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WASHINGTON (Reuters) - Senior Trump administration officials warned Congress on Tuesday of ongoing efforts by Russia to interfere in the 2018 midterm congressional elections as the federal government prepares to hand out $380 million in election security funding to states.
At a briefing attended by about 40 or 50 members of the 435-member U.S. House of Representatives, the heads of FBI, Homeland Security Department and the director of National Intelligence said states and cities overseeing elections need to be prepared for threats.
DHS Secretary Kirstjen Nielsen told reporters she agreed Russia was trying to influence the 2018 elections.
“We see them continuing to conduct foreign influence campaigns,” Nielsen said, but added there is no evidence of Russia targeting specific races.
Nielsen said DHS is watching other countries that have the capability to influence U.S. elections, including China and Iran. “We need to be prepared,” she said.
Chris Krebs, a senior DHS cyber security official, told Reuters that the administration was sending states guidance on how to spend the $380 million approved by Congress in March to help safeguard U.S. voting systems from cyber attacks. The funds are expected to be distributed later this week.
DHS is assisting 48 states with election security. It handed out a chart at the briefing to members that said states need to have auditable systems, spend time on planning, training and drills and they should “consider investing in full system architecture reviews.”
Representative Michael McCaul, who chairs the House Homeland Security Committee, said after the briefing that members are concerned that “not only Russia but possibly other foreign adversaries are now going to start looking at how they can meddle in the midterm elections and we need to be prepared. We were caught off guard last time.”
U.S. intelligence agencies have concluded that Russian leadership at a very high level was involved in the attempt to interfere in the U.S. election in order to boost President Donald Trump’s candidacy.
Russia has denied interfering in U.S. elections.
Several Democrats after the briefing expressed concern that the federal government was not doing enough to safeguard elections.
“It is clear that our government must do more and whatever possible to secure our elections from foreign interference. The integrity of our democracy is at stake,” said Representative Bennie Thompson, the top Democrat on the Homeland Security Committee.
U.S. Secretary of Homeland Security Kirstjen Nielsen speaks to reporters after she, FBI Director Christopher Wray and Director of National Intelligence Daniel Coats briefed members of the U.S. House of Representatives on election security at the U.S. Capitol in Washington, U.S., May 22, 2018. REUTERS/Leah Millis UNPRECEDENTED, COORDINATED A May 8 U.S. Senate report said that in 2016 “cyber actors affiliated with the Russian Government conducted an unprecedented, coordinated cyber campaign against state election infrastructure.” Russian actors “scanned databases for vulnerabilities, attempted intrusions, and in a small number of cases successfully penetrated a voter registration database.”
The report said in a small number of states, “these cyber actors were in a position to, at a minimum, alter or delete voter registration data.”
Krebs said on Tuesday that DHS wanted states to “increase awareness” and have a “layered defense.”
If a voter’s information was missing, for example, they could request a provisional ballot. “If we do detect something, we can overcome it,” he said.
During the 2016 campaign, hackers stole emails from the personal account of Democratic candidate Hillary Clinton’s campaign chairman and from the Democratic National Committee, and they were used to embarrass Clinton.
Representative C.A. “Dutch” Ruppersberger, said members of Congress need to be aware of cyber risks. “We need to focus on it, make it a priority,” he said.
DHS said in March it is prioritizing election cyber security above all other critical infrastructure it protects.
The agency has said that 21 states had experienced initial probing of their systems from Russian hackers in 2016 and that a small number of networks were compromised, but that there remains no evidence any votes were actually altered.
Representative Adam Schiff, the top Democrat on the Intelligence Committee, told reporters the federal government should quickly alert states if they learn of election system hacking.
He also wants a “real-time communications channel” between the intelligence community and technology companies in order to assure that internet firms are notified if evidence emerges that Russia is creating fake Facebook Inc ( FB.O ) pages or taking other actions to influence the elections.
Reporting by David Shepardson; additional reporting by Susan Cornwell; editing by Bill Berkrot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election-security/u-s-officials-warn-congress-on-election-hacking-threats-idUSKCN1IN25H |
Taxes North Korea says denuclearization pledge not result of US-led sanctions North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure. It warned the United States not to mislead public opinion. North Korean leader Kim Jong Un and South Korean President Moon Jae-in vowed "complete denuclearize." Published 10 Hours Ago Reuters Korea Summit Press | Reuters South Korean President Moon Jae-in shakes hands with North Korean leader Kim Jong Un during their meeting at the Peace House at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018.
North Korea said on Sunday its intention to denuclearize, unveiled at a historic inter-Korean summit, was not the result of U.S.-led sanctions and pressure, warning the United States not to mislead public opinion.
Impoverished North Korea has been hit by a series of U.N. and U.S. sanctions in recent years in a bid to rein in its nuclear and missile programs.
North Korean leader Kim Jong Un and South Korean President Moon Jae-in vowed "complete denuclearization" of the Korean peninsula in the first inter-Korean summit in more than a decade on April 27, but the declaration did not include concrete steps to reach that goal.
The North's official KCNA news agency said Washington was "misleading public opinion" by claiming the denuclearization pledge was the result of sanctions and other pressure.
The United States should not "deliberately provoke" the North by moving to deploy strategic assets in South Korea and raising human rights issues, KCNA said, citing a foreign ministry spokesman.
"This act cannot be construed otherwise than a dangerous attempt to ruin the hardly-won atmosphere of dialogue and bring the situation back to square one," the spokesman was quoted as saying.
It would not be conducive to resolving the issue of denuclearization if Washington miscalculated North Korea's "peace-loving intention" as a sign of weakness and continued to pursue its pressure and military threats, KCNA said.
U.S. President Donald Trump, who plans to meet Kim over the next few weeks, has said he will maintain sanctions and pressure on the North and "not repeat the mistakes of past administrations" and has said his tough stance had led to the breakthrough.
Trump told the National Rifle Association's annual convention in Dallas on Friday that he had toned down his rhetoric in anticipation of the talks after labeling Kim "Little Rocket Man" last year and threatening him with "fire and fury".
Moon said Trump deserved a Nobel Peace Prize for his efforts to end the standoff with the North.
The White House said that Trump's national security adviser, John Bolton, met his South Korean counterpart, Chung Eui-yong, on Friday and both said there were no plans to change the U.S.–South Korea bilateral defense posture.
North and South Korea are technically still at war because their 1950-53 conflict ended in a truce, not a peace treaty. South Korea said U.S. troops need to stay in the area even after a peace treaty is concluded to replace the armistice.
The United States stations 28,500 troops in South Korea, a legacy of the war. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/06/north-korea-says-denuclearization-pledge-not-result-of-us-led-sanctions.html |
ASTANA (Reuters) - Russia, Turkey and Iran will hold the next round of their Syrian peace talks in July in the Russian city of Sochi, not in the Kazakh capital Astana like their previous meetings, the three countries said on Tuesday.
A view of a damaged site in Jobar, eastern Ghouta, in Damascus, Syria April 17, 2018. Picture taken April 17, 2018. REUTERS/Ali Hashisho The Syrian rebels said they would boycott the talks due to Russia’s role as host. Since they began last year, the trilateral meetings have taken place in Kazakhstan, which is not involved in the Syrian war - unlike Russia which backs President Bashar Assad and has helped him turn the tide of war by deploying its own troops.
The July meeting announcement came from the latest round of Astana talks. The reason for the change in location for the next talks was unclear.
“We understand that this looks rather strange, but ... taking into account the situation on the ground, the new realities, we would like to give new momentum to further work, shifting the focus more towards the political and humanitarian components,” Russia’s chief negotiator Alexander Lavrentyev told reporters in Astana.
Rebel negotiator Yasser Abdul Rahim said the move was unacceptable.
“If they invite us, we will not go to Sochi, the armed rebels will not go to Sochi because we must respect our people,” he told a briefing in Astana. “Russian forces have not stopped killing Syrian people.”
Russia, Iran and Turkey began holding regular talks on the Syrian conflict in Astana at the start of 2017.
In a statement on this latest round, which ends on Tuesday, the Turkish Foreign Ministry said it had made clear its “reservations on the forced evacuation operations conducted in Eastern Ghouta and in the north of Homs, as well as on the law that paves the way for the confiscation of the properties of Syrian refugees and IDPs (internally displaced people).”
Also in attendance were representatives of the Syrian government, who, like the rebels, participate in the meetings but do not sign joint statements.
Damascus envoy Bashar al-Ja’afari, who also serves as Syria’s ambassador to the United Nations, said his delegations was “content” with the results of the latest talks, but took a jab at Turkey and the United States who back the rebels.
“We confirm that … the Syrian Arab Republic will continue its struggle to liberate every inch of our land, be it from terrorism or from states that are aggressors against our national sovereignty,” he said.
Reporting by Raushan Nurshayeva; Additional reporting by Tom Perry in Beirut; Writing by Olzhas Auyezov; Editing by Raissa Kasolowsky
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria-talks/russia-to-host-syria-peace-talks-in-july-idINKCN1IG26H |
First on CNBC: CNBC Transcript: Gary Cohn Speaks with CNBC’s Bob Pisani Today Published 12:24 PM ET Tue, 8 May 2018 CNBC.com
WHERE: CNBC's " Squawk on the Street "
Following is the unofficial transcript of a FIRST ON CNBC interview with former National Economic Council director Gary Cohn and CNBC's Bob Pisani on CNBC's "Squawk on the Street" (M-F 9AM – 11AM) today, Tuesday, May 8th. Following is a link to video of the full interview on CNBC.com: https://www.cnbc.com/video/2018/05/08/watch-cnbcs-full-interview-with-gary-cohn.html?play=1 .
All references must be sourced to CNBC.
CARL QUINTANILLA: ALRIGHT, SUE, THANK YOU VERY MUCH. SUE HERERA. LET'S GET OVER TO BOB PISANI WHO IS AT BTIG'S 16th ANNUAL CHARITY DAY SITTING DOWN WITH A VERY SPECIAL GUEST. HEY BOB.
BOB PISANI: VERY SPECIAL INDEED. GARY COHN, THE FORMER HEAD OF THE NATIONAL ECONOMIC COUNCIL UNDER PRESIDENT TRUMP, JOINS US FOR BTIG CHARITY DAY. I WANT TO GET IT RIGHT AT THE TOP, 'CAUSE YOU WANTED ME TO SAY, YOU'RE HERE TO REPRESENT THE DREAM WHICH IS A CHARTER SCHOOL IN HARLEM.
GARY COHN: ABSOLUTELY, BOB. THAT'S WHY I'M HERE TODAY. WE'RE HERE FOR CHARITY. WE'RE HERE TO RAISE MONEY FOR ALL AMAZING CHARITIES IN NEW YORK. THERE'S AN AMAZING LINEUP OF PEOPLE COMING IN TODAY TO REALLY DO WHAT NEW YORK IS BEST AT DOING, WHICH IS RAISING MONEY FOR PEOPLE IN NEED IN THE CITY. YOU'VE GOT THE BTIG DAY TODAY. YOU'VE GOT ROBIN HOOD NEXT WEEK. YOU KNOW, THIS IS SOMETHING THAT NEW YORK REALLY IS SPECTACULAR AT.
PISANI: ARE YOU GOING TO GET MORE INVOLVED IN PHILANTHROPIC ISSUES? IT'S BEEN TWO MONTHS SINCE YOU LEFT THE WHITE HOUSE. WHAT HAVE YOU BEEN UP TO?
COHN: WELL, I HAVE BEEN INVOLVED IN SOME PHILANTHROPIC ISSUES. AND THAT'S SOMETHING THAT IS NEAR AND DEAR TO ME, AND NEAR AND DEAR TO MY FAMILY AND MY WIFE. SO YES, WE HAVE BEEN INVOLVED IN SOME OF THAT. I'M ALSO LOOKING AT OTHER OPPORTUNITIES OUT THERE IN WORLD BUT I'M TAKING MY TIME RIGHT NOW AND SEEING WHAT IS OUT THERE IN THE WORLD. AND THERE IS NO SHORTAGE OF OPPORTUNITIES RIGHT NOW.
PISANI: IT MUST BE A WONDERFUL FEELING -- HAVING SERVED IN THE WHITE HOUSE AND SO MANY PRESTIGIOUS JOBS TO SORT OF FEEL A LITTLE FREE. DO YOU FEEL FREER?
