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May 16, 2018 / 5:25 PM / Updated an hour ago Power outages linger as U.S. Northeast recovers from deadly storm Reuters Staff 2 Min Read
NEW YORK (Reuters) - A violent spring storm that killed at least five people in the northeastern United States downed trees and power lines, leaving hundreds of thousands of people without power on Wednesday.
By daybreak, more than 370,000 residents were without power in New York, New Jersey, Connecticut and Pennsylvania, down from more than 600,000 on Tuesday night.
Amtrak and most local commuter railroads in the New York metropolitan area said their services were back to normal on Wednesday. Some schools cancelled classes or delayed their openings.
The line of strong thunderstorms with wind gusts of 50 to 80 miles per hour (80 to 129 kilometres per hour) sped eastward across the region Tuesday evening, causing local flooding, scattering debris and dropping hail as large as tennis balls.
Falling trees killed an 11-year-old girl and a woman in separate incidents in Newburgh, New York, police said. Falling trees also killed two people in Connecticut in separate incidents, as well as a person in Pennsylvania, local media reported.
Local news showed footage of trees resting on top of crushed cars and houses, and vehicles submerged in water.
There were more than 100 reports of hail in states including Ohio, Pennsylvania, New York and Connecticut, the National Weather Service said.
New York Governor Andrew Cuomo declared a state of emergency in several counties in southeast New York and deployed members of the New York National Guard to assist with the recovery.
Officials in Brookfield, Connecticut, declared a town disaster and told residents to stay inside until they could assess the damage.
“Please be aware that there are hundreds of downed trees, utility poles and electrical lines. AVOID all down trees and utility poles as they may still involve LIVE power lines,” the Brookfield Police Department said on Facebook. Commuters wait as service was temporarily suspended on all Metro North lines at Grand Central Terminal due to storms in Manhattan, New York, May 15, 2018. REUTERS/Herbert Lash Reporting by Peter Szekely in New York and Brendan O'Brien in Milwaukee; Editing by Alison Williams and Susan Thomas | ashraq/financial-news-articles | https://in.reuters.com/article/usa-weather/power-outages-linger-as-u-s-northeast-recovers-from-deadly-storm-idINKCN1IH2HK |
WASHINGTON, May 24, 2018 (GLOBE NEWSWIRE) -- FTI Consulting, Inc. (NYSE:FCN) today announced that it has been selected as an industry leader in 14 categories in the 2018 Best of Corporate Counsel survey , including top rankings in the Demonstrative Evidence Provider and IT Consultant Services categories.
“Our professionals at FTI Consulting seek, every day, to be the go-to advisors for legal teams across the globe,” said Steven H. Gunby , President and Chief Executive Officer of FTI Consulting. “Being recognized in 14 distinct categories speaks to that dedication as well as our strong market positions and the deep expertise we draw on in helping our clients address the complex challenges and opportunities they face.”
FTI Consulting was recognized as one of the top three providers in the following categories:
Business Accounting Provider
Case Management Software
Demonstrative Evidence Provider
End-to-End eDiscovery Provider
Information Governance Solution
Intellectual Property Litigation Consulting Services
IT Consultant Services
Jury Consultant
Legal Process Outsourcing
Litigation Dispute Advisory Services Consultant
Litigation Valuation Provider
Predictive Coding eDiscovery Solution
Technology Assisted Review eDiscovery Solution
Trial Technology “Hot Seat” Provider
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional. With more than 4,600 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges and make the most of opportunities. The Company generated $1.81 billion in revenues during fiscal year 2017. For more information, visit www.fticonsulting.com and connect with us on Twitter (@FTIConsulting) , Facebook and LinkedIn .
FTI Consulting, Inc.
555 12 th Street NW
Washington, DC 20004
+1.202.312.9100
Investor Contact:
Mollie Hawkes
+1.617.747.1791
[email protected]
Media Contact:
Matthew Bashalany
+1.617.897.1545
[email protected]
Source:FTI Consulting, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-corporate-counsel-names-fti-consulting-a-top-service-provider-in-the-legal-industry.html |
MOSCOW (Reuters) - The Kremlin on Tuesday urged countries to avoid action that might inflame tensions in the Middle East and expressed deep concern after Israeli forces killed dozens of Palestinian protesters.
Monday’s bloodshed on the Israeli-Gaza border took place as the United States opened its new embassy in Jerusalem, relocating it to the contested city from Tel Aviv in a move that has infuriated Palestinians.
“From the very beginning, Moscow expressed concern that actions by the United States could provoke tensions in the Middle East,” Kremlin spokesman Dmitry Peskov said.
“Unfortunately, that is exactly what happened.”
The Kremlin is monitoring the situation on the Gaza border closely, Peskov added, saying the death of many dozens of Palestinians “can only elicit the deepest concern”.
“We continue to consider that all sides, all countries and especially the participants of the (Middle East) Quartet should avoid any action provoking such flashes of tension.”
Since 2002, the Quartet of Middle East peace negotiators comprising the United States, Russia, the European Union and the United Nations has been assigned to promote peace efforts. It has failed to secure any result.
Reporting by Katya Golubkova,; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-kremlin/kremlin-urges-countries-to-avoid-action-potentially-destabilizing-middle-east-idUSKCN1IG17L |
A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk & compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here. Follow us on Twitter at @WSJRisk. Bribery: Odebrecht SA, which was the nucleus of an international corruption scandal, […]
To Read the Full Story Subscribe Sign In Previous Crisis of the Week: Labor Strife Sends Air France CEO Packing Next The Morning Risk Report: Playing Politics With ZTE Sanctions | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/16/corruption-currents-turkish-banker-sentenced-in-sanctions-case/ |
May 25, 2018 / 2:27 PM / Updated 19 minutes ago UPDATE 1-Complexity of central banking challenges its legitimacy - Coeure Reuters Staff 2 Min Read
(Adds detail)
STOCKHOLM, May 25 (Reuters) - Central banking is becoming increasingly complex and difficult to understand, supporting the case for new ways to communicate, European Central Bank board member Benoit Coeure said on Friday.
“Based on common measures of text readability, the introductory statement delivered at our last ECB press conference was only accessible to university graduates, who constitute only around a third of the euro area population,” Coeure told a conference. “That cannot be good news.”
Speaking at conference to mark the Swedish central bank’s 350th birthday, Coeure said that in the post-crisis world of unconventional policy, inflation may react more slowly to central bank policy, creating a disconnect between policy action and its outcome.
“Output legitimacy may be more difficult to assert if inflation is proving to be less reactive to central bank actions in the short term,” he added.
To overcome this challenge, Coeure called on banks to improve transparency, embrace Twitter and layer their communication to target different segments of society.
But he added that central banks had their limits given the complexity of their jobs and the “worryingly low level” of financial literacy among adults in the developed world. (Reporting by Balazs Koranyi Editing by Hugh Lawson) | ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy-coeure/update-1-complexity-of-central-banking-challenges-its-legitimacy-coeure-idUSL5N1SW4Q4 |
MELBOURNE, Australia—One of Australia’s biggest banks has scrapped sales-based bonuses for its financial planners and vowed to drop planners who provide inappropriate advice.
In a first among the country’s largest lenders, Australia & New Zealand Banking Group Ltd. said Monday that it is implementing initiatives to improve the quality of financial planning and of remediation for customers when things go wrong. The country’s financial industry is under investigation by a royal commission, following a series of scandals.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/australian-bank-to-stop-basing-adviser-bonuses-on-sales-1525671849 |
(Adds missing word ‘million’ in the first bullet.)
May 17 (Reuters) - INTER CARS SA:
* REPORTED ON WEDNESDAY Q1 NET PROFIT OF 43.3 MILLION ZLOTYS VERSUS 53.0 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE 1.65 BILLION ZLOTYS VERSUS 1.55 BILLION ZLOTYS YEAR AGO
* Q1 OPERATING PROFIT 63.6 MILLION ZLOTYS VERSUS 66.8 MILLION ZLOTYS YEAR AGO
* Q1 EBITDA 81.1 MILLION ZLOTYS VERSUS 82.4 MILLION ZLOTYS YEAR AGO
* Q1 REVENUE LOWER THAN EXPECTED DUE TO LONGER WINTER IN EUROPE WHICH RESULTED IN SHIFT OF SALE OF SUMMER PRODUCTS TO APRIL
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SO0NL |
May 7 (Reuters) - Atlas Financial Holdings Inc:
* ATLAS FINANCIAL HOLDINGS ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS
* SEES FY 2018 EARNINGS PER SHARE MORE THAN $2.00 * Q1 EARNINGS PER SHARE VIEW $0.44 — THOMSON REUTERS I/B/E/S
* QTRLY GROSS PREMIUMS WRITTEN DECREASED BY 3.0% TO $95.6 MILLION
* ATLAS EXPECTS TO WRITE IN EXCESS OF $300 MILLION IN PREMIUMS IN 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-atlas-financial-holdings-reports-q/brief-atlas-financial-holdings-reports-q1-earnings-per-share-0-45-idUSASC0A05U |
May 23, 2018 / 6:22 PM / Updated 15 minutes ago UPDATE 1-Venezuela frees bank executives jailed for currency 'attacks' Reuters Staff 2 Min Read
(Adds details on case, prosecutor quote)
CARACAS, May 23 (Reuters) - The 11 executives of Venezuela’s top bank Banesco, arrested earlier this month for allegedly “attacking” the OPEC member country’s rapidly-weakening currency, have been freed or are being released, chief prosecutor Tarek Saab said on Wednesday.
Four female executives have been freed and their seven male counterparts were being freed on Wednesday, Saab told local television channel Globovision in an interview.
“With that, they are all free ... but obviously our investigations are continuing,” said Saab, a former ruling party governor.
A Banesco representative did not immediately respond to a request for comment.
In the biggest crackdown on the financial sector since late leftist leader Hugo Chavez, the government of his successor President Nicolas Maduro in early May it was taking over Banesco for 90 days and jailing its top executives. (Reporting by Deisy Buitrago, Vivian Sequera and Corina Pons in Caracas Writing by Alexandra Ulmer and Nick Zieminski) | ashraq/financial-news-articles | https://www.reuters.com/article/venezuela-bank/update-1-venezuela-frees-bank-executives-jailed-for-currency-attacks-idUSL2N1SU1H1 |
Net Sales Increased 21% to $112 Million
Earnings Per Share Improved to $0.24
Company Reiterates 2018 Outlook
SALT LAKE CITY, May 08, 2018 (GLOBE NEWSWIRE) -- ZAGG Inc (Nasdaq:ZAGG), a leading global mobile lifestyle company, today announced financial results for the first quarter ended March 31, 2018.
First Quarter Highlights (Comparisons versus First Quarter 2017)
Net sales of $112.1 million, an increase of 21% compared to $92.9 million Gross profit of 34% compared to 31% Net income of $7.0 million compared to a net loss of $6.1 million Diluted earnings per share of $0.24 compared to diluted loss per share of $0.22 Adjusted EBITDA of $13.6 million compared to $2.7 million
“We are pleased with the strength exhibited by our business early in 2018,” commented Chris Ahern, Chief Executive Officer. “Our record first quarter sales performance was driven by continued growth of screen protection combined with robust demand for our expanded portfolio of wireless charging products. Both our domestic and international markets posted double digit top-line gains which fueled significant operating expense leverage and a dramatic improvement in profitability compared with a year ago. Looking ahead, I am confident that by staying true to ZAGG’s four key corporate objectives of Product, Brand, Distribution and Operational Excellence, we can further leverage our strong leadership position in the mobile lifestyle category to drive sustained growth over the long-term.”
First Quarter Results ( in millions, except per share amounts )
Three Months Ended March 31, 2018 March 31, 2017 Net sales $ 112.1 $ 92.9 Gross profit $ 37.6 $ 28.6 Gross profit margin 34 % 31 % Net income (loss) $ 7.0 $ (6.1 ) Diluted earnings (loss) per share $ 0.24 $ (0.22 ) Adjusted EBITDA $ 13.6 $ 2.7 Net sales increased 21% to $112.1 million compared to $92.9 million due primarily to (1) the increase in sales of our power management products, particularly accessories supporting the wireless charging ecosystem, and (2) increased sales of screen protection products in key wireless and retail accounts, particularly in international markets.
Gross profit increased to $37.6 million (34% of net sales) compared to $28.6 million (31% of net sales). The increase in gross profit margin was driven primarily by (1) the mix of screen protection products, our highest margin product category, which increased to approximately 50% of net sales compared to approximately 46% of net sales during the three months ended March 31, 2017, and (2) improved margins on mophie-branded products.
Operating expenses decreased 16% to $29.7 million (26% of net sales) compared to $35.3 million (38% of net sales). The decrease was primarily attributable to (1) a $2.0 million charge in 2017 related to the impairment of a patent that did not recur in 2018, (2) operating expense synergies related to the mophie integration, and (3) a reduction in marketing spend that ultimately shifted into later periods in 2018.
Net income increased to $7.0 million compared to a net loss of $6.1 million. Diluted earnings per share was $0.24 (on 28.7 million shares) compared to diluted loss per share of $0.22 (on 28.1 million shares).
Adjusted EBITDA was $13.6 million compared to $2.7 million.
2018 Business Outlook
The Company reiterated the following annual guidance for 2018:
Net sales of $550 million to $570 million Gross profit margin as a percentage of net sales in the low to mid 30's range Adjusted EBITDA of $77 million to $80 million Diluted earnings per share of $1.30 to $1.50 Annual effective tax rate of approximately 27%
Conference Call
A conference call will be held today, May 8, 2018, at 5:00 p.m. EDT to review these results. Interested parties may access via the Internet on the Company's website at: investors.zagg.com . The URL is included here as an inactive textual reference.
About Non-GAAP Financial Information
This press release includes Adjusted EBITDA as a non-GAAP financial measure. Readers are cautioned that Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, other income (expense), mophie transaction expenses and mophie restructuring charges, mophie employee retention bonus, and impairment of intangible asset) is not a financial measure under US generally accepted accounting principles (GAAP). In addition, this financial information should not be construed as an alternative to any other measure of performance determined in accordance with GAAP, or as an indicator of operating performance, liquidity or cash flows generated by operating, investing and financing activities, is as there may be significant factors or trends that it fails to address. As such, it should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. We present Adjusted EBITDA because we believe that it is helpful to some investors as a measure of performance. We caution readers that non-GAAP financial information, by its nature, departs from traditional accounting conventions. Accordingly, its use can make it difficult to compare current results with results from other reporting periods and with the financial results of other companies. We have provided a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measures in the supplemental financial information attached to this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains (and oral communications made by us may contain) ““forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict,” “project,” “target,” “future,” “seek,” “likely,” “strategy,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding our outlook for the Company and statements that estimate or project future results of operations or the performance of the Company.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following:
the ability to design, produce, and distribute the creative product solutions required to retain existing customers and to attract new customers; building and maintaining marketing and distribution functions sufficient to gain meaningful international market share for our products; the ability to respond quickly with appropriate products after the adoption and introduction of new mobile devices by major manufacturers like Apple, Samsung, and Google; changes or delays in announced launch schedules for (or recalls or withdrawals of) new mobile devices by major manufacturers like Apple, Samsung, and Google; the ability to successfully integrate new operations or acquisitions, the impact of inconsistent quality or reliability of new product offerings; the impact of lower profit margins in certain new and existing product categories, including certain mophie products; the impacts of changes in economic conditions, including on customer demand; managing inventory in light of constantly shifting consumer demand; the failure of information systems or technology solutions or the failure to secure information system data, failure to comply with privacy laws, security breaches, or the effect on the company from cyber-attacks, terrorist incidents, or the threat of terrorist incidents; adoption of or changes in accounting policies, principles, or estimates; and changes in tax laws and regulations.
Any forward-looking statement made by us in this press release speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. Readers should also review the risks and uncertainties listed in our most recent Annual Report on Form 10-K and other reports we file with the U.S. Securities and Exchange Commission, including (but not limited to) Item 1A - “Risk Factors” in the Form 10-K and Management's Discussion and Analysis of Financial Condition and Results of Operations and the risks described therein from time to time. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. The forward-looking statements contained in this press release are intended to qualify for the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
About ZAGG Inc
ZAGG Inc (NASDAQ:ZAGG) is a global leader in accessories and technologies that empower mobile lifestyles. The Company has an award-winning product portfolio that includes screen protection, mobile keyboards, power management solutions, social tech, and personal audio sold under the ZAGG®, mophie®, InvisibleShield®, and IFROGZ® brands. ZAGG has operations in the United States, Ireland, and China. ZAGG products are available worldwide, and can be found at leading retailers including Best Buy, Verizon, AT&T, Sprint, Walmart, Target, Walgreens and Amazon.com . For more information, please visit the company’s websites at www.zagg.com and www.mophie.com and follow us on Facebook, Twitter and Instagram.
CONTACT:
Investor Relations:
ICR Inc.
Brendon Frey
203-682-8216
[email protected]
Company:
ZAGG Inc
Jeff DuBois
801-506-7336
[email protected]
ZAGG INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(Unaudited) March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 17,745 $ 24,989 Accounts receivable, net of allowances of $474 and $734 73,894 123,220 Inventories 78,891 75,046 Prepaid expenses and other current assets 4,529 4,547 Total current assets 175,059 227,802 Property and equipment, net of accumulated depreciation of $12,979 and $12,540 12,794 13,444 Goodwill 12,272 12,272 Intangible assets, net of accumulated amortization of $69,440 and $66,639 36,443 39,244 Deferred income tax assets 24,084 24,403 Other assets 3,803 3,426 Total assets $ 264,455 $ 320,591 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 54,798 $ 96,472 Income tax payable 2,291 2,052 Accrued liabilities 9,214 10,515 Sales returns liability 30,913 32,189 Accrued wages and wage related expenses 7,775 5,652 Deferred revenue — 315 Line of credit — 23,475 Current portion of long-term debt, net of deferred loan costs of $141 — 13,922 Total current liabilities 104,991 184,592 Line of credit 22,038 — Total liabilities 127,029 184,592 Stockholders' equity: Common stock, $0.001 par value; 100,000 shares authorized; 34,416 and 34,104 shares issued 34 34 Additional paid-in capital 94,134 96,145 Accumulated other comprehensive loss (59 ) (348 ) Treasury stock, 6,065 and 6,065 common shares at cost (37,637 ) (37,637 ) Retained earnings 80,954 77,805 Total stockholders' equity 137,426 135,999 Total liabilities and stockholders' equity $ 264,455 $ 320,591
ZAGG INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(Unaudited) Three Months Ended March 31, 2018 March 31, 2017 Net sales $ 112,066 $ 92,946 Cost of sales 74,474 64,340 Gross profit 37,592 28,606 Operating expenses: Advertising and marketing 2,594 3,006 Selling, general and administrative 24,307 27,054 Transaction costs — 215 Impairment of intangible asset — 1,959 Amortization of intangible assets 2,772 3,021 Total operating expenses 29,673 35,255 Income (loss) from operations 7,919 (6,649 ) Other income (expense): Interest expense (500 ) (490 ) Other income (expense) 495 (20 ) Total other expense (5 ) (510 ) Income (loss) before provision for income taxes 7,914 (7,159 ) Income tax (provision) benefit (885 ) 1,021 Net income (loss) $ 7,029 $ (6,138 ) Earnings (loss) per share attributable to stockholders: Basic earnings (loss) per share $ 0.25 $ (0.22 ) Diluted earnings (loss) per share $ 0.24 $ (0.22 )
ZAGG INC AND SUBSIDIARIES RECONCILIATION OF NON-U.S. GAAP FINANCIAL INFORMATION TO U.S. GAAP (in thousands) (Unaudited) Unaudited Supplemental Data The following information is not a financial measure under generally accepted accounting principles (GAAP). In addition, it should not be construed as an alternative to any other measures of performance determined in accordance with GAAP, or as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities as there may be significant factors or trends that it fails to address. We present this financial information because we believe that it is helpful to some investors as a measure of our operations. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions; accordingly, its use can make it difficult to compare our results with our results from other reporting periods and with the results of other companies. Three Months Ended Adjusted EBITDA Reconciliation March 31, 2018 March 31, 2017 Net income (loss) in accordance with U.S. GAAP $ 7,029 $ (6,138 ) Adjustments: a. Stock-based compensation expense 601 670 b. Depreciation and amortization 5,030 5,781 c. Impairment of intangible assets — 1,959 d. Other income (expense) 5 510 e. mophie transaction expenses — 215 f. mophie restructuring charges — 414 g. mophie employee retention bonus — 300 h. Income tax provision (benefit) 885 (1,021 ) Adjusted EBITDA $ 13,550 $ 2,690 Years Ended Actual Guidance* Adjusted EBITDA Reconciliation December 31, 2017 December 31, 2018 Net income (loss) in accordance with U.S. GAAP $ 15,100 $ 40,200 Adjustments: a. Stock-based compensation expense 3,602 3,667 b. Depreciation and amortization 21,888 18,358 c. Impairment of intangible assets 1,959 — d. Other expense 1,383 1,375 e. mophie restructuring charges 437 — f. mophie employee retention bonus 346 — g. Income tax provision 28,252 14,900 Adjusted EBITDA $ 72,967 $ 78,500 *Midpoint of 2018 guidance
Source:ZAGG Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-zagg-reports-record-first-quarter-2018-results.html |
May 22, 2018 / 1:03 PM / in 18 minutes Germany says up to U.S. to avoid damaging trade row escalation Reuters Staff 1 Min Read
BERLIN (Reuters) - The European Union has reached out to the United States to talk about strengthening free and fair trade within the framework of the World Trade Organisation and it is up to Washington to respond, Germany’s economy minister said on Tuesday. FILE PHOTO: German Economic Minister Peter Altmaier delivers a statement regarding the Trump Administration's steel and aluminum tariffs outside of the White House in Washington, U.S., March 19, 2018. REUTERS/ Leah Millis
“It is now up to the United States to grab our hand and avoid an escalation that would hurt everyone,” Peter Altmaier said in a statement, adding that the EU was ready to talk about market access for industrial goods and energy issues. Writing by Paul Carrel; Editing by Michelle Martin | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-germany/germany-says-up-to-u-s-to-avoid-damaging-trade-row-escalation-idUSKCN1IN1MD |
May 17 (Reuters) - KKR & Co LP:
* KKR APPOINTS JOHN PATTAR AS MEMBER AND HEAD OF ASIA PACIFIC REAL ESTATE
* PATTAR JOINS KKR FROM CLSA CAPITAL PARTNERS IN HONG KONG, WHERE HE WAS CEO OF CLSA REAL ESTATE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kkr-appoints-john-pattar-as-member/brief-kkr-appoints-john-pattar-as-member-and-head-of-asia-pacific-real-estate-idUSASC0A2PY |
May 21, 2018 / 3:10 PM / Updated an hour ago Zimbabwe sets new date for Mugabe hearing, doubts over his appearance Reuters Staff 2 Min Read
HARARE (Reuters) - Zimbabwe’s parliament said on Monday that former President Robert Mugabe was scheduled to answer questions this week related to diamond mining operations during his tenure, but an official said senior ruling party politicians opposed this. FILE PHOTO: President Robert Mugabe addressed supporters of his ruling ZANU party at a rally in Chinhoyi, Zimbabwe, July 29, 2017. REUTERS/Philimon Bulawayo/File Photo
Mugabe was originally scheduled to appear before the mines committee on May 9, which would have been his first public appearance since he was ousted in November, but the invitation letter had never been sent.
Parliament wants the 94-year-old to give evidence over his 2016 declarations that the state had been deprived by mining companies of at least $15 billion in diamond revenue.
A parliament notice said Mugabe would answer questions on Wednesday, subject to confirmation. It did not elaborate.
Temba Mliswa, the mines committee chairman said parliament had written the letter and Mugabe had received it. He had not, however, confirmed his attendance.
Mliswa said there were also suggestions that Mugabe could perhaps give evidence at his house or in camera, away from the public eye, but this had not been finalised.
But a parliament official privy to the issue said it was unlikely Mugabe would appear before the committee because this was opposed by some influential ruling ZANU-PF politicians.
“They are saying they do not want their old man to be embarrassed especially by the opposition members of parliament. It will not happen,” said the official, declining to be named because he is not allowed to speak to the press. Reporting by MacDonald Dzirutwe; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-zimbabwe-mugabe/zimbabwe-sets-new-date-for-mugabe-hearing-doubts-over-his-appearance-idUKKCN1IM1OM |
The Rolling Stones' guitarist Keith Richards has called for the U.S. to "get rid of" President Donald Trump.
The British musician, who has lived in Connecticut for decades, recalled Tuesday that the last time he became angry was in 1989 — in a row concerning Trump when the band was on the road for its "Steel Wheels" tour.
"(Donald Trump) was the promoter for us in Atlantic City and we got to Atlantic City and (it was billed as) Donald Trump presents… the Rolling Stones (was written) in miniature," he told BBC Radio 4's "Today" program.
"We never have much to do with promoters but this one got me. That was the last time I got angry, I pulled out my trusty blade and stuck it in the table and said: 'You've got to get rid of this man.'"
Now, it's the U.S. that has the problem, Richards suggested. "Now America has to get rid of him. Don't say I didn't warn you," he added.
show chapters Rock ‘n’ roll legend selling NYC penthouse for $11 million 10:45 AM ET Thu, 21 Dec 2017 | 01:13 Richards has previously voiced his opinion on Trump, before he was elected, telling Rolling Stone magazine in 2015 : "Can you imagine President Trump? The worst nightmare. But we can't say that. Because it could happen."
Trump used the Stones' track "You Can't Always Get What You Want" during his 2016 election campaign, which frontman Mick Jagger said Tuesday was a strange choice.
"He used it on everything. He used it on every rally through the election campaign. I wasn't the DJ obviously, but if I was Donald's DJ… it's a funny song for your play-out song. When he finished the speech, he played this out, this sort of doomy ballad about drugs in Chelsea," he told the BBC.
"It's kind of weird if you think about it, but he couldn't be persuaded to use something else, it was an odd thing, very odd."
Jagger, who was speaking ahead of the U.K. leg of the band's "No Filter" tour, also raised concerns about Brexit.
"I'm not really happy about the status quo," he said. "In the U.K., I think we're going through a particularly difficult moment and it's very hard to understand all the difficulties we're having with Brexit and everything… The current government seems to be having a very hard time to navigate through it."
"I know it's a complex problem, but everyone would like to see a fast resolution and a united front and some leadership that's united rather than split," he added. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/rolling-stone-keith-richards-america-has-to-get-rid-of-donald-trump.html |
VANCOUVER, British Columbia, May 09, 2018 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) today reported net income of $13.8 million, EPS of $0.09, and Adjusted EBITDA of $31.8 million in the first quarter of 2018.
Cash provided by operating activities
Jorge A. Ganoza, President, CEO and Director, commented, “We are pleased with our results for the first quarter which provide a good start to 2018 with all our key operating and financial indicators reflecting the strength of our assets.” Mr. Ganoza added, “The Company achieved record silver and gold production along with industry leading margins and cash flow generation.” Mr. Ganoza concluded, “Fortuna´s business strength and liquidity will provide the necessary flexibility to meet funding requirements for the development of the Lindero Project.”
First quarter consolidated financial highlights:
Sales of $70.4 million compared to $64.8 million in Q1 2017 Net income of $13.8 million compared to $13.0 million in Q1 2017 EPS of $0.09 compared to $0.08 in Q1 2017 Cash flow from operations of $20.1 million and Adjusted EBITDA of $31.8 million compared to $8.9 million and $30.2 million in Q1 2017 Cash position, including short term investments, as at March 31, 2018 was $217.3 million Silver and gold production of 2,401,458 and 15,041 ounces, respectively AISC (1) per ounce of payable silver was $2.11
(1) All-in sustaining cash cost is net of by-product credits for gold, lead and zinc
First quarter consolidated financial results
Consolidated Metrics Q1 2018 Q1 2017 % Change Financial (Expressed in $ millions except per share information) Sales $ 70.4 $ 64.8 9 % Mine operating income 31.3 27.2 15 % Operating income 22.4 19.6 14 % Net income 13.8 13.0 6 % Earnings per share (basic) 0.09 0.08 13 % Earnings per share (diluted) 0.09 0.08 13 % Adjusted net income 13.0 14.0 -7 % Adjusted EBITDA 31.8 30.2 5 % Cash provided by operating activities 20.1 8.9 126 % Cash generated by operating activities before changes in working capital 15.2 15.6 -3 % Capex (sustaining) 4.1 5.1 -19 % Capex (non-sustaining) 4.9 1.9 157 % Capex (Brownfield) 2.3 2.7 -17 % AISC 1 2.1 6.1 -65 % Mar 31, 2018 Dec 31, 2017 % Change Cash, cash equivalents, and short-term investments $ 217.3 $ 212.6 2 % Total assets $ 707.5 $ 706.6 0 % Non-current bank loan $ 39.6 $ 39.9 -1 % Net income for the three months ended March 31, 2018 was $13.8 million or $0.09 per share compared to $13.0 million or $0.08 per share for the comparable quarter in 2017. Higher sales of 9% over the comparable quarter resulted in turn in higher operating income of 14% which was partially offset at the net income level by a higher income tax expense. The effective tax rate for the first quarter 2018 was 38% compared to 26% for the same quarter in 2017. The low effective tax rate in 2017 was due to a high inflation rate and a strong Mexican Peso against the US dollar in Q1 2017 which have a positive impact on our Mexican operation, and lowered the income tax expense.
Adjusted net income was $13.0 million compared to $14.0 million in 2017, a decrease of $1.0 million after adjusting for unrealized gains on lead and zinc derivative contracts.
Silver and gold sold were 7% and 9% lower than actual metal produced reflecting higher concentrate inventory at the end of the first quarter associated with a change in our sales contract at the San Jose mine in the first quarter which involves a shift from local delivery of the concentrates to export of concentrate. This increased our concentrate inventory 618 tonnes with an estimated value of $4.1 million. The delay in the recognition of this sale would have contributed approximately $2.7 million to pre-tax earnings or $0.01 per share after tax.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/ea037562-3817-4597-a0fe-b8f60f97c76a
Adjusted EBITDA in the first quarter of 2018 increased $1.6 million over the prior year to $31.8 million as higher sales of $5.6 million over the comparable period in 2017 were partially offset by increases of $1.5 million in mine operating costs, $0.8 million in mine selling, general and administration costs, $1.3 million in share-based payment expense and $1.0 million in realized losses from commodity derivative contracts.
Cash provided by operating activities was $20.1 million or 126% higher than the $8.9 million for the same period in 2017.
As at March 31, 2018, the Company had cash and short-term investments of $217.3 million (December 31, 2017: $212.6 million). On January 26, 2018 the Company closed an amendment to its existing credit facility with Scotiabank to expand the facility from $40.0 million to $120.0 million. This takes our total sources of liquidity as at the end of the quarter to over $290.0 million which along with the current rate of free cash flow generated from our existing operations should provide sufficient liquidity to meet our funding needs during the construction of the Lindero project.
San Jose Mine, Mexico
Three months ended March 31,
Mine Production 2018 2017 Tonnes milled 258,204 267,268 Average tonnes milled per day 3,011 3,108 Silver Grade (g/t) 284 226 Recovery (%) 93 92 Production (oz) 2,185,913 1,792,967 Metal sold (oz) 2,011,260 1,779,203 Realized price ($/oz) 16.65 17.46 Gold Grade (g/t) 1.94 1.67 Recovery (%) 92 91 Production (oz) 14,882 13,116 Metal sold (oz) 13,748 13,040 Realized price ($/oz) 1,329 1,220 Unit Costs Production cash cost ($/oz Ag) 1 -0.33 1.34 Production cash cost ($/t) 65.26 56.85 Unit Net Smelter Return ($/t) 203.81 161.75 All-in sustaining cash cost ($/oz Ag) 1 4.03 6.60 1 Net of by-product credits from gold The San Jose Mine produced 2,185,913 ounces of silver and 14,882 ounces of gold in the first quarter of 2018 which were 22% and 13% above the comparable period in 2017. Average head grades for silver and gold were 284 g/t and 1.94 g/t which were 25% and 16% higher than the comparable period in 2017.
Cash cost per tonne of processed ore was $65.3, or 15% above the $56.9 cash cost for the comparable quarter in 2017 and 7% above annual guidance of $61.2. The higher cost compared to guidance was due to one-time items related to the operations of the dry stack tailings facility ($3.4/tonne), higher transportation costs due to increased shipments ($2.4/tonne) and faster execution of community relations program ($1.5/tonne). Cash cost per tonne for the remainder of the year is expected to be in line with guidance.
All-in sustaining cash cost per payable ounce of silver, net of by-product credits, was $4.0 for first quarter of 2018 and was below the annual guidance of $6.6 as a result of lower execution on sustaining capital and improvements in concentrate commercial terms.
