic lights designed to smooth congestion and provide warnings about accidents or poor weather conditions... | ashraq/financial-news-articles | https://www.wsj.com/articles/auto-makers-at-odds-over-talking-car-standards-1525608000 |
SAN FRANCISCO--(BUSINESS WIRE)-- Prosper, a leading peer-to-peer lending platform connecting borrowers and investors, today reported financial results for the first quarter of 2018. Loan originations increased 27% year-over-year to $744 million, driven by strong demand for the company’s personal loan product and stable funding.
Financial highlights include:
Total Net Revenue, which includes the non-cash impact related to warrants to purchase preferred stock, was flat year-over-year at $30.5 million in Q1 2018 compared to $30.8 million in Q1 2017. Core Revenue (1) , which excludes the non-cash impact related to warrants to purchase preferred stock, increased $11.6 million or 34% year-over-year to $45.7 million in Q1 2018 compared to $34.2 million in Q1 2017. Net Loss decreased by $12.6 million to ($11.4) million in Q1 2018 compared to a Net Loss of ($24.0) million in Q1 2017. Adjusted EBITDA (1) increased $13.6 million to $4.5 million in Q1 2018 compared to ($9.0) million in Q1 2017, the fourth consecutive quarter of positive Adjusted EBITDA (1) generated by Prosper.
During the quarter, Prosper continued to further diversify its funding sources. The company closed its fourth and largest securitization to date from the Prosper Marketplace Issuance Trust, Series 2018-1 (PMIT). With the closing of this approximately $650 million transaction that featured a pre-funding account, Prosper has now co-sponsored over $2 billion in securitizations across four transactions with over 50 unique participating investors. Prosper also closed its first $100 million committed revolving warehouse facility, allowing the company to invest in loans originated through the Prosper platform alongside our investors.
“We are very pleased with our first quarter results as we balanced strong growth with a continued emphasis on driving efficiencies across the business, diversifying our investor base and continuously improving the customer experience,” said David Kimball, CEO, Prosper Marketplace. “The consumer credit sector continues to present attractive opportunities for us to grow and invest in our personal loan business and also launch new products over time.”
The following table summarizes the financial highlights from the quarter:
Key Operating and Financial Metrics (Unaudited) (in thousands) Three Months Ended March 31, 2018 2017 Loan Originations $ 744,127 $ 585,590 Transaction Fees, Net 31,354 26,869 Servicing Fees, Net 7,184 6,154 Total Net Revenue 30,450 30,845 Core Revenue (1) 45,729 34,152 Net Loss (11,401 ) (24,021 ) Adjusted EBITDA (1) 4,520 (9,039 ) (1) Core Revenue and Adjusted EBITDA are non-GAAP financial measures. The accompanying schedules to this press release provide a reconciliation of each of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, our financial results prepared in accordance with GAAP.
About Prosper Marketplace
Prosper’s mission is to advance financial well-being. The company’s online lending platform connects people who want to borrow money with individuals and institutions that want to invest in consumer credit. Borrowers get access to affordable fixed-rate, fixed-term personal loans. Investors have the opportunity to earn solid returns via a data-driven underwriting model. To date, over $12 billion in personal loans have been originated through the Prosper platform for debt consolidation and large purchases such as home improvement projects, medical expenses and special occasions.
Prosper Marketplace, Inc. was founded in 2005 and is headquartered in San Francisco. The lending platform is owned by Prosper Funding LLC, a subsidiary of Prosper Marketplace, Inc. Loans originated through the Prosper marketplace are made by WebBank, member FDIC. Visit www.prosper.com and follow @Prosperloans to learn more. Prosper notes are offered by Prospectus .
Use of Non-GAAP Financial Measures
Core Revenue and Adjusted EBITDA are non-GAAP financial measures. The accompanying schedules to this press release provide a reconciliation of each of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP. The non-GAAP financial measure of Core Revenue is defined as our Total Net Revenue adjusted to exclude the Fair Value of Warrants Vested on Sale of Borrower Loans. The non-GAAP financial measure of Adjusted EBITDA is defined as Net Loss adjusted for interest income on available for sale securities and cash and cash equivalents, income tax expense, depreciation and amortization, impairment of intangible assets, stock based compensation expense, fair value of warrants vested on the sale of borrower loans, restructuring charges, and fair value adjustments for warrant liabilities.
