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Paddy Power Betfair in discussions to buy FanDuel 10:59am EDT - 01:41
Paddy Power Betfair is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday. As Kate King reports, it comes at a time when British bookmakers are under pressure from tighter regulation.
Paddy Power Betfair is considering merging its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market, the Irish bookmaker said on Wednesday. As Kate King reports, it comes at a time when British bookmakers are under pressure from tighter regulation. //reut.rs/2L4ZugX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/paddy-power-betfair-in-discussions-to-bu?videoId=427437379 |
Devon CEO talks oil boom 9 Hours Ago Brian Sullivan of Worldwide Exchange sat down with Devon Energy CEO David Hager to talk all things oil. 03:02 03:02 | 1 Hr Ago 01:07 01:07 | 1 Hr Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/devon-ceo-talks-oil-boom.html |
* Futures up: Dow 0.15 pct, S&P 0.13 pct, Nasdaq 0.38 pct
By Sruthi Shankar
May 2 (Reuters) - Apple’s forecast-beating results helped U.S. stock futures edge higher on Wednesday, even as investors were wary ahead of the Federal Reserve’s monetary policy decision.
Apple’s shares rose 4.1 percent in premarket trading after it posted resilient iPhone sales in the face of waning global demand and promised $100 billion in additional stock buybacks.
At 7:23 a.m. ET, Nasdaq 100 e-minis were up 25.25 points, or 0.38 percent.
While the Dow e-minis were up 36 points, or 0.15 percent and S&P 500 e-minis were up 3.5 points, or 0.13 percent.
Atypical for a post Apple-earnings day on Wall Street, investors have a bag full of problems to deal with: from rising inflation and cost pressures, trade concerns and the strengthening dollar.
The Federal Reserve is slated to issue its monetary policy decision at 2:00 p.m. ET. The central bank is expected to hold interest rates steady, but will likely further encourage expectations that it will lift borrowing costs in June on the back of rising inflation and low unemployment.
Traders have priced in a 94.3 percent chance that the Fed will raise rates a quarter percentage point in June, according to the CME Group’s Fedwatch tool.
“Our colleagues expect the Committee to upgrade the inflation language to note that inflation has risen and is near their 2 percent objective,” Deutsche Bank strategist Jim Reid wrote in a note to clients.
“They could also note that market-based measures of inflation compensation have risen further in recent months.”
The latest data from the Institute for Supply Management (ISM) survey on Tuesday showed commodity prices have been rising in the wake of the Trump administration’s tariffs on steel and aluminum imports.
Data due at 8:30 a.m. ET on Wednesday includes U.S. private payrolls figures for April. The ADP National Employment Report will probably show an addition of 200,000 jobs in the month, a fall from the 241,000 jobs added in March.
A Trump administration delegation including Treasury Secretary Steven Mnuchin is set to visit Beijing on Thursday and Friday for talks with top Chinese officials to settle trade differences.
Among decliners was Snap, whose shares plunged more than 17 percent after the Snapchat owner fell short of Wall Street forecasts for revenue and regular users. (Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-apple-bumps-up-futures-ahead-of-fed-decision-idUSL3N1S93P6 |
MIAMI, May 02, 2018 (GLOBE NEWSWIRE) -- OPKO Health, Inc. (NASDAQ:OPK) plans to announce its operating and financial results for the three months ended March 31, 2018 after the close of the U.S. financial markets on Tuesday, May 8, 2018.
OPKO’s senior management will provide a business update and discuss its financial results in a conference call and live audio webcast beginning at 4:30 p.m. Eastern time on Tuesday, May 8, 2018.
Conference Call & Webcast Information
WHEN: Tuesday, May 8, 2018 at 4:30 p.m. Eastern time.
DOMESTIC DIAL-IN: (866) 634-2258
INTERNATIONAL DIAL-IN: (330) 863-3454
PASSCODE: 5976529
WEBCAST: http://investor.opko.com/events
For those unable to participate in the live conference call or webcast, a replay will be available beginning May 8, 2018 two hours after the close of the conference call. To access the replay, dial (855) 859-2056 or (404) 537-3406. The replay passcode is: 5976529. The replay can be accessed for a period of time on OPKO’s website at http://investor.opko.com/events .
About OPKO Health, Inc.
OPKO Health is a diversified healthcare company that seeks to establish industry leading positions in large, rapidly growing markets. Our diagnostics business includes Bio-Reference Laboratories, the nation's third largest clinical laboratory with a core genetic testing business and a 400-person sales and marketing team to drive growth and leverage new products, including the 4Kscore® prostate cancer test and the Claros® 1 in-office immunoassay platform. Our pharmaceutical business features RAYALDEE, an FDA-approved treatment for secondary hyperparathyroidism in stage 3 and 4 chronic kidney disease patients with vitamin D insufficiency (launched in November 2016), OPK88003, a once or twice weekly oxyntomodulin for type 2 diabetes and obesity which is a clinically advanced drug candidate among the new class of GLP-1 glucagon receptor dual agonists, OPK88004, a SARM (Selective Androgen Receptor Modulator) for treating BPH (Benign Prostatic Hypertrophy), OPK88002, a NK-1 antagonist to treat pruritus (itching) in dialysis patients, and OPK88001, a proprietary oligonucleotide to treat Dravet Syndrome. In addition, the Company is advancing its CTP technology, which includes a long acting hGH-CTP, a once weekly human growth hormone injection (in phase 3 and partnered with Pfizer). OPKO also has production and distribution assets worldwide, multiple strategic investments and an active business development strategy. More information is available at www.opko.com .
CONTACTS
Company
OPKO Health, Inc.
David Malina, 305-575-4137
[email protected]
Director of Investor Relations
Investors
LHA Investor Relations
Miriam W. Miller, 212-838-3777
[email protected]
or
Bruce Voss, 310-691-7100
[email protected]
Source:OPKO Health, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-opko-health-to-announce-first-quarter-2018-financial-results-on-may-8-2018.html |
May 26, 2018 / 1:11 PM / Updated an hour ago Patrick road to retirement ends at Indy 500 Steve Keating 5 Min Read
INDIANAPOLIS, May 26 (Reuters) - As far as retirement parties go it is doubtful there has been one bigger than the bash that will be thrown for Danica Patrick when the ‘Queen of Speed’ ends her career on Sunday at the Indianapolis 500. FILE PHOTO: Verizon IndyCar Series driver Danica Patrick gets ready to get in her car during practice for the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway in Indianapolis, Indiana, U.S., May 15, 2018. Mandatory Credit: Brian Spurlock-USA TODAY Sports/File Photo
As many as 300,000 plus spectators are expected to fill the grandstands of the sprawling 2.5 mile oval for the ‘Greatest Spectacle in Racing’ and many of those will be there to say goodbye to motorsport’s most celebrated woman driver.
The only woman to win an IndyCar race and start from pole at the Daytona 500, the 36-year-old American announced last November that she had reached the end of the road and would bring the curtain down on her ground-breaking career with the “Danica Double” contesting the Daytona and Indy 500s.
As far as swansongs go, February’s Daytona 500 was a bust, ending in a wreck, but the Indy 500 holds out the promise of something special.
During a 14-year career, evenly split between IndyCar and NASCAR, it was the Indy 500 that provided most of the material for Patrick’s career highlights reel and made her one of North America’s most recognisable athletes.
Her third-place finish in 2009 remains the best result by a woman in the Indy 500 while her resume also includes coming fourth in 2005 on her rookie debut and sixth in 2006.
A fierce and fearless competitor, Patrick has also led 29 laps at the Indianapolis Motor Speedway another high water mark for women drivers.
“What I will remember most will be my first Indy 500 and, God, I hope I will remember my last one even more,” Patrick told Reuters, rating her Indy 500 debut ahead of her 2008 win at Motegi. “That would be my goal.
“But the first Indy 500 is what I will remember most, the most defining time in my career and the most fond memories.” GIRL POWER
For a time Girl Power was all the rage at the Brickyard, with four women sprinkled through the 33-car starting grids in 2010, 2011 and 2013.
But this year Patrick, back in her trademark GoDaddy electric green Chevrolet, will carry the flag alone.
While standard bearer is a familiar role for Patrick, it is not one she embraces. Rather than being an advocate for women’s causes, Patrick prefers to inspire.
She says when it came to racing she never sought out mentors nor does she want the job.
“I’ve never been a driver that wants a mentor,” said Patrick. “But I am always encouraging people to find what it is they are passionate about and love and that is what is going to give them the ability to persevere through the hard times and have that chance for greatness. FILE PHOTO: IndyCar Series driver Danica Patrick during Carb Day practice for the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway in Indianapolis, Indiana, May 25, 2018. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports/File Photo
“Whether they are a guy or girl, whether they want to be a race car driver or an astronaut, it’s about finding what it is that you love.”
Patrick understood early on what it would take to survive in the high-testosterone macho world of motorsport.
She did not want to be labelled a “woman” driver but did not want people to forget it either.
For a while Patrick’s racy photo shoots, including appearances in two Sports Illustrated swim suit editions, drew as much attention as her driving. PATRICK’S STORYLINE
From the start Patrick had a firm grasp of exactly what her storyline was and used it to build her brand.
“I’m here largely because I am woman,” she said. “I don’t want people to forget that I am a girl, I don’t think they really can, and I don’t want them to because it is part of my story.
“It’s what put me here in this position today and has given me all the opportunities I have had, at least in part.”
Just 5-foot 2-inches and 100 pounds, the diminutive driver asked for no quarter and offered none.
At the 2007 Milwaukee Mile, unhappy about a late race encounter with the late Dan Wheldon, Patrick climbed out of her car and marched down the pit lane where she confronted the Briton, grabbed him by the arm and then shoved him.
“You can’t be a pushover in your job and I can’t be a pushover in mine,” said Patrick. “If you want to climb the ladder and do great things you have to believe in you and get people to believe in you.
“You have to be sure of what you want.”
Win or lose on Sunday, Patrick will exit having won the respect of everyone up and down pit lane.
“She’s been carrying the flag for the female drivers in IndyCar and she certainly belongs there,” Sebastian Bourdais, a past IndyCar champion and Formula One driver told Reuters. “She proved that she belongs in IndyCar.
“I hope for sure she will have a good last race.” | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-indy-indy500-patrick/patrick-road-to-retirement-ends-at-indy-500-idUKKCN1IR0EH |
Opening Bell, May 7, 2018 2 Hours Ago Ringing today's opening bells are Argo Group International Holdings with Chairman Gary Woods and CEO Mark E. Watson III, at the NYSE, and the American Lung Association with National Assistant VP Audrey Sylvia and Shantel Vansanten, actress and "Lung Force" spokesperson, at the Nasdaq. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/opening-bell-may-7-2018.html |
If you think you've snagged just what you need to cover your college costs this fall, think again.
That's because while universities give families an idea of how much it costs to attend school, those estimates can be inaccurate — particularly for students who opt to live off campus.
As many as a third of colleges and universities understate the local cost of living by at least $3,000, researchers found .
Room, board, transportation expenses and other miscellaneous costs add to the actual cost of attendance and can vary sharply from your school's best estimates.
"Colleges estimate the cost for those who live off campus, and that's what the student uses when they decide what to budget for," said Sara Goldrick-Rab, professor of higher education policy and sociology at Temple University.
"For instance, juniors will think of getting a cheaper place that's further away from campus, but they don't think about the cost of commuting," she said.
As a result, students will have to do their own research to arrive at the true cost of attendance and then calculate whether they have enough.
Here are some examples of what schools are getting wrong about costs.
Off-campus affordability Hero Images | Hero Images | Getty Images During the 2016-2017 school year, four-year colleges in the U.S. estimated that a student at a public school residing off-campus and not living with family would spend $9,602 on room and board, according to the National Center for Education Statistics .
For private schools, the average cost of room and board was slightly higher at $9,660.
Those estimated expenses weren't all that different from those residing on campus, where students at public and private schools could expect costs of about $10,000.
"Do you want to live well at college at the expense of living well after college?" -Sara Goldrick-Rab, professor of higher education policy and sociology, Temple University Take those figures with a grain of salt, experts say.
"It's easy for colleges to estimate incorrectly," said Goldrick-Rab. "The school is just reading local ads for apartments and doing small surveys of students."
For example, colleges don't consider a student's need to have the first and last month of rent when seeking an apartment off campus, she said.
Living expenses Jose Luis Pelaez Inc | Getty Images The estimate for "other expenses," which include things like laundry, transportation and entertainment, was $3,804 for students at a public college living off campus, according to The National Center for Education Statistics, compared with $3,528 for those residing off campus at a private college.
"Schools are generally coming up with a conservative estimate because they don't want students to be oversensitive to price shock," said David Helene, co-founder of Edquity, an app that helps guide college students through the financial planning process.
See below for a chart from Helene, detailing the annual cost of these surprise expenses based on the largest city in each of the 50 states. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/even-financial-aid-wont-help-you-cover-these-college-expenses.html |
May 14 (Reuters) - Government of Puerto Rico:
* GOVERNMENT OF PUERTO RICO CALLS PROPOSED G.O.-COFINA SETTLEMENT “NOT ACCEPTABLE” - STATEMENT
* GOVERNMENT OF PUERTO RICO SAYS THE BONDHOLDER-PROPOSED SETTLEMENT WOULD CREATE DEBT SERVICE REQUIREMENTS THAT ARE NOT SUSTAINABLE - STATEMENT Source text for Eikon: Further company coverage: [ ]
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-government-of-puerto-rico-calls-pr/brief-government-of-puerto-rico-calls-proposed-g-o-cofina-settlement-not-acceptable-idUSFWN1SL0OQ |
An oil boom in western Texas - a cautionary tale 6:43am EDT - 01:45
Western Texas is going through another oil boom, and the job crunch and inflation it’s creating could be a cautionary tale for the rest of the country. Reuters Ann Saphir visited the area.
Western Texas is going through another oil boom, and the job crunch and inflation it’s creating could be a cautionary tale for the rest of the country. Reuters Ann Saphir visited the area. //reut.rs/2KrRVR2 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/an-oil-boom-in-western-texas-a-cautionar?videoId=422897565 |
(Adds comments from former minister and executive, context)
By Rodrigo Viga Gaier and Luciano Costa
RIO DE JANEIRO/SAO PAULO, May 23 (Reuters) - Shares of Brazil’s state-run power company Eletrobras sank on Wednesday after a Congressional decision likely torpedoed for the near future a planned privatization of the company and some of its subsidiaries.
Shares of Centrais Elétricas Brasileiras SA, as the company is formally known, lost 10 percent in morning trading in São Paulo, dropping to their lowest level since August, as investors’ hopes for the company’s privatization or the sale of some of its money-losing subsidiaries faded.
Late on Tuesday, the head of Brazil’s lower house, Rodrigo Maia, said the chamber would not vote on a presidential decree outlining rules for the sale of state-controlled power companies. He asked President Michel Temer to send a draft bill instead, which would likely take more time to go through both houses of Congress.
“It becomes very hard now to head in the direction of a privatization,” former energy minister Fernando Coelho told Reuters on the sidelines of a power industry seminar in Rio de Janeiro on Wednesday.
With a general election scheduled for October, Congress likely will not have enough time to evaluate and vote on a new draft bill.
“Congress was absolutely irresponsible,” Elena Landau, former chairwoman of Eletrobras, told reporters at the power event.
Temer’s government announced plans to sell a controlling stake in Eletrobras last August.
The presidential decree would have helped clear some of the debt of several power distribution subsidiaries in the north of Brazil that Eletrobras wanted to sell.
It would have allowed the firm to receive around 8 billion reais ($2.2 billion) in credits due to those subsidiaries, and was also set to change some power generation policies to give more assurances to investors willing to participate in the sale of Eletrobras.
Eletrobras is the largest power generator in Brazil and controls dozens of subsidiaries in all regions. Control of it is a politically sensitive topic, as many politicians have had the power to nominate directors for some of its branches.
$1 = 3.6457 reais Reporting by Rodrigo Viga Gaier and Luciano Costa, Additional reporting and writing by Marcelo Teixeira; Editing by Chizu Nomiyama and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/eletrobras-privatization/update-1-eletrobras-shares-sink-as-privatization-hopes-fade-idUSL2N1SU0QL |
VENLO, the Netherlands--(BUSINESS WIRE)-- Cimpress N.V. (Nasdaq: CMPR) today announced it has commenced, subject to market conditions, a private offering of $400.0 million in aggregate principal amount of senior notes due 2026 (the "notes").
We intend to use the net proceeds of this offering to fund the redemption of all of our existing senior notes due 2022 and the satisfaction and discharge of the indenture governing the existing senior notes, repay indebtedness outstanding under our revolving credit facility, and to fund the payment of all related fees and expenses.
The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act, and other applicable securities laws. Within the United States, the notes will only be offered to investors who are “qualified institutional buyers,” as defined in Rule 144A under the Securities Act. Outside the United States, the notes will only be offered to investors who are persons other than “U.S. persons,” as defined in Rule 902 under the Securities Act, in offshore transactions in reliance upon Regulation S under the Securities Act.
This press release is neither an offer to sell nor the solicitation of an offer to buy the notes or any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
Some of the statements in this press release are “forward-looking” and are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These “forward-looking” statements include statements relating to, among other things, the offering of the notes and the intended use of proceeds of the notes. These statements involve risks and uncertainties that may cause results to the statements set forth in this press release, including market conditions and the risks and uncertainties referenced from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations with regard thereto or any changes in the events, conditions or circumstances on which any such statement is based.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005584/en/
Cimpress N.V.
Investor Relations:
Jenna Berg, +1-781-652-6480
[email protected]
or
Media Relations:
Paul McKinlay
[email protected]
Source: Cimpress N.V. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-cimpress-announces-offering-of-400-point-0-million-of-senior-notes-due-2026.html |
* $4.9 billion settlement is less than feared
* Bank can resume dividends and reprivatisation
* Settlement is last major 2008 crisis-era problem (Adds detail on past fines)
LONDON, May 10 (Reuters) - Royal Bank of Scotland's shares rose as much as 6 percent on Thursday after the bank reached a $4.9 billion settlement with U.S. authorities, opening the way for its privatisation and return of cash to taxpayers who bailed it out in the financial crisis.
The fine, much lower than expected, resolves a U.S. Department of Justice investigation into the British bank's sale of mis-priced mortgage-backed securities in the run-up to the crisis and clears one of its most debilitating hangovers from that era.
"It's very humbling to have to announce a settlement of this magnitude," the bank's finance director Ewen Stevenson told reporters.
The agreement clears the way for RBS to restore its dividend and for the government to start selling down its more than 70 percent stake.
RBS executives said that it would take a few weeks to finish the paperwork, but the total penalty was unlikely to increase. Analysts had estimated a DOJ fine of up to $12 billion.
"The number is a firm number," Stevenson said.
RBS said it would be able to cover the bulk of the penalty out of existing provisions alongside a $1.44 billion charge it will take in the second quarter of this year.
"This marks a watershed for RBS for as long as this investigation cast a pall over earnings and forecasts there was nowhere for investors to really go," said Neil Wilson, chief analyst for Markets.com .
CRISIS CASUALTY
The Department of Justice has previously settled with a whole list of banks including Citigroup, Deutsche Bank , JPMorgan Chase, Credit Suisse, Morgan Stanley, Goldman Sachs, Bank of America and Barclays for a total of more than $60 billion.
Bank of America paid the highest sum of $16.7 billion as part of an accord that also resolved claims by other federal agencies and several states. Barclays, which settled in March, had the smallest figure at $2 billion.
Once the world's largest bank by assets, RBS was one of the biggest casualties of the crisis which crippled credit, stock and housing markets and upended the global economy.
It narrowly avoided insolvency in 2008 after the government agreed a 45 billion pound ($61 billion) bailout, just six months after it had raised 12 billion pounds of cash from shareholders.
Chief Executive Ross McEwan's predecessor, Stephen Hester, who joined the bank following the bailout, said he had texted McEwan this morning to congratulate him and the team.
"That's the last really big milestone before the bank can be seen to be fully normalised," Hester, who is now CEO of RSA , said during a conference call on the insurer's results.
The fine had been a big obstacle to the government's plan, laid out in November, to begin reprivatising RBS before the end of the 2018-19 fiscal year - a much needed boost for finance minister Philip Hammond's coffers.
BACK TO DIVIDENDS
After ten years of restructuring, paying fines and shedding around 1.5 trillion pounds in assets, the DOJ settlement means RBS's last large legacy issue is out of the way. It had already paid just over $7 billion in other settlements with various U.S. authorities.
McEwan also said the bank would now discuss with regulators paying RBS's first dividend in a decade, leaving open the possibility the bank could start returning years' worth of surplus capital to shareholders before its next annual results.
"The fact they can begin to think about how to return that to shareholders is a major and long-awaited change," said Olivia Treharne, a fund manager at Legal & General Investment Management, RBS's number 10 shareholder according to Thomson Reuters data.
One of the bank's largest 20 investors said shareholders should be cautious about the prospects of getting their hands on the bank's excess capital just yet.
"This is hardly a Silicon Valley company. I'd like to see much of that ploughed into the bank's IT systems," said the investor, who asked not to be named.
McEwan had hoped for a settlement before the end of 2017, but changes at the DOJ following the inauguration of U.S. President Donald Trump saw negotiations slip back.
RBS may have benefited from settling under Trump's administration, which has been softer on banks than that of his predecessor Barack Obama.
RBS executives said one reason for the settlement being below estimates was that RBS did not have to pay out billions of dollars in consumer relief, a staple of such settlements under the Obama administration. ($1 = 0.7372 pounds)
(Additional reporting by Carolyn Cohn Editing by Keith Weir and Jane Merriman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-2-humbling-u-s-settlement-clears-crisis-era-hangover-for-rbs.html |
May 9, 2018 / 9:54 PM / Updated 9 minutes ago Companies detail payments to Trump lawyer; Daniels' attorney says there's more Diane Bartz , John Miller 7 Min Read
WASHINGTON/ZURICH (Reuters) - An attorney for porn star Stormy Daniels said he has additional evidence linking a Russian businessman to U.S. President Donald Trump’s personal lawyer, Michael Cohen, as international and U.S. companies on Wednesday acknowledged large payments to Cohen’s consulting firm.
Swiss drugmaker Novartis AG and U.S. telecommunications company AT&T Inc said they made payments to Cohen’s firm, Essential Consultants, in efforts to gain intelligence into the Trump administration’s thinking on issues affecting them. South Korea’s Korea Aerospace Industries Ltd (KAI) said it hired the consultancy for services on accounting matters.
Novartis and AT&T said they were contacted by the office of U.S. Special Counsel Robert Mueller about the situation in late 2017, and provided all the information requested. Both companies said they now consider the matter closed.
A senior official at Novartis told NBC News that Cohen reached out shortly after Trump’s November 2016 election win “promising access” to the new administration. Boston-based Stat News also reported that then Novartis Chief Executive Officer Joe Jimenez instructed his team to strike a deal with Cohen.
A Democratic U.S. senator called for hearings about the company payments to the firm run by Cohen, a longtime attorney and self-described “fixer” for Trump.
Payments to the companies “may well have been used to influence the president of the United States, using Michael Cohen and his shell company as a conduit,” Senator Richard Blumenthal said at a news conference.
White House spokeswoman Sarah Sanders, at a regular press briefing, referred questions about the reported payments to Trump’s outside counsel. Asked whether Trump had taken any action to benefit Novartis, AT&T or KAI, Sanders said: “Not that I’m aware of.”
The payments were first mentioned on Tuesday by Michael Avenatti, the lawyer for Daniels, who says she had a one-time sexual encounter with Trump in 2006 and was paid $130,000 by Cohen in October 2016 shortly before the elections in November to stay quiet about it. Trump denies having sex with Daniels, whose real name is Stephanie Clifford. She has sued both Trump and Cohen.
In television interviews with ABC News and MSNBC, Avenatti declined to say how he obtained information about the payments. Related Coverage AT&T says it cooperated with Russia probe special counsel in Cohen case
Cohen said a report published on Tuesday by Avenatti’s law firm detailing the payments was inaccurate. In a court filing, Cohen’s lawyer Stephen Ryan said Avenatti appears to have Cohen’s actual bank records and questioned how he could have obtained them lawfully.
Bank records of the company payments to Cohen’s firm and payments from Columbus Nova LLC, a New York-based investment firm linked to Russian businessman Viktor Vekselberg should be released, Avenatti said in the interviews.
Vekselberg, who has ties to the Kremlin, and his Renova Group conglomerate were sanctioned by the United States in April, freezing assets of up to $2 billion.
A lawyer for Columbus Nova has said Vekselberg had nothing to do with the transaction Avenatti said amounted to $500,000.
Novartis admitted it made a costly mistake in making payments totaling nearly $1.2 million to Cohen’s firm. Trump took office in January 2017 and Novartis signed a one-year contract a month later. After meeting with Cohen in March 2017, Novartis determined the firm was not going to be able to provide the type of U.S. healthcare policy information it was seeking.
“In hindsight, this must be seen as a mistake,” Novartis spokesman Michael Willi told Reuters, making sure to note that the arrangement was struck under former CEO Jimenez and in no way connected to new CEO Vas Narasimhan. U.S. President Donald Trump's personal lawyer Michael Cohen arrives at his hotel in New York City, U.S., May 9, 2018. REUTERS/Brendan McDermid GAINING INSIGHTS
AT&T confirmed payments of $200,000 to Essential Consultants, although a source familiar with the matter told Reuters it likely paid more than that and could total as much as $600,000. South Korea’s KAI said on Wednesday it paid $150,000 to Cohen’s firm.
AT&T said it hoped to gain “insights” into the new administration at a time when it sought approval from antitrust regulators for an $85 billion purchase of Time Warner Inc.
U.S. Senator Amy Klobuchar of Minnesota and Representative David Cicilline of Rhode Island, the top Democrats on antitrust subcommittees, wrote to the Department of Justice on Wednesday urging investigation of the payments, including whether there were efforts to influence the department.
“This is not the first time that questions have arisen regarding potential interference by this administration in antitrust law enforcement,” the lawmakers said.
Washington’s influence industry is jammed with consultants hired by corporations and trade associations to provide government intelligence about elected officials. Often, they provide information about the inner-workings of an important government office, such as the White House and leadership in Congress.
By choosing not to communicate directly with elected officials on behalf of corporate clients, consultants are not required to register with the government and report lobbying. This form of consulting grew dramatically under former President Barack Obama, who imposed regulations barring lobbyists from taking government jobs or entering the White House.
The U.S. Treasury Department’s inspector general’s office said on Wednesday it opened an investigation into whether confidential banking records involving Cohen may have been leaked. The Washington Post first reported the investigation.
U.S. Special Counsel Robert Mueller is investigating Russian interference in the 2016 U.S. election and possible collusion by people associated with Trump, who denies any coordination between Moscow and his campaign. The Kremlin denies meddling in the election.
Trump took to Twitter on Wednesday to once again decry news coverage about him. One post said that “despite the tremendous success we are having with the economy & all things else, 91% of the Network News about me is negative (Fake).” Slideshow (2 Images)
(Report published by Aventatti and Associates - tmsnrt.rs/2ru3Gih ) Reporting by John Miller in Zurich, Diane Bartz, Ginger Gibson, David Shepardson, Tim Ahmann, Eric Beech and Susan Heavey in Washington and Joyce Lee in Seoul; writing by Bill Berkrot; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-cohen-companies/companies-detail-payments-to-trump-lawyer-daniels-attorney-says-theres-more-idUSKBN1IA3EJ |
Middle East region strong but geopolitics creates uncertainty: Eni CEO 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/middle-east-region-strong-but-geopolitics-creates-uncertainty-eni-ceo.html |
BAGHDAD/BASRA, Iraq (Reuters) - Iraqis voted on Saturday for the first time since the defeat of Islamic State, with Prime Minister Haider Abadi, a rare ally of both the United States and Iran, trying to fend off powerful Shi’ite groups that would pull the country closer to Tehran.
Iraqis expressed pride at the prospect of voting for the fourth time since the fall of dictator Saddam Hussein, but also said they had scant hope that the election would stabilise a country beset by conflicts, economic hardship and corruption.
Polling stations closed at 1800 (1500 GMT).
Reuters reporters at polling stations in several cities said voter turnout appeared to be about 30 percent, citing sources in provincial offices of the Independent High Electoral Commission. Turnout in the 2014 vote was about 60 percent.
An election observer and two voters were killed by a bomb attached to their car in a Sunni Arab region south of the oil city of Kirkuk in an attack security sources linked to the election.
Islamic State earlier claimed responsibility for the attack. The militants had threatened violence in the run-up to the vote.
Voters will pass their verdict on Abadi, who has achieved the delicate task of maintaining relationships with both of Iraq’s main allies who are otherwise arch enemies: Iran and the United States.
Whoever wins the election will have to contend with the fallout from U.S. President Donald Trump’s decision to pull out of a nuclear deal with Iran, a move Iraqis fear could turn their country into a theatre of conflict between Washington and Tehran.
Abadi, who came to power four years ago after Islamic State seized a third of the country, received U.S. military support for Iraq’s army to defeat Islamic State even as he gave free rein to Iran to back Shi’ite militias fighting on the same side.
But now that the military campaign is over, he faces political threats from two main challengers: his predecessor Nuri al-Maliki, and the leader of the main Shi’ite paramilitary group, Hadi al-Amiri, both closer than he is to Iran.
Related Coverage Iraq minorities fear new upheaval in multi-ethnic city after vote Iraq remains divided among its three main ethnic and religious groups — the majority Shi’ite Arabs and minority Sunni Arabs and Kurds — at odds for decades. Past election outcomes have hinged on whether leading Shi’ite parties could obtain enough seats to marginalise the other groups.
Iran has wide sway in Iraq as the primary Shi’ite power in the region. But the United States, which invaded Iraq in 2003 to topple Saddam, occupied it until 2011 and sent troops back to help fight Islamic State in 2014, also has deep influence.
Iran’s clout has caused resentment among Sunnis as well as some Shi’ites, who have grown tired of religious leaders, parties and militias and want technocrats to rule the country.
FRONTRUNNER Abadi is seen as the narrow frontrunner, but victory is far from certain. A British-educated engineer with no powerful political machine of his own when he took office, he solidified his standing with the victory over Islamic State.
Although he has failed so far to improve the limping economy, his supporters say he is best placed to keep more overtly sectarian political leaders in check.
“He’s non-sectarian and we like him,” said Um Laila in West Mosul, which suffered some of the heaviest damage during the war against Islamic State. “He liberated Mosul.”
Even if Abadi’s Victory Alliance wins the most seats, he still must negotiate a coalition government, which must be formed within 90 days of the election.
An Iraqi woman's finger is seen stained with ink at a polling station during the parliamentary election in Sulaimaniyah, Iraq May 12, 2018. REUTERS/Ari Jalal One of his principal rivals, Amiri, 63, spent more than two decades fighting Saddam from exile in Iran and leads the biggest group of volunteer forces that fought Islamic State. Victory for Amiri would be a clear win for Iran.
Opponents accuse Amiri’s Badr Organisation of abusing Sunni Muslims during sectarian conflicts, and of taking orders from Iran. They say he achieved little in the powerful post of transport minister from 2010-2014.
His supporters say he was pivotal in defeating Islamic State and would offer stronger leadership than Abadi.
“I voted for Amiri because he is clean leader. Without him Daesh (Islamic State) would have been here,” said Raid Sabah, 39, who is struggling to make a living as a taxi driver in the southern city of Basra. “Abadi didn’t do anything.”
Other Iraqis are disillusioned with war heroes and politicians who have failed to restore state institutions and provide badly needed health and education services.
“We need neither tanks nor jets. We need only the ballot paper through which we can rectify the political process which was aborted by those who governed Iraq,” said labourer Khalid al-Shami, 50, at a polling station in Baghdad.
Many of the poor have turned to Moqtada al-Sadr, a firebrand Shi’ite cleric who led a violent uprising against the U.S. occupation from 2003-2011 but has since remade himself as an opponent of the traditional religious parties, striking an unlikely alliance with the Communists and other secular groups.
“We had hoped that lives will change but Abadi and Maliki didn’t do anything for us. We live in poverty, have no jobs and state services,” said 36-year old Hussein Yousef, who praised Sadr as a protector of the downtrodden.
Maliki, who stepped aside in 2014 after Islamic State swept through a third of the country, is seeking a comeback, casting himself as a Shi’ite champion. Opponents say his sectarian policies during eight years in power created the atmosphere that enabled Islamic State to gain sympathy among Sunnis.
Since Saddam’s fall, the post of prime minister has been reserved for a Shi’ite, the speaker of parliament has been a Sunni, and the ceremonial presidency has gone to a Kurd - all three chosen by parliament.
Slideshow (20 Images) More than 7,000 candidates in 18 provinces are running this year for 329 parliamentary seats. More than 24 million of Iraq’s 37 million people are eligible to vote.
In the ruins of West Mosul, where Islamic State proclaimed its caliphate in 2014 and fighters held out for most of last year in the face of the biggest battle of the post-Saddam era, turnout appeared strong even though transport was shut for security reasons and voters had difficulty reaching the polls.
“We need new faces not this group of corrupt politicians currently in Baghdad,” said Ahmed Noor, a shop owner.
Additional reporting by Haider Kadhim; Writing by Michael Georgy, Editing by Peter Graff and Angus MacSwan
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-iraq-election/iraqis-start-voting-in-first-election-since-defeating-islamic-state-idUSKBN1ID042 |
May 16, 2018 / 10:28 AM / Updated 2 hours ago Philippine senators ask Supreme Court to invalidate Duterte's ICC withdrawal Reuters Staff 2 Min Read
MANILA (Reuters) - A minority bloc in the Philippine Senate on Wednesday asked the Supreme Court to invalidate President Rodrigo Duterte’s withdrawal from the International Criminal Court, saying his action without the chamber’s consent was unconstitutional. Philippines President Rodrigo Duterte addresses the resident Filipino community at a convention hall in Singapore, April 28, 2018. REUTERS/Feline Lim
Duterte issued a notice of withdrawal in March, saying his right to due process had been violated after an ICC prosecutor announced a preliminary examination of a complaint that accused the president and top officials of crimes against humanity.
But six minority members of the Senate, from among a total of 23, said Duterte would need the backing of two-thirds of upper house members to get his way.
“The executive cannot unilaterally withdraw from a treaty or international agreement, because such withdrawal is equivalent to a repeal of a law,” the senators told the Supreme Court.
Duterte’s spokesman, Harry Roque, said he was confident the Supreme Court would throw out the petition.
“Good luck to them,” he said. “The courts will always defer to the executive on matters of foreign affairs.”
The complaint to the ICC, filed by a Philippine lawyer and endorsed by a congressman and a senator, concerns the deaths of thousands of Filipinos in Duterte’s signature crackdown on illegal drugs. Duterte denies any wrongdoing.
Police reject allegations by activists of systematic murder and cover-ups during a bloody campaign that has alarmed the West and gained the maverick Duterte international notoriety.
Critics have dismissed as cowardly Duterte’s decision to turn his back on the ICC, calling it contrary to his stated readiness to “rot in jail” if it meant saving his nation from the scourge of drugs.
Lawyers and jurist groups say the withdrawal is pointless and does not protect Duterte against a possible indictment, as the ICC’s jurisdiction retroactively covers the period during which a country was a member of the court. Reporting by Manuel Mogato; Editing by Martin Petty and Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-philippines-duterte-icct/philippine-senators-ask-supreme-court-to-invalidate-dutertes-icc-withdrawal-idUKKCN1IH17F |
May 12, 2018 / 11:12 PM / Updated 9 hours ago UPDATE 2-PGA Tour The Players Championship Scores Reuters Staff 5 Min Read May 13 (OPTA) - Scores from the PGA Tour The Players Championship on Saturday -19 Webb Simpson (USA) 66 63 68 -12 Danny Lee (New Zealand) 68 66 70 -10 Dustin Johnson (USA) 66 71 69 -9 Jason Day (Australia) 69 67 71 Jason Dufner (USA) 72 69 66 Xander Schauffele (USA) 68 68 71 Charl Schwartzel (South Africa) 68 66 73 Jimmy Walker (USA) 69 68 70 -8 Patrick Cantlay (USA) 66 68 74 Tommy Fleetwood (England) 69 71 68 Matt Kuchar (USA) 66 71 71 Ian Poulter (England) 70 69 69 Jordan Spieth (USA) 75 68 65 Harold Varner III (USA) 71 67 70 Tiger Woods (USA) 72 71 65 -7 Rafa Cabrera Bello (Spain) 71 71 67 Charles Howell III (USA) 68 67 74 Marc Leishman (Australia) 71 71 67 Grayson Murray (USA) 72 68 69 Rory Sabbatini (South Africa) 67 71 71 Adam Scott (Australia) 69 68 72 Henrik Stenson (Sweden) 68 70 71 Steve Stricker (USA) 67 69 73 Jhonattan Vegas (Venezuela) 67 72 70 Richy Werenski (USA) 70 71 68 -6 Byeong Hun An (Korea Republic) 71 70 69 Keegan Bradley (USA) 69 69 72 Scott Brown (USA) 70 71 69 Bryson DeChambeau (USA) 70 67 73 Chesson Hadley (USA) 66 69 75 Ryan Palmer (USA) 74 67 69 Patrick Reed (USA) 72 68 70 -5 Brice Garnett (USA) 69 69 73 Cody Gribble (USA) 68 71 72 Adam Hadwin (Canada) 72 68 71 Billy Horschel (USA) 68 70 73 Mackenzie Hughes (Canada) 76 67 68 Chris Kirk (USA) 70 71 70 Jamie Lovemark (USA) 76 67 68 Chez Reavie (USA) 71 71 69 Justin Thomas (USA) 73 70 68 -4 Matthew Fitzpatrick (England) 72 70 70 Sergio Garcia (Spain) 68 69 75 Emiliano Grillo (Argentina) 69 71 72 J.J. Henry (USA) 72 71 69 Beau Hossler (USA) 70 69 73 Jason Kokrak (USA) 72 69 71 Shane Lowry (Republic of Ireland) 75 68 69 Kevin Na (USA) 69 71 72 Alex Noren (Sweden) 66 69 77 Ted Potter, Jr. (USA) 70 70 72 Chris Stroud (USA) 70 70 72 Tyrone Van Aswegen (South Africa) 74 68 70 Bubba Watson (USA) 68 71 73 -3 Kiradech Aphibarnrat (Thailand) 71 71 71 Austin Cook (USA) 72 70 71 Tony Finau (USA) 70 72 71 Branden Grace (South Africa) 69 71 73 Si Woo Kim (Korea Republic) 67 72 74 Martin Laird (Scotland) 72 71 70 Andrew Landry (USA) 67 75 71 Justin Rose (England) 68 72 73 -2 Daniel Berger (USA) 74 68 72 Brooks Koepka (USA) 70 70 74 Ryan Moore (USA) 71 70 73 Cheng Tsung pan (China PR) 68 70 76 Kevin Tway (USA) 70 72 72 Nick Watney (USA) 70 72 72 -1 Jon Rahm (Spain) 68 70 77 0 Ross Fisher (England) 70 73 73 Brandon Harkins (USA) 75 68 73 1 Brian Gay (USA) 72 71 74 Lucas Glover (USA) 68 71 78 Tom Hoge (USA) 70 69 78 2 Zach Johnson (USA) 71 69 78 Ollie Schniederjans (USA) 68 71 79 4 Ryan Blaum (USA) 71 72 77 Keith Mitchell (USA) 67 75 78 6 Brendan Steele (USA) 72 69 81 Nick Taylor (Canada) 69 74 79 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-scores/pga-tour-the-players-championship-scores-idUKMTZXEE5DN1P0E6 |
NAIROBI, May 11 (Reuters) - Kenya’s chief prosecutor on Friday ordered police to investigate a dam-burst on a commercial farm in the Rift Valley that killed dozens of people as a wall of water tore down a hillside, obliterating everything in its path.