COHN: I FEEL FREER. I FEEL MORE RESTED. I FEEL HAPPIER. YOU KNOW, I SAID TO SOMEONE LAST NIGHT AT DINNER, "FOR THE LAST 36 YEARS I GOT UP, SHOWERED, SHAVED, PUT MY SUIT ON AND WAS SITTING AT MY DESK BY 7:00 IN THE MORNING." NOT HAVING TO DO THAT FOR THE LAST FOUR WEEKS HAS BEEN KIND OF INTERESTING. I'M STILL UP EARLY. I DON'T HAVE TO PUT A SUIT ON EVERY DAY. TODAY I PUT ONE ON FOR YOU, THOUGH BOB.
PISANI: NOW YOU SEEM VERY ENERGETIC. YOU SAID THERE ARE OPPORTUNITIES. TELL US WHAT OPPORTUNITIES THERE ARE OUT THERE FOR YOU. WHAT DO YOU WANT TO DO NEXT? WHAT EXCITES YOU NOW? WHAT DO YOU WANT TO DO NEXT?
COHN: WELL, I'M LOOKING AT A VARIETY OF OPPORTUNITIES. I HAVE BEEN TALKED TO BY A BUNCH OF DIFFERENT COMPANIES ABOUT WORKING WITH THEM WHETHER AT A CEO LEVEL. THERE'S AN ENORMOUS AMOUNT OF BOARD OPPORTUNITIES IF YOU WANT TO DO BOARD WORK. I DON'T WANT TO DISCOURAGE ANYONE BUT I'M LESS INCLINED TO DO BOARD WORK FOR EXISTING COMPANIES. I AM MUCH MORE INCLINED TO GET INVOLVED WITH YOUNGER COMPANIES. ONE OF THE THINGS THAT I REALLY ENJOYED WAS THE TIME I SPENT WITH YOUNG ENTREPRENEURS WORKING WITH YOUNG ENTREPRENEURS WHETHER IT WAS YOU KNOW, UBER – WHEN WORKING WITH TRAVIS, I SPENT A LOT OF TIME WITH ELON MUSK, I SPENT A LOT OF TIME WITH DREW AT DROPBOX. IT'S BEEN A – I COULD GO THROUGH A LONG LIST. AND I MISS WORKING WITH THE YOUNG ENTREPRENEURS SO GETTING INVOLVED WITH COMPANIES EARLIER IS SOMETHING THAT I CAN SEE MYSELF DOING BUT I WOULDN'T RULE OUT GETTING INVOLVED WITH A MORE MATURE COMPANY, AS WELL. I ALSO WOULDN'T RULE OUT PHILANTHROPIC WORK, AS WELL. AND YOU KNOW, THERE IS ALWAYS THE CHANCE OF JUST GOING BACK JUST RUNNING MONEY OR DOING SOMETHING LIKE THAT. OR, GUESS WHAT, I CAN DO NOTHING.
PISANI: IT SOUNDS LIKE A LOT OF OPPORTUNITIES. SO, IT SOUNDS LIKE YOU'D POTENTIALLY BE THE CEO OF A STARTUP – POTENTIALLY INTERESTED YOU. YOUNG ENTREPRENEURS. YOU MENTIONED THAT.
COHN: I DON'T KNOW IF I WOULD WANT TO BE CEO. I WOULD MUCH PREFER I THINK AT THIS POINT TO REALLY WORK WITH ENTREPRENEURS OR WORK WITH A COUPLE OF ENTREPRENEURS. I DO HAVE AN IDEA FOR A COMPANY, AS WELL. THERE IS A COMPANY THAT I'M SPENDING A LITTLE BIT OF TIME WITH, LAWYERS RIGHT NOW LOOKING AT THE POSSIBILITY OF A COMPANY TO SEE IF IT MAKES SENSE – TO SEE IF IT CAN LEGALLY BE DONE.
PISANI: CAN YOU TELL US WHO THIS IS?
COHN: NO, I CAN'T.
PISANI: OK. I HAD TO ASK. ALRIGHT?
COHN: OF COURSE YOU HAD TO ASK. AND OF COURSE I HAD TO TELL YOU I COULDN'T TELL YOU. IT WOULD BE AN INTERESTING CONCEPT PLAYING ON THE KNOWLEDGE THAT I KNOW FROM THE BANKING WORLD IN RUNNING A REGULATED BANK BUT IN A DIGITIZED WORLD.
PISANI: THAT'S AN INTERESTING IDEA. ALRIGHT, WHAT ABOUT A BIG CEO JOB? YOU KNOW, MIKE MAYO WHO IS THE WELLS FARGO ANALYST RECENTLY PROMOTED YOU AS THE NEXT CHAIRMAN OF CITI GROUP. HE BROUGHT YOUR NAME UP. ANY INTEREST IN A HIGH LEVEL JOB LIKE THAT?
COHN: YOU KNOW, MIKE'S GOT HIS OWN OPINIONS. MIKE'S ALWAYS GOT A COUPLE OPINIONS AND HE'S ENTITLED TO HIS OPINIONS. AS I SAID, I'M INTERESTED IN SEEING WHAT IS OUT THERE. I'M INTERESTED IN TALKING TO PEOPLE. I HAVE MADE ABSOLUTELY NO DECISIONS AT THIS POINT WHAT'S NEXT FOR GARY COHN.
PISANI: ALRIGHT. LET'S TALK ABOUT THE ECONOMY A LITTLE BIT. YOUR OLD BOSS PRESIDENT TRUMP HAS SAID HE WANTS TO MAKE TAX CUTS PERMANENT. THAT'S A CONTROVERSIAL ISSUE. CHANCE OF HAPPENING?
COHN: REMEMBER, THE CORPORATE SIDE IS PERMANENT. WHEN HE SAYS HE WANTS TO MAKE TAX CUTS PERMANENT, THE ONE THING THAT WE REGRET IN NOT HAVING BEEN ABLE TO DO IN THE ORIGINAL TAX BILL WAS THE PERSONAL SIDE EXPIRES. WE WOULD LIKE TO GO BACK AND MAKE THE PERSONAL SIDE PERMANENT. WE BELIEVE THAT THE INDIVIDUALS DESERVE A PERSONAL TAX REDUCTION AND WE NEED THAT TO BE PERMANENT. WE DO NOT WANT THAT TO EXPIRE. SO WHEN EVERYONE RUNS THE TAX ANALYTICS AND SAY THAT THIS IS A TAX INCREASE ON PERSONS, THEY RUN IT THE YEAR AFTER THE EXPIRATION OF THE TAX REDUCTION THAT WE JUST PUT IN BECAUSE IT IS TEMPORARY. WE NEED TO GO BACK AND MAKE THE PERSONAL SIDE PERMANENT. THAT IS SOMETHING THAT PRESIDENT TRUMP WANTS TO DO, THAT'S SOMETHING THAT CHAIRMAN BRADY WANTS TO DO, AND THE HOUSE WAYS AND MEANS COMMITTEE. HE'S TALKING ABOUT TAX 2.0 WHERE HE WANTS TO COME BACK AND MAKE THAT PERMANENT. CHAIRMAN BRADY HAS AN INTERESTING IDEA AND IT'S SOMETHING THAT WE SHOULD DO. HE THINKS WE SHOULD DO TAX MODIFICATIONS EVERY YEAR. YOU KNOW, THE WORLD IS ALWAYS CHANGING. TAX LAW IS CHANGING. WE IN THE UNITED STATES SHOULD NOT STAY STAGNANT. HE THINKS WE SHOULD HAVE TAX BILL EVERY YEAR. HE THINKS THAT THIS YEARS TAX BILL SHOULD BE TO MAKE THE PERSONAL SIDE PERMANENT AND EVERY YEAR WE SHOULD GET USED TO MAKING THE CHANGES WE NEED TO MAKE OUR TAXES THE MORE COMPETITIVE OF THE WORLD.
PISANI: AND YET TAX CUTS HAVE CERTAINLY RESONATED IN THE STOCK MARKET. THE CORPORATE SIDE. BUT THOSE DON'T SEEM TO HAVE RESONATED THAT MUCH WITH THE GENERAL PUBLIC. HOW FAR CAN THIS IDEA ADVANCE IN THIS KIND OF ENVIRONMENT?
COHN: LOOK, I THINK THE IDEA OF MAKING PERSONAL CUTS PERMANENT CAN RESONATE WITH EVERYONE. I MEAN, WHO CAN BE AGAINST MAKING PERSONAL INCOME TAXES LOWER AND MAKING IT PERMANENT? WHO CAN BE AGAINST THE FACT THAT WE'VE INCREASED CHILD TAX CREDIT? THE FACT THAT WE'VE INCREASE THE PERSONAL DEDUCTION TO $24,000. YOU KNOW, THOSE ARE BASIC CONCEPTS THAT ALLOW HARD WORKING MIDDLE INCOME FAMILIES TO KEEP ALMOST 100% OF WHAT THEY EARN. THOSE ARE CONCEPTS THAT WE BELIEVE IN THIS COUNTRY.
PISANI: LET ME MOVE ON TO TRADE. YOU LEFT AFTER THE PRESIDENT UNVEILED STEEL AND ALUMINUM TARIFFS. SO THE PRESIDENT'S ECONOMIC TEAM, WILBUR ROSS, STEVEN MNUCHIN, JUST CAME BACK FROM NEGOTIATIONS WITH CHINA. HAS THE THREAT OF A TRADE WAR INCREASED OR DECREASED SINCE YOU LEFT OFFICE?
COHN: I DON'T THINK ANYONE WANTS A TRADE WAR. NO ONE WINS IN A TRADE WAR. AND I THINK THAT EVERYONE UNDERSTANDS THAT NO ONE WINS IN A TRADE WAR. WHAT WE DO NEED IN AMERICA AND WHAT I THINK EVERYONE BELIEVES IN AND WE'VE TALKED ABOUT THIS IS FREE, FAIR, OPEN AND RECIPROCAL. AND I THINK WHAT THE TEAM WAS TALKING ABOUT WHEN THEY WERE IN CHINA IS OPENING UP MORE OF THE CHINESE MARKETS TO U.S. GOODS, U.S. SERVICES, U.S. BUSINESSES. TODAY U.S. BUSINESSES IN CHINA CAN ONLY OWN A MINORITY OF THEIR BUSINESSES, HAVE TO HAVE A CHINESE PARTNER. CHINESE BUSINESSES IN THE UNITED STATES CAN OWN 100% OF THEIR BUSINESS. WE NEED TO LEVEL THE PLAYING FIELD WHERE BUSINESSES -- AMERICAN BUSINESSES IN CHINA CAN OWN ALL OF THEIR BUSINESS. THEY CAN HAVE 100% OF PROCEEDS. THEY CAN REPATRIOT THE PROCEEDS BACK INTO THE UNITED STATES. SO WE NEED TO OPEN UP THE CHINESE MARKETS. ON THE RECIPROCAL SIDE WE NEED TO GET THE TARIFFS TO – IN A PERFECT WORLD, THEY WOULD BE NONEXISTENT. WE WOULD HAVE NO TARIFFS FOR CHINESE PRODUCTS, THEY WOULD HAVE NO TARIFFS FOR U.S. PRODUCTS SO PRODUCTS WOULD FREELY MOVE BETWEEN COUNTRY AND COUNTRY. WE WOULDN'T HAVE PROTECTIONIST TARIFFS. THAT'S WHAT THE PRESIDENT IS TRYING TO GET TO. THAT'S WHAT I BELIEVE IS IN EVERYONE'S BEST INTERESTS: LET AN ECONOMY THRIVE ON WHAT THEY CAN MANUFACTURE BEST AND LET THEM SELL TO THE WORLD WITHOUT A TARIFF – WITHOUT AN ARTIFICIAL TARIFF BORDER.
PISANI: BUT IT WAS COMMON KNOWLEDGE THAT YOU DIFFERED WITH THE PRESIDENT ON THE TARIFF ISSUES.
COHN: YEAH.
PISANI: WHERE DID THAT COME DOWN? WHERE DID THAT ISSUE ULTIMATELY GET RESOLVED? YOU ULTIMATELY LEFT AS A RESULT OF THAT. IF YOU WERE STILL ADVISING HIM WOULD YOU CONTINUE THE COURSE OF ACTION ON THE NEGOTIATIONS AS THEY'RE CURRENTLY HAPPENING WITH CHINA?