Caylloma Mine, Peru
Three months ended March 31,
Mine Production 2018 2017 Tonnes milled 129,620 129,369 Average tonnes milled per day 1,473 1,470 Silver Grade (g/t) 61 68 Recovery (%) 84 85 Production (oz) 215,545 240,224 Metal sold (oz) 220,290 236,068 Realized price ($/oz) 16.79 17.33 Lead Grade (%) 2.72 2.76 Recovery (%) 91 92 Production (000's lbs) 7,040 7,211 Metal sold (000's lbs) 7,269 7,037 Realized price ($/lb) 1.14 1.03 Zinc Grade (%) 4.31 4.17 Recovery (%) 90 91 Production (000's lbs) 11,028 10,816 Metal sold (000's lbs) 11,078 10,702 Realized price ($/lb) 1.55 1.26 Unit Costs Production cash cost ($/oz Ag) 1 (54.08 ) (31.54 ) Production cash cost ($/t) 78.68 73.30 Unit Net Smelter Return ($/t) 190.33 158.92 All-in sustaining cash cost ($/oz Ag) 1 (31.36 ) (11.97 ) 1 Net of by-product credits from gold, lead and zinc Quarterly Results
The Caylloma Mine produced 7.0 million pounds of lead and 11.0 million pounds of zinc which were 2% below and 2% above the comparable quarter in 2017. Average head grades for lead and zinc were 2.72% and 4.31%. Silver production was 215,545 ounces which was 10% lower than the comparable period in 2017 and average silver head grade was 10% lower than in 2017. Metallurgical recovery was 84% or 1% lower than in 2017.
Cash cost per tonne of processed ore for the first quarter of 2018 was $78.7, which was 7% higher than the $73.3 cash cost for the comparable quarter in 2017 and 3% below annual guidance of $81.3.
All-in sustaining cash cost per payable ounce of silver, net of by-product credits, was a negative $31.4 for the first quarter 2018 which was significantly below the annual guidance of a negative $5.2 as a result of higher by-product credits.
Reconciliation to Adjusted Net Income
Q1 2018 Adjustments Q1 2018
adjusted Q1 2017 Adjustments Q1 2017
adjusted Sales 70.4 70.4 64.8 64.8 Cost of sales 39.1 39.1 37.7 37.7 Mine operating income 31.3 - 31.3 27.2 - 27.2 Selling, general and administration 6.9 6.9 5.3 5.3 Exploration and evaluation 0.1 0.1 0.1 0.1 Share of loss of equity-accounted investee (0.2 ) 0.2 - 0.1 (0.1 ) - Foreign exchange loss (gain) 2.2 2.2 2.1 2.1 Operating Income 22.3 (0.2 ) 22.1 19.6 0.1 19.7 Interest income (0.6 ) (0.6 ) (0.3 ) (0.3 ) Interest expense 0.5 0.5 0.5 0.5 Other finance items 0.4 (0.4 ) - - - Accretion of provisions 0.2 0.2 0.2 0.2 (Gain) loss on financial assets and liabilities carried at fair value (0.4 ) 1.4 1.0 1.6 (0.6 ) 1.0 Income before taxes 22.3 (1.2 ) 21.1 17.6 0.7 18.3 Current income tax expense 9.7 (0.4 ) 9.3 8.0 (0.3 ) 7.7 Deferred income tax recovery (1.2 ) (1.2 ) (3.4 ) (3.4 ) Net income for the year 13.8 (0.8 ) 13.0 13.0 1.0 14.0 EPS 0.09 (0.00 ) 0.09 0.08 0.00 0.08 The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at https://www.fortunasilver.com/investors/financials/2018/ .
Conference call to review first quarter 2018 financial and operational results
A conference call to discuss first quarter 2018 financial and operational results will be held on Thursday, May 10, 2018 at 9:00 a.m. Pacific | 12:00 p.m. Eastern. Hosting the call will be Jorge A. Ganoza, President and CEO, and Luis D. Ganoza, Chief Financial Officer.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: http://www.investorcalendar.com/IC/CEPage.asp?ID=176642 or over the phone by dialing just prior to the starting time.
Conference call details:
Date: Thursday, May 10, 2018
Time: 9:00 a.m. Pacific | 12:00 p.m. Eastern
Dial in number (Toll Free): +1.877.407.8035
Dial in number (International): +1.201.689.8035
Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay Passcode: 10450
Playback of the conference call will be available until May 24, 2018 at 11:59 p.m. Eastern. Playback of the webcast will be available until August 10, 2018. In addition, a transcript of the call will be archived in the company’s website: https://www.fortunasilver.com/investors/financials/2018/ .
About Fortuna Silver Mines Inc.
Fortuna is a growth oriented, precious metal producer focused on mining opportunities in Latin America. The Company’s primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project in Argentina. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas.
ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
Trading symbols: NYSE: FSM | TSX: FVI
Investor Relations:
Carlos Baca- T (Peru): +51.1.616.6060, ext. 0
Forward Looking Statements
This news release contains forward looking statements which constitute “forward looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward looking Statements”). All statements included herein, other than statements of historical fact, are Forward Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward Looking Statements. The Forward Looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; and proposed expenditures. Often, but not always, these Forward Looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward Looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward Looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the Company’s plans for its mines and mineral properties; mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward Looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward Looking Statements.
This news release also refers to non-GAAP financial measures, such as cash cost per tonne of processed ore; cash cost per payable ounce of silver; total production cost per tonne; all-in sustaining cash cost; all-in cash cost; adjusted net (loss) income; operating cash flow per share before changes in working capital, income taxes, and interest income; and adjusted EBITDA. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.
Source:Fortuna Silver Mines Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-fortuna-reports-consolidated-financial-results-for-the-first-quarter-2018.html |
Sell in May and go away? 6 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/sell-in-may-and-go-away.html |
(Peter Apps is Reuters global affairs columnist, writing on international affairs, globalization, conflict and other issues. He is founder and executive director of the Project for Study of the 21st Century; PS21, a non-national, non-partisan, non-ideological think tank. Before that, he spent 12 years as a reporter for Reuters covering defense, political risk and emerging markets. Since 2016, he has been a member of the British Army Reserve and the UK Labour Party.)
By Peter Apps
May 30 (Reuters) - Over the last two weeks, every household in Sweden received a booklet of instructions on how to prepare for war. Issued by the government and including instructions for every Swedish resident to resist an invader by all means necessary, it was a dramatic sign of just how quickly the recently unthinkable has become something Europe’s Nordic governments in particular feel they must address.
“For many years, the preparations made in Sweden for the threat of war and war have been very limited,” says the Swedish brochure. “However, as the world around us has changed, the Government has decided to strengthen Sweden’s total defense… The level of preparedness for peacetime emergencies is an important basis of our resilience in the event of war.”
For most of the continent, Russian President Vladimir Putin’s annexation of Crimea and war in Ukraine four years ago was seen as a wake-up call, but not a potentially existential threat. Countries like Germany, Britain and France have reconsidered their defense postures, often also lightly increasing military spending. By and large, however, even within their security establishments, few see a genuine imminent risk of overwhelming Russian conventional military attack on their homelands. Moscow’s military might be at its most active since the Cold War, but its tanks and troops remain a comfortingly long way away.
That clearly isn’t the case in the Nordics, much closer geographically to Russia. Norway has appointed a senior special forces officer to lead its Home Guard, a territorial defense force separate from the mainstream military and specifically intended to fight any invader. Finland has reorganized its military, forming its troops into larger companies to allow them to better handle the large number of casualties expected in any attack. Both countries have long had conscription for able-bodied young men – and now theoretically neutral Sweden is also reintroducing National Service for both men and women.
It’s a dramatic change from only a handful of years ago, when Nordic militaries were much more focused on humanitarian and counterterrorism interventions overseas, including UN peacekeeping.
Neither Norway, Sweden nor Finland could hold a Russian invasion at the border. To varying degrees, their strategy presumably would be to cede much of the country to invaders – then fight back with hit and run attacks, and gradually bleed them to death.
It is not that any of those countries think war is truly imminent – although one of Norway’s most popular recent TV shows, Occupied, revolves around a Russian invasion, a clear sign of how perceived risks have changed. Rather than launching an overwhelming military strike, most European security analysts expect Moscow to continue its current more asymmetric tactics, supporting extremist political parties, conducting periodic cyber attacks and other forms of disruption.
For NATO, a much greater focus is on defending the Baltic states of Estonia, Latvia and Lithuania, once part of the Soviet Union and seen as much more likely targets of Russian aggression, not least because of their geographic proximity and significant Russian-speaking populations. German, Canadian and British-led battle groups are now based in those countries, joined this month by a hefty U.S. and wider European military presence as part of major military exercises.
The Nordic states, too, hope they would not be facing any assault alone. Norway is a long-standing member of NATO, and while Sweden and Finland are not they are now discussing membership and have dramatically increased military and other ties to the alliance. All three nations are also members of the Joint Expeditionary Force, a UK-led group of Nordic, Baltic and northern European nations that could operate militarily separate to the NATO alliance.
What their preparations at home point to, however, is the largely unspoken nervousness amongst the Nordic and Baltic nations that those arrangements might not prove reliable. Such worries inevitably intensified with the election of U.S. President Donald Trump, as well as the rise of far-right parties in Germany, France and elsewhere. The Nordics’ real fear is that sometime in the not-too-distant future – perhaps in the next decade – the European and transatlantic structures they have long relied on could collapse.
“The purpose of a military is simply national survival,” one senior Nordic officer told me last year, making it clear that while it relied on allies, it would fight for itself alone if it had to.
Russia clearly isn’t the only danger to be worried about – the Swedish leaflet also explicitly refers to terror attacks as a danger, and refers throughout to the risks of unspecified “crisis” as well as war. But it’s apparent from the document what worries the Swedish authorities most – an overwhelming attack, coupled with a powerful foreign misinformation campaign that tells the populace the war is over and lost before it even starts.
The Swedish leaflet states explicitly that any messages of surrender after any invasion should be ignored. “If Sweden is attacked by another country, we will never give up,” says the brochure. “All information to the effect that resistance is to cease is false.” For all the criticism of the leaflet and accusations of scaremongering, that is clearly a message the Swedish authorities want to get through. The leaflet has been translated into Arabic, Somali, and a host of other languages to reach recently arrived migrants, and those communities will also find their young men and women conscripted into the armed forces.
While much of the leaflet’s tone is reassuringly bland, the underlying message is unmistakable. In the event of attack, everyone in the country is expected to do exactly as they are told – whether that’s helping provide medical and other support, or fighting and dying.
It’s an unexpected throwback to the dark days of the 1940s, when Finnish and Norwegian resistance fighters battled Soviet and Nazi occupations and neutral Sweden feared both. But it’s also an alarming reminder that in this most liberal, progressive and peaceful corner of Europe, those in charge now fear an era of gloom could return. (By Peter Apps)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/apps-sweden/column-why-neutral-peaceful-sweden-is-preparing-for-war-idUSL2N1T122X |
May 8 (Reuters) - XNOR.AI :
* XNOR.AI SAYS CLOSE OF ITS $12 MILLION SERIES A FINANCING LED BY MADRONA VENTURE GROUP Source text for Eikon: Further company coverage: [ ]
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xnorai-closes-12-million-series-a/brief-xnor-ai-closes-12-million-series-a-financing-idUSFWN1SF12B |
GDP outlook Bill Gross has an idea that he predicts could earn a high rate of return Bond guru Bill Gross has an "arbitrage type of idea," one that is looking to take advantage of certain deals in the works. "I'd go convertible equity in terms of these situations to earn a high rate of return with a little bit more risk," he says. 1 Hour Ago | 05:51
With bonds in what he calls a mild bear market, influential investor Bill Gross has a different theory on where to find opportunity these days.
He calls it an " arbitrage type of idea," one that is looking to take advantage of certain deals in the works. Arbitrage is a tactic that takes advantage of price differences to make profits.
For one, Time Warner can offer investors a 5 to 15 percent return if the deal to be bought by AT&T "goes the right away," the Janus Henderson bond fund portfolio manager said Wednesday on CNBC's " Power Lunch ."
The fate of that $85 billion deal is now in the hands of a judge after the Justice Department sued to block the merger. A decision is expected in several weeks. He also thinks investors have the potential to get a 5 to 10 percent type of return on Monsanto , and Aetna "offers even more."
Bayer is trying to wrap up its pending $62.5 million acquisition of Monsanto , while CVS Health agreed in December to acquire Aetna for $69 billion .
"I'd go convertible equity in terms of these situations to earn a high rate of return with a little bit more risk, obviously."
Meanwhile, he said there is "very little incentive" to invest in the bond market, particularly long-term Treasurys. That's because the 2-year and 5-year Treasury yields aren't much lower than the 10-year benchmark. And those longer-term notes are more volatile, he pointed out. Plus, the bond market is down about 2.5 percent on average for the year, Gross said. "I would characterize it as a hibernating bear market. One in which the bear is sort of growling but waking up, but not really the grizzly that we know at noontime," he said. "I would go in other directions." Fed moves
When it comes to the Federal Reserve , Gross predicts another rate rise in June and then maybe one or two more hikes thereafter this year.
"I would expect for the balance of the year in 2018 for maybe an average 30 or 40 basis point hike and not much move in terms of the 10-year," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/bill-gross-has-an-idea-that-he-predicts-could-earn-a-high-rate-of-return.html |
KANDAHAR, Afghanistan (Reuters) - Unidentified gunmen killed five mine-clearance workers in Afghanistan on Monday who were preparing for construction of an international gas pipeline, while one worker was kidnapped, officials said.
The $8 billion TAPI pipeline, intended to transport some 33 billion cubic meters of natural gas a year along an 1,800 km route from Turkmenistan through Afghanistan to Pakistan and India, is seen as vital for the future of Afghanistan’s economy.
Daoud Ahmadi, a spokesman for the governor of Kandahar province, said the demining team was working in the southern province’s Maiwand district when attacked early on Monday.
“The victims had told the district governor and district police that they had no problem with Taliban so they would not need any protection,” he said.
The route of the Turkmenistan, Afghanistan, Pakistan, India (TAPI) pipeline passes through large areas under Taliban control or influence.
But when the Afghan section of the project was launched this year, the Taliban said they would cooperate because of its importance for the country.
However, construction work will still have to pass through lawless areas of southern Afghanistan where armed groups with shifting loyalties operate and security is highly uncertain.
A Taliban spokesman said the incident was being investigated and said the victims were not wearing the usual uniform worn by TAPI workers.
Reporting by Sarwar Amani and Qadir Sediqi in KABUL; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-tapi/five-working-to-clear-way-for-gas-pipeline-killed-in-afghanistan-idUSKCN1IM0TD |
RENO, Nev., May 17, 2018 /PRNewswire/ -- AMERCO (Nasdaq: UHAL), the parent company of U-Haul International Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, plans to report its fourth quarter fiscal 2018 financial results after the close of market trading on Wednesday, May 30, 2018. The Company is scheduled to conduct its fourth quarter investor conference call and webcast at 8 a.m. Arizona Time (11 a.m. ET) on Thursday, May 31, 2018.
Listen via the Internet: https://www.webcaster4.com/Webcast/Page/415/25934
If you are unable to participate during the live webcast, the call will be archived at www.amerco.com .
About AMERCO
AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment.
About U-Haul
Founded in 1945, U-Haul is the industry leader in do-it-yourself moving and self-storage with more than 21,000 locations across the U.S. and Canada. U-Haul customers' patronage has enabled the Company to maintain the largest rental fleet of trucks, trailers and towing devices in the do-it-yourself moving industry. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. The Company supplies alternative-fuel for vehicles and backyard barbecues as one of the nation's largest retailers of propane.
U-Haul was founded by a Navy veteran and his wife who both grew up during the Great Depression. Tires and gas were still rationed or in short supply during the late 1940s when U-Haul began serving U.S. customers. Today, that background is central to the U-Haul Sustainability Program:
Serving the needs of the present without compromising the ability of future generations to meet their own needs. Our commitment to reduce, reuse and recycle includes fuel-efficient moving vans, neighborhood proximity, moving box reuse, moving pads made from discarded material and packing peanuts that are 100% biodegradable. Learn more about these facts and others at uhaul.com/sustainability .
View original content: http://www.prnewswire.com/news-releases/amerco-schedules-fourth-quarter-fiscal-year-end-2018-financial-results-release-and-investor-webcast-300650106.html
SOURCE AMERCO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-amerco-schedules-fourth-quarter-fiscal-year-end-2018-financial-results-release-and-investor-webcast.html |
May 14 (Reuters) - Global oil supplies are plentiful enough to withstand a "significant reduction" in petroleum exports from Iran, according to a White House memo issued on Monday as the Trump administration prepares to reimpose sanctions on the OPEC member nation.
The memo, sent by the White House to the U.S. State Department, paves the way for U.S. efforts to curb Iranian oil exports after Washington's decision to pull out of the 2015 deal between Iran and six world powers curbing Tehran's nuclear program.
It said there is a "sufficient supply of petroleum and petroleum products from countries other than Iran to permit a significant reduction in the volume of petroleum and petroleum products purchased from Iran by or through foreign financial institutions."
Prices for oil traded in London jumped to multi-year highs above $78 a barrel on Monday after U.S. President Donald Trump announced last week that Washington would reimpose the sanctions on Iran.
The sanctions are aimed at forcing companies and countries around the world to reduce oil imports from the Islamic Republic.
The Trump administration has not specified how much oil it expected importers to cut, but in 2012 the administration of former President Barack Obama pushed countries to reduce imports about 18 percent to 20 percent.
Sanctions on Iran's oil exports are due to take effect after Nov. 4, allowing companies to wind down their purchases.
Under the sanctions law passed in 2011, the U.S. Energy Information Administration, the independent statistics arm of the Department of Energy, must issue reports to Congress on global oil production in countries other than Iran every two months.
The most recent EIA study, included in the agency's short-term energy outlook, showed that global production of oil outside Iran averaged 92.4 million barrels per day from February to March, compared to 91.0 million bpd from 2015 to 2017. Consumption of oil outside Iran was higher, however, averaging 96.4 million bpd compared to 93 million bpd from 2015 to 2017. ( https://bit.ly/2jVVhQr ) (Reporting by Timothy Gardner; Writing by Richard Valdmanis; Editing by Richard Chang) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-global-oil-supplies-robust-enough-to-cut-irans-exports-trump-memo.html |
May 1, 2018 / 7:38 AM / Updated 11 minutes ago Cricket-Watson and Bailey to join captains in Australia review Reuters Staff 4 Min Read
MELBOURNE, May 1 (Reuters) - Former test players Shane Watson and George Bailey will join Australia captains Tim Paine and Rachael Haynes on a panel tasked with drafting a charter of behaviour in the wake of the ball-tampering scandal in South Africa, Cricket Australia said on Tuesday.
The player review, to be overseen by former test opener Rick McCosker, would also include fast bowler Pat Cummins and Darren Lehmann’s replacement as coach of the men’s team, CA said.
The team’s culture has been under the microscope since batsman Cameron Bancroft was spotted by cameras trying to scuff up the ball with a piece of sandpaper during the third test against South Africa in Cape Town.
The scandal saw then-captain Steve Smith and his deputy David Warner banned for a year, with Bancroft suspended for nine months.
Lehmann, who was appointed in 2013, was cleared of wrongdoing by CA but resigned as coach in March more than 12 months before his contract was up.
CA have also appointed Dr Simon Longstaff, executive director of the Sydney-based Ethics Centre, to lead a separate independent review into the governing body.
The Ethics Centre led a review into the culture at the Australian Olympic Committee last year after multiple allegations of bullying rocked the organisation.
“We understand and share the disappointment of fans and the broader Australian community about these events (in South Africa),” CA chairman David Peever said in a statement.
“The board is determined to do all we can to prevent such events from ever happening again.
“The reviews will commence immediately, and we fully anticipate being able to begin implementing findings before the start of the 2018-19 cricket season.” PERSONAL REDEMPTION
The Australian Cricketers’ Association, which fought a bitter campaign with CA over a new pay deal for players last year, said it welcomed an investigation into CA’s culture and governance.
But the players’ union complained it was not invited to co-chair the independent review. It also said it had a number of concerns over the transparency of the review process and whether players would be held to higher standards than those set out by the International Cricket Council.
“We are concerned that our players may be subject to conditions which could be different from those that apply to players from other countries against which they play,” ACA president Greg Dyer said in a statement.
“Changes to player behaviour, expectations or sanctions must be aligned with those which would be handed down to players on both sides of international cricket matches.”
Australia’s players have long prided themselves on playing aggressive cricket and often spoken of “pushing the line” of acceptable behaviour.
Former players and pundits, however, have criticised the team for relentless sledging of opponents and other boorish conduct on field.
CA CEO James Sutherland, who has led the governing body since 2001, has faced calls to step down from his role for failing to improve the team’s standards of behaviour as the Australian public has grown increasingly uncomfortable with their conduct on the field.
“I haven’t thought about (resigning as CEO) and I really see the responsibility I have to push through this and deal with the situation,” he told local radio station SEN on Tuesday.
“This is an opportunity for the game to get better and it will be better through this.”
Sutherland also said that Warner, Smith and Bancroft could “absolutely” win their places back on the Australian team once they had done their time.
“I think everyone deserves their chance and their own personal redemption story is very much in their own hands now,” he added. Reporting by Ian Ransom; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-australia-review/cricket-watson-and-bailey-to-join-captains-in-australia-review-idUKL3N1S81KU |
May 9, 2018 / 10:36 AM / in 6 minutes BRIEF-Jounce Therapeutics Reports Q1 Loss Per Share Of $0.40 Reuters Staff
May 9 (Reuters) - Jounce Therapeutics Inc:
* JOUNCE THERAPEUTICS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 LOSS PER SHARE $0.40
* Q1 EARNINGS PER SHARE VIEW $-0.31 — THOMSON REUTERS I/B/E/S * Q1 REVENUE VIEW $15.1 MILLION — THOMSON REUTERS I/B/E/S
* CONTINUES TO EXPECT CASH BURN ON OPERATING EXPENSES, CAPEX FOR 2018 TO BE APPROXIMATELY $80.0 MILLION TO $100.0 MILLION
* EXPECTS TO RECORD APPROXIMATELY $50.0 MILLION TO $60.0 MILLION IN COLLABORATION REVENUE IN 2018
* EXPECTS EXISTING CASH, CASH EQUIVALENTS, INVESTMENTS TO BE SUFFICIENT TO FUND REQUIREMENTS FOR AT LEAST NEXT 24 MONTHS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jounce-therapeutics-reports-q1-los/brief-jounce-therapeutics-reports-q1-loss-per-share-of-0-40-idUSASC0A0VP |
Gone are the days of triple play's phone, internet and TV packages. Today, it's all about quadruple play, and T-Mobile COO Mike Sievert said the proposed merger with Sprint will help the combined company get there.
"So T-Mobile is in the position as a new T-Mobile to be able to offer a quad play, if that's what the market wants," Sievert said on a call with investors.
Quadruple play, or "quad play," is the concept of bundling phone, wireless, entertainment and broadband internet services together in one bill under one provider. Last year, T-Mobile acquired Layer 3 TV, with the aspiration of breaking into television.
"Those [TV] aspirations obviously get ratcheted up in the context of bringing together Sprint and T-Mobile, because now you have a network where you can provide this all this IPTV [internet streaming] service not just through their home broadband connection or onto their smartphone, but through a wireless alternative to their home broadband as well," Seivert said.
Although quadruple bundling is popular in Europe, it hasn't quite taken off in the U.S. And Sprint already had one failed quad play attempt. In 2005, the company worked with Comcast and Time Warner Cable to offer combined cable and wireless services. The cable companies pulled out in 2008.
In addition to quadruple pay, T-Mobile executives hammered home the narrative that Sprint and T-Mobile would work together to compete with Verizon and AT&T on 5G.
T-Mobile executives insist the 5G era will end the competitive advantage providers, like Verizon, have long had and promote increased network hopping.
"I think this new company, the new T-Mobile, has a chance to create a new kind of network-based competition that could drive switching again. And we intend to be a very fierce competitor on value, on price and our network," Sievert said.
Having spent all day discussing the proposed merger with regulators in Washington D.C., CEO John Legere said he felt "confident in the transaction."
Thompson Reuters contributed to this post. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/sprint-deal-could-help-t-mobile-offer-quad-play-executives-say.html |
In at least one thing, in its present time of troubles, the United Kingdom remains pre-eminent. Queen Elizabeth II (92), is the longest-serving head in the world, both of a state and a royal family whose magnificence and capacity for display easily tops anything else in the West. Though far outranked in wealth by the Sultan of Brunei (71), and in both wealth and power by King Salman of Saudi Arabia (82), she has a firm base of popularity . Good for her; a problem for her successors.
Meghan Markle leaves Westminster Abbey after attending the Commonwealth Service in London, March 12, 2018. REUTERS/Kirsty Wigglesworth/Pool She seems to have no intention of abdicating in favor of her eldest son, Prince Charles. Yet, however she passes from the throne, Charles (69) will, if he survives her, become King Charles III. A 2014 play by that name showed a self-willed monarch seeking to defy a government proposing state control on the media. The government wins, Charles III resigns, his elder son William ascends the throne while Harry, his second son – who had fallen in love with a woman of republican views – gives her up. The House of Windsor, and democracy, are saved.
Prince Charles is indeed, in real life, self-willed, pressuring successive governments to get what he wants – especially in the preservation of traditional institutions. He is also, according to a biography by Tom Bower, obsessive, mean-minded, self-pitying and spendthrift (with public money). Not surprisingly, he is less popular than his mother. In the long estrangement and finally divorce between Charles and his wife, Diana Spencer, mother of William and Harry, the public overwhelmingly sympathized with Princess Diana. Charles’ second wife, Camilla Parker-Bowles, with whom he had an affair during his marriage to Diana, cannot escape from that scandal: she is even lower in the public esteem.
Prince William seems to be following the Queen's example: pleasant, bland, with three children and an attractive and popular wife, Kate, a “commoner” who embraces royal, smile-and-wave behavior with ease. The royal flaks and William himself have been emphatic that the palace will not jump a generation , bypassing father for son. But he is next in line after Charles, and is the likely future of British monarchy for the mid-21st century.
Britain's Queen Elizabeth and Prince Charles at the opening of Parliament in London, June 21, 2017. REUTERS/Stefan Rousseau/Pool And thus we come to Harry, properly His Royal Highness Prince Henry of Wales, whose marriage to the American actor Meghan Markle comes this weekend. The feared British tabloids, despite large circulation declines, remain as dedicated as ever to lavishing sugary devotion on the royals while at the same time spoiling their party. Meghan’s father, Thomas, was revealed by the Daily Mirror as posing for perfectly innocuous photographs (though for an alleged fee of up to £100,000 – about $135,000) of him being measured for morning dress and looking at photographs of his daughter on a computer screen. After, he said he would not, then he would, and most recently that he cannot come to the wedding – because he had heart surgery days ahead of the ceremony.
Meghan’s half-sister, Samantha, who hasn’t spoken to her for three years and apparently arranged for the pictures of her father to be taken, isn’t invited. Nor is her half-brother, also called Thomas, who wrote a letter to Harry saying he is making “the biggest mistake in royal wedding history.” This is a family, painted in delicate colors by Andrew Morton in a biography of Meghan , which contains volcanic quarrels, jealousies and stupidities – so she should be at home with the British royal family. The former tabloid editor Piers Morgan, foremost among the Diana worshippers, has produced a doom-laden account of the trouble the marriage is in even before the wedding, warning that “there may be trouble ahead…”
Flags adorn the street in front of Windsor Castle ahead of the wedding between Britain’s Prince Harry and Meghan Markle, May 18, 2018. REUTERS/Toby Melville Still, Union Jacks are strung across British streets this week, and photographs of the couple are displayed in shop windows. In a real estate office near my house, the cut-out faces of three royal couples – Harry and Meghan, William and Kate and the Queen and Duke of Edinburgh (but not Charles and Camilla) smile out among the offers for “stunning” apartments. A more upmarket realtor’s window, in Chelsea, has a picture of a pair of shoes with the caption “Hats Off to Meghan and Harry!”, and “Their dreams have come true, now let us help you in yours” – a witty piece of promotional opportunism.
What waits in their married life as dreams – as they tend to – fade? Seeking the advice of one of the numerous commentators on the royal family, I was told – with several injunctions that the source was not to be mentioned – that Meghan was smart, but Harry wasn’t. Yet both are, for different reasons, celebrities. Their common quest will be to explore the possibilities of this role, which will include an attempt to fit Meghan’s championing of the ideas and practices of contemporary feminism, anti-racism and high-profile charitable projects into royal life.
Harry has seemed to embrace these ideas too, at least after being criticized when, at the age of 20, he attended a costume party dressed as a wartime German Afrika Korps soldier with a swastika armband, but with less public enthusiasm for the radical celebrity agenda – a good posture for a British prince.
Thus the bride, more determined to see her beliefs play out in public, may take the effective lead. This could set up tension between the Harry family and the more conventional William family – with the former offering a modernized Diana approach of high-profile, edgy charitable appearances, and the latter attempting a re-run of Queen Elizabeth.
British royalty has been able to play the dignified and traditional card for decades. Now, more than 20 years after Diana’s death, it must take in to itself her “legacy” – the celebritization of the royal family – in a more radical form (through Meghan), but in the same spirit and in the same glitzy circles. The monarchy, even if Charles III is king, will be a center of competing approaches striving to find a way of living together and of preserving the rule of the House of Windsor.
About the Author John Lloyd co-founded the Reuters Institute for the Study of Journalism at the University of Oxford, where he is senior research fellow. Lloyd has written several books, including “Journalism in an Age of Terror” and “The Power and the Story.” He is also a contributing editor at the Financial Times and the founder of FT Magazine.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lloyd-royals-commentary/commentary-modern-meghan-radicalizes-the-royals-idUSKCN1IJ20Z |
How will higher oil prices affect you? 8 Hours Ago CNBC's Steve Liesman discusses the impact of higher oil prices on trade, the consumer and the economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/how-will-higher-oil-prices-affect-you.html |
TULSA, Okla.--(BUSINESS WIRE)-- WPX Energy (NYSE: WPX) announced today that it has priced its public offering of $500 million of its 5.750% Senior Notes due 2026. The notes were priced at 100.000% of par. The offering was upsized from the previously announced $400 million aggregate principal amount and is expected to close on May 23, 2018, subject to customary closing conditions.
The net proceeds from the offering will be approximately $493.7 million after deducting underwriting discounts and commissions and before estimated offering expenses payable by WPX. WPX intends to use the net proceeds from the offering to fund the purchase of up to $400 million aggregate principal amount of its outstanding 6.000% Senior Notes due 2022 and 8.250% Senior Notes due 2023 through cash tender offers and the planned redemption of its outstanding 7.500% Senior Notes due 2020. Any excess net proceeds will be used for general corporate purposes, which may include the repayment or redemption of outstanding indebtedness.
Citigroup and BofA Merrill Lynch are acting as lead book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement of WPX previously filed with the Securities and Exchange Commission. The offering may be made only by means of a prospectus supplement and the accompanying base prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying base prospectus may be obtained by sending a request to:
Citigroup c/o Broadridge Financial Solutions 1155 Long Island Avenue
Edgewood, NY 11717
Tel: 800-831-9146
BofA Merrill Lynch NC1-004-03-43
200 North College Street, 3rd floor
Charlotte NC 28255-0001
Attention: Prospectus Department
Email: [email protected]
Tel: 1-800-294-1322
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The tender offers are being made solely pursuant to WPX’s Offer to Purchase dated May 9, 2018, and this press release does not constitute an offer to purchase any securities.
This press release does not constitute a notice of redemption for the 7.500% Senior Notes due 2020, which will be made pursuant to the requirements of the indenture governing such notes.
About WPX Energy, Inc.
WPX is an independent energy producer with core positions in the Permian and Williston basins. WPX’s production is approximately 80 percent oil/liquids and 20 percent natural gas. The company also has an emerging infrastructure portfolio in the Permian Basin.
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, those regarding the proposed offering, the anticipated closing date of the offering and the use of proceeds. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of WPX. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by WPX on its website or otherwise. WPX does not undertake and expressly disclaims any obligation to update the forward-looking statements as a result of new information, future events or otherwise. Investors are urged to consider carefully the disclosure in our filings with the Securities and Exchange Commission at www.sec.gov .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006599/en/
WPX Energy, Inc.
Media Contact:
Kelly Swan, 539-573-4944
or
Investor Contact:
David Sullivan, 539-573-9360
Source: WPX Energy Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-wpx-energy-announces-upsize-and-pricing-of-senior-notes.html |
(Reuters) - England international Raheem Sterling has defended a new tattoo depicting an assault rifle after anti-gun campaigners labeled it “disgusting” on Tuesday.
FILE PHOTO: Soccer Football - FIFA World Cup - England Training - St. George's Park, Burton Upon Trent, Britain - May 28, 2018 England's Raheem Sterling during training Action Images via Reuters/Carl Recine The Manchester City forward posted a photograph on Instagram while training with the England team at St George’s Park ahead of next month’s World Cup in Russia with the tattoo of a rifle clearly visible on his right leg.
Founder of campaign group Mothers Against Guns, Lucy Cope, whose son was shot dead outside a London nightclub in July 2002, said: “This tattoo is disgusting. Raheem should hang his head in shame. It’s totally unacceptable.
Soccer Football - FIFA World Cup - England Training - St. George's Park, Burton Upon Trent, Britain - May 28, 2018 England's Raheem Sterling during training Action Images via Reuters/Carl Recine “We demand he has the tattoo lasered off or covered up with a different tattoo. If he refuses he should be dropped from the England team.”
Sterling, who is part of Gareth Southgate’s 23-man squad who begin their World Cup campaign in Volgograd against Tunisia on June 18, again took to Instagram to defend himself, insisting the tattoo has a “deeper meaning.”