At least 44 people were killed when the reservoir, used to store water for the farming of roses for export to Europe, burst its banks on Wednesday night after heavy rains. Another 40 people have been reported missing.
The public prosecutor’s office said on Twitter the police chief had been ordered “to carry out thorough investigations to establish cause and culpability if any” behind the disaster and file a report within two weeks.
The Daily Nation newspaper Quote: d government officials as saying the dam and others on the 3,500-acre Solai farm, 190 km (120 miles) northwest of Nairobi, had not been cleared by government engineers.
Villagers had complained when the dams were built, accusing the farm-owner of depriving them of access to river water, the paper reported.
Vinoj Kumar, general manager of the farm, blamed the disaster on heavy rainfall in a forest above the dam. He declined to comment on the Daily Nation allegations, saying he was too busy to talk.
Kenya’s cut-flower sector, in the fertile Rift Valley, has grown dramatically in the last decade to become one of the biggest foreign exchange earners in East Africa’s largest economy and a major source of employment.
After a severe drought last year, East Africa has been hit by two months of heavy rain that has affected nearly a million people in Kenya, Somalia, Ethiopia and Uganda. Bridges have been swept away and roads turned into rivers of mud.
More than 150 people have been killed and 300,000 displaced in Kenya, where roads, bridges and crops have been swept away, causing millions of dollars of damage.
“We all breathed a sigh of relief when the rainy season started strong in early March,” said Lane Bunkers of Catholic Relief Services in Kenya.
“But now - two months later - we are seeing the consequences of the drought-ravaged land’s inability to absorb all the rain due to its degraded state.” (Reporting by Duncan Miriri, Humphrey Malalo and Maggie Fick; Editing by Ed Cropley and Janet Lawrence)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-floods/kenyas-top-prosecutor-orders-dam-disaster-investigation-idUSL8N1SI1GO |
Keep buying gold as long as it’s above this key level 15 Hours Ago Gold has taken a tumble over the past month, but that hasn't made Blue Line Futures' Bill Baruch any less bullish on the yellow metal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/buy-gold-as-long-as-its-trading-above-this-technical-level.html |
May 15 (Reuters) - Criticism mounted over Tesla Inc board’s move to renominate three directors, including CEO Elon Musk’s brother Kimbal Musk, with proxy adviser Glass Lewis & Co on Tuesday opposing their re-election and seeking appointment of an independent chairman.
Glass Lewis & Co said Tesla shareholders should vote against lead independent director Antonio Gracias, Kimbal Musk and James Murdoch, chief executive of Twenty-First Century Fox Inc .
Glass Lewis said separating the chairman and CEO roles of Elon Musk would better serve the company.
“It is more and more difficult to oversee the company’s business and senior management, especially to minimize any potential conflicts that may result from combining the positions of CEO and chair,” the proxy firm said in a report.
Last week, activist investor CtW Investment Group urged Tesla shareholders to vote against the re-election of Gracias, Murdoch and Kimball Musk.
Tesla did not respond to a request for comment outside regular business hours. (Reporting by Kanishka Singh and Ishita Chigilli Palli in Bengaluru; Editing by Gopakumar Warrier)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/tesla-glass-lewis/proxy-adviser-glass-lewis-opposes-tesla-board-renominations-idUSL3N1SN1G8 |
Company after company is complaining that the tight labor market is making it harder and more expensive for them to get their products to customers, creating a potential drag on profits.
There was International Paper saying tight rail and truck availability pushed up costs. There was PPG Industries grousing about how hard it was to contract trucks on short notice. There was LSB Industries complaining about poor rail service.
The... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/companies-cry-the-transportation-blues-1525167001 |
May 8, 2018 / 11:08 AM / Updated 36 minutes ago Hungarian parliament reconvenes to elect Orban PM for new term Reuters Staff 2 Min Read
BUDAPEST (Reuters) - Hungary’s parliament convened on Tuesday for an inaugural session after an election landslide gave Prime Minister Viktor Orban a third straight term, as around 1,000 people protested outside against what they call his authoritarian rule. Hungarian Prime Minister Viktor Orban (R, 1st row) attends the opening session of parliament after the recent election in Budapest, Hungary May 8, 2018. REUTERS/Bernadett Szabo
Right-wing nationalist Orban has increased his control over the media and placed allies in charge of formerly independent institutions, while his refusal to accept large numbers of migrants into Hungary has put him in conflict with the European Union.
His anti-immigration stance brought him an overwhelming victory in the April vote, particularly in rural areas. Orban’s election by parliament was expected to be a formality on Tuesday afternoon.
The protesters in Budapest, waving national and EU flags, said Orban had stifled the media and manipulated election rules unfairly.
“I regard this government as illegitimate,” said demonstrator Edit Glasz. “By modifying the election law he secured another two-thirds majority in parliament.”
Election rules have been amended by Orban’s ruling Fidesz party since he took power in 2010.
The total number of seats was reduced from 386 to 199 and the ratio of constituency seats increased to 60 percent from less than 50.
District boundaries have been redrawn in ways critics say favour Fidesz, and the government has granted the right to citizenship and the right to vote to ethnic Hungarians in neighbouring countries, who tend to support the party.
Protesters chanted “Democracy, democracy!” and put up a banner outside parliament reading “The Constitution is Illegitimate”.
Orban’s economic policies have put the central European country on track for economic growth of four percent.
His Fidesz party holds 133 of 199 parliamentary seats. Orban is the longest-serving premier in post-communist Hungary. Hungarian Prime Minister Viktor Orban attends the opening session after the recent election in Budapest, Hungary May 8, 2018. REUTERS/Bernadett Szabo Reporting by Marton Dunai; editing by Andrew Roche | ashraq/financial-news-articles | https://in.reuters.com/article/hungary-parliament-protests/hungarian-parliament-reconvenes-to-elect-orban-pm-for-new-term-idINKBN1I91AH |
PORTSMOUTH, N.H., May 08, 2018 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE:SRLP) today reported its financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Net sales were $1.3 billion for the first quarter of 2018, compared to net sales of $917.8 million for the first quarter of 2017. GAAP net income was $74.9 million for the first quarter of 2018, compared to net income of $64.5 million for the first quarter of 2017. Adjusted gross margin (1) was $109.5 million for the first quarter of 2018, compared to adjusted gross margin of $90.4 million for the first quarter of 2017. Adjusted EBITDA (1) was $55.1 million for the first quarter of 2018, compared to adjusted EBITDA of $47.7 million for the first quarter of 2017.
"We're seeing the benefits of our 2017 acquisitions, delivering results in line with expectations, despite the warmer weather. Based on results this quarter, we're confirming our 2018 adjusted EBITDA guidance to be in the range of $120 to $140 million," said David Glendon, President and Chief Executive Officer.
Refined Products
Volumes in the Refined Products segment increased 22% to 576.2 million gallons in the first quarter of 2018, compared to 472.7 million gallons in the first quarter of 2017. Adjusted gross margin in the Refined Products segment increased $16.9 million, or 43%, to $56.3 million in the first quarter of 2018, compared to $39.5 million in the first quarter of 2017.
“Our Refined Products adjusted gross margin improved by 43% for the quarter on higher volumes and improved unit margins," said Mr. Glendon. “The impact from the recent acquisitions, coupled with our response to demand spikes early in the quarter, and the reinstatement of the biodiesel tax credit were the primary drivers of the increase."
Natural Gas
Natural Gas segment volumes of 20.3 million Bcf were relatively unchanged compared to the first quarter of 2017. Natural Gas adjusted gross margin decreased $0.6 million, or 2%, to $37.9 million for the first quarter of 2018, compared to $38.6 million for the first quarter of 2017.
"Pipeline restrictions limited our optimization opportunities relative to the prior year, resulting in a slight decrease in adjusted gross margin," said Mr. Glendon.
Materials Handling
Materials Handling adjusted gross margin increased by $3.2 million, or 32%, to $13.1 million for the first quarter of 2018, compared to $9.9 million for the first quarter of 2017.
"Increased asphalt handling, supported by the expansion capex projects at our River Road and Providence terminals, was the primary driver of the increase. Timing differences related to dry bulk handling, and increased heavy lift activity also contributed to the increase," reported Mr. Glendon.
Quarterly Distribution Increase
On April 26, 2018, the Board of Directors of Sprague’s general partner, Sprague Resources GP LLC, announced its sixteenth consecutive distribution increase and approved a cash distribution of $0.6525 per unit for the quarter ended March 31, 2018, representing a 2% increase over the distribution declared for the quarter ended December 31, 2017. The distribution will be paid on May 18, 2018 to unitholders of record as of the close of business on May 14, 2018.
Financial Results Conference Call
Management will review Sprague’s first quarter 2018 financial results in a teleconference call for analysts and investors today, May 8, 2018.
Date and Time: May 8, 2018 at 1:00 PM ET Dial-in numbers: (866) 516-2130 (U.S. and Canada) (678) 509-7612 (International) Participation Code: 3985498 The conference call may also be accessed live by a webcast available on the "Investor Relations" page of Sprague's website at www.spragueenergy.com and will be archived on the website for one year.
About Sprague Resources LP
Sprague Resources LP is a master limited partnership engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a broad range of materials.
Non-GAAP Financial Measures
EBITDA, adjusted EBITDA and adjusted gross margin are measures not defined by GAAP. Sprague defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization.
We define adjusted EBITDA as EBITDA increased for unrealized hedging losses and decreased by unrealized hedging gains (in each case with respect to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts), changes in fair value of contingent consideration, the net impact of legislation that reinstated an excise tax credit program available for certain of our biofuel blending activities that had previously expired on December 31, 2016, and commencing in the fourth quarter of 2017, adjusted for the impact of acquisition related expenses. Accordingly, adjusted EBITDA for prior periods have been revised to conform to the current presentation.
We define adjusted gross margin as net sales less cost of products sold (exclusive of depreciation and amortization) decreased by total commodity derivative gains and losses included in net income (loss) and increased by realized commodity derivative gains and losses included in net income (loss), in each case with respect to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts. Adjusted gross margin has no impact on reported volumes or net sales.
To manage Sprague's underlying performance, including its physical and derivative positions, management utilizes adjusted gross margin. Adjusted gross margin is also used by external users of our consolidated financial statements to assess our economic results of operations and its commodity market value reporting to lenders. EBITDA and adjusted EBITDA are used as supplemental financial measures by external users of our financial statements, such as investors, trade suppliers, research analysts and commercial banks to assess the financial performance of our assets, operations and return on capital without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate sufficient revenue, that when rendered to cash, will be available to pay interest on our indebtedness and make distributions to our equity holders; repeatable operating performance that is not distorted by non-recurring items or market volatility; and, the viability of acquisitions and capital expenditure projects.
Sprague believes that investors benefit from having access to the same financial measures that are used by its management and that these measures are useful to investors because they aid in comparing its operating performance with that of other companies with similar operations. The adjusted EBITDA and adjusted gross margin data presented by Sprague may not be comparable to similarly titled measures at other companies because these items may be defined differently by other companies. Please see the attached reconciliations of net income to adjusted EBITDA and operating income to adjusted gross margin.
With regard to guidance, reconciliation of non-GAAP adjusted EBITDA to the closest corresponding GAAP measure (expected net income (loss)) is not available without unreasonable efforts on a forward-looking basis due to the inherent difficulty and impracticality of forecasting certain amounts required by GAAP such as unrealized gains and losses on derivative hedges, which can have a significant and potentially unpredictable impact on our future GAAP financial results.
Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Sprague Resources LP or about Sprague Resources LP’s future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered forward-looking statements. These forward-looking statements involve risks and uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. Although Sprague believes that the assumptions underlying these statements are reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and involve risks that may affect our business prospects and performance causing actual results to differ from those discussed in the foregoing release. Such risks and uncertainties include, by way of example and not of limitation: increased competition for our products or services; adverse weather conditions; changes in supply or demand for our products or services; nonperformance by major customers or suppliers; changes in operating conditions and costs; changes in the level of environmental remediation spending; potential equipment malfunction and unexpected capital expenditures; our ability to complete organic growth and acquisition projects; our ability to integrate acquired assets; potential labor issues; the legislative or regulatory environment; terminal construction/repair delays; political and economic conditions; and, the impact of security risks including terrorism, international hostilities and cyber-risk. These are not all of the important factors that could cause actual results to differ materially from those expressed in forward looking statements. Other applicable risks and uncertainties have been described more fully in Sprague’s most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2018 and in the Partnership's subsequent Form 10-Q, Form 8-K and other documents filed with the SEC. Sprague undertakes no obligation and does not intend to update any forward-looking statements to reflect new information or future events. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Sprague’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Sprague’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
(Financial Tables Below)
Sprague Resources LP
Summary Financial Data
Three Months Ended March 31, 2018 and 2017
Three Months Ended March 31, 2018 2017 (unaudited) (unaudited) ($ in thousands) Statement of Operations Data: Net sales $ 1,331,148 $ 917,807 Operating costs and expenses: Cost of products sold (exclusive of depreciation and amortization) 1,183,982 795,146 Operating expenses 23,209 16,832 Selling, general and administrative 27,864 26,289 Depreciation and amortization 8,425 5,932 Total operating costs and expenses 1,243,480 844,199 Operating income 87,668 73,608 Other income — 64 Interest income 112 84 Interest expense (9,884 ) (7,155 ) Income before income taxes 77,896 66,601 Income tax provision (2,975 ) (2,102 ) Net income 74,921 64,499 Incentive distributions declared (1,714 ) (742 ) Limited partners’ interest in net income $ 73,207 $ 63,757 Net income per limited partner unit: Common - basic $ 3.22 $ 2.98 Common - diluted $ 3.21 $ 2.94 Units used to compute net income per limited partner unit: Common - basic 22,725,346 21,404,992 Common - diluted 22,786,889 21,718,627 Distribution declared per unit $ 0.6525 $ 0.5925 Sprague Resources LP
Volume, Net Sales and Adjusted Gross Margin by Segment
Three Months Ended March 31, 2018 and 2017
Three Months Ended March 31, 2018 2017 (unaudited) (unaudited) ($ and volumes in thousands) Volumes: Refined products (gallons) 576,240 472,710 Natural gas (MMBtus) 20,257 20,204 Materials handling (short tons) 793 581 Materials handling (gallons) 69,972 75,264 Net Sales: Refined products $ 1,180,860 $ 781,590 Natural gas 129,927 119,666 Materials handling 13,148 9,925 Other operations 7,213 6,626 Total net sales $ 1,331,148 $ 917,807 Reconciliation of Operating Income to Adjusted Gross Margin: Operating income $ 87,668 $ 73,608 Operating costs and expenses not allocated to operating segments: Operating expenses 23,209 16,832 Selling, general and administrative 27,864 26,289 Depreciation and amortization 8,425 5,932 Add: unrealized (gain) loss on inventory derivatives (23,561 ) (24,508 ) Add: unrealized (gain) loss on prepaid
forward contract derivatives — 27 Add: unrealized (gain) loss on natural gas
transportation contracts (14,068 ) (7,814 ) Total adjusted gross margin: $ 109,537 $ 90,366 Adjusted Gross Margin: Refined products $ 56,335 $ 39,478 Natural gas 37,948 38,590 Materials handling 13,148 9,925 Other operations 2,106 2,373 Total adjusted gross margin $ 109,537 $ 90,366 Sprague Resources LP
Reconciliation of Net Income to Non-GAAP Measures
Three Months Ended March 31, 2018 and 2017
Three Months Ended March 31, 2018 2017 (unaudited) (unaudited) ($ in thousands) Reconciliation of net income to EBITDA, Adjusted EBITDA and Distributable Cash Flow: Net income $ 74,921 $ 64,499 Add/(deduct): Interest expense, net 9,772 7,071 Tax provision 2,975 2,102 Depreciation and amortization 8,425 5,932 EBITDA $ 96,093 $ 79,604 Add: unrealized (gain) loss on inventory derivatives (23,561 ) (24,508 ) Add: unrealized (gain) loss on prepaid forward contract
derivatives — 27 Add: unrealized (gain) loss on natural gas transportation
contracts (14,068 ) (7,814 ) Biofuel tax credit (4,022 ) — Acquisition related expenses (1) 443 349 Other adjustments 194 — Adjusted EBITDA $ 55,079 $ 47,658 Add/(deduct): Cash interest expense, net (8,433 ) (6,056 ) Cash taxes (2,369 ) (840 ) Maintenance capital expenditures (2,262 ) (1,540 ) Elimination of expense relating to incentive compensation and directors fees expected to be paid in common units 838 928 Other 304 (4 ) Distributable cash flow $ 43,157 $ 40,146
(1) Beginning in the fourth quarter of 2017, we excluded the impact of acquisition related expenses from our calculation of adjusted EBITDA. We incur expenses in connection with acquisitions and given the nature, variability of amounts, and the fact that these expenses would not have otherwise been incurred as part of our continuing operations, adjusted EBITDA excludes the impact of acquisition related expenses. Adjusted EBITDA for prior periods have been revised to conform to this presentation. Investor Contact:
Kory Arthur
+1 603.766.7401
[email protected]
Source:Sprague Resources LP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sprague-resources-lp-reports-first-quarter-2018-results.html |
CHICAGO, May 03, 2018 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ:CENX) today announced first quarter 2018 results.
First Quarter 2018 Financial Results
Net loss of $0.3 million, or $0.00 per diluted share Adjusted net loss 1 of $3.5 million, or $0.04 per share Adjusted EBITDA 1 of $21.8 million was down $38.4 million from Q4 2017, reflecting higher raw material costs, partially offset by higher LME and regional premiums Net sales of $454.5 million, a 5% increase over prior quarter
$MM (except shipments and per share data) Q4 2017 Q1 2018 Shipments (tonnes) 189,000 187,238 Net sales $ 433.8 $ 454.5 Net income/(loss) 35.8 (0.3 ) Diluted earnings/(loss) per share 0.37 0.00 Adjusted net income/(loss) 1 24.8 (3.5 ) Adjusted earnings/(loss) per share 1 0.26 (0.04 ) Adjusted EBITDA 1 60.2 21.8 Notes: 1 - Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures Century Aluminum Company reported a net loss of $0.3 million of 2018. Results were favorably impacted by a $3.2 million benefit from lower of cost or net realizable value ("NRV") inventory adjustments. This result compares to net income of $35.8 million for the fourth quarter of 2017, which included a $7.3 million non-cash gain related to the termination of certain legacy contractual obligations and a $3.1 million charge for lower of cost or NRV inventory adjustments. Also, the remaining volume under the 2017 LME hedge contracts matured in December and fourth quarter 2017 adjusted net income reflected a reduction of $6.8 million for the final settlement of these hedges.
Adjusted net loss of 2018 was $3.5 million compared to adjusted net income of $24.8 million for the fourth quarter of 2017.
For 2018, Century reported adjusted EBITDA of $21.8 million, down $38.4 million from the fourth quarter of 2017. The decrease was primarily attributable to higher raw material costs, partially offset by higher LME and regional premiums.
Sales of 2018 were $454.5 million compared with $433.8 million for the fourth quarter of 2017. Shipments of primary aluminum of 2018 were 187,238 tonnes compared with 189,000 tonnes shipped in the fourth quarter of 2017.
Century's cash position at quarter end was $130.8 million and revolver availability was $160.9 million.
“Industry fundamentals remain generally strong, with attractive demand growth persisting in most global regions," commented Michael Bless, President and Chief Executive Officer. "In addition, the previously announced Section 232 tariffs became effective in late March, creating the opportunity for a fairly-traded environment in the U.S. for the first time in decades. This bold action by the U.S. administration has immediately had the intended effect of enabling the restart of U.S. primary production by Century and our industry peers. We remain confident that any exemptions from the tariffs will be limited and will be formulated to maintain the tariff regime’s effectiveness.”
Mr. Bless continued, “We see significant opportunity for Century in the U.S. market over the coming years. Within this context, we were pleased to announce our intention to restart the three potlines at Hawesville curtailed in late 2015. We will also complete several capital projects prudently required to support a return to the plant’s full production capacity. The process is proceeding on plan and according to budget. At this point, we intend to begin restarting cells in the first curtailed potline in June; we believe the plant will return to full capacity by early 2019.”
“We have also seen a period of significant volatility in the alumina markets caused by a force majeure event at Alunorte, the largest alumina refinery in the western world, and the recent announcement regarding sanctions on certain Russian individuals and entities,” concluded Mr. Bless. “Century is safely supplied for the foreseeable future. That said, the alumina index price, which had fallen to normalized levels by early 2018 as we expected, briefly jumped to an all-time high. This development has more than offset the increase in the metal price over the same period. We do not believe this environment can persist and have already seen the alumina price begin to fall; we are confident this trend will continue. We thus intend to maintain the planned trajectory of our various projects, including most notably the restart of capacity at Hawesville. Of course, we will continue to monitor market conditions and maintain appropriate flexibility to adapt our plans as appropriate.”
About Century Aluminum
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's corporate offices are located in Chicago, IL. Visit www.centuryaluminum.com for more information.
Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per share and adjusted EBITDA are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century’s ongoing operating performance and ability to generate cash. Management believes these non-GAAP financial measures enhance an overall understanding of Century’s performance and our investors’ ability to review Century’s business from the same perspective as management. The tables below, under the heading "Reconciliation of Non-GAAP Financial Measures," provide a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Century's reported results prepared in accordance with GAAP. In addition, because not all companies use identical calculations, adjusted net income, adjusted earnings per share and adjusted EBITDA included in this press release may not be comparable to similarly titled measures of other companies. Investors are encouraged to review the reconciliations in conjunction with the presentation of these non-GAAP financial measures.
Cautionary Statement
This press release and statements made by Century Aluminum Company management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are statements about future events and are based on our current expectations. These forward-looking statements may be identified by the words "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," "forecast" or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," "might," or "may." Our forward-looking statements include, without limitation, statements with respect to: future global and local financial and economic conditions; our assessment of the aluminum market and aluminum prices (including premiums); our ability to procure alumina, carbon products and other raw materials and our assessment of pricing and costs and other terms relating thereto; the final form of any Section 232 relief, including tariffs or other trade remedies, the extent to which any such remedies are ultimately implemented or changed, including any exemptions, the timing for implementation and duration of any trade remedy and the future impact of any such trade remedy to Century, on aluminum prices, or more generally; the future impact of any new or changed law, regulation or other action affecting our business, including, without limitation, the impact of any trade actions, sanctions or other similar remedies or restrictions implemented by the U.S. or foreign governments; our assessment of power pricing and our ability to successfully obtain and/or implement long-term competitive power arrangements for our operations and projects, including at Mt. Holly; our ability to successfully manage transmission issues and market power price risk and to control or reduce power costs; our plans and expectations with respect to the future operation of our smelters and our other operations, including any plans and expectations to restart curtailed capacity at our Mt. Holly smelter; our intention to bring our Hawesville smelter back to full production and any plans, expectations, costs or assumptions with respect thereto; future investments in new technology or other production improvements; our ability to hire and retain qualified employees for our operations; the future financial and operating performance of Century, its subsidiaries and its projects; future inventory, production, sales, cash costs and capital expenditures; future impairment charges or restructuring costs; our anticipated tax liabilities, benefits or refunds including the realization of U.S. and certain foreign deferred tax assets and liabilities and the impact of recent tax reform in the U.S. and foreign jurisdictions; the anticipated impact of recent accounting pronouncements or changes in accounting principles; our assessment of the ultimate outcome of our outstanding litigation; our plans and expectations with respect to the sale or other disposition of our 40% interest in BHH; our ability to access existing or future financing arrangements and the terms of any such future financing arrangements; future construction, investment and development, including our expansion project at our Grundartangi smelter and our plans and expectations with respect thereto; and our future business objectives, strategies and initiatives, including our competitive position and prospects.
Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, our forward-looking statements are based on current expectations and assumptions that are subject to which may cause actual results to differ materially from future results expressed, projected or implied by those forward-looking statements. Important factors that could cause actual results and events to differ from those described in such forward-looking statements can be found in the risk factors and forward-looking statements cautionary language contained in our Annual Report on Form 10-K, quarterly reports on Form 10-Q and in other filings made with the Securities and Exchange Commission. Although we have attempted to identify those material factors that could cause actual results or events to differ from those described in such forward-looking statements, there may be other factors that could cause results or events to differ from those anticipated, estimated or intended. Many of these factors are beyond our ability to control or predict. Given these uncertainties, investors are cautioned not to place undue reliance on our forward-looking statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
CENTURY ALUMINUM COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Three months ended March 31, December 31, March 31, 2017 2017 2018 NET SALES: Related parties $ 280.6 $ 322.0 $ 296.2 Other customers 85.2 111.8 158.3 Total net sales 365.8 433.8 454.5 Cost of goods sold 348.9 385.9 440.0 Gross profit 16.9 47.9 14.5 Selling, general and administrative expenses 10.7 11.4 10.7 Helguvik gains — (7.3 ) — Other operating expense - net 1.0 0.5 0.3 Operating income 5.2 43.3 3.5 Interest expense (5.6 ) (5.6 ) (5.5 ) Interest income 0.2 0.5 0.5 Net (loss)/gain on forward and derivative contracts (16.1 ) 0.5 0.7 Other income/(expense) - net 0.4 (0.1 ) (1.1 ) (Loss)/Income before income taxes and equity in earnings of joint ventures (15.9 ) 38.6 (1.9 ) Income tax benefit/(expense) 0.3 (3.1 ) 1.0 (Loss)/Income before equity in earnings of joint ventures (15.6 ) 35.5 (0.9 ) Equity in earnings of joint ventures 0.5 0.3 0.6 Net (loss)/income $ (15.1 ) $ 35.8 $ (0.3 ) Net (loss)/income allocated to common stockholders $ (15.1 ) $ 33.0 $ (0.3 ) (LOSS)/INCOME PER COMMON SHARE: Basic $ (0.17 ) $ 0.38 $ 0.00 Diluted $ (0.17 ) $ 0.37 $ 0.00 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 87.3 87.3 87.6 Diluted 87.3 88.2 87.6
CENTURY ALUMINUM COMPANY CONSOLIDATED BALANCE SHEETS (in millions, except share amounts) (Unaudited) December 31, 2017 March 31, 2018 ASSETS Cash and cash equivalents $ 167.2 $ 130.8 Restricted cash 0.8 0.8 Accounts receivable - net 43.1 83.4 Due from affiliates 10.4 8.7 Inventories 317.5 330.7 Prepaid and other current assets 14.7 14.2 Total current assets 553.7 568.6 Property, plant and equipment - net 971.9 955.1 Other assets 56.0 57.1 TOTAL $ 1,581.6 $ 1,580.8 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES: Accounts payable, trade $ 89.9 $ 95.8 Due to affiliates 20.4 14.6 Accrued and other current liabilities 61.4 68.0 Accrued employee benefits costs 11.0 11.0 Industrial revenue bonds 7.8 7.8 190.5 197.2 Senior notes payable 248.2 248.3 Accrued pension benefits costs - less current portion 38.9 37.4 Accrued postretirement benefits costs - less current portion 113.0 112.5 Other liabilities 57.9 54.5 Deferred taxes 103.5 100.5 Total noncurrent liabilities 561.5 553.2 SHAREHOLDERS’ EQUITY: Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 74,364 outstanding at December 31, 2017; 160,000 issued and 74,231 outstanding at March 31, 2018) 0.0 0.0 Common stock (one cent par value, 195,000,000 authorized; 94,731,298 issued and 87,544,777 outstanding at December 31, 2017; 94,762,390 issued and 87,575,869 outstanding at March 31, 2018) 0.9 0.9 Additional paid-in capital 2,517.4 2,518.1 Treasury stock, at cost (86.3 ) (86.3 ) Accumulated other comprehensive loss (91.7 ) (91.3 ) Accumulated deficit (1,510.7 ) (1,511.0 ) Total shareholders’ equity 829.6 830.4 TOTAL $ 1,581.6 $ 1,580.8
CENTURY ALUMINUM COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Three months ended March 31, March 31, 2017 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (15.1 ) $ (0.3 ) Adjustments to reconcile net loss to net cash used in operating activities: Unrealized (gain)/loss on forward and derivative contracts 14.0 (0.4 ) Lower of cost or NRV inventory adjustment (3.9 ) (3.2 ) Depreciation and amortization 20.9 21.5 Other non-cash items - net 1.2 (4.6 ) Change in operating assets and liabilities: Accounts receivable - net (23.8 ) (40.3 ) Due from affiliates 4.9 1.7 Inventories (4.7 ) (10.0 ) Prepaid and other current assets 4.7 0.8 Accounts payable, trade (4.4 ) 5.4 Due to affiliates 3.3 (6.0 ) Accrued and other current liabilities (4.9 ) 6.2 Other - net (3.5 ) (3.8 ) Net cash used in operating activities (11.3 ) (33.0 ) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of property, plant and equipment (9.0 ) (3.5 ) Proceeds from sale of Ravenswood 13.5 — Net cash provided by (used in) investing activities 4.5 (3.5 ) CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings under revolving credit facilities 0.2 0.3 Repayments under revolving credit facilities (0.2 ) (0.3 ) Issuance of common stock 0.0 0.1 Net cash provided by financing activities 0.0 0.1 CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (6.8 ) (36.4 ) Cash, cash equivalents and restricted cash, beginning of period 133.5 168.0 Cash, cash equivalents and restricted cash, end of period $ 126.7 $ 131.6 Supplemental cash flow information: Cash paid for interest $ 0.2 $ 0.2 Cash paid for taxes $ 3.0 $ 0.5
CENTURY ALUMINUM COMPANY
SELECTED OPERATING DATA
(Unaudited) SHIPMENTS - PRIMARY ALUMINUM (1) United States Iceland Total Tonnes Net Sales
(in millions) Tonnes Net Sales
(in millions) Tonnes Net Sales
(in millions) 2018 1st Quarter 107,145 $ 266.4 80,093 $ 185.6 187,238 $ 451.9 2017 4th Quarter 108,754 $ 253.5 80,246 $ 178.7 189,000 $ 432.2 1st Quarter 106,961 $ 214.7 79,434 $ 149.5 186,395 $ 364.2
Notes: 1 - Excludes scrap aluminum sales.
CENTURY ALUMINUM COMPANY
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited) Three months ended December 31, 2017 March 31, 2018 $MM EPS $MM EPS Net income/(loss) as reported $ 35.8 $ 0.37 $ (0.3 ) $ 0.00 Forward and derivative contracts (6.8 ) (0.07 ) — — Helguvik gains (7.3 ) (0.08 ) — — Lower of cost or NRV inventory adjustment 3.1 0.04 (3.2 ) (0.03 ) Adjusted net income/(loss) $ 24.8 $ 0.26 $ (3.5 ) $ (0.04 )
Three Months Ended December 31, 2017 March 31, 2018 Net income/(loss) as reported $ 35.8 $ (0.3 ) Interest expense 5.6 5.5 Interest income (0.5 ) (0.5 ) Net gain on forward and derivative contracts (0.5 ) (0.7 ) Other expense - net 0.1 1.1 Income tax expense/(benefit) 3.1 (1.0 ) Equity in earnings of joint ventures (0.3 ) (0.6 ) Operating income $ 43.3 $ 3.5 Helguvik gains (7.3 ) — Lower of cost or NRV inventory adjustment 3.1 (3.2 ) Depreciation and amortization 21.2 21.5 Adjusted EBITDA $ 60.2 $ 21.8 Contacts
Peter Trpkovski
(Investors and media)
312-696-3112
Source: Century Aluminum Company
Source:Century Aluminum Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-century-aluminum-company-reports-first-quarter-2018-results.html |
NAIROBI, May 24 (Reuters) - A senior Kenyan treasury official said on Thursday that the treasury wants to regulate “predatory lending”, the day after a draft bill was published on financial markets.
“We have a lot of predatory lending out here, which we want to regulate,” Geoffrey Mwau, director general of budget, fiscal and economic affairs at the treasury, told reporters. (Reporting by George Obulutsa Writing by Maggie Fick Editing by Larry King)
| ashraq/financial-news-articles | https://www.reuters.com/article/kenya-treasury/kenyas-treasury-wants-to-regulate-predatory-lending-official-idUSL5N1SV2ID |
May 28, 2018 / 12:43 PM / Updated 13 minutes ago Tennis: Trungelliti's 1,000km roadtrip with Granny ends in Grand Slam win Ossian Shine 4 Min Read
PARIS (Reuters) - A 1,000km 10-hour roadtrip dash to Paris, squeezed into a small hire car alongside his 88-year-old grandmother, ended in Grand Slam joy for Marco Trungelliti at Roland Garros on Monday — and a guaranteed 79,000 euros ($92,000) payday. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Argentina's Marco Trungelliti in action during his first round match against Australia's Bernard Tomic REUTERS/Christian Hartmann
“We needed grandma for sure,” laughed the Argentine, explaining his madcap journey from Barcelona to Paris to make the deadline for a late spot in the men’s singles draw.
“Grandma was in the shower (when I heard) so I told her ‘we gotta go’... we took 30 minutes to pack all the bags, and then off we went,” he told reporters after Monday’s win over Australia’s Bernard Tomic.
Trungelliti’s last-gasp journey from Barcelona, and the travelogue-style photos and videos his wife posted along the way, was the buzz of Paris on the claycourt Grand Slam’s second day of action; and his victory proved the icing on the cake.
A 6-4 5-7 6-4 6-4 victory on Court Nine would not have made much of a global impact had it not been for his exploits over the last 24 hours, which turned him into the man of the moment.
That Trungelliti had never expected to be sliding on the regal clay courts of Roland Garros this year makes his victory so special.
That he had to hammer along the road for hour upon hour, squashed in with family members who had only arrived from Argentina days earlier for a holiday, to make the draw on time makes it extraordinary.
Trungelliti said that his brother Andre, mother Susana, and grandmother Daphne, had recently arrived, and that he’d been settling into his break.
“They had hired a small car to see Barcelona and some other places. So when I got the news we just jumped in. Tennis - French Open - Roland Garros, Paris, France - May 28, 2018 Argentina's Marco Trungelliti during his first round match against Australia's Bernard Tomic REUTERS/Christian Hartmann
“We left Barcelona at 1pm, arrived in Paris at 11pm or something... so 10 hours. I then slept for 5 hours then arrived at the club at around 7.30am.
“In Argentina, unless you live in Buenos Aires, a 1,000km drive is nothing, so it was all okay,” he smiled. SECOND CHANCE
A rule change introduced to prevent injured players from starting matches and then withdrawing mid-contest is what made the Trungelliti tale possible.
He had lost his final-round qualifying match on Friday. But when Nick Kyrgios pulled out of the main draw on Sunday and the next standby player, India’s Prajnesh Gunneswaran, was unable to take part because he was already entered in the draw for a low-key event in Vicenza, Trungelliti was on the clock.
The long-haired 28-year-old looked good value for his win over Tomic, and will next face Marco Cecchinato.
Trungelliti has the air of a man on a mission, and with better preparation for that second round match his family might well consider extending their trip to take in a most unlikely chapter.
The smile on his face as he clinched victory, and the grin and thumbs-up gestures he waved around the court as he left the arena showed this is one tennis player who is intent on making the most of a second chance.