These non-GAAP financial measures should not be considered as alternatives to, or more meaningful than, our financial results prepared in accordance with GAAP.
PROSPER MARKETPLACE, INC. RECONCILIATION OF TOTAL NET REVENUE TO CORE REVENUE (UNAUDITED) (IN THOUSANDS)
Three Months Ended March 31, 2018 2017 Total Net Revenue $ 30,450 $ 30,845 Less: Fair Value of Warrants Vested on Sale of Borrower Loans (15,279 ) (3,307 ) Core Revenue $ 45,729 $ 34,152 PROSPER MARKETPLACE, INC. RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (UNAUDITED) (IN THOUSANDS) Three Months Ended March 31, 2018 2017 Net Loss $ (11,401 ) $ (24,021 ) Fair Value of Warrants Vested on Sale of Borrower Loans 15,279 3,307 Depreciation Expense: Servicing and Origination 1,578 1,280 General & Administration – Other 1,136 1,311 Amortization of Intangibles 112 852 Impairment of Intangibles - 4,321 Stock-Based Compensation 2,331 3,500 Restructuring Charges 323 (75 ) Change in Fair Value of Warrants (4,604 ) 401 Interest Income on Available for Sale Securities, Cash and Cash Equivalents (244 ) (79 ) Income Tax Expense 10 164 Adjusted EBITDA $ 4,520 $ (9,039 )
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005381/en/
Prosper Marketplace
Sarah Cain, 415-593-5474
[email protected]
Source: Prosper Marketplace, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-prosper-reports-strong-first-quarter-growth-with-loan-originations-up-27-percent-year-over-year-over-2-billion-of-co.html |
RYE, N.Y.--(BUSINESS WIRE)-- The Board of Trustees of The GDL Fund (NYSE:GDL) (the “Fund”) declared a $0.10 per share cash distribution payable on June 22, 2018 to common shareholders of record on June 15, 2018.
Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.
The Fund makes annual distributions of its realized net long-term capital gains and quarterly cash distributions of all or a portion of its investment company taxable income (which includes ordinary income and net realized short-term capital gains) to common shareholders. A portion of the distribution may be a return of capital. Various factors will affect the level of the Fund’s income, such as its asset mix and use of merger arbitrage strategies. To permit the Fund to maintain more stable distributions, the Fund may distribute more than the entire amount of income earned in a particular period. Because the Fund’s current quarterly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency.
If the Fund does not generate sufficient earnings (dividends and interest income and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.
Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, each of the distributions paid to common shareholders in 2018 would include approximately 11% from net investment income and 89% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website ( www.gabelli.com ). The final determination of the sources of all distributions in 2018 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2018 distributions in early 2019 via Form 1099-DIV.
Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding the Fund’s distribution policy and other information about the Fund is available by calling 800-GABELLI (800-422-3554) or visiting www.gabelli.com .
The GDL Fund is a diversified, closed-end management investment company with $342 million in total net assets whose investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (NYSE:GBL).
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005704/en/
GDL Fund
Peter Baldino, 914-921-5070
Source: GDL Fund | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-the-gdl-fund-declares-second-quarter-2018-distribution-of-0-point-10-per-share.html |
April 30 (Reuters) - Druckfarben Hellas SA:
* FY 2017 TURNOVER AT EUR 47.1MLN VERSUS EUR 44.6 MILLION YEAR AGO
* FY EBITDA AT 393,589 EUROS VERSUS 3.7 MILLION EUROS YEAR AGO
* FY 2017 NET LOSS AT EUR 3.4 MILLION VERSUS PROFIT OF EUR 0.3 MILLION YEAR AGO
* NET CASH ON DEC. 31, 2017 AT EUR 0.6 MILLION VERSUS EUR 1.5 MILLION YEAR AGO Source text : bit.ly/2KorITv Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-druckfarben-fy-2017-net-results-tu/brief-druckfarben-fy-2017-net-results-turns-to-loss-of-eur-3-4-million-idUSFWN1S70ZZ |
NEW YORK--(BUSINESS WIRE)-- Griffon Corporation (NYSE:GFF) (the “Company” or “Griffon”) today reported results for the second fiscal quarter ended March 31, 2018.