“When I was 2 my father died from being gunned down to death I made a promise to myself I would never touch a gun in my life time, I shoot with my right foot so it has a deeper meaning N (and it is) still unfinished,” the 23-year-old wrote.
Reporting by Peter Hall; Editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-england-sterling/sterling-defends-gun-tattoo-following-criticism-idUSKCN1IU1UC |
HALIFAX, Nova Scotia, Corridor Resources Inc. (“Corridor”) (TSX:CDH) announced today its first quarter financial results.
The following table provides a summary of Corridor’s financial and operating results for the three months ended March 31, 2018, with comparisons to the three months ended March 31, 2017. Corridor's unaudited financial statements and management's discussion and analysis for the first quarter have been filed on SEDAR at www.sedar.com and are available on Corridor's website at www.corridor.ca .
All amounts referred to in this press release are in Canadian dollars unless otherwise stated.
Selected Financial Information Three months ended March 31 thousands of dollars except per share amounts 2018 2017 Sales $ 11,835 $4,467 Net income $ 5,569 $1,825 Net income per share - basic and diluted $ 0.063 $0.021 Cash flow from operations (1 ) $ 9,645 $3,683 Working capital $ 56,992 $33,226 Total assets $ 127,921 $105,316
Q1 2018 Netback Analysis Three months ended March 31 thousands of dollars except $/boe (2) 2018 2017 Natural gas production per day (mmscfpd) 9.9 7.2 Barrels of oil equivalent per day (boepd) 1,653 1,196 Average natural gas price ($/mscf) $ 12.90 $6.45 Natural gas sales $ 11,506 $4,166 Realized financial derivatives gain (loss) (1,078) 1,094 Other revenues 329 301 Royalties (384 ) (92) Transportation expense (78 ) (428) Production expense (702) (789) Field operating netback $ 9,593 $4,252 Natural gas revenues ($/boe) $ 77.36 $38.69 Realized financial derivatives gain ($/boe) (7.25) 10.16 Other revenues ($/boe) 2.22 2.80 Royalties ($/boe) (2.59) (0.86) Transportation expense ($/boe) (0.52) (3.97) Production expense ($/boe) (4.72 ) (7.33) Field operating netback ($/boe) $ 64.50 $39.49 General and administrative expenses ($/boe) (4.09) (6.05) Interest, foreign exchange gains (losses) and other ($/boe) 4.44 0.76 Cash flow from operations ($/boe) (1) $ 64.85 $34.20 (1) Cash flow from operations is a non-IFRS measure. Cash flow from operations represents net earnings adjusted for non-cash items including depletion, depreciation and amortization, deferred income taxes, share-based compensation and other non-cash expenses. See "Non-IFRS Financial Measures" in Corridor’s MD&A for the three months ended March 31, 2018. (2) For the purpose of calculating unit revenues and costs, natural gas has been converted to barrels of oil equivalent (“boe”) on the basis of six thousand cubic feet (“mscf”) of natural gas being equal to one barrel of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of six mscf to one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. 2018 First Quarter Highlights
Corridor’s cash flow from operations increased to $9,645 thousand in Q1 2018 from $3,683 thousand in Q1 2017 due primarily to higher natural gas sales and lower transportation expenses.
Achieved a cash flow from operations of $64.85/BOE, a 90% increase over Q1 2017.
Natural gas sales for Q1 2018 increased to $11,506 thousand from $4,166 thousand for Q1 2017 due to the increase in the average natural gas sales price to $12.90/mscf in Q1 2018 from $6.45/mscf in Q1 2017 and to the increase in the average daily natural gas production to 9.9 mmscfpd in Q1 2018 from 7.2 mmscfpd in Q1 2017. The increase in Corridor's average daily natural gas production is primarily due to the higher flush production achieved in Q1 2018 following the comprehensive shut-in of most of Corridor’s natural gas wells at the McCully Field for an eight month period between April and December 2017 as compared to the flush production achieved in Q1 2017 after a more limited partial shut-in of natural gas production for a three-month period between September and November 2016.
Transportation expense significantly decreased to $78 thousand in Q1 2018 from $428 thousand in Q1 2017 due in part to forward sale agreements in place for the delivery of natural gas production to the local Maritimes market as opposed to the New England market. The natural gas prices for volumes sold under these forward sale agreements are based on natural gas prices at AGT but are subject to lower transportation expenses. Corridor had forward sale agreements for the sale of 4,755 mmbtupd of natural gas production to the local Maritimes market for the period from December 1, 2016 to March 31, 2017, and for substantially all of its natural gas production for the period from December 1, 2017 to March 31, 2018, resulting in lower transportation expense in Q1 2018.
At March 31, 2018, Corridor had cash and cash equivalents of $54,950 thousand, working capital of $56,992 thousand, and no outstanding debt.
Update on Guidance
The following table provides a comparison of Corridor’s results for the period from April 1, 2017 to March 31, 2018 as compared to the guidance disclosed in Corridor’s press release dated February 13, 2018.
Actual results February 13, 2018 guidance AGT average natural gas price $ US 4.56/mmbtu $ US 4.93/mmbtu USD/CAD average exchange rate $ 1.27 USD/CAD $ 1.25 USD/CAD Average daily natural gas production 3.1 mmscfpd 3.0 mmscfpd Field operating netback $ 10.8 million $ 10.8 million Cash flow from operations (1) $ 8.4 million $ 7.8 million Field operating netback per mscf $ 9.37/mscf $ 9.73/mscf Cash flow from operations (1) per mscf $ 7.31/mscf $ 7.02/mscf Working capital as at March 31, 2018 $ 57.0 million $ 57.1 million (1) “Cash flow from operations” is a non-IFRS financial measure. Cash flow from operations represents net earnings adjusted for non-cash items including depletion, depreciation and amortization, deferred income taxes, share-based compensation and other non-cash expenses. See "Non-IFRS Financial Measures" in Corridor’s MD&A for the three months ended March 31, 2018. Corridor achieved its forecast field operating netback of $10.8 million for the period from April 1, 2017 to March 31, 2018 despite weaker than forecast natural gas prices at AGT during February and March 2018. This is due to Corridor’s financial hedges and forward sale agreements in place, daily production optimization efforts and a strengthening in the US dollar during February and March 2018. Corridor’s cash flow from operations for the period from April 1, 2017 to March 31, 2018 increased to $8.4 million from the previously disclosed guidance of $7.8 million due to the fluctuation in the USD/CAD exchange rate late in the quarter which resulted in higher than expected foreign exchange gains in Q1 2018.
Operations Review
New Brunswick
Beginning in 2015, Corridor has employed a production optimization strategy whereby it has restricted its production (to varying degrees) in the McCully Field in New Brunswick during the months from spring to fall. These extended shut-ins allow the producing horizons in Corridor’s wells to build up reservoir pressure, which has resulted in increased “flush” production rates once the wells returned to unrestricted production. Corridor typically plans the timing of the start-up of the McCully field production to coincide with peak winter pricing when natural gas prices have historically traded at significant premiums at Algonquin city-gates (AGT). Corridor’s production optimization objective is to achieve a similar field operating netback as if it had produced continuously throughout the year, while deferring production volumes for the future.
To assess the effectiveness of this optimization strategy, Corridor conducted a lookback analysis from April 1, 2017 to March 31, 2018 comparing actual results for this period to the results management would have expected had Corridor continued to produce continuously with no shut-in or corresponding flush production. Based on this review, management has estimated that Corridor’s field operating netback was $2.3 million higher than the results management would have expected with continuous production and 0.9 bscf of production was preserved for future sales. Since we initiated this production optimization strategy, management estimates that Corridor has generated $2.1 million more field operating netback over the last three years than it would have generated had Corridor produced continuously during this period, while preserving a total of approximately 1.8 bscf for future production. As a result of the success with this strategy, Corridor has once again initiated a shut-in of natural gas production at the McCully Field on May 1, 2018.
Old Harry
Corridor’s review of the recently completed controlled source electromagnetic survey conducted in Q4 2017 and the reprocessing of 760 kilometers of 2D seismic over the Old Harry structure is ongoing and expected to be completed in June 2018. Once management has completed its fully integrated geotechnical model of the Old Harry structure, Corridor intends to update its shareholders of its go forward plans for this prospect.
Annual Shareholders’ Meeting
Corridor’s annual meeting of shareholders will be held at the offices of Bennett Jones LLP, 4500 Bankers Hall East, 855 – 2 nd Street S.W., Calgary Alberta on Tuesday, May 15, 2018 at 3:00 p.m. (MDT), after which Steve Moran, President and CEO, will make a presentation. This presentation will be made available on Corridor's website at www.corridor.ca on or about May 15, 2018.
President’s Message
“We are very pleased with our results from the first quarter of 2018” said Steve Moran, President and CEO. “Strong natural gas prices at AGT, sales to the Maritimes market and Corridor’s production optimization and hedging strategy have all contributed to achieve excellent cash flow from operations and a top decile netback of $64.85 per boe. Corridor is in a good financial position with a strong balance sheet and $57 million of working capital at March 31, 2018. We continue to patiently evaluate new opportunities to deploy our working capital. We will be selective in any opportunities we may decide to pursue.”
Corridor is a Canadian junior resource company engaged in the exploration for and development and production of petroleum and natural gas onshore in New Brunswick and offshore in the Gulf of St. Lawrence. Corridor currently has natural gas production and reserves in the McCully Field near Sussex, New Brunswick. In addition, Corridor has a shale gas prospect in New Brunswick and an offshore conventional hydrocarbon prospect in the Gulf of St. Lawrence .
For further information:
Contact: Steve Moran, President and CEO
Corridor Resources Inc.
#301, 5475 Spring Garden Road , Halifax, Nova Scotia B3J 3T2
Ph: (902) 429-4511 F: (902) 429-0209
Web: www.corridor.ca
Forward Looking Statements
This press release contains certain and forward-looking information (collectively referred to herein as " ") within the meaning of Canadian securities laws. All statements other than statements of historical fact are . Forward-looking information typically contains statements with words such as "anticipate", "believe", "plan", "continuous", "estimate", "expect", "may", "will", "project", "should", or similar words suggesting future outcomes. In particular, this press release contains pertaining to: the characteristics of Corridor’s properties; business plans and strategies (including plans to shut-in production to take advantage of expected price differentials and Corridor’s optimization strategy, including entering into hedging); exploration and development plans, including timing of such plans; processing of the CSEM data and the 2D seismic data base over the Old Harry structure; the benefits and timing of such reprocessing; expectations regarding Corridor’s positioning for 2018; plans to provide future guidance and timing of such plans; and expectations regarding natural gas prices.
Statements relating to "reserves" are , as they involve the implied assessment, based on certain estimates and assumptions that the reserves described exist in the quantities predicted or estimated and can profitably be produced in the future.
Undue reliance should not be placed on , which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the will not occur. There can be no assurance that the plans, intentions or expectations upon which are based, will in fact be realized. Actual results will differ, and the difference may be material and adverse to the Corporation and its shareholders. Forward-looking statements are based on the Corporation's current beliefs as well as assumptions made by, and information currently available to, the Corporation concerning anticipated financial performance, business prospects, strategies, regulatory developments, future natural gas and oil commodity prices, exchange rates, future natural gas production levels, the ability to obtain equipment in a timely manner to carry out development activities, the ability to market natural gas successfully to current and new customers, the impact of increasing competition, the ability to obtain financing on acceptable terms, the ability to add production and reserves through development and exploration activities, and the terms of agreements with third parties such as the Corporation's forward sales contracts and hedging contracts. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, involve inherent risks and uncertainties (both general and specific) and risks that will not be achieved. These factors include, but are not limited to, risks associated with oil and gas exploration, development and production, operational risks, development and operating costs, substantial capital requirements and financing, volatility of natural gas and oil prices, government regulation, environmental, hydraulic fracturing, third party risk, dependence on key personnel, co-existence with mining operations, availability of drilling equipment and access, variations in exchange rates, expiration of licenses and leases, reserves and resources estimates, trading of common shares, seasonality, disclosure controls and procedures and internal controls over financial reporting, competition, conflicts of interest, issuance of debt, title to properties, hedging, information systems, litigation and aboriginal land and rights claims. Further information regarding these factors may be found under the heading " Risk Factors " in the Corporation’s Annual Information Form for the year ended December 31, 2017. Readers are cautioned that the foregoing list of factors that may affect future results is not exhaustive.
The contained in this press release are made as of the date hereof and Corridor does not undertake any obligation to update publicly or to revise any of the included , except as required by applicable law. The contained herein are expressly qualified by this cautionary statement.
Source: Corridor Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-corridor-announces-strong-first-quarter-results.html |
(Reuters) - Pfizer Inc’s Retacrit was approved by U.S. health regulators as a biosimilar to current anemia treatments from Amgen Inc and Johnson & Johnson on Tuesday, setting it up to compete against more established brands.
A company logo is seen at a Pfizer office in Dublin, Ireland November 24, 2015. Pfizer Inc said on November 23 it would buy Botox maker Allergan Plc in a deal worth $160 billion to slash its U.S. tax bill, rekindling a fierce political debate over the financial maneuver. REUTERS/Cathal McNaughton A year ago the U.S. Food and Drug Administration rejected Retacrit as a copy of Amgen's Epogen and Johnson & Johnson's Procrit, citing here issues with a potential manufacturing facility in Kansas.
Shares of the rival companies dipped in afternoon trade.
“People were surprised last time when Pfizer didn’t get a first round approval for a biosimilar, so I think people certainly expected it this time. Its not a surprise,” Baird analyst Brian Skorney said.
Epogen’s $1.10 billion in sales accounted for about 5 percent of Amgen’s 2017 revenue, but analysts believe a competing product is unlikely to hurt the company.
“Its nice to see that the FDA is moving along and approving biosimilars but the commercial impact to Amgen is quite minimal,” Jefferies analyst Michael Yee, who has a “buy” rating on Amgen’s stock, told Reuters.
Johnson & Johnson’s Procrit brought in sales of $972 million in 2017, accounting for 2.7 percent of its total sales.
The FDA has been pushing to approve copies of expensive branded drugs to increase competition in the market as the Trump administration rallies against exorbitantly priced medicines.
Biosimilars aim to copy biologic products, which are made inside living cells, but they can never be exact duplicates.
Tuesday’s approval allows Retacrit’s use as a treatment for a drop in red blood cells caused by chronic kidney disease, chemotherapy, or the use of zidovudine in HIV patients.
The biosimilar was also approved for use before and after surgery to safeguard against the need for red blood cell transfusions due to blood loss from surgery.
Shares of Johnson & Johnson dipped 1.2 percent and Amgen’s shares fell 2.5 percent in afternoon trading. Pfizer’s shares were down about 1 pct.
Reporting by Tamara Mathias and Manas Mishra in Bengaluru; Editing by Shailesh Kuber
| ashraq/financial-news-articles | https://www.reuters.com/article/us-pfizer-fda/pfizers-biosimilar-of-anemia-treatments-gets-fda-nod-idUSKCN1IG2Q0 |
PARIS—Uber Technologies Inc. will pay for sick leave and some other health-related benefits for all of its regular drivers and couriers in Europe in a bid to ease tensions with workers who have sought better employment perks.
The ride-hailing firm said Wednesday that its new benefits—the first time it has fully covered the cost of some form of insurance for independent workers—will apply initially to roughly 150,000 independent Uber workers across the European Union beginning in June, provided they have worked minimum levels... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/uber-to-offer-limited-health-insurance-to-european-drivers-1527082557 |
US-China trade talks start in Beijing 2 Hours Ago We should look at the beneficial side of trade and strengthen open investment, says Takehiko Nakao, president of the Asian Development Bank. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/us-china-trade-talks-start-in-beijing.html |
KIRKUK/SULAIMANIYA, Iraq, May 13 (Reuters) - No sooner had polls closed in Iraq’s Kurdish city of Sulaimaniya than anger at an unexpected sweep for its maligned dominant party boiled over. Gunfire between rival militias quickly erupted.
The nighttime clashes had subsided by Sunday morning as Iraq’s election commission tallied the final results of a nationwide legislative vote.
But Kurdish opposition parties, backed by their gunmen, demand another vote amid accusations of fraud. In this climate, many fear that Iraq’s northern Kurdish-majority areas might turn into a factional battleground.
The clashes in Sulaimaniya, heartland of the Iran-allied Patriotic Union of Kurdistan party (PUK), were an immediate sign of internecine struggles that are feared after Iraq’s first election following the defeat of Islamic State.
After the Saturday vote Prime Minister Haider al-Abadi appears marginally ahead in a tight race. The Shi’ite Arab premier, a rare ally of both the United States and Iran, is trying to fend off powerful Shi’ite groups that could pull Baghdad closer to Tehran.
Some 200 miles (322 km) north of the Iraqi capital, the Kurdish areas are caught in a somewhat different dynamic.
New Kurdish parties hoped to exploit discontent with a political elite accused of gambling away 27 years of hard-fought autonomy in a failed bid for independence last year.
Veteran PUK leader Jalal Talabani, who served as Iraqi president, died last year, and the KDP’s Masoud Barzani has been weakened since the catastrophic independence referendum that he championed.
But initial results show a strong win for the old guard, which the opposition reject outright.
With many voters complaining also of corruption, the new parties were expected to snatch seats from the PUK in Sulaimaniya, and from the Kurdistan Democratic Party (KDP), which rules the wider autonomous Kurdish region from nearby Erbil.
After the shock initial results, the situation in Sulaimaniya was particularly tense.
Veteran politician Hoshyar Zebari, a former Iraqi foreign minister, travelled there from Erbil to mediate.
“Armed groups are currently deployed in force inside the headquarters of the Movement for Change and the Coalition for Democratic and Justice,” he told Reuters by telephone.
The two opposition parties had hoped to make gains in the vote. An initial tally suggested the Movement for Change (known as Gorran) and the CDJ had won three and two parliamentary seats, respectively, with the PUK well ahead on eight.
“If the results were correct, maybe the PUK would have got four seats - maybe,” Zebari, a senior KDP leader, said.
“I spoke to all sides. From what they said...it looks like if there is not a (satisfactory) result from this election, they will resort to armed combat on the streets of Sulaimaniya.”
During Saturday’s clashes, PUK militiamen fired at the Gorran headquarters and Gorran gunmen fired back, Zebari and witnesses said. A video showed tracer fire hitting the building.
The opposition groups demanded the vote be conducted again in a joint statement on Sunday, threatening “political action” in Baghdad and neighbouring countries if their demands were not met.
The Erbil government urged sides to halt violence and resolve their disputes through official channels such as the election commission.
KURDISH ELITES SHUNNED The PUK has long been the dominant political force in Sulaimaniya, although it rivals the KDP which dominates much of the wider Kurdish region.
Many Kurds accuse both parties of backing down as Iraqi government forces and Shi’ite militias moved to recapture the oil-rich Kirkuk region in October, bringing it back under Baghdad’s control.
Kurdish fighters captured Kirkuk from Islamic State in 2014 after the Iraqi military fled. With that, the city many Kurds hoped for as capital of an eventual state came under their control for the first time.
But the fatal decision to include Kirkuk in a referendum on Kurdish independence precipitated the advance by the Iraqi army, shattering that dream.
In this atmosphere, many subdued Kurdish voters said they would vote for Gorran and the CDJ, which both splintered from the PUK campaigning on anti-corruption platforms.
Those voters were shocked at the exit polls.
“People put one name in the ballot box and another comes out, it’s ridiculous. It’s overt fraud,” 33-year-old sound engineer Abdullah Kurdi said in Kirkuk.
Opposition officials and some voters said a new electronic voting system was to blame, suggesting it had been rigged by the PUK and the Baghdad government.
‘BALLOTS, NOT BULLETS’ “The fraud took place in the ballot boxes, and we’re demanding a count by hand. The ruling parties, the KDP and PUK are behind this rigging and behind them are Iran and other countries,” CDJ candidate Shirin Mohammed charged.
The PUK denies making deals with Baghdad and Tehran over Kirkuk, and rejected accusations of voter fraud.
“The allegations are false. The election commission has said that the elections were clean,” Karwan Anwar, a PUK leader, said.
Iraq’s election commission said the new voting system would improve speed an ensure the accuracy of results.
Far from regional politics, ordinary Kurds say the dispute has left them even more disillusioned.
“We voted to change our tired situation and finish with the parties who spread corruption,” said Arslan Qader, 55.
“But it looks like things won’t change because of this dictatorial mindset. They don’t understand that it has to happen through ballots, not bullets.” (Additional reporting by Mustafa Mahmoud; Editing by Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/iraq-election-kurds/kurdish-clashes-raise-tension-as-opposition-cries-foul-in-iraq-vote-idUSL5N1SK0JD |
May 17, 2018 / 2:15 PM / Updated 6 minutes ago Protest camps quiet as Gazans fast and fill sandbags Nidal al-Mughrabi 4 Min Read
GAZA (Reuters) - Young men filled sandbags to prepare for future protests at encampments along Gaza’s Israeli border on Thursday, though tents were mostly empty as Palestinians joined Muslims around the world observing the daylight fast at the start of Ramadan.
After the bloodiest day for Palestinians in years on Monday, when 60 were killed by Israeli gunfire during mass demonstrations that Israel said included attempts to breach its frontier fence, calm and a heatwave descended on the area.
Organisers of the protests that began on March 30 set Friday as a day to honour the dead and urged Gazans to flock again to the tent cities. But Ramadan traditions - prayer, family visits and feasts - seemed to keep crowds away during the hot hours.
At one encampment, about 70 young men filled sandbags in anticipation of people returning to the protest sites.
“We are making a sand barrier so people can feel a bit safer,” one of the men said, declining to give his name.
Ramadan is usually a time of celebration, but after dozens of funerals during the week the mood was bleak in Gaza.
Israel’s intelligence minister, Israel Katz, said on Wednesday neighbouring Egypt had put pressure on Hamas, the armed Islamist faction that controls the Gaza Strip, to scale back the protests.
Hamas denied it had come under Egyptian pressure to curb the protests, which provoked international condemnation of Israel’s deadly tactics in putting down the unrest. The organising committee for the demonstrations said Muslims’ abstinence from food and drink during the hot mornings and afternoons of Ramadan would be taken into account in further protests.
The “March of Return” demonstrations advocate the return of Palestinians to lands lost to Israel during its founding in 1948, and are also intended to draw attention to harsh conditions in Gaza, where the economy has collapsed under an Israeli-Egyptian blockade since Hamas took power in 2007. Related Coverage
Israel, with U.S. backing, says Hamas is behind the protests, deliberately provoking violence for propaganda aims. Hamas says the demonstrations are a popular outpouring of anger, and Israel carried out a “massacre” in response. ISRAELI AIR STRIKE
Dawoud Shehab, a member of the organising committee, said activities at the encampments would get under way only in the late afternoon when temperatures drop. Late-night prayers will also be held there, he said.
“The marches are continuing and there are calls on people to gather in mass on Friday in a day we have dedicated to glorifying the martyrs,” Shehab told Reuters.
The message was echoed in appeals blared by loudspeakers on vehicles that drove into Gaza neighbourhoods to urge people to turn out. Organisers said the protest would stretch into June.
Violence along the border has been comparatively limited over the past two days, with no casualties reported by either side since Tuesday, when two Palestinians were killed while dozens of others were buried.
Early on Thursday, Israeli aircraft hit four Hamas targets in the northern Gaza Strip in response to heavy machine gun fire that struck houses in the Israeli town of Sderot, the Israeli military said.
Israel and Hamas have fought three wars in the past decade since Gaza fell under control of the militant group that denies Israel’s right to exist. Israel and Egypt say their de facto blockade of the strip is necessary for security reasons.
The World Bank says it has driven Gaza to economic collapse, with one of the highest unemployment rates in the world. Eighty percent of Gaza’s 2 million people are now dependent on aid. Writing by Jeffrey Heller in Jerusalem; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians/protest-camps-quiet-as-gazans-fast-and-fill-sandbags-idUKKCN1II22J |
May 22, 2018 / 11:16 PM / Updated 11 hours ago Trump lawyer Cohen's business partner cooperating with prosecutors: NY Times Reuters Staff 3 Min Read
(Reuters) - A business partner of U.S. President Donald Trump’s personal lawyer Michael Cohen has agreed to cooperate with prosecutors in investigations, the New York Times reported on Tuesday. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 13, 2018. REUTERS/Jeenah Moon/File Photo
Evgeny Freidman, a Russian immigrant who is known as the Taxi King, will avoid jail time and will assist government prosecutors in state or federal investigations, the newspaper report said, citing a person briefed on the matter.
The New York State Attorney General’s Office said in a press release that Freidman had pleaded guilty to a criminal charge on Tuesday in an Albany, New York, courtroom, but it made no mention of whether he was cooperating with prosecutors.
Freidman has been Cohen’s partner in the taxi business for years, even after New York City regulators barred Freidman last year from continuing to manage taxi medallions, the New York Times said.
Freidman, when asked by Reuters about the report, declined in a text message to answer any questions about cooperating with prosecutors or the terms of his agreement.
“This is me taking responsibility for my actions! ... Michael is a dear dear personal friend and a passive client! That’s it! ...I hate that I have been grouped in this runaway train that I am not a part of!” Freidman said by text.
Freidman’s lawyer, Patrick Egan, declined to comment on the Times report.
Freidman had been accused of failing to pay more than $5 million in taxes and five other criminal counts each carrying maximum prison sentences of up to 25 years. In pleading guilty to a single count of criminal tax fraud, Freidman will be sentenced to five years’ probation, the attorney general’s office said.
A spokeswoman for the New York state attorney general did not immediately respond to a request for comment from Reuters. Cohen did not immediately respond to a request for comment.
Federal prosecutors in New York are investigating Cohen for possible bank and tax fraud, possible campaign law violations and perhaps other matters related to Trump’s presidential campaign, a person familiar with the probe has said.
The investigation into Cohen arose in part from Special Counsel Robert Mueller’s inquiry into possible collusion between Trump’s 2016 presidential campaign and Russia, something that Trump has repeatedly denied. Reporting by Eric Beech in Washington; editing by Grant McCool and Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-cohen/trump-lawyer-cohens-business-partner-cooperating-with-prosecutors-ny-times-idUSKCN1IN35E |
NEW YORK--(BUSINESS WIRE)-- Richline Group is announcing the retirement of Dennis Ulrich after almost 11 years as CEO of the Berkshire Hathaway subsidiary. Dave Meleski, current President of the Richline Group, will assume the role of CEO.
From Dennis’s letter to employees and friends, “It is with both pride and excitement, I wanted to let you know that I will be retiring this year. It has been a wonderful 45 years for me in the jewelry industry, sharing all the experiences, with my wife Liz, both my kids and all my associates. I am leaving Richline in the very capable hands of Dave Meleski. Dave and I have worked very closely, in all aspects of the business, and I am confident his leadership will bring Richline to many new and exciting successes in the future.”
In 2007, Ulrich’s Bel-Oro and Meleski’s Aurafin, were sold to Warren Buffett’s Berkshire Hathaway. Under the leadership of Dennis (CEO) and Dave Meleski (President), the company expanded the Richline brand from gold jewelry business into the diamond, gemstone, and pearl categories. Richline has also grown to include business units that manufacture raw materials, findings, and supply packaging, and tools to over 150,000 customers. This also includes patented products used to pierce over 250 million earlobes around the world. All Richline business units are supported by vertical, global sourcing, manufacturing and sales facilities, each fully compliant to the highest world standards. The Richline family today is over 3,000 valued associates around the globe.
Dave Meleski stated, “I have enjoyed the past 11 years working in partnership with Dennis to create a business that we, our employees, and Berkshire shareholders can be proud of every day. The path that Dennis has forged will be one that I look forward to continue.”
Dennis will be staying on for some time, to assist Dave in the transition and continue to support key areas of the business.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006300/en/
Richline Group, Inc.
Mark Hanna, 212-886-6212
Chief Marketing Officer
www.RichlineGroup.com
Source: Richline Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-richline-group-ceo-announces-retirement.html |
May 11, 2018 / 4:48 PM / Updated 13 minutes ago McCain's daughter slams White House aide's 'he's dying' comments Justin Mitchell 3 Min Read
WASHINGTON (Reuters) - Meghan McCain on Friday questioned how the White House aide who disparaged her ailing father, Republican U.S. Senator John McCain, during a meeting, still has a job. Meghan McCain, daughter of U.S. Senator John McCain, and executive producer and host of the television show "Raising McCain" speaks during the Pivot television portion of the Television Critics Association Summer press tour in Beverly Hills, California July 26, 2013. REUTERS/Mario Anzuoni/Files
Kelly Sadler, a White House communications aide, dismissed Senator McCain’s objection to President Donald Trump’s nominee to be CIA director, Gina Haspel, by saying that it “doesn’t matter, he’s dying anyway,” a source familiar with the closed White House meeting told Reuters.
Speaking on the ABC show “The View,” which she co-hosts, Meghan McCain said she wanted to inform Sadler that her father’s battle with brain cancer has made her realize the meaning of life was “not how you die, it is how you live.”
“I don’t understand what kind of environment you’re working in when that would be acceptable, and then you can come to work the next day and still have a job,” McCain said.
John McCain, who has spent the last several weeks convalescing at his home in Arizona as he battles brain cancer, released a statement after Haspel’s confirmation hearing on Wednesday, slamming her for refusing to condemn torture. He recommended his fellow senators vote against her.
McCain is not expected to return to Washington to cast a vote on her nomination.
McCain was tortured as a prisoner of war during the Vietnam War, sustaining injuries from which he has never completely recovered.
Several of McCain’s fellow Republicans on Capitol Hill have condemned Sadler’s remarks.
Jeff Flake, Arizona’s other senator and a frequent critic of the White House under Trump, tweeted an article about the comments and wrote: “There are no words.”
Iowa Senator Joni Ernst tweeted that the United States should “treat this war hero and his family with the civility and respect they deserve.”
Republican Representative Walter Jones of North Carolina said Sadler’s comments were “outrageous & unacceptable” and demanded a public apology.
Meghan McCain thanked the public for its support and said nobody should feel sorry for her or her family.
“My father’s legacy is going to be talked about for hundreds and hundreds of years,” she said. “These people - nothing burgers.”
Sadler’s comments were reported the same day that a guest on Fox Business Network, retired Air Force Lieutenant General Thomas McInerney, suggested McCain divulged critical information to the North Vietnamese after being tortured.
A network spokesperson said McInerney would no longer be invited on the Fox Business Network or Fox News. Reporting by Justin Mitchell, Additional reporting by Steve Holland; Editing by Doina Chiacu and Dan Grebler | ashraq/financial-news-articles | https://in.reuters.com/article/usa-whitehouse-mccain/mccains-daughter-slams-white-house-aides-hes-dying-comments-idINKBN1IC23E |
April 30 (Reuters) - Oceanic Foods Ltd:
* OCEANIC FOODS - GETS GRADE A CERTIFICATE FROM ALCUMUS ISOQAR FOR UNIT -1 AND UNIT-2 FOR PRIMARY & SECONDARY PROCESSING Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oceanic-foods-gets-grade-a-certifi/brief-oceanic-foods-gets-grade-a-certificate-from-alcumus-isoqar-for-unit-1-and-unit-2-idUSFWN1S701A |
First Quarter 2018 Highlights:
Revenue of $393.2 million, representing pro forma year-over-year growth of 8.7% Net loss of $24.0 million, a year-over-year improvement from a pro forma net loss of $25.4 million Adjusted EBITDA of $69.6 million, representing pro forma year-over-year growth of 10.9% Adjusted EBITDA margin of 17.7%, representing pro forma year-over year improvement of 40 basis points Achieved $14.8 million of savings during the first quarter of 2018 and reiterate anticipated savings of $40 million to $45 million during 2018 Operating Income of $14.7 million, flat on a year-over-year basis EBITDA of $56.1 million, an increase of 30% year-over-year Previously announced share buyback program remains in effect and as of the date of this release, total shares purchased equal 186,205 Increases 2018 revenue and adjusted EBITDA guidance
IRVING, Texas, May 10, 2018 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ:XELA), one of the largest global providers of platforms for Business Process Automation (“BPA”), announced today its financial results for the first quarter ended March 31, 2018.
“We are beginning to see the benefits provided through the successful execution of our strategy. I am pleased to report our first quarter results, highlighted by pro forma revenue growth of 8.7% and pro forma adjusted EBITDA growth of 10.9%. Based on our strong first quarter results, we are increasing our outlook for both revenue and adjusted EBITDA,” said Ronald Cogburn, Chief Executive Officer.
Cogburn continued, “The mission to extend Exela’s global leadership position in business process automation continues. We have significant white space opportunity to harvest, and we are expanding our customer engagements. For example, we are opening Exela innovation centers in key Exela markets. At these centers, we showcase our full suite of solutions and collaborate with our customers to solve problems and launch new services. Early signs are positive, with over 24 pilot programs at work to share the breadth and depth of Exela solutions with our customers. We continue to invest in people and technology to further build upon increased customer awareness.”
Financial information contained in this press release is presented pro forma for the business combination of Quinpario Acquisition Corp. 2, SourceHOV Holdings, Inc. (“SourceHOV”) and Novitex Holdings, Inc. (“Novitex”), which closed on July 12, 2017. The primary pro forma adjustment is to include the results of Novitex for the period January 1, 2017 to July 12, 2017. For more information, please refer to the reconciliation of reported to pro forma financial results contained in the Schedules of this release.