“I am feeling so relaxed,” he grinned. “For me it is perfect. I lost (in qualifying), I left, I ate barbecue - which for an Argentine is one of the reasons to stay alive - so I am very, very relaxed.” Editing by Pritha Sarkar and Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-odyssey/tennis-trungellitis-1000km-11th-hour-roadtrip-ends-in-grand-slam-win-idUSKCN1IT16N |
May 3 (Reuters) - Argo Group International Holdings Ltd :
* NET PREMIUMS EARNED IN INTERNATIONAL OPERATIONS IN Q1 2018 $152.4 MILLION, DOWN FROM $158.2 MILLION IN 2017 QUARTER
* Q1 EARNINGS PER SHARE $0.71 * Q1 EARNINGS PER SHARE VIEW $0.80 — THOMSON REUTERS I/B/E/S
* QTRLY GROSS WRITTEN PREMIUMS WERE UP 18.7% TO $710.5 MILLION, COMPARED TO $598.6 MILLION FOR 2017 Q1 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-argo-group-international-holdings/brief-argo-group-international-holdings-q1-earnings-per-share-0-71-idUSL8N1SAA4E |
SOFIA (Reuters) - The European Commission will launch on Friday the process of activating a law that bans European companies from complying with U.S. sanctions against Iran and does not recognize any court rulings that enforce American penalties.
“As the European Commission we have the duty to protect European companies. We now need to act and this is why we are launching the process of to activate the ‘blocking statute’ from 1996. We will do that tomorrow morning at 1030,” European Commission President Jean-Claude Juncker said.
“We also decided to allow the European Investment Bank to facilitate European companies’ investment in Iran. The Commission itself will maintain its cooperation will Iran,” Juncker told a news conference after a meeting of EU leaders.
Reporting By Gabriela Baczynska, writing by Jan Strupczewski; Editing by Alastair Macdonald
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-eu-response/eu-to-start-iran-sanctions-blocking-law-process-on-friday-idUSKCN1II20A |
Updated 10 minutes ago BRIEF-Lilis Energy Reports Q1 Earnings Per Share $0.14 Reuters Staff
May 10 (Reuters) - Lilis Energy Inc:
* LILIS ENERGY REPORTS FIRST QUARTER 2018 OPERATING AND FINANCIAL RESULTS
* LILIS ENERGY INC Q1 REVENUE $14.4 MLN VS I/B/E/S VIEW $13.5 MLN
* LILIS ENERGY INC - REITERATE 2018 EXIT RATE GUIDANCE OF 7,500 BOEPD
* LILIS ENERGY INC - AVERAGE Q1 2018 PRODUCTION OF 3,465 BOEPD
* LILIS ENERGY INC - PRODUCTION DURING QUARTER ENDED MARCH 31, 2018 INCREASED FROM 84,334 BOE IN 2017 TO 311,882 BOE IN 2018
* LILIS ENERGY INC- QTRLY EARNINGS PER SHARE $0.14 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lilis-energy-reports-q1-earnings-p/brief-lilis-energy-reports-q1-earnings-per-share-0-14-idUSASC0A1BB |
May 2, 2018 / 7:16 PM / Updated 19 minutes ago At Milken, Wall Street touts itself as force for good Lawrence Delevingne 5 Min Read
BEVERLY HILLS, Calif. (Reuters) - The titans of finance who flock to the annual Milken Institute Global Conference each spring say they believe their quest for profits can also make the world a better place. David Petraeus, Chairman, KKR Global Institute speaks at the Milken Institute 21st Global Conference in Beverly Hills, California, U.S., April 30, 2018. REUTERS/Mike Blake
At the Beverly Hills, California, event featuring lavish parties, celebrities and big Wall Street names, speakers argued that chasing returns does not have to come with a social or environmental cost.
David Petraeus, the retired U.S. general and former CIA director who is now an executive at $168 billion investment firm KKR & Co ( KKR.N ), cited moral and practical reasons for so-called impact investing to create environmental and social benefits, in an onstage interview on Monday with event organizer and namesake Michael Milken.
“We seriously try to do well while doing good,” Petraeus said.
Clifton Robbins, chief executive of $3.4 billion Blue Harbour Group LP, said ESG factors are integrated into every investment the activist hedge fund firm makes.
“Using ESG is a new paradigm for smart investing,” Robbins told Reuters on Monday night at a party atop the Peninsula Beverly Hills hotel. “It reduces risk and improves investment outcomes.”
Social and environmental change through business is a core theme of the Milken confab, which features panels on ethical investing and related topics.
“The Milken Institute was founded with the belief that finance can be used to overcome global challenges,” said Caitlin MacLean, Milken’s senior director for innovative finance. Slideshow (2 Images)
She said solutions to social issues such as financing cures for malaria, renewable power in Southeast Asia or affordable housing in low-income communities all require funding.
Others defended their business more broadly.
Jonathan Sokoloff, managing partner of $25 billion Leonard Green & Partners, said on a panel on Tuesday that private equity was a “very, very important part of the economy” and offered a “better model” for companies versus public markets.
“We believe our form of governance and running our businesses is superior,” Sokoloff said.
Like the World Economic Forum in Davos, Switzerland, Milken’s signature event mixes financiers with government officials, celebrities and non-profit leaders.
Speakers this year included U.S. Treasury Secretary Steve Mnuchin, private equity billionaire Leon Black, U.S. football star Tom Brady and entrepreneur Arianna Huffington. The event was sponsored by firms such as WorldQuant LLC, Credit Suisse Group and Guggenheim Partners.
Attendance hit a record of more than 5,000 attendees. Tickets typically cost between $12,500 and $25,000. WOOING INVESTORS
Fund managers and marketers woo prospective investors at poolside cabanas at the Beverly Hilton hotel and private dinners in nearby restaurants and mansions.
An event on Tuesday night organized by EJF Philanthropies, a hedge fund-linked charity that funds conservation efforts, was held at the home of private equity billionaire Brian Sheth and featured a live cheetah.
Another on Monday night, hosted by investment firm Orchard Global Asset Management at Mastro’s Steakhouse, featured Senator Bob Corker and U.S. Representative Jeb Hensarling and large investors in private funds.
Milken’s positive portrayal of finance does not ring true to all.
“Big investment firms and banks are not helping to create better jobs for most American workers. They’re helping the rich get richer,” said Michael Kink, executive director of the Strong Economy For All Coalition, what he termed a “labor-community economic justice” group based in New York.
Milken’s MacLean said that “public funding and philanthropic capital alone can’t bridge the funding gaps to solve global challenges.”
Eric Cantor, the former U.S. House majority leader and now vice chairman of investment bank Moelis & Company, told Reuters on the sidelines of the conference that he has long been drawn to Milken’s focus on capitalism as a force for good, often through partnership with the public sector.
“It’s about how you create an environment for that collaborative effort to end up yielding one of the highest standards of living in the world,” Cantor said. Reporting by Lawrence Delevingne; Editing by Jennifer Ablan and Meredith Mazzilli | ashraq/financial-news-articles | https://uk.reuters.com/article/us-milken-conference-titans/at-milken-wall-street-touts-itself-as-force-for-good-idUKKBN1I32P1 |
Australian retail conglomerate Wesfarmers is selling U.K. home improvement chain Homebase for a nominal 1 pound ($1.34) just two years after buying it, ending an embarrassing offshore adventure that cost it $1 billion and sowing doubts about its future investments.
The owner of Australian No. 2 supermarket Coles, Kmart and Target said London-based turnaround specialist Hilco will buy its 255-store U.K. DIY chain. It did not disclose a price, but said the U.K. exit would bring an up to £230 million ($308 million) loss this year.
After paying A$700 million ($530 million) for Homebase in 2016 and then launching a $700 million rebranding, Wesfarmers took a $1 billion write off this year, admitting it bungled the takeover with basic errors like failing to stock its stores for the chilly U.K. winter.
Like several other Australian companies, Wesfarmers failed to replicate its domestic success in the UK by misjudging that market, and the failed deal raises questions about the company's new strategy of divesting Coles to pay for higher-growth investments.
"This and the exit from 80 percent of Coles is freeing up funding for the next big acquisition, but that really will have to be scrutinized very closely after this experience," said David Walker, an analyst at Clime Asset Management.
"I don't expect anyone will trust them over the next one unless it's such a simply obvious outstanding opportunity that it doesn't require scrutiny."
Wesfarmers shares were up nearly 1 percent in a flat overall market. The decision by a former Wesfarmers CEO to take the company's Australian home improvement business, Bunnings, offshore met broad investor support initially, given its long run of double-digit profit growth spurred by an explosion of home improvement television shows.
But the high brand recognition of Bunnings in Australia amounted to little in its new country, and soon Wesfarmers was reporting declining earnings contributions from renamed Homebase, before writing off the asset completely this year.
Wesfarmers made several "self-induced" blunders with Homebase, including dropping popular lines for kitchens and bathrooms and underestimating winter demand for a range of items from heaters to cleaning and storage, CEO Rob Scott said in February this year.
The UK market proved to be "very competitive (and) the macro and the retail conditions in the UK are quite challenging", Scott, who took the role a year after the Homebase purchase, said on a media call on Friday.
Asked how investors could trust Wesfarmers with future acquisitions, Scott said he hoped "the action that we've taken today demonstrates the capability of our team to act decisively and diligently to make the right capital allocation decisions." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/wesfarmers-two-year-uk-foray-ends-with-sale-of-troubled-home-improvement-chain.html |
WALNUT CREEK, Calif., May 9, 2018 /PRNewswire/ -- Owens Realty Mortgage, Inc. (NYSE American: ORM) (the "Company") today acknowledged receipt of a notice of director nominations from Eric Hovde, Financial Institution Partners III, LP, and certain of their affiliates (collectively, the "Hovde Group") that they plan to nominate Steven Hovde and James Hua to stand for election to the Company's Board of Directors (the "Board") at the Company's 2018 Annual Meeting of Stockholders.
The Board and management of the Company have for quite some time maintained a constructive dialogue with the Hovde Group, as we would with any other stockholder. Indeed, the Nominating and Corporate Governance Committee of the Board (the "Nominating Committee"), consisting entirely of independent directors, recently completed its interviews of Messrs. Hovde and Hua as part of its normal process to evaluate potential director candidates. At the end of this process, the Nominating Committee and the full Board concluded that adding the Hovde Group candidates to the Board would not be in the best interests of the Company and its stockholders.
In an effort to constructively address its recommendations and to avoid a costly and distracting proxy fight, we made the Hovde Group a very reasonable settlement proposal. Our settlement offer contemplated that the Hovde Group would have direct involvement in the designation of a female director that would replace an existing management director. Our proposal not only would have given the Hovde Group Board representation, it also would have increased the proportion of independent directors on our Board from 60% to 80%. In addition, we proposed that this new, female director would be designated to certain Board committees and would oversee a thorough review by the Board of the Hovde Group's views concerning additional stock repurchase programs by the Company.
Eric Hovde unfortunately rejected our settlement proposal, including completely dismissing the value of designating a female director as we continue to promote gender diversity on our Board. We are disappointed that the Hovde Group has chosen to launch baseless attacks at your Board and management team. Nonetheless, we remain committed to constructively engaging with the Hovde Group and plan to address their attacks in due course.
Your Board and management team continue to maintain an intense focus on acting in the best interests of the Company and all its stockholders. We continue to make progress in responsibly disposing of our real estate assets and reinvesting the proceeds into commercial real estate loan investments, which we are confident is the best means of maximizing returns for our stockholders and closing the gap between the Company's stock price and book value.
Returning capital to our stockholders through a mix of dividends and share repurchases remains a strategic priority for the Company, as evidenced by the recently announced increased second quarter 2018 dividend of $0.20 per share of common stock, which represents a 25% increase in the Company's quarterly dividend, and the adoption of a new $10 million stock repurchase plan. As of March 13, 2018, the Company has repurchased approximately $31.5 million of its stock, not including commissions and fees, representing approximately 1,961,000 shares, or 17.5% of the shares outstanding on May 20, 2013, and paid out approximately $17.1 million in cash dividends.
As previously disclosed, the Company, through its Compensation Committee consisting completely of independent directors, and Owens Financial Group, the Company's manager, reached an agreement to amend the manager's compensation structure, including making permanent the recent interim management fee adjustment along with an additional adjustment that will decrease the fee when stockholders' equity exceeds $300 million, payment to the Company of 30% of all fees and commissions paid to the manager in connection with its mortgage lending activities, and the elimination of service fees and certain reimbursable expenses.
Also, as previously disclosed, your Board continues to facilitate a series of corporate governance enhancements. These include, among others, an ongoing search process to identify a female director candidate, which includes input from our stockholders. Your Board also recently approved of formal policies with respect to Board diversity, majority voting with respect to uncontested director elections, director and officer stock ownership/retention guidelines, and anti-hedging and anti-pledging policies. Finally, today, also as part of our planned governance enhancements, the Company will be announcing that Bill Owens has stepped down as chair of our Board and has assumed the role of executive Chairman Emeritus. Our lead independent director, Dennis Schmal, will now serve as independent Chairman of our Board.
Together, it is the Board's strong belief that these actions provide the best opportunity to reduce expenses, deliver a consistent, competitive risk-adjusted yield and further align our management compensation structure and corporate governance with the long-term interests of the Company and all of its stockholders.
The Company will provide stockholders with proxy materials, including a WHITE proxy card, in connection with the 2018 Annual Meeting of Stockholders in due course. Stockholders are not required to take action at this time.
PremierCounsel LLP and Vinson & Elkins L.L.P. are representing Owens Realty Mortgage, Inc.
About Owens Realty Mortgage, Inc.
Owens Realty Mortgage, Inc., a Maryland corporation, is a specialty finance mortgage company organized to qualify as a real estate investment trust ("REIT") that focuses on the origination, investment, and management of commercial real estate mortgage loans. We provide customized, short-term acquisition and transition capital to small balance and middle-market investors that require speed and flexibility. Our primary objective is to provide investors with attractive current income and long-term stockholder value. Owens Realty Mortgage, Inc., is headquartered in Walnut Creek, California, and is externally managed and advised by Owens Financial Group, Inc.
Additional information can be found on the Company's website at www.owensmortgage.com .
Important Additional Information
The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company's stockholders in connection with the Company's 2018 Annual Meeting of Stockholders. The Company intends to file a proxy statement and WHITE proxy card with the U.S. Securities and Exchange Commission (the "SEC") in connection with any such solicitation of proxies from the Company's stockholders. STOCKHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Exhibit 99.2 of the Company's Current Report on Form 8-K filed with the SEC on April 25, 2018 ("Exhibit 99.2") contains information regarding the direct and indirect interest, by securities holdings or otherwise, of the Company's directors and executive officers in the Company's securities. If the holdings of the Company's securities change from the amounts provided in Exhibit 99.2, such changes will be set forth in SEC filings on Forms 3, 4, and 5, which can be found through the Company's website at www.owensmortgage.com in the section "SEC Filings & Reports" or through the SEC's website at www.sec.gov . Information can also be found in the Company's other SEC filings, including the Company's definitive proxy statement for the 2017 Annual Meeting of Stockholders and its Annual Report on Form 10-K for the year ended December 31, 2017. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the definitive proxy statement and other materials to be filed with the SEC in connection with the 2018 Annual Meeting of Stockholders. Stockholders will be able to obtain the definitive proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC at no charge at the SEC's website at www.sec.gov . Copies will also be available at no charge at the Company's website at www.owensmortgage.com in the section "SEC Filings & Reports."
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements about Owens Realty Mortgage Inc.'s plans, strategies, prospects, and anticipated events, including the corporate governance improvements, are based on current information, estimates, and projections; they are subject to, risks and uncertainties, as well as known and unknown risks, which could cause actual results to differ from expectations, estimates and projections and, consequently, readers should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "target," "assume," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believe," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. The forward-looking statements made in this release include, but may not be limited to, expectations around the Company's plans to implement corporate governance enhancements, distribute current and accumulated earnings in 2018, tax treatment and characterization of distributions made by the Company in 2018, and timing and content of any announcements made with respect thereto.
Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based. Additional information concerning these and other risk factors is contained in the Company's most recent filings with the SEC. All subsequent written and oral forward-looking statements concerning the Company or matters attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.
View original content with multimedia: http://www.prnewswire.com/news-releases/owens-realty-mortgage-inc-acknowledges-receipt-of-director-nominations-from-eric-hovde-and-financial-institution-partners-iii-lp-300645333.html
SOURCE Owens Realty Mortgage, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-owens-realty-mortgage-inc-acknowledges-receipt-of-director-nominations-from-eric-hovde-and-financial-institution-partners-iii.html |
(Reuters) - Walmart Inc said on Monday it would restrict initial acute opioid prescriptions to no more than a seven-day supply as the retailer aims to curb an opioid epidemic that has plagued the United States.
The Walmart logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2018. REUTERS/Brendan McDermid The supply limit will begin within the next 60 days, the company said.
In January , Walmart said it would provide its customers filling prescriptions for opioids with a packet of powder that would help them dispose of leftover medication.
The U.S. Centers for Disease Control and Prevention (CDC) estimates that 115 Americans die on average every day from an opioid overdose.
The company also said on Monday that from Jan. 1, 2020 it would require e-prescriptions for controlled substances, noting that these prescriptions are proven to be less prone to errors and cannot be altered or copied.
The initiatives apply to all the pharmacies of Walmart and its Sam’s Club unit in the United States and Puerto Rico.
(This story has been corrected to add dropped words “initial acute” in first paragraph)
Reporting by Manas Mishra in Bengaluru; Editing by Maju Samuel
| ashraq/financial-news-articles | https://in.reuters.com/article/us-walmart-opioids/walmart-to-restrict-opioid-dispensing-at-its-pharmacies-idINKBN1I81YH |
May 27, 2018 / 11:29 AM / Updated 17 minutes ago Ronaldo regrets timing of leaving comments but is still unhappy at Madrid Richard Martin 3 Min Read
KIEV (Reuters) - Cristiano Ronaldo said he regretted taking the attention away from Real Madrid’s third consecutive Champions League crown after hinting the 3-1 final victory over Liverpool was his last game but reiterated that he is not happy with the club. Real Madrid's Cristiano Ronaldo in action. REUTERS/Kai Pfaffenbach
The Portugal forward had told television network beIN Sports after the historic win in Kiev “in the next few days I’ll give an answer to the fans who have always been by my side. It was beautiful to be at Real Madrid.”
Spanish newspaper Marca reported that Real’s players, especially captain Sergio Ramos, admonished the Portuguese for his sensational comments on the pitch of the NSC Olympic Stadium while his team mates celebrated.
“I spoke when I shouldn’t have done but something is going to happen. It wasn’t the right time, but I was honest,” Ronaldo told reporters before boarding the Real bus.
“In a week I’ll say something because the fans have always supported me and are in my heart. I don’t speak much, but when I speak, I speak,” he added.
“Obviously I have something to say, but it wasn’t the right time, although I don’t regret it, because I was honest. I’ve kept putting up with this but then I couldn’t control myself.”
Ronaldo caused a stir last year a few days after Real beat Juventus 4-1 in the final when Portuguese newspaper A Bola reported that the forward wanted to leave Madrid as he was not happy with how he had been treated by the Spanish club.
Ronaldo’s desire for a new contract was believed to be behind last year’s stories and he has still not signed a new deal at Real. “MONEY NOT THE PROBLEM”
The 33-year-old, who became the first player in the Champions League era to win the trophy five times, including once with Manchester United, did not give a clear answer when asked what his grievances were.
“This has been coming for a long time. Money is not the problem. I’ve won five Champions Leagues, five Ballon d’Ors. I was already in history but now even more,” he said.
“I’m not bothered because I know what I give to this club. I don’t want to erase this unique moment with my team mates who are real champions.”
Real coach Zinedine Zidane could not give an answer when asked about the timing of Ronaldo’s comments and said he had not spoken to the player before the game about his future.
“Cristiano has to stay no matter what. We’ll see what happens next, but for me he should stay,” said the Frenchman.
Ramos also urged Ronaldo to remain at the club but said his team mate had to make clear what he meant.
“I’m sure Cris will speak at the end of the season. If there’s something behind this, he should come and clarify what it is today,” Ramos said.
“Cristiano is a key part of this team, he likes to feel loved and we all want him to stay, he won’t find a better place than here, he’s our superstar.” Reporting by Richard Martin; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-ronaldo/ronaldo-regrets-timing-of-leaving-comments-but-is-still-unhappy-at-madrid-idUKKCN1IS0C9 |
May 18 (Reuters) - Stantec Inc:
* JARISLOWSKY, FRASER LTD REPORTS 11.27 PERCENT PASSIVE STAKE IN STANTEC INC AS OF APRIL 30, 2018 - SEC FILING Source text: ( bit.ly/2GwaSyV ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jarislowsky-fraser-ltd-reports-112/brief-jarislowsky-fraser-ltd-reports-11-27-pct-passive-stake-in-stantec-as-of-april-30-idUSFWN1SP0XG |
May 15 (Reuters) - Neuralstem Inc:
* NEURALSTEM PROVIDES BUSINESS UPDATE AND REPORTS FIRST QUARTER 2018 FISCAL RESULTS
* Q1 LOSS PER SHARE $0.14 * CASH AND INVESTMENTS WAS $9.7 MILLION AT MARCH 31, 2018 AS COMPARED TO $11.7 MILLION AT DECEMBER 31, 2017
* NEURALSTEM - EXPECTS EXISTING CASH, CASH EQUIVALENTS, SHORT-TERM INVESTMENTS TO FUND OPSS BASED ON CURRENT PLANS, INTO Q1 2019 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-neuralstem-q1-loss-per-share-014/brief-neuralstem-q1-loss-per-share-0-14-idUSASC0A27W |
May 7, 2018
It might now be easier to get a fix for a malfunctioning iPhone X.
When iPhone X owners bring their devices to Apple’s retail stores or authorized resellers looking for a repair on the Face ID face scanner, support personnel might simply replace the entire units, according to a new report. In a memo sent to Apple stores and resellers obtained by MacRumors over the weekend, Apple said support staff should first try to fix the rear camera if Face ID problems are present. If the camera is working properly, Apple is now authorizing repair people to simply replace the unit instead of its display.
Apple’s Face ID is a 3D face scanner in the iPhone X that uses several components to analyze a person’s face and verify his or her identity. It’s also expensive to fix. And in the past, Apple Stores and resellers would replace the iPhone X’s screen, which includes the Face ID component, to fix problems. It’s unclear why Apple has changed policy on the Face ID fix and when it’ll go into effect.
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To be clear, Apple hasn’t announced any problems with Face ID or a change in how it address the problems. Instead, MacRumors claims to have obtained a memo that came from the company that advises on the fix. Whether it’s legitimate is unknown.
Apple did not immediately respond to a Fortune request for comment on the memo. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/apple-face-id-iphone-x/ |
May 24, 2018 / 10:19 AM / in 15 minutes Russia sticking to rate cut plan despite U.S. sanctions: central bank Andrey Ostroukh 4 Min Read
MOSCOW (Reuters) - The Russian central bank is sticking to its plan to trim rates further as the economy and the financial system have already adapted to the latest U.S. sanctions, Central Bank Governor Elvira Nabiullina said in a CNBC interview released on Thursday. FILE PHOTO: Russian Central Bank Governor Elvira Nabiullina attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 24, 2018. Vladimir Smirnov/TASS/Host Photo Agency/Pool via REUTERS.
The central bank held rates in April, having cut them from 17 percent at the end of 2014 to 7.25 percent in March, as fresh U.S. sanctions on Moscow battered the rouble, boosting concerns about geopolitical tensions.
Nabiullina said the central bank was still on track this year to trim the key rate, now at 7.25 percent, to a range of between six and seven percent, the level at which its monetary policy is considered to be neutral.
Nabiullina said the central bank took into account geopolitical risks when making decisions and fully understood that uncertainty has increased.
“I have to say that the Russian economy and the Russian financial system have adapted pretty quickly to the latest wave of economic sanctions,” Nabiullina said, according to the English transcript of the interview.
In April, the United States imposed new sanctions against Russian individuals and major companies. They targeted allies of President Vladimir Putin in one of Washington’s most aggressive moves to punish Moscow for its alleged meddling in the 2016 U.S. election and other “malign activity.” PRECAUTIONS AGAINST SANCTIONS
Over the past four years, since when the West imposed first sanctions against Russia over its role in the Ukrainian crisis, Russia has become more resilient to external shocks by implementing several structural reforms.
Russia let the rouble float freely and adapted a budget rule that capped the impact of swings in prices for oil, its key exports.
Apart from that, Russia has also created its own payment system similar to SWIFT, facing risks of being cut off from the global payment platform, Nabiullina said.
“This system is already operational and it allows, inside Russia, to transfer financial data,” Nabiullina said.
“We have created an absolutely similar, competing system which allows, at the very least, inside Russia, to nullify such risks,” she said, replying to a question about risks of Russia being banned from using SWIFT. ECONOMIC OUTLOOK
Speaking about economic prospects, Nabiullina said the economy was seen growing by 1.5-2.0 percent a year in the next few years.
To reach higher growth levels, as Putin called for earlier this year when assuming the office for a new six-year term, Russia needs to proceed with reforms, Nabiullina said.
“It requires structural reforms, in terms of labor productivity, private investment and then the economy can grow at higher rates than it is now,” she said.
But economic growth should not be boosted at the expense of macroeconomic and budget stability and should not spur currently low inflation, which became less vulnerable to volatility in the rouble, Nabiullina said.
Russia’s newly formed government is expected to reveal new measures aimed at quickening economic growth by October, she said. Reporting by Andrey Ostroukh and Elena Fabrichnaya; Editing by Jon Boyle and Peter Graff | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-cenbank-nabiullina-economy/russia-sticking-to-rate-cut-plan-despite-u-s-sanctions-central-bank-idUSKCN1IP1HU |
NEW YORK--(BUSINESS WIRE)-- The Law Offices of Vincent Wong notifies investors of an investigation concerning whether Symantec Corp. (“Symantec” or the “Company”) (NASDAQGS:SYMC) violated federal securities laws.
Click here to learn about the case: http://www.wongesq.com/pslra-c/symantec-corp . There is no cost or obligation to you.
On May 10, 2018, Symantec announced the commencement of an internal investigation “in connection with concerns raised by a former employee.” Following this news, shares of Symantec fell from a close of $29.18 on May 10, 2018 to a close of $19.52 on May 11, 2018.
To learn more about the investigation of Symantec contact Vincent Wong, Esq. either via email [email protected] , by telephone at 212.425.1140, or visit http://www.wongesq.com/pslra-c/symantec-corp .
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006426/en/
The Law Offices of Vincent Wong
Vincent Wong, Esq., 212-425-1140
Fax: 866-699-3880
[email protected]
Source: The Law Offices of Vincent Wong | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-symc-shareholder-alert-the-law-offices-of-vincent-wong-notifies-investors-of-an-investigation-involving-possible-securities.html |
PARIS (Reuters) - Air France ( AIRF.PA ) is cutting its Joon subsidiary’s service between Paris and Tehran to the summer season only, blaming a poor economic performance over two years in operation.
FILE PHOTO: The logo of the new "Joon" lower-cost airline is pictured on a plane scale model during a news conference in Paris, France, September 25, 2017. REUTERS/Charles Platiau/File Photo “Air France has decided to adapt its program to better match demand,” a spokeswoman said by email, adding that the decision would take effect from October 28.
Air France’s move comes amid international uncertainty over whether U.S. President Donald Trump will pull out of a nuclear deal with Iran, although the spokeswoman said the decision was not linked to the political climate with Iran.
Under that 2015 deal, Tehran agreed to curb its nuclear program to satisfy world powers that it would not be used to develop weapons. In exchange, Iran received relief from sanctions, most of which were lifted in January 2016.
“This just shows how the uncertainty on the Iran deal is beginning to have an impact on the business sentiment towards Iran,” said a European diplomat.
Bankers and others involved in business with Iran say they have been reluctant to travel to the country to close deals or negotiate the financing of existing ones because of uncertainty over the status of underlying U.S. sanctions, even before the latest standoff between Trump and Iran.
FILE PHOTO: Logos of Air France group airlines companies are projected on a screen during a news conference for the launching of Joon, the new lower-cost airline subsidiary of Air France in Paris, France, September 25, 2017. REUTERS/Charles Platiau/File Photo French President Emmanuel Macron visited Washington last week in the hope of persuading Trump not to re-impose sanctions on Iran by a May 12 deadline and imperil the 2015 deal.
Qatar Airways, however, said demand for travel to Iran remained strong.
“We fly to Iran with a lot of frequencies. We go to three destinations in Iran,” Chief Executive Akbar Al Baker told Reuters at an event in Wales.
Asked whether Qatar - which has maintained aviation links with Iran during a separate political dispute between Qatar and its neighbors on the Arab side of the Gulf - had seen business suffer due to uncertainty over the nuclear pact, Al Baker said:
“Not at all. Iran is a big market...of more than 90 million people: educated, very aggressive travelers and we are serving that market very successfully. We don’t get involved in politics. We are an airline.”
Flight schedule data from database firm OAG suggests that airlines flying to Iran from Britain, France, Germany and Turkey believe that demand on Iranian routes peaked last year.
According to the data, there were 6,281 scheduled one-way flights to Iran from those countries in summer 2017, compared to 5,594 planned for summer 2018.
That is nonetheless higher than 4,666 in the summer of 2015, about six months before the nuclear pact came into effect.
In January, Air France said it was shifting Tehran services from its main network to its recently launched Joon subsidiary as part of a wider restructuring and rebranding.
Joon offers some business-class seats although it is not mainly aimed at traditional business travelers, but instead at younger travelers with money to spend.
Joon offers some business-class seats although it is mainly aimed at younger travelers with money to spend rather than at traditional business travelers.
Air France said it would handle the re-booking of flights for customers affected by the change.
Air France’s decision follows a similar one in December by Etihad Airways, which had also said it would scrap flights to Iran and Uganda.
Additional reporting by Victoria Bryan, Tim Hepher; Writing by Brian Love; Editing by Keith Weir and Adrian Croft
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-airfrance-iran/air-france-cuts-back-on-iran-flights-due-to-weak-demand-spokeswoman-idUSKBN1I31F7 |
May 1, 2018 / 9:41 PM / Updated 12 minutes ago Honduras marches turn violent in anger over last year's election Reuters Staff 2 Min Read
TEGUCIGALPA (Reuters) - Labor Day marches in Honduras turned violent on Tuesday as anti-riot police used tear gas and water cannons to break up rock-hurling protesters venting their anger at what many decry as a fraudulent presidential election late last year.
Heated protests played out across at least three Honduran cities, including the capital, where one police officer was injured in the confrontation, according to Security Ministry spokesman Jair Meza.
Honduras, a poor, violent country that has long sent vulnerable migrants north to the United States, has been embroiled in a political crisis since the Nov. 26 election, which the opposition says was stolen by centre-right President Juan Orlando Hernandez.
Along the U.S.-Mexico border on Tuesday, some 140 Central American migrants, including many Hondurans, waited anxiously on the Mexican side following a second night in a makeshift camp, determined to remain until their asylum requests are processed.
The caravan of migrants set off more than a month ago from southern Mexico drawing international attention after President Donald Trump demanded such groups be denied entry to the United States and that stronger immigration laws be enacted. Reporting by Gustavo Palencia; Writing by David Alire Garcia; Editing by Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-honduras-protests/honduras-marches-turn-violent-in-anger-over-last-years-election-idUKKBN1I24GL |
SHANGHAI (Reuters) - British sprinter Reece Prescod foiled the local challengers and overcame world champion Justin Gatlin to win the men’s 100 meters at a rainy Shanghai Stadium to claim his maiden Diamond League victory on Saturday.
Athletics - Diamond League - Shanghai - Shanghai Stadium, Shanghai, China - May 12, 2018 Great Britain's Reece Prescod celebrates winning the men's 100m REUTERS/Aly Song Running in the outside lane, the 22-year-old came through to win in 10.04 seconds, edging out local favorite Su Bingtian (10.05). China’s Xie Zhenye came third in 10.17 with Gatlin trailing in seventh (10.20).
“When I saw the rain tonight I thought ‘yes’. I train in these conditions all the time in the East Midlands. It suits me,” said Prescod who was 0.01 seconds shy of his personal best.
“My expectation going in was I knew I had it in me as long as I executed my race. It is definitely the happiest moment in my time on the Diamond League circuit,” he said.
American Gatlin put in a disappointing display after struggling to get out of the blocks.
“I got stuck a little in the blocks tonight, and I just had too much ground and distance to make up,” Gatlin said.
In his first 110m hurdles race this year, world and Olympic champion Omar McLeod of Jamaica edged Spaniard Orlando Ortega in a repeat of the Rio Games to win in 13.16 seconds.
Bahamian Olympic champion Shaunae Miller-Uibo powered home in the women’s 200 metres, clocking one of the eight meet records of the day to win in 22.06 seconds.
Fellow Olympic champion Brianna McNeal led an American sweep of the top four places in the women’s 100m hurdles which she won in 12.50 seconds.
Chinese world champion Gong Lijiao showed her class in women’s shot put with 19.99m to win in front of the delighted home crowd.
Colombia’s Olympic gold medalist Caterine Ibarguen easily won the women’s triple jump with 14.80 metres to take her Diamond League meeting victory tally to 29, which puts her behind only Sandra Perkovic (39) and Renaud Lavillenie (32).
The women’s 3,000m steeplechase had some drama toward the end when Norah Jeruto slipped coming off the final barrier and fellow Kenyan Beatrice Chepkoech won in 9:07.27 minutes.
Jeruto recovered to finish second ahead of sister Daisy Jepkemei.
Reporting by Amlan Chakraborty in New Delhi; editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-athletics-diamond-shanghai/athletics-briton-prescod-claims-shock-100m-win-in-rainy-shanghai-idUSKCN1ID0JX |
SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)-- Emerald Expositions Events, Inc. (NYSE:EEX) (“Emerald” or the “Company”) today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Highlights
Revenues increased 4.8% to $142.2 million, compared to $135.7 million for first quarter 2017 Net income increased 34.6% to $38.1 million, compared to $28.3 million for first quarter 2017 Net cash provided by operating activities decreased 28.5% to $20.6 million, compared to $28.8 million for first quarter 2017 Adjusted EBITDA, a non-GAAP measure, increased 1.7% to $73.6 million, compared to $72.4 million for first quarter 2017 Adjusted Net Income, a non-GAAP measure, increased 30.9% to $50.4 million, compared to $38.5 million for first quarter 2017 Free Cash Flow, a non-GAAP measure, decreased 29.5% to $20.1 million, compared to $28.5 million for first quarter 2017
First Quarter 2018 Financial Performance
Three Months Ended March 31,
2018 2017 Change % Change (unaudited, in millions, except percentages and per share data) Revenues $ 142.2 $ 135.7 $ 6.5 4.8 % Net income $ 38.1 $ 28.3 $ 9.8 34.6 % Net cash provided by operating activities $ 20.6 $ 28.8 $ (8.2 ) (28.5 %) Diluted EPS $ 0.50 $ 0.44 $ 0.06 13.6 % Non-GAAP measures: Adjusted EBITDA $ 73.6 $ 72.4 $ 1.2 1.7 % Adjusted Net Income $ 50.4 $ 38.5 $ 11.9 30.9 % Adjusted Diluted EPS $ 0.66 $ 0.60 $ 0.06 10.0 % Free Cash Flow $ 20.1 $ 28.5 $ (8.4 ) (29.5 %) “I am pleased with our first quarter results as revenue grew by 5%, year over year, driven by our acquisition of Connecting Point Marketing Group, CPMG, in the fourth quarter of 2017. The inaugural Outdoor Retailer + Snow Show staged in Denver at the end of January and its considerable success bodes very well for future shows,” reported David Loechner, President and Chief Executive Officer of Emerald Expositions.
Mr. Loechner added, “Looking forward, our portfolio is performing in line with the expectations that we set out at the beginning of the year and, as a result, we have reiterated our full year 2018 financial guidance. Additionally, I remain optimistic that we will continue to execute upon our M&A strategy to further grow the Company and deliver value to shareholders.”
Financial & Operational Results
For the first quarter of 2018, Emerald reported revenues of $142.2 million compared to revenues of $135.7 million for the first quarter of 2017, an increase of $6.5 million, or 4.8%. Organic revenues were flat for the first quarter of 2018 compared to the first quarter of 2017. Good growth in several of the quarter’s trade shows, including KBIS and Pizza Expo, was offset by mid single-digit revenue declines at our ASD Market Week and NY NOW shows. In addition, despite a strong and expanded show in its new Denver venue, the Outdoor Retailer + Snow Show first quarter show declined in revenues, due mainly to transitional pricing accommodations provided to exhibitors as a result of our acquisition of the SIA Snow Show in 2017.
The Connecting Point Marketing Group (“CPMG”) business, acquired in November 2017, contributed $8.2 million in revenues in the first quarter of 2018. This increase in revenues was reduced by the impact of events that were discontinued between the first quarter of 2017 and the first quarter of 2018, as well as the impact of a scheduling difference for a small show.
Cost of Revenues of $41.4 million for the first quarter of 2018 increased by 13.1%, or $4.8 million, from $36.6 million for the first quarter of 2017. This increase was largely driven by the $3.7 million of incremental costs attributable to CPMG’s revenues, partly offset by $1.0 million of cost savings from the previously mentioned discontinued events and show scheduling difference. The remaining $2.1 million increase in cost of revenues reflected incremental costs in several of the trade shows that grew in the quarter, notably KBIS, partly mitigated by modest cost savings in the events that declined in revenues, and also included a $0.6 million one-time cost related to the first time staging of the Outdoor Retailer + Snow Show in Denver.