COHN: BOB, I MADE MY POSITION ON TARIFFS VERY CLEAR. I HAVE A STRONG VIEW OF WHAT THE U.S. ECONOMY LOOKS LIKE. AND I THINK WE'LL ALL AGREE WITH IT. WE ARE A DOMINANT SERVICE ECONOMY IN THE UNITED STATES. 80 PLUS PERCENT OF JOB CREATION, 80 PLUS PERCENT OF GDP IS IN THE SERVICE SECTOR. WE ARE GOOD AT CREATING SERVICE JOBS. WHAT HAPPENS IN OUR ECONOMY HERE IS U.S. CONSUMERS TAKE THEIR PAYCHECK, THEY PAY THEIR TAXES AND THEY OWE TAXES -- HOPEFULLY THEY OWE LESS AND LESS TAXES EVERY YEAR. THEY BUY WHAT GOODS THEY NEED TO BUY. WITH THE REMAINDER OF THEIR PAYCHECK THEY SPEND IT ON SERVICES OR SAVINGS. WE NEED THEM TO BUY GOODS AS CHEAP AS THEY POSSIBLY CAN, TO SPEND THEIR MONEY ON SERVICES OR SAVINGS. IF WE ARTIFICIALLY RAISE THE PRICE OF GOODS BECAUSE OF TARIFFS, WE'RE HURTING OUR SERVICE ECONOMY. THAT'S NOT IN OUR BEST INTEREST. SO PUTTING ON INPUT TARIFFS IS NOT THE OBJECTIVE WITH ME. I REALLY HAVE A PROBLEM WITH INPUT TARIFFS. I HAVE LESS OF A PROBLEM WITH FINISHED GOOD TARIFFS BECAUSE YOU'RE NOT REALLY EFFECTING ALL THE DOWN STREAM PRODUCTION. SO TO ME REALLY GOING AFTER INPUT PRODUCTS IS NOT THE WAY TO FIX A TRADE DEFICIT.
PISANI: BUT GENERALLY YOU WERE KNOWN FOR YOUR DEFENSE OF FREE TRADE. WHEN YOU LOOK BACK AT YOUR TIME IN THE WHITE HOUSE –
COHN: LOOK, I AM A FREE TRADER. THAT IS NOT A GENERAL COMMENT. THAT'S AN ABSOLUTE COMMENT. I AM A FREE TRADER. I AM NOT PRO TARIFFS. I AM PRO OPEN ECONOMY. I AM PRO RECIPROCAL. I AM ANTI TARIFF.
PISANI: WHEN YOU LOOK BACK AT YOUR TIME AT THE WHITE HOUSE OBVIOUSLY YOU ARE ASSOCIATED WITH THE TAX CUTS BUT WHAT DO YOU SEE AS YOUR BIGGEST CONTRIBUTION? HOW DID YOU INFLUENCE THE NATIONAL CONVERSATION AND EFFECT THE OUTCOME?
COHN: LOOK, I THINK THE TAX CUTS WAS THE BIG ACCOMPLISHMENT. WE STARTED WORKING ON THE TAX PLAN PRIOR TO INAUGURUATION. SO JANUARY OF THAT YEAR BEFORE THE INAUGURUATION, WE WERE COMING DOWN TO WASHINGTON TO MOVE THE BALL FORWARD ON TAXES. YOU KNOW, THE HISTORY OF THE TAX DEAL WAS QUITE EXTENSIVE. YOU KNOW, WE STARTED WITH A HOUSE THAT WANTED A BORDER ADJUSTMENT TAX. WE HAD A SENATE THAT WOULD NOT SUPPORT OUR BORDER ADJUSTMENT TAX. SECRETARY MNUCHIN AND I WORKED FOR A LONG TIME TOGETHER TO GET THE HOUSE AND THE SENATE IN ONE PLACE WHERE WE CAN AGREE ON A FRAMEWORK UPON WHICH TO DO TAXES. WE WORKED FOR A LONG TIME TO GET THAT FRAMEWORK. THEN WE LET THE TAX WRITERS AND THE WAYS AND MEANS COMMITTEE AND THEN THE SENATE FINANCE COMMITTEE WORK ON ACTUALLY DRAFTING TAX LEGISLATION THAT COULD GET PASSED THROUGH THE HOUSE, PASSED THROUGH THE SENATE AND THE PRESIDENT OBVIOUSLY SIGNED. WE DIDNT GET 100% OF WHAT WE WANTED IN THAT TAX LEGISLATION. NO ONE DID: THE HOUSE DIDN'T, THE SENATE DIDN'T, THE PRESIDENT DIDN'T. SO THAT'S WHY WE ARE TALKING ABOUT TAX 2.0. CAN WE FIX THE THINGS WE WOULD LIKE TO FIX LIKE MAKING THE INDIVIDUAL SIDE PERMANENT?
PISANI: I THOUGHT IT WAS INTERESTING THAT THE PRESIDENT, IN THANKING YOU FOR YOUR SERVICE, DESCRIBED YOU AS A GLOBALIST. NOW, ARE YOU GLOBALIST AND WHAT EXACTLY DOES THAT MEAN TO YOU?
COHN: I WAS GOING TO ASK WHAT IT MEANS TO YOU. I CAN'T ANSWER IF I'M A GLOBALIST WITHOUT THE DEFINITION.
PISANI: WELL, I MEAN, GENERICALLY IT IS SOMEONE WHO BELIEVES WE LIVE IN AN INTERCONNECTED WORLD. BUT THE CONCEPT OF CHANGE, I MEAN I GUESS THE QUESTION IS, WHERE DO YOU FIND A BALANCE BETWEEN ACKNOWLEDGING THAT WE LIVE IN AN INTERCONNECTED WORLD AND THE DEMANDS OF SOME CONSERVATIVES WHO FAVOR SOME FORM OF ECONOMIC NATIONALISM? I THINK THAT IS THE CRUX OF THE DEBATE.
COHN: SO, IN YOUR DEFINITION, I'M A GLOBALIST. I BELIEVE WE LIVE IN AN INTERCONNECTED WORLD. WE LIVE IN AN ECONOMICALLY INTERCONNECTED WORLD. WE LIVE IN A WORLD OF ALLIES, WHERE WE HAVE ALLY NATIONS THAT WHEN WE GO TO WAR, OR WHEN THEY'RE ATTACKED OR WE'RE ATTACKED, THEY'RE ATTACKED. WE HAVE TREATIES AND AGREEMENT WHERE WE DEFEND EACH OTHER. WE'RE INTERCONNECTED ON THE MILITARY SIDE. WE'RE INTERCONNECTED ON THE ECONOMIC SIDE. WE'RE INTERCONNECTED ON THE INTELLIGENCE SIDE. WE WORK TOGETHER AS ALLIES IN ALL OF THE MAJOR SPHERES THAT MAKE THE WORLD A BETTER PLACE FOR US AND INCLUDING ECONOMIC GROWTH, INCLUDING HELPING OUT UNDER DEVELOPED ECONOMIES, HELPING OUT THOSE IN NEED AROUND THE WORLD THROUGH DIFFERENT FORMS OF AID.
PISANI: THE PRESIDENT THOUGH MADE A POINT OF DESCRIBING YOU AS A GLOBALIST AND SEEMING TO POSITION HIMSELF IN A SLIGHTLY DIFFERENT ATMOSPHERE OF ECONOMIC NATIONALISM. I DON'T KNOW WHAT THE APPROPRIATE PHRASE IS, BUT I THINK YOU UNDERSTAND THE POINT, WHAT HE WAS GETTING AT THERE.
COHN: WELL, LOOK. I AM A GLOBALIST. I BELIEVE THAT WE ARE VERY GOOD AT DOING CERTAIN THINGS IN THE UNITED STATES. OTHER COUNTRIES ARE VERY GOOD AT DOING DIFFERENT THINGS. WE SHOULD BUY FROM THEM WHAT THEY ARE GOOD AT. WE SHOULD SELL TO THEM WHAT WE ARE GOOD AT. THERE IS COMPETITIVE ADVANTAGE, COMPARATIVE ADVANTAGE. I BELIEVE IN COMPARATIVE ADVANTAGE. AND I DON'T BELIEVE THAT WE CAN MANUFACTURE, MAKE AND PRODUCE EVERYTHING WE NEED IN THE UNITED STATES FOR OURSELVES AT THE MOST EFFICIENT AND EFFECTIVE PRICE AVAILABLE. AND I BELIEVE THAT WE NEED ALLIES. I BELIEVE WE NEED TRADING PARTNERS. I BELIEVE WE NEED AN OPEN ECONOMY AND I BELIEVE WE NEED TO SHARE WITH OUR ALLIES AND DEVELOPING MARKETS AROUND THE WORLD.
PISANI: LET ME JUST MOVE ON TO WHERE WE ARE ON THE ECONOMIC CYCLE. MARKETS HAVE BEEN FLUTTERING RECENTLY. THERE SEEMS TO BE A REAL TUG OF WAR BETWEEN THE BULLS AND THE BEARS. IN JANUARY EVERYONE WAS TALKING ABOUT RECORD EARNINGS. NOW THE PHRASES ARE SHIFTING TOWARDS PEAK EARNINGS. EVERYONE WAS TALKING ABOUT A GLOBAL SYNCHRONOUS ECONOMIC EXPANSION, A WONDERFUL PHRASE. AND NOW A LOT OF PEOPLE, SOME ARE TALKING ABOUT SLOWER GLOBAL GROWTH. WHERE ARE WE IN THE ECONOMIC CYCLE AND WHAT DO YOU THINK IS GOING HAPPEN FOR THE REST OF THE YEAR?
COHN: LOOK I AM PRETTY BULLISH ON WHERE THE ECONOMY IS RIGHT NOW. I THINK EVERYTHING WE THOUGHT WOULD BE HAPPENING IS HAPPENING. I THINK THAT EARNINGS -- IF YOU LOOK AT Q 1 EARNINGS THIS YEAR 20 PLUS PERCENT GROWTH IN EARNS. YOU LOOK AT EMPLOYMENT DATA, EMPLOYMENT DATA CONTINUES TO BE STRONG TO VERY STRONG. YOU LOOK AT WAGE GROWTH, IT'S STILL SLOW WHICH IS SOMETHING WE HAVE BEEN TALKING ABOUT FOR A YEAR AND A HALF, THAT WAGE GROWTH IS SLOW WHICH WILL ALLOW THE FED I BELIEVE TO TAKE A MORE MODERATE APPROACH. WE MAY SEE SOME FLATTENING OF THE YIELD CURVE, BUT I DON'T THINK WE HAVE RUN AWAY INTEREST RATES IN THE UNITED STATES. YOU TAKE THE TAX PLAN THAT HAS BEEN IMPLEMENTED, WE'RE JUST STARTING TO SEE TAXES AFFECT CORPORATE EARNINGS. YES THEY AFFECT THE RATE, BUT WE HAVEN'T SEEN THE CAPEX THAT WE'RE STIMULATING THROUGH HAVING THE DEDUCTIBILITY OF CAPITAL EXPENDITURES OVER THE NEXT FIVE YEARS. YOU KNOW, CORPORATIONS HAVE TO PLAN FOR CAPEX. IT TAKES QUARTERS TO PLAN FOR CAPEX, SPEND THE MONEY, EXPENSE IT, HIRE THE PEOPLE AND DO WHAT THEY NEED TO DO THERE. SO, WHEN I LOOK AT THE ECONOMY I AM PRETTY EXCITED ABOUT WHERE WE ARE IN THE ECONOMIC CYCLE. I THINK THAT PEOPLE ARE CONFUSED ABOUT CORPORATE EARNINGS AND THINK THIS IS A ONE OFF. THIS IS NOT A ONE OFF. TAX CUTS ON THE CORPORATE SIDE ARE HERE TO STAY. EXPENSING IS HERE TO STAY. WHAT I THINK THERE IS A LITTLE BIT OF WORRY ABOUT IS ARE WE GOING TO GET COMMODITY PRICE INFLATION. ON A COUPLE EARNINGS CALLS YOU HEARD ABOUT STEEL PRICES AND YOU HEARD ABOUT ALUMINUM PRICES GOING UP BECAUSE OF SOME OF THE TARIFFS. LOOK, I'M CONCERNED ABOUT THAT. I DON'T LIKE THE TARIFFS. I DON'T THINK WE WANT STEEL PRICES AND ALUMINUM PRICES GOING UP. REMEMBER, WE ARE A BIG DOWN STREAM USER OF STEEL AND ALUMINUM. WE HAVE MANY THOUSANDS, TENS OF THOUSANDS OF MORE PEOPLE THAT ARE EMPLOYED IN USING ALUMINUM THAN IN MANUFACTURING ALUMINUM. IT DOESN'T MATTER WHAT WE DO, THAT'S GONNA BE THE U.S. ECONOMY. IF YOU LOOK AT THE CAR BUSINESS, THE CAR BUSINESS IS A BIG USER OF STEEL AND ALUMINUM, MUCH BIGGER THAN THE STEEL MANUFACTURING BUSINESS IS EVER GOING TO BE. SO, YOU ARE STARTING TO SEE THOSE WORRIES TRICKLE IN. SO REMEMBER, LAST YEAR YOU HAD A STOCK MARKET IMPLEMENTING TAX REFORM THAT WAS UP OVER 20%.