Revenue was $478.6 million, an increase of 25% from the prior year quarter. Home & Building Products (“HBP”) revenue increased 39% and, as expected, Telephonics Corporation ("Telephonics") revenue decreased 16% compared to the prior year quarter.
Income from continuing operations was $2.0 million, or $0.05 per share, compared to $2.0 million, or $0.05 per share, in the prior year quarter. Current quarter results included acquisition related costs of $0.8 million ($0.4 million, net of tax, or $0.01 per share) and a provision, net, for certain tax items which affect comparability (see tax section below) of $0.4 million, or $0.01 per share. The prior year quarter results included a discrete tax provision, net, of $0.5 million, or $0.01 per share. Excluding these items from the respective quarterly results, income from continuing operations would have been $2.7 million, or $0.06 per share, compared to $2.4 million, or $0.06 per share, in the prior year quarter.
Segment adjusted EBITDA was $43.8 million, an increase of 11% from the prior year quarter primarily driven by HBP revenue growth, partially offset by the impact of Telephonics' revenue decline. Segment adjusted EBITDA is defined as net income excluding interest income and expense, income taxes, depreciation and amortization and unallocated amounts (mainly corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable.
Ronald J. Kramer, Chairman and CEO, commented, "We are pleased with our solid performance this quarter and are poised for a strong second half. Our HBP team continues to integrate our recent acquisitions, ClosetMaid, Kelkay, Harper Brush, Tuscan Path and La Hacienda, driving a 39% and 44% year-over-year increase in both revenue and adjusted EBITDA, respectively. Our defense electronics business, Telephonics, ended the second quarter with an increase in backlog to $358 million, confirming our expectation for an improved business environment for the second half of fiscal 2018."
Earlier today, Griffon announced CBP entered into a definitive agreement to acquire CornellCookson, Inc. ("CornellCookson"), a leading US manufacturer and marketer of rolling steel door and grille products designed for commercial, industrial, institutional and retail use, for $180 million. After taking into account tax benefits resulting from the transaction, the effective purchase price is approximately $170 million. CornellCookson is expected to generate approximately $200 million in revenue and $0.15 in earnings per share in the first twelve months after the acquisition. The transaction is subject to regulatory approval and customary closing conditions and is expected to close in June 2018.
Kramer added, "The acquisition of CornellCookson significantly expands Clopay's existing portfolio of residential and commercial sectional doors with industry leading brands and products which positions us for continued growth and enhanced profitability."
Segment Operating Results
Home & Building Products
Revenue was $396.3 million, an increase of 39% compared to the prior year quarter primarily due to the acquisition of ClosetMaid and AMES' acquisitions of Tuscan Path, La Hacienda, Harper and Kelkay, as well as improved volume, favorable mix and price increases at CBP, partially offset by reduced sales at AMES US from unfavorable weather patterns.
Segment adjusted EBITDA was $39.8 million, an increase of 44% compared to the prior year quarter driven by increased revenue as noted above.
On February 13, 2018, AMES acquired Kelkay Limited (“Kelkay”), a United Kingdom manufacturer and distributor of decorative outdoor landscaping products sold to leading garden centers, retailers and grocers in the UK and Ireland, for approximately $56 million (GBP $41 million), subject to certain post-closing adjustments. Kelkay is expected to contribute approximately $40 million in annualized revenue in the first twelve months after the acquisition.
Telephonics
Revenue was $82.3 million, a decrease of 16% from the prior year quarter, primarily due to decreased maritime surveillance radar and various international radar programs.
Segment adjusted EBITDA was $4.0 million compared to $11.8 million in the prior year quarter, driven by the decreased revenue and revised estimates to complete remaining performance obligations on certain airborne intercommunications systems and various international radar programs.
Contract backlog was $358 million at March 31, 2018, compared to $351 million at September 30, 2017, with approximately 67% expected to be fulfilled within the next twelve months. During the quarter, Telephonics was awarded several new contracts and received incremental funding on existing contracts approximating $108 million.