Selling, General & Administrative Expense (“SG&A”) of $32.3 million for the first quarter of 2018 increased by 0.9%, or $0.3 million, from $32.0 million for the first quarter of 2017. The CPMG acquisition added $1.1 million of SG&A, stock based compensation was $0.6 million higher, and costs associated with operating as a public company were approximately $1.0 million higher in the quarter. One-time acquisition transaction costs, IPO, secondary offering and other related activities costs and transition costs were $1.4 million lower, in aggregate, than in the first quarter of 2017. The remaining $1.0 million offsets to SG&A expense were largely driven by management-led initiatives.
Net Income of $38.1 million for the first quarter of 2018 increased by 34.6%, or $9.8 million, from $28.3 million for the first quarter of 2017. The key drivers of the increase were a $6.1 million decrease in income tax expense, mainly reflecting the change in US federal income tax rates from 35% to 21% effective January 1, 2018, and also a $3.1 million decrease in interest expense, driven by a combination of lower interest rates and outstanding debt balances as a result of our refinancing and debt repricing transactions in 2017.
For the first quarter of 2018, Adjusted EBITDA was $73.6 million compared to $72.4 million for the first quarter of 2017, an increase of 1.7%, or $1.2 million. The increase largely reflected a strong contribution from our CPMG acquisition, offset by incremental public company costs and a modest net reduction in Adjusted EBITDA from the rest of our portfolio, in line with the expectations communicated on our last earnings call.
For a discussion of our presentation of Adjusted EBITDA, which is a non-GAAP measure, see below under the heading “Non-GAAP Financial Information.” For a reconciliation of Adjusted EBITDA to net income see Appendix I attached hereto.
Cash Flow
Net cash provided by operating activities decreased by $8.2 million to $20.6 million in the first quarter of 2018 compared to $28.8 million in the first quarter of 2017. The key items affecting the quarter’s cash flow were $16.1 million of timing differences in working capital versus the prior year’s first quarter that we expect to reverse in the rest of the year, partly offset by $2.4 million of lower cash interest and $3.4 million of lower cash taxes.
Capital expenditures were $0.5 million for the first quarter of 2018, compared to $0.3 million for the first quarter of 2017.
Free Cash Flow, which we define as net cash provided by operating activities less capital expenditures, was $20.1 million for the first quarter of 2018, compared to $28.5 million in the first quarter of 2017.
For a discussion of our presentation of Free Cash Flow, which is a non-GAAP measure, see below under the heading “Non-GAAP Financial Information.” For a reconciliation of Free Cash Flow to net cash provided by operating activities, see Appendix I attached hereto.
Liquidity and Financial Position
As of March 31, 2018, Emerald’s cash and cash equivalents were $27.0 million and gross debt was $560.8 million, resulting in net debt (gross debt less cash and cash equivalents) of $533.8 million.
Dividends
On May 1, 2018, the Board of Directors approved the payment of a cash dividend of $0.0725 per share for the quarter ending June 30, 2018 to holders of the Company’s common stock. The dividend is expected to be paid on or about May 29, 2018 to stockholders of record on May 15, 2018.
Outlook (forward-looking statements) and Key Assumptions
For the year ending December 31, 2018, Emerald management is maintaining its full year guidance, as follows:
Total revenue growth of 7.4% to 9.7%, or revenue in a range of approximately $367 million to $375 million Organic revenue growth of 1.5% to 3.5% Adjusted EBITDA in the range of $158 million to $162 million, or growth of 0.1% to 2.6% Adjusted Net Income in the range of $90 million to $100 million, or growth of 12.1% to 24.5% Adjusted Diluted EPS in the range of $1.20 to $1.30, or growth of 8.1% to 17.1% Free Cash Flow in the range of $110 million to $120 million
The above outlook does not incorporate any further acquisitions we may pursue. See discussion of non-GAAP financial measures at the end of this release.
Conference Call and Webcast Details
As previously announced, the Company will hold a conference call to discuss its first quarter 2018 results at 11:00 am ET on Thursday, May 3, 2018.
The conference call can be accessed by dialing 1-877-407-9039 (domestic) or 1-201-689-8470 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921, or for international callers, 1-412-317-6671. The passcode for the replay is 13678221. The replay will be available until 11:59 pm (Eastern Time) on May 10, 2018.
Interested investors and other parties can access the webcast of the live conference call by visiting the Investors section of Emerald’s website at http://investor.emeraldexpositions.com . An online replay will be available on the same website immediately following the call.
About Emerald Expositions
Emerald is a leading operator of business-to-business trade shows in the United States. We currently operate more than 55 trade shows, as well as numerous other face-to-face events. In 2017, Emerald’s events connected over 500,000 global attendees and exhibitors and occupied more than 6.9 million net square feet of exhibition space.
Non-GAAP Financial Information
This press release presents certain “non-GAAP” financial measures. The components of these non-GAAP measures are computed by using amounts that are determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”). A reconciliation of non-GAAP financial measures used in this press release to their nearest comparable GAAP financial measures is included in Appendix I attached hereto.
The Company provides certain guidance solely on a non-GAAP basis because the Company cannot predict certain elements that would be required in certain reported GAAP results. The Company has not presented a quantitative reconciliation of the forward-looking non-GAAP measures, Adjusted EBITDA and Adjusted Net Income, to net income, and Free Cash Flow, to net cash provided by operating activities, their most comparable GAAP financial measures, or Adjusted Diluted EPS, because it is impractical to forecast certain items without unreasonable efforts due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of and the periods in which such items may be recognized. For Adjusted EBITDA and Adjusted Net Income, these items are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA and Adjusted Net Income in prior periods and include, but are not limited to, acquisition-related expenses, stock-based compensation, income tax expense, the effects of scheduling adjustments (in the case of Adjusted EBITDA only) and other assumptions about capital requirements for future periods. For Free Cash Flow, this includes assumptions about capital requirements for future periods. The variability of these items may have a significant impact on our future GAAP financial results.
We use Adjusted EBITDA because we believe it assists investors and analysts in comparing Emerald’s operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Management and Emerald’s board of directors use Adjusted EBITDA to assess our financial performance and believe it is helpful in highlighting trends because it excludes the results of decisions that are outside the control of management, while other measures can differ significantly depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which we operate, and capital investments. Adjusted EBITDA should not be considered as an alternative to net income as a measure of financial performance or to cash flows from operations as a liquidity measure.
We define Adjusted EBITDA as net income before (i) interest expense, (ii) loss on extinguishment of debt, (iii) income tax expense, (iv) depreciation and amortization, (v) stock-based compensation, (vi) deferred revenue adjustment, (vii) intangible asset impairment charge, (viii) unrealized loss on interest rate swap and floor, net, (ix) the Onex management fee (which ended prior to the Company’s initial public offering), (x) material show scheduling adjustments, and (xi) other items that management believes are not part of our core operations.
In addition to net income presented in accordance with GAAP, we present Adjusted Net Income because we believe it assists investors and analysts in comparing our operating performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. Our presentation of Adjusted Net Income adjusts net income for (i) loss on extinguishment of debt, (ii) stock-based compensation, (iii) deferred revenue adjustment, (iv) intangible asset impairment charge, (v) the Onex management fee (which ended prior to the Company’s initial public offering), (vi) other items that management believes are not part of our core operations, (vii) amortization of deferred financing fees and discount, (viii) amortization of (acquired) intangible assets and (ix) tax adjustments related to non-GAAP adjustments.
We use Adjusted Net Income as a supplemental metric to evaluate our business’s performance in a way that also considers our ability to generate profit without the impact of certain items.
For example, it is useful to exclude stock-based compensation expenses because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business, and these expenses can vary significantly across periods due to timing of new stock-based awards. We also exclude professional fees associated with debt refinancing, the amortization of intangible assets and certain discrete costs, including deferred revenue adjustments, impairment charges and transaction costs (including professional fees and other expenses associated with acquisition activity) in order to facilitate a period-over-period comparison of our financial performance. This measure also reflects an adjustment for the difference between cash amounts paid in respect of taxes and the amount of tax recorded in accordance with GAAP. Each of the normal recurring adjustments and other adjustments described in this paragraph help to provide management with a measure of our operating performance over time by removing items that are not related to day-to-day operations or are noncash expenses.
Adjusted Net Income is a supplemental non-GAAP financial measure of operating performance and is not based on any standardized methodology prescribed by GAAP. Adjusted Net Income should not be considered in isolation or as an alternative to net income, cash flows from operating activities or other measures determined in accordance with GAAP. Also, Adjusted Net Income is not necessarily comparable to similarly titled measures presented by other companies.
Adjusted Diluted EPS is defined as Adjusted Net Income divided by diluted weighted average common shares outstanding.
We present Free Cash Flow because we believe it is a useful indicator of liquidity that provides information to management and investors about the amount of cash generated from our core operations that, after capital expenditures, can be used to maintain and grow our business, for the repayment of indebtedness, payment of dividends and to fund strategic opportunities. Free Cash Flow is a supplemental non-GAAP measure of liquidity and is not based on any standardized methodology prescribed by GAAP. Free Cash Flow should not be considered in isolation or as an alternative to cash flows from operating activities or other measures determined in accordance with GAAP.
Other companies may compute these measures differently. No non-GAAP metric should be considered as an alternative to any other measure derived in accordance with GAAP.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains certain forward-looking statements, including full year guidance with respect to revenue growth, Adjusted Net Income, Adjusted EPS, Free Cash Flow and Adjusted EBITDA. These statements are based on management’s expectations as well as estimates and assumptions prepared by management that, although they believe to be reasonable, are inherently uncertain. These statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of the Company’s control that may cause its business, industry, strategy, financing activities or actual results to differ materially. See “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. The Company undertakes no obligation to update or revise any of the forward-looking statements contained herein, whether as a result of new information, future events or otherwise.
Emerald Expositions Events, Inc.
Consolidated Statements of Income and Comprehensive Income
(unaudited, dollars in millions, share data in thousands, except earnings per share data)
Three Months Ended
March 31,
2018
Three Months Ended
March 31,
2017
Revenues $ 142.2 $ 135.7 Cost of revenues 41.4 36.6 Selling, general and administrative expense 32.3 32.0 Depreciation and amortization expense 11.4 10.6 Operating income 57.1 56.5 Interest expense 6.5 9.6 Income before income taxes 50.6 46.9 Provision for income taxes 12.5 18.6 Net income and comprehensive income $ 38.1 $ 28.3 Basic earnings per share $ 0.52 $ 0.46 Diluted earnings per share $ 0.50 $ 0.44 Basic weighted average common shares outstanding 72,715 61,866 Diluted weighted average common shares outstanding 75,819 63,785 Dividend declared per common share $ 0.07 $ - Emerald Expositions Events, Inc.
Consolidated Balance Sheets
(dollars in millions, share data in thousands, except par value)
March 31, 2018
December 31, 2017
(unaudited) Assets Current assets Cash and cash equivalents $ 27.0 $ 10.9 Trade and other receivables, net of allowance for doubtful accounts of
$0.8 million as of March 31, 2018 and December 31, 2017
103.8 62.7 Prepaid expenses 11.8 19.9 Total current assets 142.6 93.5 Noncurrent assets Property and equipment, net 3.9 3.8 Goodwill 993.1 993.7 Intangible assets, net 534.7 545.0 Other noncurrent assets 1.9 1.9 Total assets $ 1,676.2 $ 1,637.9 Liabilities and Shareholders’ Equity Current liabilities Accounts payable and other current liabilities $ 41.7 $ 25.0 Deferred revenues 179.7 192.6 Term loan, current portion 5.7 5.7 Total current liabilities 227.1 223.3 Noncurrent liabilities Term loan, net of discount and deferred financing fees 547.4 548.5 Deferred tax liabilities, net 100.7 100.2 Other noncurrent liabilities 2.9 4.7 Total liabilities 878.1 876.7 Commitments and contingencies Shareholders’ equity Common stock, $0.01 par value; authorized shares: 800,000; issued and
outstanding shares: 72,802 and 72,604 at March 31, 2018 and December 31, 2017, respectively
0.7 0.7 Additional paid-in capital 680.9 677.1 Retained earnings 116.5 83.4 Total shareholders’ equity 798.1 761.2 Total liabilities and shareholders’ equity $ 1,676.2 $ 1,637.9 Appendix I
Emerald Expositions Events, Inc.
Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31,
2018 2017 (dollars in millions) (unaudited)
Net income $ 38.1 $ 28.3 Add (deduct): Interest expense 6.5 9.6 Provision for income taxes 12.5 18.6 Depreciation and amortization 11.4 10.6 Stock-based compensation 1.2 0.6 Deferred revenue adjustment 0.1 0.5 Management fee - 0.2 Other items (1) 3.8 4.5 Scheduling adjustment - (0.5 ) Adjusted EBITDA $ 73.6 $ 72.4 (1) Other items for the three months ended March 31, 2018 included: (i) $1.0 million in transaction costs in connection with certain acquisition transactions (ii) $1.0 million in legal, accounting and consulting fees related to the secondary offering and other related activities and (iii) $1.8 million in transition costs. Other items for the three months ended March 31, 2017 included: (i) $1.6 million in transaction costs in connection with certain acquisition transactions that were completed or pending in 2017 and 2016, (ii) $2.6 million in legal, audit and consulting fees related to the IPO and other related activities and (iii) $0.3 million in transition costs. Three Months Ended March 31,
2018 2017 (dollars in millions)
(share data in thousands, except per share data)
(unaudited)
Net income $ 38.1 $ 28.3 Add (deduct): Stock-based compensation 1.2 0.6 Deferred revenue adjustment 0.1 0.5 Management fee - 0.2 Other items (1) 3.8 4.5 Amortization of deferred financing fees and discount 0.3 0.9 Amortization of (acquired) intangible assets 10.9 10.1 Tax adjustments related to non-GAAP adjustments (2) (4.0 ) (6.6 ) Adjusted Net Income $ 50.4 $ 38.5 Adjusted basic earnings per share $ 0.69 $ 0.62 Adjusted Diluted earnings per share $ 0.66 $ 0.60 Basic weighted average common shares outstanding 72,715 61,866 Diluted weighted average common shares outstanding 75,819 63,785 (1) Represents other items described in Note 1 above. (2) Reflects application of U.S. federal and state enterprise tax rate of 24.7% and 39.7% for the three months ended March 31, 2018 and 2017, respectively. Three Months
Ended March 31,
2018 2017 (dollars in millions)
(unaudited)
Net Cash Provided by Operating Activities $ 20.6 $ 28.8 Less: Capital expenditures 0.5 0.3 Free Cash Flow $ 20.1 $ 28.5
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Emerald Expositions Events, Inc.
Philip Evans, 1-866-339-4688 (866EEXINVT)
Chief Financial Officer
[email protected]
Source: Emerald Expositions Events, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-emerald-expositions-reports-first-quarter-2018-financial-results.html |
WASHINGTON (Reuters) - The U.S. Treasury believes it would be better for Italy and other euro-zone countries to work out their issues with no major changes to the bloc, a senior Treasury official said on Tuesday as Italian political and market turmoil emerged as a key topic for a G7 finance leaders meeting this week.
Speaking to reporters, the official said that Treasury was tracking Italy’s political turmoil closely, but he has not seen any systemic impact from volatility in Italian and international markets that was a concern for the United States.
“It would be better if they were to work things out within the euro zone without making significant changes there, and certainly the Italians have the opportunity to do that,” the official said.
Italy, the euro zone’s third largest economy, suffered its biggest market sell-off in years after the country’s latest failure to form a government sparked worries about new elections that could lead to a bigger mandate for euro-skeptic politicians and cast doubt on Italy’s future in the euro zone..
The turmoil hit U.S. bank shares and caused a sell-off of euro assets and a rush into safe-haven Treasury debt, sending the dollar to a 10-month high against the euro.
The Treasury official said it was unclear who would be representing Italy at the G7 finance ministers and central bank governors’ meeting on Thursday, Friday and Saturday in Whistler, Canada. He said the International Monetary Fund would likely be leading the discussion on global risks.
Reporting by David Lawder; Editing by James Dalgleish and Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-g7-summit-finance-usa/u-s-treasury-sees-italy-better-off-within-euro-zone-official-idUSKCN1IU2W0 |
(Updates yields; adds analyst comments, auction results) By Kate Duguid NEW YORK, May 10 (Reuters) - Longer-dated U.S. Treasury yields fell on Thursday, flattening the yield curve as a smaller-than-expected increase in the consumer price index in April reduced fears that domestic inflation is picking up steam as the labor market tightens. The 10-year Treasury yield fell to a session low of 2.948 percent after having broken through the psychologically significant level of 3 percent on Wednesday. The two-year yield, which is particularly sensitive to market sentiment about interest-rate hikes, was up from late Wednesday, suggesting traders did not believe CPI data was sufficiently weak to derail the planned rate hike in June. "I think June is pretty much 100 percent baked in and so that's what we're seeing particularly in the short term," said Paula Solanes, portfolio manager at Silicon Valley Bank Asset Management in San Francisco. The overall effect was a flattening of the yield curve, in which shorter-dated yields rise faster than those at the long end. The spread between five- and 30-year yields fell to a session low of 28.3 basis points, near the post-financial crisis trough reached on April 30. The Labor Department reported its consumer price index rose 0.2 percent in April after slipping 0.1 percent in March. Excluding the volatile food and energy components, the CPI edged up 0.1 percent after two straight monthly increases of 0.2 percent. The so-called core CPI rose 2.1 percent year-on-year in April, matching March's increase. Core inflation remains low because wages have not risen substantially even with jobless claims near a 48-year low. Real average hourly earnings were flat in April, and rose just 0.2 percent year over year, the Labor Department also reported on Thursday. Some analysts remained nonplussed. "We think this is a temporary aberration," said Candice Bangsund, vice president and portfolio manager, global asset allocation at Fiera Capital Corporation in Montreal. "At a time when the economy is operating at full employment, this will inevitably place upward pressure on wages." Also pressuring the long end of the curve was the strong demand for $17 billion of new supply of 30-year bonds auctioned on Thursday afternoon. The bonds sold at a yield of 3.130 percent, the highest for this maturity at an auction since March 2017, Treasury data showed. The yield on benchmark 10-year Treasury notes was 2.970 percent, down 3.4 basis points from late Wednesday. The 30-year yield was 3.119 percent, down 3.5 basis points, while the two-year yield was last at 2.534 percent, less than a basis point above late Wednesday. May 10 Thursday 3:55PM New York / 1955 GMT Price US T BONDS JUN8 143-6/32 0-17/32 10YR TNotes JUN8 119-100/256 0-32/256 Price Current Net Yield % Change (bps) Three-month bills 1.86 1.8946 0.010 Six-month bills 2.0025 2.051 -0.010 Two-year note 99-178/256 2.5343 0.004 Three-year note 99-212/256 2.685 0.000 Five-year note 99-160/256 2.8313 -0.007 Seven-year note 99-152/256 2.9398 -0.017 10-year note 99-48/256 2.9695 -0.025 30-year bond 97-188/256 3.1172 -0.037 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 24.25 -0.50 spread U.S. 3-year dollar swap 19.00 -0.75 spread U.S. 5-year dollar swap 11.00 -0.50 spread U.S. 10-year dollar swap 4.25 1.50 spread U.S. 30-year dollar swap -8.75 1.75 spread (Reporting by Kate Duguid and Richard Leong; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-long-dated-yields-fall-curve-flattens-after-muted-inflation-data-idUSL1N1SH1UM |
The acquisition strengthens ResMed’s software-as-a-service (SaaS) solutions for homecare providers
SAN DIEGO--(BUSINESS WIRE)-- ResMed (NYSE:RMD, ASX:RMD), a global leader in connected healthcare solutions, today announced it has entered into a definitive agreement to acquire privately held HEALTHCAREfirst, a provider of software solutions and services for home health and hospice agencies.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180529005328/en/
HEALTHCAREfirst offers electronic health record (EHR) software, billing and coding services, and advanced analytics that enable home health and hospice agencies to optimize their clinical, financial and administrative processes. HEALTHCAREfirst will complement ResMed’s existing software solutions offered by Brightree, a wholly owned subsidiary ranked as one of the top 100 healthcare IT companies in the United States.
“The home health and hospice segments are large and growing fast, due to the rising prevalence of chronic conditions and an aging population shifting to homecare and other lower-cost care settings,” said Raj Sodhi, president of ResMed’s SaaS business. “HEALTHCAREfirst’s solutions suite enables ResMed to help efficiently and effectively manage this growing population, benefiting patients, their families, agencies and payers.
“Joining ResMed, with their purpose of changing lives with every breath, is an exciting opportunity for our HEALTHCAREfirst team, as our joint mission is linked to improving quality of life for patients in out-of-hospital healthcare,” said J. Kevin Porter, HEALTHCAREfirst’s president and CEO. “We believe our combined resources and investment capabilities will make an even more impactful improvement on the patient experience and our customers’ business outcomes at a time when they’re under increased reimbursement and regulatory pressures.”
The transaction’s financial terms were not disclosed, but the transaction will not be material to ResMed’s consolidated financial results. The transaction is expected to be finalized before the end of the first quarter of ResMed’s fiscal year 2019 (September 30, 2018), subject to customary closing conditions, including regulatory approvals.
About ResMed
ResMed (NYSE:RMD, ASX:RMD), a world-leading connected health company with more than 5 million cloud-connected devices for daily remote patient monitoring, changes lives with every breath. Its award-winning devices and software solutions help treat and manage sleep apnea, chronic obstructive pulmonary disease and other respiratory conditions. Its 6,000-member team strives to improve patients’ quality of life, reduce the impact of chronic disease and save healthcare costs in more than 120 countries. ResMed.com
About HEALTHCAREfirst
HEALTHCAREfirst provides cloud-based technologies and services to improve business and clinical operations for thousands home health and hospice providers across the United States. Based in Springfield, MO, and one of the fastest growing providers of its kind, the company provides agency and clinical management software, outsourced revenue cycle management services (billing, coding and OASIS Review), CAHPS surveys, and advanced analytics, in any combination. HEALTHCAREfirst’s breadth of solutions offers agencies a single source to improve patient care, create operational efficiencies, increase profitability and simplify CMS compliance. With HEALTHCAREfirst, agencies can focus on patients instead of paperwork. For more information call 800.841.6095 or visit healthcarefirst.com .
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ResMed
For media:
Jayme Rubenstein, +1 858-836-6798
[email protected]
or
For investors:
David Pendarvis, +1 858-836-5000
[email protected]
Source: ResMed | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-resmed-to-acquire-healthcarefirst-a-cloud-based-software-and-services-provider-for-home-health-and-hospice-agencies.html |
Maine Gov. Paul LePage is going out swinging in his final months in office, maintaining his record-smashing veto pace and still refusing to kick-start the Medicaid expansion that the state’s voters approved last fall.
The administration of Mr. LePage, a Republican barred by state constitution from seeking a third term, missed an April deadline to begin securing federal money for the planned July 2 Medicaid expansion that he has called a “boondoggle.” He insists he won’t act until legislators meet his funding conditions for... | ashraq/financial-news-articles | https://www.wsj.com/articles/maine-gov-lepage-ending-his-two-term-tenure-with-more-vetoes-1525176000 |
DENVER and LONDON, Growing corporate profits pushed global dividends 10.2% higher on a headline basis to $244.7 billion in the first quarter, according to the Janus Henderson Global Dividend Index . The total was a record for the first quarter. All-time quarterly records were broken in Canada and the US, while first-quarter records were broken in one in four of the countries in the index. Asia Pacific ex Japan was the only region not to see an increase, owing to sharply lower special dividends in Hong Kong, and dividend cuts in Australia. The Janus Henderson Global Dividend Index ended the quarter at a record 174.2, meaning that global payouts last year were almost three-quarters higher than in 2009.
Key highlights
Global dividends jumped 10.2% on a headline basis to $244.7 billion in Q1, a record for first-quarter payouts Q1 exceeded expectations thanks to the weaker dollar; underlying growth of 5.9% met Janus Henderson's forecast All-time quarterly records broken in Canada and the US; first-quarter records broken in one in four countries Asia Pacific ex Japan was the only region to see falling dividends due to lower special dividends in Hong Kong, and cuts in Australia 2018 set to see global dividend growth of 6.0% in underlying terms Headline growth upgraded to 8.5%, helped by a weaker dollar, with payments expected to reach a record $1.358 trillion
Q1 headline growth was ahead of Janus Henderson's forecast, mainly because the US dollar weakened steadily over the course of the quarter, meaning that payments denominated in other currencies were translated at more favourable exchange rates.
On an underlying basis, growth was exactly in line with Janus Henderson's expectations, up 5.9% year-on-year and continuing the pace set in 2017.
Seasonal patterns in dividend payments give North America a greater share of global payouts in Q1, as almost every company makes regular quarterly distributions to investors. US underlying growth was 7.6%, with the total paid reaching an all-time quarterly record of $113.0 billion.
Overall, almost eight in 10 US companies paid out more in dividends year-on-year, with technology, financials and healthcare doing best. Canada saw underlying growth of 13.8%, the fastest in the developed world. The $10.1 billion total there was also an all-time record, and every company in the dividend index raised or held payouts.
Elsewhere, there are relatively few European dividend payments in Q1, and these were held back by a seasonal skew towards slower growing Swiss pharmaceutical stocks and oil companies. Underlying growth was 3.9%, though stronger European exchange rates pushed headline growth up 13.7%. Japanese payouts jumped 8.2% in underlying terms, the total reaching a first-quarter record, while emerging market payouts were boosted by special dividends.
Asia Pacific ex Japan was the laggard during Q1. Payouts dropped 3.1% in underlying terms, though the dip is likely to prove temporary. Most companies in Hong Kong held or raised payouts modestly, though the headline total was hit by sharply lower special dividends, while Singaporean payouts were flat in underlying terms. Australian dividends fell due to cuts by two key Q1 payers, but behind the headlines, there was broad-based growth.
Janus Henderson has maintained its forecast for underlying dividend growth of 6.0% this year, with expansion expected to come from every region of the world. The dollar decline in recent months has added to the headline growth forecast and Janus Henderson now expects dividends to rise 8.5% in headline terms for the full year, reaching a total of $1.358 trillion, $10 billion more than its initial expectations in January.
Annual dividends by region in USD billions
Region
2014
%
change
2015
%
change
2016
%
change
2017
%
change
Q1
2017
%
change
Q1
2018
%
change
Emerging Markets
$126.6
-9.1%
$112.2
-11.4%
$87.9
-21.6%
$102.6
16.7%
$12.5
25.7%
$17.0
35.3%
Europe ex UK
$237.5
13.7%
$213.4
-10.1%
$223.2
4.6%
$226.8
1.6%
$36.0
-3.0%
$40.9
13.7%
Japan
$50.0
6.4%
$52.6
5.2%
$64.7
23.2%
$70.0
8.1%
$4.5
7.7%
$5.2
16.8%
North America
$392.9
14.8%
$441.2
12.3%
$445.0
0.9%
$475.6
6.9%
$116.1
0.4%
$123.1
6.1%
Asia Pacific
$120.9
4.4%
$113.8
-5.9%
$117.8
3.5%
$139.9
18.8%
$12.5
-2.0%
$12.2
-2.4%
UK
$123.3
32.3%
$96.2
-22.0%
$93.0
-3.3%
$95.7
3.0%
$15.4
-5.7%
$18.7
21.1%
Total
$1,051.2
11.1%
$1,029.3
-2.1%
$1,031.6
0.2%
$1,110.6
7.7%
$197.0
0.5%
$217.1
10.2%
Divs outside top 1,200
$130.4
8.6%
$130.6
0.2%
$130.9
0.2%
$140.9
7.7%
$25.0
0.5%
$27.5
10.2%
Grand Total
$1,181.6
10.8%
$1,159.9
-1.8%
$1,162.5
0.2%
$1,251.6
7.7%
$222.0
0.5%
$244.7
10.2%
Ben Lofthouse, Director of Global Equity Income at Janus Henderson said: "2018 has started well for dividends. Economic growth is strong, and corporate profitability is rising, generating cash that companies can return to their shareholders. The Q1 acceleration in US dividend growth may be an early sign that companies are feeling confident about returning some of the cash they have accumulated to shareholders. Recent US corporate tax reforms could encourage this trend. The second quarter is seasonally important for European dividend payments and we will see a much broader range of industries and countries contributing than in Q1. Europe's economic recovery is likely to yield healthy growth from across the region. Stock-specific problems in Australia made a greater impact on Q1 than they will on the full year, and we are optimistic for emerging markets and Asia too.
We're confident investors will get to celebrate a new record for global dividends in 2018."
Notes to the editors:
Methodology
Each year Janus Henderson analyses dividends paid by the 1,200 largest firms by market capitalisation (as at 31/12 before the start of each year). Dividends are included in the model on the date they are paid. Dividends are calculated gross, using the share count prevailing on the pay-date (this is an approximation because companies in practice fix the exchange rate a little before the pay-date), and converted to USD using the prevailing exchange rate. Where a scrip dividend is offered, investors are assumed to opt 100% for cash. This will slightly overstate the cash paid out, but we believe this is the most proactive approach to treat scrip dividends. In most markets it makes no material difference, though in some, particularly in European markets, the effect is greater. Spain is a particular case in point. The model takes no account of free floats since it is aiming to capture the dividend-paying capacity of the world's largest listed companies, without regard for their shareholder base. We have estimated dividends for stocks outside the top 1,200 using the average value of these payments compared to the large cap dividends over the five-year period (sourced from Quote: d yield data). This means they are estimated at a fixed proportion of 12.7% of total global dividends from the top 1,200, and therefore in our model grow at the same rate. This means we do not need to make unsubstantiated assumptions about the rate of growth of these smaller company dividends. All raw data was provided by Exchange Data International with analysis conducted by Janus Henderson Investors.
Press enquiries
Janus Henderson Press Office
Taylor Smith
T: 1-303-336-5031
E: [email protected]
About Janus Henderson Investors
Janus Henderson is a leading global active asset manager dedicated to helping investors achieve long-term financial goals through a broad range of investment solutions, including equities, quantitative equities, fixed income, multi-asset and alternative asset class strategies.
Janus Henderson has approximately $372 billion in assets under management (as of 31 March 2018), more than 2,000 employees and offices in 27 cities worldwide. Headquartered in London, the company is listed on the New York Stock Exchange (NYSE) and the Australian Securities Exchange (ASX). It has a market capitalisation of approximately US$6 billion.
This press release is solely for the use of members of the media and should not be relied upon by personal investors, financial advisers or institutional investors. The information in the document is not intended or should not be construed as investment advice. Past performance is no guarantee of future results.
Investing involves risk, including the possible loss of principal and fluctuation of value.
Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.
Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.
View original content with multimedia: releases/soaring-profits-push-global-dividends-to-a-first-quarter-record-300651453.html
SOURCE Janus Henderson Investors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-soaring-profits-push-global-dividends-to-a-first-quarter-record.html |
May 2, 2018 / 11:23 AM / Updated 22 minutes ago BRIEF-Garmin Q1 Pro Forma Earnings Per Share $0.68 Reuters Staff
* GARMIN REPORTS RECORD FIRST QUARTER REVENUE AND DOUBLE-DIGIT EARNINGS GROWTH * Q1 PRO FORMA EARNINGS PER SHARE $0.68
* Q1 EARNINGS PER SHARE VIEW $0.56 — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $3.08, REVENUE VIEW $3.19 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-garmin-q1-pro-forma-earnings-per-s/brief-garmin-q1-pro-forma-earnings-per-share-0-68-idUSASC09YXC |
May 12, 2018 / 9:22 PM / Updated an hour ago Two of three missing Polish miners found dead - JSW Reuters Staff 2 Min Read
WARSAW (Reuters) - Rescuers searching for three Polish miners trapped almost a kilometre underground since a tunnel collapsed eight days ago have found two bodies, taking the death toll from the incident to four, coal company JSW said on Sunday.
One man is still missing at the Zofiowka mine in southern Poland, which was struck by an earthquake on May 5, initially trapping seven miners. Two were found dead and two others were rescued early last week.
“Rescuers have found the body of the second miner ... The action continues, one miner is still being sought,” JSW, the European Union’s biggest coking coal producer, said in a statement.
The bodies were found as rescuers were pumping out water from the flooded mine.
Around 1,000 people have been involved in the rescue action, JSW said, adding it was one of the most difficult in the company’s history.
About 250 people were working underground at the time of the quake. The missing miners were in a team drilling a new tunnel.
The 3.5-4.0 magnitude quake was the strongest recorded in the mine, officials there said.
Around 83,000 people work in Poland’s coal mining sector. Fifteen people died in mining-related accidents in 2017, and eight have died so far this year. Reporting by Agnieszka Barteczko and Anna Koper, Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-poland-miners-jsw/one-of-three-polish-missing-miners-found-shows-no-signs-of-life-jsw-idUKKCN1ID0VD |
May 18, 2018 / 7:07 PM / Updated 12 minutes ago Latest ouster in wake of Nassar scandal divides USA Gymnastics Reuters Staff 4 Min Read
USA Gymnastics announced Friday it has parted ways with the director of its women’s program, but not everyone involved with USA Gymnastics seems to agree with the move. Former gymnasts Larissa Boyce (L) and Ashley Erickson greet each other during the sentencing hearing of Larry Nassar, a former team USA Gymnastics doctor who pleaded guilty in November 2017 to sexual assault charges, in the Eaton County Court in Charlotte, Michigan, U.S., February 5, 2018. REUTERS/Rebecca Cook
In a statement released through USA Gymnastics, CEO Kerry Perry did not elaborate on the decision to split with Rhonda Faehn, nor did she indicate whether Faehn was fired or resigned.
“Rhonda Faehn is no longer with USA Gymnastics. This is a personnel matter that we will not discuss in detail,” Perry said in the statement.
Faehn is believed to be the first USA Gymnastics official to be told of sexual-abuse accusations against then-team doctor Larry Nassar. Olympic gold medalist Aly Raisman is one of the more outspoken critics of Faehn, believing she should have gone directly to authorities when Faehn learned of the Nassar allegations in summer 2015.
Instead, Faehn notified then-USA Gymnastics president Steve Penny, who then hired an investigator. The FBI was then contacted more than five weeks later, according to multiple reports.
According to NBC News, Faehn was at a national training camp in Tennessee when she was called to USA Gymnastics headquarters on Thursday afternoon. According to the report, Faehn did not immediately resign but rather stayed at the camp, where the 22 gymnasts and their coaches in attendance learned of the news.
Reportedly “blindsided” by the news, the gymnasts then requested the final two practices at the camp be canceled.
“We all strongly disagree in this decision and believe that Rhonda is the glue that is holding us together right now,” national team gymnast JaFree Scott wrote on Instagram. “We all TRUST her and believe she is moving Team USA forward.”
On Thursday night, Team USA gymnast Margzetta Frazier reportedly tweeted a screen grab of a text message she sent to Perry, which said, in part, “I am deeply saddened, disappointed, and infuriated with the decisions being made by USAG. I understand and appreciate your effort to making USAG a better environment for athletes, but you are doing exactly the opposite. Getting rid of coaches is one thing, but doing so at an active national team camp is inconsiderate to us athletes and inappropriate. If we are the ones that you are ‘protecting’ then why are you getting rid of the people who actually care about us. Valeri Liukin was doing an incredible job as our head coordinator. Rhonda Faehn is an exceptional coach, human being, and mentor. She is the reason why we are moving forward. Or at least trying to.”
Frazier, a high school senior set to enroll and compete at UCLA this fall, has since deleted her Twitter account.
Liukin, a former Soviet Olympic champion and the father of 2008 U.S. gold-medal winner Nastia Liukin, took over as U.S. women’s team coordinator in September 2016 following the retirement of famed coach Marta Karolyi. But he stepped down in February citing stress from the “present climate.”
Perry was named USA Gymnastics CEO in December and is scheduled to testify before the House Subcommittee on Oversight and Investigations on Wednesday.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-sports-usa-gymnastics/latest-ouster-in-wake-of-nassar-scandal-divides-usa-gymnastics-idUSKCN1IJ2K0 |
SAO PAULO, May 22 (Reuters) - Brazil’s third largest poultry and pork processor, Cooperativa Central Aurora Alimentos, plans to halt operations at 15 plants in the country on Thursday and Friday as a truckers’ protest hampers road transportation nationwide.
Aurora said in a written statement that it is running out of storage space, since most of its processed products are not leaving plants to reach local consumers and exporting ports. The company said it has asked associated poultry and pork growers to ration feed to the animals. (Reporting by Marcelo Teixeira, Ana Mano and José Roberto Gomes; editing by Bill Berkrot)
| ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transport-aurora/brazil-major-meat-processor-to-stop-15-plants-due-to-protests-idUSE6N1QR00I |
May 24, 2018 / 5:51 PM / Updated 2 hours ago Rallying: Citroen terminate Meeke's contract after crashes Reuters Staff 1 Min Read
(Reuters) - Citroen have dropped British driver Kris Meeke from their world rally championship team for safety reasons because of his “excessively high number of crashes”. FILE PHOTO - Rallying - FIA World Rally Championship - Wales Rally GB - Deeside, Britain - October 27, 2017 Citroen Total Abu Dhabi WRT's Kris Meeke of Great Britain and Paul Nagle of Ireland during SS3 at Sweet Lamb Action Images/Peter Cziborra
The French manufacturer team said in a statement on Thursday that the Northern Irishman would play no further part in this year’s championship.
It said some of Meeke’s crashes had been “particularly heavy” and could have had serious consequences with regard to the crew’s safety.
“Given that the risks involved were unjustified by the sporting stakes at play, Citroen Racing WRT has decided to terminate the participation of Kris Meeke and Paul Nagle in the 2018 WRC,” the team said.
Meeke was flown to hospital for checks after crashing heavily into trees during last weekend’s round in Portugal, a race he won in 2016.