PISANI: BIG MOVER.
COHN: THIS YEAR WE'VE EARNINGS GROWTH UP OVER 25 AND A STOCK MARKET THAT'S FLAT. I THINK THAT PEOPLE ARE CONCERNED THAT THE ECONOMIC POLICIES OF WASHINGTON ARE NOT AS CLEAR THIS YEAR AS THEY WERE LAST YEAR.
PISANI: I AGREE. I THINK PEAK EARNINGS ARE A BIT OF BOGUS ARGUMENT. WE'RE GETTING GLOBAL GROWTH FOR SURE. YOU MENTIONED FLAT YIELD CURVE. THERE'S BEEN PEOPLE WHO HAVE BEEN CURVED ABOUT THE FACT THAT THE FED MAY HAVE TO GET MORE AGGRESSIVE. THREE RATE HIKES IS PRICED IN. FOUR, MAYBE NOT. YOU TALKED TO JAY POWELL. FIRST OFF, WHAT DO YOU THINK OF HIS PERFORMANCE SO FAR? WHAT ARE YOU TELLING HIM? AND WHERE IS THE FED GONNA GO?
COHN: LOOK, I THINK THE FED IS DOING A GREAT JOB. YOU KNOW THE FED IS INDEPENDENT. THEY DO WHAT THEY'RE SUPPOSED TO DO. THEY HAVE BETTER DATA AND MORE ANALYTICS THAN ALL OF US COMBINED, SO I APPLAUD THEIR INDEPENDENCE, AND I APPLAUD WHAT THEY'RE DOING. MY PERSONAL OPINION HERE IS THAT I THINK THOSE PEOPLE THAT THINK WE'RE IN FOR, YOU KNOW, A LOT OF INTEREST RATE INCREASE AND THE CURVE IS GOING TO GET VERY STEEP AND RATES ARE GOING TO RUN AWAY, AND THE TEN-YEAR IS GOING TO BE SUBSTANTIALLY HIGHER, I DON'T REALLY AGREE WITH THAT. YOU LOOK AT WHERE THE TEN-YEAR HAS BEEN, YOU KNOW, THERE WAS A LOT OF HYPE WHEN THE TEN-YEAR WENT 3%. IT WENT 3%, AND, YOU KNOW WHAT, THE SUN CAME UP IN THE EAST AND SET IN THE WEST, AND WE'RE BACK BELOW 3%. WE'VE BEEN HOVERING IN A VERY TIGHT RANGE RIGHT AROUND 3%. HERE. THE FRONT ENDS COMING UP A LITTLE BIT. I THINK WE'RE GONNA SEE MORE FLATTENING THAN WE'RE GONNA SEE RUNAWAY YIELDS IN THIS MARKET.
PISANI: AND GDP, OBVIOUSLY, FIRST QUARTER WAS A LITTLE BIT DISAPPOINTING. BUT THERE SEEMS TO BE SOME ANOMALY --
COHN: THERE'S SEASONALITY –
PISANI: SOMETHING'S GOING ON THERE.
COHN: YEAH, AND REMEMBER THE LAST FOUR FIRST QUARTERS HAVE BEEN LOW. SO, I DON'T UNDERSTAND THE ANOMALY EITHER. WE'VE BEEN TRYING TO FIGURE IT OUT. WE TALKED TO ALL THE ECONOMISTS IN WASHINGTON TO TRY TO FIGURE OUT WHY THAT FIRST QUARTER IS AN ANOMALY. BUT I THINK, LOOK, WHEN YOURE 2.3 IN THE FIRST QUARTER, THAT'S PRETTY GOOD MOMENTUM GOING INTO A YEAR WITH THE TAX INCENTIVES KICKING IN. AND THERE WAS A BUNCH OF THINGS MOVED AROUND BETWEEN Q4 AND Q1 BECAUSE OF EXPENSING – EXPENSE AT THE HIGH TAX RATE AND INVEST AT THE LOW TAX RATE. SO THERE'S A LITTLE BIT OF AN ANOMALY BETWEEN Q4 AND Q1.
PISANI: LET ME ASK ABOUT YOUR OLD FIRM. HOW DO YOU FEEL ABOUT DAVID SOLOMON AS THE NEXT CEO?
COHN: DAVID SOLOMON IS A GREAT GUY. HE'S A GOOD FRIEND OF MINE AND I WISH DAVID NOTHING BUT SUCCESS AND GOOD LUCK.
PISANI: LET ME JUST MOVE ON. A QUICK QUESTION ON BITCOIN, I GOTTA ASK ABOUT IT. HOW DO YOU FEEL ABOUT IT? AT YOUR OLD FIRM, THEY'VE GOT A DESK OR THEY'RE GONNA START A DESK AND THEY'LL BE FACILITATING FUTURES BITCOIN TRADING AT GOLDMAN. HOW DO YOU FEEL ABOUT IT?
COHN: LOOK, THEY CAN DO WHATEVER THEY WANT, THEY CAN DO WHATEVER'S IN THEIR SHAREHOLDER'S BEST INTEREST. I'M NOT A BIG BELIEVER IN BITCOIN. I AM A BELIEVER IN BLOCKCHAIN TECHNOLOGY. I DO THINK WE WILL HAVE A GLOBAL CRYPTOCURRENCY AT SOMEPOINT WHERE THE WORLD UNDERSTANDS IT AND IT'S NOT BASED ON MINING COSTS AND COSTS OF ELECTRICITY AND THINGS LIKE THAT. IT WILL BE A MORE EASILY UNDERSTOOD CRYPTOCURRENCY, THAT WILL PROBABLY SOME BLOCK CHAIN TECHNOLOGY BEHIND IT, BUT IT WILL BE MUCH MORE EASILY UNDERSTOOD HOW IT'S CREATED AND HOW IT MOVES AND HOW PEOPLE CAN USE IT.
PISANI: YOU CAN UNDERSTAND HOW GOLDMAN SEES AN ENORMOUS OPPORTUNITY THERE. I MEAN, THEY'VE BEEN THE FIRST ONES OUT TO TAKE RISK ON A RISKY BUSINESS.
COHN: LOOK -- THEY SHOULD DO WHAT THEY THINK IS IN THE BEST INTEREST OF THEIR SHAREHOLDERS.
PISANI: IMPORTANT THING IS, THEY'RE ON THE CUTTING EDGE OF THAT.
COHN: YEAH.
PISANI: AND I'M NOT SURPRISED BY IT AT ALL. YOU STILL OWN GOLDMAN SHARES?
COHN: NO, I'M NOT.
PISANI: NONE AT ALL?
COHN: NOPE. NONE AT ALL.
PISANI: ALRIGHT. GARY COHN, THANK YOU VERY MUCH FOR STOPPING BY. IT'S ALWAYS A PLEASURE. AND PLEASE, WILL YOU LET US KNOW AS SOON AS -- FIRST ON CNBC?
COHN: REMEMBER THE IMPORTANT THING. TODAY IS ABOUT CHARITIES AND HELPING THE NEEDY IN NEW YORK CITY.
PISANI: OF COURSE. AND CONGRATULATIONS ON ALL YOUR SUCCESS. BUT YOU'LL LET US KNOW WHEN YOU GET THE NEW JOB?
COHN: I WILL LET YOU KNOW.
PISANI: FIRST ON CNBC.
COHN: I DON'T KNOW ABOUT THAT BUT WE'LL LET YOU KNOW.
PISANI: WE'LL TALK LATER. GARY COHN, THE FORMER HEAD OF THE NATIONAL ECONOMIC COUNCIL UNDER PRESIDENT TRUMP JOINING US. BTIG CHARITY DAY WILL BE HERE ALL DAY.
For more information contact: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/first-on-cnbc-cnbc-transcript-gary-cohn-speaks-with-cnbcs-bob-pisani-today.html |
NEW YORK, May 01, 2018 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE:MTX) (“MTI” or “the Company”) today announced that it has closed the acquisition of Sivomatic Holding B.V. (“Sivomatic”), a leading supplier of premium pet litter products in Europe.
The acquisition was financed through a combination of cash on hand and MTI’s credit facilities.
Sivomatic’s results will be reported in the Household, Personal Care & Specialty Products division of MTI’s Performance Materials segment.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2017 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission.
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a resource- and technology-based growth company that develops, produces and markets worldwide a broad range of specialty mineral, mineral-based and synthetic mineral products and related systems and services. MTI serves the paper, foundry, steel, construction, environmental, energy, polymer and consumer products industries. The company reported sales of $1.676 billion in 2017. For further information, please visit our website at www.mineralstech.com . (MTI-G)
About Sivomatic Holding B.V.
Sivomatic, a Minerals Technologies company, is a premier pet care producer in Europe with sales in 30 countries. With €73 million in sales in 2017, Sivomatic is the European market leader in the high-end, high quality cat litter segment. Sivomatic’s production facilities are highly automated and situated in efficient logistical locations in the Netherlands, Austria and Turkey. Headquartered in Moerdijk, Netherlands, Sivomatic is a leader in innovation and provides a high level of customer service and premium quality pet care products. Please visit Sivomatic’s website at www.sivomatic.nl .
Contact: Cindi Buckwalter (212) 878-1831
Source:Minerals Technologies Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-minerals-technologies-completes-acquisition-of-sivomatic-holding-b-v.html |
Banks need to start paying more attention to the technology sector as this is where their future competitors lie, the executive chairman of Spanish lender BBVA said Wednesday.
Francisco Gonzalez said that it is tech firms, both large and small, that the banking industry should be monitoring – and not other financial institutions.
"Our competitors are not going to be the banks, generally speaking. It's going to be the big techs and some start-ups," Gonzalez told CNBC's Joumanna Bercetche in Brussels.
"This is the new league of competitors we are envisaging in the future. So we are focused on that and investing — investing every year in order to be more efficient."
One of the biggest challenges for the banking system is adapting to the fast-changing tech world, with digital currencies and online banking taking center stage.
BBVA, was the first global bank to issue a corporate loan using blockchain, the technology behind cryptocurrencies. In April, the Spanish bank loaned 75 million euros ($87.95 million) and blockchain reduced negotiations from days to hours.
BBVA Group has more than 24 million digital customers and 19.3 million mobile customers. CEO Carlos Torres Vila said earlier this month that 36 percent of the lender's customers use mobile banking and that 45 percent are digital customers.
"In the coming months, we expect this (digital) number to go over the 50 percent threshold, and for 2019 we should reach a 50 percent figure for mobile customers," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/banks-are-facing-a-new-breed-of-competitor-bbva-chairman-says.html |
(Adds background on Adams, inquiry)
May 11 (Reuters) - Australian financial advisor Perpetual Ltd has appointed Rob Adams as its new chief executive and managing director effective from Sept. 24, the company said in a statement on Friday.
The appointment follows Perpetual’s announcement last year that incumbent CEO and Managing Director Geoff Lloyd, who led the company for over five years, would retire at the end of June.
Adams would join Perpetual from British asset management firm Janus Henderson Group PLC, where he served as Pan-Asia boss, the company said.
The move comes at an uncertain time for Australia’s financial sector, which is facing tighter regulation after an ongoing independent inquiry into the sector found widespread misconduct.