Taxes
In the quarter ended March 31, 2018, the Company recognized a tax provision of $1.2 million on Income before taxes from continuing operations of $3.2 million, compared to $2.2 million on Income before taxes from continuing operations of $4.2 million in the comparable prior year quarter.
The quarters ended March 31, 2018 and 2017 tax rates included net discrete tax provisions that affect comparability of $0.4 million and $0.5 million, respectively. Excluding these tax items and the acquisition costs net of tax, the effective tax rates for the quarters ended March 31, 2018 and 2017 were 32.6% and 42.1%, respectively.
U.S. Tax Reform: On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act reduces the federal corporate tax rate on U.S. earnings to 21% and moves from a global taxation regime to a modified territorial regime. As Griffon has a September 30 fiscal year-end, the lower tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 24.5% for the fiscal year ending September 30, 2018. Subsequent fiscal years will reflect the 21% federal tax rate. However, there are offsets to the lower tax rate, the most significant being the loss of the domestic manufacturing deduction and the deductibility of certain incentive compensation for executives. Griffon will continue to assess the impact of the Tax Act through the balance of fiscal 2018.
Clopay Plastics
On November 16, 2017, Griffon announced it entered into a definitive agreement to sell Clopay Plastic Products Company, Inc. ("PPC") and on February 6, 2018, completed the sale to Berry Global, Inc. (NYSE:BERY) ("Berry") for $475 million in cash, subject to certain post-closing adjustments.
Balance Sheet and Capital Expenditures
At March 31, 2018, the Company had cash and equivalents of $236 million, total debt outstanding of $1,091 million, net of discounts and issuance costs, and $320.2 million available for borrowing under its revolving credit facility, subject to certain loan covenants. Capital expenditures were $10.8 million in the current quarter.
Share Repurchases
In August 2016, Griffon’s Board of Directors authorized the repurchase of up to $50 million of Griffon’s outstanding common stock. Under these programs, the Company may purchase shares in the open market, including pursuant to a 10b5-1 plan, or in privately negotiated transactions. During the six months ended March 31, 2017, Griffon purchased 1,438,239 shares of common stock under the August 2016 Board authorized program, for a total of $28.4 million or $19.76 per share. At March 31, 2018, $21.0 million remained under existing Board authorizations.
From August 2011 to March 31, 2018, Griffon repurchased 21,867,537 shares of its common stock for a total of $290.0 million or $13.26 per share.
Conference Call Information
The Company will hold a conference call today, May 3, 2018, at 4:30 PM ET.
The call can be accessed by dialing 1-866-548-4713 (U.S. participants) or 1-323-794-2093 (International participants). Callers should ask to be connected to the Griffon Corporation teleconference or provide conference ID number 6005282.
A replay of the call will be available starting on Thursday, May 3, 2018 at 7:30 PM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International), and entering the conference ID number: 6005282. The replay will be available through Thursday, May 17, 2018 at 11:59 PM ET.