Citroen Racing head Pierre Budar said the decision had not been an easy one to take but it was “largely founded on safety issues” and had been made as preventive measure. Reporting by Alan Baldwin in Monaco, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-rally-citroen-meeke/rallying-citroen-terminate-meekes-contract-after-crashes-idUKKCN1IP36D |
NEW YORK, May 22, 2018 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, announced today that its Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.345 per share, which will be payable on August 3, 2018 to shareholders of record on July 20, 2018.
Foot Locker, Inc. is a specialty athletic retailer that, as of May 5, 2018, operated 3,284 stores in 24 countries in North America, Europe, Australia, and New Zealand. Through its Foot Locker, Kids Foot Locker, Lady Foot Locker, Champs Sports, Footaction, Runners Point, Sidestep, and SIX:02 retail stores, as well as its direct-to-customer channels, including Eastbay.com , footlocker.com , and SIX02.com , the Company is a leading provider of athletic footwear and apparel.
Contact:
James R. Lance
Vice President,
Corporate Finance and
Investor Relations
Foot Locker, Inc.
(212) 720-3882
View original content: http://www.prnewswire.com/news-releases/foot-locker-inc-declares-quarterly-dividend-of-0-345-per-share-300653139.html
SOURCE Foot Locker, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-foot-locker-inc-declares-quarterly-dividend-of-0-point-345-per-share.html |
Published: May 4, 2018 6:27 a.m. ET Share
Approval comes as a U.S. wraps up trade meeting with China after dispute over technology products Getty Images Qualcomm, which makes the Snapdragon 835 processor above, has got approval for its Chinese joint venture.
By Yoko Kubota
BEIJING—China’s antitrust regulator has approved Qualcomm Inc.’s joint venture with a unit of China’s state-owned Datang Telecom Technology Co. to design smartphone chipsets, people familiar with the matter said, a win for the U.S. chip maker amid escalating U.S.-China trade friction.
The proposed joint venture was announced a year ago, but only this week approved by China’s antitrust regulator, the people said.
The venture would be formed between Qualcomm QCOM, +0.10% and Datang’s 600198, -5.06% subsidiary Leadcore Technology Co., as well as Jianguang Asset Management Co. and Wise Road Capital, Qualcomm has said. It would compete with companies producing processors for low-cost smartphones, including China’s Spreadtrum Communications, which is owned by Tsinghua Unigroup. | ashraq/financial-news-articles | https://www.wsj.com/articles/qualcomms-smartphone-chipset-jv-gets-the-nod-in-china-1525419431 |
BOGOTA (Thomson Reuters Foundation) - Thousands of migrants from Haiti and the Dominican Republic seeking a better life in more prosperous Chile are at high risk of labor exploitation and trafficking as migration to the South American nation soars, experts say.
At least 100,000 migrants arrived in Chile last year from Haiti, the poorest nation in the Americas, according to police figures - more than double the number in 2016.
The risks were put in the spotlight last month when Chilean authorities charged five people with smuggling dozens of Haitians into the country with false promises of jobs and work visas.
Paola Zarate, a state prosecutor in Chile’s capital Santiago dealing with the case, said each Haitian migrant paid up to $3,000. When they arrived, most were abandoned without the jobs and accommodation they had been promised.
“The fact that they are foreign makes them vulnerable to being victims of other crimes,” Zarate told the Thomson Reuters Foundation, saying Haitian migrants were at heightened risk of being trafficked into forced labor or sex work.
Haitian Wadner Maignan works for the Jesuit Service for Migrants, which provides support and legal advice to migrants in Santiago.
He says Haitian men often end up working on construction sites and in factories where they are victims of labor exploitation and abuse.
“They tell me: I don’t get a break at work, they treat me badly, they don’t pay us well - this is very common,” said the 29-year-old, who arrived in Chile three years ago.
Last month Chile tightened its rules on migration for Haitians and other nationals, citing a need to stem rising illegal immigration.
In recent years, Chile has also become a leading destination for migrants from the Dominican Republic, a trend apparent since 2013 said prosecutor Zarate, who is currently investigating a case of two women from the Dominican trafficked into sex work.
Zarate said traffickers made false promises of domestic or retail work to women who were forced into prostitution in the capital’s bars and brothels after arriving to find the jobs did not exist and their passports seized.
“It’s quite a common situation in Santiago ... women are offered work in a certain way, however it’s to use these women for sexual services,” she said.
There have been few convictions for sex trafficking and forced labor involving migrants because most victims do not report it, she said.
“Unfortunately, people often don’t feel they are victims, for them it’s a form of work,” Zarate said.
“Getting convictions depends also on a victims’ commitment to continue with an investigation to get results.”
Reporting by Anastasia Moloney @anastasiabogota, Editing by Claire Cozens. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org
| ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-trafficking-migrants/smugglers-prey-on-migrants-seeking-better-life-in-chile-experts-idUSKBN1IC2CE |
TORONTO, Slate Office REIT (TSX:SOT.UN) (the "REIT") announced today that it has entered into a definitive agreement to sell 135 Queens Plate Drive in Etobicoke, ON for $16.74 million. The REIT expects to initially use the net proceeds to reduce outstanding debt, which may be redrawn to fund future acquisition activity.
The REIT expects this transaction to close in the third quarter of 2018.
About Slate Office REIT (TSX:SOT.UN)
Slate Office REIT is an open-ended real estate investment trust. The REIT's portfolio currently comprises 45 strategic and well-located real estate assets located primarily across Canada's major population centres including one downtown asset in Chicago, Illinois. The REIT is focused on maximizing value through internal organic rental and occupancy growth and strategic acquisitions. Visit slateofficereit.com to learn more.
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with over $5.5 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm's careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
For Further Information
Investor Relations
+1 416 644 4264
[email protected]
Source:Slate Office REIT L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-slate-office-reit-announces-16-point-74-million-property-disposition-in-etobicoke-on.html |
BEIJING/CHICAGO, May 3 (Reuters) - China’s major ports of entry have ramped up checks on fresh fruit imports from the United States, five Chinese industry sources said, which could delay shipments from U.S. growers already dealing with higher tariffs as Sino-U.S. trade ties worsen.
Fruits were among 128 U.S. goods that China slapped with more expensive import tariffs in retaliation for U.S. levies on Chinese steel and aluminum as trade tensions between the world’s two biggest economies flared this year.
A U.S. trade delegation led by Treasury Secretary Steven Mnuchin is in Beijing for talks with Chinese officials. The two sides are expected to discuss an array of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.
Since last week, Beijing has dispatched quarantine experts to major ports including Shanghai and Shenzhen to make more thorough on-site checks for disease and rot, a source based in Shanghai with direct knowledge of the matter told Reuters, declining to be named due to the sensitivity of the matter.
“China has resumed the practice of inspecting every batch of U.S. fresh fruit,” the source said, adding that inspectors had previously checked only around 30 percent of shipments. China had dialed back the checks in November 2017.
Since Monday, all U.S.-originated fruit shipments have been subject to up to seven days of quarantine check on arrival in Shenzhen, said an industry source based at the port in China’s south.
Previously, Chinese custom officers had let shipments through while they conducted sample checks.
Several containers of oranges imported by the source’s company from the United States have been intercepted this week, the Shenzhen industry source added.
China’s customs office could not be immediately reached for comment outside business hours.
Several batches of U.S apples have failed quarantine inspections and will be returned to the United States, the Shanghai source with direct knowledge of the matter said.
Washington-based Chelan Fresh sales manager Bryan Peebles said he had heard of some shipment holdups, but that his export business, which includes apples and cherries, was not affected in recent weeks.
“There has been news of detaining of fruits – citrus and a little bit of apples,” he said, adding that exporters will get a better handle on any heightened scrutiny when the year’s first California cherry exports arrive in China this week.
The United States sold $18 million of fresh apples to China in 2017 out of $872 million in total exports, according to the U.S. Department of Agriculture.
The more thorough inspections came as the cherry season on the U.S. West Coast kicked off. Shipments from Washington state typically begin in June.
China is the third-largest export market for fresh cherries from the United States. U.S. exporters shipped $119 million of fresh cherries to China, just under a third of total shipments worth $605 million in 2017.
Fruits have previously been a casualty of bilateral trade spats. Several years ago, China banned some imports of Philippine fruit as bilateral ties deteriorated over a maritime territorial dispute in the South China Sea.
One Chinese online retailer that imports and sells U.S. cherries has suspended plans to promote U.S. fruits, a source at the company said. (Reporting by Yawen Chen in BEIJING and Karl Plume in CHICAGO, additional reporting by Ann Saphir in San Francisco Editing by Simon Webb and Meredith Mazzilli)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-fruits/chinese-customs-expands-checks-on-u-s-fruit-imports-sources-idUSL3N1SA465 |
Chris Paul is officially questionable for the Rockets’ Game 7 against the Golden State Warriors on Monday, but Houston coach Mike D’Antoni expressed doubt about Paul’s availability as the guard recovers from a right hamstring injury.
May 26, 2018; Oakland, CA, USA; Houston Rockets guard James Harden (left) and guard Chris Paul (right) on the bench against the Golden State Warriors in the second half in game six of the Western conference finals of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Kyle Terada-USA TODAY Sports “I think it’s a game-time decision,” D’Antoni told reporters Sunday. “Probably doubtful, or however they listed it, or questionable. They will eventually test it and see if there’s any possibility whatsoever.”
Paul, 33, missed Houston’s Game 6 loss on Saturday — a 115-86 blowout by Golden State despite the Rockets holding a 17-point lead in the first quarter — after sustaining the injury in the waning moments of the Rockets’ Game 5 win over the Warriors on Thursday. He hasn’t yet tested the hamstring, according to D’Antoni.
“He’s just been getting treatment and trying to make sure it calms down and everything,” D’Antoni said. “I would think the doctors and trainers are working on him 24 hours a day almost. They will (Monday) morning re-evaluate it again, probably (Monday) afternoon again.”
Paul missed 24 games during the regular season, during which Houston went 15-9, including 15-6 when both James Harden and Clint Capela played. Paul has averaged 21.1 points, 5.8 assists, 5.9 rebounds and 2.0 steals per game during the postseason. He averaged 37 minutes over the first five games of the series against Golden State, scoring 47 combined points in victories in Games 4 and 5.
D’Antoni told reporters the Rockets don’t plan to hide Paul’s status to keep their opponent off-balance leading up to Monday’s elimination game.
“We’re not going to be coy with it,” D’Antoni said. “As soon as we know, we’ll say it, but we might not know until the afternoon (when we) see how it goes or he tests it out. But we’ll have to kind of play it by ear for now.”
On the Warriors’ injury report, swingman Andre Iguodala is once again questionable to play after missing Games 5 and 6 with a bone bruise in his left knee. However, Golden State coach Steve Kerr told reporters Saturday night the team is “operating under the assumption that he will not play.”
Iguodala’s replacement in the starting lineup, forward Kevon Looney, is questionable for Game 7 due to a sore left toe. Looney will be a game-time decision.
Looney, 22, tallied four points, seven rebounds and two steals in 19 minutes in Game 6 before being pulled with 3:25 to play in the fourth quarter, about a minute after he had re-entered the game to end forward Draymond Green’s night with the contest comfortably decided.
Warriors guard Patrick McCaw, who returned on Saturday from a two-month absence caused by a lower-back injury, is listed as probable for Game 7. The 22-year-old scored two points and grabbed two rebounds and a steal in four minutes in Game 6.
Game 7 tips at 9 p.m. ET on Monday in Houston, with the winner advancing to the NBA Finals.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-hou-gsw-paul/houston-rockets-chris-paul-unlikely-to-play-but-game-time-decision-for-game-7-idUSKCN1IT04N |
Rudy Giuliani called President Donald Trump' s son-in-law, Jared Kushner , "disposable" — and warned that special counsel Robert Mueller should stay away from Ivanka Trump.
Giuliani's off-the-cuff cut on Kushner, a senior adviser to the president, came Wednesday night as he also revealed that the president had repaid long-time lawyer Michael Cohen for a $130,000 hush-money payment to porn star Stormy Daniels .
Giuliani, who is now on Trump's legal team, told Fox News' Sean Hannity that Kushner's wife, Ivanka, should not be subject to Mueller 's probe of Russian meddling into the 2016 election.
show chapters Rudy Giuliani joins Trump's legal team 6:03 PM ET Thu, 19 April 2018 | 00:23 Ivanka Trump is also a senior presidential adviser.
"Jared is a fine man, you know that," the former New York mayor said. "Men are disposable."
"But a fine woman like Ivanka? Come on."
Tweet
"'Ivanka Trump? I think I would get on my charger and go right into ... their offices with a lance if they go after Ivanka," the former federal prosecutor said of Mueller's team.
Giuliani also predicted that "the whole country will turn on," Mueller if the special counsel went after the president's daughter.
Mueller is investigating Russian interference in the 2016 presidential election, as well as possible collusion by Trump campaign officials.
Anthony Behar | Bloomberg | Getty Images Rudy Giuliani, former mayor of New York In June 2016, Trump's son Donald Jr., Kushner and then-campaign chief Paul Manafort met with a Russian lawyer, Natalia Veselnitskaya, at Trump Tower in New York.
Donald Trump Jr. accepted the meeting with Veselnitskaya after he was told she had incriminating information about former Secretary of State Hillary Clinton, who was running for president against his father.
Veselnitskaya told NBC News this year that after she left that meeting and was waiting for an elevator, she exchanged pleasantries with a woman she believed was Ivanka Trump. A source familiar with the meeting told NBC News that it was in fact Ivanka Trump.
The Los Angeles Times reported in January that Mueller's investigators are interested in the Russian lawyer's encounter with Ivanka.
Getty Images Ivanka Trump, adviser and daughter of President Donald Trump | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/rudy-giuliani-said-trumps-son-in-law-jared-kushner-is-disposable.html |
HOUSTON, May 16, 2018 (GLOBE NEWSWIRE) -- Targa Resources Partners LP (“Targa Resources Partners” or the “Partnership”) (NYSE:NGLS PR A) announced its monthly distribution on the Partnership’s 9.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units ("Series A Preferred Units") for May 2018.
Targa Resources Partners LP announced today that the board of directors of its general partner has declared a monthly cash distribution of 18.75¢ per Series A Preferred Unit, or $2.25 per Series A Preferred Unit on an annualized basis, for May 2018. This cash distribution will be paid June 15, 2018 on all outstanding Series A Preferred Units to holders of record as of the close of business on May 31, 2018.
About Targa Resources Partners LP
Targa Resources Partners LP is a Delaware limited partnership formed in October 2006 by its parent, Targa Resources Corp. (“TRC” or the “Company”), to own, operate, acquire and develop a diversified portfolio of complementary midstream energy assets. On February 17, 2016 TRC completed the acquisition of all outstanding common units of the Partnership. Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent midstream energy companies in North America. TRC owns, operates, acquires, and develops a diversified portfolio of complementary midstream energy assets. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, and selling natural gas; storing, fractionating, treating, transporting, and selling NGLs and NGL products, including services to LPG exporters; gathering, storing, and terminaling crude oil; storing, terminaling, and selling refined petroleum products.
The principal executive offices of Targa Resources Partners LP are located at 811 Louisiana, Suite 2100, Houston, TX 77002 and their telephone number is 713-584-1000.
For more information, please visit our website at www.targaresources.com .
Forward-Looking Statements
Certain statements in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future, are forward-looking statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Partnership’s control, which could cause results to differ materially from those expected by management of the Partnership. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of business development efforts; and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Partnership's filings with the Securities and Exchange Commission, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Partnership does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Targa Resources Partners LP’s distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Targa Resources Partners LP’s distributions to foreign investors are subject to federal income tax withholding at the highest applicable effective tax rate.
Contact the Company's investor relations department by email at [email protected] or by phone at (713) 584-1133.
Sanjay Lad
Director - Investor Relations
Jennifer Kneale
Chief Financial Officer
Source:Targa Resources Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-targa-resources-partners-lp-announces-monthly-distribution-on-preferred-units.html |
May 26, 2018 / 11:19 AM / Updated 7 hours ago Japan's Abe oversees puppy handover to Russian Olympic champion Reuters Staff 1 Min Read
MOSCOW (Reuters) - Japanese Prime Minister Shinzo Abe, on a three-day visit to Russia, took part on Saturday in the handing over of an Akita puppy to Russian Olympic champion figure skater Alina Zagitova. Japanese Prime Minister Shinzo Abe poses with an Akita Inu puppy presented to Russian figure skating gold medallist Alina Zagitova, in Moscow, Russia May 26, 2018. REUTERS/Maxim Shemetov
The three-month old female puppy has been offered to the teenage Pyeongchang Winter Olympic gold medallist by a group dedicated to preserving the Japanese breed.
Abe, who arrived in Russia on Thursday for an economic forum in St Petersburg, is due to hold talks with Russian President Vladimir Putin later on Saturday in the Kremlin.
Accompanied by his wife, Abe petted the fluffy dog before it was handed over to the 16-year-old Zagitova.
Zagitova fell in love with the breed while training in Japan before and during the Olympics and asked her parents to let her have an Akita puppy if she won the Games.
The puppy is called Masaru, which is a male name that means “win” or “victory”. Slideshow (6 Images) | ashraq/financial-news-articles | https://in.reuters.com/article/russia-japan-puppy/japans-abe-oversees-puppy-handover-to-russian-olympic-champion-idINKCN1IR0BI |
Audiences across the world watching Meghan Markle marry Prince Harry on Saturday are expecting romance and pageantry, including diamond-studded tiaras and 21-foot-long dress trains . But such memorable opulence doesn't come cheap.
While the average U.K. wedding costs about $37,000 (27,000 pounds), a considerable figure in and of itself, England-based luxury wedding planner Aimee Dunne tells CNBC Make It she estimates that, before security, the wedding of Prince Harry and Meghan Markle will cost $2.7 million (2 million pounds). A whopping $40.1 million (30 million pounds) more will be dished out on keeping the betrothed and their guests safe, reports U.K. wedding site Bridebook .
Here's how the expenses break down.
Food and beverage: $680,000 Head chef Mark Flanagan probably won't be serving ortolans on the big day, but there will be no shortage of classy hors d'œuvre and desserts, including a much-anticipated lemon elderflower cake .
With 600 guests attending both the lunch and dinner receptions, plus 2,640 guests from the public who will be provided with tea and a hot snack on the grounds of Windsor Castle, Dunne expects the food and beverage to amount to a quarter of the total budget.
"There will be lots of champagne and whiskey, I'm sure, for Harry," she says.
Glass marquee: $400,000 While the prince and soon-to-be duchess don't have to pay to rent out St. George's Chapel or the Great Hall, there are rumors that the royals are building a glass marquee for the reception. The construction and delivery could cost as much as $400,000, according to Dunne.
Dress: $270,000 The latest front-runner in the question of what Markle will wear on Saturday is a dress from Ralph & Russo , London haute couture designers which have previously prepared outfits for stars such as Gwyneth Paltrow, Angelina Jolie and Beyonce . Ralph & Russo supplied Markle with the dress she wore during her official engagement photo shoot.
ENGAGEMENT PHOTO
The Telegraph reports that the dress will cost in the ballpark of $135,000, but Dunne expects it to be as much as $270,000. That's standard for royal weddings . It is rumored that Harry will wear something more " low-key ."
Markle is also expected to change her outfit in the evening. Kate Middleton, the Duchess of Cambridge, wore an ivory satin gown with a diamante belt and matching bolero after her reception, reports The New York Times.
Flowers: $130,000 Given the size and scale of the wedding, hiring a team of florists to decorate Windsor Castle will be costly. "It will be tasteful. I don't think it's going to be overly kind of glam and wasteful in terms of what they spend," says Dunne, "but even in that case ... they could easily spend £100,000 on flowers."
Max Mumby/Indigo | Getty Images Prince Harry and Meghan Markle attend an official photocall to announce their engagement at The Sunken Gardens, Kensington Palace on November 27, 2017 in London, England The rest of the budget Other considerable expenses include entertainment. "The music will be under the direction of James Vivian, director of music, St. George's Chapel, including the Choir of St. George's Chapel, and a selection of choral groups, soloists and musicians," Kensington Palace announced.
MUSIC TWEET
So far, Karen Gibson and The Kingdom Choir and 19-year-old cellist Sheku Kanneh-Mason are confirmed performers for the wedding service. There are also rumors circulating that stars such as Elton John, the Spice Girls, Ed Sheeran and Adele could perform, reports GQ .
As for the couple's wedding rings, the bands are reportedly made out of their Welsh gold, reports Bridebook, and there is a chance that Prince Harry follows in his brother William's footsteps and doesn't wear one at all.
Markle's engagement ring was designed by Harry himself using a central diamond from Botswana and two flanking diamonds that belonged to his late mother, Diana, Princess of Wales. Experts estimate the ring could be worth as much as $350,000 .
Finally, the cost of logistics can add up, says Dunne, especially for a high-profile wedding where many preparations are made under wraps. "Keeping things quiet — that has a cost associated with it," she says, because secrecy tends to require extra people and more time.
Who's paying? The royal family announced that it will pay for the "core aspects of the wedding," which include the "church service, the associated music, flowers, decorations and the reception afterwards." Markle is reportedly expected to pay for her wedding dress herself .
FUNDING TWEET
The cost of security, including snipers on rooftops and a counter-UAV system, will top $40 million, Bridebook estimates, and is expected to be borne largely by taxpayers. For the 2011 marriage of Prince William and the Duchess of Cambridge, the English public paid an estimated $27 million , which allowed for thousands of extra police officers at the event.
That's why the campaign group Republic, which calls for abolishing the monarchy , garnered over 30,000 signatures for a petition calling on the government to disclose how much taxpayer money will be spent on the wedding. "Taxpayers should not be funding a private wedding, no matter who is getting married," the petition states.
Others argue that, considering the attention and tourism that the royal wedding attracts, the event will pay for itself. "I've certainly had more American couples this year who want to get married in castles," says Dunne.
In any case, she believes the ceremony is worth its price tag. "The monarchy for this country is a great thing," she says. "It has an awful lot of positive factors, more so than negative in terms of costs, for sure."
The royal family did not respond to CNBC Make It's request for comment.
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show chapters Even the British royal family does its best to save money - here's how 8:20 AM ET Mon, 14 May 2018 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/how-much-the-royal-wedding-will-cost.html |
FREMONT, Calif.--(BUSINESS WIRE)-- Milestone Technologies, a leading managed service provider (MSP), is pleased to announce that Natalie Heroux has joined the company as Vice President and General Manager of Professional Services, a newly created role that signals Milestone’s continuing investment in its ability to grow with and serve its global customers.
In her new role, Heroux will be responsible for overseeing the launch, growth, and operations of multiple professional services offerings, including Transition and Transformation Services, Milestone’s new “Analytics as a Service” offering, and Milestone’s Artificial Intelligence & Automation Center of Excellence, which deploys the company’s machine learning and cognitive technology capabilities.
“We are excited to add Natalie to Milestone’s growing team,” said Nelson Eng, Milestone Technologies CEO. “Her background in large-scale IT services operations at a variety of world-class service providers will be a tremendous asset in helping us meet the continuing growth demands of our customers.”
Natalie brings over 20 years of experience in the IT Services industry to Milestone. Prior to joining Milestone Technologies, Natalie developed a broad and diverse skillset running $1B+ businesses within global system integrators, such as ATOS, IBM, in both its Global Technology Services (GTS) and Global Business Services (GBS) Divisions, and Unisys.
Natalie holds a Master’s Degree in Computer Science specializing in Artificial Intelligence from Michigan State University and a Master’s Degree in Electrical Engineering specializing in CAD & PCB Systems Design from The National University of Ukraine. She is a Project Management Professional (PMP) with her Master’s Certification from George Washington University.
About Milestone Technologies, Inc.
Milestone Technologies, Inc. is a managed service provider (MSP) based in the San Francisco Bay Area since 1997. In addition to offering a wide array of IT services, Milestone provides managed Contact Center and Data Center services. The company employs 2,000+ industry professionals, serves 200+ clients, and operates in 18 countries. Milestone expertly deploys its MSP solutions to shape the way hundreds of leading corporations deliver technology around the globe.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005962/en/
Milestone Technologies, Inc.
Victoria Arvizo
[email protected]
www.milestonepowered.com
Source: Milestone Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-natalie-heroux-joins-milestone-technologies-as-vice-president-and-general-manager-of-professional-services.html |
Sunesis to Host Conference Call Today at 4:30 PM Eastern Time
SOUTH SAN FRANCISCO, Calif., May 08, 2018 (GLOBE NEWSWIRE) -- Sunesis Pharmaceuticals, Inc. (Nasdaq:SNSS) today reported financial results for the first quarter Loss from operations for the three months ended March 31, 2018 was $7.1 million. As of March 31, 2018, cash, cash equivalents and marketable securities totaled $25.4 million. This capital is expected to fund the company into early 2019.
“We remain highly focused on the execution of our Phase 1b/2 trial evaluating our lead program, the non-covalent BTK inhibitor vecabrutinib (SNS-062), to help patients who have developed resistance to covalent BTK inhibitors such as ibrutinib, the current standard of care in treating CLL,” said Dayton Misfeldt, Interim Chief Executive Officer of Sunesis. “We believe vecabrutinib represents an important potential new treatment option for B-cell hematologic cancers, and we look forward to providing a data update from the study at a medical meeting in the fall.”
Recent Highlights
Phase 1b/2 Study Evaluating Oral Non-Covalent BTK-inhibitor Vecabrutinib (SNS-062) in Adults with Chronic Lymphocytic Leukemia (CLL) and other B-Cell Malignancies. Sunesis’ ongoing Phase 1b/2 study is evaluating the safety, pharmacokinetics, pharmacodynamics, and antitumor activity of its potent non-covalent BTK-inhibitor vecabrutinib in adults with CLL and other B cell malignancies. The Phase 1b portion of the study is an open-label, dose-escalation study with the goal of determining the recommended Phase 2 dose. The Phase 2 portion of the study will explore various cohorts of patients; current cohort concepts include ibrutinib-resistant patients with C481 mutations. The trial is enrolling patients who have relapsed/refractory B cell malignancies after at least 2 lines of standard treatment. For indications such as CLL with approved BTK inhibitors, one of those prior treatments must have been a covalent BTK inhibitor. The study is in the 50 mg cohort. Sunesis expects to reach the recommended Phase 2 dose in the fall of 2018.
Appointed Industry Veteran H. Ward Wolff to the Board of Directors. In February 2018, H. Ward Wolff was appointed to the Board of Directors. Ward brings over 40 years of finance and executive leadership experience to the Board, with 20 years of experience in the life sciences sector, most recently having served as Executive Vice President and Chief Financial Officer of Sangamo Therapeutics, Inc. Mr. Wolff is also designated chairman of the company’s Audit Committee.
Financial Highlights
Cash, cash equivalents, and marketable securities totaled $25.4 million as of March 31, 2018, as compared to $31.8 million as of December 31, 2017. The decrease of $6.4 million was primarily due to $6.6 million of net cash used in operating activities, partially offset by $0.2 million in net proceeds from the exercise of stock options. This capital is expected to fund the company into early 2019.
Revenue for the three months ended March 31, 2018 was $0.2 million as compared to $0.7 million for the same period in 2017. The decrease between the periods was primarily due to deferred revenue related to the Royalty Agreement with RPI Finance Trust, which was fully amortized to revenue in March 2017.
Research and development expense was $4.0 million for the three months ended March 31, 2018, as compared to $6.2 million for the same period in 2017, primarily relating to the vecabrutinib and the vosaroxin development program in each period. The decrease of $2.2 million was primarily due to $1.7 million decrease in professional services and clinical trials expenses related to higher expenses incurred in the first quarter of 2017 due to the preparation for EMA, and $0.3 million decrease in salary and personnel expenses due to lower headcounts.
General and administrative expense was $3.4 million for the three months ended March 31, 2018, as compared to $3.9 million for the same period in 2017. The decrease of $0.5 million was primarily due to $0.4 million decrease in professional services expenses and $0.1 million decrease in commercial expenses as result of higher expenses incurred in the first quarter of 2017 due to the preparation for EMA.
Interest expense was $0.3 million for the three months ended March 31, 2018, as compared to $0.5 million for the same period in 2017. The decrease was primarily due to the decrease in the outstanding notes payable.
Cash used in operating activities was $6.6 million for the three months ended March 31, 2018, as compared to $9.7 million for the same period in 2017. Net cash used in the 2018 period resulted primarily from the net loss of $7.3 million and changes in operating assets and liabilities of $0.2 million, offset by net adjustments for non-cash items of $0.9 million. Net cash used in the 2017 period resulted primarily from the net loss of $9.8 million and changes in operating assets and liabilities of $0.9 million, partially offset by net adjustments for non-cash items of $1.0 million.
Sunesis reported loss from operations of $7.1 million for the three months ended March 31, 2018, as compared to $9.4 million for the same period in 2017. Net loss was $7.3 million for the three months ended March 31, 2018, as compared to $9.8 million for the same period in 2017.
Conference Call Information
Sunesis will host a conference call today at 4:30 p.m. Eastern Time. The call can be accessed by dialing (844) 296-7720 (U.S. and Canada) or (574) 990-1148 (international) and entering passcode 9676198. To access the live audio webcast, or the subsequent archived recording, visit the “Investors and Media – Calendar of Events” section of the Sunesis website at www.sunesis.com . The webcast will be recorded and available for replay on the company’s website for two weeks.
About Sunesis Pharmaceuticals
Sunesis is a biopharmaceutical company developing new therapeutics for the treatment of solid and hematologic cancers. Sunesis has built an experienced cancer drug development organization committed to improving the lives of people with cancer. The Company is focused on advancing its novel kinase-inhibitor pipeline, with an emphasis on establishing proof of concept that its oral non-covalent BTK-inhibitor vecabrutinib is effective in ibrutinib-resistant chronic lymphocytic leukemia. Vecabrutinib is currently being evaluated in a Phase 1b/2 study in adults with chronic lymphocytic leukemia and other B-cell malignancies who have progressed after prior therapies. Beyond the development of vecabrutinib, the Company has two other kinase inhibitor programs, including the Takeda-partnered pan-RAF inhibitor TAK-580, which is in clinical trials for solid tumors, and Sunesis’ proprietary preclinical PDK1 inhibitor SNS-510, which is in preclinical development with an IND submission planned in 2019. PDK1 is a master kinase that activates other kinases important to cell growth and survival including members of the AKT, PKC, RSK and SGK families.
For additional information on Sunesis, please visit www.sunesis.com .
SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.
This press release contains forward-looking statements, including statements related to Sunesis’ cash sufficiency forecast, the continued development of vecabrutinib (SNS-062), including the timing of Phase 1b/2 trial of vecabrutinib and the therapeutic potential of vecabrutinib, further development and potential of its kinase inhibitor pipeline, and planned development of SNS-510. Words such as “believe,” “expect,” “look forward,” “potential,” “will” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis' current expectations. Forward-looking statements involve risks and uncertainties. Sunesis' actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, the risk related to the timing or conduct of Sunesis' clinical trials, including the vecabrutinib Phase 1b/2 trial, the risk that Sunesis' clinical or preclinical studies for vecabrutinib, SNS-510 or other product candidate may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the timing or conduct of Sunesis' clinical trials, that Sunesis' development activities for vecabrutinib or SNS-510 could be otherwise halted or significantly delayed for various reasons, that Sunesis may not be able to receive regulatory approval of vecabrutinib, or SNS-510 in the U.S. or Europe, and risks related to Sunesis' ability to raise the capital that it believes to be accessible and is required to fully finance the development and commercialization of vecabrutinib, SNS-510 and other product candidates. These and other risk factors are discussed under "Risk Factors" and elsewhere in Sunesis' Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and Sunesis' other filings with the Securities and Exchange Commission. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein reflect any change in Sunesis' expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
SUNESIS PHARMACEUTICALS, INC. CONSOLIDATED BALANCE SHEETS (In thousands) March 31, December 31, 2018 2017 (Unaudited) (1) ASSETS Current assets: Cash and cash equivalents $ 21,365 $ 26,977 Marketable securities 4,033 4,773 Prepaids and other current assets 1,480 1,183 Total current assets 26,878 32,933 Property and equipment, net 18 20 Deposits and other assets 96 1,381 Total assets $ 26,992 $ 34,334 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,038 $ 1,697 Accrued clinical expense 570 767 Accrued compensation 862 1,440 Other accrued liabilities 1,905 1,570 Notes payable 7,252 7,204 Total current liabilities 11,627 12,678 Other liabilities - 112 Commitments Stockholders’ equity: Preferred stock 20,966 20,966 Common stock 3 3 Additional paid-in capital 634,528 633,436 Accumulated other comprehensive loss (5 ) (7 ) Accumulated deficit (640,127 ) (632,854 ) Total stockholders’ equity 15,365 21,544 Total liabilities and stockholders’ equity $ 26,992 $ 34,334 Note 1: The consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements as of that date included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017.
SUNESIS PHARMACEUTICALS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except per share amounts) Three months ended March 31, 2018 2017 (Unaudited) (Unaudited) Revenue: License and other revenue $ 237 $ 669 Total revenues 237 669 Operating expenses: Research and development 3,969 6,162 General and administrative 3,359 3,942 Total operating expenses 7,328 10,104 Loss from operations (7,091 ) (9,435 ) Interest expense (281 ) (484 ) Other income (expense), net 99 85 Net loss (7,273 ) (9,834 ) Unrealized gain on available-for-sale securities 2 4 Comprehensive loss $ (7,271 ) $ (9,830 ) Basic and diluted loss per common share: Net loss $ (7,273 ) $ (9,834 ) Shares used in computing basic and diluted loss per common share 34,345 21,029 Basic and diluted loss per common share $ (0.21 ) $ (0.47 )
Investor and Media Inquiries:
Maeve Conneighton
Argot Partners
212-600-1902 Willie Quinn
Sunesis Pharmaceuticals Inc.
650-266-3716
Source:Sunesis Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-sunesis-pharmaceuticals-reports-first-quarter-2018-financial-results-and-recent-highlights.html |
The U.S. Senate Commerce Committee on Monday delayed a vote on the Trump administration’s nominee to be the top auto safety regulator in the face of opposition among Democrats over planned changes to vehicle emissions rules.
Heidi King, who has been deputy chief of the National Highway Traffic Safety Administration (NHTSA) since September, was set to be voted on on Tuesday, but her nomination was pulled from the calendar late Monday because of concerns Republicans would not have enough votes to win approval. That means she will not get a vote until next month at the earliest.
Democrats have raised questions about NHTSA and the Environmental Protection Agency’s backing of a plan to freeze vehicle emissions requirements at 2020 levels through 2026. The proposal could formally go to the White House for review later this week and be made public in early June.
The administration’s draft plan asserts that a 1975 law bars California from imposing its own state emissions rules, as it has long done nonetheless under a series of Clean Air Act waivers.
Automakers including General Motors Co and Toyota Motor Corp want the Trump administration and California to reach agreement to extend national standards rather than engage in a lengthy legal fight. They urged President Donald Trump to try to help reach a deal in a meeting earlier this month.
California Air Resources Board chief Mary Nichols is set to be in Washington later this week for a meeting with Trump administration officials.
Earlier this month, California and a group of 16 other states challenged the Trump administration’s decision to revise the vehicle standards. The states challenged EPA’s decision in April to declare U.S. vehicle emissions and fuel efficiency rules through 2025 “not appropriate.”
The rules adopted in 2012 under Democratic President Barack Obama sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
King also faced questions from senators at her confirmation hearing on the state of the record-setting Takata air bag inflator recall and the agency’s oversight of self-driving vehicles.
Reporting by David Shepardson; Editing by Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-autos-safety/senate-panel-delays-vote-to-approve-auto-safety-chief-idUSKCN1IM2DA |
Asian stock markets opened higher on Thursday following a rebound on Wall Street, but were headed for a third-straight day of broad declines by early afternoon. Indexes in Hong Kong, China and Taiwan fell. But Japan’s Nikkei rebounded 0.7% on the back of a still-soft yen, and New Zealand’s benchmark rebounded 0.6% following Wednesday’s slump.
Thursday’s Big Theme
Hong Kong’s stock market underwhelmed despite a rebound by index heavyweight Tencent Holdings Ltd. As the chart shows, the Chinese tech titan’s quarterly results,... | ashraq/financial-news-articles | https://www.wsj.com/articles/tencents-jump-fails-to-lift-hong-kong-benchmark-1526536851 |
CARMEL, Ind., May 14, 2018 (GLOBE NEWSWIRE) -- Baldwin & Lyons, Inc. (NASDAQ:BWINA) (NASDAQ:BWINB), a specialty property-casualty holding company in the transportation and workers’ compensation insurance industries, has announced the appointment of David W. Michelson to its Board of Directors, effective immediately. Mr. Michelson will be a member of the Company’s Audit Committee.
David is a 26-year veteran of National Interstate Corporation, where he was most recently a senior advisor for the company from May 2016 through May 2018. He served as President and Chief Executive Officer of National Interstate from 2008 until 2016, and was also a Director of the company from 2009 until 2016.
He joined National Interstate in 1992 and held multiple leadership roles prior to becoming CEO including Vice President, Senior Vice President, Executive Vice President and Chief Operating Officer. David was also Board Chairman of National Interstate Insurance Company from April 2009 until May 2016. Prior to his time at National Interstate, David worked at Liberty National Fire Insurance Company, Reliance Insurance Company and Progressive Corporation.
“As someone who has worked in the insurance space for their entire career, specifically property-casualty, David will bring a wealth of knowledge and experience to our Board,” said Steve Shapiro, Executive Chairman of the Board of Directors at Baldwin & Lyons. “His longstanding tenure at the helm of a publicly traded insurance company that specializes in commercial transportation allot him a keen understanding of our business. I look forward to the sharp, strategic insight that David will bring to the table.”