Reporting by Rushil Dutta in Bengaluru; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/perpetual-ltd-ceo/update-1-australias-perpetual-appoints-rob-adams-as-ceo-idUSL3N1SH7FZ |
May 16 (Reuters) - Progressive Corp:
* REG-PROGRESSIVE REPORTS APRIL 2018 RESULTS
* PROGRESSIVE CORP - APRIL NET PREMIUMS WRITTEN $3,226.9 MILLION VERSUS $2,704.0 MILLION
* PROGRESSIVE - NET PREMIUMS EARNED FOR APRIL WAS $2,882.9 MILLION, UP 21 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-progressive-corp-reports-april-net/brief-progressive-corp-reports-april-net-premiums-written-3226-9-mln-versus-2704-0-mln-idUSASC0A2LS |
The two black men arrested at a Philadelphia Starbucks last month spoke out after reaching a settlement with the city for a symbolic $1 each and a $200,000 pledge from Philadelphia to fund a program for young entrepreneurs.
“We took a negative and turned it into a positive… we can keep moving forward like we truly want to,” Donte Robinson told Robin Roberts on Good Morning America (GMA) Thursday, alongside his friend who was also arrested, Rashon Nelson.
Robinson said the city-funded foundation will focus on teaching students not only about entrepreneurship, but also etiquette and financial literacy.
"We took a negative and turned it into a positive… we can keep moving forward like we truly want to."
ABC NEWS EXCLUSIVE: @RobinRoberts sits down with the two men arrested in that Philadelphia Starbucks; how they hope to turn this "moment into a movement" pic.twitter.com/nwQKDvPrvh
— Good Morning America (@GMA) May 3, 2018
“The most important thing is the foundation,” Nelson said. “The fact that we have a seat at the table, to work on reforms to be included in racial bias training. And hopefully other companies will take what Starbucks is putting into perspective, and [they’ll] follow.”
The two men said they will participate in Starbucks’ company-wide racial bias training happening later this month alongside former Attorney General Eric Holder, who has been an advocate for Robinson and Nelson.
Additionally, Robinson said Starbucks offered to help the men pay for classes needed to finish the remainder of their Bachelor’s degrees.
“They did [this] through dialogue and cooperation,” Robinson and Nelson’s attorney, Stewart Cohen, said on GMA . “The CEO of Starbucks is going to personally mentor these two young men going forward.
“After they met, he was so impressed, and they were so impressed with one another, that they’re going to have a continuing relationship,” Cohen added. “So not only do they have a seat at the table, and not only do we have this settlement, but we have the beginning of a relationship.”
Cohen noted that the $200,000 grant from Philadelphia will likely only last for a year, but Robinson and Nelson are committed to extending their program beyond that.
“The goal is to bring people together so we can continue this for generation after generation,” Nelson said. “This is not something that we just want to do for a year with the grant that we are blessed with. This is something we want to bring people together and get commitments so that people can come together and we can raise money and we can continue this program not just in Philadelphia, but in cities worldwide.” | ashraq/financial-news-articles | http://fortune.com/2018/05/03/black-men-starbucks-philadelphia-settlement/ |
LOS ANGELES (AP) — "Avengers: Infinity War" is still ruling the box office in its third weekend in theaters, easily beating out the mom-themed fare.
The Walt Disney Studios on Sunday estimates that "Infinity War" has added $61.8 million from North American theaters bringing its total domestic earnings to $547.8 million. Globally the film has now grossed over $1.6 billion— $200 million of which was from its massive opening in China this weekend. It's now the fifth highest grossing film of all time worldwide.
The superhero blockbuster overpowered newcomers like the Melissa McCarthy comedy "Life of the Party" and the Gabrielle Union thriller "Breaking In," both of which were strategically timed to debut on Mother's Day weekend. Both films drew overwhelmingly female audiences, too.
In a distant second, "Life of the Party" earned an estimated $18.5 million, which is a few million short of some of McCarthy's other comedy collaborations with husband Ben Falcone like "Tammy" and "The Boss." It also got similarly mixed reviews from critics. The Warner Bros. release stars McCarthy as a woman who decides to go back to college with her daughter.
The studio is "thrilled" with the results.
"It's escapist movie palace fare," said Jeff Goldstein, Warner Bros.' president of domestic distribution.
The modestly budgeted "Breaking In" took third place with $16.5 million, over-performing most industry expectations despite lackluster reviews. The film stars Union as a mom who has to fight to save her kids from a group of home invaders.
"It's an edge-of-the-seat thriller that you may not always associate with Mother's Day, but it worked extraordinarily well," said Jim Orr, Universal's president of domestic theatrical distribution.
The Universal Pictures release is just the latest in a long string of successful collaborations with producer Will Packer, who also produced "Girl's Trip" and the "Ride Along" films.
"We have a great partner in Will Packer and 'Breaking In' is another example of his very talented approach and our mutual success," Orr said.
Also benefiting from the Mother's Day timing was "Overboard," which earned $10.1 million to take fourth place, down only 31 percent from its debut last weekend. And rounding out the top five was "A Quiet Place" with $6.4 million. The John Krasinski-directed thriller has now earned $169.6 million domestically.
"This is a typical Mother's Day weekend with a big blockbuster in the mix and some counter programming thrown in for good measure as we await the arrival of 'Deadpool 2' next week," said comScore senior media analyst Paul Dergarabedian.
Because of the massive success of "Infinity War," the box office is up 4.9 percent for the year, and a slew of blockbusters coming up are hoping to continue the success, including "Deadpool 2" and "Solo: A Star Wars Story" just one week later.
Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to comScore. Where available, the latest international numbers for Friday through Sunday are also included. Final domestic figures will be released Monday.
1."Avengers: Infinity War," $61.8 million ($281.3 million international).
2."Life of the Party," $18.5 million ($2.9 million international).
3."Breaking In," $16.5 million ($1 million international).
4."Overboard," $10.1 million ($8.2 million international).
5."A Quiet Place," $6.4 million ($2.8 million international).
6."I Feel Pretty," $3.7 million ($3.5 million international).
7."Rampage," $3.4 million ($6.4 million international).
8."Tully," $2.2 million.
9."Black Panther," $1.9 million.
10."Blockers," $1.1 million ($1.2 million international).
Estimated ticket sales for Friday through Sunday at international theaters (excluding the U.S. and Canada), according to comScore:
1. "Avengers: Infinity War," $281.3 million.
2. "Overboard," $8.2 million.
3. "Truth or Dare," $7.4 million.
4. "Rampage," $6.4 million.
5. "Sherlock Gnomes," $5.6 million.
6. "Us And Them (dir. Liu)," $4.2 million.
7. "I Feel Pretty," $3.5 million.
8. "Wrestler," $3.4 million.
9. "I Am Your Mom," $3.2 million.
10. "Life of the Party," $2.9 million.
Universal and Focus are owned by NBC Universal, a unit of Comcast Corp.; Sony, Columbia, Sony Screen Gems and Sony Pictures Classics are units of Sony Corp.; Paramount is owned by Viacom Inc.; Disney, Pixar and Marvel are owned by The Walt Disney Co.; Miramax is owned by Filmyard Holdings LLC; 20th Century Fox and Fox Searchlight are owned by 21st Century Fox; Warner Bros. and New Line are units of Time Warner Inc.; MGM is owned by a group of former creditors including Highland Capital, Anchorage Advisors and Carl Icahn; Lionsgate is owned by Lions Gate Entertainment Corp.; IFC is owned by AMC Networks Inc.; Rogue is owned by Relativity Media LLC.
Follow AP Film Writer Lindsey Bahr on Twitter at: http://twitter.com/ldbahr | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/the-associated-press-avengers-overpowers-breaking-in-life-of-the-party.html |
No right answer in Yanny/Laurel debate, says doctor 1:12am BST - 01:37
''Yanny'' or ''Laurel''? The saga continues as the audio illusion that's gone viral has no right or wrong response, says NYU Langone Health professor Mario Svirsky. Rough Cut (no reporter narration).
"Yanny" or "Laurel"? The saga continues as the audio illusion that's gone viral has no right or wrong response, says NYU Langone Health professor Mario Svirsky. Rough Cut (no reporter narration). //reut.rs/2KxZeWB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/no-right-answer-in-yanny-laurel-debate-s?videoId=427909538 |
FRANKFURT, May 29 (Reuters) - The following are some of the factors that may move German stocks on Tuesday:
DEUTSCHE BANK CEO Christian Sewing due to speak at the Deutsche Bank Global Financial Services Conference in New York.
HENKEL Investor & Analyst Day Laundry & Home Care due.
VOLKSWAGEN The carmaker’s core brand expects to beat the company’s stated target of selling 1 million electric cars by 2025, a senior manager said, citing solid demand in China and Europe, as well as untapped potential in the southern hemisphere.
AROUNDTOWN PROPERTY Q1 results due.
ROCKET INTERNET Q1 results due.
GRAMMER China’s Ningbo Jifeng Auto Parts Co Ltd is in talks to buy Grammer AG in a deal that would value the German auto supplier at around 752 million euros, Grammer said in a statement.
SIXT Q1 results due.
STS GROUP Parent Mutares expected to publish IPO issue price for STS.
ANNUAL GENERAL MEETINGS FRAPORT - 1.50 eur/shr dividend proposed
SGL GROUP - no dividend proposed
OVERSEAS STOCK MARKETS US markets closed.
Nikkei -0.8 pct, Shanghai stocks -0.6 pct.
Time: 4.59 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS (Reporting by Tom Sims and Christoph Steitz)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-29-idUSL5N1SZ108 |
HONG KONG (Reuters) - Mahathir Mohamad’s shock Malaysian election win has raised concerns his populist promises could undermine economic prospects at an increasingly challenging time for emerging markets, despite hopes elsewhere he may revive his bold approach to economic management.
Mahathir Mohamad holds up a document during a news conference following the general election in Petaling Jaya, Malaysia, May 10, 2018. REUTERS/Lai Seng Sin The Southeast Asian economy, while vulnerable in some areas, is widely seen as being in better shape than regional peers, the Philippines and Indonesia, which run current account deficits. Malaysia has also halved its budget deficit since the global financial crisis.
Its economy is one of the fastest in the world, growing at close to 6 percent and its stock market in dollar terms is the second best performing in Asia. And a surge in crude prices to 3-1/2 year highs has helped the net energy exporter’s income.
But the country may be left without key sources of revenue if Mahathir keeps his pledge to remove the goods and services tax and toll fees, bring back fuel subsidies, raise minimum wages. Protectionist overtures on Chinese infrastructure projects have also raised concerns about foreign investment.
Such a policy shift comes amid heightened fears about capital outflows following a rise in U.S. Treasury yields.
“Some campaign promises, such as abolishing GST and reintroducing fuel subsidies, may boost consumption but, without offsetting measures, would adversely affect the country’s budget deficits and sovereign rating,” said Eli Lee, head of investment strategy at Bank of Singapore.
“At a time of growing pressure on emerging markets currencies and bonds, the situation in Malaysia bears careful watching for potential knock-on effects.”
Mahathir ruled Malaysia with an iron fist from 1981 to 2003. On Wednesday, his opposition coalition defeated his former mentee Prime Minister Najib Razak and the UMNO bloc, which has governed Malaysia for six decades.
Ratings agency Moody’s was prompt in warning Mahathir’s promises were credit negative for its A3 ratings if implemented without any other adjustments.
Local markets are closed for the week but a fall in the ringgit in offshore trading and a rise in the cost of insuring the country’s debt showed investors are nervous about the country’s first political change in six decades.
“This upset ranks up there with Brexit and Trump’s election,” said Aninda Mitra, senior sovereign analyst at BNY Mellon Investment Management. “I think there will be short term volatility.”
CHINA CONNECTION While Malaysia’s 6 percent GST sparked large street protests when it was introduced in 2015, it helped mitigate a 30 percent drop in oil revenues, pulling back the ringgit from 10-year lows.
Foreign investment has since returned as well, although largely fuelled by China’s soft power push into Southeast Asia.
Projects such as the $100 billion Forest City residential development near the Singapore border and the $13 billion East Coast high-speed railway, part of Beijing’s Belt and Road Initiative, were seen as boosting jobs, but prompted discontent about increasing Chinese influence.
While many analysts have criticised some of the Chinese projects as white elephants, investors now fear the billions they pencilled in from Beijing may not be forthcoming.
“The Sino-Malaysian relationship under Mahathir bears monitoring,” said Sue Trinh, head of Asia FX strategy at RBC Capital Markets. “Mahathir has pledged that Chinese investment in Malaysia will face much greater scrutiny.”