Forward-looking Statements
“Safe Harbor” Statements under the Private Securities Litigation Reform Act of 1995: All statements related to, among other things, income (loss), earnings, cash flows, revenue, changes in operations, operating improvements, industries in which Griffon operates and the United States and global economies that are not historical are hereby identified as “forward-looking statements” and may be indicated by words or phrases such as “anticipates,” “supports,” “plans,” “projects,” “expects,” “believes,” “should,” “would,” “could,” “hope,” “forecast,” “management is of the opinion,” “may,” “will,” “estimates,” “intends,” “explores,” “opportunities,” the negative of these expressions, use of the future tense and similar words or phrases. Such forward-looking statements are subject to inherent that could cause actual results to differ materially from those expressed in any forward-looking statements. These include, among others: current economic conditions and uncertainties in the housing, credit and capital markets; the Griffon's ability to achieve expected savings from cost control, restructuring, integration and disposal initiatives; the ability to identify and successfully consummate and integrate value-adding acquisition opportunities; increasing competition and pricing pressures in the markets served by Griffon’s operating companies; the ability of Griffon’s operating companies to expand into new geographic and product markets, and to anticipate and meet customer demands for new products and product enhancements and innovations; reduced military spending by the government on projects for which Griffon’s Telephonics Corporation supplies products, including as a result of defense budget cuts and other government actions; the ability of the federal government to fund and conduct its operations; increases in the cost of raw materials such as resin, wood and steel; changes in customer demand or loss of a material customer at one of Griffon's operating companies; the potential impact of seasonal variations and uncertain weather patterns on certain of Griffon’s businesses; political events that could impact the worldwide economy; a downgrade in the Griffon’s credit ratings; changes in international economic conditions including interest rate and currency exchange fluctuations; the reliance by certain of Griffon’s businesses on particular third party suppliers and manufacturers to meet customer demands; the relative mix of products and services offered by Griffon’s businesses, which could impact margins and operating efficiencies; short-term capacity constraints or prolonged excess capacity; unforeseen developments in contingencies, such as litigation, regulatory and environmental matters; unfavorable results of government agency contract audits of Telephonics Corporation; Griffon’s ability to adequately protect and maintain the validity of patent and other intellectual property rights; the cyclical nature of the businesses of certain Griffon’s operating companies; and possible terrorist threats and actions and their impact on the global economy. Such statements reflect the views of the Company with respect to future events and are subject to these and other risks, as previously disclosed in the Company’s Securities and Exchange Commission filings. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date made. Griffon undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Griffon Corporation
Griffon is a diversified management and holding company that conducts business through wholly-owned subsidiaries. Griffon oversees the operations of its subsidiaries, allocates resources among them and manages their capital structures. Griffon provides direction and assistance to its subsidiaries in connection with acquisition and growth opportunities as well as in connection with divestitures. In order to further diversify, Griffon also seeks out, evaluates and, when appropriate, will acquire additional businesses that offer potentially attractive returns on capital.
Headquartered in New York, N.Y., the Company was founded in 1959 and is incorporated in Delaware. Griffon is listed on the New York Stock Exchange and trades under the symbol GFF.
Griffon currently conducts its operations through two reportable segments:
Home & Building Products consists of three companies, AMES, CBP and ClosetMaid: AMES, founded in 1774, is the leading US manufacturer and a global provider of long-handled tools and landscaping products for homeowners and professionals. CBP, since 1964, is a leading manufacturer and marketer of residential and commercial garage doors and sells to professional dealers and some of the largest home center retail chains in North America. ClosetMaid, founded in 1965, is a leading North American manufacturer and marketer of closet organization, home storage, and garage storage products and sells to some of the largest home center retail chains, mass merchandisers, and direct-to-builder professional installers. Telephonics, founded in 1933, is recognized globally as a leading provider of highly sophisticated intelligence, surveillance and communications solutions for defense, aerospace and commercial customers.
For more information on Griffon and its operating subsidiaries, please see the Company’s website at www.griffon.com .
Griffon evaluates performance and allocates resources based on each segment's operating results before interest income and expense, income taxes, depreciation and amortization, unallocated amounts (mainly corporate overhead), restructuring charges, loss on debt extinguishment and acquisition related expenses, as well as other items that may affect comparability, as applicable ("Segment adjusted EBITDA", a non-GAAP measure). Griffon believes this information is useful to investors for the same reason.