David holds a bachelor’s degree in business administration from Miami University and an MBA from the University of Alabama at Birmingham. He also serves as an Advisory Board member for Lytx, Inc.
About Baldwin & Lyons, Inc.
Founded in 1930, Baldwin & Lyons, Inc. is a holding company for specialty property-casualty insurance subsidiaries. Through its subsidiaries, the company provides liability and workers compensation coverage for trucking and public transportation fleets, as well as coverage for trucking industry independent contractors. In addition, the company offers workers’ compensation coverage for a variety of operations outside the transportation industry. Baldwin & Lyons is headquartered in Carmel, Indiana.
Investor Contact
William Vens
[email protected]
(317) 429-2554
Media Contact
Leila Palizi
(317) 806-1900, ext. 4765
[email protected]
Source:Baldwin & Lyons, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-baldwin-lyons-inc-announces-appointment-of-david-w-michelson-to-board-of-directors.html |
HONG KONG (Reuters) - Macau’s oldest gambling company, SJM Holdings, is playing catch up as its rivals ride the wave of a gambling boom in the southern Chinese territory.
FILE PHOTO - A worker walks past the logo of SJM outside a Lisboa Palace construction during a ground breaking ceremony in Macau February 13, 2014. REUTERS/Tyrone Siu/File Photo SJM, which is controlled by the family of Stanley Ho, is facing an unclear leadership future and the delayed opening of its planned $4.6 billion casino resort in Macau’s Cotai strip.
The departure of Ho, who is one of Asia’s richest men, once he retires as chairman of SJM on June 12, could spark a power struggle at the company, analysts say.
The flamboyant 96-year-old tycoon, one of Hong Kong’s best-known businessmen, has had four wives and 17 known children.
While he had stepped away from the day-to-day running of the company over the past five years, his departure leaves a muddied succession plan, with the chairman’s office expanded to four people, including one of his daughters and his fourth wife.
His third wife will also become a director of the company, according to a statement released by the company in April.
“This complicated structure, in our view, leaves room for a potential power tussle within the board given the lack of clear control,” said DS Kim, an analyst at JP Morgan in Hong Kong.
SJM did not respond to requests for comment.
Ho, who has overseen the transformation of the once-sleepy Macau into the world’s biggest casino centre, held a monopoly until 2002 when the former Portuguese colony licensed five other operators to run casinos.
SJM, which operates the fluorescent onion-shaped Casino Lisboa, has seen its market share erode from over 30 percent a few years ago to 15 percent currently. The company is rapidly losing out to rivals ahead of the opening of its new casino on the fast-growing Cotai strip.
The Grand Lisboa Palace casino is unlikely to open until late 2019, with some analysts even expecting an opening in 2020, when SJM’s casino license will expire.
FILE PHOTO - Angela Leong On Kei (L), Managing Director of SJM Holdings Limited, and Chairman of the Board of Directors Ambrose So, sit in front of a model of Lisboa Palace, an upcoming resort during a news conference in Macau February 13, 2014. REUTERS/Tyrone Siu/File Photo Construction delays and government regulations have led to several delays from the original opening date this year.
SJM also competes in Macau against Melco Resorts, which is controlled by Ho’s son Lawrence Ho, and MGM China, in which his eldest daughter Pansy Ho is the co-chairperson.
There is also increasing competition from other Asian locales including the Philippines, South Korea, Cambodia and Singapore, which are all vying for wealthy Chinese spenders.
SJM’s new resort will feature hotels designed by Versace and Karl Lagerfeld, but the company has lagged in providing non-gaming facilities, which authorities have been demanding as a means for Macau to diversify away from gambling tables.
In 2011 Stanley Ho sued family members in a high-profile dynastic fight in which he sought to recover billions of assets after a share restructuring he said was done without his consent.
The dispute was settled after two months but gave an insight into the factious nature of Ho’s family and the lifestyle of one of Asia’s wealthiest families.
SJM’s shares have traded roughly flat since the announcement on April 12 with analysts stating their neutral stance on the stock.
“Instead of using Stanley Ho’s retirement as an impetus to make governance and management changes, the company has opted to further entrench the status quo,” said Vitaly Umansky, analyst at Sanford C. Bernstein in Hong Kong.
Under the management appointments announced in April, SJM appointed Ho’s daughter Daisy Ho as chairman and executive director. Timothy Fok and Stanley Ho’s fourth wife, Angela Leong, have been appointed co-chairmen and executive directors.
FILE PHOTO: Veteran Macau tycoon Stanley Ho, Managing Director of Sociedade de Jogos de Macau (SJM), attends a news conference during the opening of SJM's flagship casino Grand Lisboa in Macau, China February 11, 2007. REUTERS/Paul Yeung/File Photo Ambrose So, the current chief executive has been appointed vice-chairman and executive director. Ho’s third wife, Ina Chan, was appointed as an executive director.
Reporting by Farah Master; Editing by Philip McClellan
| ashraq/financial-news-articles | https://in.reuters.com/article/macau-sjm/as-stanley-ho-prepares-to-cash-in-his-chips-an-uncertain-future-for-sjm-idINKBN1I30HT |
April 30 (Reuters) - JORDAN COMMERCIAL BANK PSC:
* Q1 PROFIT 531,198 DINARS VERSUS 1.3 MILLION DINARS YEAR AGO
* Q1 NET INTEREST INCOME 7.7 MILLION DINARS VERSUS 9.6 MILLION DINARS YEAR AGO Source:( bit.ly/2Ft5Kv7 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordan-commercial-bank-q1-profit-f/brief-jordan-commercial-bank-q1-profit-falls-idUSFWN1S7153 |
May 3 (Reuters) - Arrow Electronics Inc:
* ARROW ELECTRONICS REPORTS FIRST-QUARTER 2018 RESULTS
* Q1 SALES $6.88 BILLION VERSUS I/B/E/S VIEW $6.66 BILLION * SEES Q2 EARNINGS PER SHARE $2.08 TO $2.20 EXCLUDING ITEMS
* SEES Q2 SALES $7.0 BILLION TO $7.4 BILLION * Q1 EARNINGS PER SHARE VIEW $1.82 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 EARNINGS PER SHARE $1.78 TO $1.90 * Q2 EARNINGS PER SHARE VIEW $2.05, REVENUE VIEW $7.11 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arrow-electronics-posts-q1-adj-ear/brief-arrow-electronics-posts-q1-adj-earnings-per-share-1-88-idUSASC09ZIF |
24 COMMENTS Though a judge won’t rule until June, the government’s sad performance in the courtroom further indicated why the lawsuit blocking the proposed merger of AT&T and Time Warner was a bureaucratic cluster-phenomenon that should never have been brought.
Makan Delrahim, the new antitrust chief, inherited an Obama Justice Department staff leaning toward approving the deal with heavy Comcast -style conditions. President Trump blurted out during the campaign that the deal should be blocked altogether. Mr. Delrahim himself, in academic life, had dogmatized that Comcast-style solutions were too “regulatory.”
If he had not thrown some kind of objection at the AT&T deal, he would have been seen contradicting himself, his staff and his president in his first big decision. Conspicuously missing here is any sense that bureaucrats need better reasons before interfering with Americans going about their business. One lawyer even told me a case should be filed because, you know, it would be interesting to hear what a court said. Indeed, a perfect cap to this lusterless proceeding was the recent news that AT&T hired New York taxi entrepreneur and fixer Michael Cohen to explain the Trump administration to it.
In the pending merger of Sprint and T-Mobile, our myrmidons have a chance to do better. Will they?
Unfortunately they start from the preconception that everything good that has happened in the wireless market since 2011 happened because Team Obama blocked a merger of T-Mobile and AT&T. This is the post hoc fallacy in spades.
In fact, Sprint, the nation’s fourth carrier, had already attracted the attention of the serial disrupter from Japan, Masayoshi Son. Not far-seeing bureaucrats but the growing importance of broadband video is what pushed wireless, with the now-thwarted T-Mobile landing the first punch, to adopt all-you-can-eat pricing as the new industry proto-standard.
An idée fixe ever since has been that the country “needs” four national wireless carriers. What the country really needs is robust competition in pricing and innovation, but not so many players that customers are forced to pay for redundant cell towers and inefficient spectrum use.
The government is also habituated to treating resellers, or so-called virtual mobile network operators, as a nonfactor. This is wrongheaded.
These resellers, including TracFone, with 25 million clients, exist because they create value that the four majors can’t create for themselves. Especially notable are Google, Republic Wireless and the cable giants Comcast and Charter, whose offerings let the Big Four get paid for services that mostly bypass their networks in favor of Wi-Fi.
The government likes to assume Verizon, AT&T, Sprint and T-Mobile can pull the plug on the resellers anytime they want, but the opposite is true. The Big Four need the traffic; in the case of their cable customers, they also need access to cable’s extensive wired network to support their future rollout of 5G “small cells.”
The evaporating distinction between fixed and wireless is just one consequence. Network operators also worry about being reduced to commodity suppliers for companies with more appealing brands, such as Apple , Amazon, Facebook and Google, which could offer ad-supported connectivity in a package along with their other attractive services.
Ask yourself why AT&T is buying Time Warner’s antiquated TV properties in the first place, or why Comcast is scrambling after those of Fox. So they have something to offer when supplying network access no longer is enough.
So desperate are regulators to keep doing what they’ve been doing, however, they overlook all this. The emerging commodification of connectivity is behind all the deals we’ve been seeing. It is the single factor underlying the rise of Netflix . Disney is beside itself trying to figure out how to adapt to such a world. Yet some regulators actually insist their jobs require them to ignore predictable but still nascent changes in the marketplace—i.e., produce bad policy. (This is essentially the government’s argument in the AT&T case.)
Alas, we can’t expect much from our antitrust agencies, which long ago proved themselves to be bureaucratic nuthouses committed to finding reasons to inject themselves in ways that purely disserve the American people and economy.
That’s why, in many minds, the outcome of the AT&T case has become an important bellwether. Brian Roberts of Comcast, for one, is reportedly holding back his Fox bid pending a favorable ruling. So what began as a parochial attempt by a new antitrust chief to minimize his embarrassment has become, somewhat idiotically, a test of whether the new Trump administration will support the 5G economy or entrap it in molasses.
Appeared in the May 12, 2018, print edition. | ashraq/financial-news-articles | https://www.wsj.com/articles/why-the-at-t-case-suddenly-matters-1526077985 |
Discussing how banks could adopt blockchain 5 Hours Ago Vivek Ramachandran of HSBC says the global adoption of blockchain by banks is likely to happen in the next "three to five years." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/discussing-how-banks-could-adopt-blockchain.html |
S&P will rise to 2900 by year's end, says a "nervously neutral" Lisa Erickson 12:44am IST - 04:29
U.S. Bank's head of traditional investments is bullish about the consumer. She tells Reuters' Fred Katayama she favors consumer discretionary and IT stocks.
U.S. Bank's head of traditional investments is bullish about the consumer. She tells Reuters' Fred Katayama she favors consumer discretionary and IT stocks. //reut.rs/2rMfvj6 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/sp-will-rise-to-2900-by-years-end-says-a?videoId=427498271 |
Carl Icahn typically works alone. The dark prince of corporate raiders shuns the usual clutch of outside attorneys, investment bankers, and PR firms that rival activists assemble for their assaults. Instead, Icahn relies on an in-house team of fewer than a dozen financial analysts and lawyers, a brain trust that toils alongside their controversial, 82-year-old boss on the 47th floor of Manhattan’s General Motors Building. But that’s just his support staff. As for partners, well, what’s the point?
Icahn, whose Icahn Enterprises ranks No. 136 on this year’s Fortune 500, hardly needs any financial backing. He commands a war chest in cash and securities of more than $30 billion. Neither does he crave any counsel from peers on strategy. Icahn prides himself on personally composing the notorious attack letters he sends to boards of directors, piling on outraged barbs to skewer “ostrich” directors “with their heads in the sand” or those who’ve agreed to sell their companies “for a bowl of porridge.”
It was certainly Icahn’s intention to go it alone again when, in late 2015, he identified Xerox as a target. The once-great company was an ideal candidate for Icahn. It consisted of two divergent businesses, both of which were performing poorly—its traditional office products franchise, and a large division that provided back-office bill-paying and data processing services to companies and governments, a field called business process outsourcing (BPO). Icahn reckoned that he could clean up by prodding Xerox to spin off its BPO arm. Instead of a muddled mass no one wanted to buy, Xerox would split into two pure-play companies—either of which could be a takeover target at a fat premium. If buyers didn’t show up right away, Icahn figured he could improve performance by installing new management and profit by driving up each company’s stock price.
“Xerox was one of the worst-run companies I ever saw,” Icahn tells Fortune . “Both sides of the business were being mismanaged. It was a no-brainer to split it up and bring in new management. Xerox was doing nothing with a great brand—how many companies have a name that doubles as a famous verb?”
Icahn got his way when, at the beginning of 2017, Xerox spun off the BPO business as a new company called Conduent. And so far that half of the deal has proved a winner: Conduent has flourished, and its solid stock performance has generated a return of more than $100 million for Icahn.
Fujifilm chairman and CEO Shigetaka Komori has hungered to buy Xerox for decades. Akio Kon—Bloomberg via Getty Images But Icahn’s crusade to cash in on Xerox, where he’s the largest individual shareholder with 9.2% of the stock, has proved to be one of the most complicated of his half-century career. It’s been so challenging, in fact, that Icahn has made an exception to his usual rule and teamed up with a partner: Darwin Deason, a feisty 78-year-old who sold the outsourcing business that now constitutes most of Conduent to Xerox in 2010 for $6.4 billion and remains Xerox’s third largest shareholder. Except in age and wealth, the two men are the oddest of pairings. The 6-foot-4 Icahn, who’s never lost his thick Queens accent despite a Princeton education, is a creature of Wall Street, and the quintessential deal junkie. The compact Deason—who in both tenacity and appearance resembles a bulldog—is a business builder who grew up on a farm in Arkansas. With a combined age of 160 and combined Xerox holdings of 15.2%, they make a formidable duo.
Icahn and Deason joined forces to block what each regarded as a terrible deal: the planned $6.1 billion acquisition of Xerox by Japan’s Fujifilm. And on May 13, they won a significant victory in their battle when the Xerox board announced that it was pulling out of the agreed-upon merger with Fuji. In blocking the purchase, they appear to have outmaneuvered a foe whose power and savvy rivals theirs—Shigetaka Komori, Fujifilm’s CEO and chairman. Until Icahn and Deason teamed up, it appeared that Komori, 78, would cap his career by capturing an American icon on the cheap. Komori, who played American-style football at the University of Tokyo, is a self-described business “warrior” who’s one of Prime Minister Shinzo Abe’s closest friends and favorite golfing companions.
The Xerox board’s decision to back out of the merger—a move that Fujifilm says it will contest—is just the latest twist in one of the wildest, most unpredictable Wall Street showdowns in years. And the anatomy of the conflict, extensively revealed in court records as well as testimony at trial by the main participants, exposes one of the most naked accounts of governance gone awry in corporate history. This two-year melodrama features a bitterly divided board and a former CEO who, days before he was scheduled to be fired, appeared to have saved his job by delivering a deal so favorable to Fuji that the Japanese giant could hardly say no—only to see the agreement fall apart under pressure from Icahn and Deason.
Carl Icahn insisted any purchase had to come with a premium for shareholders. Brendan McDermid—Reuters “The stuff that went on behind the scenes at Xerox is so crazy you’d be amazed to see it on [the TV series] Billions, ” says Icahn. “If it hadn’t actually happened, I wouldn’t have thought it was possible.”
I t might seem ironic that Xerox, an American icon that time forgot, stands at the center of one of the most contentious takeover battles of the current millennium. But Xerox remains a big player in a giant industry—the $180 billion worldwide printing and documents field. Even after spinning off Conduent, Xerox is still big enough to rank No. 291 on this year’s Fortune 500 list with $10.3 billion in sales. And its still-powerful brand and potential to expand into the fast-growing business of industrial printing give Xerox viable turnaround prospects.
The deal for the company nixed by Icahn and Deason amounted to the sale of the majority ownership in Xerox to an existing joint venture with FujiFilm called Fuji Xerox—a business that exclusively makes and sells Xerox products in Asia, and manufactures most of the office copiers that Xerox sells in the rest of the world. Xerox shareholders would have held 49.9% of the new Fuji Xerox, and Fuji would have held the controlling 50.1% stake. Fuji would have put none of its own cash into the deal. Rather, it would have merely contributed its majority share in the existing joint venture. Xerox shareholders would have received a $2.5 billion one-time dividend—not paid by Fuji, but financed by adding the equivalent amount of debt to the new Fuji Xerox.
Icahn and Deason charged, correctly, that this complex transaction would have enabled Fuji to take full control of Xerox while paying little or no premium. Great for Fuji—not so great for Xerox shareholders. Most takeovers include a “control premium” of at least 20% to 30%. And ceding control to Fuji meant that Xerox’s owners would have no sway over management decisions—an unacceptable outcome for Icahn. “It was not just a sweetheart deal for Fuji,” says Icahn. “You’d be trading full ownership of this great company to be in the minority forever. No matter what Fuji did with the business, your 49.9% is going to be completely powerless.”
Billionaire Darwin Deason, Xerox's third-largest shareholder, filed a pair of lawsuits to stop the merger with Fujifilm, and won both. Courtesy of Darwin Deason The two angry billionaires fought the deal in their own ways. Icahn deployed his preferred plan of attack, the proxy battle. Deason pledged to back Icahn’s slate of four new directors, but also went his own way by fighting in the courts. He brought two sweeping lawsuits through his attorneys at King & Spaulding, unveiled in February and March. The first claimed that because Xerox had concealed a poison pill provision, the company was obligated to grant Deason’s demand to extend the nominating deadline so that he could replace the entire board. The second, brought against both Xerox and Fuji, charged that Xerox’s board and CEO blatantly violated their fiduciary duties by negotiating a deal that promoted their own interests, while sticking Xerox shareholders with a bad deal, and accused Fuji of conspiring in a quid pro quo—the CEO delivers a bargain price, and Fuji puts him in charge of the new Fuji Xerox.
Icahn didn’t join Deason’s suits. “I find suing boards distasteful,” he tells Fortune . “Once we’re inside the boardroom, we try to work collaboratively with other directors.” But it was his partner’s assault in the New York courts that laid bare the inside story. The court records exposed a trove of frequently shocking emails, texts, depositions, and internal reports from executives, directors, and financial advisers at Xerox, and top managers at Fuji.
At a trial in Manhattan over two days in late April—the two lawsuits were consolidated and decided together—Xerox’s then-CEO Jeff Jacobson, its chairman Robert Keegan, a dissident director, and its investment banker all gave extensive testimony under oath. This reporter attended the trial and reviewed the more than 700 exhibits, all unsealed by the judge. Fortune also talked extensively with Icahn and representatives for Deason. Xerox and Fuji both declined to make any of their executives or directors available for interviews, citing the litigation. But the testimony, depositions, and emails provide a rare window into the motives and thinking of all the players.
At the conclusion of the trial, Judge Barry Ostrager—himself an esteemed former M&A litigator with more than 40 years in private practice—issued a scalding opinion that granted Deason big wins on both of his suits. He also delivered a stinging condemnation of the role of Jacobson, Keegan, and Xerox’s directors, stating that Jacobson was “massively conflicted” in his negotiations with Fuji because delivering a sweetheart deal promised to save his job. As a result, Ostrager wrote, Jacobson was “in breach of his fiduciary duties,” as was Keegan.
In their legal filings, Xerox and Fuji present a righteous scenario that echoed in the testimony from Jacobson and Keegan. Their attorneys argue that Jacobson, Keegan, and the board pursued a deal with the only logical buyer, when no other acquirers were interested. Fuji argues that Jacobson wasn’t promised the CEO job—a view contradicted by directors—but was simply its top choice as “a talented executive well-suited to achieving the synergies that will benefit shareholders of Fuji and Xerox alike.” Keegan was fully justified in assigning the CEO to negotiate a deal without the full board’s approval, argued Xerox’s attorneys, and Keegan testified that he encouraged the board to reverse its decision to fire Jacobson because his performance suddenly improved in late 2017. In his testimony, Jacobson called the suggestion that he put his or Fujifilm’s interests before those of his shareholders “reprehensible and unconscionable.”
The overwhelmingly pro-Deason decisions kicked off a tumultuous two-week period of reckoning: Xerox first announced a settlement with Icahn and Deason, then withdrew from it and engaged in talks with Fujifilm that turned acrimonious. Then, on May 13, Xerox’s board reversed itself again—coming to terms with Icahn and Deason and announcing that the merger was terminated and Jacobson was out as CEO. Keegan and four other directors also departed, to be replaced with execs chosen by Icahn and Deason. The new CEO is John Visentin, a well-regarded turnaround expert in data processing.
Xerox now says it will field offers from all interested bidders. Meanwhile, Fuji is still battling to revive the original deal and released a defiant statement after Xerox pulled out: “We do not believe that Xerox has the legal right to terminate our agreement, and we are reviewing all of our available options, including bringing a legal action to seek damages.” To understand how the two companies reached such an impasse, it helps to review the history between them.
B y the time Icahn zeroed in on Xerox in late 2015, the company had been shrinking for decades. Started as a photographic-paper maker in Rochester, N.Y., in 1906, the company introduced the world’s first high-speed copiers in the late 1940s, and thrived as its hardware formed the essential engine room for document production inside big companies, law firms, and government agencies. But starting in the 1980s, mass adoption of the personal computer sharply curtailed the need for paper printing and copying. As its key patents expired, Xerox faced stiff competition from Japanese rivals Ricoh and Canon, as well as Hewlett-Packard in the U.S.
To counteract flagging sales in its core franchise, Xerox (now based in Norwalk, Conn.) diversified into such fields as financial services, and most recently, the 2010 purchase of Affiliated Computer Services, the outsourcing outfit founded by Deason. Those businesses fit poorly with making and selling printers and copiers, and Xerox exited most of them—while at the same time engaging in round after round of restructuring. Remarkably, Xerox’s highly lucrative, if shrinking, managed print services franchise—in which it furnishes a full package of hardware, supplies, and maintenance to big companies—combined with constant cost-cutting have kept free cash flow at healthy levels. Hence, Xerox is today a gradually melting iceberg, but far from a catastrophe.
Xerox’s partnership with Fujifilm dates to 1962, when Xerox and Fuji formed an alliance to manufacture and sell Xerox office products in Fuji’s home market of Japan. For 39 years, Xerox and Fuji were equal partners, each holding 50% of the shares. Then came a pivotal moment in the year 2000. A botched restructuring of its sales force hammered Xerox’s revenues, and it was drowning in debt. As Xerox stood on the brink of bankruptcy, CEO Paul Allaire rushed to raise cash by selling assets. First, Xerox sold its China franchise, which it owned independently, to Fuji Xerox for $550 million. Then in early 2001, it pocketed $1.3 billion in exchange for 25% of Fuji Xerox—giving Fuji a 75%, controlling stake in the joint venture. As a result, Xerox now owns just one-fourth of the vehicle with exclusive rights to make and sell its products in the $35 billion Asia and the Pacific Rim markets. And as Xerox weakened, Fuji got stronger. Under Komori, it avoided Kodak’s fate by successfully diversifying from photographic film into such growth fields as medical equipment and cosmetics. The sales assured that Fuji would benefit disproportionately from growth in Asia, even though Fuji Xerox relied heavily on Xerox’s patents and engineering.
The damage to Xerox, however, extended far beyond its diminished share of sales and profits. The 2001 transaction included a new agreement called the Joint Enterprise Contract or JEC, that outlined the governance rights of the two partners, and established severe penalties that would be triggered by a sale of Xerox. It’s the combination of the JEC, and a second pact—the Technology Agreement or TA—that puts Xerox in a real bind. Each TA runs for five years; the current one, approved by former CEO Ursula Burns in 2016, expires in March 2021. Under the two agreements, if Xerox is sold, it not only loses its governance rights, it can’t regain its brand name in Asia until the TA expires, and doesn’t get it back exclusively for another two years.
Icahn pressured Xerox CEO Ursula Burns to split the company and spin off its outsourcing business. She did at the beginning of 2017 and stepped down as chief executive. Eric Piermont—AFP/Getty Images What would this mean for a potential buyer? If the JEC and TA went unchallenged, a rival or private equity firm that buys Xerox would have no say in running Fuji Xerox and would be unable to independently and exclusively make and sell Xerox products in Asia until early 2023.
Together, the two agreements add up to a crippling so-called poison pill for Xerox—making a sale to a partner other than Fuji extremely difficult. Incredibly, the existence of the provisions was never disclosed publicly until Xerox and Fujifilm announced that they were merging on Jan. 31. By that time, Icahn and Deason were already fuming.
I cahn had been trying to install new leadership since he first got into Xerox’s stock. “I wanted new, competent management at both Conduent and Xerox,” says Icahn. “I told Burns I didn’t believe she should run either one.” (Burns declined to comment for this story.) In mid-2016, Icahn reached an agreement with the Xerox board that he reckoned would smooth the way to naming an outside CEO. He signed both a “standstill” pact, under which he pledged not to challenge the Xerox board in a proxy fight, and a nondisclosure document that entitled him to inside information that he was obligated to keep secret. In exchange for those concessions, Xerox agreed to name an Icahn lieutenant, Jonathan Christodoro, first as an observer to the board, then as a full member starting in mid-2016. But in June, Burns announced that her No. 2, Jeff Jacobson, would succeed her as CEO. He was exactly what Icahn didn’t want. “Jacobson was an acolyte of Burns,” says Icahn. “He was part of the team that badly hurt Xerox.”
At first, however, it appeared that Jacobson, who took over for Burns on Jan. 1, 2017, might deliver the kind of deal that Icahn wanted. The following account is extensively documented in the court records. During Jacobson’s first visit to Fuji’s Tokyo headquarters in early March, Komori and president Kenji Sukeno expressed interest in purchasing 100% of Xerox in an all-cash transaction, and noted that they understood that a typical premium would amount to 30% over Xerox’s current price of $30. On March 16, Jacobson, after consulting with the board, wrote a letter to Fuji confirming that Xerox wanted only an all-cash transaction at an “appropriate premium,” and had no need to do a deal since it was pursuing a highly promising standalone plan that would “drive growth well above our peers.”
Why did Fuji suddenly suggest a 100% deal when it already got most of the benefits from Fuji Xerox, and had never before proposed buying all of Xerox? The answer is probably that Fuji was concerned that, with Xerox now a pure-play in document management post-split, other suitors might pounce. The joint venture agreements provided protection, but it was also possible that they could be circumvented.
But the deal talks were soon derailed by controversy. On April 20, 2017, Fujifilm publicly disclosed a gigantic accounting scandal at Fuji Xerox that, it revealed, would saddle Fuji and Xerox with big losses (although it didn’t disclose an amount at the time). Fuji, who controlled management of Fuji Xerox, delayed filing its quarterly statements for the first time in its 83-year history. Because of the scandal, Fuji informed Xerox that it needed to concentrate on fixing Fuji Xerox and couldn’t proceed with an acquisition.
Meanwhile, Xerox’s board was facing another crisis—of leadership. The directors were already losing confidence in the company’s new CEO. At a board meeting the day the scandal broke, held on the phone, a number of directors skewered Jacobson’s early performance. In his handwritten notes from the meeting that were later submitted to the court, Keegan, soon to replace Burns as chairman, recorded complaints that Jacobson was “too slow on the learning curve,” “a whiner,” “overconfident,” and exhibited “poor listening skills.” Keegan also jotted down a prophetic question, “Do we need him to complete ‘Juice’?” referring to the code name for a Fuji-Xerox transaction.
M onitoring the situation from his sumptuous 203-foot, Italian-built yacht in the Caribbean, Deason was getting worried. He didn’t know about the poison pill provisions, but he was suspicious that Fuji had some kind of a string on Xerox. Deason is every bit Icahn’s match in grit. The day after his high school graduation, he left the farm where he was raised for a job in the mailroom at Gulf Oil in Tulsa. There he hung out with the data processing folks. Moving to Texas, he pioneered the processing of ATM transactions for banks. In 1988 he founded Affiliated Computer Services—a major customer was E-ZPass. He describes the way he ran things thusly: “You’re on a treadmill going 100 mph, so if you’re just going 80, you get thrown off. It’s self-policing.”
In late May, Deason wrote a private letter to Xerox expressing alarm that conditions hidden in the agreements threaten “a potentially major loss in value for Xerox in any change in control of the company.” In response to Deason’s request, Xerox stated that it would only release the agreements if Deason would sign his own NDA. Deason refused, and had little contact with Xerox until January when reports of a possible Fuji deal broke in the Wall Street Journal .
Jacobson claimed in his testimony at trial that, until mid-May, he had no idea the board was dissatisfied with his performance. But he soon learned where he stood with Icahn. The activist invited Jacobson to his penthouse apartment adjacent to Manhattan’s Museum of Modern Art for dinner and some frank talk. According to both Fortune ’s interviews with Icahn and Jacobson’s notes and testimony, Icahn told Jacobson that he wanted Xerox sold—and if Jacobson couldn’t sell it, Icahn would push to have him replaced. Jacobson took umbrage with the threat. “I told him the worst thing you can do to me is that I go back to my beautiful wife and beautiful family,” Jacobson testified. (Jacobson declined to be interviewed for this story.) Icahn also expressed extreme disappointment in Jacobson’s “Long Range Plan” for growth, which was targeted at raising EPS by a mere 8% over five years. “I told him, ‘We understand numbers,’ ” says Icahn. “This plan produces no value for shareholders.”
Icahn shared his dim view of Jacobson and his strategy with Keegan. And soon after Keegan decided, according to his testimony, that only one path remained for the board. Xerox “needed to sell post haste.”
Jacobson grabbed the baton, and pushed hard with Fuji to restart talks. To ratchet up the pressure, he invoked the looming threat of Icahn—especially the idea that Icahn might try to end the joint venture, using the accounting scandal as an out. In late June, Jacobson emailed Keegan, “I did play the Icahn card as a reason we need a sense of urgency and they [Fuji] appreciate this.”
Jeff Jacobson took over as CEO of Xerox in 2017 and quickly lost the confidence of both Icahn and the board. He took the lead in negotiating the merger deal with Fujifilm. Imago—ZumaPress Also in June, Fuji released an independent report on the Fuji Xerox accounting scandal that put the total losses at $360 million, including a $90 million hit to Xerox. The report also assailed a “culture of concealment” at Fuji Xerox, and slammed Fuji for lax oversight. At an earnings briefing on June 12, Komori bowed and apologized for the scandal.
T wo watershed moments came in July. The first was a meeting on July 10 at the Manhattan offices of Centerview Partners, Xerox’s bankers, between Jacobson and two leading executives from Fuji. The Fuji camp dropped what should have been a bombshell, stating that a deal for 100% of Xerox was now impossible because Xerox was too expensive—a puzzling assertion, since its stock price was 3% lower than when Fuji expressed interest in a 100% acquisition in March. But instead of maintaining its long-held position that only a 100%, all-cash transaction would work, the Xerox camp voluntarily advanced an extraordinary proposal: Centerview suggested that Fuji purchase just over 50% of Xerox in a deal that, the bankers said, would require no cash outlay.
Centerview had used a similar formula in H.J. Heinz–Kraft Foods merger under which Heinz shareholders owned 51% of the new company, Kraft Heinz . It’s not clear if the idea came from Centerview or Jacobson; Jacobson claims that Centerview introduced the concept. But Jacobson embraced it. The same day, he texted Keegan and director Ann Reese that “I threw a Hail Mary pass. The door is open and we may have a chance.” But he had effectively taken the all-cash buyout proposal off the table.
Because he’d signed an NDA, and could get reports from Christodoro, Icahn soon learned about the 49.9% minority proposal, and he was anything but happy. Icahn’s position was that either Fuji paid what he called “real money,” or as Icahn puts it, “We’d gradually take business away from Fuji Xerox and eventually terminate the joint venture and take back the Xerox name in Asia,” a prospect Fuji obviously dreaded.
Despite Icahn’s constant demands, it wasn’t until mid-October that talks resumed in earnest. At Jacobson’s prodding, Fuji finally hired a financial adviser, Morgan Stanley . Although Jacobson had been Xerox’s sole face in the negotiations, the board made a pivotal decision in late October: It would replace Jacobson with John Visentin, an IBM veteran who’d revitalized document outsourcer Novitex, and whom Icahn strongly endorsed. Vistentin, in fact, was to start work on Dec. 11, the deadline for Icahn to file for a proxy fight.
The board also unanimously decided that Jacobson should halt all negotiations with Fuji. According to testimony from two directors, the board determined that talks should be conducted by Visentin when he took charge. On Nov. 10, Keegan, who’d just recovered from foot surgery, met with Jacobson at Westchester County Airport and told him that the board was seriously considering replacing him. According to both parties, Keegan told Jacobson that no final decision had been made. Christodoro and director Cheryl Krongard, however, insist that the board had indeed spoken.
B ut Jacobson had an ace to play. Top executives from Fuji were scheduled for a meeting to discuss a deal on Nov. 14 in New York, and Jacobson was slated to meet with Komori in Japan on Nov. 21. When Jacobson informed Takashi Kawamura, Fujifilm’s chief of planning, that the meetings had to be canceled, Kawamura texted back that CEO Komori ”would be very disappointed” if the meetings didn’t go forward, and that the two sides “may lose the momentum of the deal.” Jacobson relayed the news to Keegan.
Then came another shocking twist: Keegan reversed the unanimous decision of the board and allowed Jacobson to keep talking to Fuji. “I made a battlefield decision,” said Keegan in his testimony. Keegan’s notes show that he clearly believed that, whatever his weaknesses, Jacobson was critical to clinching the merger. Keegan told only the bankers from Centerview and one director, Ann Reese, that he’d allowed the soon-to-be-fired Jacobson to remain point man on the deal.
Given a reprieve by his chairman, Jacobson was getting support and encouragement from Fujifilm. Kawamura sent chummy messages to the CEO touting their alliance against Icahn. “We should be the one team to fight against our mutual enemy,” Kawamura texted to Jacobson on Nov. 12. “We are aligned my friend,” replied Jacobson. The day before Jacobson’s meeting Komuri, Kawamura sent Jacobson a text strongly implying that Komori wanted to help protect Jacobson’s job—writing that Komori “would focus on hearing current situation surrounding you and what we can do.” Jacobson then texted Centerview’s Hess, “Kawamura told me that there is no deal without me.” At his meeting with Komori on Nov. 21, Jacobson proposed that Fuji offer a one-time dividend of $2 billion as part of the deal, hardly a big number.
By keeping Jacobson, Keegan was severely antagonizing his biggest individual shareholder. Icahn was constantly calling Keegan to deliver on installing Visentin as CEO, and according to Icahn, Keegan kept saying the change was imminent. “Keegan talked and talked,” says Icahn. “He kept saying that Visentin was about to take over, but he was just stalling. Meanwhile, Jacobson is conniving behind the scenes. I wish he were half as good at running the company as he was at conniving. I’d have made a lot of money.”
On Nov. 30, Fuji sent Xerox its formal offer, echoing the structure proposed in July, giving Xerox 49.9% of Fuji Xerox, and in addition, the $2 billion dividend Jacobson had suggested. Keegan presented the offer at a board meeting on Dec. 4. Most—if not all—of the directors besides Keegan and Reese were unaware that Jacobson had been meeting with Fujifilm. Several expressed shock that Jacobson had negotiated a transaction when the board had unanimously barred him from even talking to Fuji three weeks before.
Because of his NDA, Icahn was cleared to track board deliberations and he quickly learned of the proposed terms of the deal Jacobson had negotiated with Fujifilm. “That’s when I blew up,” says Icahn. “Keegan keeps saying, ‘Trust me.’ Then I see the deal and say, ‘You came up with this? Are you crazy?’ He tried to flimflam me! We all agreed Jacobson couldn’t run Xerox. How’s he going to run a company twice that size?”
Christodoro resigned from the board in protest on Friday, Dec. 8. His departure freed Icahn from his standstill agreement, and allowed Icahn to name a slate of four directors, which he did on Monday, Dec. 11. According to court documents, Jacobson, Keegan, and executives at Fuji were hoping that the terms would satisfy Icahn, but were also keenly aware he might bolt and launch a proxy battle.
In its presentations to the board, Centerview argued that the transaction presented an excellent opportunity for Xerox to rid itself of Icahn. That’s because transactions recommended by a board almost never lose a shareholder vote. The plan was to hold both the election for directors and the vote on the deal back-to-back at the annual meeting. Shareholders would only support the Icahn slate if they opposed the deal, and according to Centerview, that was highly unlikely. Hence, the best bet was that Icahn would sell his shares before the vote, or face defeat at the annual meeting.
A s the proposed transaction careened forward in January, Jacobson appeared to cement his hold on the CEO post of the new Fuji Xerox. On Jan. 16, Kawamura texted Jacobson, “I clearly told Komori to tell Keegan that he wants Jeff to be CEO.” In reality, that’s not quite what Komori requested. Komori had suggested co-CEOs, one to be named by Fuji. But when Keegan demurred, Komori dropped the request. Jacobson maintains that his becoming CEO was not a condition of the deal. But in her testimony, board member Krongard stated that both Centerview and outside counsel Paul Weiss Rifkind Wharton & Garrison told the board that making Jacobson CEO was indeed a requirement. On the witness stand on April 27, Centerview’s David Hess, when he was asked “whether it’s correct Centerview advised the board about whether Mr. Jacobson had to be CEO of the combined company for the deal to proceed,” answered simply, “Yes.”