Additionally, Mahathir’s promise to seek a royal pardon for jailed political leader Anwar Ibrahim, his one-time deputy whom he famously fell out with in 1998, and let him become prime minister, might also raise questions about policy, if it happens.
“The market is uncertain about (Anwar) and also whether he will take over the administration,” Commerzbank analyst Charlie Lay said. “This election looked like the old UMNO versus the new UMNO. People don’t know where to put Anwar in that.”
BOLD MAHATHIR Despite the concerns, Mahathir has a record of bold measures that deliver. In the aftermath of the 1997 Asian financial crisis, he pulled Malaysia away from IMF-imposed austerity and slapped currency and capital controls, in moves that ultimately helped Malaysia endure a shallower loss of economic output than Indonesia, Thailand or South Korea.
His pledge to tackle corruption and nepotism raises hopes of a long-term fix of governance and public institutions.
A removal of GST and new subsidies may also boost consumption, which was at risk given Malaysia’s high level of household debt. Morgan Stanley analysts remain overweight in sectors such as banks, healthcare and telecommunications.
Analysts at Fidelity International note during his first stint in power, Mahathir initiated many of the country’s major infrastructure projects.
“We are looking at when to buy, given most of these pre-election promises are not adhered to,” said Fidelity’s head of Asian fixed income Bryan Collins.
“Back in the day, Mahathir was a pragmatic person and is less likely to completely close the economy.”
Reporting by Marius Zaharia; Editing by Sam Holmes
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-economy/mahathirs-shock-malaysian-election-win-raises-populist-economics-spectre-idINKBN1IB12R |
2:02 PM EDT
A Comcast bug made it really easy for Xfinity customers’ Wi-Fi passwords to be leaked.
A bug on Comcast’s website, which is used by customers to set up internet and cable, made it possible to view and change an Xfinity router’s name and password, ZDNet reported. Only the Comcast customer’s account ID and house or apartment number was needed to log in. From there, the Xfinity customer’s name and password were available in plaintext and could be changed, locking the customer out of their own Wi-Fi router.
Fortunately, the bug has already been fixed by Comcast, according to ZDNet. Comcast said that the fix was issued within hours of the company learning of the issue.
“There’s nothing more important than our customers’ security. Within hours of learning of this issue, we shut it down. At no time did this site enable anyone to access customers’ personal usernames and passwords and we have no reason to believe that any account information was accessed. We are conducting a thorough investigation and will take all necessary steps to ensure that this doesn’t happen again,” a Comcast spokesperson told CNET.
Fortune reached out to Comcast for comment but did not receive an immediate response. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/23/xfinity-wifi-saved-passwords/ |
TOKYO, May 9 (Reuters) - Japan’s SoftBank Group Corp on Wednesday reported a 27 percent rise in full-year operating profit, in line with analyst estimates, as its investments in technology firms around the world swelled.
Profit for the year ended March rose to 1.3 trillion yen ($11.87 billion) from 1 trillion yen a year ago, SoftBank said.
That compared with an average estimate of 1.3 trillion yen from 19 analysts polled by Thomson Reuters I/B/E/S.
SoftBank did not release a forecast for the current business year, saying there were too many uncertain factors. ($1 = 109.4900 yen) (Reporting by Sam Nussey; Editing by Himani Sarkar)
| ashraq/financial-news-articles | https://www.reuters.com/article/softbank-group-results/japans-softbank-posts-27-pct-rise-in-annual-profit-idUSL3N1SE37W |
Jin Lee | Bloomberg | Getty Images Nouriel Roubini
Economist Nouriel Roubini, best known for predicting the financial crisis, piled on his recent criticism of cryptocurrencies Thursday, saying they create "chaos" and confusion in the payments world.
"It's totally inefficient. It's never going to work," Roubini said Thursday at the Fluidity Summit in Brooklyn. "You are going to the world of the Flintstones to buy any good you have to exchange, you go back to the Stone Age of bartering."
Roubini, who earned the name "Dr. Doom" after the financial crisis, highlighted the difficulty of converting volatile digital currencies every time a user wants to buy something. Bitcoin, for example, rose more than 1,300 percent last year before losing roughly half its value in the first three months of 2018, according to CoinDesk. show chapters 10:08 AM ET Mon, 20 March 2017 | 03:01
While he's bullish on digital payments through apps such as Alipay, Venmo, PayPal and Square, Roubini said blockchain and cryptocurrencies will not play a role in the future of finance.
"I'm affirmative on that significant disruption, but most of this has nothing to do with blockchain, nothing to do with cryptocurrency," he said.
The economist also took on the fundraising process called initial coin offerings, or ICOs, calling them "mostly scams."
He pointed to research by ICO advisory firm Satis Group, which said 81 percent of them were, as Roubini put it in a column published earlier Thursday, "created by con artists, charlatans, and swindlers looking to take your money and run."
The economist, who is a professor at New York University's Stern School of Business, debated Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys. Ethereum is the world's second-largest cryptocurrency by market capitalization behind bitcoin , with a market capitalization of about $74 billion, according to data from CoinMarketCap.com. Adam Jeffery | CNBC Joseph Lubin, co-founder of Ethereum.
The digital coin is backed by a blockchain, much like bitcoin, but the technology is slightly different because it uses what's known as "smart contracts."
Lubin advocated for self-regulation in the space, and said his company ConsenSys is working on a database that forces projects to self-disclose, mostly through "peer pressure."
But Roubini, who was a senior advisor to Treasury Secretary Tim Geithner, shot back.
"The reality is the industry does not self-regulate," he said. "They're Ponzi schemes. If you wanted to self-regulate you'd stop this, and you're doing nothing about it."
Roubini is known for his anti-crypto rhetoric and in a recent column called blockchain "one of the most overhyped technologies ever."
Bitcoin was one of the first applications of the blockchain, which is a public ledger of bitcoin transactions that its proponents say is tamper-proof. Transactions on the bitcoin blockchain require verification from a number of different parties and are verified by so-called "miners" solving complex mathematical puzzles with high-powered computers. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/cryptocurrencies-are-chaos-for-payments-says-nouriel-roubini.html |
St. Louis Fed's Bullard: Bitcoin not a threat to the US dollar yet 3 Hours Ago St. Louis Fed President James Bullard speaks with CNBC's Seema Mody about the state of cryptocurrencies and blockchain in the U.S. economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/14/st-louis-feds-bullard-bitcoin-not-a-threat-to-the-us-dollar-yet.html |
JOHANNESBURG/CAPE TOWN (Reuters) - South Africa’s National Treasury on Thursday rallied behind Dan Matjila, the chief executive of the government’s 2 trillion rand ($160 billion) state pension fund, dismissing a Bloomberg report that said it was considering his suspension.
Matjila, who has headed the Public Investment Corporation (PIC) since 2014, has come under pressure in recent weeks after an opposition party asked the Treasury to suspend and investigate him over allegations of misuse of funds and careless investment decisions.
“Treasury has faith in Mr Dan Matjila’s leadership,” it said in response to emailed questions. “The Minister is satisfied with the PIC’s overall performance.”
The PIC and Matjila himself also dismissed the “rumors” that he would be suspended.
“I don’t know where these rumors are coming from that I’m going to be suspended,” Matjila told reporters in Cape Town.
“I’ve been there for 15 years, I am comfortable. We’ve done a great job, my team is there motivated as ever. We are producing the results for our clients and most importantly our clients are happy.”
The United Democratic Movement’s (UDM) allegations come three months after Cyril Ramaphosa took over as president of South Africa on promises that included rooting out corruption in government and state firms.
The UDM alleges that Matjila used funds to bankroll a business of someone close to him and was not prudent in paying a 4.3 billion rand for a 29 percent stake in loss-making technology upstart, Ayo Technology ( AYOJ.J ).
Responding to criticism over the investment in Ayo Technology, Matjila said the investment was prudent: “It was a great investment. All investments you have to wait to see the results.”
CLEARED OF WRONGDOING Last year, he was cleared of any wrongdoing by an internal audit committee that looked into allegations that he bankrolled the business of someone close him.
UDM leader Bantu Holomisa said: “We’re challenging Ramaphosa to walk the talk.” He said his organization was preparing to send a letter to Ramaphosa to investigate the allegations.
In the letter, dated May 31 and seen by Reuters, UDM said Matjila should be investigated by an independent party for making questionable investments in companies such as Ayo Technology and crisis-hit retailer Steinhoff ( SNHJ.J ) ( SNHG.DE ).
In an interview with weekly magazine the Financial Mail, published on Thursday, Matjila defended the fund’s investment in Ayo Technology, saying it was a decision based on the prospects of the company.
“We backed a strong BEE company,” Matjila told the Financial Mail, referring to companies majority-owned by black people. “We thought that price on the table was reasonable,” he said.
Ayo Technology, which debuted on the Johannesburg bourse in December last year, is trading at 35 rand per share, giving it a market capitalization of around 12 billion rand. That suggests the PIC stake is now worth roughly 3.5 billion rand.
The PIC is the biggest investor in South Africa’s economy, holding a large chunk of government bonds and stakes in blue-chip companies such as miner Anglo American ( AMSJ.J ), lender Barclays Africa ( BGAJ.J ) and grocer retailer Shoprite ( SHPJ.J ).
Editing by James Macharia and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-pic/south-africas-treasury-backs-ceo-of-160-billion-state-pension-fund-idUSKCN1IW0QF |
May 16 (Reuters) - Home Capital Group Inc:
* HOME CAPITAL RECEIVES COMMITMENTS FOR A $500 MILLION STANDBY SECURED FUNDING FACILITY
* SAYS CREDIT FACILITY WILL REPLACE A $2 BILLION CREDIT FACILITY PROVIDED BY A WHOLLY OWNED SUBSIDIARY OF BERKSHIRE HATHAWAY INC
* SAYS DOES NOT INTEND TO DRAW ON CREDIT FACILITY IN ORDINARY COURSE OF BUSINESS
* SAYS NEW CREDIT FACILITY IS EXPECTED TO CLOSE IMMEDIATELY AFTER MATURITY OF EXISTING CREDIT FACILITY
* SAYS OBTAINED LETTER OF COMMITMENT FOR A 2-YEAR, $500 MILLION STANDBY SECURED FUNDING FACILITY FROM TWO CANADIAN SCHEDULE 1 BANKS
* SAYS ANY DRAWS ON CREDIT FACILITY WILL BE SECURED AGAINST A PORTFOLIO OF MORTGAGES ORIGINATED BY HOME TRUST COMPANY
* SAYS UNIT OBTAINED A LETTER OF COMMITMENT FROM TWO CANADIAN SCHEDULE 1 BANKS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-home-capital-gets-commitments-for/brief-home-capital-receives-commitments-for-a-500-million-standby-secured-funding-facility-idUSFWN1SN0J2 |
CNBC.com Hemant Mishra | Mint | Getty Images
The board of Indian e-commerce giant Flipkart has approved a deal to sell a roughly 75 percent stake in the company to a group led by Walmart for $15 billion, according to a report.
Japan's SoftBank will sell its entire 20-plus percent stake in Flipkart, Bloomberg reported Friday, citing unnamed sources, and Google's parent company Alphabet is likely to participate in the investment with Walmart.
A final close to the deal is expected within 10 days, the report said, but the terms could still change and a deal is not certain.
Walmart, Flipkart and Amazon were not immediately available for comment when contacted by CNBC. SoftBank declined to comment. show chapters 9:23 PM ET Thu, 5 April 2018 | 03:51
CNBC's India affiliate CNBC TV-18 reported earlier this week that Amazon had made a formal offer to buy a 60 percent stake in Flipkart, citing unnamed sources.
A majority stake in Flipkart would see Walmart gain significant ground against Amazon in India. It would also increase the company's presence overseas. Earlier this week, Walmart-owned supermarket Asda joined forces with competitor Sainsbury's in a deal worth £7.3 billion ($10 billion).