First Quarter Ended March 31, 2018 Financial Highlights
(Note: all Q1 2017 numbers, unless otherwise stated, are presented on a pro forma basis.)
Revenue: Revenue of $393.1 million, an increase of 8.7% from $361.9 million in the first quarter of 2017, and an increase of 1.8% from $386.3 million in the fourth quarter of 2017. Please refer to the pro forma revenue reconciliation contained in this press release for the first quarter of 2017. ITPS revenue was $311.9 million, an increase of 11.6% year-over-year, driven primarily by increased volumes and expansion of services within existing customers. HS revenue was in-line with expectations at $58.6 million, a slight decrease of 0.8%. LLPS revenue was in-line with expectations at $22.6 million, a decline of 3.4%.
6 customers over $25 million in annual revenue and approximately 200 customers with more than $1 million annual revenue.
Revenue per full-time employee increased sequentially to $69 thousand from $66 thousand.
Total contract value won as of March 31, 2018, on a trailing-twelve-month basis, totaled $1.525 billion
Renewal rate on strategic accounts greater than 95%.
Net Loss for the first quarter of 2018 totaled $24.0 million, an improvement when compared to a pro forma net loss of $25.4 million in the first quarter of 2017.
Adjusted EBITDA: Adjusted EBITDA was $69.6 million, an increase of 10.9% when compared to pro forma Adjusted EBITDA of $62.7 million in the first quarter of 2017. The increase in first quarter 2018 Adjusted EBITDA was primarily driven by revenue growth and the impact of the Company’s cost savings initiatives, partially offset by ramp-up costs associated with new ITPS client contracts, investments in the Company’s revenue growth initiatives, and higher public company costs.
Adjusted EBITDA Margin: Adjusted EBITDA margin was 17.7%, representing an improvement of 40 basis points when compared to an Adjusted EBITDA margin of 17.3% in the first quarter of 2017. The improvement in Adjusted EBITDA margin was primarily driven by revenue growth and the impact of the Company’s cost savings initiatives, partially offset by ramp-up costs associated with new ITPS client contracts, investments in the Company’s revenue growth initiatives, and higher public company costs.
Capital Expenditures: 2.2% of Q1 2018 revenue compared to 3.1% in Q1 2017.
Share buyback: As of the date of this release, total shares repurchased under the Company’s share buyback program totaled 186,205. Company anticipates continuing to be opportunistic in purchasing of shares under the current buyback program; particularly given the Company’s view that shares are undervalued at current levels.
Balance Sheet and Liquidity
Balance Sheet and Liquidity: At March 31, 2018, Exela’s total liquidity was $117 million, measured as $26.9 million of cash and cash equivalents, $10.4 million of restricted cash with no legal restriction, and $79.4 million of available revolving credit facility ($100 million of revolving credit facility less $20.6 million of letters of credit). Total net debt was $1.368 billion (measured as total consolidated debt of $1.406 billion less cash balances not legally restricted of $37.3 million). During the first quarter, the Company made a cumulative $26.5 million investment in initiatives intended to drive growth including: business optimization expenses and working capital growth. Investments in the aforementioned growth initiatives resulted in a sequential decline in liquidity.
Outlook
2018
Company increases 2018 guidance for revenue and adjusted EBITDA. Revenue range increased to $1.55 billion to $1.58 billion from $1.51 billion to $1.54 billion previously. Increased range drives pro forma growth of 6.5% to 8.5%, up from pro forma growth of 4% to 6% previously. Adjusted EBITDA range increased to $295 million to $310 million from $290 million to $310 million previously. Increased range drives pro forma year-over-year growth of 20% to 26%; and expansion of adjusted EBITDA margins in the range of 220 basis points to 320 basis points. Further Adjusted EBITDA guidance – in the range of $330 million to $355 million or a margin of 21% to 22%. Guidance includes delivering $40 million to $45 million in savings during 2018 with remaining to be achieved beyond 2018.
Long-term
Revenue growth in the range of 3% to 4% Adjusted EBITDA margin guidance in the range of 22% to 23% Adjusted Free Cash Flow conversion in the range of 87% to 89%
Guidance is based on constant-currency.
Note on Outlook: The company has not forecasted net income/(loss) on a forward-looking basis due to the high variability and difficulty in predicting certain items that affect GAAP net income/(loss) including income tax expense, and stock-based compensation expense. Adjusted EBITDA should not be used to predict net income/(loss) as the difference between the two measures is variable.
The above outlook is based on first quarter 2018 results. Reconciliations are available in the attached tables.
Earnings Conference Call and Audio Webcast
Exela will host a conference call to discuss its first quarter 2018 financial results today at 5:00 p.m. EDT. To access this call, dial 800-860-2442 or +412-858-4600. A replay of this conference call will be available through May 17, 2018 at 877-344-7529 or +412-317-0088 (international). The replay passcode is 10119270. A live webcast of this conference call will be available on the “Investors” page of the Company’s website ( www.exelatech.com ). A supplemental slide presentation that accompanies this call and webcast can be found on the investor relations website ( http://investors.exelatech.com/ ) and will remain available after the call. Exela has also posted additional historical financial information regarding SourceHOV Holdings, Inc. and Novitex Holdings, Inc. on a combined basis to its investor relations website, ( http://investors.exelatech.com ).
About Exela
Embracing complexity. Delivering simplicity. SM Exela is a global business process automation leader combining industry-specific and industry-agnostic enterprise software and solutions with decades of experience. Our BPA suite of solutions are deployed across banking, healthcare, insurance and other industries to support mission-critical environments. Exela is a leader in workflow automation, attended and unattended cognitive automation, digital mailrooms, print communications, and payment processing with deployments across the globe.
Exela partners with customers to improve user experience and quality through operational efficiency. Exela serves over 3,500 customers across more than 50 countries, through a secure, cloud-enabled global delivery model. We are 22,000 employees strong at nearly 1,100 onsite customer facilities and more than 150 delivery centers located throughout the Americas, Europe and Asia. Our customer list includes 60% of the Fortune® 100, along with many of the world’s largest retail chains, banks, law firms, healthcare insurance payers and providers and telecom companies. Find out more at www.exelatech.com
About Non-GAAP Financial Measures: This earnings release presents certain non-GAAP financial measures including EBITDA, Adjusted EBITDA, Further Adjusted EBITDA, Further Adjusted Free Cash Flow, each of which is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). We believe that the presentation of these non-GAAP financial measures will provide useful information to investors in assessing our financial performance, results of operations and liquidity. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Our board of directors and management use EBITDA, Adjusted EBITDA, Further Adjusted EBITDA, and Further Adjusted Free Cash Flow to assess our financial performance, because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of debt and interest expense, as well as transaction costs resulting from the business combination and other such capital markets based activities. Adjusted EBITDA and Further Adjusted EBITDA also seek to remove the effects of integration and related costs to achieve the savings, any expected reduction in operating expenses due to the business combination, asset base (such as depreciation and amortization) and other similar non-routine items outside the control of our management team. The Company does not consider these non-GAAP measures in isolation or as an alternative to liquidity or financial measures determined in accordance with GAAP. A limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures and therefore the basis of presentation for these measures may not be comparable to similarly-titled measures used by other companies. These non-GAAP financial measures are not required to be uniformly applied, are not audited and should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Net loss is the GAAP measure most directly comparable our non-GAAP measures. For reconciliation of the comparable GAAP measures to these non-GAAP financial measures, see the schedules to this release. Optimization & restructuring expenses and merger adjustments are primarily related to the implementation of strategic actions and initiatives related to the business combination completed on July 12, 2017. All of these costs are variable and dependent upon the nature of the actions being implemented and can vary significantly driven by business needs. Accordingly, due to that significant variability, we exclude these charges since we do not believe they truly reflect our past, current or future operating performance.
Forward-Looking Statements: Certain statements included in this press release are not historical facts but are for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These include statements regarding our industry, future events, the estimated or anticipated future results and benefits of the recently consummated transaction between Exela Technologies, Inc., SourceHOV Holdings, Inc., and Novitex Holdings, Inc. (including the related transactions, the “Business Combination”), future opportunities for the combined company, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties regarding Exela’s businesses, and actual results may differ materially. These risks and uncertainties include, but are not limited to, changes in the business environment in which Exela operates and general financial, economic, regulatory and political conditions affecting the industries in which Exela operates; changes in taxes, governmental laws, and regulations; competitive product and pricing activity; failure to realize the anticipated benefits of the Business Combination, including as a result of a delay or difficulty in integrating the businesses of SourceHOV and Novitex or the inability to realize the expected amount and timing of cost savings and operating synergies of the Business Combination; and those factors discussed under the heading “Risk Factors” in Exela’s 10K dated March 16, 2018 filed with the Commission (“SEC”). In addition, provide Exela’s expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela’s assessments to change. These should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this presentation.
Exela Technologies
Condensed Consolidated Balance Sheet (Unaudited)
March 31, 2018 December 31, 2017 (Unaudited) Assets Current assets Cash and cash equivalents $ 26,882 $ 39,000 Restricted cash 12,549 42,489 Accounts receivable, net of allowance for doubtful accounts of $4,077 and $3,725, respectively 238,680 229,704 Inventories, net 13,519 11,922 Prepaid expenses and other current assets 27,456 24,596 Current deferred tax asset 64 - Total current assets 319,150 347,711 Property, plant and equipment, net 132,870 132,908 Goodwill 747,325 747,325 Intangible assets, net 438,929 464,984 Deferred income tax assets 9,171 9,019 Other noncurrent assets 18,490 12,891 Total assets $ 1,665,935 $ 1,714,838 Liabilities and Stockholders’ Deficit Liabilities Current Liabilities Accounts payable $ 77,194 $ 81,263 Related party payables 14,172 14,445 Income tax payable 6,967 3,612 Accrued liabilities 31,805 49,383 Accrued compensation and benefits 49,738 46,925 Accrued Interest 23,795 55,102 Customer deposits 36,542 31,656 Deferred revenue 15,933 12,709 Obligation for claim payment 56,554 42,489 Current portion of capital lease obligations 14,785 15,611 Current portion of long-term debt 21,170 20,565 Total current liabilities 348,655 373,760 Long-term debt, net of current maturities 1,277,029 1,276,094 Capital lease obligations, net of current maturities 26,474 25,958 Pension liability 26,081 25,496 Deferred income tax liabilities 5,478 5,362 Long-term income tax liability 3,470 3,470 Other long-term liabilities 13,879 14,704 Total liabilities 1,701,066 1,724,844 Commitments and Contingencies (Note 9) Stockholders' deficit Common stock, par value of $0.0001 per share; 1,600,000,000 shares authorized; 152,565,218 shares issued and 152,515,918 outstanding at March 31, 2018 and 150,578,451 shares issued and 150,529,151 outstanding at December 31, 2017 15 15 Preferred stock, par value of $0.0001 per shares; 20,000,000 shares authorized; 4,569,233 shares issued and outstanding at March 31, 2018 and 6,194,233 shares issued and outstanding at December 31, 2017 1 1 Additional paid in capital 482,018 482,018 Less:common stock held in treasury, at cost; 49,300 shares at March 31, 2018 and 49,300 shares at December 31, 2017 (249 ) (249 ) Equity based compensation 35,044 34,085 Accumulated deficit (540,041 ) (514,628 ) Accumulated other comprehensive loss: Foreign currency translation adjustment (462 ) (194 ) Unrealized pension actuarial losses, net of tax (11,457 ) (11,054 ) Total accumulated other comprehensive loss (11,919 ) (11,248 ) Total stockholders' deficit (35,131 ) (10,006 ) Total liabilities and stockholders' deficit $ 1,665,935 $ 1,714,838 Exela Technologies
Condensed Consolidated Statements of Income (Loss) (Unaudited)
Three Months ended March 31, 2018 2017 Revenue $ 393,167 $ 218,260 Cost of revenue (exclusive of depreciation and amortization) 293,792 143,708 Selling, general and administrative expenses 45,595 35,581 Depreciation and amortization 38,019 21,320 Related party expense 1,105 2,385 Operating income (loss) 14,656 15,266 Other expense (income), net: Interest expense, net 38,017 26,219 Sundry expense (income), net (64 ) 2,724 Other income, net (3,328 ) - Net loss before income taxes (19,969 ) (13,677 ) Income tax (expense) benefit (4,025 ) (2,004 ) Net loss (23,994 ) (15,681 ) Cumulative dividends for Series A Preferred Stock (914 ) - Net loss attributable to common stockholders $ (24,908 ) $ (15,681 ) Net loss per share - basic and diluted (1.64 ) (2.45 ) Exela Technologies
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months ended March 31, 2018 2017 Cash flows from operating activities Net loss $ (23,994 ) $ (15,681 ) Adjustments to reconcile net loss Depreciation and amortization 38,019 21,320 Original issue discount and debt issuance cost amortization 2,595 3,474 Provision (recovery) for doubtful accounts 481 79 Deferred income tax benefit 835 627 Share-based compensation expense 959 310 Foreign currency remeasurement (323 ) 687 Gain on sale of Meridian - (251 ) Loss on sale of property, plant and equipment 253 272 Fair value adjustment for interest rate swap (3,328 ) - Change in operating assets and liabilities, net of effect from acquisitions Accounts receivable (10,876 ) (1,086 ) Prepaid expenses and other assets (5,567 ) (3,720 ) Accounts payable and accrued liabilities (18,864 ) 1,928 Related party payables (273 ) (3,690 ) Net cash provided by (used in) operating activities (20,083 ) 4,269 Cash flows from investing activities Purchases of property, plant and equipment (5,957 ) (2,045 ) Additions to internally developed software (1,092 ) (2,528 ) Additions to outsourcing contract costs (1,596 ) (3,989 ) Proceeds from sale of Meridian - 4,381 Proceeds from sale of property, plant, and equipment 2 - Net cash used in investing activities (8,643 ) (4,181 ) Cash flows from financing activities Change in bank overdraft - (210 ) Proceeds from financing obligations 1,863 3,008 Contribution from shareholders - 20,538 Cash paid for equity issue costs (7,500 ) - Borrowings from revolver and swing-line loan 25,000 38,500 Repayments from revolver and swing line loan (25,000 ) (38,500 ) Principal payments on long-term obligations (7,750 ) (15,786 ) Net cash provided by (used in) financing activities (13,387 ) 7,550 Effect of exchange rates on cash 55 (44 ) Net increase (decrease) in cash and cash equivalents (42,058 ) 7,594 Cash, restricted cash, and cash equivalents Beginning of period 81,489 34,253 End of period $ 39,431 $ 41,847 Supplemental cash flow data: Income tax payments, net of refunds received $ 1,053 $ (12 ) Interest paid 66,192 30,844 Noncash investing and financing activities: Assets acquired through capital lease arrangements 4,432 68 Accrued capital expenditures 1,101 98 Exela Technologies
Schedule 1: Pro Forma First Quarter 2017 vs. First Quarter 2018 Financial Performance
($ in millions)
Q1 2018 Pro forma
Q1 2017 % Change Revenue Information and Transaction Processing Solutions $311.9 $279.4 11.6% Healthcare Solutions 58.6 59.1 -0.8% Legal and Loss Prevention Services 22.6 23.4 -3.4% Total Revenue $ 393.2 $ 361.9 8.7 % Cost of revenue (exclusive of depreciation and amortization) 293.8 261.9 Selling, general and administrative expenses (Including related party) 46.7 54.3 Depreciation and amortization 38.0 31.0 Impairment of goodwill and other intangible assets 0.0 0.0 Operating income (loss) 14.7 14.7 Interest expense, net 38.0 38.3 Loss / (Gain) on extinguishment of debt 0.0 0.0 Sundry expense (income) & Other income, net (3.4) 2.7 Net loss before income taxes (20.0) (26.4) Income tax expense / (benefit) 4.0 (1.0) Net loss (24.0) (25.4) Depreciation and amortization 38.0 31.0 Interest expense, net 38.0 38.3 Income tax expense / (benefit) 4.0 (1.0) EBITDA 56.1 43.0 Transaction related costs 1.1 10.0 Optimization and restructuring expenses 14.5 5.9 Non-cash charges / (gains), oversight & management fees (2.1) 3.8 Adjusted EBITDA $69.6 $62.7 10.9 % 17.7 % 17.3 % Exela Technologies
Schedule 2: Adjusted EBITDA Reconciliation – Pro Forma First Quarter 2017
($ in millions) Q1 2017 (1) As Reported Novitex
Pro Forma
Net loss ($ 15.7 ) ($ 9.7 ) ($ 25.4 ) Taxes 2.0 (3.0) (1.0) Interest expense 26.2 12.1 38.3 Depreciation and amortization 21.3 9.7 31.0 EBITDA $ 33.9 $ 9.1 $ 43.0 Optimization and restructuring expenses 4.3 1.5 5.9 Transaction related costs 5.1 4.9 10.0 Non-cash charges 0.1 - 0.1 New contract setup - 1.1 1.1 Oversight and management Fees 2.1 0.5 2.6 Adjusted EBITDA $ 45.5 $ 17.3 $ 62.7 (1) Net loss for the period is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12 th , 2017 the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 million Term Loan and $1.0 Billion Senior Secured Notes.
Exela Technologies
Schedule 3: Adjusted EBITDA Reconciliation – Fourth Quarter 2017 vs. First Quarter 2018
($ in millions) As Reported
Q1 2018
Q4 2017 Net loss ($24.0 ) ($58.7 ) Taxes 4.0 (27.3 ) Interest expense 38.0 36.7 Depreciation and amortization 38.0 28.1 EBITDA $56.1 ($21.1 ) Impairment of goodwill and other intangible assets - 69.4 Optimization and restructuring expenses 14.5 11.0 Transaction related costs 1.1 2.4 Non-cash charges 1.3 2.3 (Gain) / loss on derivative instruments (3.3 ) (1.3 ) Adjusted EBITDA $69.6 $62.7
Exela Technologies
Schedule 4: SG&A (Including Related Party) – Pro Forma First Quarter 2017, Fourth Quarter 2017 and
First Quarter 2018
As Reported Q1 2017 ($ in millions)
Q1 2018 Q4 2017 Pro Forma As Reported Novitex Selling, general and administrative expenses 45.6 48.3 51.6 35.6 16.0 Related party expense 1.1 1.7 2.7 2.4 0.3 Total $46.7 $50.0 $54.3 $38.0 $16.3 Exela Technologies
Schedule 5: Pro Forma Reconciliation – First Quarter 2017
Q1 2017 (1) ($ in millions)
As Reported
Novitex
Pro Forma
Revenue $ 218.3 $ 143.6 $ 361.9 Cost of revenue (exclusive of depreciation and amortization) 143.7 118.2 261.9 Selling, general and administrative expenses (Including related party) 38.0 16.3 54.3 Depreciation and amortization 21.3 9.7 31.0 Operating income (loss) 15.3 (0.6) 14.7 Interest expense, net 26.2 12.1 38.3 Sundry expense (income) & other income, net 2.7 - 2.7 Net loss before income taxes (13.7) (12.7) (26.4) Income tax (benefit) expense 2.0 (3.0) (1.0) Net loss ($15.7) ($9.7) ($25.4) (1) Net loss for the period is presented on the basis of the previous debt structure at the respective standalone companies. As of July 12 th , 2017 the existing debt structures at respective Exela entities have been replaced with a new capital structure consisting of $350 million Term Loan and $1.0 Billion Senior Secured Notes.
Exela Technologies
Schedule 6: Pro forma capital expenditures – First Quarter 2017
($ in millions) Q1 2017 Acquirer Novitex Pro Forma Capital expenditures 8.6 2.5 11.1 Exela Technologies
Schedule 7: Further Adjusted EBITDA Calculation Pro Forma 2017
($ in millions) Pro Forma FY 2017 Net Loss ($ 242.4 ) Taxes (67.2) Interest expense 153.4 Depreciation and amortization 119.5 Impairment of goodwill and other intangible assets 69.4 (Gain) / loss on extinguishment of debt 53.0 Optimization and restructuring expenses 47.9 Transaction related costs 99.0 Non-cash charges 6.7 New contract setup 2.0 Oversight and management Fees 5.1 (Gain) / loss on derivative instruments (1.3) Gain / (loss) on currency exchange 2.4 Combined merger adjustments 99.2 Further Adjusted EBITDA $ 346.8 Contact: Jim Mathias
E: [email protected]
W: investors.exelatech.com
T: +1 972-821-5808
Source:Exela Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-exela-technologies-inc-reports-first-quarter-2018-results-pro-forma-revenue-growth-of-8-point-7-percent-net-loss-of-24.html |
May 7 (Reuters) - HT&E Ltd:
* EXPECTS H1 EBITDA AT ARN TO BE AHEAD OF PRO-FORMA PRIOR YEAR BY ABOUT 5 PERCENT TO 6 PERCENT
* CONFIDENT CO WILL ACHIEVE & MAY EXCEED CURRENT ANALYST 2018 EBITDA CONSENSUS ESTIMATES OF BETWEEN $113 MILLION & $114 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hte-says-confident-co-will-achieve/brief-hte-says-confident-co-will-achieve-may-exceed-current-analyst-2018-ebitda-consensus-idUSL8N1SE033 |
May 26, 2018 / 7:05 AM / Updated 14 minutes ago Leaders of two Koreas hold surprise meeting as Trump revives summit hopes Soyoung Kim , David Brunnstrom 5 Min Read
SEOUL/WASHINGTON (Reuters) - South Korean President Moon Jae-in held a surprise meeting with North Korean leader Kim Jong Un on Saturday in an effort to ensure that a high-stakes summit between Kim and U.S. President Donald Trump takes place successfully, South Korean officials said.
The meeting was the latest dramatic turn in a week of diplomatic flip-flops surrounding the prospects for an unprecedented summit between the United States and North Korea, and the strongest sign yet that the two Korean leaders are trying to keep the on-again off-again summit on track.
Their two hours of talks at the Panmunjom border village came a month after they held the first inter-Korean summit in more than a decade at the same venue. At that meeting, they declared they would work toward a nuclear-free Korean peninsula and a formal end to the 1950-53 Korean War.
“The two leaders candidly exchanged views about making the North Korea-U.S. summit a successful one and about implementing the Panmunjom Declaration,” South Korea’s presidential spokesman said in a statement. He did not confirm how the meeting was arranged or which side asked for it.
The White House did not respond to a request for comment. But White House spokeswoman Sarah Sanders said an advance team of White House and U.S. State Department officials would leave for Singapore on schedule this weekend to prepare for a possible summit there.
For graphic on nuclear testing site click tmsnrt.rs/2wGynpf
For graphic on nuclear North Korea click tmsnrt.rs/2Kql12i
Reuters reported earlier this week that a U.S. advance team was scheduled to discuss the agenda and logistics for the summit with North Korean officials.
“There is a very strong possibility a U.S.-North Korea summit could be back on very soon,” said Harry Kazianis of the conservative Center for the National Interest think-tank in Washington.
Whether one takes place depends on Kim agreeing to some sort of a realistic and verifiable denuclearization plan, added Kazianis, citing his own Trump administration sources. “If not, no summit. That is what it hinges on,” he said. TRUMP HAILS “PRODUCTIVE TALKS”
In a letter to Kim on Thursday, Trump had said he was cancelling the summit planned for June 12 in Singapore, citing North Korea’s “open hostility.” South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un during their summit at the truce village of Panmunjom, North Korea, in this handout picture provided by the Presidential Blue House on May 26, 2018. The Presidential Blue House /Handout via REUTERS
But on Friday he indicated the meeting could be salvaged after welcoming a conciliatory statement from Pyongyang.
“We’re talking to them now. They very much want to do it. We’d like to do it,” Trump told reporters at the White House.
In a tweet later, Trump cited “very productive talks” and said that if the summit were reinstated it would likely remain in Singapore on June 12, and that it could be extended if necessary.
A senior White House official told reporters on Thursday that organizing a summit by June 12 could be a challenge, given the amount of dialogue needed to ensure a clear agenda.
“And June 12 is in ... 10 minutes,” the official said.
If the summit is not held, some analysts warn that the prospect of a military confrontation between the two nations would rise, while a successful summit would mark Trump’s biggest foreign policy achievement.
The Trump administration is demanding that North Korea completely and irreversibly shutter its nuclear weapons program. Kim and Trump’s initial decision to meet followed months of war threats and insults between the leaders over the program.
Pyongyang has conducted six nuclear tests, and has developed a long-range missile that could theoretically hit anywhere in the United States. Experts, however, are doubtful that North Korea possesses a warhead capable of surviving the stresses of re-entering Earth’s atmosphere.
Video and a photo released by South Korea’s presidential Blue House on Saturday showed Kim hugging Moon and kissing him on the cheek three times as he saw Moon off after their meeting at Tongilgak, the North’s building in the truce village, which lies in the Demilitarized Zone (DMZ) - the 2.5-mile (4 km) wide buffer that runs along the heavily armed military border.
Video footage also showed Kim Jong Un’s sister, Kim Yo Jong, greeting Moon as he arrived at Tongilgak and shaking hands, before the South Korean leader entered the building flanked by North Korean military guards. Slideshow (3 Images)
Moon is the only South Korean leader to have met a North Korean leader twice, both times in the DMZ, which is a symbol of the unending hostilities between the nations after the Korean War ended in 1953 in a truce, not a peace treaty. Reporting by Soyoung Kim, Hyunjoo Jin and Joori Roh in SEOUL, and David Brunnstrom, David Morgan, Jonathan Landay, Roberta Rampton and Katanga Johnson in WASHINGTON; Editing by Helen Popper and Rosalba O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles/prospects-of-u-s-north-korea-summit-brighten-after-trumps-tweet-idUSKCN1IR06U |
Teva Pharmaceuticals Inc and Vintage Pharmaceuticals Inc have escaped a lawsuit by a New York man who had alleged that their generic version of the antipsychotic drug Risperdal had caused him to develop breasts, after a federal judge found the claims to be preempted by federal law.
Samuel Coleson, who took the drug in 2010 after being diagnosed with “schizophrenia mania and bipolar disorder,” claimed the companies failed to warn of the serious side effects and that the drug suffered from design defects.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2jMgImK
| ashraq/financial-news-articles | https://www.reuters.com/article/products-risperdal/teva-and-vintage-escape-suit-over-generic-risperdal-idUSL1N1SG2I4 |
India China lands bomber on South China Sea island for first time A state newspaper reported that the People's Liberation Army Air Force conducted takeoff and landing training with the H-6K bomber in the South China Sea. The move is likely to further fuel concerns about Beijing's expansive claims over the disputed region. Published 8 Hours Ago The Associated Press Xinhua | Liu Rui via Getty Images File photo taken in July, 2016 shows Chinese H-6K bomber patrolling islands and reefs including Huangyan Island in the South China Sea.
The Chinese air force has landed long-range bombers for the first time on an airport in the South China Sea, a state newspaper said Saturday, in a move likely to further fuel concerns about Beijing's expansive claims over the disputed region.
The China Daily newspaper reported that the People's Liberation Army Air Force conducted takeoff and landing training with the H-6K bomber in the South China Sea.
China is pitted against smaller neighbors in multiple disputes in the South China Sea over islands, coral reefs and lagoons in waters crucial for global commerce and rich in fish and potential oil and gas reserves.
A statement from the Defense Ministry late Friday said the exercise was conducted on an island reef, but it did not specify when or where, saying only that it took place recently at a "southern sea area." It involved several H-6Ks taking off from an air base then making a simulated strike against sea targets before landing, the ministry said.
Wang Mingliang, a military expert, was quoted in the statement as saying that the takeoff and landing exercises will help the air force improve its "real combat ability against all kinds of marine security threats."
The Washington-based Asia Maritime Transparency Initiative, using Chinese social media posts, identified the location of the exercise as Woody Island, China's largest base in the Paracel Islands. show chapters 5:48 PM ET Thu, 3 May 2018 | 01:09
With a combat radius of nearly 1,900 nautical miles (3,520 kilometers), the H-6K bomber would put all of Southeast Asia in its range from Woody Island, AMTI said.
Farther south in the Spratly group of islands, China has constructed seven man-made islands and equipped them with runways, hangers, radar and missile stations, further cementing its vast territorial claims in the busy waterway.
The U.S. and others accuse Beijing of militarizing the region to bolster its claims. Adm. Phil Davidson, the new head of the Pacific Command, said recently that China had reached the tipping point in its control over the South China Sea .
China's South China Sea bases can be used to challenge the U.S. presence in the region, "and any forces deployed to the islands would easily overwhelm the military forces of any other South China Sea-claimants," Davidson wrote in recent testimony to Congress. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/19/china-lands-bomber-on-south-china-sea-island-for-first-time.html |
LIMA, Peru, May 4, 2018 /PRNewswire/ -- Camposol S.A. ( the "Company" or "we") announced today that in connection with its offer to purchase for cash ("Tender Offer") any and all its outstanding 10.50% Notes due 2021 (the "Notes"), it has extended the Expiration Date (as such term is defined in the Statement (as defined below)) of the Tender Offer until 5:00 p.m., New York City time, on May 9, 2018.
As of 5:00 p.m. on May 3, 2018, $107,495,000 principal amount of the Notes have been validly tendered in the Tender Offer, representing approximately 72.88% of the principal amount outstanding of the Notes. Holders who have validly tendered their Notes do not have to re-tender their Notes or take any other action as a result of the extension of the Expiration Date of the Tender Offer.
The other terms and conditions of the Tender Offer set forth in the Offer to Purchase for Cash Statement dated April 27, 2018 (the "Statement") still apply.
The Company has retained J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated to serve as the dealer managers for the Tender Offer. Questions regarding the tender offer may be directed to J.P. Morgan Securities LLC at +1 (212) 834-7279 (collect) or (866) 846-2874 (toll-free) and Merrill Lynch, Pierce, Fenner & Smith Incorporated at +1 (646) 855-8988 (collect) or (888) 292-0070 (toll-free). Requests for documents may be directed to D.F. King & Co. Inc., the information and tender agent for the Tender Offer, at +1 (212) 269-5550 (banks and brokers), +1 (800) 884-4725 (all others, toll free) and by e-mail at [email protected] .
Documents relating to the Tender Offer are also available at www.dfking.com/camposol .
None of the Company, the guarantors to the Notes, the dealer managers or the information and tender agent make any recommendations as to whether holders should tender their Notes pursuant to the Tender Offer, and no one has been authorized by any of them to make such recommendations. Holders must make their own decisions as to whether to tender their Notes, and, if so, the principal amount of Notes to tender.
This press release is for informational purposes only and is not a recommendation and is not an offer to sell or a solicitation of an offer to buy any security. The Tender Offer is being made solely pursuant to the Tender Offer documents.
The Tender Offer does not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not permitted by law or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.
In any jurisdiction where the securities, blue sky or other laws require tender offers to be made by a licensed broker or dealer and in which the dealer managers, or any affiliates thereof, are so licensed, the Tender Offer will be deemed to have been made by any such dealer managers, or such affiliates, on behalf of the Company.
Forward-Looking Statements
This release and the Statement contain statements which may constitute "forward-looking statements". These forward-looking statements are not based on historical facts, but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Words such as "expect," "may," "intend," "should" and similar words and expressions are intended to identify forward-looking statements. It is possible that our actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Forward-looking statements speak only as of the date they were made, and we undertake no obligation to update publicly or revise any forward-looking statements after the date on which they are made in light of new information, future events and other factors.
View original content: http://www.prnewswire.com/news-releases/camposol-sa-extends-the-expiration-date-of-its-tender-offer-for-any-and-all-of-its-10-50-notes-due-2021--300642791.html
SOURCE Camposol S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-camposol-s-a-extends-the-expiration-date-of-its-tender-offer-for-any-and-all-of-its-10-point-50-percent-notes-due-2021.html |
CHICAGO, May 08, 2018 (GLOBE NEWSWIRE) -- Potbelly Corporation (NASDAQ:PBPB) today reported the first fiscal quarter ended April 1, 2018.
Key highlights for the thirteen weeks ended April 1, 2018 compared to the thirteen weeks ended March 26, 2017 include:
Total revenues increased 1.2% to $102.9 million from $101.7 million. Company-operated comparable store sales decreased 3.6%. Four new shops opened, including two franchised shops and two company-operated shops. GAAP net loss attributable to Potbelly Corporation was $2.2 million, inclusive of a $2.0 million impairment charge compared to net income of $0.7 million, inclusive of a $0.9 million impairment charge. GAAP diluted loss per share was $0.09 compared with GAAP diluted earnings per share of $0.03. Adjusted net income 1 attributable to Potbelly Corporation decreased to $0.7 million from adjusted net income of $1.3 million. Adjusted diluted EPS decreased to $0.03 from $0.05. EBITDA 1 decreased to $3.2 million from $7.5 million. Adjusted EBITDA 1 decreased to $7.6 million from $9.2 million.
Alan Johnson, President and Chief Executive Officer of Potbelly Corporation, commented, “Our first quarter results were in line with our expectations, as we generated revenue of $103 million and adjusted EPS of $0.03. Our company-operated same store sales decline of 3.6% was negatively impacted by unfavorable weather, the New Year and Easter holiday shift and certain discrete events last year. Excluding these impacts, we are encouraged by our results, and we saw improving comp trends through the first quarter which continued into the second quarter.”