Xerox and Fujifilm announced the merger on Jan. 31. After last-minute lobbying by Keegan, Komori had agreed to raise the dividend modestly, to $2.5 billion. Xerox’s stock traded up modestly at first, then drifted back down as investors drilled into the details. As part of the deal disclosures, Xerox for the first time published the full joint venture agreements—the poison pill. Deason went ballistic and began preparing his lawsuits.
Another disclosure, too, would come back to undermine the merger. In the mad rush to complete the deal, Xerox and Fuji decided not to wait until Fuji Xerox submitted audited financial statements that put a final number on its losses from the accounting scandal. According to Xerox, the transaction’s terms stipulated that if the losses far exceeded those in the unaudited statements, Xerox could cancel the merger. On April 24, Fuji Xerox finally unveiled the audited numbers—and they showed that the losses had jumped from a preliminary estimate of $360 million to a definitive $470 million, a difference of 31%. Xerox’s loss ballooned from $90 million to $118 million. And indeed, Xerox ultimately cited the accounting imbroglio as the basis for nixing the deal. | ashraq/financial-news-articles | http://fortune.com/2018/05/21/carl-icahn-blocked-xerox-merger-fujifilm/ |
May 28, 2018 / 7:54 AM / Updated an hour ago Italian stocks plummet after roller-coaster day as vote looms Danilo Masoni , Helen Reid 4 Min Read
MILAN (Reuters) - Italian stocks slumped on Monday at the end of a roller-coaster session as investors fretted that new elections could see anti-establishment parties win more support. FILE PHOTO: Traders prepare before the opening of the German stock exchange in front of the empty DAX board, at the stock exchange in Frankfurt, Germany, June 24, 2016. REUTERS/Staff/Remote/File Photo
Italy's FTSE MIB benchmark index .FTMIB fell 2.1 percent to its lowest level since early March, while the pan-European STOXX 600 index shed 0.3 percent on a day when activity was limited by market holidays in Britain and the United States.
The Italian index had risen as much as 2 percent in early trade after Italy’s president vetoed the Five-Star and League parties’ choice of a eurosceptic economy minister. The move prompted them to abandon efforts to form a government and raised the prospect of a snap election in the autumn.
But the relief was short-lived as the focus quickly turned to risks that Italy’s election campaign could focus on the country’s continued membership of European institutions and strengthen the populist parties’ hand.
Political worries also hammered Italy’s government bonds and helped put the euro under renewed pressure.
“It’s another moment of uncertainty,” said Gilles Guibout, portfolio manager at AXA IM in Paris.
“Now we need to understand what could be the outcome of a new vote but what’s clear is that Europe will be at the centre of the debate of the next campaign,” he added.
Italian President Sergei Mattarella appointed a former International Monetary Fund official as interim prime minister with the task of planning for snap polls and passing the next budget. That helped Italian stocks end off lows. BANKS TUMBLE
Italian banks .FTIT8300, which are seen as a proxy for political risk due to their big government bond holdings, suffered their biggest one-day fall since Feb. 2017, down 4.1 percent, having jumped more than 3 percent at the open.
Intesa Sanpaolo ( ISP.MI ), Unicredit ( CRDI.MI ), UBI Banca ( UBI.MI ) and Banco BPM ( BAMI.MI ) fell 3.2-6.6 percent.
Among other country indexes, Spain's IBEX .IBEX fell 0.6 percent after news that Prime Minister Mariano Rajoy will face a vote of confidence in his leadership on Friday as corruption convictions handed down to dozens of people linked to his centre-right People's Party threatened his six-year rule.
Elsewhere, Danish biotech firm Genmab ( GEN.CO ) fell 20 percent after its partner Johnson & Johnson ( JNJ.N ) decided to ditch a study using its blockbuster cancer drug.
“The news dents sentiment given the blockbuster potential optionality,” said Jefferies analysts, adding “there has been significant investor interest in these combo trials”.
Aluminium maker Norsk Hydro ( NHY.OL ) rose 1.4 percent after Germany’s economy minister said Berlin was seeking to end a dispute between the United States and the European Union over President Donald Trump’s decision to impose high tariffs on steel and aluminium imports.
Paper and packaging makers Stora Enso and UPM-Kymmene ( UPM.HE ) rose 1.4 percent after Nine Dragons Paper Holdings, China’s largest containerboard producer, acquired two U.S. paper mills for around $175 million. Reporting by Helen Reid; Editing by Gareth Jones | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-europe-stocks/italian-banks-boost-european-shares-on-prospect-of-new-elections-idUKKCN1IT0KR |
May 11, 2018 / 11:55 AM / Updated 35 minutes ago NEWSMAKER-With a little help from my friend: Malaysia's Anwar on the verge of freedom Praveen Menon , Joseph Sipalan 5 Min Read
KUALA LUMPUR, May 11 (Reuters) - When Anwar Ibrahim finally walks to freedom, it will be partly thanks to Mahathir Mohamad, Malaysia’s second-time-around prime minister, who has admitted he played a part when Anwar was first put behind bars in 1998.
Mahathir, who was sworn in as the country’s leader on Thursday after winning this week’s general election, has already sought a royal pardon for Anwar and has promised to step aside for his friend-turned-foe-turned-ally to become prime minister.
The relationship between these two giants of Malaysian politics is a strange saga that has spanned three decades.
And their story may not be over.
Mahathir - at the age of 92, now the world’s oldest elected leader - is basking in the limelight after a stunning election victory that has taken him back to the prime minister’s office that he ran with an iron fist for 22 years. Many wonder if he would really be willing to give that up for his former deputy.
Anwar, 70, is the son of a hospital porter who attended one of Malaysia’s top schools, made his name as a firebrand Islamic youth leader and became a member of parliament in his mid-30s.
Mahathir invited Anwar to join the United Malays National Organisation, the main government party, in 1982 to bridge the gap between the party’s Malay nationalist image and its Islamic aspirations.
Anwar’s rise was meteoric. Mahathir named him deputy prime minister in 1993, a role he held as well as finance minister, and he was widely seen as his mentor’s successor-in-waiting.
But in 1998, they disagreed on how to tackle the Asian financial crisis and fell out. Anwar was sacked, and he launched a ‘Reformasi’ (reform) movement to end UMNO’s race- and patronage-based governance that brought tens of thousands of supporters onto the streets.
Faced with a leadership challenge, Mahathir used internal security laws to detain more than 100 opposition politicians, academics and social activists. He jailed his former deputy on charges of sodomy, which is a crime in Malaysia, and corruption.
Images of the goateed, bespectacled Anwar in court with a black eye and bruises brought condemnation of Mahathir from around the world. Anwar’s trial became a spectacle, with prosecutors at one stage bringing out what they said was a semen-stained mattress allegedly used when he had sex with two male aides. JAILED AGAIN
Anwar was freed in 2004 and returned to politics as the head of a revitalized, multi-ethnic opposition centred around Islamists and secular social reformers. Mahathir, meanwhile, had retired and by 2009 the new prime minister was Najib Razak.
In 2015, Anwar was jailed again - for five years - for sodomizing a former aide, a charge he and his supporters describe as a politically motivated attempt by Najib to end his career.
In an astonishing U-turn last year, Anwar shook hands with Mahathir and agreed to join forces to oust scandal-tainted Najib and his Barisan Nasional (BN) coalition in a ‘Save Malaysia’ campaign.
Some of Anwar’s supporters were aghast that he was making up with his nemesis, but others said it was a shrewd move.
“It took us many years to get to this point, and if you’re not smart or wise enough to join all these forces together, we might lose the chance at wresting power from BN,” said Anwar’s daughter Nurul Izzah.
Mahathir, meanwhile, promised to seek Anwar’s release if he won, and then stand down to let Anwar become prime minister.
“It’s not easy for him to agree to my role in the opposition party. It would be his role, except he is in prison,” Mahathir told Reuters in an interview in March.
The unlikely partnership, however, raised the question of what would happen to the Reformasi movement started by Anwar that brought together politicians, civil society leaders and activists wronged by Mahathir, the man they once dubbed “Mahafiraun” or the Grand Pharaoh.
Because Anwar has been in custody, his views are not known.
His wife, Wan Azizah Wan Ismail, told Reuters she was aware of the criticism from Reformasi-era supporters.
“I understand. They have been victims,” she said before the election, at which she won a parliament seat and is now set to be named deputy prime minister. “I understand how they feel because our children, our family had reservations in the beginning.”
With time off for good behaviour, Anwar was scheduled to be freed in June, but by law he could not participate in politics for another five years.
The Mahathir-Anwar alliance’s stunning election win over Najib’s coalition this week has thrown that wide open because, with a royal pardon, Anwar can return to politics.
Mahathir said on Friday: “It is going to be a full pardon, which means not only pardoned, but he is released immediately and after that he will be free to participate fully in politics.”
Asked what role he would have in the cabinet, he replied cryptically: “Whether Anwar will be part of the cabinet or not will be decided when the time comes.” (Writing by Raju Gopalakrishnan; Editing by John Chalmers) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-election-anwar/newsmaker-with-a-little-help-from-my-friend-malaysias-anwar-on-the-verge-of-freedom-idUSL3N1RU1W5 |
LONDON (Reuters) - Britain, Germany and France urged the United States not to take steps that would make life harder for other countries that still want to stick to the Iran nuclear deal that U.S. President Donald Trump spurned on Tuesday.
FILE PHOTO: Britain's Prime Minister Theresa May is flanked by French President Emmanuel Macron and German Chancellor Angela Merkel before their trilateral meeting at the European Union leaders summit in Brussels, Belgium, March 22, 2018. REUTERS/Francois Lenoir/File Photo Trump announced that he is pulling America out of the 2015 deal worked out by the United States, the three European countries, other international powers and Iran to ease sanctions in exchange for Tehran limiting its nuclear programs.
“We urge the U.S. to ensure that the structures of the JCPOA (deal) can remain intact and to avoid taking action which obstructs its full implementation by all other parties to the deal,” the leaders of Britain, Germany and France said in a joint statement provided by Prime Minister Theresa May’s office.
May spoke by telephone with France’s President Emmanuel Macron and German Chancellor Angela Merkel after Trump made his statement and the United States said it intended to reimpose sanctions on Iran.
In the joint statement, the three leaders said that they took note of Trump’s decision “with regret and concern”.
“Our governments remain committed to ensuring the agreement is upheld, and will work with all the remaining parties to the deal to ensure this remains the case, including through ensuring the continuing economic benefits to the Iranian people that are linked to the agreement,” they said.
The United States’ ambassador to Germany told German businesses to stop trading with Iran, and a German business association said it feared that European companies that traded with Iran would risk U.S. fines. [nL8N1SF859]
Britain, in updated advice to exporters late on Tuesday, said it “continues to fully support expanding our trade relationship with Iran and encourages UK businesses to take advantage of the commercial opportunities that arise”.
But it warned British businesses and their staff to seek legal advice on how they might be affected by U.S. sanctions.
The Confederation of British Industry said U.S. sanctions “could significantly impact UK businesses operating in Iran”.
The European joint statement also urged Iran “to show restraint” in response to the U.S. decision.
“Iran must continue to meet its own obligations under the deal, cooperating fully and in a timely manner with IAEA (International Atomic Energy Agency) inspection requirements,” the three European leaders said.
“There must be no doubt: Iran’s nuclear programs must always remain peaceful and civilian.”
Concerns about Iran’s ballistic missile programs and activities in Syria, Iraq and Yemen also needed to be addressed further, the leaders said.
Reporting by David Milliken; Editing by David Goodman and James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-may/uk-france-and-germany-urge-u-s-not-to-obstruct-others-iran-deal-implementation-idUSKBN1I92UZ |
May 2 (Reuters) - MDU Resources Group Inc:
* MDU RESOURCES REPORTS FIRST QUARTER EARNINGS INCREASE, GROWTH PROJECTS AND ACQUISITION
* Q1 EARNINGS PER SHARE $0.22 FROM CONTINUING OPERATIONS * Q1 EARNINGS PER SHARE VIEW $0.19 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 EARNINGS PER SHARE $1.25 TO $1.45 * CONSTRUCTION MATERIALS BACKLOG OF WORK AT MARCH 31 WAS $692 MILLION, COMPARED TO $725 MILLION IN 2017
* MDU RESOURCES AFFIRMED 2018 EARNINGS PER SHARE GUIDANCE IN RANGE OF $1.25 TO $1.45
* CONSTRUCTION SERVICES BUSINESS BACKLOG OF WORK AT MARCH 31 WAS $675 MILLION, COMPARED TO $529 MILLION IN 2017
* QTRLY TOTAL OPERATING REVENUES $976.3 MILLION VERSUS $937.9 MILLION REPORTED LAST YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mdu-resources-reports-q1-earnings/brief-mdu-resources-reports-q1-earnings-per-share-0-22-from-continuing-operations-idUSASC09Z8H |
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- Bluestem Group Inc. (“Bluestem” or the “Company”) (OTCMKTS:BGRP) today announced that it plans to report the Company’s financial results that include its wholly-owned subsidiary, Bluestem Brands, Inc. and its subsidiaries, for the 13-week period ended May 4, 2018 on Wednesday, June 13, 2018. The Company will host a conference call to discuss these results on Thursday, June 14, 2018 at 9:30AM ET.
The conference call can be accessed at (800) 347-6311 or (323) 794-2094 (International), conference ID # 6005636 and broadcast simultaneously at http://www.bluestem.com/investor-relations . Following completion of the call, a recorded replay of the webcast will be available on Bluestem’s website. To listen to the telephone replay, call toll-free (844) 512-2921 or (412) 317-6671 (International), replay pin # 6005636. The telephone replay will be available at 12:30PM ET June 14, 2018. Additional investor information can be accessed at http://www.bluestem.com/investor-relations .
Annual Meeting of Stockholders
The 2018 Annual Meeting of Stockholders of Bluestem Group Inc. will be held at the offices of Faegre Baker Daniels LLP, 90 South Seventh Street, 2200 Wells Fargo Center, Minneapolis, MN 55402, commencing at 8:00 AM Central Time, on Wednesday, June 19, 2018, (i) to elect 6 members of the board of directors to serve until the next annual meeting of stockholders, (ii) to ratify the selection of Deloitte & Touche LLP as the Company’s independent auditor for the fiscal year ending February 1, 2019; and (iii) to transact such other business as may properly come before the meeting or any adjournments thereof. Stockholders of record as of the close of business on April 27, 2018 will be entitled to notice of and to vote at the annual meeting or any adjournments thereof.
About Bluestem Group Inc.
Bluestem Group Inc., a holding company headquartered in Eden Prairie, MN, operates multiple direct to consumer retail brands through its subsidiary Bluestem Brands. The Northstar portfolio includes Fingerhut and Gettington, both of which are national multi-channel retail brands offering a broad selection of name brand and private label merchandise serving low- to middle-income consumers by offering multiple payment plans through revolving credit lines or installment loans. The Orchard portfolio consists of multi-channel brands including Appleseed’s, Bedford Fair, Blair, Draper & Damon’s, Gold Violin, Haband, Norm Thompson, Old Pueblo Traders, Sahalie, Tog Shop and WinterSilks. These brands offer apparel, accessories, and home products for the boomer and senior demographic, generally considered age 50 and over and provide customers with the ability to obtain credit through a third-party private label credit card. For additional information visit the Bluestem Group website at www.bluestem.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006063/en/
Investor Relations:
ICR
Jean Fontana
[email protected]
Source: Bluestem Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-bluestem-group-inc-announces-reporting-dates-for-first-quarter-2018-earnings-results-and-date-for-annual-general-meeting-of.html |
May 1 (Reuters) - Salem Media Group Inc:
* SALEM MEDIA GROUP HIRES GARY SPURGEON AS SENIOR VICE PRESIDENT, SPECIAL PROJECTS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-salem-media-group-hires-gary-spurg/brief-salem-media-group-hires-gary-spurgeon-as-senior-vice-president-special-projects-idUSASC09YH6 |
May 24, 2018 / 1:40 PM / Updated 11 minutes ago Ryanair says has never made an approach for Norwegian Air Reuters Staff 1 Min Read
DUBLIN (Reuters) - Ryanair ( RYA.I ) has never made an approach for Norwegian Air ( NWC.OL ) and does not intend to, the Irish airline said on Thursday, disputing claims made by the chief executive of its rival budget carrier. FILE PHOTO: A Ryanair Boeing 737-800 plane taxis at Lisbon's airport, Portugal April 24, 2018. REUTERS/Rafael Marchante/File Photo
Ryanair last year approached Norwegian Air with a proposal to take a stake of around 20 percent in the Oslo-listed carrier, a source with close knowledge of the discussion told Reuters on Thursday.
Norwegian Air Chief Executive Bjoern Kjos confirmed there had been contact between the companies and he brought it up with the board, but declined to discuss any details.
“There is no truth to these claims. We have not made an approach to Norwegian and we have no interest,” Ryanair said in an emailed statement. Reporting by Padraic Halpin; Editing by Alexandra Hudson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-norwegian-m-a-ryanair/ryanair-says-has-never-made-an-approach-for-norwegian-air-idUKKCN1IP274 |
May 30, 2018 / 11:04 AM / Updated an hour ago Cohen attorney assails Stormy Daniels' lawyer; judge sets deadline for document review Jonathan Stempel , Brendan Pierson 4 Min Read
NEW YORK (Reuters) - A lawyer for U.S. President Donald Trump’s longtime personal attorney, Michael Cohen, on Wednesday accused adult film actress Stormy Daniels’ lawyer of leaking Cohen’s bank records to the press, calling it a “drive-by shooting of my client’s rights.” U.S. President Donald Trump's personal lawyer Michael Cohen leaves federal court in Manhattan, New York, U.S., May 30, 2018. REUTERS/Shannon Stapleton
The comments by Cohen lawyer Stephen Ryan regarding Daniels’ lawyer, Michael Avenatti, came during an often-heated hearing before U.S. District Judge Kimba Wood in Manhattan related to a criminal investigation by federal prosecutors into Cohen’s business dealings.
Avenatti told Wood he did not release anything improper about Cohen, who has not been charged with a crime.
But the judge told Avenatti he would not have free rein in her courtroom “to denigrate Mr. Cohen and, I believe, potentially, deprive him of a fair trial by tainting a jury pool” should criminal charges be brought against Cohen.
Leaks could make it harder for Cohen to get a fair trial if he were charged. Legal experts have said he might choose to cooperate with prosecutors as pressure mounts.
The investigation stems in part from a referral by Special Counsel Robert Mueller, who is probing whether Trump’s 2016 presidential campaign colluded with Russia. U.S. President Donald Trump's personal lawyer Michael Cohen arrives at federal court in Manhattan, New York, U.S., May 30, 2018. REUTERS/Shannon Stapleton
Trump has repeatedly denied any collusion, and Russia has denied meddling in the U.S. election.
At Wednesday’s hearing, Wood set a June 15 deadline for Cohen’s and Trump’s lawyers to identify materials seized in April raids on his home, office and hotel room, which they say prosecutors cannot use by prosecutors because the materials are subject to attorney-client privilege.
Wood said a “taint team” of prosecutors not involved in the Cohen probe would make the determinations after that date.
Ryan, one of Cohen’s lawyers, said in court that Avenatti acted maliciously by releasing his client’s bank records and attacking Cohen in dozens of media appearances, to “paint a false narrative” about Cohen and “call attention to himself.” Slideshow (8 Images)
Avenatti has released details of payments to Cohen from a company linked to Russian oligarch Viktor Vekselberg, who the United States sanctioned over suspected meddling in the election.
Avenatti’s involvement has complicated the Cohen probe.
Daniels, whose real name is Stephanie Clifford, has said she had a sexual encounter with Trump, and sued Cohen in March to end an agreement under which Cohen paid her $130,000 not to discuss it. Trump has denied having sex with Daniels.
Speaking to reporters after the hearing, Avenatti signaled that more disclosures are forthcoming.
“We’ve got a whole host of information that we are going to be releasing relating to Mr. Cohen and relating to Mr. Trump, so they better buckle up,” he said.
The June 15 deadline to review documents seized from Cohen was a month sooner than Cohen’s lawyers had wanted.
Todd Harrison, a lawyer for Cohen, said his firm was “moving heaven and Earth” to review documents. He said they have reviewed about 1.3 million of the 3.7 million files turned over.
But the judge said taking too long was not an option.
“It’s important for the court to balance the slow, deliberate needs of those asserting attorney-client privilege with the need for an investigation to go forward,” Wood said. Reporting by Brendan Pierson and Jonathan Stempel in New York; Additional reporting by Karen Freifeld and Nathan Layne in New York; editing by Jonathan Oatis and Noeleen Walder | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-cohen/federal-judge-to-hear-from-stormy-daniels-lawyer-in-cohen-case-idUSKCN1IV1BB |
May 3 (Reuters) - FLY Leasing Ltd:
* Q1 EARNINGS PER SHARE $0.34 * Q1 EARNINGS PER SHARE VIEW $0.38 — THOMSON REUTERS I/B/E/S
* AT MARCH 31, 2018, FLY HAD 86 AIRCRAFT IN ITS PORTFOLIO, WITH LEASES TO 45 AIRLINES IN 28 COUNTRIES Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fly-leasing-ltd-q1-earnings-per-sh/brief-fly-leasing-ltd-q1-earnings-per-share-0-34-idUSASC09ZPC |
May 15, 2018 / 4:34 AM / Updated 14 hours ago NHL: Fleury finds his ruthless streak to slow down Jets Steve Keating 3 Min Read
WINNIPEG, Canada (Reuters) - Marc-Andre Fleury quickly gained revenge on the Winnipeg fans who had mercilessly taunted the Vegas Golden Knights netminder on Saturday when the Jets pumped three goals past him in the opening minutes of the NHL Western Conference finals. May 14, 2018; Winnipeg, Manitoba, CAN; Vegas Golden Knights goaltender Marc-Andre Fleury (29) makes a save against Winnipeg Jets center Adam Lowry (17) during the second period in game two of the Western Conference Final of the 2018 Stanley Cup Playoffs at Bell MTS Place. Mandatory Credit: James Carey Lauder-USA TODAY Sports
Fleury took the barbs and a 4-2 loss with good humour but replaced the smiles with his game face on Monday as he delivered a stellar 30-save performance to backstop the Golden Knights to a 3-1 victory to send series back to Las Vegas level at 1-1.
“I expected that they (would) come out flying again,” said Fleury, refusing to gloat. “Everybody steps up at some point and everybody is contributing to the success of our team. That’s why we’ve been consistent in the season and the playoffs.” Related Coverage Golden Knights' Tatar may return to lineup
A triple Stanley Cup winner with the Pittsburgh Penguins, it was always going to take more than chants of “Fleurrrry, Fleurrrry” no matter how loud to rattle the ice cool French-Canadian. May 14, 2018; Winnipeg, Manitoba, CAN; Vegas Golden Knights goaltender Marc-Andre Fleury (29) makes a save against Winnipeg Jets center Bryan Little (18) during the third period in game two of the Western Conference Final of the 2018 Stanley Cup Playoffs at Bell MTS Centre. Mandatory Credit: Terrence Lee-USA TODAY Sports
Fleury’s sparkling play during the first two round of the post-season that featured series wins over the Los Angeles Kings and San Jose Sharks put him firmly in the Conn Smythe trophy discussion as the playoffs most valuable player.
Monday’s effort in Game Two of the best-of-seven series will have only enhanced his claims.
His .951 save percentage coming into the West Finals was the best in NHL history for a goalie with at least 10 playoff starts but he has also surrendered three or more goals in five of his last six contests. Slideshow (3 Images)
Despite the Game One wobble, Fleury remains key to Vegas’ hopes of capping a remarkable debut campaign by becoming the first expansion team in a major North American professional league to claim a championship on their first attempt.
As they did in Game One, the Jets came out firing on all cylinders but Fleury withstood the barrage while Tomas Tatar and Jonathan Marchessault each counted to give the Golden Knights a 2-0 first period lead.
“They came out pretty hard and Fleury had to make three or four real good save the first seven or eight minutes,” Vegas coach Gerard Gallant said. “We rebounded after that and got that 2-0 lead and it was a different game.”
Fleury would not surrender a goal until midway through the final period when Kyle Connor, parked at the side of net, rifled a shot that somehow found its way between the netminder’s pads, sparking a roar from the Winnipeg crowd.
The buzz, however, lasted just 88 seconds before Marchessault collected his second goal of the game with a nifty backhand over Jets goaltender Connor Hellebuyck. Additional reporting by Rod Nickel; Editing by John O'Brien | ashraq/financial-news-articles | https://www.reuters.com/article/us-icehockey-nhl-wpg-vgk/nhl-fleury-finds-his-ruthless-streak-to-slow-down-jets-idUSKCN1IG0E2 |
Year-Over-Year Revenue Growth Accelerated in Q1
Q1 Revenue was $319.2 million, growing 12% year-over-year excluding ANZ & Ticketfly Q1 Subscription revenue was $104.7 million, growing 63% year-over-year excluding ANZ & Ticketfly Ad RPM hit an all-time Q1 high of $55.52, growing 9% year-over-year Total subscribers were 5.63 million, growing 19% year-over-year Q1 Revenue and Adjusted EBITDA significantly exceeded our forecast Announced acquisition of AdsWizz, creating the largest digital audio advertising ecosystem globally
OAKLAND, Calif.--(BUSINESS WIRE)-- Pandora (NYSE: P) today announced financial results for the first quarter ended March 31, 2018.
“Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity,” said Roger Lynch, CEO of Pandora. “We improved audience metrics—in part by increasing usage of Premium Access, which gives ad-supported listeners the ability to enjoy Pandora Premium after viewing a 15-second ad. We also accelerated our ad-tech roadmap with the acquisition of AdsWizz, and launched exciting new product features like personalized playlists. Looking ahead, Pandora is exactly where we want to be: at the center of a growing market with huge potential.”
First Quarter 2018 Financial Results & Highlights
Revenue: For the first quarter of 2018, total consolidated revenue was $319.2 million, an approximate 12% year-over-year increase compared to the year-ago quarter, excluding Australia, New Zealand and Ticketfly. This included $214.6 million in advertising revenue and $104.7 million in subscription revenue. We discontinued our service in Australia and New Zealand on July 31, 2017, and Ticketfly was sold to Eventbrite on September 1, 2017.
GAAP Net Loss and Adjusted EBITDA: For the first quarter of 2018, GAAP net loss was $131.7 million compared to a net loss of $132.3 million in the same quarter last year. Adjusted EBITDA was a loss of $73.3 million, compared to a loss of $71.3 million in the same quarter last year.
Cash and Investments: For the first quarter of 2018, the Company ended with $544.4 million in cash and investments, compared to $500.8 million at the end of the prior quarter.
Strategic Acquisition: Pandora announced the acquisition of AdsWizz, signaling a clear acceleration of our ad tech capabilities, allowing us to transition from the largest ad supported digital audio publisher to the largest ad supported digital audio platform. AdsWizz has customers in 39 countries, and offers a full stack of tools and services ranging from programmatic audio on both the demand and supply sides to ad serving technology to ROI measurement to podcast tools and self-serve capabilities.
Product & Partnership Launches: Premium Access, which has been used by approximately 13 million listeners to date, continues to showcase the full capabilities of our premiere subscription product, for free, following a view of a 15-second ad. The Company additionally launched Personalized Soundtracks, which provide unique playlists tailored for each listener and are powered by the Music Genome Project—one of the richest data-sets of music information in the world.
Pandora also continued to expand its footprint, launching Pandora Premium on Amazon Fire TV, Fitbit Versa and on the web in the first quarter. Additionally, Pandora announced a partnership with leading smart link aggregator, Linkfire, to make discovering music easier for fans, while amplifying marketing efforts for labels and artists.
Listener Hours: Total listener hours were 4.96 billion for the first quarter of 2018, compared to 5.21 billion for the same period of the prior year.
Active Listeners: Active listeners were 72.3 million at the end of the first quarter of 2018.
Subscribers: Pandora Plus and Pandora Premium subscribers were 5.63 million at the end of the first quarter of 2018.
Other Information
Guidance: Guidance will be discussed during the first quarter 2018 conference call.
First Quarter 2018 Financial Results Conference Call: Pandora will host a conference call today at 2 p.m. PT/5 p.m. ET to discuss first quarter 2018 financial results with the investment community. A live webcast of the event will be available on the Pandora Investor Relations website at http://investor.pandora.com . A live domestic dial-in is available at (877) 355-0067 or (614) 999-7532 internationally. A domestic replay will be available at (855) 859-2056 or (404) 537-3406 internationally, using passcode 1771049 , and available via webcast replay until May 24, 2018.
ABOUT PANDORA
Pandora is the world’s most powerful music discovery platform—a place where artists find their fans and listeners find music they love. We are driven by a single purpose: unleashing the infinite power of music by connecting artists and fans, whether through earbuds, car speakers, or anywhere fans want to experience it. Our team of highly trained musicologists analyze hundreds of attributes for each recording which powers our proprietary Music Genome Project®, delivering billions of hours of personalized music tailored to the tastes of each music listener, full of discovery, making artist/fan connections at unprecedented scale. Founded by musicians, Pandora empowers artists with valuable data and tools to help grow their careers and connect with their fans.
www.pandora.com | @pandoramusic | www.pandoraforbrands.com | @PandoraBrands | amp.pandora.com
"Safe harbor" Statement: This press release contains within the meaning established by the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected revenue and adjusted EBITDA, and the benefits to Pandora from the acquisition of AdsWizz. These are based on Pandora's current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these . Factors that could cause or contribute to such differences include, but are not limited to: our operation in an emerging market and our relatively new and evolving business model; our ability to estimate revenue reserves; our ability to increase our listener base and listener hours; our ability to attract and retain advertisers; our ability to generate additional revenue on a cost-effective basis; competitive factors; our ability to continue operating under existing laws and licensing regimes; our ability to enter into and maintain commercially viable direct licenses with record labels for the right to reproduce and publicly perform sound recordings on our service; our ability to establish and maintain relationships with makers of mobile devices, consumer electronic products and automobiles; our ability to manage our growth and geographic expansion; our ability to continue to innovate and keep pace with changes in technology and our competitors; our ability to expand our operations to delivery of non-music content; our ability to protect our intellectual property; risks related to service interruptions or security breaches; and general economic conditions worldwide. Further information on these factors and other risks that may affect the business are included in filings with the Securities and Exchange Commission (SEC) from time to time, including under the heading “Risk Factors” in our most recent reports on Form 10-K and Form 10-Q.
The financial information contained in this press release should be read in conjunction with the consolidated financial statements and notes thereto included in our most recent reports on Form 10-K and Form 10-Q, each as they may be amended from time to time. Our results of operations for the current period are not necessarily indicative of our operating results for any future periods.
These documents are available online from the SEC or on the SEC Filings section of the Investor Relations section of our website at investor.pandora.com . Information on our website is not part of this release. All in this press release are based on information currently available to the Company, which assumes no obligation to update these in light of new information or future events.
Non-GAAP Financial Measures: To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company uses the following non-GAAP measures of financial performance: non-GAAP gross profit, non-GAAP net loss, non-GAAP basic and diluted net loss per common share, adjusted EBITDA, non-GAAP product development, non-GAAP sales and marketing and non-GAAP general and administrative. The presentation of this additional financial information is not intended to be considered in isolation from, as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. These non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. In addition, these non-GAAP financial measures may be different from the non-GAAP financial measures used by other companies. These non-GAAP measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. Management compensates for these limitations by reconciling these non-GAAP financial measures to the most comparable GAAP financial measures within our earnings releases.
Non-GAAP gross profit, non-GAAP net loss, non-GAAP basic and diluted net loss per common share, non-GAAP product development, non-GAAP sales and marketing and non-GAAP general and administrative differ from GAAP in that they exclude stock-based compensation expense, intangible amortization expense, amortization of non-recoupable ticketing contract advances, expense associated with the restructurings, transaction costs and loss on sales of subsidiaries. The income tax effects of non-GAAP pre-tax loss have been reflected in non-GAAP net loss and non-GAAP basic and diluted net loss per common share.
Adjusted EBITDA: Adjusted EBITDA excludes stock-based compensation expense, provision for income taxes, depreciation and intangible amortization expense, amortization of non-recoupable ticketing contract advances, other expense, expense associated with the restructurings, transaction costs and loss on sales of subsidiaries.
Stock-based Compensation Expense: consists of expenses for stock options, restricted stock units and other awards under our equity incentive plans. Stock-based compensation is included in the following cost and expense line items of our GAAP presentation: cost of revenue—other, cost of revenue—ticketing service, product development, sales and marketing and general and administrative.
Although stock-based compensation is an expense for the Company and is viewed as a form of compensation, management excludes stock-based compensation from our non-GAAP measures and adjusted EBITDA results for purposes of evaluating our continuing operating performance primarily because it is a non-cash expense not believed by management to be reflective of our core business, ongoing operating results or future outlook. In addition, the value of stock-based instruments is determined using formulas that incorporate variables, such as market volatility, that are beyond our control.
Provision for Income Taxes: consists of expense recognized related to U.S. and foreign income taxes. The Company considers its adjusted EBITDA results without these charges when evaluating its ongoing performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Depreciation and Intangible Amortization Expense: consists of non-cash charges that can be affected by the timing and magnitude of business combinations and asset purchases. Depreciation and intangible amortization expense is included in the following cost and expense line items of our GAAP presentation: cost of revenue—other, cost of revenue—ticketing service, product development, sales and marketing and general and administrative. Depreciation and intangible amortization expense also consists of non-cash amortization of non-recoupable amounts paid in advance to the Company’s clients pursuant to ticketing agreements. Amortization of non-recoupable ticketing contract advances is included in the sales and marketing line of our GAAP presentation. Management considers its operating results without intangible amortization expense and amortization of non-recoupable ticketing contract advances when evaluating its ongoing non-GAAP performance and without depreciation, intangible amortization expense and amortization of non-recoupable ticketing contract advances when evaluating its ongoing adjusted EBITDA performance because these charges are non-cash expenses that can be affected by the timing and magnitude of business combinations, asset purchases and new client agreements and may not be reflective of our core business, ongoing operating results or future outlook.
Other Expense: consists primarily of interest expense related to our Convertible Senior Notes and our Credit Facility. The Company considers its adjusted EBITDA results without these charges when evaluating its ongoing performance because it is not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Expense Associated with the Restructurings: consists of employee-related expense recognized in connection with the workforce reductions in the first quarters of 2018 and 2017 and the restructuring in Australia and New Zealand. These costs are included in the following cost and expense line items of our GAAP presentation: cost of revenue—other, product development, sales and marketing and general and administrative. This also consists of professional fees recognized in connection with the reorganization of the Company in the first quarters of 2017 and 2018, which are included in the general and administrative line item of our GAAP presentation. The Company considers its non-GAAP and adjusted EBITDA results without these charges when evaluating its ongoing performance because these charges are not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Transaction Costs: consists of professional and legal fees recognized during the period, primarily related to the AdsWizz, Inc. acquisition. These costs are included in the general and administrative line item of our GAAP presentation. The Company considers its non-GAAP and adjusted EBITDA results without these charges when evaluating its ongoing performance because these charges are not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Loss on Sales of Subsidiaries: consists of loss on sales of subsidiaries recognized during the period, primarily related to the Ticketfly disposition, including the cancellation of the convertible promissory note receivable. These amounts were calculated as the decrease in the fair value less costs to sell for sales of our subsidiaries and were recorded as loss on sales during the period. The Company considers its operating results without these charges when evaluating its ongoing non-GAAP and adjusted EBITDA results because these charges are not believed by management to be reflective of our core business, ongoing operating results or future outlook.
Income Tax Effects of Non-GAAP Pre-tax Loss: The Company adjusts non-GAAP pre-tax net loss by considering the income tax effects of its non-GAAP adjustments. The Company is currently forecasting a non-GAAP effective tax rate of approximately 22% to 25% cumulatively for each quarter and the full year 2018. However, the Company is not expected to incur any material cash taxes due to its net operating loss position.
Management believes these non-GAAP financial measures and adjusted EBITDA serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods and to those of peer companies, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors' overall understanding of our current financial performance.
In the financial tables below, the Company provides a reconciliation of the most comparable GAAP financial measure to the historical non-GAAP financial measures used in this earnings release.