You can read the full report by Bloomberg here . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/walmart-reportedly-triumphs-over-amazon-with-approval-of-15-billion-deal-for-majority-stake-in-flipkart.html |
May 14 (Reuters) - China Information Technology Inc :
* CNIT REPORTS RESULTS FOR THE THREE MONTHS ENDED MARCH 31, 2018
* QTRLY ADJUSTED EARNINGS PER SHARE $0.03 * CHINA INFORMATION TECHNOLOGY - REITERATED FINANCIAL PROJECTIONS FOR FISCAL YEAR OF 2018 & 2019 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-china-information-technology-quart/brief-china-information-technology-quarterly-adj-earnings-per-share-0-03-idUSASC0A1XX |
May 3 (Reuters) - Genpact Ltd:
* Q1 EARNINGS PER SHARE $0.33 * Q1 REVENUE $689 MILLION VERSUS I/B/E/S VIEW $680.7 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.37 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 REVENUE $2.93 BILLION TO $3.0 BILLION * FY 2018 ADJUSTED DILUTED EPS TO INCREASE TO $1.72 TO $1.76, FROM PRIOR OUTLOOK OF $1.70 TO $1.74
* FY2018 EARNINGS PER SHARE VIEW $1.73, REVENUE VIEW $2.97 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-genpact-reports-q1-eps-033/brief-genpact-reports-q1-eps-0-33-idUSASC09ZNE |
BOSTON--(BUSINESS WIRE)-- www.quadient.com : Quadient, formerly GMC Software and Satori Software, the award-winning leader in Customer Communications Management (CCM), announced that Christian Hartigan has joined Quadient as president and general manager of the Americas. Mr. Hartigan brings 15 years of technology industry leadership experience to his role at Quadient. He will be responsible for helping Quadient customers and partners accelerate their evolution to a digital experience platform. Hartigan will lead the passionate team to deliver growth, continuing to develop a consistent, high-performing value-based pre-sales, sales and services team. Hartigan will report to Quadient’s CEO, Henri Dura.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180522005169/en/
Christian Hartigan, President and General Manager of the Americas, Quadient (Photo: Business Wire)
Prior to joining Quadient, Hartigan held the position of vice president of global accounts and industry solutions at Acquia, where he was responsible for go-to-market strategy, sales and account management, and business scaling and optimization. He was a key part of the team that helped make Acquia, provider of digital experience platforms, one of the fastest growing software companies in the world. Prior to Acquia, Hartigan served as vice president and general manager at Jenzabar, a provider of enterprise technology platforms for the education and enterprise market.
“We are excited to welcome Chris to the Quadient team,” said Henri Dura, CEO of Quadient. “He offers exceptional insight into the needs of the industry and a strong track record of achieving results in the digital experience space. We look forward to his drive and vision taking Quadient’s Americas region to the next level.”
“Joining the talented Quadient team is an amazing opportunity,” said Hartigan. “I am proud to be a part of a market-leading company whose solutions enable businesses all over the world to optimize their customer communications to create a more meaningful digital experience.”
Hartigan holds a Master of Business Administration with Highest Honors from the University of Michigan, Stephen M. Ross School of Business, and a Bachelor of Arts from Saint Michael’s College.
About Quadient, formerly GMC Software and Satori Software
Quadient helps companies deliver meaningful interactions with current and future customers. A Neopost Digital Company, the Quadient portfolio of technology enables organizations to create better experiences for their customers through timely, optimized, contextual, highly individualized, and accurate communications for all channels. Our solutions bring together and activate the entire organization in the name of customer experience, through better collaboration and visibility into the customer journey. Quadient supports thousands of clients and partners worldwide in the financial services, insurance and service provider industries in their quest to achieve customer experience excellence via mobile, digital, social media and print technologies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005169/en/
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Source: Quadient | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-quadient-appoints-christian-hartigan-president-and-general-manager-of-the-americas.html |
May 23, 2018 / 10:13 AM / Updated 21 minutes ago Scientists plan DNA hunt for Loch Ness monster next month Reuters Staff 3 Min Read
LONDON (Reuters) - A global team of scientists plans to scour the icy depths of Loch Ness next month using environmental DNA (eDNA) in an experiment that may discover whether Scotland’s fabled monster really does, or did, exist.
The use of eDNA sampling is already well established as a tool for monitoring marine life like whales and sharks.
Whenever a creature moves through its environment, it leaves behind tiny fragments of DNA from skin, scales, feathers, fur, faeces and urine.
“This DNA can be captured, sequenced and then used to identify that creature by comparing the sequence obtained to large databases of known genetic sequences from hundreds of thousands of different organisms,” said team spokesman Professor Neil Gemmell of the University of Otago in New Zealand.
The first written record of a monster relates to the Irish monk St Columba, who is said to have banished a “water beast” to the depths of the River Ness in the 6th century.
The most famous picture of Nessie, known as the “surgeon’s photo”, was taken in 1934 and showed a head on a long neck emerging from the water. It was revealed 60 years later to have been a hoax that used a sea monster model attached to a toy submarine.
Countless unsuccessful attempts to track down the monster have been made in the years since, notably in 2003 when the BBC funded an extensive scientific search that used 600 sonar beams and satellite tracking to sweep the full length of the loch.
The most recent attempt was two years ago when a high-tech marine drone found a monster - but not the one it was looking for. The discovery turned out to be replica used in the 1970 film “The Private Life of Sherlock Holmes”, which sank nearly 50 years ago.
Gemmell’s team, which comprises scientists from Britain, Denmark, the United States, Australia and France, is keen to stress the expedition is more than just a monster hunt.
“While the prospect of looking for evidence of the Loch Ness monster is the hook to this project, there is an extraordinary amount of new knowledge that we will gain from the work about organisms that inhabit Loch Ness,” Gemmell said on his university website.
He predicts they will document new species of life, particularly bacteria, and will provide important data on the extent of several new invasive species recently seen in the loch, such as Pacific pink salmon.
Their findings are expected to be presented in January 2019. Reporting by Ana de Liz; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-scotland-monster/scientists-plan-dna-hunt-for-loch-ness-monster-next-month-idUKKCN1IO1A5 |
SEOUL (Reuters) - North and South Korea began dismantling loudspeakers that blared propaganda across their heavily fortified border on Tuesday, South Korea’s defense ministry said, fulfilling a promise made at last week’s historic summit.
The moves are the first practical, if small, steps toward reconciliation after Friday’s meeting between South Korean President Moon Jae-in and the North’s Kim Jong Un.
Moon, meanwhile, asked that the United Nations help verify North Korea’s planned shutdown of its Punggye-ri nuclear test site in a phone conversation on Tuesday with U.N. Secretary-General Antonio Guterres, a statement from the presidential Blue House said.
Guterres said the requests need approval from the U.N. Security Council, but he wanted to cooperate to build peace on the Korean peninsula and would assign a U.N. official in charge of arms control to cooperate with South Korea, the statement said.
Several days before Friday’s summit, the North surprised the world by declaring it would dismantle the test site to “transparently guarantee” its dramatic commitment to stop all nuclear and missile tests.
The Punggye-ri site, where North Korea has conducted all six of its nuclear tests, consists of a system of tunnels dug beneath Mount Mantap in the northeastern part of the country.
Related Coverage South Korea's Moon asks U.N. to verify North's nuclear test site shutdown: Yonhap Some experts and researchers have speculated the most recent - and by far largest - blast in September had rendered the entire site unusable. But Kim said there were two additional, larger tunnels that remain “in very good condition”.
BORDER LOUDSPEAKERS REMOVED Along the border, South Korea started taking down its loudspeakers on Tuesday afternoon, a defense official said. Activity at several spots along the border indicated North Koreans were doing the same, he said.
For decades, with only a few breaks, the two sides have pumped out propaganda from huge banks of speakers as a form of psychological warfare. The South broadcast a mixture of news, Korean pop songs and criticism of the northern regime, while the North blasted the southern government and praised its own socialist system.
South Korean soldiers dismantle loudspeakers that were set up for propaganda broadcasts near the demilitarized zone separating the two Koreas in Paju, South Korea, May 1, 2018. REUTERS/Kim Hong-Ji/Pool As a sign of goodwill, the South had stopped its propaganda ahead of the summit, and the North followed suit.
The incremental steps come amid speculation about where Kim will meet U.S. President Donald Trump, who said their planned summit could take place in three or four weeks.
Trump tweeted Monday that meeting Kim at the Peace House in the demilitarized zone, where Moon met Kim, would be an excellent venue.
“There’s something that I like about it because you’re there, you’re actually there. Where, if things work out, there’s a great celebration to be had on the site, not in a third-party country,” Trump later told reporters at the White House.
But a senior U.S. official said Singapore was still high on the list of potential sites.
Singapore Prime Minister Lee Hsien Loong said on Saturday Singapore had not had any request to host the Kim-Trump meeting.
Slideshow (6 Images) South Korea’s presidential Blue House seemed to welcome the prospect of hosting the meeting in Panmunjom, the border village where the Peace House is located.
“Panmunjom is quite meaningful as a place to erode the divide and establish a new milestone for peace,” a senior presidential official told reporters, asking not be identified because of the sensitivity of the matter. “Wouldn’t Panmunjom be the most symbolic place?”
Additional reporting by Hyonhee Shin and Ju-min Park, writing by Malcolm Foster. Editing by Lincoln Feast
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-southkorea/south-korea-sees-signs-north-is-dismantling-border-loudspeakers-defense-ministry-idUSKBN1I22U5 |
May 22 (Reuters) - Caesars Entertainment Corp:
* HAMLET HOLDINGS LLC REPORTS 10.7 PERCENT STAKE IN CAESARS ENTERTAINMENT AS OF MAY 17 - SEC FILING
* HAMLET HOLDINGS LLC EARLIER REPORTED 14.2 PERCENT STAKE IN CAESARS ENTERTAINMENT AS OF DECEMBER 5, 2017 Source text: ( bit.ly/2IXG9jz ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hamlet-holdings-llc-reports-107-pc/brief-hamlet-holdings-llc-reports-10-7-pct-stake-in-caesars-entertainment-as-of-may-17-sec-filing-idUSFWN1ST0BQ |
NEW YORK, May 15, 2018 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq:HSON), a leading global talent solutions company, today announced financial results for the first quarter ended March 31, 2018.
2018 First Quarter Summary
Revenue of $16.2 million increased 15.9 percent from the first quarter of 2017, or 10.7 percent in constant currency.
Gross margin of $10.2 million increased 1.5 percent from the first quarter of 2017, but declined 2.5 percent in constant currency.
Net income of $10.7 million, or $0.33 per basic and diluted share, including income from discontinued operations of $13.6 million related to the sale of its recruitment and talent management businesses, compared with net loss of $1.3 million, or $0.04 per basic and diluted share, for the first quarter of 2017.
Adjusted EBITDA* loss of $2.2 million, including $1.8 million of severance expense relating to the resignation of the former chief executive officer, compared with adjusted EBITDA loss of $0.2 million in the first quarter of 2017.
“Revenue growth in the first quarter was boosted by growth in Asia Pacific, while revenue was impacted by the loss of a global contract in 2017 in the Americas and Europe. We are pleased to have completed our recent divestitures and are focused squarely on the recruitment process outsourcing (“RPO”) business,” said Jeff Eberwein, chief executive officer at Hudson Global. “After a busy first month in this new role, I look forward to continuing to work closely with our global leaders, developing strong client relationships, driving growth in our RPO business, improving our cost structure and delivering improved performance going forward.”
* Adjusted EBITDA and EBITDA are defined in the segment tables at the end of this release.
Strategic Update
On March 31, 2018, Hudson Global completed the sales of its recruitment and talent management operations in Europe and Asia Pacific to strategic buyers in three transactions. Hudson Global intends to focus on its growing, global RPO business going forward. Hudson Global received gross proceeds of $39.0 million in cash at closing, subject to customary post-closing adjustments. The proceeds included $24.8 million for recruitment and talent management operations in Benelux, $7.7 million for the recruitment and talent management operations in the rest of Europe, and $6.4 million for the recruitment and talent management operations in Asia Pacific. All Hudson Global debt was transferred to the buyers with the divestitures.
Regional Highlights
The divested businesses are treated as discontinued operations, therefore the discussion below is focused on the continuing operations of the RPO business for all periods presented. Prior period EBITDA and Adjusted EBITDA may not be comparable due to regional support and infrastructure cost allocation treatment between continuing and discontinued operations following the divestitures.
Americas
In the first quarter of 2018, Hudson Global Americas' revenue of $3.7 million decreased 14 percent while gross margin of $3.1 million decreased 19 percent compared with the first quarter of 2017. Growth in financial service and life sciences was offset by lower volumes elsewhere including the conclusion of a large global contract in the third quarter of 2017. EBITDA was $0.3 million in the first quarter, unchanged from a year ago. The region delivered adjusted EBITDA of $0.4 million for the first quarter, compared with adjusted EBITDA of $0.3 million a year ago.