Johnson continued, “2018 will be a transition year for Potbelly as we focus on getting back to basics and working to reposition the company to return to profitable growth. We have concluded our comprehensive business review, and we have incorporated much of the valuable learnings and analysis into our strategy to turn around the business. Our strategy includes a renewed focus on becoming a more sales-driven organization, driving incremental sales through menu engineering and product innovation, increased investment in marketing and technology, and harnessing the off-premise potential of the brand. In addition, we have a refocused unit growth strategy, and we are driving greater efficiencies and productivity to reinvest into our traffic and brand building initiatives. Importantly, we are making significant strides in building the leadership team required to implement our strategies and effect a successful turnaround. We are encouraged by the early progress of our strategy, which provides us with the confidence to reiterate our guidance for fiscal year 2018.”
2018 Outlook
For the full fiscal year of 2018, management currently expects:
22-26 total shop openings, including 10-12 company operated shop openings; Flat company-operated comparable store sales growth; An effective tax rate that is in a range of 24%-26%, excluding the impact of ASU 2016-09; and Adjusted diluted earnings per share to range from $0.37-$0.39;
Projected adjusted diluted earnings per share set forth above is a measure not recognized under GAAP. Please see “Non-GAAP Financial Measures” below.
Stock Repurchase Program
The Company also announced that its Board of Directors has authorized a stock repurchase program for up to $65.0 million of its outstanding common stock. The stock repurchase program replaced a previously approved program, under which approximately $14.7 million of authorization remained as of April 1, 2018. The number of common stock actually repurchased, and the timing and price of repurchases, will depend upon market conditions, Securities and Exchange Commission requirements, and other factors. Stock may be repurchased from time to time on the open market, in privately negotiated transactions, or otherwise. No time limit has been set for the completion of the stock repurchase program, and purchases may be started or stopped at any time without prior notice depending on market conditions and other factors.
Conference Call
A conference call and audio webcast has been scheduled for 5:00 p.m. Eastern Time today to discuss these results. Details of the conference call are as follows:
Date: Tuesday, May 8, 2018 Time: 5:00 p.m. Eastern Time Dial-In #: 855-327-6837 U.S. & Canada 631-891-4304 International Confirmation code: 10004779 Alternatively, the conference call will be webcast at www.potbelly.com on the “Investor Relations” webpage. For those unable to participate, an audio replay will be available from 8:00 p.m. Eastern Time on Tuesday, May 8, 2018 through midnight Tuesday, May 15, 2018. To access the replay, please call 844-512-2921 (U.S. & Canada) or 412-317-6671 (International) and enter confirmation code 10004779. A web-based archive of the conference call will also be available at the above website.
About Potbelly
Potbelly Corporation is a neighborhood sandwich concept offering toasty warm sandwiches, signature salads and other fresh menu items served by engaging people in an environment that reflects the Potbelly brand. Our Vision is for our customers to feel that we are their “Neighborhood Sandwich Shop” and to tell others about their great experience. Our Mission is to make people really happy and to improve every day. Our Passion is to be “The Best Place for Lunch.” The Company owns and operates over 400 shops in the United States and our franchisees operate over 50 shops domestically, in the Middle East, the United Kingdom, Canada and India. For more information, please visit our website at www.potbelly.com .
Definitions
The following definitions apply to these terms as used throughout this press release:
Revenues – represents net company-operated sandwich shop sales and our franchise operations. Net company-operated shop sales consist of food and beverage sales, net of promotional allowances and employee meals. Franchise royalties and fees consist of an initial franchise fee, a franchise development agreement fee and royalty income from the franchisee. Company-operated comparable store sales – represents the change in year-over-year sales for the comparable company-operated store base open for 15 months or longer. EBITDA – represents income before depreciation and amortization expense, interest expense and the provision for income taxes. Adjusted EBITDA – represents income before depreciation and amortization expense, interest expense and the provision for income taxes, adjusted to eliminate the impact of other items, including certain non-cash as well as other items that we do not consider representative of our ongoing operating performance. Adjusted net income – represents net income, excluding impairment, gain or loss on the disposal of property and equipment and store closure expense, as well as other items that we do not consider representative of our ongoing operating performance. Shop-level profit – represents income from operations less franchise royalties and fees, general and administrative expenses, depreciation expense, pre-opening costs and impairment and loss on the disposal of property and equipment. Shop-level profit margin – represents shop-level profit expressed as a percentage of net company-operated sandwich shop sales. Adjusted diluted earnings per share – represents net income, excluding impairment, gain or loss on the disposal of property and equipment and store closure expense on a fully diluted per share basis as well as other items that we do not consider representative of our ongoing operating performance.
1 Non-GAAP Financial Measures
We prepare our financial statements in accordance with Generally Accepted Accounting Principles (“GAAP”). Within this press release, we make reference to EBITDA, adjusted EBITDA, adjusted net income, shop-level profit and shop-level profit margin, which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
Management uses adjusted EBITDA and adjusted net income to evaluate the Company’s performance and in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. Adjusted EBITDA and adjusted net income exclude the impact of certain non-cash charges and other special items that affect the comparability of results in past quarters. Management uses shop-level profit and shop-level profit margin as key metrics to evaluate the profitability of incremental sales at our shops, to evaluate our shop performance across periods and to evaluate our shop financial performance against our competitors.
Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company’s operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company’s financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please refer to the table, “Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures.”
This press release includes certain non-GAAP forward-looking information (including, but not limited to under the heading “2018 Outlook”), namely adjusted net income and adjusted diluted earnings per share. The Company believes that a quantitative reconciliation of such forward-looking information to the most comparable financial measure calculated and presented in accordance with GAAP cannot be made available without unreasonable efforts. A reconciliation of these non-GAAP financial measures would require the Company to predict the timing and likelihood of outcomes that determine future impairments and the tax benefit of any such future impairments. Neither of these measures, nor their probable significance, can be reliably quantified due to the inability to forecast future impairments.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. Forward-looking statements, written, oral or otherwise made, represent the Company’s expectation or belief concerning future events. Without limiting the foregoing, the words “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “plans,” “strives,” “goal,” “estimates,” “forecasts,” “projects” or “anticipates” or the negative of these terms and similar expressions are intended to identify forward-looking statements. Forward-looking statements may include, among others, statements relating to: our future financial position and results of operations, business strategy, budgets, projected costs and plans and objectives of management for future operations. By nature, forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or implied by the forward-looking statement, due to reasons including, but not limited to, our ability to manage our growth and successfully implement our business strategy; price and availability of commodities; changes in labor costs; consumer confidence and spending patterns; consumer reaction to industry-related public health issues and perceptions of food safety; and weather conditions. In addition, there may be other factors of which we are presently unaware or that we currently deem immaterial that could cause our actual results to be materially different from the results referenced in the forward-looking statements. All forward-looking statements contained in this press release are qualified in their entirety by this cautionary statement. Although we believe that our plans, intentions and expectations are reasonable, we may not achieve our plans, intentions or expectations. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which speak only as of the date hereof. See “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” included in our most recent annual report on Form 10-K and other risk factors described from time to time in subsequent quarterly reports on Form 10-Q, all of which are available on our website at www.potbelly.com . The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
Contact: Investor Relations [email protected] 312-428-2950
Potbelly Corporation
Consolidated Statements of Operations and Margin Analysis – Unaudited
(Amounts in thousands, except share and per share data) For the 13 Weeks Ended April 1, % of March 26, % of 2018 Revenue 2017 Revenue Revenues Sandwich shop sales, net $ 102,247 99.3 % $ 100,859 99.2 % Franchise royalties and fees 670 0.7 840 0.8 Total revenues 102,917 100.0 101,699 100.0 Expenses Sandwich shop operating expenses Cost of goods sold, excluding depreciation 26,636 25.9 26,663 26.2 Labor and related expenses 31,579 30.7 30,462 30.0 Occupancy expenses 14,726 14.3 14,169 13.9 Other operating expenses 12,500 12.1 11,633 11.4 General and administrative expenses 12,188 11.8 10,352 10.2 Depreciation expense 5,826 5.7 6,199 6.1 Pre-opening costs 68 * 73 * Impairment and loss on disposal of property and equipment 2,024 2.0 885 0.9 Total expenses 105,547 102.6 100,436 98.8 Income (loss) from operations (2,630 ) (2.6 ) 1,263 1.2 Interest expense 27 * 28 * Income (loss) before income taxes (2,657 ) (2.6 ) 1,235 1.2 Income tax expense (benefit) (504 ) (0.5 ) 553 0.5 Net income (loss) (2,153 ) (2.1 ) 682 0.7 Net income (loss) attributable to non-controlling interest 41 * (1 ) * Net income (loss) attributable to Potbelly Corporation $ (2,194 ) (2.1 )% $ 683 0.7 % Net income (loss) per common share attributable to common shareholders: Basic $ (0.09 ) $ 0.03 Diluted $ (0.09 ) $ 0.03 Weighted average common shares outstanding: Basic 25,144,855 25,099,962 Diluted 25,144,855 26,082,478 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-potbelly-corporation-reports-results-for-first-fiscal-quarter-2018-and-announces-65-million-stock-repurchase-program.html |
A federal appeals court on Friday affirmed a jury verdict for Burlington Northern Santa Fe Railway Co in a lawsuit by a former engineer with sleep apnea, who accused the company of failing to accommodate his disability under the Americans with Disabilities Act.
The 9th U.S. Circuit Court of Appeals rejected Danny Snapp’s argument that, due to improper jury instructions, he was held to an unduly high burden of proof, and that the burden of disproving his claims should have shifted to BNSF because it had allegedly shirked its duty to engage in the interactive process of determining whether his disability could be reasonably accommodated.
To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KZd45v
| ashraq/financial-news-articles | https://www.reuters.com/article/in-win-for-bnsf-9th-circuit-says-ada-pla/in-win-for-bnsf-9th-circuit-says-ada-plaintiff-bears-burden-of-proof-idUSL2N1SL07P |
Shutterfly Inc:
* SHUTTERFLY ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 REVENUE $199.7 MILLION VERSUS I/B/E/S VIEW $192.1 MILLION
* Q1 GAAP LOSS PER SHARE $0.83 * Q1 EARNINGS PER SHARE VIEW $-0.93 — THOMSON REUTERS I/B/E/S
* SEES FULL-YEAR 2018 NON-GAAP REVENUE RANGING FROM $2.01 BILLION TO $2.06 BILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $2.83 TO $3.28 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shutterfly-q1-gaap-loss-per-share/brief-shutterfly-q1-gaap-loss-per-share-0-83-idUSASC09YPW |
WASHINGTON (Reuters) - President Donald Trump’s cancellation of a summit with North Korean leader Kim Jong Un risks a return to crisis mode between Washington and Pyongyang but both sides may be wary of letting the situation escalate into fears of war as it did last year.
North Korean leader Kim Jong Un inspects the completed railway that connects Koam and Dapchon, in this undated photo released by North Korea's Korean Central News Agency (KCNA) in Pyongyang May 24, 2018. KCNA/via REUTERS With a new exchange of super-charged rhetoric driving the United States and North Korea from the negotiating table, there is growing concern that words could be matched with action, including renewed shorter-range missile tests or stepped-up cyber attacks by Pyongyang and increased sanctions or deployment of new military assets by Washington, analysts said.
But with Trump saying he is keeping the door open to diplomacy and North Korea apparently still looking to benefit from a thaw with South Korea, such steps could be constrained - or at least tempered - by a mutual desire to keep things from spiraling out of control.
Even so, Trump, in scrapping the June 12 summit in Singapore, sounded a bellicose note on Thursday, warning Kim of the United States’ greater nuclear might, reminiscent of the president’s tweet last year asserting that he had a “much bigger” nuclear button than Kim.
That followed North Korea’s warning earlier in the day that it was prepared for a nuclear showdown with Washington, a threat that U.S. officials said contributed heavily to Trump’s decision to call off the summit.
“The decision to cancel the planned summit and the manner in which it was done have the potential to put us back on a glide path to conflict,” said Ned Price, a former CIA officer who served as National Security Council chief spokesman in the Obama administration.
Some other analysts took a more cautious view.
“It’s too early to bang the war drums,” said Bruce Klingner, an Asia expert at the conservative Heritage Foundation think tank. “We may get there, but I think it’s premature to jump to that conclusion now.”
North Korea’s pursuit of nuclear weapons raised fears of war last year amid an exchange of insults and threats between Trump and Kim over Pyongyang’s testing of an H-bomb and its work on a missile capable of hitting the United States. But tensions eased in recent months, only to reignite in the past week.
HOW WILL NORTH KOREA RESPOND? Much will depend on what North Korea does next, experts say. Most remain more skeptical than ever about Kim’s willingness to give up his nuclear arsenal and believe Trump was naive to believe that he would.
In Pyongyang’s first response to Trump’s cancellation of the summit, North Korea’s vice foreign minister said the country was still open to resolving issues with the United States “at any time in any way.” But he gave no indication Pyongyang was willing to bargain away its nuclear program.
If Kim decides on a more aggressive response to Trump’s move, he could test one of his short- or mid-range missiles, something North Korea has refrained from doing in recent months while pursuing diplomatic outreach, analysts said.
North Korea could also decide on a riskier course: a resumption of the testing it formally suspended last month on intercontinental ballistic missiles it says are capable of hitting the United States.
Pyongyang’s rapid ICBM advance was what originally put Trump and Kim on a collision course and, according to U.S. officials, led him at one point to ask the Pentagon to draw up options for a preventive strike on a North Korean nuclear or missile site.
“An early indication of a downward turn in the state of affairs would be North Korean statements that they are no longer bound by their testing moratorium,” said Victor Cha, a former Asia adviser under President George W. Bush.
Another possibility is increased North Korean cyber attacks.
“We expect that there will be some type of cyber-retaliation, most likely denial-of-service or other disruptive attacks against U.S. government departments or military networks, defense contractors, and large American multinationals,” said Priscilla Moriuchi, former head of the National Security Agency’s East Asia and Pacific cyber threats office.
But Jeff Bader, who served as former President Barack Obama’s chief Asia adviser, said Kim would likely avoid “excessive provocations” because he hopes to continue improving relations with South Korea, which in itself could drive a wedge between allies Washington and Seoul.
“That would restrain him for a while,” said Bader. “Over the longer term, sure, he’ll go back to provocations, I don’t doubt that.
The Trump administration has signaled it is considering further sanctions against North Korea under its “maximum pressure” campaign. That could also mean increased efforts to intercept ships suspected of violating international sanctions.
China, North Korea’s main trading partner, has the potential to complicate matters if it eases sanctions enforcement that Washington saw as helping to draw North Korea into negotiations.
Other possibilities include beefing up U.S. air and naval assets in and around South Korea and continuing to defy North Korea’s demands for an end to U.S.-South Korean military drills.
But Evans Revere, a former U.S. negotiator with North Korea, said significant U.S. military moves seemed unlikely “unless some North Korean provocation or action requires them to be dusted off again.”
Reporting by Matt Spetalnick and Arshad Mohammed; Additional reporting by David Brunnstrom, John Walcott and Lesley Wroughton; Editing by Peter Cooney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-crisis-analysis/canceled-summit-could-bring-u-s-north-korea-back-into-crisis-mode-idUSKCN1IP3UD |
May 17, 2018 / 7:04 AM / Updated an hour ago Grassroots groups herald messy new chapter in Catalan secession bid Isla Binnie 4 Min Read
BARCELONA (Reuters) - Masked protesters cheer and wave cars through open toll road barriers in a small town south of Barcelona, flying a banner that reads “Welcome to the Catalan Republic”. Members of Granoller's Committee for the Defence of the Republic (CDR) hang yellow ribbons to demand the release of jailed Catalonian politicians in Granollers, Spain May 12, 2018. REUTERS/Albert Gea
Stunts of this kind have been carried out in the wealthy Spanish region by local groups calling themselves Committees for the Defence of the Republic (CDRs), as a political campaign to split from Spain has struggled under seven months of direct rule by the central government.
Madrid fired the regional government last October after it declared an independent republic and called an election in December hoping to stifle the secessionists. But this strategy backfired when voters returned a slim majority for pro-independence parties.
In a step towards breaking the deadlock, the regional parliament on Monday elected a new leader, hardline separatist Quim Torra, who was handpicked by exiled former Catalan leader Carles Puigdemont.
Torra has offered dialogue with Madrid but also warned he will take fresh steps towards independence, stirring uncertainty in a region that provides one fifth of Spain’s economic output.
The same ambivalence applies among the roughly 300 CDRs.
Loosely organised, largely disconnected from political parties and employing sometimes divergent tactics, their spread highlights how a judicial crackdown emanating from Madrid has paralysed the independence drive but also made it more unpredictable - and at times more radical. Members of the Committee for the Defence of the Republic (CDR) light candles in memory of jailed Catalonian politicians at Catalunya square in Barcelona, Spain April 27, 2018. REUTERS/Albert Gea
Founded to help organise Catalonia’s banned independence referendum on Oct. 1, 2017, and to hide thousands of ballot boxes from the Spanish authorities, the groups insist they are and will remain peaceful.
But the evolution of the movement has caused jitters in Madrid and analysts say it could take Spain’s worst political crisis in decades further into uncharted waters.
“They think they have cut off our heads, but the people are still here,” said 62 year-old retired bank manager Joan at a meeting of a Barcelona suburb’s local CDR. “We are keeping the flame alive.”
Despite discussing low-key initiatives such as giving information pamphlets about secession to tourists and joining a run to Madrid to show solidarity with independence leaders who have been jailed, all 26 people present refused to give their surnames and asked Reuters not to identify the suburb.
They cited the arrest of a young woman in nearby Viladecans on charges of terrorism relating to CDR protests in early April. Slideshow (9 Images)
A Civil Guard military police spokesman declined to comment on whether there were other investigations open, saying the April arrest was “a police action based on suspected crimes”.
The woman was later granted conditional release by a judge who softened the charge to one of public disorder. “MAKE NOISE”
Street-level mobilisation of independence supporters was once the domain of highly-organised civil groups Omnium and the Catalan National Assembly (ANC), but their leaders were the first to be jailed over their role in organising protests.
“There used to be visible leadership and the road map of the independence movement was clearer,” said Lluis Orriols, a political science lecturer at Madrid’s Carlos III University.
“This space is now occupied by the CDRs, which are much more decentralised organisations,” Orriols said.
Politicians in Madrid, including members of the ruling People’s Party (PP) and the opposition Socialists, have compared CDR activity to that of the violent Basque separatist group ETA, a parallel the groups roundly reject.
The issue has split Barcelona town hall, where the governing party of mayor Ada Colau and pro-independence parties demanded the public prosecutor withdraw all charges against CDR members.
At the CDR meeting, 29-year-old psychologist Maria said the goal was to resist in a subtle way, but that the disruptive stunts drew attention to the cause.
“We are very peaceful but if you don’t make noise, nobody will listen to you,” she said. Editing by Julien Toyer and Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-spain-politics-catalonia-grassroots/grassroots-groups-herald-messy-new-chapter-in-catalan-secession-bid-idUKKCN1II0PJ |
BEIRUT (Reuters) - Syrian state media said a military airport near Homs city had come under missile attack which was repelled by its air defense systems on Thursday.
“One of our military airports in the central region was exposed to a hostile missile attack, and our air defense systems confronted the attack and prevented it from achieving its aim,” state news agency SANA said.
SANA earlier reported sounds of explosions heard near the Dabaa airport, about 20 km (12 miles) southwest of the central Syrian city of Homs and 10 km (6 miles) from the Lebanese border.
Syrian state media did not comment on the origin of the missile attack.
Israel, which fears Iran and Iran-backed Lebanese group Hezbollah are turning Syria into a new front against it, has struck targets in the country many times during the war, hitting the Syrian army, Hezbollah and what it has characterized as Iran-backed positions.
An Israeli military spokeswoman declined to comment.
Britain-based war monitor the Syrian Observatory for Human Rights said troops belonging to Hezbollah and other militias allied to Syrian President Bashar al-Assad are stationed in the Dabaa military airport. It had no information on casualties.
Pentagon spokesman Lieutenant Colonel Kone Faulkner, when asked about reports of the attack, said the U.S.-led coalition fighting Islamic State in Syria did not carry it out and the coalition does not target Syrian government positions.
Reporting by Lisa Barrington in Beirut; Additional reporting by Dan Wiliams in Jerusalem and Idrees Ali in Washington; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-homs/syrian-air-defense-intercepts-missile-attack-on-airport-state-media-idUSKCN1IP3A4 |
May 11, 2018 / 3:12 PM / Updated 17 minutes ago Colombia's Santos sees 'regime change' soon in Venezuela Andrew Cawthorne , Andreina Aponte 3 Min Read
CARACAS (Reuters) - Colombia’s President Juan Manuel Santos predicted on Friday there would be “regime change” soon in neighboring Venezuela, which holds a controversial presidential election on May 20 likely to consolidate socialist rule. Columbian President Juan Manuel Santos and Hungarian Prime Minister Viktor Orban (not pictured) give a statement to the media in Budapest, Hungary, May 11, 2018. REUTERS/Bernadett Szabo
Santos, who has taken an increasingly tough line against President Nicolas Maduro as tens of thousands of Venezuelans cross the border to escape an economic crisis at home, was speaking at a meeting with businessmen in Budapest.
“With a regime change, which will come and will come very soon, the Venezuelan economy, with a bit of good governance, will take off very fast,” the centrist Santos said, without giving details of how such change could come about.
Maduro, 55, is widely expected to win re-election in a vote which the mainstream opposition is boycotting and many foreign countries have condemned as unfair.
Two of the opposition’s most popular figures have been barred from standing, the election board and courts lean towards the government, and Maduro benefits from state giveaways to voters, a formidable party machine and a divided opposition.
“The ‘voting’ in Venezuela on May 20th is being done only to provide a phony cover for a dictator,” the U.S. envoy to the United Nations, Nikki Haley, said this week. “IMPERIALISTS, GO TO HELL!”
Maduro says Washington and its “lackeys” in the region like Santos are bent on toppling socialism in Venezuela via a coup in order to take control of the OPEC nation’s oil riches.
“The imperialists have gone crazy,” he said at a campaign rally in western Trujillo state on Friday. “They talk as if they are the owners of the world, the owners of Venezuela ... North American imperialism, take your orders and go to hell!”
The former bus driver and foreign minister, who narrowly won election to replace Hugo Chavez in 2013, says Venezuela’s election system is the cleanest in the world.
“Neither rain, nor thunder nor lightning will stop elections going ahead in this sovereign republic,” he added, to cheers from red-shirted supporters.
Maduro’s closest rival is Henri Falcon, a former Chavista who defected in 2010 but has now split from the main opposition to break a boycott and run for president.
In Hungary, Santos lamented the suffering of Venezuelans, including hungry people crossing the border, blaming it on bad governance and corruption. But Venezuela, with the world’s largest oil reserves, was Colombia’s natural trade partner and would rise again, he told the businessmen.
“If I had to bet, I would bet on Venezuela for sure.” Additional reporting by Vivian Sequera and Deisy Buitrago; Editing by Julia Symmes Cobba and Phil Berlowitz | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-election-santos/colombias-santos-sees-regime-change-soon-in-venezuela-idUKKBN1IC1UQ |
HOUSTON, May 29, 2018 (GLOBE NEWSWIRE) -- Greenfields Petroleum Corporation (the “ Company ” or “ Greenfields ”) (TSX VENTURE:GNF), an independent exploration and production company holding an 80% interest in producing assets in Azerbaijan, announces its financial and operating results . Selected financial and operational information included below should be read in conjunction with the Company’s condensed consolidated financial statements , with the notes thereto and related management’s discussion and analysis (“ MD&A ”), which can be found at www.Greenfields-Petroleum.com and on SEDAR at www.sedar.com . Except as otherwise indicated, all dollar amounts referenced herein are expressed in United States dollars.
First Quarter 2018 Highlights
Gross production volumes with respect to the offshore block known as the Bahar Project (the “ Bahar Project ”) averaged 838 bbl/d for crude oil and 17,299 mcf/d for natural gas, or a total of 3,720 boe/d. In comparison to the first quarter 2017, gross production volumes decreased 3% for crude oil (862 bbl/d), decreased 20% for natural gas (21,587 mcf/d) and decreased 17% (4,460 boe/d) for boe/d. In fourth quarter 2017, gross production volumes were 638 bbl/d for crude oil, 18,965 mcf/d for natural gas, or a total of 3,799 boe/d. The Company's entitlement share of sales volumes (the “ Sales Volumes ”) resulted in revenue of $7.0 million, a decrease of 24% in comparison to revenue of $9.2 million realized in the first quarter 2017. In the fourth quarter of 2017, the Company realized revenue from Sales Volumes of $6.9 million. Realized oil price averaged $63.11/bbl, an increase of 34% in comparison to $47.24/bbl realized in the first quarter 2017. In the fourth quarter of 2017, the Company realized average prices of $56.04/bbl. The price of natural gas has been fixed at $2.69/mcf since April 1, 2017 and previously it was constant at $3.96/mcf. Operating costs were $5.0 million, 20% lower when compared to $6.3 million in the first quarter 2017. In the fourth quarter 2017 the Company had operating costs of $4.8 million. Capital expenditures were $1.4 million, 30% lower when compared to expenditures of $2.0 million in first quarter 2017. The Company had capital expenditures of $2.9 million in the fourth quarter 2017. After interest and depreciation expenses, the Company realized a net loss of $2.6 million or a loss per share (basic and diluted) of $0.01, as compared to the first quarter 2017, where the Company realized a net loss of $1.4 million with a loss per share (basic and diluted) of $0.01. In the fourth quarter 2017, the Company realized a net loss of $2.2 million or a loss per share (basic and diluted) of $0.01.
“The Company has made good progress during the first quarter 2018 by increasing oil production in relation to fourth quarter 2017 through recompletions," said John Harkins, CEO. "Performance improvements in relation to service workovers contributed to restore and stabilize production. Our operating netback continues to improve due to increased oil production, coupled with higher market prices, and operating costs well under forecast.”
Operational Review
The increase in crude oil production in first quarter 2018 resulted from the successful workover of the GD-456 well. In the Bahar Gas Field, two capital workovers were completed and one remained underway. The decrease in natural gas production in the quarter is due to the loss of production from the B-171 well (approximately 1,800 mcf/d) due to a tubing problem. The workover on Bahar-171 restored natural gas production to 2,600 mcf/d at the end of the first quarter 2018 (a 44% increase as compared to year end 2017). The Bahar-177 well was suspended pending further evaluation of options for casing repair. Construction efforts focused on platform refurbishment to enable access for workovers and production operations, as well as infrastructural improvement projects related to the causeway, facilities and pipelines. During the first quarter of 2018, the Company continued the south Gum Deniz re-development project with the refurbishment of GD Platform-412. It was determined that the deeper wells in the south Gum Deniz will require pulling units larger than previously available. New larger pulling units are expected to be in service in June 2018 for Platform-409 and August 2018 for Plaform-412. Lower operating costs in first quarter 2018 resulted from costs reimbursements by SOCAR Oil Affiliate (" SOA "), the Company's 20% partner in the Bahar Project, as well as lower personnel costs, insurance and rentals. Administrative expenses for the first quarter 2018 were $1.2 million, 88% higher in comparison to $0.6 million in first quarter 2017 and 45% higher when compared to $0.8 million in fourth quarter 2017. The increases in Administrative expenses are due to higher professional and technical fees in connection with ongoing reservoir simulation studies and corporate initiatives. Lower capital expenditures in first quarter 2018 resulted from costs reimbursements by SOA and the slow start of the capital program due to procurement delays and inclement weather. In relation to the extended waterflood injectivity test in the Gum Deniz initiated in December 2017, two wells have been placed on injection and a third well is expected to follow in second quarter 2018. Injection of water will continue as new wellbores are added. Offset producing wells and observation wells will be closely monitored for response. The Company continues to work closely with SOCAR Drilling Trust (“ SDT ”) in connection with partnering opportunities to drill deep gas wells in the Bahar Gas Field, as previously announced to the market on December 4, 2017. The refurbishment of the Bahar Platform 196, key for future development drilling, is ongoing. In addition, both the work to design the Bahar 301 well and its respective drilling contract are underway.
Selected Financial Information
(US$000’s, except as noted) Three months ended March 31, 2018 2017 * Restated* (1) Financial Revenues Crude oil and natural gas 7,046 9,238 Net loss (2,591 ) (1,368 ) Loss per share, basic and diluted ($0.01 ) ($0.01 ) Operating Average Entitlement Sales Volumes (2) Crude Oil (bbl/d) 597 709 Decrease with respect to same period in 2017 (16 %) Natural gas (mcf/d) 14,855 17,296 Decrease with respect to same period in 2017 (14 %) Barrel oil equivalent (boe/d) 3,072 3,591 Decrease with respect to same period in 2017 (14 %) Entitlement to gross sales volumes (3) 88 % 84 % Prices Average oil price ($/bbl) 64.25 48.20 Net realization price ($/bbl) 63.11 47.24 Increase with respect to same period in 2017 34 % Brent oil price ($/bbl) 66.86 53.59 Natural gas price ($/mcf) (4) 2.69 3.96 Net realization price ($/boe) (5) 25.48 28.58 Operating cost ($/boe) (5) (18.26 ) (19.61 ) Operating Netback ($/boe) (5) 7.22 8.97 Capital Items Cash and cash equivalents 210 1,891 Total Assets 199,689 198,781 Working capital (6) (6,666 ) (48,189 ) Long term debt and shareholders’ equity 180,087 138,147
(1) The term * Restated* was added to the 2017 comparative information due to the reclassification of impairment expense, previously reported on a separate expense line, into operating expense, both within the same group of expenses as reported in the Company’s financial statements. The reclassification was made to conform to the basis of presentation for the current year and resulted in no change to total expenses, loss from operating activities, total comprehensive loss and loss per share reported for the three months ended March 31, 2017. See Note 15 – Segment Reporting in the Company’s Unaudited Condensed Consolidated Statements of Comprehensive Loss . (2) Sales Volumes represent the Company’s share of entitlement production marketed by the State Oil Corporation of Azerbaijan (“ SOCAR ”) after in-kind production volumes delivered to SOCAR as compensatory petroleum and the government’s share of profit petroleum. The Company’s share of entitlement production includes the allocation of SOA’s share of cost recovery production as required by the carry 1 recovery provisions in the Exploration, Rehabilitation, Development and Production Sharing Agreement (the " ERDPSA "). Compensatory petroleum represents 10% of gross production from the ERDPSA and continues to be delivered to SOCAR, at no charge, until specific cumulative oil and natural gas production milestones are attained. (3) Represents the percentage of Bahar Energy Limited’s (“ BEL ”) entitlement production volume relative to gross lifted volumes from the ERDPSA. (4) The natural gas price was contractually fixed at $3.96 per mcf in the first quarter 2017 and then renegotiated to a new 5‑year term at $2.69 per mcf effective April 1, 2017. (5) “Net realization price, operating cost and operating netback” are Non-IFRS measures. For more information see “ Non-IFRS Measures ”. (6) Working capital at March 31, 2017 includes $47 million in loans maturing March 31, 2018 which were classified as short term loans due to its March 31, 2018 maturity. The loans were subsequently reclassified to long term at September 30, 2017 as the maturity date was extended to January 15, 2020. About Greenfields Petroleum Corporation
Greenfields is a junior oil and natural gas company focused on the development and production of proven oil and gas reserves principally in the Republic of Azerbaijan. The Company is the sole owner of BEL , a venture with 80% participating interest in the ERDPSA with SOCAR and its affiliate SOA ", in respect of the offshore block known as the Bahar Project, which includes the Bahar Gas Field and the Gum Deniz Oil Field. BEL operates the Bahar Project through its wholly owned subsidiary Bahar Energy Operating Corporation Limited.. More information about the Company may be obtained on the Greenfields’ website at www.greenfields-petroleum.com .
Forward-Looking Statements
This press release contains forward-looking statements. More particularly, this press release includes forward-looking statements concerning, but not limited to: operational and development plans of the Company and of BEL; the completion of refurbishments and the anticipated timing thereof; the completion of workovers and anticipated timing thereof; the completion of recompletions and reactivations and the anticipated timing thereof; the Bahar Gas Field and Gum Deniz field studies and plan of development and the expectations in relation thereto; production; the completion of waterflood injectivity tests; and the timing of secondary recovery projects. In addition, the use of any of the words “anticipated”, “scheduled”, “will”, “prior to”, “estimate”, “believe”, “should”, “future”, “continue”, “expect”, “plan” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning the success of optimization and efficiency improvement projects, the availability of capital, current legislation and regulatory regimes, receipt of required regulatory approval, the success of future drilling and development activities, the performance of existing wells, the performance of new wells, general economic conditions, availability of required equipment and services, weather conditions and prevailing commodity prices. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties most of which are beyond the control of Greenfields. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking information. These risks include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety, political and environmental risks), commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas industry and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional risk factors can be found under the heading “Risk Factors” in Greenfields’ Management Discussion and Analysis which may be viewed on www.sedar.com .
The forward-looking statements contained in this press release are made as of the date hereof and Greenfields undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The Company’s forward-looking information is expressly qualified in its entirety by this cautionary statement.