Pandora Media, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three months ended
March 31,
2017 2018 Revenue Advertising $ 223,308 $ 214,568 Subscription and other 64,878 104,665 Ticketing service 27,818 — Total revenue 316,004 319,233 Cost of revenue Cost of revenue—Content acquisition costs 187,420 217,580 Cost of revenue—Other (1) 25,532 26,849 Cost of revenue—Ticketing service (1) 18,618 — Total cost of revenue 231,570 244,429 Gross profit 84,434 74,804 Operating expenses Product development (1) 39,588 35,884 Sales and marketing (1) 125,102 124,216 General and administrative (1) 44,525 41,631 Total operating expenses 209,215 201,731 Loss from operations (124,781 ) (126,927 ) Interest expense (7,381 ) (7,286 ) Other income, net 229 2,582 Total other expense, net (7,152 ) (4,704 ) Loss before provision for income taxes (131,933 ) (131,631 ) Provision for income taxes (334 ) (74 ) Net loss (132,267 ) (131,705 ) Net loss available to common stockholders $ (132,267 ) $ (139,068 ) Basic and diluted net loss per common share $ (0.56 ) $ (0.55 ) Weighted-average basic and diluted common shares 237,515 252,934 (1) Includes stock-based compensation expense as follows:
Three months ended
March 31,
2017 2018 Cost of revenue—Other $ 815 $ 742 Cost of revenue—Ticketing service 29 — Product development 7,915 6,417 Sales and marketing 13,496 11,817 General and administrative 7,363 7,460 Total stock-based compensation expense $ 29,618 $ 26,436 Pandora Media, Inc. Condensed Consolidated Balance Sheets (in thousands) As of December 31,
As of March 31,
2017 2018 (audited) (unaudited) Assets Current assets Cash and cash equivalents $ 499,597 $ 454,923 Short-term investments 1,250 89,482 Accounts receivable, net 336,429 269,584 Prepaid content acquisition costs 55,668 35,901 Prepaid expenses and other current assets 19,220 20,074 Total current assets 912,164 869,964 Convertible promissory note receivable 35,471 — Property and equipment, net 116,742 114,487 Goodwill 71,243 71,243 Intangible assets, net 19,409 17,891 Other long-term assets 11,293 11,285 Total assets $ 1,166,322 $ 1,084,870 Liabilities, redeemable convertible preferred stock and stockholders’ equity Current liabilities Accounts payable $ 14,896 $ 15,762 Accrued liabilities 34,535 37,655 Accrued content acquisition costs 97,751 106,254 Accrued compensation 47,635 42,908 Deferred revenue 31,464 37,681 Total current liabilities 226,281 240,260 Long-term debt, net 273,014 278,410 Other long-term liabilities 23,500 22,714 Total liabilities 522,795 541,384 Redeemable convertible preferred stock 490,849 498,211 Stockholders’ equity Common stock 25 26 Additional paid-in capital 1,422,221 1,453,915 Accumulated deficit (1,269,351 ) (1,408,419 ) Accumulated other comprehensive loss (217 ) (247 ) Total stockholders’ equity 152,678 45,275 Total liabilities, redeemable convertible preferred stock and stockholders’ equity $ 1,166,322 $ 1,084,870 Pandora Media, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Three months ended March 31, 2017 2018 Operating activities Net loss $ (132,267 ) $ (131,705 ) Adjustments to reconcile net loss to net cash (used in) provided by operating activities Loss on dispositions — 2,173 Depreciation and amortization 17,680 13,779 Stock-based compensation 29,618 26,436 Amortization of premium on investments, net 53 (118 ) Accretion of discount on convertible promissory note receivable — (534 ) Other operating activities 365 65 Amortization of debt discount 4,886 5,396 Interest income — (810 ) Provision for (recoveries of) bad debt 1,390 (315 ) Changes in operating assets and liabilities Accounts receivable 44,941 67,160 Prepaid content acquisition costs (2,232 ) 19,767 Prepaid expenses and other assets (5,579 ) (1,588 ) Accounts payable, accrued and other current liabilities 13,192 4,749 Accrued content acquisition costs (3,762 ) 8,503 Accrued compensation (13,207 ) (1,347 ) Other long-term liabilities (244 ) (786 ) Deferred revenue 3,996 6,217 Reimbursement of cost of leasehold improvements 5,236 357 Net cash (used in) provided by operating activities (35,934 ) 17,399 Investing activities Purchases of property and equipment (1,980 ) (3,410 ) Internal-use software costs (7,765 ) (5,489 ) Purchases of investments — (89,341 ) Proceeds from maturities of investments 11,220 1,250 Proceeds from cancellation of convertible promissory note receivable — 34,742 Net cash provided by (used in) investing activities 1,475 (62,248 ) Financing activities Proceeds from employee stock purchase plan 2,798 37 Proceeds from exercise of stock options 2,388 248 Tax payments from net share settlements of restricted stock units — (287 ) Net cash provided by (used in) financing activities 5,186 (2 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 210 (8 ) Net decrease in cash, cash equivalents and restricted cash (29,063 ) (44,859 ) Cash, cash equivalents and restricted cash at beginning of period 201,820 500,854 Cash, cash equivalents and restricted cash at end of period $ 172,757 $ 455,995 Reconciliation of cash, cash equivalents and restricted cash as shown in the statements of cash flows Cash and cash equivalents $ 170,881 $ 454,923 Restricted cash included in prepaid expenses and other current assets line item of Condensed Consolidated Balance Sheets — 1,072 Restricted cash included in other long-term assets line item of Condensed Consolidated Balance Sheets 1,876 — Total cash, cash equivalents and restricted cash $ 172,757 $ 455,995 Pandora Media, Inc. Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share amounts) (unaudited) Three months ended March 31, 2017 2018 Gross profit GAAP gross profit $ 84,434 $ 74,804 Stock-based compensation—Cost of revenue 844 742 Amortization of intangibles—Cost of revenue 1,419 1,155 Expense associated with the restructurings 312 — Non-GAAP gross profit $ 87,009 $ 76,701 Adjusted EBITDA and non-GAAP net loss GAAP net loss $ (132,267 ) $ (131,705 ) Depreciation and amortization 17,680 13,779 Stock-based compensation 29,618 26,436 Other expense, net 7,152 4,704 Provision for income taxes 334 74 Expense associated with the restructurings 6,180 8,868 Transaction costs — 2,359 Loss on sales of subsidiaries — 2,173 Adjusted EBITDA $ (71,303 ) $ (73,312 ) Income tax effects of non-GAAP pre-tax loss 32,158 21,750 Other expense, net (7,152 ) (4,704 ) Provision for income taxes (334 ) $ (74 ) Depreciation (10,557 ) (12,261 ) Non-GAAP net loss $ (57,188 ) $ (68,601 ) Non-GAAP net loss per common share - basic and diluted (0.24 ) (0.27 ) Weighted average basic and diluted common shares 237,515 252,934 Pandora Media, Inc. Reconciliation of GAAP to Non-GAAP Measures continued (in thousands, except per share amounts) (unaudited) Three months ended March 31, 2017 2018 Product development GAAP product development $ 39,588 $ 35,884 Stock-based compensation (7,915 ) (6,417 ) Amortization of intangibles (1,822 ) (97 ) Expense associated with the restructurings (702 ) (622 ) Non-GAAP product development $ 29,149 $ 28,748 Sales and marketing GAAP sales and marketing $ 125,102 $ 124,216 Stock-based compensation (13,496 ) (11,817 ) Amortization of intangibles (1,713 ) (83 ) Amortization of non-recoupable ticketing contract advances (1,986 ) — Loss on sales of subsidiaries — (100 ) Expense associated with the restructurings (3,656 ) (4,608 ) Non-GAAP sales and marketing $ 104,251 $ 107,608 General and administrative GAAP general and administrative $ 44,525 $ 41,631 Stock-based compensation (7,363 ) (7,460 ) Amortization of intangibles (183 ) (183 ) Transaction costs — (2,359 ) Loss on sales of subsidiaries — (2,073 ) Expense associated with the restructurings (1,510 ) (3,638 ) Non-GAAP general and administrative $ 35,469 $ 25,918 Pandora Media, Inc. Ad RPM and LPM History (unaudited) Three months ended March 31, 2017 2018 Advertising RPM $
50.87
$
55.52
Advertising LPM $
33.44
$
36.35
Pandora Media, Inc. Subscription ARPU and LPU History (unaudited) Three months ended March 31, 2017 2018 Subscription ARPU $
4.76
$
6.30
Subscription LPU $
2.96
$ 4.65
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006463/en/
Pandora
Derrick Nueman / Conrad Grodd, 510-842-6960
Investor Relations
[email protected]
or
Pandora Corporate Communications
Jette Speights, 510-858-3865
[email protected]
Source: Pandora | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-pandora-reports-q1-2018-financial-results.html |
May 16, 2018 / 12:11 PM / Updated 17 minutes ago PLATINUM WEEK-Mind the gap: Can subway and landmine technologies save S.Africa platinum? Reuters Staff
* Technology may make new mines profitable
* Industry in crisis, has capital constraints
* Sector battered by low prices, social unrest
By Ed Stoddard
BURGERSFORT, South Africa, May 16 (Reuters) - Technologies used to carve subways and clear landmines are being retooled to mechanise South Africa’s platinum mines, where an unforgiving geology has stymied such efforts at a huge cost.
The technologies may make new mines profitable and could provide a lifeline for some loss-making shafts in a sector battered by low prices and social unrest, but there are limits.
Innovations include a 60-cm-high bulldozer built by private Croatian landmine clearance company Dok-ing that can reach narrow reefs, and a machine engineered by Atlas Copco unit Epiroc to replace blasting.
The stakes are high in the world’s top producer of the metal: most of South Africa’s platinum shafts are losing money, while the handful of mechanised ones are profitable.
Used for emissions-capping autocatalysts, the price of platinum remains pinned below $1,000 an ounce, less than half the lofty peaks it scaled a decade ago. Little upside is seen with diesel car sales falling.
An unpublished report by South Africa’s Chamber of Mines says: “Under current price and cost forecasts, conventional (platinum) mining ceases to be economically viable in 2024.”
This risks tens of thousands of jobs on South Africa’s platinum belt, a flashpoint of social strife. LANDMINES TO PLATINUM MINES
The South African platinum reef is generally too narrow and steep for machines to access, sparking a race to shrink machine size.
At Anglo American Platinum’s Twickenham R&D mine, an operator with a videogame-type controller recently manoeuvred the Dok-ing bulldozer that sweeps away ore.
Dok-ing began by building robust dozers that cleared landmines - compact beasts with tank-like tracks.
Tom Sertic, managing director for Dok-ing Africa, said it caught the eye of Anglo engineers. In 2003, at Anglo’s request, Dok-ing built an 83-cm-high dozer and has since cut the size.
The dozers’ tank-like treads help to resolve a key mechanisation challenge: the inability of machines with traditional tyres to mine steep gradients.
“Most machines ... cannot work above 14 degrees because their wheels simply cannot generate power at such steep gradients,” said Declan Vogt, a lecturer in mining automation at Britain’s University of Exeter.
The Dok-ing dozer’s design enables it to work on reefs at gradients of up to 22 degrees or more.
Amplats plans to use the equipment to boost the profitability of shafts at its Amandelbult and other mines - ironic, because it is a battery-run electric vehicle and Amplats has bet heavily on fuel cells in the EV revolution.
Lonmin Chief Executive Ben Magara told Reuters his company was using three of the dozers at its Saffy shaft.
But costs are a concern.
“The up-front capital is the challenge and given the constraints in the industry, that is not small,” Magara said.
Bringing the technology to loss-making shafts also depends on how long they are expected to produce.
“It is a complicated process to switch to mechanisation. You need to cut jobs, bring in new skilled workers, set up workshops, and make other adjustments,” said Johan Theron, spokesman for Impala Platinum.
Theron said Implats wanted to mechanise where it could but the time and investment would not be worthwhile in older shafts. NO BLASTING
Another innovation is to dispense with blasting, allowing for continuous work as mines must be emptied for detonations, disrupting work.
At Twickenham, the Rapid Mine Development System (RMDS) designed by Epiroc churns the rock-face with a steel disk. Cutting technology has been deployed in coal mines for decades using mechanical picks, but this is the first used in a hard-rock platinum mine.
Walking through the tunnels, you see the difference.
The sides and the roof of the blasted area are jagged, presenting hazards including loose rocks. Where the cutter has been, everything is smoother, with just grooves - not unlike a subway, for which the technology was originally designed.
The RMDS also has a mechanical roof bolter - in conventional mines, a miner with a jackhammer-like device drills and inserts the bolts - and it carries the ore on a conveyer system. MECHANISE OR DIE
“If you look at the bottom end of the cost curve, it is dominated by mechanised mines. Machines do the heavy lifting so productivity is significantly different,” Northam Platinum Chief Executive Paul Dunne told Reuters. Northam’s mechanised Booysendal mine is ramping up production.
Implats’ annual results show its conventional Rustenburg operations last made a profit in 2014 and have since lost around 14 billion rand ($1.12 billion). By contrast, mechanised Two Rivers is Implats’ lowest-cost operation.
Sibanye-Stillwater has acquired Amplats’ labour-intensive Rustenburg mines and its mechanised Bathopele mine. The latter generates over half its platinum profit in South Africa.
Amplats, now firmly focused on mechanisation, paid a dividend this year for the first time since 2011, underscoring the benefits of its pivot from conventional mining. $1 = 12.4963 rand Editing by Veronica Brown and Dale Hudson | ashraq/financial-news-articles | https://www.reuters.com/article/platinum-week-mechanisation/platinum-week-mind-the-gap-can-subway-and-landmine-technologies-save-s-africa-platinum-idUSL5N1SL2Y6 |
The burgeoning growth in U.S. auto exports may be coming in separate parts.
U.S. auto makers are exporting more cars this year, even as proposed tariffs on imported vehicles, and key materials such as steel and aluminum, are raising concerns over global supply chains.
Some American ports say they’re seeing even faster growth in partly-assembled vehicles, however, a sign that manufacturers are resetting their factory and overseas distribution strategies to adjust to growing threats of tariffs.
At the Georgia ports of Savannah and Brunswick, which handle exports for several large manufacturing operations in the Southeast, auto exports are up 12% in the current fiscal year while auto-parts exports have risen 56%. Partly-assembled cars, which are completed by workers in the destination country, are counted as auto parts.
More in Logistics ...
Philadelphia Shipyard Struggles to Survive on Order Drought May 31, 2018 Women Climbing Supply-Chain Ranks Find a Growing Salary Gap May 29, 2018 U.S. Sanctions Start to Pinch Shipping in Iran May 29, 2018 “Clearly, auto parts is way up,” said Georgia Ports Authority executive director Griff Lynch, noting auto-parts tonnage at the Port of Savannah reached 101,212 tons during the nine months ending in March, up from 64,779 tons during the same period a year earlier.
For auto-handling ports, the strategy marks a shift since the partly assembled vehicles can’t be driven onto specialized ships known as car carriers. Instead, the cars generally are packed into containers and loaded onto container ships like other cargo.
Cars exported in partially-assembled form, known as “knockdown” kits, are subject to different, often lower, levies than full cars. China recently said it would lower its tariff rate on auto imports to 15% from 25% while lowering the rate for auto parts—a category which includes knockdown kits—to 6% from between 8% and 25%.
President Donald Trump’s threat to impose new tariffs on imported automobiles is putting the role of U.S. auto manufacturing in global trade under greater scrutiny. Japanese and German auto makers have pointed to the billions of dollars in investments they have made in U.S. factories and BMW AG , which has a plant in South Carolina, and Daimler AG , which produces Mercedes-Benz models in Alabama, say they also export big volumes of vehicles from the U.S.
Newsletter Sign-up Daimler says its exports of sport-utility vehicles made in Alabama make it the second-largest automotive exporter in the U.S.
According to Commerce Department trade data, exports of motor vehicles and parts rose 3.3% to $30.5 billion in the first quarter of 2018 from $29.5 billion a year earlier.
Several auto-industry analysts said they don’t explicitly track exports of partially-assembled kits, as it remains a smaller slice of the overall auto market. But the operation could grow as changes in tariffs lead manufacturers adjust their supply chains to new trade economics.
The U.S. imports many knockdown kits on certain types of vehicles that have higher tariff rates, such as cargo vans, analysts said.
Kristin Dziczek, an analyst with the Center for Automotive Research, said knockdown-kit exports also provide manufacturers a way to enter emerging markets where the auto industry is underdeveloped. Setting up final-assembly operations is one way to gain a foothold in new markets, Ms. Dziczek said, which helps to develop the supplier base and build out manufacturing in those countries.
Write to Erica E. Phillips at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/ports-see-growth-in-exports-of-partly-assembled-cars-1527705371 |
May 3, 2018 / 4:14 PM / Updated 5 minutes ago Bayer to sell further Covestro stake for 2.2 billion euros Reuters Staff 2 Min Pharmaceutical group Bayer ( BAYGn.DE ) is selling a further stake in plastics company Covestro ( 1COV.DE ), placing a holding of around 14.2 percent via an accelerated bookbuilding process. FILE PHOTO: The corporate logo of Bayer is seen at the headquarters building in Caracas, Venezuela March 1, 2016. REUTERS/Marco Bello/File Photo
Covestro was spun off from Bayer in 2015 and Bayer said this latest sale marks the start of the full separation from its former unit.
Bayer, which is buying seed maker Monsanto ( MON.N ), raised 1.8 billion euros (1.6 billion pounds) in January from selling a 10.4 percent stake in Covestro.
The latest sale of around 29 million shares to institutional investors was set to generate proceeds of about 2.2 billion euros, Bayer said.
Bayer said that, after the sale, it would hold just under 7 percent of Covestro shares which it acquired from Bayer Pension Trust. These would be used to repay an exchangeable bond issued in 2017 that matures in 2020, Bayer said.
BofA Merrill Lynch and J.P. Morgan are acting as joint bookrunners. They said the shares would be placed at a price range of 75.26 to market.
Covestro shares closed at 76.48 euros on Thursday, while Bayer shares closed at 99.97 euros. Reporting by Victoria Bryan; Editing by Alexandra Hudson and Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bayer-covestro-sale/bayer-to-sell-further-covestro-stake-for-2-2-billion-euros-idUKKBN1I4243 |
NEW YORK, May 8, 2018 /PRNewswire/ -- Perform Group, the global sports media company based in the UK, announced today the appointment of John Skipper as Executive Chairman. Skipper previously served as President of ESPN Inc., where he worked for 20 years across all areas of the business.
Skipper, based in New York, will oversee all of Perform Group's operations and strategy and report to the Board. Simon Denyer, Perform Group's Founder, will continue as CEO based in London. Today's announcement reflects Perform Group's strategy for global expansion across all divisions.
"Simon and his team have built an enormously impressive company, providing an excellent base to establish a global leadership position in the over-the-top sports subscription business, the clear future of sports delivery," said John Skipper, Executive Chairman Perform Group. "Perform Group's platform and expertise, coupled with its success in launching subscription services in Germany, Japan and Canada provides a model we intend to replicate around the world."
"Perform is rapidly expanding its role in sports media with significant investments in the best content and our own platform. We are now preparing to push forward with the expansion of DAZN, our live and on-demand streaming service, in more major markets around the world," said Simon Denyer, CEO Perform Group. "DAZN is revolutionizing how fans watch their favorite sports. John is one of the most significant leaders in the history of our industry, and I am delighted that he has agreed to join me and the team to help take Perform to the next level of our ambitions."
"Since our initial investment ten years ago, Perform has become one of the most important brands in the sports media industry and a key holding in the Access portfolio," said Len Blavatnik, Chairman Access Industries and Perform Group's majority shareholder. "John's addition to the team and Board will help the company continue its impressive progress."
About Perform Group
Perform Group is the digital leader in global sports media and one of the fastest growing sports media companies in the world. With almost 3,000 employees in over 30 countries, its businesses touch every aspect of the way fans engage with sports.
Perform Group streams sports to fans directly through DAZN, its unique live and on-demand service. It partners with the biggest rights holders such as WTA, NFL, FIBA and CONMEBOL to help them commercialize and grow their sports around the world. It produces better, faster, more detailed content and data for broadcasters, media companies, sports teams and sponsors. It operates some of the world's biggest digital sports platforms, such as Goal.com and SportingNews.com .
About Access Industries
Access Industries is a privately held industrial group with long-term holdings worldwide, founded in 1986 by American-British industrialist and philanthropist Len Blavatnik. Access Industries' investments in the media and entertainment sector include Warner Music Group, Deezer, AI Film, and Perform Group.
Contact
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/perform-group-appoints-john-skipper-as-executive-chairman-300644007.html
SOURCE Perform Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-perform-group-appoints-john-skipper-as-executive-chairman.html |
TUNIS (Reuters) - A commitment by key Libyan actors to hold elections in December faces multiple obstacles, including the lack of a legal framework for polls and escalating conflict in parts of the country.
French President Emmanuel Macron, Libyan Prime Minister Fayez al-Sarraj, Khalifa Haftar, the military commander who dominates eastern Libya, and the participants of the International Conference on Libya listen to a verbal agreement between the various parties regarding the organization of a democratic election this year at the Elysee Palace in Paris, France, May 29, 2018. Etienne Laurent/Pool via Reuters French President Emmanuel Macron called the agreement reached in Paris on Tuesday a historic step towards reunifying and stabilising Libya, which has been in turmoil since a NATO-backed revolt toppled Muammar Gaddafi in 2011.
Tripoli Prime Minister Fayez Seraj, eastern commander Khalifa Haftar and the leaders of two rival parliamentary assemblies endorsed - but did not sign - an eight-point statement that set the date for parliamentary and presidential elections on Dec. 10, with a commitment to establish the constitutional and legal basis by Sept. 16.
But the question of how such a basis will be set - whether by a referendum on a constitutional draft, a new election law, or an adaptation of Libya’s post-uprising constitutional declaration - was left open.
The issue is central because opponents of Haftar, the dominant figure in eastern Libya and a possible candidate for president, want to ensure that presidential and civilian powers over the military are clearly defined before polls are held.
Members of the body that drafted the new constitution called on Wednesday for a referendum before the election, but analysts say that would be hard to achieve.
Haftar’s rivals suspect that, given the chance, he would return the country to authoritarian rule. They also blame him for destroying parts of Benghazi and displacing large numbers of residents in a three-year campaign for control of Libya’s second-largest city.
Haftar says he is ridding Libya of Islamist extremists and is committed to the electoral process.
As the meeting in Paris took place, Haftar’s Libyan National Army (LNA) pressed on with a campaign against Islamists and other opponents in the eastern city of Derna, where the United Nations says fighting is having a “devastating” impact. On Wednesday, the LNA said it had taken control of sites in the Saida Khadija neighbourhood inside Derna, after advancing from the outskirts of the city.
Conflict has also flared in recent weeks in the southern city of Sabha, on the dividing line between two loose alliances that have supported rival political camps in Tripoli and the east since disputed elections in 2014.
There was no mention of the fighting in the Paris statement, though Seraj told reporters he had “appealed for an end to combat in all of Libya - enough blood has been spilt”.
Analysts say the conflict and the several hundred thousand people displaced by it could skew the outcome of an election. Some Libyans have said the country is too divided to cope with a national vote.
Security is another challenge. Suicide attackers targeted the offices of the electoral commission in Tripoli in May, killing at least 12 people.
Libya has no national security forces to oversee polls, or effective national institutions that can settle legal challenges. There is no consensus over how to unify the security forces and other divided bodies including the central bank - a further goal set out in the Paris statement.
Suspicion is visible on both sides. Some west Libyan armed groups, including from the key military power base of Misrata, see France as too close to their rival Haftar and stated their opposition to the Paris talks before they began.
A senior LNA source stressed that Haftar had not put his signature to any deal. “Sitting does not mean agreeing, and no agreement was signed at the Paris meeting,” he said.
More than 40 eastern members of parliament issued a statement supporting pledges referenced in the Paris declaration to move parliament to Benghazi and to encourage a military unification dialogue in Cairo, a process seen to favour the LNA.
“It’s very easy to get Libyans to agree to agree to something, but when it comes down to hashing out the details, that’s when the squabbles tend to start,” said Tarek Megerisi, a visiting fellow at the European Council on Foreign Relations.
Additional reporting by Ayman al-Warfalli in Benghazi; Editing by Ulf Laessing and Robin Pomeroy, Larry King
| ashraq/financial-news-articles | https://in.reuters.com/article/libya-security/libyas-december-election-goal-faces-political-legal-security-hurdles-idINKCN1IV2F5 |
In “Where Does the Law Against Kickbacks Not Apply? Your Hospital” (op-ed, May 8), Phillip L. Zweig and Frederick C. Blum identify important ailments affecting Americans’ health care: high costs and shortages of prescription drugs. But their diagnosis is misinformed and their prescription would only make the problem worse. The authors erroneously claim that hospitals raise health-care costs by purchasing supplies through group purchasing organizations (GPOs) and call on Congress to change the current practice. Yet empirical evidence, as well as economic theory, demonstrate that purchasing through GPOs saves money for... | ashraq/financial-news-articles | https://www.wsj.com/articles/what-interest-do-health-gpos-really-serve-1526407774 |
WASHINGTON, May 7, 2018 /PRNewswire-USNewswire/ -- After 15 years at the helm of the Pharmaceutical Care Management Association (PCMA), CEO and President Mark Merritt is stepping down, effective at year-end.
Under Merritt's leadership, PCMA grew from an obscure group into the nation's leading voice on prescription drug benefits. One of his first missions was to help shape the bill which established the Medicare Part D program in 2003. Since then, Merritt has helped navigate the industry through countless legislative and regulatory debates in Washington, D.C. and the states, including the Affordable Care Act.
Throughout all these challenges, pharmacy benefit managers (PBMs) have emerged stronger because of their consistent ability to show policymakers how they improve benefits and reduce prescription drug costs. Merritt has routinely been ranked among Washington's most effective lobbyists in surveys of key decision-makers and opinion leaders.
"Mark leaves big shoes to fill. When he came aboard in 2003, he started from scratch and built PCMA into one of the most effective advocacy and lobbying groups in American health care," said PCMA board chairman Tim Wentworth of Express Scripts, a member company.
"We deeply appreciate his leadership guiding PCMA during a time when our industry grew and evolved dramatically amidst a political period often dominated by contentious health care debates. I am pleased that Mark has shared his decision now and will stay on and help ensure a smooth transition as we work to build on PCMA's successes and launch a search for his successor."
Merritt's rare combination of public affairs and legislative skills helped him lead the industry's advocacy efforts on many important fronts, including establishment and implementation of the Medicare Part D drug benefit program; greater expansion of generics and biosimilars to lower the cost of prescription drugs; adoption of electronic prescribing technologies to improve patient safety and fight substance abuse; and launching award-winning campaigns to educate decision-makers on how PBMs reduce costs and improve patient satisfaction.
"It's been one of the great privileges of my career to help guide PCMA and its outstanding member companies through an increasingly complex health care environment," Merritt said. "I'm proud of what we've accomplished as an industry and pleased that PCMA is well positioned to handle the challenges of the future."
PCMA is the national association representing America's pharmacy benefit managers (PBMs). PBMs administer prescription drug plans for more than 266 million Americans who have health insurance from a variety of sponsors including: commercial health plans, self-insured employer plans, union plans, Medicare Part D plans, the Federal Employees Health Benefits Program (FEHBP), state government employee plans, Medicaid plans, and others.
View original content with multimedia: http://www.prnewswire.com/news-releases/pcma-president-and-ceo-mark-merritt-to-depart-at-year-end-300643542.html
SOURCE Pharmaceutical Care Management Association | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pcma-president-and-ceo-mark-merritt-to-depart-at-year-end.html |
WASHINGTON, May 4 (Reuters) - U.S. President Donald Trump’s national security adviser John Bolton and his South Korean counterpart, Chung Eui-yong, reaffirmed on Friday that there were no plans to change the two countries’ “bilateral defense posture” in South Korea, the White House said in a statement.
The two officials, who met in Washington, also discussed Trump’s planned meeting with North Korean leader Kim Jong Un and began preparations for a visit by South Korean President Moon Jae-in to the White House on May 22, the statement said. (Reporting by Mohammad Zargham Editing by Eric Walsh)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-usa-southkorea/u-s-south-korea-say-no-plans-to-change-bilateral-defense-posture-white-house-idUSW1N1PL025 |
PARIS (Reuters) - For someone who is often labeled a hothead, it is perhaps no surprise that Benoit Paire’s head is burning.
The Frenchman dyed his hair platinum blond last week and even if it did not prevent him from beating Spain’s Roberto Carballes Baena in the first round of the French Open on Monday, it is causing him some issues.
“It’s a bit difficult to manage when I play... I went from white to yellow to grey,” Paire, who is well known for losing his temper on court, told reporters.
“So the hairdresser is trying to arrange things these
days. But I’m trying to get out of it. My hair is very
damaged. It’s burnt. My head is burning.”
To make matters worse, Paire is also suffering from stomach problems. “I think I caught a virus two days ago, three days ago,” he said.
“I believe I’m not the only one with it. So I had to go to the men’s room at the end of the second set. I took two or three medications for my stomach ache.”
At least Paire’s face is not burning as he has kept his beard intact, and black.
The world number 51 next faces Japanese Kei Nishikori — in between hairdresser’s appointments.
Reporting by Julien Pretot; Editing by Ossian Shine
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-paire/tennis-hairdo-goes-paire-shaped-as-frenchman-advances-in-paris-idUSKCN1IT1O6 |
May 9, 2018 / 1:26 PM / Updated 7 minutes ago BRIEF-Enbridge Announces Us$1.120 Billion Sale Of U.S. Midstream Businesses Reuters Staff
May 9 (Reuters) - Enbridge Inc:
* ENBRIDGE ANNOUNCES US$1.120 BILLION SALE OF U.S. MIDSTREAM BUSINESSES
* ENBRIDGE - INDIRECT SUBSIDIARY ENTERED INTO DEFINITIVE AGREEMENT TO SELL MIDCOAST OPERATING, L.P. AND ITS SUBSIDIARIES TO AL MIDCOAST HOLDINGS, LLC
* ENBRIDGE - AL MIDCOAST INTENDS TO MAINTAIN MIDCOAST’S WORKFORCE AND ANTICIPATES THAT THEY WILL JOIN AL MIDCOAST UPON TRANSACTION CLOSE Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enbridge-announces-us1120-billion/brief-enbridge-announces-us1-120-billion-sale-of-u-s-midstream-businesses-idUSFWN1SG19E |
May 12, 2018 / 5:01 PM / Updated 38 minutes ago Thousands of Poles protest against ruling conservatives Reuters Staff 3 Min Read
WARSAW (Reuters) - Thousands of anti-government protesters marched in Warsaw on Saturday demanding “independent” courts following a judiciary overhaul which has sparked a row with the European Union. A participant holds flags of European Union and Poland during an anti-government protest, called 'Freedom March' and organised by opposition parties, in Warsaw, Poland May 12, 2018. REUTERS/Kacper Pempel
The conservative and eurosceptic Law and Justice party (PiS) came to power in 2015 on promises of delivering large social benefits to Poles.
However, the government has come under severe criticism at home and abroad for taking control over key institutions such as the constitutional court and the public media, and by doing so angering the EU.
Saturday’s “Freedom March”, organised by opposition parties, saw several thousands of protesters gather in the centre of Warsaw, many of them carrying European Union flags. People take part in a procession during an anti-government protest, called 'Freedom March' and organised by opposition parties, in Warsaw, Poland May 12, 2018. REUTERS/Kacper Pempel
It comes at a time when leadership of Nowoczesna party, a smaller partner of the main opposition the Civic Platform Party (PO), has fallen apart, weakening the entire opposition block ahead of the local election in autumn this year.
“We will be fighting for freedom, dignity, democracy and for a Poland in Europe,” PO leader Grzegorz Schetyna said during a televised speech at the march. Slideshow (6 Images)
Opposition accuses PiS of undermining democratic values, mostly by adopting laws which critics say threaten the independence of courts. PiS has argued the changes were necessary to remove judges left over from the Communist era.
The judiciary overhaul prompted the EU to trigger in December Article 7 of the Lisbon Treaty for the first time - a punitive measure which could lead to a suspension of Poland’s voting rights in the trading bloc.
Keen to end the Article 7 procedure, Warsaw has already offered some concessions and a compromise may be agreed at some point soon.
PiS has also upset many Poles with attempts to tighten the abortion law.
“They will not take the free courts from us, they will not deprive us from the freedom of choice, conscience and opinion,” said Katarzyna Lubnauer, the head of Nowoczesna.
Despite the criticisms, a recent poll by Pollster has revealed a 43 percent support for PiS, with a 20 percent backing for PO and 6 percent for Nowoczesna. In April, the opposition overtook PiS in opinion polls, largely due to contested financial rewards for ministers which had been approved by PiS. Reporting by Agnieszka Barteczko; Editing by Clelia Oziel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-poland-protest/thousands-of-poles-protest-against-ruling-conservatives-idUKKCN1ID0OL |
London remains 'solid' as a global city despite Brexit: AT Kearney 7 Hours Ago Olivier Gergele of A.T. Kearney says London remains a magnet for talent and is "equipped" to remain among the most attractive cities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/london-remains-solid-as-a-global-city-despite-brexit-at-kearney.html |
May 14, 2018 / 1:02 PM / Updated 16 minutes ago Tesla CEO Musk tells staff he plans 'thorough reorganization' David Shepardson 5 Min Read
(Reuters) - Tesla Inc’s ( TSLA.O ) chief executive officer told employees on Monday the company is undergoing a “thorough reorganization,” as it contends with production problems, senior staff departures and two crashes last week involving its electric, self-driving cars. A Tesla Model S is seen after it hit the back of a mechanic truck from the Unified Fire Authority in this traffic collision in South Jordan, Utah, U.S., May 11, 2018. Picture taken May 11, 2018. South Jordan Police Department/Handout via REUTERS
CEO Elon Musk said in an email it was “flattening the management structure to improve communication,” combining functions and trimming activities “not vital to the success of our mission” in the reorganization. The company confirmed the note that was disclosed earlier by the Wall Street Journal.
Tesla is at a critical juncture as it tries to fix production headaches that have slowed the rollout of its Model 3 sedan, a mid-market car seen as important to Tesla’s success, and as it expands on other fronts.
Tesla shares fell 2.9 percent to $292.37 on Monday.
Senior Tesla executives have departed or cut back work. Waymo, Alphabet Inc’s ( GOOGL.O ) self-driving unit, said on Sunday that Matthew Schwall had joined the company from Tesla, where he was the electric carmaker’s main technical contact with U.S. safety investigators.
Last week, Tesla said Doug Field, senior vice president of engineering, was taking time off to recharge.
The company is developing multiple new vehicles, including a semi truck, and registered a new car firm in Shanghai in a likely step toward production in China.
Musk said on a May 2 earnings call that the company was “going to conduct sort of a reorganization restructuring of the company ... this month and make sure we’re well set up to achieve that goal.” A Tesla Model S is seen after it hit the back of a mechanic truck from the Unified Fire Authority in this traffic collision in South Jordan, Utah, U.S., May 11, 2018. Picture taken May 11, 2018. South Jordan Police Department/Handout via REUTERS
He added that “the number of sort of third-party contracting companies that we’re using has really gotten out of control, so we’re going to scrub the barnacles on that front. It’s pretty crazy. You’ve got barnacles on barnacles. So there’s going to be a lot of barnacle removal.”
Tesla will still rapidly hire critical positions “to support the Model 3 production ramp and future product development,” Musk said in the email.
Tesla faces a variety of other issues.
Investors gave a rare rebuke to Musk after he cut off analysts on the earnings call asking about profit potential, sending shares down 5 percent despite promises that production of the Model 3 was on track.
The company changed the terms of its borrowing agreement with banks to allow it to pledge its Fremont, California, auto plant as collateral.
A U.S. traffic safety regulator on May 2 contradicted Tesla’s claim that the agency had found that its Autopilot technology significantly reduced crashes.
Autopilot, a form of advanced cruise control, handles some driving tasks and warns those behind the wheel they are always responsible for the vehicle’s safe operation, Tesla has said.
In a Twitter post on Monday, Musk denied a Wall Street Journal report that Tesla had rejected a system that would have tracked driver eye movement when using Autopilot.
“This is false,” Musk wrote. “Eyetracking rejected for being ineffective, not for cost. WSJ fails to mention that Tesla is safest car on road, which would make article ridiculous. Approx 4X better than avg,” Musk said, without explaining the basis for the figure.
Tesla said in March that its vehicles using Autopilot were four times safer than conventional vehicles based on the number of miles per fatalities. In another Twitter message on Monday, Musk said the “probability of fatality is much lower in a Tesla. We will be reporting updated safety numbers after each quarter.”
In the latest of two reported crashes last week that have drawn attention, a Tesla Model S sedan was traveling at 60 miles per hour (97 km per hour) when it smashed into a fire truck stopped at a red light in South Jordan, Utah, about 20 miles south of Salt Lake City on Friday night, according to police.
National Transportation Safety Board spokesman Keith Holloway said on Monday the agency is not investigating the Utah crash.
The Tesla driver suffered a broken ankle and was taken to a hospital while the firefighter was not injured, the police said.
Witnesses said the Tesla sedan did not brake before impact, police said in a statement. It was unknown whether the Autopilot feature in the Model S was engaged at the time, police said.
“Tesla has not yet received any data from the car and thus does not know the facts of what occurred, including whether Autopilot was engaged,” the company said in a statement on Monday.
The NTSB said last week it was investigating a Tesla accident in Fort Lauderdale, Florida, on May 8 that killed two teenagers and injured another - the agency’s fourth active probe into crashes of the company’s electric vehicles. Reporting by Sanjana Shivdas in Bengaluru and David Shepardson in Washington; Editing by Jeffrey Benkoe and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-tesla-crash/tesla-model-s-crashes-into-truck-in-utah-idUSKCN1IF1O8 |
May 1, 2018 / 11:36 AM / Updated 5 minutes ago BRIEF-Neogenomics Reports Q1 Adjusted Earnings Per Share $0.04 Reuters Staff 1 Min Read
May 1 (Reuters) - Neogenomics Inc:
* NEOGENOMICS REPORTS REVENUE OF $63.4 MILLION, NET INCOME OF $0.6 MILLION AND ADJUSTED EBITDA OF $9.2 MILLION IN THE FIRST QUARTER OF 2018 * Q1 ADJUSTED EARNINGS PER SHARE $0.04
* Q1 EARNINGS PER SHARE VIEW $0.03 — THOMSON REUTERS I/B/E/S * SEES FY 2018 REVENUE $260 MILLION TO $272 MILLION
* Q1 REVENUE $63.4 MILLION VERSUS I/B/E/S VIEW $61.4 MILLION
* MAINTAINED ITS FULL YEAR 2018 GUIDANCE, INITIALLY ISSUED ON FEBRUARY 21, 2018
* FY2018 EARNINGS PER SHARE VIEW $0.17, REVENUE VIEW $264.5 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-neogenomics-reports-q1-adjusted-ea/brief-neogenomics-reports-q1-adjusted-earnings-per-share-0-04-idUSASC09YIQ |
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