The following table provides a reconciliation of Segment adjusted EBITDA to Income before taxes from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES
OPERATING HIGHLIGHTS
(in thousands) (Unaudited) For the Three Months Ended
March 31,
For the Six Months Ended
March 31,
REVENUE 2018 2017 2018 2017 Home & Building Products: AMES $ 182,928 $ 162,907 $ 322,910 $ 283,631 CBP 138,112 122,628 292,348 266,088 ClosetMaid 75,268 — 152,028 — Home & Building Products 396,308 285,535 767,286 549,719 Telephonics 82,252 98,272 148,577 186,365 Total consolidated net sales $ 478,560 $ 383,807 $ 915,863 $ 736,084 Segment adjusted EBITDA: Home & Building Products $ 39,789 $ 27,565 $ 79,246 $ 59,372 Telephonics 3,997 11,786 8,196 19,894 Segment adjusted EBITDA 43,786 39,351 87,442 79,266 Net interest expense (16,044 ) (12,705 ) (32,686 ) (25,994 ) Segment depreciation and amortization (13,199 ) (12,022 ) (26,051 ) (23,906 ) Unallocated amounts (10,541 ) (10,455 ) (20,977 ) (20,766 ) Acquisition costs (814 ) — (3,999 ) — Cost of life insurance benefit — — (2,614 ) — Income before taxes from continuing operations $ 3,188 $ 4,169 $ 1,115 $ 8,600 The following is a reconciliation of each segment's operating results to Segment adjusted EBITDA from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES BY REPORTABLE SEGMENT (in thousands) (Unaudited) Three Months Ended March 31, Six Months Ended March 31, 2018 2017 2018 2017 Home & Building Products Segment operating profit $ 28,478 $ 18,314 $ 56,229 $ 40,954 Depreciation and amortization 10,504 9,251 20,637 18,418 Acquisition costs 807 — 2,380 — Segment adjusted EBITDA 39,789 27,565 79,246 59,372 Telephonics Segment operating profit 1,302 9,015 2,782 14,406 Depreciation and amortization 2,695 2,771 5,414 5,488 Segment adjusted EBITDA 3,997 11,786 8,196 19,894 All segments: Income from operations - as reported 17,798 16,936 32,835 34,796 Unallocated amounts 10,541 10,455 20,977 20,766 Other, net 1,434 (62 ) 966 (202 ) Corporate acquisition costs 7 — 1,619 — Cost of life insurance benefit — — 2,614 — Segment operating profit from continuing operations 29,780 27,329 59,011 55,360 Depreciation and amortization 13,199 12,022 26,051 23,906 Acquisition costs 807 — 2,380 — Segment adjusted EBITDA from continuing operations $ 43,786 $ 39,351 $ 87,442 $ 79,266 Unallocated amounts typically include general corporate expenses not attributable to any reportable segment.
GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in thousands, except per share data) (Unaudited) Three Months Ended
March 31,
Six Months Ended
March 31,
2018 2017 2018 2017 Revenue $ 478,560 $ 383,807 $ 915,863 $ 736,084 Cost of goods and services 357,087 284,938 673,546 540,471 Gross profit 121,473 98,869 242,317 195,613 Selling, general and administrative expenses 103,675 81,933 209,482 160,817 Income from operations 17,798 16,936 32,835 34,796 Other income (expense) Interest expense (16,806 ) (12,720 ) (33,645 ) (26,015 ) Interest income 762 15 959 21 Other, net 1,434 (62 ) 966 (202 ) Total other expense, net (14,610 ) (12,767 ) (31,720 ) (26,196 ) Income before taxes from continuing operations 3,188 4,169 1,115 8,600 Provision (benefit) from income taxes 1,237 2,219 (23,667 ) (394 ) Income from continuing operations $ 1,951 $ 1,950 $ 24,782 $ 8,994 Discontinued operations: Income from operations of discontinued operations (including a gain on sale of $117,625 in 2018) $ 113,376 $ 6,070 124,842 14,615 Provision for income taxes (including tax on gain on sale of $31,268 in 2018) 25,047 2,975 28,355 6,300 Income from discontinued operations (including a gain on sale, net of tax of $86,357 in 2018) $ 88,329 $ 3,095 96,487 8,315 Net income $ 90,280 $ 5,045 $ 121,269 $ 17,309 Income from continuing operations $ 0.05 $ 0.05 $ 0.59 $ 0.22 Income from discontinued operations 2.13 0.07 2.31 0.21 Basic earnings per common share $ 2.18 $ 0.12 $ 2.91 $ 0.43 Weighted-average shares outstanding 41,477 41,277 41,700 40,307 Income from continuing operations $ 0.05 $ 0.05 $ 0.58 $ 0.21 Income from discontinued operations 2.07 0.07 2.24 0.19 Diluted