Abbreviations
bbl barrels mcf thousand cubic feet bbl/d barrels per day mcf/d thousand cubic feet per day boe barrels of oil equivalent $/mcf United States dollars per thousand cubic feet boe/d barrels of oil equivalent per day $/boe United States dollars per barrels of oil equivalent $/bbl United States dollars per barrel Non-IFRS Measures
Within this document, references are made to terms which are not recognized under IFRS. Specifically, “net realization price”, “operating netback” and “operating cost” do not have any standardized meaning as prescribed by IFRS and are regarded as non-IFRS measures. These non-IFRS measures may not be comparable to the calculation of similar amounts for other entities and readers are cautioned that use of such measures to compare issuers may not be valid. Non-IFRS measures are used to benchmark operations against prior periods and are widely used by investors, lenders, analysts and other parties. These non-IFRS measures should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. The definition and reconciliation of each non-IFRS measure or additional subtotal is presented herein.
“Net realization price”, “operating netbacks”, “operating costs” are common non-IFRS measurements applied in the oil and gas industry and are used by management to assess the operational performance and performance of the Company. “Net realization price” indicates the selling price of a good less the selling costs. “Operating netback” is a measure of oil and gas sales revenue net of royalties, production and transportation expenses. “Operating cost” provides an indication of the controllable cash costs incurred per boe during a period. Management believes that these non-IFRS measures assist management and investors in assessing Greenfields’ profitability and operating results on a per unit basis to better analyze performance against prior periods on a comparable basis.
The Operating Summary on page 10 of the Company’s first quarter 2018 MD&A includes a reconciliation of “net realization price”, “operating netback” and “operating cost” to the most closely related IFRS measure.
Notes regarding Oil and Gas Disclosures
Barrels of oil equivalent or “boe” may be misleading, particularly if used in isolation. The volumes disclosed in this press release use a 6 mcf: 1 boe, as such is typically used in oil and gas reporting and is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The Company uses a 6 mcf: 1 boe ratio to calculate its share of entitlement sales from the Bahar project for its financial reporting and reserves disclosure.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Greenfields Petroleum Corporation
[email protected] John W Harkins (CEO) +1 (832) 234 0836 Jose Perez-Bello (CFO) +1 (832) 234 0831 Yellow Jersey (Media Relations)
[email protected] Charles Goodwin +44 7747 788 221 Harriet Jackson +44 7544 275 882
Source: Greenfields Petroleum Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-greenfields-petroleum-corporation-announces-first-quarter-2018-results.html |
May 14, 2018 / 12:15 AM / Updated 3 hours ago Golf-Late quadruple-bogey makes Aphibarnrat want to 'quit' Andrew Both 2 Min Read
PONTE VEDRA BEACH, Fla., May 13 (Reuters) - Kiradech Aphibarnrat wanted to “quit” after dunking two balls into the water at the famous island-green 17th hole at the Players Championship on Sunday.
After vaulting onto the leaderboard, on the verge of clinching his coveted PGA Tour card for next year, it all unravelled at the penultimate hole at TPC Sawgrass.
He mis-hit his first shot with a wedge from 137 yards which came up short at the par-three hole before reloading and doing the same thing again.
“I mis-hit it ... and mis-hit it again,” the Thai player said.
A poor drive at the final hole only compounded his anger.
“If I can walk away, I just want to quit,” he said.
“I know it’s not a good thing but to be honest I little bit lost my mind.”
He eventually made a 27-foot birdie from the fringe, but that was hardly consolation.
“It doesn’t matter what happened on the last hole, I have to tell you,” he said. “Two balls in the water, that got the tour card away from me and it’s just a pain.”
Aphibarnrat shot 67 to finish equal 30th on eight-under 280.
Three shots better and he would have tied for 11th.
He picked up enough points to earn temporary membership of the PGA Tour, which allows him to accept unlimited invitations for the remainder of the season.
However, a tie for 11th would have guaranteed his full exempt status for next season.
Instead he still has some work to do to finish this season ranked inside the top 125 and punch his ticket to the big league. (Reporting by Andrew Both; Editing by Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-aphibarnrat/golf-late-quadruple-bogey-makes-aphibarnrat-want-to-quit-idINL2N1SL003 |
Pinterest
The recent dip in sales of Apple iPhones should not worry investors, said Walter Piecyk, managing director at BTIG, a financial services firm in New York City.
“At some point you’re going to upgrade this product, because it’s the most important product in your life,” Piecyk told CNBC on Wednesday.
In fact, Piecyk predicted the company will sell more than 40 million iPhone during the coming quarter.
On Tuesday, Apple released its second quarter earnings report after the bell. While the tech company beat Wall Street expectations on many fronts, one disappointing number was iPhone sales. The company sold 52.2 million phonesin the March quarter — higher than the 51 million sold during the same quarter last year, but analysts were expecting 53 million.
But while customer upgrade rates are low, Piecyk said sales will continue to grow. He pointed out that sales of Apple’s 6 and 6 Plus were higher than other models because of pent-up demand for new products. And, as those phones age and Apple introduces new features and improvements, consumers will be more motivated to update their phones.
“You may hold on to [your phone] longer because it’s really expensive,” Piecyk said on “Power Lunch” Wednesday. “But if you’re staring at it however many hours a day, it’s going to be important for you to get a new one at some point. That’s where the loyalty factor comes in. Those customers are not going and buying android phones. They’re buying Apples.”
In addition, while the iPhone X is the most expensive Apple phone to date, starting at about $1,000, Tim Cook said during the conference call that the phone was also the most popular phone sold in China during the quarter. China is one of Apple’s most competitive markets.
In response to the earnings report, the analyst increased his price target fpr Apple from $198 to $207 and rated the stock as a buy. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/investors-should-not-be-worried-by-dip-in-iphone-sales-says-btig-analyst.html/ |
* 2018 profit seen at similar level to 2017
* Underlying sales growth slows to 1.3 pct
* Cautious on sales outlook
* Shares fall as much as 19 pct (Adds detail, CEO, analyst comment, shares)
By James Davey
LONDON, May 9 (Reuters) - British baker Greggs warned on full year profit on Wednesday, blaming March’s cold snap and waning consumer spending, hammering its shares and adding to concerns of slow UK growth.
Greggs shares fell as much as 19 percent after the firm said profit for 2018 was likely to fall short of expectations and be at a similar level to 2017.
The warning came as downbeat consumer surveys and recent data make a Bank of England rate hike this week unlikely.
Greggs, which sells sandwiches, sausage rolls and pastries from 1,883 shops, said severe wintry weather in March and April deterred shoppers from venturing out and prevented some of its shops from opening.
“Trading conditions in March and April have been very difficult in the market generally and Greggs is no exception to that,” Chief Executive Roger Whiteside told reporters.
Sales in May had started more strongly but still lagged the growth of January and February.
“Those customers that are coming are spending more...but there are just fewer of them out shopping and consumer spending underlying trends appear to be under pressure,” said Whiteside.
Given the uncertainties over customer footfall Greggs is cautious on the outlook for sales across 2018.
The group, which is transforming itself from a conventional bakery business into a broader takeaway food retailer, said like-for-like sales at company-managed shops rose 1.3 percent in the first 18 weeks of the year - a slowdown from growth of 3.2 percent in the first eight weeks.
Prior to Wednesday’s update analysts were on average forecasting a 2018 pretax profit before one off items of 87.1 million pounds ($117.89 million) according to Reuters data, up from 81.8 million pounds in 2017.
Shares in Greggs, which prior to the update had risen 17 percent year-on-year, were down 192 pence at 1,078 pence at 1006 GMT, valuing the business at 1.09 billion pounds.
“Guidance of 2018 profit at around the same level as 2017 implies around a 5 percent downgrade for the year, somewhat less than the share price reaction,” said Paul Hickman, analyst at Edison Investment.
Separately on Wednesday a survey by the British Retail Consortium (BRC) said overall UK retail spending contracted by 3.1 percent year-on-year in April - the sharpest drop since its records began in 1995.
While the plunge largely reflected the earlier timing of the sales-boosting Easter holidays the BRC also warned of a weakening underlying trend.
Another survey from payments company Barclaycard also pointed to lacklustre consumer spending in April.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have plunged into administration, while fashion retailer New Look and floor coverings retailer Carpetright are closing stores. ($1 = 0.7396 pounds) (Editing by Sarah Young and Alexandra Hudson)
| ashraq/financial-news-articles | https://www.reuters.com/article/greggs-outlook/update-1-uk-baker-greggs-warns-on-profit-after-dip-in-demand-idUSL8N1SG1UI |
(Adds Permian rigs in paragraphs 3-4) May 4 (Reuters) - U.S. energy companies added oil rigs for a fifth week in a row as they follow through on plans to spend more on drilling this year with higher crude prices boosting their profits and pushing nationwide production to record highs. Drillers added nine oil rigs in the week to May 4, bringing the total count to 834, the highest level since March 2015,
General Electric Co's Baker Hughes energy services firm
said in its closely followed report on Friday. <RIG-OL-USA-BHI> More than half the total oil rigs are in the Permian basin in west Texas and eastern New Mexico. Active units there increased by six this week to 458, the most since January 2015. The U.S. government expects oil output in the Permian to rise to a record high near 3.2 million barrels per day in May, about 30 percent of total U.S. oil production. The U.S. rig count, an early indicator of future output, is much higher than a year ago when 703 rigs were active as energy companies have been ramping up production in tandem with OPEC's efforts to cut global output, in a bid to take advantage of rising prices.
U.S. crude futures traded near $70 a barrel this
week, their highest since November 2014. That is up sharply from the $50.85 average hit in 2017 and $43.47 in 2016. Looking ahead, futures were trading around $69 for the
balance of 2018 and $63 for calendar 2019 .
U.S. financial services firm Cowen & Co last week said 58 of the roughly 65 exploration and production (E&P) companies they track have already provided guidance indicating an 11 percent increase this year in planned capital spending. Cowen said those E&Ps that have reported capital plans for 2018 expected to spend a total of $80.5 billion in 2018, up from an estimated $72.4 billion in 2017. Analysts at Simmons & Co, energy specialists at U.S. investment bank Piper Jaffray, last week forecast average total oil and natural gas rig count would reach 1,015 in 2018 and 1,130 in 2019. So far this year, the total number of oil and gas rigs active in the United States has averaged 980, up sharply from an average of 876 rigs in 2017 and on track to be the highest since 2014, which averaged 1,862 rigs. Most rigs produce both oil and gas.
Shale oil producer Pioneer Natural Resources Co said
it is considering adding more Permian drilling rigs later in 2018 and is likely to increase next year's capital budget, which was previously forecast at $2.9 billion.
Continental Resources Inc , one of the most-prolific
U.S. shale companies, posted a better-than-expected quarterly profit on Wednesday, thanks to rising oil prices and spiking output in its core North Dakota Bakken shale operations.
For the second consecutive quarter, Continental bested rival
Whiting Petroleum Corp to be the largest oil producer in
the Bakken, even as Whiting's output rose over 8 percent in the first quarter.
Apache Corp raised its full-year U.S. output
forecast to 250,000-258,000 barrels of oil equivalent per day from a previous range of 245,000-255,000 boepd, driven mostly by more operating wells in the first quarter. The U.S Energy Information Administration on Monday said U.S. oil production jumped to a record high 10.3 million barrels per day (bpd) in February.
(Reporting by Scott DiSavino Editing by Marguerita Choy) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-update-1-u-s-drillers-add-oil-rigs-for-fifth-straight-week-baker-hughes.html |
Washington Capitals winger Tom Wilson will not be suspended for Monday night’s Game 1 hit on Vegas Golden Knights forward Jonathan Marchessault, the NHL’s Department of Player Safety told ESPN.
May 28, 2018; Las Vegas, NV, USA; Washington Capitals defenseman John Carlson (74) carries the puck away from Vegas Golden Knights center Jonathan Marchessault (81) in the second period in game one of the 2018 Stanley Cup Final at T-Mobile Arena. Mandatory Credit: Stephen R. Sylvanie-USA TODAY Sports Per ESPN, the league made the decision without a hearing, determining that the hit was late but not egregiously so. The league also noted Wilson did not make contact to Marchessault’s head, and that the hit came within normal flow of the game, rather than in a retaliatory manner.
With the game tied 4-4 in the third period, Wilson leveled Marchessault from the side with an open-ice body check through the torso, a second or two after Marchessault had passed the puck ahead into the Capitals’ zone. The Vegas forward did not see the hit coming as he watched the play ahead of him.
Marchessault, who leads the team in goals (8) and points (19) in the postseason after finishing second with 75 regular-season points, remained down on the ice for a minute and went through concussion protocol before returning to the game.
Wilson was given a minor penalty for interference, with Golden Knights winger David Perron drawing a matching minor for cross-checking.
“I saw the hit. I remember everything,” Marchessault said after the game. “It was a late hit. I don’t really need to talk more about it. I think the league will take care of it.”
“It was a late blindside hit like Wilson always does,” Vegas forward Ryan Reaves added.
Wilson, who was suspended three games earlier this postseason for a hit that broke Penguins forward Zach Aston-Reese’s jaw, called the play a “good, clean hit” and part of “playoff hockey.”
“There are going to be hits,” Wilson said. “It’s a contact sport. That’s all that I saw.
“...He’d probably say he shouldn’t admire his pass. I’m just finishing my check. I haven’t slowed it down. I’ve been told that we’re talking tenths [of a second] here. I think it’s game speed, and I delivered it in good time.”
Wilson was also suspended two games in the preseason and four games during the regular season for hits against the St. Louis Blues that were deemed egregious by the NHL.
“When you play my physical style, you’re going to have that reputation,” he said. “I trust myself.”
Despite Wilson’s go-ahead goal — the Capitals’ fourth — early in the third period, the Golden Knights prevailed 6-4 in Game 1 to take a 1-0 lead in the best-of-seven series. Game 2 is Wednesday night in Las Vegas.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-vgk-wsh-wilson/capitals-winger-wilson-avoids-suspension-for-marchessault-hit-idUSKCN1IU2QB |
NEW YORK, May 2, 2018 /PRNewswire/ --
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Green Plains
On Tuesday, shares in Omaha, Nebraska headquartered Green Plains Inc. saw a decline of 1.61%, ending the day at $18.30. The stock recorded a trading volume of 396,133 shares. The Company's shares have advanced 13.31% in the last month and 3.39% over the previous three months. The stock is trading above its 50-day and 200-day moving averages by 1.68% and 1.24%, respectively. Moreover, shares of Green Plains, which produces, markets, and distributes ethanol in the US and internationally, have a Relative Strength Index (RSI) of 53.90.
On April 19 th , 2018, Green Plains and Green Plains Partners L.P. announced that the companies will release their Q1 2018 financial results prior to the market opening on May 07 th , 2018. The Companies will host a joint conference call at 11:00 a.m. ET that same day to discuss their performance and outlook. Get the full research report on GPRE for free by clicking below at: www.wallstequities.com/registration/?symbol=GPRE
H.B. Fuller
Shares in Saint Paul, Minnesota headquartered H.B. Fuller Co. ended the day 0.32% higher at $49.63 with a total trading volume of 309,010 shares. In the last month, the stock has gained 4.09%. The Company's shares are trading below their 50-day moving average by 2.26%. Furthermore, shares of H.B. Fuller, which together with its subsidiaries, formulates, manufactures, and markets adhesives, sealants, and other specialty chemical products worldwide, have an RSI of 46.30.
On April 12 th , 2018, H.B. Fuller announced that its Board of Directors voted to increase the Company's regular quarterly dividend from $0.15 per share of common stock to $0.155 per share of common stock. The dividend is payable on May 10 th , 2018, to shareholders of record at the close of business on April 26 th , 2018. Today's complimentary research report on FUL is accessible at: www.wallstequities.com/registration/?symbol=FUL
International Flavors & Fragrances
At the close of trading on Tuesday, shares in New York headquartered International Flavors & Fragrances Inc. finished 0.57% higher at $142.06 with a total trading volume of 336,769 shares. The stock has advanced 5.94% in the last month and 2.22% over the past year. The Company's shares are trading above their 50-day moving average by 2.13%. Additionally, shares of the Company, which together with its subsidiaries, manufactures flavors and fragrances for use in various consumer products, have an RSI of 57.70.
On April 30 th , 2018, International Flavors & Fragrances announced that the Company will release its Q1 2018 earnings results following the market close on May 07 th , 2018. The management team will host a live webcast on May 08 th , 2018, at 10:00 a.m. ET to discuss the results and outlook. The live webcast and accompanying slide presentation may be accessed on the Company's investor relations website. Register now for your free research document on IFF at: www.wallstequities.com/registration/?symbol=IFF
Kronos Worldwide
Dallas, Texas headquartered Kronos Worldwide Inc.'s shares recorded a trading volume of 729,264 shares at the end of yesterday's session, which was above their three months average volume of 464,100 shares. The stock closed the day 2.21% lower at $22.53. The Company's shares have advanced 3.59% in the past month and 26.15% over the past year. The stock is trading below its 50-day moving average by 3.20%. Additionally, shares of Kronos Worldwide, which produces and markets titanium dioxide pigments in Europe, North America, Asia/Pacific, and internationally, have an RSI of 42.86. Click on the link below and see our free report KRO at: www.wallstequities.com/registration/?symbol=KRO
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SOURCE Wall St. Equities | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-whats-happening-with-these-specialty-chemicals-stocks--green-plains-h-b-fuller-international-flavors-fragrances-and-kronos.html |
May 9, 2018 / 8:12 PM / in 12 minutes Ex-Wall Street law clerk gets 37 months prison in insider case
May 9 (Reuters) - A former clerk at the Wall Street law firm Simpson Thacher & Bartlett was sentenced on Wednesday to 37 months in prison for his role in an insider trading ring that passed merger tips on napkins and Post-it notes in New York’s Grand Central Terminal.
Steven Metro, 44, formerly of Katonah, New York, learned his fate three months after the federal appeals court in Philadelphia threw out his original 46-month prison term, finding a lack of proof he was responsible for all $5.6 million of alleged illegal profit from the five-year scheme.
Prosecutors said Metro leaked transactions involving Simpson Thacher clients to mortgage broker Frank Tamayo, who passed the tips to former Morgan Stanley stockbroker Vladimir Eydelman at Grand Central’s main clock. Tamayo would then chew up the papers on which tips were written, prosecutors said.
Metro pleaded guilty in November 2015. Eydelman and Tamayo also pleaded guilty and were sentenced to three years and one year in prison, respectively.
Lawyers for Metro had no immediate comment on the sentencing by U.S. District Judge Michael Shipp in Trenton, New Jersey. Shipp had imposed the original 46-month term.
Metro has been held in a federal detention center in Philadelphia, prison records show. He also faces three years of supervised release. (Reporting by Jonathan Stempel in New York; Editing by Dan Grebler) | ashraq/financial-news-articles | https://www.reuters.com/article/insidertrading-napkin-metro/ex-wall-street-law-clerk-gets-37-months-prison-in-insider-case-idUSL1N1SG1SQ |
One of the growing trends in Amazon 's business is its fattening profit margins.
In the first quarter, it had $1.6 billion in net income — more than double from last year and only the second quarter in company history to top $1 billion in profit.
That change is partly driven by the growth in Amazon's gross profit — the money left after taking out fixed costs for things like inventory, digital contents, storage and shipping.
To illustrate this change, Morgan Stanley compared the year-over-year dollar growth in Amazon's first quarter gross profit to what the top five retailers are collectively expected to book.
The difference is staggering: Amazon grew its gross profit by $7 billion during the first quarter. That's nearly five times as much gross profit growth as Morgan Stanley expects for the top five retailers combined.
Growing gross profits is important because it gives the company more room to invest and expand. Amazon has been expanding rapidly into new areas like groceries (through it acquisition of Whole Foods), hardware, A.I. and health tech. It can also use this margin expansion to reinvest in its core businesses by hiring more engineers, increasing research and development and spending more on marketing.
Amazon's gross profit margin has grown steadily over the past few years. After hovering around the 30 percent range for the last two years, it hit 40 percent for the first time in the first quarter.
That's much bigger than its retail competitors. In the most recent quarter, Walmart had 25 percent gross profit margin, while Target's came in at 24 percent. Costco's was much lower at 13 percent. Morgan Stanley expects Amazon's gross margin to reach 42 percent by 2021.
Morgan Stanley pointed out in a separate note that Amazon's high-margin businesses, like AWS, advertising, and Prime memberships, are the main factors behind this change. All three of those businesses are seeing accelerating growth and are estimated to have added roughly $3.5 billion in gross profits last quarter, the note said.
What's more important is that the gross profit growth proves that earlier investments by Amazon are paying off. The $7 billion in new gross profits last quarter was double what it generated a year ago.
"Amazon's return on investment stands out, as total gross profit dollars grew by two times more than first quarter of 2017," the note said.
show chapters Retailers are fighting back against Amazon: Analyst 3 Hours Ago | 04:36 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/amazon-gross-profit-growth-bigger-than-top-five-retailers-combined.html |
BEIJING, May 11 (Reuters) - China vehicles sales in April jumped 11.5 percent from a year earlier to 2.32 million vehicles, an industry body said on Friday, gaining momentum after a sluggish start to the year.
The rise follows a 4.7 percent increase in the world’s biggest auto market in March and an 11.1 percent drop in February.
The China Association of Automobile Manufacturers (CAAM) said overall sales during the first four months of the year totaled 9.5 million vehicles, up 4.8 percent from the same period a year ago.
CAAM has predicted 3 percent market growth this year, in line with 2017 but significantly below the steep 13.7 percent gain in 2016. (Reporting by Min Zhang and Norihiko Shirouzu; Writing by Adam Jourdan; Editing by Biju Dwarakanath)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-autos-sales/china-april-vehicle-sales-up-11-5-pct-y-y-industry-association-idUSB9N1SG01E |
May 22, 2018 / 4:12 AM / Updated 2 hours ago Gold steadies as dollar rally comes off the boil Renita D. Young , Maytaal Angel 3 Min Read
NEW YORK/LONDON (Reuters) - Gold steadied just above a 2018 low on Tuesday as the U.S. dollar fell from a five-month high, although risk appetite in the broader financial markets kept the metal’s gains in check. Sets of gold bangles are displayed in a showcase of a showroom selling bridal jewellery in Peshawar, Pakistan May 9, 2018. REUTERS/Fayaz Aziz
The dollar lost momentum after a rally sparked by rising U.S. bond yields and the prospect of a resolution to U.S.-China trade tensions.
“Gold is tracking the dollar and the dollar is a little weaker today,” said Rob Haworth, senior investment strategist for U.S. Bank Wealth Management.
A weaker dollar makes dollar-priced gold cheaper for non-U.S. investors.
Spot gold was flat at $1,292.51 at 1:34 p.m. EDT (1734 GMT). U.S. gold futures for June delivery settled up $1.10, or 0.1 percent, at $1,292 per ounce.
“This quarter and maybe going into next, gold will continue to struggle but the (positive) views on the U.S. economy are overdone,” said Philip Newman, director at Metals Focus.
“There are concerns over sizeable U.S. debt, there’s the mid-term elections in November, there’s enough out there that could see the dollar eventually weaken and gold prices start to improve through the back end of this year.”
Capping gains in gold, European shares inched to a near four-month high as an easing of pressure on Italian markets coincided with China’s latest move to open its economy to the rest of the world.
Gold, regarded as a safe haven, tends to weaken when there is strong investor appetite for equities, which are seen as higher-risk assets.
Easing geopolitical tensions also weighed on gold prices, said Stephen Innes, APAC trading head at OANDA.
Gold investors are awaiting the release on Wednesday of the minutes of the U.S. Federal Reserve’s latest policy meeting.
Expectations that the Fed will raise U.S. interest rates again next month pressured gold. Higher rates tend to boost the dollar and bond yields, making non-yielding assets such as bullion less attractive.
Innes said any drop to somewhere around the $1,275 level would start to stir more bullish sentiment.
Demand for industrial metals platinum, palladium and silver rose after China said it would cut import duties on passenger cars and parts from July 1, U.S. Bank Wealth Management’s Haworth added.
Silver was up 0.5 percent at $16.57 an ounce, after touching an eight-day high of $16.67. Palladium gained 0.4 percent at $993.80 an ounce, earlier hitting an 11-day high, $1,006.00.
Platinum climbed 1.3 percent to $908 an ounce, after hitting a one-week high of $910.90. Additional reporting by Karen Rodrigues and Apeksha Nair in Bengaluru; editing by David Stamp, Alexandra Hudson and Richard Chang | ashraq/financial-news-articles | https://in.reuters.com/article/global-precious/gold-prices-slip-as-investors-eye-riskier-assets-idINKCN1IN0C7 |
May 9, 2018 / 7:47 PM / Updated 14 minutes ago U.S. consumer watchdog sidelines student loan office -memo Reuters Staff 2 Min Read
WASHINGTON, May 9 (Reuters) - A top U.S. consumer finance watchdog will eliminate its office meant to field student loan complaints and fold it into a broader financial education office, according to an email to agency staff on Wednesday seen by Reuters.
The Consumer Financial Protection Bureau’s (CFPB) office of Students & Young Consumers has worked to educate young borrowers and respond to complaints involving exploitative student loans and other products.
The memo from Mick Mulvaney, acting chief of the CFPB since November and U.S. President Donald Trump’s budget chief, also laid out several other changes to the agency’s structure. The office of Financial Empowerment will be renamed the office of Community Affairs, for one.
Mulvaney said he will also pick a political appointee to monitor the work of the agency’s top lawyer, the memo said.
U.S. consumers are squeezed by a record $1.38 trillion in student debt, a total that has grown by about 40 percent in the last five years, according to data from the New York Federal Reserve.
In recent months, Mulvaney has dropped cases against certain payday lenders and asked financial services companies what changes they would most like to see in the CFPB.
Mulvaney has also said he may shut the agency’s open database for complaints that has served as a public forum for consumers. (Reporting By Patrick Rucker; Editing by Meredith Mazzilli) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-cfpb-student/u-s-consumer-watchdog-sidelines-student-loan-office-memo-idUSL1N1SG1Q7 |
SAO PAULO, May 9, 2018 /PRNewswire/ -- 1Q18 Highlights
EBITDA of R$1,5 million in 1Q18, up 74% from 1Q17, with EBITDA margin of 14.3% Reduction in selling, general and administrative expenses in 1Q18, which corresponded to 4.0% of net sales, compared to 5.2% in 1Q17. Financial leverage measured by net debt/adjusted EBITDA ratio falls to 2.7x as of March 31, 2018. Adjusted net income of R$ 451 million in 1Q18, with dividend distribution of R$136.1 million, equivalent to the amount distributed in the whole of 2017.
Additional Information
Gerdau S.A. (NYSE: GGB, BM&Fbovespa: GGBR3, GGBR4) informs that it is filling today its 1Q18 results at the Securities and Exchange Commission (SEC) and at the Comissão de Valores Mobiliários (CVM), which are available at Gerdau's website. To access this document, please click on http://ri.gerdau.com/enu/s-6-enu.html?idioma=enu
The 1Q18 Valuation Guide is also available at Gerdau's website
http://ri.gerdau.com/static/enu/guia-modelagem.asp?idioma=enu
Investor Relations
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SOURCE Gerdau S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-gerdau-s-a--consolidated-information.html |
May 10, 2018 / 9:36 AM / a few seconds ago U.S. asset manager Vanguard joins British insurance body Reuters Staff 1 Vanguard Group, the world’s second biggest asset manager, is to join the Association of British Insurers, the trade body said on Thursday, as fund managers seek business in the growing retirement savings market.
Vanguard is becoming a member of the ABI’s new investment platform grouping, the ABI said in a statement, joining British platform Hargreaves Lansdown ( HRGV.L ).
A relaxation in pension rules in Britain has encouraged pensions savers to use their pension pots to invest in funds, rather than buying an annuity - which pays a fixed income for life - from an insurer.
Vanguard’s membership will “strengthen our voice, so we can do the best possible job of representing the industry to government and regulators,” Yvonne Braun, ABI director of policy, long-term savings and protection said.
Vanguard, which focuses on lower-cost index-tracking funds, has $5.1 trillion in assets under management. Reporting by Carolyn Cohn; editing by Simon Jessop | ashraq/financial-news-articles | https://uk.reuters.com/article/us-vanguard-insurance/u-s-asset-manager-vanguard-joins-british-insurance-body-idUKKBN1IB14Z |
Black Cube, an Israeli private intelligence firm that tried to dig up dirt on women who accused film producer Harvey Weinstein of sexual abuse also carried out an undercover effort to discredit former Obama administration officials who advocated for the Iran nuclear agreement, The New Yorker magazine reported.
The New Yorker was following up a report on Saturday by Britain's Observer newspaper that said an unidentified Israeli firm had been hired by aides to President Donald Trump "to orchestrate a 'dirty ops' campaign against key individuals from the Obama administration who helped negotiate the Iran nuclear deal" signed in 2015.
Specifically, the Observer said, the Israeli outfit was directed by Trump affiliates in May 2017 to "get dirt" on Ben Rhodes, a leading national security advisor to President Barack Obama , and Colin Kahl, Obama's deputy assistant.
Trump is currently considering whether to have the United States withdraw as a party to the agreement with Iran, which lifted international sanctions against that nation in exchange for limits on its nuclear program. A May 12 deadline looms for Trump's decision.
Black Cube's web site says the firm is comprised of "select group of veterans from the Israeli elite intelligence units that specializes in tailored solutions to complex business and litigation challenges."
Black Cube was retained by Weinstein's attorney, David Boies, in 2016 as part of an effort to prevent publication of stories about Weinstein allegedly abusing multiple women, The New Yorker first reported last fall.
Among other activities by the firm, an investigator from Black Cube who claimed to be a women's rights advocate secretly recorded several meetings with Rose McGowan, the actress who has since accused Weinstein of raping her, according to the magazine.
In its latest article, which identified Black Cube as involved in the operation against Obama officials, The New Yorker said that the wives of both Rhodes and Kahl received strange emails last spring.
Those emails, purportedly written by a filmmaker in one case, and a wealth management firm executive in the second case, attempted to establish ongoing contact with the wives.
LinkedIn pages for both of the women who reportedly sent the emails were deleted soon after The New Yorker contacted Black Cube, according to the magazine.
The emails sent to the women "in some cases used almost identical language" as emails sent to McGowan from the same wealth management firm that the Black Cube operative used as a cover for contact with the actress, according to The New Yorker.
The magazine also said that documents revealed that Black Cube put together background profiles of Rhodes, Kahl and other people, which "featured their addresses, information on their family members and even the makes of their cars."
"Black Cube agents were instructed to find damaging information about them, including unsubstantiated claims" about Rhodes and Kahl, The New Yorker reported.
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"I'm not aware of anything on that front," Sarah Huckabee Sanders, said Monday when asked at a White House news conference about the Observer report that an Israeli private intelligence firm was hired by Trump aides.
In a statement issued to The New Yorker, the firm said, "Black Cube has no relation whatsoever to the Trump administration, to Trump aides, to anyone close to the administration, or to the Iran Nuclear deal."
The New Yorker reported that one of its sources for the article said that Black Cube was working for a "private-sector client pursuing commercial interests related to sanctions on Iran." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/firm-that-aided-harvey-weinstein-targeted-obama-officials-over-iran.html |
GDPR: New data privacy rule explained 2:46am EDT - 01:45
The General Data Protection Regulation (GDPR) comes into effect across the European Union on May 25, introducing much tougher rules on data privacy. ▲ Hide Transcript ▶ View Transcript
The General Data Protection Regulation (GDPR) comes into effect across the European Union on May 25, introducing much tougher rules on data privacy. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IG2hzw | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/25/gdpr-new-data-privacy-rule-explained?videoId=430102199 |
Kevin Lamarque | Reuters Barack Obama
Former President Barack Obama struggled with the result of the 2016 presidential election, which ended in victory for President Donald Trump , according to The New York Times' review of the upcoming memoir by Obama advisor Ben Rhodes.
In "The World as It Is," Rhodes wrote that Obama endured a series of emotions following Trump's election and focused on cheering up his staff before sinking into disbelief.
Rhodes wrote that Obama was shocked that Americans elected a "cartoon."
"I've got the economy set up well for him," Obama said. "No facts. No consequences. They can just have a cartoon."
The economy significantly improved under Obama, who took office during the financial crisis. The unemployment rate peaked at 10 percent in 2009, Obama's first year in the White House, but it had fallen to 4.7 percent by the time he handed power to Trump. Stock markets also bounced back dramatically, and there were 75 consecutive months of job growth .
Under Trump, the unemployment rate fell to 3.9 percent in its most recent reading , the lowest point since 2000.
Rhodes also wrote that Obama's aides assured him that Obama would have won the election if he were permitted to run for another term, saying he had more in common with the next generation than Trump. However, this didn't seem to cheer up Obama, who wondered whether his presidency came 10 or 20 years too early, according to the book.
Trump has publicly blasted many of Obama's policies, including protections for children brought to the U.S. illegally, trade deals and the Iran nuclear deal, from which Trump recently withdrew . He has also sought to undo many of Obama's policy achievements, such as the Affordable Care Act.
After Trump's election, Obama reportedly said: "We're about to find out just how resilient our institutions are, at home and around the world."
"The World as It Is" is set for release on June 5.
The White House and the office of Barack and Michelle Obama did not immediately respond to CNBC's requests for comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/obama-after-trump-election-ive-got-the-economy-set-up-well-for-him.html |
TORONTO--(BUSINESS WIRE)-- Gluskin Sheff + Associates Inc. (the “Company”) today declared its regular quarterly dividend of $0.25 per Common Share payable on June 4, 2018, to shareholders of record at the close of business on May 25, 2018.
The Company also announced today a special dividend of $0.60 per Common Share payable on June 4, 2018, to shareholders of record on May 25, 2018. The special dividend represents the Company’s sixteenth special dividend since it became a public company in May 2006. Total special dividends declared or paid to date have been $9.57 per share and total dividends declared or paid to date (regular and special) total $17.71 per share.
Gluskin Sheff + Associates Inc. is one of Canada’s pre-eminent wealth management firms, serving high net worth private clients, estates, trusts and institutional investors. Founded in 1984, the Company is dedicated to providing clients with strong risk-adjusted returns together with the highest level of personalized client service. The Company's Common Shares are listed on the Toronto Stock Exchange under the symbol "GS". For more information about the Company, please visit our website at www.gluskinsheff.com .
This press release may contain relating to Gluskin Sheff + Associates Inc.’s business and the environment in which it operates. These statements are based on the Company’s expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company’s regulatory filings available on the Company’s website at www.gluskinsheff.com or at www.sedar.com . Actual outcomes and results may differ materially from those expressed in these . Readers, therefore, should not place undue reliance on any such . Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances, except as required by applicable law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006391/en/
Gluskin Sheff + Associates Inc.
David R. Morris, 1.416.681.6036
and Secretary
Source: Gluskin Sheff + Associates Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-gluskin-sheff-associates-inc-declares-regular-quarterly-dividend-of-0-point-25-and-special-dividend-of-0-point-60.html |
26 COMMENTS Market reporting is prone to hyperbole, but Tuesday’s Italian bond selloff was truly astonishing. Short-dated bonds that can usually be treated as a close proxy for cash turned toxic, and bondholders showed serious panic. Prices fell and yields on short-dated bonds rose as much or more than when the euro was fighting for survival in 2011 and 2012.
The reaction in other markets was muted by comparison. Sure, stocks and the flakier end of European government bonds sold off, and there was a flight to the safety of U.S. Treasurys. But this wasn’t much more than a run-of-the-mill bad day. Portugal’s 2-year bond yield rose 0.23 percentage point and Spain’s was up 0.12 percentage point, both their worst day since early last year. The 10-year U.S. Treasury had its best day in almost two years amid a flight to safety .
By contrast, Italian 2-year bonds had by far their worst day since at least 1989, when Thomson Reuters data starts. The yield leapt more than 1.5 percentage points to 2.4% at the close of European hours, with more selling later.
There are three possible interpretations for why markets outside Italy haven’t sold off more. The first is fundamental: Europe’s weak economies have been transformed since they were threatened by contagion from Greece in the last euro crisis. Ireland is now regarded as a safe “core” country, Spain is growing fast and even Portugal has taken the medicine. Perhaps this time round the trouble can be contained.
The second is technical: The lack of significant contagion is because investors elsewhere regard the Italian move as overdone, the result of hedge funds and others piling in to sell bonds in a market that became suddenly illiquid. Buyers stayed on the sidelines because a market that has overshot can always overshoot even further in the short run, but the bond yield isn’t a reflection of the real risks to Italy.
The third is the most troubling. Perhaps investors are complacent about the dangers Italy poses, relying on the European elite to once again come up with a way to keep truculent crowd-pleasing politicians under control, as they have so often in the past decade.
Italian bonds are cheaper (have a higher yield) because of the fear that the country will re-denominate its euro bonds into devalued lira, default on them, or both, just as it was for Greece in 2011. Greece, of course, went on to default on its bonds and briefly use capital controls to suspend convertibility of its euros into the euros used in the rest of the region, while no other country followed suit.
Streetwise
Italy’s Magic Money Tree Is Working—For Now An Italian Euro-Exit Fear Gauge Italy and the Euro Crisis: How We Got Here Argentina’s Madcap Century Bond Has Beaten Treasurys Lies, Damn Lies and Inflation Watch Out: Junk Bonds Are Getting Junkier In the Long Run, Fear of Short-Termism Is Mostly Bunk It is true that Europe’s weak countries—bar Italy—aren’t as weak as they were in the last crisis. Banks have been recapitalized or restructured, competitiveness improved and current account deficits turned into surpluses. Ireland, Portugal and Spain are all far stronger than they were. Italy, meanwhile, has bumbled along; as Capital Economics’ Chairman Roger Bootle points out, every other country in the region except Italy has become more competitive against Germany since 2011.
Further, Europe has a habit of doing the impossible at the last minute, offering both fiscal and eventually monetary bailouts during the last crisis despite them having previously been deemed impossible and possibly illegal.
Still, it is hard to see how the single currency could survive an Italian exit without other countries following it out the door. The country is the third-biggest borrower in the world, with €2 trillion ($2.33 trillion) of bonds and bills outstanding. Much of its debt is domestically owned, but the sheer size of Italy’s debt pile means a default would be catastrophic both for its own and Europe’s banks. It would also create political fractures that could threaten the European Union, ironic for an organization founded by the Treaty of Rome.
Newsletter Sign-up Economic chaos in Italy after a devaluation would be all but guaranteed, and surely hurt growth in the rest of Europe – although such chaos might persuade reluctant euro members that the pain of staying is worthwhile. Even worse from the point of view of markets would be if Italian euro exit went well, encouraging anti-Europeans in other countries to push for a repeat.
More convincing is the idea that Italy’s bond market is exaggerating the panic because it has become so hard to trade. The gap between the yield at which people were willing to buy and sell on the 2-year bond was exceptionally wide at 0.46 percentage point, according to Tradeweb, backing up the idea that liquidity had evaporated. As one hedge-fund manager shorting Italian bonds put it, there has been a “buyer’s strike” because foreigners were unwilling to buy, while domestic investors were scaling back holdings.
The problem with the technical explanation based on liquidity is that it could go either way. If buyers return and the yield falls, all well and good. But often in markets the first panicked move turns out to be right, after a period of consolidation. If the speculators are correct about the danger of the newly installed technocratic government rapidly being replaced by anti-EU populists, bond yields this high or higher might well be justified. That will be the true test of contagion.
Related
In Italy, a Search for Way Out of Impasse Investors Hold Fire Amid Political Tensions Why European Banks Are So Vulnerable Who’s Most Vulnerable to Italy’s Troubles? Europe’s Banks Italy and the Euro Crisis: How We Got Here Analysis: Red Flags Are Suddenly Rampant in Markets Write to James Mackintosh at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/what-to-make-of-italys-astonishing-bond-selloff-1527663600 |
Russian journalist: pig's blood, make-up artist helped fake his death Thursday, May 31, 2018 - 01:09
Russian journalist Arkady Babchenko details how Ukraine helped him fake his own death to evade what he says was a Russian plot to assassinate him. Rough cut (no reporter narration).
Russian journalist Arkady Babchenko details how Ukraine helped him fake his own death to evade what he says was a Russian plot to assassinate him. Rough cut (no reporter narration). //reut.rs/2IYXDg8 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/russian-journalist-pigs-blood-make-up-ar?videoId=431952460 |
NEW YORK, May 10, 2018 /PRNewswire/ -- Purcell Julie & Lefkowitz LLP, a class action law firm dedicated to representing shareholders nationwide, is investigating a potential breach of fiduciary duty claim involving the board of directors of Aqua Metals, Inc. (NASDAQ: AQMS).
If you are a shareholder of Aqua Metals, Inc. and are interested in obtaining additional information regarding this investigation, free of charge, please visit us at:
http://pjlfirm.com/aqua-metals-inc/
You may also contact Robert H. Lefkowitz, Esq. either via email at [email protected] or by telephone at 212-725-1000. One of our attorneys will personally speak with you about the case at no cost or obligation.
Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit http://pjlfirm.com . Attorney advertising. Prior results do not guarantee a similar outcome.
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SOURCE Purcell Julie & Lefkowitz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-shareholder-alert-purcell-julie-lefkowitz-llp-is-investigating-aqua-metals-inc-for-potential-breaches-of-fiduciary-duty-by-its.html |
May 7(Reuters) - China Television Media Ltd
* Says it plans to invest 100 million yuan to set up an equity investment fund with partners, with fund’s size of 1 billion yuan
Source text in Chinese: goo.gl/tghB2M
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-television-media-to-invest-1/brief-china-television-media-to-invest-100-mln-yuan-to-set-up-equity-investment-fund-with-partners-idUSL3N1SE3M3 |
MADISON, Wis.--(BUSINESS WIRE)-- The board of directors of MGE Energy, Inc. (Nasdaq: MGEE) today declared the regular quarterly dividend of $0.3225 per share on the outstanding shares of the company's common stock, payable June 15, 2018, to shareholders of record at the close of business June 1, 2018.
MGE Energy has increased its dividend annually for the past 42 years and has paid cash dividends for more than 100 years.
About MGE Energy
MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 151,000 customers in Dane County, Wis., and purchases and distributes natural gas to 158,000 customers in seven south-central and western Wisconsin counties.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006538/en/
MGE Energy, Inc.
Steven Schultz
Corporate Communications Manager
608-252-7219
[email protected]
Source: MGE Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-mge-energy-declares-regular-dividend.html |
WASHINGTON (Reuters) - President Donald Trump has again asked a U.S. court to dismiss a suit accusing him of flouting constitutional safeguards against corruption by refusing to separate himself from his business empire while in office, claiming “absolute immunity.”
FILE PHOTO: U.S. President-elect Donald Trump walks past a pile of papers during a news conference in the lobby of Trump Tower in Manhattan, New York, U.S., January 11, 2017. REUTERS/Lucas Jackson/File Photo The lawsuit, filed by the state of Maryland and the District of Columbia, accused Trump of violating the U.S. Constitution’s “emoluments” clause that bars U.S. officials from accepting gifts or other payments from foreign governments without congressional approval. The same clause also bars the president from receiving gifts and payments from individual states.
“If Plaintiffs want to sue the President for acts taken while in office, they must sue him in official capacity. But he is absolutely immune from any suit, including this one, seeking to impose individual liability premised on his assumption of the Presidency itself,” Trump’s lawyer William Consovoy wrote in a court filing on Tuesday.
“The Supreme Court has concluded that the costs to the Nation of allowing such suits to distract the President from his official duties outweigh any countervailing interests. That choice must be respected,” Consovoy added.
Trump’s legal team previously sought to have the case tossed out but U.S. District Judge Peter Messitte in Greenbelt, Maryland, last month let it proceed even as he narrowed the claims only to those related to Trump’s hotel in downtown Washington.
U.S. President Donald Trump arrives to present the Commander-in-Chief's Trophy to the U.S. Military Academy football team during a ceremony in the Rose Garden of the White House in Washington, U.S., May 1, 2018. REUTERS/Carlos Barria Maryland Attorney General Brian Frosh and District of Columbia Attorney General Karl Racine, both Democrats, argued in their suit, filed last June, that local residents were harmed by unfair competition by Trump’s hotel and other businesses. Lawyers for the Republican president previously argued that such harm was speculative and difficult to link directly to Trump.
Trump, whose businesses include a host of real estate properties as well as golf courses and a Virginia winery, handed day-to-day management to two of his sons. But the plaintiffs said Trump has not disentangled himself and is vulnerable to inducements by people, including foreign officials, seeking to curry favor.
Frosh and Racine have indicated they will seek numerous documents related to Trump, including his tax returns. Trump has bucked precedent by not releasing his tax returns during his 2016 presidential campaign or as president.
A U.S. judge in Manhattan in December threw out a similar lawsuit against Trump brought by another group of plaintiffs.
Reporting by Susan Heavey; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-emoluments/trump-claims-immunity-asks-court-to-toss-foreign-payments-suit-idUSKBN1I31Y6 |
DENVER--(BUSINESS WIRE)-- ServiceSource (NASDAQ: SREV), the global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions , today announced Brian Delaney, Executive Vice President and Chief Operating Officer, plans to retire effective Jun. 30, 2018.
“It has been my pleasure and honor to work with Brian over the past three years as we fundamentally transformed the company,” said Christopher M. Carrington, CEO of ServiceSource. “With his leadership, we refocused the business, executed a successful international expansion, drove major advances to our technology and data platforms, and fostered a culture of client centricity that have had profoundly positive impacts on ServiceSource. He has been a tremendous partner in returning the business to health, growth and market leadership. On behalf of the board and all ServiceSource employees, I want to thank Brian for his many contributions and wish him all the best in retirement.”
With Delaney’s retirement, the company will be simplifying the organization by naming two regional presidents who will now report to Carrington.
Michael Poe, a seven-year veteran of ServiceSource, will assume the role of President – Americas, overseeing the company’s operations in the United States and the Philippines. Mike Naughton, with six years of leadership experience at ServiceSource, will assume the role of President – EMEA/APJ, overseeing the company’s operations in Europe, Singapore, Malaysia, and Japan.
As regional presidents, Poe and Naughton will have full accountability for their regions, including operational delivery, client relationship management, and P&L attainment.
Carrington commented, “Given their tenure with ServiceSource and proven executive leadership under Brian’s watch, Michael and Mike are the right picks to lead ServiceSource and their respective regions forward. I look forward to working with both of them as we focus on accelerating growth to capture the large market opportunity in front of us.”
About ServiceSource
ServiceSource International, Inc. (NASDAQ:SREV) helps the world’s leading brands grow closer to their customers. As a global leader in outsourced inside sales, customer success and recurring revenue growth and retention solutions , ServiceSource expands customer lifetime value by helping companies to more efficiently and effectively find, convert, grow and retain their B2B customer relationships. Trusted by global market leaders in the cloud/XaaS, software, technology hardware, medical device & diagnostic equipment and industrial IoT sectors, ServiceSource sells, manages or renews $9 billion of revenue annually on behalf of its clients. Leveraging a robust technology suite, predictive data models and more than 3,000 revenue delivery professionals speaking 45 languages, only ServiceSource brings to market nearly 20 years of expertise and the ability to drive recurring revenue growth to more than 170 countries. To learn more, visit www.servicesource.com .
Forward-Looking Statements
This press release contains forward-looking statements, including statements regarding our opportunity to accelerate our clients’ ability to find, convert, grow, and retain their customers. These forward-looking statements are based on our current assumptions and beliefs, and involve that could cause our results to differ materially from our forward-looking statements. Those include: that we may be unable to attract and retain the highly skilled employees we need to support our planned growth; changes in market conditions that impact our ability to sell our solutions and/or generate service revenue on our customers' behalf; our ability to achieve our expected benefits from international expansion; general political, economic and market conditions and events; and other described more fully in our periodic reports and registration statements filed with the Securities and Exchange Commission, which can be obtained online at the Commission's website at http://www.sec.gov . All forward- looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements.
Connect with ServiceSource:
http://www.facebook.com/ServiceSource
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http://www.linkedin.com/company/servicesource
http://www.youtube.com/user/ServiceSourceMKTG
Trademarks
ServiceSource®, and any ServiceSource product or service names or logos above are trademarks of ServiceSource International, Inc. All other trademarks used herein belong to their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005517/en/
Investor Relations Contact for ServiceSource
Erik Bylin, 415-901-4182
[email protected]
Source: ServiceSource International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-servicesource-announces-planned-retirement-of-chief-operating-officer-new-regional-presidents-named.html |
Company to Host Conference Call in Conjunction with AUA Presentation on May 21, 2018
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Eleven Biotherapeutics, Inc. (NASDAQ: EBIO), a late-stage clinical company developing next-generation antibody-drug conjugate (ADC) therapies for the treatment of cancer, today reported pipeline updates and operating results for the quarter ended March 31, 2018.
“2018 is set to be a transformational year for the company and, already in the first quarter, we have made important progress in advancing our lead program, Vicinium™, for high-grade non-muscle invasive bladder cancer, or NMIBC,” said Stephen Hurly, president and chief executive officer of Eleven Biotherapeutics. “Our Phase 3 registration trial, the VISTA Trial, investigating Vicinium for patients with high-grade NMIBC, is progressing well and recently completed enrollment. We look forward to presenting three-month data from the trial in an oral presentation at the American Urological Association Annual Meeting on May 21 st , a significant catalyst for the company and our Vicinium program. High-grade NMIBC is a disease for which there is a desperate need for new treatment options, and we look forward to further exploring Vicinium as a potential treatment for these patients.”
Pipeline Progress and Updates
Eleven Biotherapeutics will present three-month data from its ongoing Phase 3 VISTA Trial, which is evaluating Vicinium for the treatment of patients with high-grade NMIBC who have been previously treated with bacillus Calmette-Guérin (BCG). The data will be presented during a plenary session on Monday, May 21, 2018 at 11:00 a.m. PDT at the American Urological Association Annual Meeting being held in San Francisco. In March 2018, the company announced enrollment completion in the VISTA Trial. In April 2018, Eleven Biotherapeutics presented preclinical data from its deBouganin program at the 2018 American Association for Cancer Research Annual Meeting. DeBouganin is a potent deimmunized plant-based toxin designed for systemic use in the treatment of cancer and other indications. The data presented suggest that VB6-845d, a next generation ADC that is composed of an anti-EpCAM antibody fragment fused to deBouganin, mediates tumor cell killing by an immunogenic cell death (ICD) pathway. The potential cross-priming effect initiated by VB6-845d-induced ICD suggests that VB6-845d in combination with immune checkpoint inhibitors may enhance their effectiveness in EpCAM-positive epithelial cancers. Additionally, in collaboration with Crescendo Biologics, the company presented data demonstrating that a potent fusion protein comprised of the company’s deBouganin payload and Crescendo’s Humabody ® is expressible as a soluble protein in E. coli supernatant and capable of potent killing of cancer cell lines.
First Quarter 2018 Financial Results
Cash Position: Cash and cash equivalents were $19.7 million as of March 31, 2018, compared to $20.3 for the same period in 2017. Revenue: There was no revenue for the quarter ended March 31, 2018, compared to $0.4 million for the same period in 2017. The decrease was due to a reduction in revenue recognized from the company’s license agreement with F. Hoffmann-La Roche Ltd and Hoffmann-La Roche Inc. (Roche). R&D Expenses: Research and development expenses were $3.3 million for the quarter ended March 31, 2018, compared to $2.9 million for the same period in 2017. The increase was due primarily to increases in clinical costs. G&A Expenses: General and administrative expenses were $2.0 million for the quarter ended March 31, 2018, compared to $2.2 million for the same period in 2017. The decrease was due primarily to reductions in legal and professional costs. Net Loss: Net loss was $4.0 million, or $0.11 per share, for the quarter ended March 31, 2018, compared to net loss of $6.1 million, or $0.25 per share, for the same period in 2017. The decrease was due primarily to the change in the fair value of contingent consideration. Financial Guidance: Following Eleven Biotherapeutics’ $10.0 million financing in March 2018 and receipt of approximately $4.2 million from the exercise of common stock warrants through mid-May, the company maintains it will have capital to fund its current operating plans into early 2019.
Conference Call Information
The company will host a conference call on May 21, 2018 at 5 p.m. ET to review the data being presented at AUA. To participate in the conference call, please dial (844) 831-3025 (domestic) or (315) 625-6887 (international) and refer to conference ID 4453267. The webcast can be accessed in the Investor Relations section of the company's website at www.elevenbio.com . The replay of the webcast will be available in the investor section of the company’s website at www.elevenbio.com for 60 days following the call.
About Vicinium™
Vicinium™, also known as VB4-845, is Eleven Biotherapeutics’ lead product candidate and is a next-generation antibody-drug conjugate (ADC), developed using the company’s proprietary Targeted Protein Therapeutics platform, for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC). Vicinium is comprised of a recombinant fusion protein that targets epithelial cell adhesion molecule (EpCAM) antigens on the surface of tumor cells to deliver a potent protein payload, Pseudomonas Exotoxin A (ETA). Vicinium is constructed with a stable, genetically engineered peptide linker to ensure the payload remains attached until it is internalized by the cancer cell, which is believed to decrease the risk of toxicity to healthy tissues, thereby improving its safety. In prior clinical studies conducted by Eleven Biotherapeutics, EpCAM has been shown to be overexpressed in NMIBC cells with minimal to no EpCAM expression observed on normal bladder cells. Eleven Biotherapeutics is currently conducting the Phase 3 VISTA Trial, designed to support the registration of Vicinium for the treatment of high-grade NMIBC in patients who have previously received two courses of bacillus Calmette-Guérin (BCG) and whose disease is now BCG-unresponsive. Three-month data from the ongoing trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Additionally, Eleven Biotherapeutics believes that Vicinium’s cancer cell-killing properties promote an anti-tumor immune response that may potentially combine well with immuno-oncology drugs, such as checkpoint inhibitors. The activity of Vicinium in BCG-unresponsive NMIBC is also being explored at the US National Cancer Institute in combination with AstraZeneca’s immune checkpoint inhibitor durvalumab.
About Eleven Biotherapeutics
Eleven Biotherapeutics, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. The company’s lead program, Vicinium™, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA Trial, for the treatment of high-grade non-muscle invasive bladder cancer. Three-month results from the VISTA Trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells. For more information, please visit the company’s website at www.elevenbio.com .
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, our ability to successfully develop our product candidates and complete our planned clinical programs, our ability to obtain marketing approvals for our product candidates, expectations regarding our ongoing clinical trials, availability and timing of data from clinical trials, whether interim results from a clinical trial will be predictive of the final results of the trial or results of early clinical studies will be indicative of the results of future studies, the adequacy of any clinical models, expectations regarding regulatory approvals; expectations regarding the adequacy of our existing capital resources to fund our operations through early 2019; our ability to obtain additional capital to continue to fund operations and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
ELEVEN BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands) March 31,
2018 December 31,
2017 Assets Current assets: Cash and cash equivalents $ 19,688 $ 14,680 Prepaid expenses and other current assets 638 301 Total current assets 20,326 14,981 Property and equipment, net 473 522 Restricted cash 10
10 Intangible assets 46,400 46,400 Goodwill 13,064 13,064 Other assets 19 120 Total assets $
80,292
$ 75,097 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 1,393 $ 907 Accrued expenses 3,853 3,813 Total current liabilities 5,246 4,720 Other liabilities 260 215 Deferred tax liability 12,528 12,528 Contingent consideration 38,400 39,600 Stockholders' equity: Common stock 43 35 Additional paid-in capital 180,109 170,330 Accumulated deficit (156,294 ) (152,331 ) Total stockholders' equity 23,858 18,034 Total liabilities and stockholders' equity $ 80,292 $ 75,097 ELEVEN BIOTHERAPEUTICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(unaudited)
(in thousands, except per share data) Three Months Ended March 31, 2018 2017 Total revenue $ - $ 425 Operating expenses: Research and development 3,255 2,874 General and administrative 1,952 2,213 (Gain) loss from change in fair value of contingent consideration (1,200 ) 1,500 Total operating expenses 4,007 6,587 Loss from operations (4,007 ) (6,162 ) Other income, net 44 101 Net loss and comprehensive loss $ (3,963 ) $ (6,061 ) Net loss per share —basic and diluted $ (0.11 ) $ (0.25 ) Weighted-average number of common shares used in net
loss per share —basic and diluted 35,674 24,610
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006611/en/
THRUST
Monique Allaire, 617-895-9511
[email protected]
or
Alicia Davis, 910-620-3302
[email protected]
Source: Eleven Biotherapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-eleven-biotherapeutics-reports-first-quarter-financial-results-and-pipeline-updates.html |
KIEV (Reuters) - Arkady Babchenko, the journalist who faked his own death in order to evade what he says was a Russian plot to assassinate him, on Thursday said pig’s blood and a make-up artist were used to help stage the incident.
In a joint interview in the Ukrainian capital of Kiev, Babchenko said he was taken away in an ambulance form the scene of his faked murder to a morgue, where he changed clothes and began watching the news.
Reporting by Olena Vasina and Sergei Karazy; writing by Matthias Williams; Editing by Toby Chopra
| ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-journalist-babchenko/russian-journalist-pigs-blood-make-up-artist-helped-fake-his-death-idUSKCN1IW207 |
May 23 (Reuters) - Anthem Inc:
* ANTHEM, INC. TO ACQUIRE ASPIRE HEALTH * ANTHEM INC - FINANCIAL TERMS OF TRANSACTION WERE NOT DISCLOSED
* ANTHEM INC - TRANSACTION IS EXPECTED TO BE NEUTRAL TO EARNINGS IN 2018 AND ACCRETIVE TO EARNINGS IN 2019
* ANTHEM INC - TO ACQUIRE ASPIRE HEALTH, A NON-HOSPICE, COMMUNITY-BASED PALLIATIVE CARE PROVIDER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-anthem-to-acquire-aspire-health/brief-anthem-to-acquire-aspire-health-idUSASC0A3CI |
SAN FRANCISCO (AP) — In a big win for labor advocates, the California Supreme Court on Monday limited businesses from classifying workers as independent contractors who can't receive key employment protections.
Experts expect the ruling to expand the number of workers eligible for minimum wage, rest breaks and other benefits under a state wage standard.
The court unanimously adopted a broad definition for those who qualify as employees in a lawsuit that drivers brought against package delivery company Dynamex Operations West Inc.
Attorneys involved in the case said the ruling will affect other workers listed as independent contractors in the so-called sharing economy, including drivers in ride-hailing companies like Uber and Lyft.
An attorney for Dynamex, Robert Hulteng, declined to comment.
Michael Rubin, who represented labor unions that argued on behalf of Dynamex drivers, said the court adopted "the most worker protective standard available."
Massachusetts and New Jersey have similar standards, he said.
"It makes it far more likely than before that in California, the Ubers and Lyfts will have to begin treating the workers as employees," Rubin said.
But he cautioned that cases would have to be decided on an individual basis.
To list workers as independent contractors, businesses have to show they don't control and direct the work, that the duties fall outside what the company normally does and the worker is "customarily engaged in an independently established trade, occupation or business," the California Supreme Court said.
That independent trade also must encompass the same type of work performed for the business.
The previous standard to determine whether workers were employees or independent contractors focused primarily on whether the business controlled how the work was performed.
As an example, the court said a plumber hired by a retail store to repair a bathroom leak is not performing work that is part of the store's usual business.
But when a bakery hires cake decorators, "the workers are part of the hiring entity's usual business operation and the hiring business can reasonably be viewed as having suffered or permitted the workers to provide services as employees," Chief Justice Tani Cantil-Sakauye wrote. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/the-associated-press-california-ruling-to-give-more-workers-benefits-experts-say.html |
Here are some of the companies with shares expected to trade actively in Wednesday’s session. Stock movements reflect premarket trading. —Down 4.1%: Walmart confirmed previous reports and said it has agreed to take control of India’s largest e-commerce company, Flipkart Group, for $16 billion, the largest acquisition in the Bentonville, Ark.-based retailer’s history. Walmart said The Euro Slide Feels Like Déjà Vu Next Brexit & Beyond:Europe Faces Tall Task to Preserve Iran Deal | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/09/stocks-to-watch-walmart-facebook-disney-ea-conocophillips-papa-johns-adt-tripadvisor/ |
(Reuters) - Atlanta Federal Reserve Bank President Raphael Bostic said on Monday the U.S. economy is close to meeting the Fed’s employment and inflation goals, with growth of around 2.5 percent expected this year.
FILE PHOTO: Atlanta Federal Reserve Bank President, Raphael Bostic speaks with Reuters in an interview at Stanford UniversityÕs Hoover Institution in Stanford, California, U.S., May 4, 2018. REUTERS/Ann Saphir/File Photo In prepared remarks to an economic group in Atlanta he did not update his views on interest rates, but has recently said he has a base case for two additional rate increases this year.
He also said that as the Fed debates possible changes to its inflation framework, he is “drawn to” systems that offset years of below- or above-target inflation with “misses” in the opposite direction.
Reporting by Howard Schneider; Editing by Andrea Ricci
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-fed-bostic/feds-bostic-repeats-u-s-close-to-feds-inflation-employment-goals-idUSKCN1IM1TT |
May 16, 2018 / 8:56 PM / Updated 14 hours ago Texas murder-suicide leaves five dead, including three children Suzannah Gonzales 1 Min Read
(Reuters) - A man fatally shot three children and his ex-wife’s boyfriend inside a Ponder, Texas, home on Wednesday, before shooting and killing himself, the sheriff’s department said.
His ex-wife was also wounded in the shooting, said Captain Orlando Hinojosa with the Denton County Sheriff’s Office.
The ex-wife is the mother of the three children, Hinojosa said. Hinojosa said he did not know the identity of the children’s father.
Officials were called to the home at about 8:30 a.m. local time, responding to a possible burglary in progress, Hinojosa said.
Ponder fire officials took the woman to a local hospital, Hinojosa said. Her condition is not known, he said. Reporting by Suzannah Gonzales in Chicago; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting/five-dead-one-wounded-in-murder-suicide-in-texas-media-reports-idUSKCN1IH2YM |
BEIJING (Reuters) - China’s property prices are expected to cool steadily this year amid persistent curbs on buyers and tighter monetary conditions, but the market remains frothy and is subject to volatility, a government think tank said on Monday.
FILE PHOTO: Residential apartments are located in downtown Shenzhen, China April 26, 2017. Picture taken April 26, 2017. REUTERS/Bobby Yip/File Photo The Chinese Academy of Social Sciences (CASS) said home prices in top-tier cities are expected to plateau in the first half of this year, while surging lower-tier cities may not see price growth slow until the second half.
But China’s property bubbles are still “relatively big”, said Ni Pengfei, a senior researcher with CASS, stressing that current market stability is just a “short-term equilibrium” with market sentiment being particularly “fragile”.
Some major cities may need to roll out more price cooling measures this year, it added, while lower tier cities will likely phase out stimulus policies or even tighten the market to stabilize prices.
China posted its fastest property investment growth in three years in the first quarter, while new home prices also rose in March, suggesting broad market resilience despite a flurry of curbs.
The think tank also advised the government to levy taxes on empty homes in an effort to boost rental supply.
Economists polled by Reuters in late March predicted nationwide home prices would rise just 1 percent this year, after a gain of 5.3 percent in 2017.
Reporting by Jenny Su, Writing by Stella Qiu; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-property/chinas-property-market-to-steadily-cool-in-2018-government-think-tank-idUSKCN1IF1AU |
May 12, 2018 / 2:15 AM / Updated 16 hours ago China's ZTE paid over $2.3 billion to U.S. exporters last year, ZTE source says Reuters Staff 5 Min Read
(Reuters) - Chinese technology company ZTE Corp 63.SZ ( 0763.HK ), which this month suspended its main operations after a U.S. Commerce Department ban on American supplies to its business, paid over $2.3 billion (1.7 billion pounds) to 211 U.S. exporters in 2017, a senior ZTE official said on Friday. FILE PHOTO: The logo of China's ZTE Corp is seen on a building in Nanjing, Jiangsu province, China April 19, 2018. REUTERS/Stringer/File Photo
ZTE paid over $100 million each to Qualcomm Inc ( QCOM.O ), Broadcom Inc ( AVGO.O ), Intel Corp ( INTC.O ) and Texas Instruments ( TXN.O ), the official said.
As one of the world’s largest telecom equipment makers, ZTE relied on U.S. companies such as Qualcomm and Intel for components.
The extent of the impact of the Commerce Department ban on U.S. suppliers was noted by the ZTE official, who was not authorized to speak publicly, as Chinese and U.S. government officials discuss a Washington visit next week by China’s top economic official.
In March last year ZTE paid nearly $900 million in penalties for exporting U.S. technology to Iran and North Korea in violation of sanctions.
In April this year, the Commerce Department found ZTE had violated the terms of last year’s settlement and banned U.S. companies from providing exports to ZTE for seven years. As a result, ZTE suspended its main operating activities earlier this month.
The Commerce Department ban on U.S. suppliers exporting goods to the Chinese network equipment and handset maker was discussed when a delegation led by U.S. Treasury Secretary Steven Mnuchin met with Chinese officials in Beijing last week.
China requested that President Donald Trump back off his threat of tariffs on Chinese imports, treat Chinese investments equally under U.S. security reviews, and reassess the ban on ZTE.
A May 1 formal request by ZTE to the U.S. Commerce Department for an immediate stay of the April 15 ban went unheeded, according to a person familiar with the matter. The order was causing “irreparable harm” to the company and partners, as well as millions of consumers, including those who own its phones and major network operators, the person said.
American companies are estimated to provide 25 percent to 30 percent of the components used in ZTE’s equipment, which includes smartphones and gear to build telecommunications networks, analysts noted.
The U.S. ban prevents ZTE from using some Qualcomm processors and Android devices with Google Mobile Services software, according to analysts.
ZTE paid over $100 million each to other U.S. suppliers in 2017 including chip makers Xilinx Inc ( XLNX.O ) and optical component company Acacia Communications ( ACIA.O ) and memory chip maker Sandisk, the ZTE official said.
Intel, Broadcom and Qualcomm declined to comment.
Qualcomm last month said it expected lost sales to ZTE to lower its earnings by 3 cents per share in the current quarter.
ZTE is not among Qualcomm’s publicly disclosed largest customers, which include Apple Inc ( AAPL.O ), Samsung Electronics Co Ltd ( 005930.KS ) and Chinese smartphone makers Oppo and Vivo.
None of the other companies could immediately be reached for comment.
The ban also hurts ZTE’s ability to provide services, such as repairs to infrastructure, to customers in other countries and regions in which it operates. ZTE provides services for 100 million users in India, 300 million users in Indonesia, and 29 million users in Italy, the official said.
ZTE’s failure to comply with the 2017 Commerce Department settlement included not reprimanding or cutting bonuses to 35 employees tied to the wrongdoing, and making false statements, the Commerce Department previously found.