earnings per common share $ 2.11 $ 0.12 $ 2.82 $ 0.40 Weighted-average shares outstanding 42,765 43,229 43,062 42,776 Dividends paid per common share $ 0.07 $ 0.06 $ 0.14 $ 0.12 Net income $ 90,280 $ 5,045 $ 121,269 $ 17,309 Other comprehensive income (loss), net of taxes: Foreign currency translation adjustments 19,714 8,409 18,425 (5,070 ) Pension and other post retirement plans 247 544 9,806 1,088 Change in cash flow hedges 440 (1,020 ) 528 603 Total other comprehensive income (loss), net of taxes 20,401 7,933 28,759 (3,379 ) Comprehensive income (loss), net $ 110,681 $ 12,978 $ 150,028 $ 13,930 GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) (Unaudited) March 31,
2018 September 30,
2017 CURRENT ASSETS Cash and equivalents $ 236,456 $ 47,681 Accounts receivable, net of allowances of $6,192 and $5,966 271,966 208,229 Contract costs and recognized income not yet billed, net of progress payments of $4,139 and $4,407 122,156 131,662 Inventories, net 384,467 299,437 Prepaid and other current assets 47,160 40,067 Assets of discontinued operations held for sale — 370,724 Assets of discontinued operations not held for sale 328 329 Total Current Assets 1,062,533 1,098,129 PROPERTY, PLANT AND EQUIPMENT, net 291,516 232,135 GOODWILL 422,473 319,139 INTANGIBLE ASSETS, net 286,156 205,127 OTHER ASSETS 15,670 16,051 ASSETS OF DISCONTINUED OPERATIONS NOT HELD FOR SALE 2,952 2,960 Total Assets $ 2,081,300 $ 1,873,541 CURRENT LIABILITIES Notes payable and current portion of long-term debt $ 12,917 $ 11,078 Accounts payable 256,014 183,951 Accrued liabilities 113,479 83,258 Liabilities of discontinued operations held for sale — 84,450 Liabilities of discontinued operations not held for sale 50,927 8,342 Total Current Liabilities 433,337 371,079 LONG-TERM DEBT, net 1,078,462 968,080 OTHER LIABILITIES 90,458 132,537 LIABILITIES OF DISCONTINUED OPERATIONS NOT HELD FOR SALE 5,025 3,037 Total Liabilities 1,607,282 1,474,733 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY Total Shareholders’ Equity 474,018 398,808 Total Liabilities and Shareholders’ Equity $ 2,081,300 $ 1,873,541 GRIFFON CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited) Six Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES - CONTINUING OPERATIONS: Net income $ 121,269 $ 17,309 Net (income) from discontinued operations (96,487 ) (8,315 ) Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 26,271 24,135 Stock-based compensation 4,920 4,795 Provision (recovery) for losses on accounts receivable (201 ) 4 Amortization of debt discounts and issuance costs 2,754 2,879 Deferred income taxes (23,136 ) (3,859 ) Gain on sale of assets and investments — (79 ) Change in assets and liabilities, net of assets and liabilities acquired: (Increase) decrease in accounts receivable and contract costs and recognized income not yet billed (16,631 ) (16,444 ) (Increase) decrease in inventories (48,295 ) (9,549 ) (Increase) decrease in prepaid and other assets 10,867 (715 ) Increase (decrease) in accounts payable, accrued liabilities and income taxes payable (21,021 ) (25,222 ) Other changes, net 844 834 Net cash provided by (used in) operating activities - continuing operations (38,846 ) (14,227 ) CASH FLOWS FROM INVESTING ACTIVITIES - CONTINUING OPERATIONS: Acquisition of property, plant and equipment (21,628 ) (15,538 ) Acquired businesses, net of cash acquired (246,230 ) (6,051 ) Proceeds from sale of business 473,977 — Proceeds from sale of assets 454 102 Net cash provided by (used in) investing activities - continuing operations 206,573 (21,487 ) CASH FLOWS FROM FINANCING ACTIVITIES - CONTINUING OPERATIONS: Dividends paid (5,872 ) (5,137 ) Purchase of shares for treasury (32,861 ) (15,758 ) Proceeds from long-term debt 347,898 195,655 Payments of long-term debt (229,941 ) (120,166 ) Share premium payment on settled debt — (24,997 ) Financing costs (7,451 ) (335 ) Purchase of ESOP shares — (9,213 ) Other, net 126 (187 ) Net cash provided by (used in) financing activities - continuing operations 71,899 19,862 CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash provided by (used in) operating activities (15,080 ) 22,260 Net cash provided by (used in) investing activities (10,762 ) (26,937 ) Net cash provided by (used in) financing activities (22,541 ) (3,586 ) Net cash provided by (used in) discontinued operations (48,383 ) (8,263 ) Effect of exchange rate changes on cash and equivalents (2,468 ) (1,013 ) NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS 188,775 (25,128 ) CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 47,681 72,553 CASH AND EQUIVALENTS AT END OF PERIOD $ 236,456 $ 47,425 Griffon evaluates performance based on Earnings per share and Net income excluding restructuring charges, loss on debt extinguishment, acquisition related expenses and discrete and certain other tax items, as well as other items that may affect comparability, as applicable. Griffon believes this information is useful to investors for the same reason. The following table provides a reconciliation of Income from continuing operations to Adjusted income from continuing operations and earnings per share from continuing operations to Adjusted earnings per share from continuing operations:
GRIFFON CORPORATION AND SUBSIDIARIES RECONCILIATION OF INCOME FROM CONTINUING OPERATIONS TO ADJUSTED INCOME FROM CONTINUING OPERATIONS (in thousands, except per share data) (Unaudited) For the Three Months
Ended March 31,
For the Six Months Ended
March 31,
2018 2017 2018 2017 Income from continuing operations $ 1,951 $ 1,950 $ 24,782 $ 8,994 Adjusting items, net of tax: Acquisition costs 378 — 2,726 — Cost of life insurance benefit — — 248 — Discrete and certain other tax provision (benefit) 368 466 (22,650 ) (3,955 ) Adjusted income from continuing operations $ 2,697 $ 2,416 $ 5,106 $ 5,039 Diluted earnings per common share from continuing operations $ 0.05 $ 0.05 $ 0.58 $ 0.21 Adjusting items, net of tax: Acquisition costs 0.01 — 0.06 — Cost of life insurance benefit — — 0.01 — Discrete and certain other tax provision (benefit) 0.01 0.01 (0.53 ) (0.09 ) Adjusted earnings per common share from continuing operations $ 0.06 $ 0.06 $ 0.12 $ 0.12 Weighted-average shares outstanding (in thousands) 42,765 43,229 43,062 42,776 Note: Due to rounding, the sum of earnings per common share and adjusting items, net of tax, may not equal adjusted earnings per common share.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006592/en/
Company:
Griffon Corporation
Brian G. Harris, 212-957-5000
SVP & Chief Financial Officer
or
Investor Relations:
ICR Inc.
Michael Callahan, 203-682-8311
Senior Vice President
Source: Griffon Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-griffon-corporation-announces-second-quarter-results.html |
EVANSVILLE, Ind., May 01, 2018 (GLOBE NEWSWIRE) -- Vectren Corporation (NYSE:VVC) announced the Board of Directors declared a quarterly common stock dividend of 45 cents per share, the same as last quarter which reflected the 7.1 percent increase announced in November of 2017. The dividend will be payable June 1, 2018, to shareholders of record at the close of business on May 15, 2018.
Last year’s increase extended Vectren and predecessor companies’ record of increasing annual dividends paid to 58 consecutive years.
About Vectren
Vectren Corporation (NYSE:VVC) is an energy holding company headquartered in Evansville, Ind. Vectren’s energy delivery subsidiaries provide gas and/or electricity to more than 1 million customers in adjoining service territories that cover nearly two-thirds of Indiana and about 20 percent of Ohio, primarily in the west central area. Vectren’s nonutility subsidiaries and affiliates currently offer energy-related products and services to customers throughout the U.S. These include infrastructure services and energy services. To learn more about Vectren, visit www.vectren.com .
Investor Contact: Dave Parker, (812) 491-4135, [email protected] Media Contact: Natalie Hedde, (812) 491-5105, [email protected]
Source:Vectren Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-vectren-declares-quarterly-dividend.html |
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