ZTE self-reported the discipline issue and corrected the mistakes, the ZTE official said, adding that the failure was not part of the same misconduct that led to last year’s guilty plea.
The official said the recent ban was a grossly disproportionate penalty that ignored the strides ZTE had made towards complying with U.S. laws.
Chinese Vice Premier Liu He is expected to resume trade talks with the Trump administration this week, after discussions in Beijing last week yielded no agreement on a long list of U.S. trade demands. Reporting by Karen Freifeld; additional reporting by Stephen Nellis in San Francisco and Subrat Patnaik; editing by Clive McKeef | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-china-zte/chinas-zte-paid-over-2-3-billion-to-u-s-exporters-last-year-zte-source-says-idUKKBN1ID02F |
May 11, 2018 / 4:32 PM / Updated an hour ago London bans junk food ads on public transport to fight child obesity Reuters Staff 3 Min Read
LONDON (Reuters) - London plans to ban junk food advertising on its entire public transport network to tackle child obesity, which is among the highest in Europe, Mayor Sadiq Kahn said on Friday.
Almost 40 percent of children aged 10 and 11 in London are overweight or obese, according to research compiled for Britain’s parliament.
“Child obesity in London is a ticking timebomb and I am determined to act. If we don’t take bold steps against it we are not doing right by our young people as well as placing a huge strain on our already pressurized health service,” Kahn said in a statement.
The ban will target food retailers with products deemed high in fat, salt or sugar such as McDonald’s.
McDonald's here has long been fighting perceptions that it encourages children to eat unhealthily. In 2011, it won a U.S. lawsuit allowing it to continue including toys in Happy Meals.
Coca Cola and Pepsi here - as part of the American Beverage Association - faced scrutiny during the same year following a U.S. campaign to bring awareness to the potential health concerns associated with sugar sweetened drinks.
Food and drink advertising contributed around 20 million pounds ($27 million) to Transport for London’s revenue during the 2016-17 financial year.
A spokesperson from the mayor’s office said :”About two thirds of this comes from high fat, salt and sugar, food and drink.”
The National Centre for Social Research and Cancer Research UK found advertising of unhealthy foods – particularly when aimed at children – creates extra pressure on children and families when it comes to choosing what to eat and drink.
“I want to reduce the influence and pressure that can be put on children and families to make unhealthy choices,” Kahn said. “I’m determined to do all I can to tackle this issue with the powers I have and help Londoners make healthy food choices for themselves and their children.”
The plans are a key part of the mayor’s draft London Food Strategy and echo initiatives that have been introduced in Amsterdam this year.
Khan said: “The government needs to step up and join this fight against child obesity.” Reporting by Coran Elliott; Editing by Georgina Prodhan and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-junkfood/london-bans-junk-food-ads-on-public-transport-to-fight-child-obesity-idUKKBN1IC22I |
LOS ANGELES, May 02, 2018 (GLOBE NEWSWIRE) -- RadNet, Inc. (NASDAQ:RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services through a network of owned and operated outpatient imaging centers, announced today that it will host a conference call to discuss its first quarter 2018 financial results on Wednesday, May 9 th , 2018 at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time).
Investors are invited to listen to RadNet’s conference call by dialing 800-239-9838 . International callers can dial 323-794-2551 . There will also be simultaneous and archived webcasts available at http://public.viavid.com/index.php?id=129658 . An archived replay of the call will also be available and can be accessed by dialing 844-512-2921 from the U.S., or 412-317-6671 for international callers, and using the passcode 3816880 .
About RadNet, Inc .
RadNet, Inc. is the leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 297 owned and/or operated outpatient imaging centers. RadNet's core markets include California, Maryland, Delaware, New Jersey and New York. In addition, RadNet provides radiology information technology solutions, teleradiology professional services and other related products and services to customers in the diagnostic imaging industry. Together with affiliated radiologists, and inclusive of full-time and per diem employees and technicians, RadNet has a total of approximately 7,400 employees. For more information, visit http://www.radnet.com .
CONTACTS:
RadNet, Inc.
Mark Stolper
Executive Vice President and Chief Financial Officer
310-445-2800
Source:RadNet, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-radnet-inc-announces-date-of-its-first-quarter-2018-financial-results-conference-call.html |
WILMERDING, Pa., May 07, 2018 (GLOBE NEWSWIRE) -- Wabtec Corporation (NYSE:WAB) today plans to affirm the following at its Investor Day:
In 2018, revenues are expected to be about $4.1 billion, earnings per diluted share are expected to be about $3.80 excluding estimated restructuring and integration charges, operating margin is expected to be about 13.5 percent, and the company expects cash flow from operations to exceed net income for the year. The company’s long-term vision is to average double-digit growth in revenues and earnings per diluted share through the business cycle, with its operating margin expected to improve about 100 basis points annually, and cash from operations expected to exceed net income annually.
To view the presentations from today’s Investor Day, please visit www.wabtec.com and click on “Investor Presentation” in the “Investor Relations” section.
This release contains forward-looking statements, such as statements regarding the company’s expectations about its 2018 results and long-term financial targets. Actual results could differ materially from the results suggested in any forward-looking statement. Factors that could cause or contribute to these material differences include, but are not limited to, an economic slowdown in the markets we serve; changes in the expected timing and profitability of projects; a decrease in freight or passenger rail traffic; an increase in manufacturing costs; and other factors contained in the company’s filings with the Securities and Exchange Commission. The company assumes no obligation to update these statements or advise of changes in the assumptions on which they are based.
Wabtec Corporation ( www.wabtec.com ) is a leading global provider of equipment, systems and value-added services for transit and freight rail. Through its subsidiaries, the company manufactures a range of products for locomotives, freight cars and passenger transit vehicles. The company also builds new switcher and commuter locomotives, and provides aftermarket services. The company has facilities located throughout the world.
Contact:
Tim Wesley
Phone: 412.825.1543
E-mail: [email protected]
Website: www.wabtec.com
Wabtec Corporation
1001 Air Brake Avenue
Wilmerding, PA 15148
Source:Westinghouse Air Brake Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-wabtec-plans-to-affirm-2018-financial-guidance-and-long-term-financial-targets-at-investor-day.html |
Mixed fortunes for Commerzbank & Credit Agricole 9:57am EDT - 01:47
Commerzbank has reported a smaller-than-expected fall in first-quarter pretax profit and has promised to resume dividend payments this year, sending shares in Germany's No. 2 lender up almost 4 percent. As Sonia Legg reports, it wasn't such postive news for French bank Credit Agricole's which saw quarterly profit fall short of expectations.
Commerzbank has reported a smaller-than-expected fall in first-quarter pretax profit and has promised to resume dividend payments this year, sending shares in Germany's No. 2 lender up almost 4 percent. As Sonia Legg reports, it wasn't such postive news for French bank Credit Agricole's which saw quarterly profit fall short of expectations. //reut.rs/2L1cG6t | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/15/mixed-fortunes-for-commerzbank-credit-ag?videoId=427122556 |
May 3 (Reuters) - Tempur Sealy International Inc:
* Q1 SALES $648 MILLION VERSUS I/B/E/S VIEW $634.3 MILLION * Q1 EARNINGS PER SHARE VIEW $0.48 — THOMSON REUTERS I/B/E/S
* TEMPUR SEALY SAYS REAFFIRMED ITS FINANCIAL GUIDANCE FOR FULL YEAR 2018 Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tempur-sealy-reports-q1-gaap-earni/brief-tempur-sealy-reports-q1-gaap-earnings-per-share-0-42-idUSASC09ZGN |
0 COMMENTS Good morning from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android . Here’s essential reading on today’s developments.
MUST READS FROM WSJ CITY
Takeda Pharmaceutical has reached an agreement to buy Shire for £46 billion, capping a monthslong battle for control of the European drugmaker and marking the largest-ever overseas acquisition by a Japanese company.
US oil prices broke through the $70 mark for the first time since 2014, reflecting both increased geopolitical risks and a healthier backdrop as the industry works off what had been a persistent supply glut. Oil prices have risen as President Donald Trump indicated the US will likely withdraw from the Iran nuclear deal, with a decision due later Tuesday.
The oil market has surged on the expectation that President Trump will reimpose sanctions on Iran. No matter what Trump decides, oil bulls and other beneficiaries of higher prices shouldn’t get too confident, Spencer Jakab writes for Heard on the Street.
Cable giant Comcast is getting the pieces in place to make a hostile bid for 21st Century Fox’s entertainment assets, including its stake in Sky, should it choose to do so, according to people familiar with the situation.
Activist investor ValueAct Capital Partners has built a roughly $1.2 billion stake in Citigroup, a bet that the giant bank’s strength as a service provider to corporations will enable it to thrive in the post-crisis era and make up ground its shares have lost in recent years.
It’s a good time to be a megabank. In many businesses, the largest global banks such as JP Morgan Chase and Bank of America are getting bigger, while others are struggling to keep pace. The latest example: the volatility-induced surge in first-quarter stock-trading revenue that smaller US investment banks almost universally missed out on.
Miner and commodity trader Glencore has been raking in plenty of cash, thanks largely to healthy commodity prices. Investors are willing to overlook a lot as long as you make them lots of money. When the cash machine slows, or a government decides to confiscate it, they tend to be less forgiving, writes Nathaniel Taplin for Heard on the Street.
IN THE PAPERS
The British cabinet’s divisions over post-Brexit customs policy burst into the open on Monday evening when Boris Johnson, the foreign secretary, criticised Theresa May’s preferred policy as a ‘crazy system’ that would leave the UK ‘locked in the tractor beam of Brussels.’ FT (£)
Italy edged closer to fresh national elections, as the Italian president launched a last-ditch call for parties to support a short-term government in an attempt to break a two-month political deadlock. WSJ
Snap CFO Drew Vollero is stepping down, leaving the social-media company that has struggled since he helped take it public last year. WSJ
Some of the biggest names on Wall Street are warming up to bitcoin, a virtual currency that for nearly a decade has been consigned to the unregulated fringes of the financial world. NYT
City dealmakers are in line to secure their biggest fees since the financial crisis after billing more than half a billion dollars since the start of January. The Times (£)
MARKETS TODAY
Europe’s benchmark stock index was almost unmoved at the open but there were some big swings in individual shares in the early minutes of trading.
Shire was near the top of the Stoxx Europe 600, up 3.4% after Takeda said it would buy the Irish drugmaker. In Japan, Takeda closed 4% higher.
Shares in Air France-KLM gained almost 3% but failed to recover Monday’s 10% plunge, which followed Jean-Marc Janaillac’s resignation as CEO. German postal group Deutsche Post was near the bottom of the index, sinking more than 6% after saying profits had fallen in the first quarter.
It was a broadly upbeat session in Asia, with gains in China, Hong Kong and Taiwan. Oil prices slipped ahead of Trump’s decision on whether to stay in the Iran deal but remained near the multi-year highs achieved in recent days.
COMING UP
President Trump is set to announce his decision on the Iran nuclear accord.
Share this: Previous Warren Buffett’s New Target: Rule That Cut $6.2 Billion From Berkshire Earnings Next Election Caution Hits Malaysian Stocks | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/08/wsj-city-9/ |
Company booked net ZILRETTA ® sales of $2.2 million in Q1
Positive developments in Medicare reimbursement with CMS issuing Q code for ZILRETTA (effective 7/1/18) and recommending dedicated J code (effective 1/1/19) Pivotal Phase 3 trial results published in the Journal of Bone and Joint Surgery Compelling data from repeat administration study of ZILRETTA presented at OARSI FX201 pre-IND meeting held with FDA; program on track for first-in-human trials in 2019 Conference call scheduled for today at 4:30 p.m. ET
BURLINGTON, Mass., May 08, 2018 (GLOBE NEWSWIRE) -- Flexion Therapeutics, Inc. (Nasdaq:FLXN) today reported financial results and recent business highlights for the quarter ended March 31, 2018.
“The first quarter of 2018 was marked by encouraging sales of ZILRETTA (triamcinolone acetonide extended-release injectable suspension), strong commercial execution, positive reimbursement developments and excellent progress advancing our clinical trials,” said Michael Clayman, M.D., President and Chief Executive Officer. “With the first full quarter of sales behind us, our confidence in ZILRETTA’s ability to make a meaningful difference for patients confronting osteoarthritis knee pain continues to grow.”
First-Quarter Results & Financial Highlights
The Company reported a net loss of $41.6 million for the first quarter of 2018, compared to a net loss of $23.9 million for the same period of 2017. Net sales of ZILRETTA for the first quarter of 2018 totaled $2.2 million. During the three months ended March 31, 2018, the Company expensed $2.7 million of manufacturing costs to cost of sales.
Research and development expenses were $11.6 million and $10.8 million for the three months ended March 31, 2018 and 2017, respectively. The increase in research and development expenses of $0.8 million was primarily due to an increase of $1.0 million in personnel and other employee-related costs for additional headcount and stock compensation expense, as well as a $0.5 million increase in preclinical expenses related to our portfolio expansion and other program costs, offset by a $0.7 million decrease in development expenses for ZILRETTA.
Selling, general and administrative expenses were $26.9 million and $13.0 million for the three months ended March 31, 2018 and 2017, respectively. Selling expenses were $17.6 million and $5.2 million for the three months ended March 31, 2018 and 2017. The increase in selling expenses of $12.4 million was primarily due to salary and related costs associated with additional headcount and costs to establish commercial marketing and sales capabilities. General and administrative expenses increased by $1.5 million in the three months ended March 31, 2018 as compared to the same period in 2017 primarily due to salary and related costs associated with additional headcount and increased stock compensation expense.
Interest expense increased by $3.3 million in the three months ended March 31, 2018 as compared to the same period in 2017 primarily due to the May 2017 issuance of an aggregate of $201.3 million in 2024 Convertible Notes.
As of March 31, 2018, the Company had approximately $376.6 million in cash, cash equivalents and marketable securities compared with $423.9 million as of December 31, 2017.
Recent News and Business Highlights :
In January, we fully enrolled our study to evaluate the pharmacokinetics of concurrent administration of ZILRETTA in bilateral knee osteoarthritis (OA). Topline results are anticipated by the end of the second quarter of 2018.
In May, the Centers for Medicare and Medicaid Services (CMS) included ZILRETTA on its list of products recommended for a dedicated J code, effective January 1, 2019. Furthermore, in April, CMS issued a product-specific Q code for ZILRETTA (Q9993), which takes effect July 1, 2018. Q9993 will serve as a temporary universal code covering Medicare claims for ZILRETTA in all settings until a dedicated J code is in place.
Based on the results of preclinical studies, in March, we determined FX101 (fluticasone ER) would not meet our defined target product profile and announced our decision to discontinue the program.
On April 18, the Journal of Bone and Joint Surgery published the full results from the pivotal Phase 3 trial which served as the basis of ZILRETTA’s approval.
We reported additional results from the ongoing Phase 3 repeat administration study at the Osteoarthritis Research Society International (OARSI) 2018 World Congress in April. These data showed:
• the magnitude and duration of pain relief in a "real-world" patient group with OA of the knee are in line with the results seen in pivotal Phase 3 trial;
• average time to second dose was more than 16 weeks; and
• 74% (133/179) of subjects received a second administration of ZILRETTA between Weeks 16 and 24.
The topline results from the Phase 3 repeat administration study are expected in the third quarter of 2018.
We announced positive preclinical data supporting the FX201 program, which was presented in an oral session at OARSI. These data were shared with the FDA as part of a pre-Investigational New Drug (IND) meeting, and based on the discussion and subject to successful Good Laboratory Practice (GLP) toxicology studies, we anticipate filing an IND and initiating first-in-human clinical trials in 2019.
Also in April, we presented positive results from a post-hoc analysis of patients with unilateral knee OA in a poster session at the Academy of Managed Care Pharmacy Annual Meeting.
In May, we initiated an open-label study assessing the effect of a single administration of ZILRETTA on synovitis in patients with OA of the knee. Patients will undergo initial ultrasound examination and MRI with contrast of the index knee at baseline and then return to the clinic at Weeks 6 and 24 for MRI and other assessments. The study is expected to enroll over approximately six months and topline results are anticipated in 2019.
ZILRETTA Commercial Launch Metrics
Since launching ZILRETTA in November 2017, our Musculoskeletal Business Managers (MBMs) have called on approximately 8,500 out of the approximately 10,500 target prescribers who practice in approximately 3,700 target accounts. The number of target prescribers increased from 9,500 to 10,500 and the number of target accounts increased from 3,500 to 3,700 during the first quarter, as our MBMs identified additional prescribers and accounts in their territories.
Since launch, our MBMs and Field Access Managers have held in-depth discussions on reimbursement or conducted product preparation training at approximately 1,600 target accounts. Approximately 1,480 target accounts have gained experience with ZILRETTA through either purchases or product samples, and of the accounts that have purchased ZILRETTA, approximately 40% have placed a reorder.
With respect to commercial payers, we have engaged about 40 key commercial insurers that represent roughly 207 million covered lives and more than 95% of the benefits verifications processed through our FlexForward TM service have confirmed coverage of ZILRETTA.
Conference Call
Flexion’s management will host a conference call today at 4:30 p.m. ET. The dial-in number for the conference call is 855-770-0022 for domestic participants and 908-982-4677 for international participants, with Conference ID # 2880817. A live webcast of the conference call can also be accessed through the “ Investors ” tab on the Flexion Therapeutics website, and a replay will be available online after the call.
Indication and Important Safety Information
Indication: ZILRETTA (triamcinolone acetonide extended-release injectable suspension) is indicated as an intra-articular injection for the management of osteoarthritis pain of the knee.
Limitation of Use: ZILRETTA is not intended for repeat administration.*
Contraindication: ZILRETTA is contraindicated in patients who are hypersensitive to triamcinolone acetonide, corticosteroids or any components of the product.
Warnings and Precautions
Intra-articular Use Only: ZILRETTA has not been evaluated and should not be administered by epidural, intrathecal, intravenous, intraocular, intramuscular, intradermal or subcutaneous routes. Serious events have been reported with epidural and intrathecal administration of corticosteroids and none are approved for this use. ZILRETTA should not be considered safe for epidural or intrathecal administration. Hypersensitivity Reactions: Rare instances of anaphylaxis, including serious cases, have occurred in patients with hypersensitivity to corticosteroids. Joint Infection and Damage: A marked increase in pain accompanied by local swelling, restriction of joint motion, fever and malaise are suggestive of septic arthritis. Examine joint fluid to exclude a septic process. If diagnosis is confirmed, institute appropriate antimicrobial therapy. Avoid injecting corticosteroids into a previously infected or unstable joint. Intra-articular administration may result in damage to joint tissues. Increased Risk of Infections: Infection with any pathogen in any location of the body may be associated with corticosteroid use. Corticosteroids may increase the susceptibility to new infection and decrease resistance and the ability to localize infection. Alterations in Endocrine Function: Corticosteroids can produce reversible hypothalamic-pituitary-adrenal axis suppression, with potential for adrenal insufficiency after withdrawal of treatment, which may persist for months. In situations of stress during that period, institute corticosteroid replacement therapy. Cardiovascular and Renal Effects: Corticosteroids can cause blood pressure elevation, salt and water retention and increased potassium excretion. Monitor patients with congestive heart failure, hypertension and renal insufficiency for edema, weight gain and electrolyte imbalance. Dietary salt restriction and potassium supplementation may be needed. Increased Intraocular Pressure: Corticosteroid use may be associated with increased intraocular pressure. Monitor patients with elevated intraocular pressure for potential treatment adjustment. Gastrointestinal Perforation: Corticosteroid administration may increase risk of gastrointestinal perforation in patients with certain GI disorders and fresh intestinal anastomoses. Avoid corticosteroids in these patients. Alterations in Bone Density: Corticosteroids decrease bone formation and increase bone resorption. Special consideration should be given to patients with or at increased risk of osteoporosis prior to treatment. Behavior and Mood Disturbances: Corticosteroids may cause adverse psychiatric reactions. Prior to treatment, special consideration should be given to patients with previous or current emotional instability or psychiatric illness. Advise patients to immediately report any behavior or mood disturbances.
Adverse Reactions: The most commonly reported adverse reactions (incidence ≥1%) in clinical studies included sinusitis, cough and contusions.
Please see the full Prescribing Information at www.ZILRETTAlabel.com .
* The efficacy and safety of repeat administration of ZILRETTA have not been evaluated.
About ZILRETTA
ZILRETTA is the first and only FDA-approved extended-release intra-articular therapy for patients confronting osteoarthritis-related knee pain. ZILRETTA employs proprietary microsphere technology combining triamcinolone acetonide — a commonly administered, short-acting corticosteroid — with a poly lactic-co-glycolic acid (PLGA) matrix to provide extended pain relief over 12 weeks.
About Osteoarthritis (OA) of the Knee
OA, also known as degenerative joint disease, affects more than 30 million Americans and accounts for more than $185 billion in annual expenditures. In 2016, more than 15 million Americans were diagnosed with OA of the knee and the average age of physician-diagnosed knee OA has fallen by 16 years, from 72 in the 1990s to 56 in the 2010s. The prevalence of OA is expected to continue to increase as a result of aging, obesity and sports injuries. Each year, more than 15 million Americans are treated for OA-related knee pain, and approximately five million OA patients receive either an immediate-release corticosteroid or hyaluronic acid intra-articular injection to manage their knee pain.
About Flexion Therapeutics
Flexion Therapeutics (Nasdaq:FLXN) is a biopharmaceutical company focused on the development and commercialization of novel, local therapies for the treatment of patients with musculoskeletal conditions, beginning with osteoarthritis, a type of degenerative arthritis. The company's core values are focus, ingenuity, tenacity, transparency and fun. For the past two years, Flexion has been named one of the Best Places to Work by the Boston Business Journal, and Flexion was also recognized as a Top Place to Work in Massachusetts by The Boston Globe in 2017.
Forward-Looking Statements
This release contains forward-looking statements that are based on the current expectations and beliefs of Flexion. Statements in this press release regarding matters that are not historical facts, including, but not limited to, statements relating to the future of Flexion; our plans to commercialize ZILRETTA and ZILRETTA's market potential; expected timing with respect to clinical trials and development milestones; expected increases in the rate of individuals with OA of the knee; the potential therapeutic and other benefits of ZILRETTA and FX201; opportunities to obtain regulatory approval for FX201 or further indications for ZILRETTA; and expectations regarding CMS codes, are forward-looking statements. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, risks associated with designing and conducting clinical trials, including risks of delays or clinical holds; risks associated with developing and obtaining regulatory approval for product candidates; the fact that results of past clinical trials may not be predictive of subsequent trials; risks associated with commercializing new pharmaceutical products in the United States; the risk that we may not be able to successfully maintain an effective sales force to commercialize ZILRETTA; competition from alternative therapies; the risk that we may not be able to maintain and enforce our intellectual property, including intellectual property related to ZILRETTA; the risk that ZILRETTA may not be successfully commercialized, including as a result of limitations in ZILRETTA's label and package insert information; risks regarding our ability to obtain adequate reimbursement from payers for ZILRETTA; risks related to the manufacture and distribution of ZILRETTA, including our reliance on sole sources of supply and distribution; risks related to key employees, markets, economic conditions, health care reform, prices and reimbursement rates; the risk that we may use our capital resources in ways that we do not currently expect; and other risks and uncertainties described in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2017 filed with the SEC on March 8, 2018 and subsequent filings with the SEC. The forward-looking statements in this press release speak only as of the date of this press release, and we undertake no obligation to update or revise any of the statements. We caution investors not to place considerable reliance on the forward-looking statements contained in this press release.
FLEXION THERAPEUTICS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (in thousands, except for per share information) Three Months Ended
March 31,
2018 2017 Revenue $ 2,194 $ - Operating expenses: Cost of sales 2,698 -
Research and development 11,551 10,756 Selling, general and administrative 26,899 13,026 Total expenses 41,148 23,782 Loss from operations (38,954) (23,782) Interest income (expense), net (2,758) (75) Other income (expense) 143 (22) Loss from operations before income tax (41,569) (23,879) Net loss (41,569) (23,879) Basic and diluted net loss per share $ (1.10) $ (0.75) Basic and diluted weighted average number of common shares outstanding 37,620 31,704 FLEXION THERAPEUTICS SELECTED BALANCE SHEET DATA
(in thousands)
March 31, December 31, 2018 2017 Cash and cash equivalents $ 147,304 $ 127,789 Marketable securities and long-term investments 229,276 296,127 Total current assets 380,587 397,990 Working capital 356,140 367,418 Total assets 397,089 441,317 Total notes payable 20,579 22,903 Total convertible notes 138,983 137,107 Total stockholders' equity 222,607 260,274
Contact:
Scott Young
Vice President, Corporate Communications & Investor Relations
Flexion Therapeutics, Inc.
T: 781-305-7194
[email protected]
Source:Flexion Therapeutics, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-flexion-therapeutics-reports-first-quarter-2018-financial-results-and-recent-business-highlights.html |
Top News
Apple and Goldman
Apple and Goldman Sachs are reportedly going to launch a joint credit card bearing the Apple Pay brand. The move could help Apple boost uptake of the payment service, which the Wall Street Journal says has been slower than hoped-for. It’s also Goldman’s first card, coming at a time when the company is trying to push harder into consumer banking. WSJ
Drug Prices
President Donald Trump will today give a speech addressing the issue of high prescription drug prices, according to White House officials. According to reports, the administration will try to promote cheaper generic drugs, easing their way into the market and making them available for free to low-income seniors. It will not, however, allow Medicare to directly negotiate prices with manufacturers. CNBC
Asda-Sainsbury’s Merger
The sale of Walmart’s British supermarket chain, Asda, to rival Sainsbury’s would need to involve the offloading of at least 73 branches, according to research by store-location analysts at Maximise UK. That’s 6% of the combined operation’s total branches. The deal will require a green light from the U.K.’s Competition and Markets Authority, and the new group—set to be the country’s largest—would have a particular concentration of locations in England’s north-west and south-east. BBC
Boring Story
Elon Musk has promised that his Boring Company’s first under-L.A. tunnel will be available for public use within a few months—for free. That just applies to early tests, of course; once it’s fully operational, using the tunnel will cost money. The 2.7-mile tunnel was built very quickly, partly due to an environmental review exemption. Musk’s plans for more elaborate tunnels will likely incur much closer, and lengthier, scrutiny. Fortune Advertisement Around the Water Cooler
Eyes On Italy
With the anti-euro, populist Five Star and League parties on the verge of forming a coalition government in Italy, why are investors not more scared? According to experts quoted in this Financial Times piece, the European Central Bank’s ongoing bond-buying creates market conditions that are “supportive for Italian debt,” and Italy’s decision to refinance itself at longer maturities makes it more “resilient to shocks.” FT
Apple’s Aluminum
Apple uses a lot of aluminum in its devices, but it’s also big on environment-friendliness—for example, by making all its data centers use renewable energy. So now it’s setting up a new joint venture with Alcoa and Rio Tinto to establish a greener way of smelting aluminum. Usually that involves burning carbon, but the new project—set for fruition in 2024—would use another “advanced conductive material.” CNBC
Electronics Searches
A federal judge has rejected the government’s argument that warrantless searches of personal electronics at the U.S. border are acceptable. The Department of Homeland Security has the authority to search luggage and containers without warrants, but the government thinks this applies to smartphones as well. However, refusing to dismiss a lawsuit over the issue, Boston judge Denise Caspar noted that “the ability to review travelers’ cellphones allows officers to view ‘nearly every aspect of their lives—from the mundane to the intimate.'” NBC
AI Sexism
LivePerson CEO Robert LoCascio is concerned about virtual assistants, which come with female voices by default, being mainly developed by white male engineers who may be baking chauvinism into their systems. Think Alexa being subservient and accepting rudeness on the part of the user. “To avert a disaster in conversational AI, one important antidote to techie male bias that we are pursuing aggressively in our company is to engage contact center staff alongside coders in building the bots,” he suggests. Fortune
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/11/google-duplex-apple-goldman-sachs-drug-prices-trump-ceo-daily-for-may-11-2018/ |
Planet Fitness earnings beat expectations 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/planet-fitness-earnings-beat-expectations.html |
Facebook Inc. has begun rolling out an updated tool that lets you download information you have uploaded and shared over the years.
You could already do this—and I did—but now there are more categories, such as Search History and Likes and Reactions. Facebook now also shows you posts from other apps (like Instagram), your location history and payment history, among others.
My... | ashraq/financial-news-articles | https://www.wsj.com/articles/facebooks-new-download-tool-better-but-still-incomplete-1525112291 |
HANOI, May 23 (Reuters) - Vietnamese lender Techcombank will list on the Ho Chi Minh Stock Exchange on June 4, according to a filing to the stock exchange published on the bank’s website on Wednesday.
At the reference price, the bank is valued at 149 trillion dong ($6.54 billion). Shares are allowed to move 20 percent higher or lower than the reference price on the first day of listing.
The bank raised $922 million last month in one of the country’s biggest offerings. ($1 = 22,769 dong) (Reporting by Mai Nguyen; Editing by Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/techcombank-listing/vietnam-lender-techcombank-to-make-market-debut-on-june-4-in-6-5-bln-listing-idUSL3N1SU1GR |
Venezuela's election outcome was never in doubt: Analyst 13 Hours Ago Raul Gallegos of Control Risks says Venezuelan President Nicolas Maduro's regime would have "absolutely no shame in doing what's necessary" to prevail at the polls. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/20/venezuelas-election-outcome-was-never-in-doubt-analyst.html |
ZURICH--(BUSINESS WIRE)-- Regulatory News:
LafargeHolcim (Paris:LHN)
The shareholders of LafargeHolcim who attended today’s Annual General Meeting approved all the motions proposed by the company’s Board of Directors. 743 shareholders representing a total of 64.17 percent of the company’s share capital attended the Annual General Meeting.
Shareholders approved the annual report and annual financial statements of the Group and of LafargeHolcim Ltd. They also approved the compensation report in an advisory vote. In two separate binding votes shareholders approved the maximum overall amount of compensation paid to members of the Board for the period between the 2018 and 2019 Annual General Meetings, and the maximum overall amount of compensation paid to members of the Executive Committee for the 2019 financial year. Finally, shareholders approved the proposed distribution of a dividend of CHF 2.00 per registered share from capital contribution reserves. This dividend will be paid on May 16, 2018.
The Annual General Meeting confirmed Beat Hess as Chairman of the company’s Board of Directors by a large majority. All other existing members of the Board were confirmed in office by clear majorities with the exception of Thomas Schmidheiny and Bertrand Collomb who, after more than 40 years in various leadership positions in the Group and many years’ service on the Board, did not stand for re-election. The members of the Board of Directors are now as follows: Beat Hess (Chairman), Paul Desmarais Jr., Oscar Fanjul, Patrick Kron, Gérard Lamarche, Adrian Loader, Jürg Oleas, Nassef Sawiris, Hanne Birgitte Breinbjerg Sørensen and Dieter Spälti. As previously announced, the Board of Directors has appointed Thomas Schmidheiny as Honorary Chairman in recognition of his exceptional contribution to LafargeHolcim.
All existing members of the Nomination, Compensation & Governance Committee were confirmed by shareholders. This committee currently has the following members: Paul Desmarais Jr., Oscar Fanjul, Adrian Loader, Nassef Sawiris, Hanne Birgitte Breinbjerg Sørensen.
In order to make corporate governance even stronger, the Board of Directors has decided that from now on the Board committees shall not be chaired by representatives of large shareholders. Consequently, Gérard Lamarche, previously Chairman of the Finance & Audit Committee, and Nassef Sawiris, previously Chairman of the Nomination, Compensation & Governance Committee, have stepped down from these positions. However, they remain members of these committees, which are now chaired by Patrick Kron (Finance & Audit Committee) and Oscar Fanjul (Nomination, Compensation & Governance Committee).
About LafargeHolcim
LafargeHolcim is the leading global building materials and solutions company serving masons, builders, architects and engineers all over the world. Group operations produce cement, aggregates and ready-mix concrete which are used in building projects ranging from affordable housing and small, local projects to the biggest, most technically and architecturally challenging infrastructure projects. As urbanization increasingly impacts people and the planet, the Group provides innovative products and building solutions with a clear commitment to social and environmental sustainability. With leading positions in all regions, LafargeHolcim employs approximately 80,000 employees in around 80 countries and has a portfolio that is equally balanced between developing and mature markets.
For more information please visit www.lafargeholcim.com
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View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005985/en/
LafargeHolcim
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Source: LafargeHolcim | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-lafargeholcim-annual-general-meeting-2018-shareholders-approve-all-board-proposals.html |
ALLSTON, Mass., May 29, 2018 /PRNewswire/ -- On June 29, 2018, New England Realty Associates Limited Partnership (NYSE MKT: NEN) will make its regular quarterly distribution to its Class A Limited Partners and holders of Depositary Receipts of record as of June 15, 2018. The quarterly distribution per Class A Limited Partnership Unit will be $9.00 per unit. The quarterly distribution per Depositary Receipt will be $0.30. Each Depositary Receipt represents a beneficial ownership of one-thirtieth of a Class A Partnership Unit. Depositary Receipts are listed on The NYSE MKT under the trading symbol "NEN".
View original content: http://www.prnewswire.com/news-releases/new-england-realty-associates-announces-second-quarter-distribution-on-class-a-units-and-depositary-receipts-300655803.html
SOURCE New England Realty Associates Limited Partnership | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-new-england-realty-associates-announces-second-quarter-distribution-on-class-a-units-and-depositary-receipts.html |
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