Asia Pacific
Hudson Global Asia Pacific's revenue of $8.8 million increased 35 percent while gross margin of $4.9 million increased 14 percent in constant currency in the first quarter of 2018 compared with the same period in 2017. Growth was driven by a new client win in the fourth quarter of 2017 and higher volumes at existing clients. EBITDA was $0.5 million in the first quarter, compared with EBITDA of $0.7 million a year ago. Asia Pacific delivered adjusted EBITDA of $0.6 million, compared with adjusted EBITDA of $0.8 million in the first quarter of 2017.
Europe
Hudson Global Europe's revenue of $3.7 million decreased 2 percent while gross margin of $2.1 million decreased 6 percent in constant currency in the first quarter of 2018 compared with the first quarter of 2017. Gross margin growth in the U.K. of 21 percent was offset by declines in Continental Europe, due to a large global contract that ended in the third quarter of 2017. EBITDA was $0.0 million in the first quarter, compared with $0.2 million a year ago. Adjusted EBITDA was $0.1 million in the first quarter of 2018, compared with $0.2 million a year ago.
Liquidity and Capital Resources
The company ended the first quarter of 2018 with $42.9 million in cash. The company had no credit facilities in place at the end of the first quarter of 2018 following the sale of its recruitment and talent management businesses, but remains in discussions with various lenders about new credit facilities for the RPO business. The company used $14.7 million in cash flow from operations during the first quarter, compared with $8.9 million in the first quarter of 2017. The cash flow statements in the first quarter of 2017 and 2018 include the recruitment and talent management businesses sold on March 31, 2018.
Share Repurchase Program
While the company’s share repurchase program remains in place, no purchases were made during the first quarter. The program has an authorization of up to $10 million of the company’s common stock. Since the inception of this program in the third quarter of 2015 through the end of the first quarter of 2018, the company has purchased 3,639,405 shares for $7.4 million.
Business Outlook
The company expects RPO operations before corporate costs to deliver adjusted EBITDA of between $5.0 million to $6.0 million in 2018. We expect corporate costs of approximately $8.0 million to $8.5 million in 2018, which includes $1.8 million of severance for the former chief executive officer, recorded in the first quarter of 2018. As a result, the company expects adjusted EBITDA loss of $2.0 million to $3.5 million in 2018.
Conference Call/Webcast
Hudson Global will conduct a conference call today at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the company's web site at Hudson.com .
The archived call will be available on the investor information section of the company's web site at Hudson.com .
About Hudson Global
Hudson Global is a talent solutions company with expertise in recruitment process outsourcing and managed services. We help our clients and candidates succeed by leveraging our expertise and our deep industry and market knowledge. Operating around the globe through relationships across our network of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions, and a tailored, consultative approach to help businesses achieve higher performance and outstanding results. More information is available at Hudson.com .
Forward-Looking Statements
This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, Hudson Global’s ability to achieve anticipated benefits from the sales of its recruitment and talent management operations in Europe and Asia Pacific and operate successfully as a company focused on its RPO business; global economic fluctuations; the company’s ability to successfully achieve its strategic initiatives; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time and the impact of any loss of a significant client; competition in the company's markets; the negative cash flows and operating losses that may recur in the future; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; the company's ability to collect accounts receivable; the company’s ability to maintain costs at an acceptable level; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the company's exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the company’s business reorganization initiatives and limits on related insurance coverage; the company’s ability to utilize net operating loss carry-forwards; volatility of the company's stock price; the impact of government regulations; restrictions imposed by blocking arrangements; and risks related to potential acquisitions or dispositions of businesses by the company. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Financial Tables Follow
HUDSON GLOBAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2018 2017 Revenue $ 16,215 $ 13,992 Direct costs 6,061 3,990 Gross margin 10,154 10,002 Operating expenses: Salaries and related 10,359 8,454 Other selling, general and administrative 2,453 1,877 Depreciation and amortization — 81 Business reorganization — (113 ) Total operating expenses 12,812 10,299 Operating income (loss) (2,658 ) (297 ) Non-operating income (expense): Interest income (expense), net — — Other income (expense), net (67 ) (36 ) Income (loss) from continuing operation before provision for income taxes (2,725 ) (333 ) Provision for income taxes from continuing operations 172 146 Income (loss) from continuing operations (2,897 ) (479 ) Income (loss) from discontinued operations, net of income taxes 13,618 (835 ) Net income (loss) $ 10,721 $ (1,314 ) Basic and diluted earnings (loss) per share: Basic and diluted earnings (loss) per share from continuing operations $ (0.09 ) $ (0.01 ) Basic and diluted earnings (loss) per share from discontinued operations 0.42 (0.03 ) Basic and diluted earnings (loss) per share $ 0.33 $ (0.04 ) Weighted-average shares outstanding: Basic 32,146 32,161 Diluted 32,146 32,161
HUDSON GLOBAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, , except per share amounts) (unaudited) March 31,
2018 December 31,
2017 ASSETS Current assets: Cash and cash equivalents $ 42,864 $ 5,580 Accounts receivable, less allowance for doubtful accounts of $58 and $69, respectively 13,675 11,545 Prepaid and other 791 388 Current assets of discontinued operations — 79,530 Total current assets 57,330 97,043 Deferred tax assets, non-current 300 324 Other assets 340 372 Non-current assets of discontinued operations — 13,901 Total assets $ 57,970 $ 111,640 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 1,780 $ 1,193 Accrued expenses and other current liabilities 7,488 7,259 Current liabilities of discontinued operations 1,857 51,952 Total current liabilities 11,125 60,404 Income tax payable, non-current 1,973 1,682 Other non-current liabilities 894 192 Non-current liabilities of discontinued operations — 6,210 Total liabilities 13,992 68,488 Stockholders’ equity: Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding — — Common stock, $0.001 par value, 100,000 shares authorized; issued 35,412 and 34,959 shares, respectively 34 34 Additional paid-in capital 484,254 483,558 Accumulated deficit (432,698 ) (443,419 ) Accumulated other comprehensive income, net of applicable tax 185 10,709 Treasury stock, 3,834 and 3,800 shares, respectively, at cost (7,797 ) (7,730 ) Total stockholders’ equity 43,978 43,152 Total liabilities and stockholders' equity $ 57,970 $ 111,640
HUDSON GLOBAL, INC. SEGMENT ANALYSIS - QUARTER TO DATE (in thousands) (unaudited) For The Three Months Ended March 31, 2018 Hudson
Americas Hudson
Asia Pacific Hudson
Europe Corporate Total Revenue, from external customers $ 3,700 $ 8,825 $ 3,690 $ — $ 16,215 Gross margin, from external customers $ 3,126 $ 4,923 $ 2,105 $ — $ 10,154 Adjusted EBITDA (loss) (1) $ 370 $ 623 $ 52 $ (3,239 ) $ (2,194 ) Stock-based compensation expense 27 4 — 432 463 Non-operating expense (income),
including corporate administration charges 52 75 41 (100 ) 68 EBITDA (loss) (1) $ 291 $ 544 $ 11 $ (3,571 ) $ (2,725 ) Depreciation and amortization expenses — Interest expense (income), net — Provision for (benefit from) income taxes 172 Income (loss) from continuing operations $ (2,897 ) Income (loss) from discontinued operations, net of income taxes 13,618 Net income (loss) $ 10,721 For The Three Months Ended March 31, 2017 Hudson
Americas Hudson
Asia Pacific Hudson
Europe Corporate Total Revenue, from external customers $ 4,314 $ 6,341 $ 3,337 $ — $ 13,992 Gross margin, from external customers $ 3,836 $ 4,184 $ 1,982 $ — $ 10,002 Adjusted EBITDA (loss) (1) $ 334 $ 837 $ 240 $ (1,596 ) $ (185 ) Business reorganization expenses (recovery) (92 ) — 1 (22 ) (113 ) Stock-based compensation expense 33 — — 110 143 Non-operating expense (income),
including corporate administration charges 58 95 60 (176 ) 37 EBITDA (loss) (1) $ 335 $ 742 $ 179 $ (1,508 ) $ (252 ) Depreciation and amortization expenses 81 Interest expense (income), net — Provision for (benefit from) income taxes 146 Income (loss) from continuing operations $ (479 ) Income (loss) from discontinued operations, net of income taxes (835 ) Net income (loss) $ (1,314 ) Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other expenses (“Adjusted EBITDA”) are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
HUDSON GLOBAL, INC. SEGMENT ANALYSIS - QUARTER TO DATE (continued) (in thousands) (unaudited) For The Three Months Ended December 31, 2017 Hudson
Americas Hudson
Asia Pacific Hudson
Europe Corporate Total Revenue, from external customers $ 3,677 $ 8,528 $ 3,074 $ — $ 15,279 Gross margin, from external customers $ 3,181 $ 5,307 $ 1,729 $ — $ 10,217 Adjusted EBITDA (loss) (1) $ 517 $ 1,661 $ 136 $ (2,913 ) $ (599 ) Business reorganization expenses (recovery) 10 — (7 ) — 3 Stock-based compensation expense 23 2 — 262 287 Non-operating expense (income),
including corporate administration charges 23 62 53 (55 ) 83 EBITDA (loss) (1) $ 461 $ 1,597 $ 90 $ (3,120 ) $ (972 ) Depreciation and amortization expenses 122 Interest expense (income), net 1 Provision for (benefit from) income taxes 18 Income (loss) from continuing operations $ (1,113 ) Income (loss) from discontinued operations, net of income taxes (892 ) Net income (loss) $ (2,005 ) For The Three Months Ended June 30, 2017 Hudson
Americas Hudson
Asia Pacific Hudson
Europe Corporate Total Revenue, from external customers $ 4,161 $ 6,817 $ 3,577 $ — $ 14,555 Gross margin, from external customers $ 3,735 $ 4,726 $ 2,283 $ — $ 10,744 Adjusted EBITDA (loss) (1) $ 404 $ 1,161 $ 470 $ (1,933 ) $ 102 Business reorganization expenses (recovery) 1 — — — 1 Stock-based compensation expense 20 3 — 428 451 Non-operating expense (income),
including corporate administration charges 82 103 64 (235 ) 14 EBITDA (loss) (1) $ 301 $ 1,055 $ 406 $ (2,126 ) $ (364 ) Depreciation and amortization expenses 79 Interest expense (income), net 4 Provision for (benefit from) income taxes 246 Income (loss) from continuing operations $ (693 ) Income (loss) from discontinued operations, net of income taxes 1,919 Net income (loss) $ 1,226 Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other expenses (“Adjusted EBITDA”) are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
HUDSON GLOBAL, INC.
RECONCILIATION FOR CONSTANT CURRENCY
(in thousands) (unaudited)
The company operates on a global basis, with the majority of its gross margin generated outside of the United States. Accordingly, fluctuations in foreign currency exchange rates can affect its results of operations. Constant currency information compares financial results between periods as if exchange rates had remained constant period-over-period. The company currently defines the term “constant currency” to mean that financial data for a previously reported period are translated into U.S. dollars using the same foreign currency exchange rates that were used to translate financial data for the current period. Changes in revenue, gross margin, selling, general and administrative expenses ("SG&A"), business reorganization expenses and other non-operating income (expense), operating income (loss) and EBITDA (loss) include the effect of changes in foreign currency exchange rates. Variance analysis usually describes period-to-period variances that are calculated using constant currency as a percentage. The company’s management reviews and analyzes business results in constant currency and believes these results better represent the company’s underlying business trends. The company believes that these calculations are a useful measure, indicating the actual change in operations. There are no significant gains or losses on foreign currency transactions between subsidiaries. Therefore, changes in foreign currency exchange rates generally impact only reported earnings.
Three Months Ended March 31, 2018 2017 As As Currency Constant reported reported translation currency Revenue: Hudson Americas $ 3,700 $ 4,314 $ 10 $ 4,324 Hudson Asia Pacific 8,825 6,341 219 6,560 Hudson Europe 3,690 3,337 424 3,761 Total $ 16,215 $ 13,992 $ 653 $ 14,645 Gross margin: Hudson Americas $ 3,126 $ 3,836 $ 9 $ 3,845 Hudson Asia Pacific 4,923 4,184 146 4,330 Hudson Europe 2,105 1,982 256 2,238 Total $ 10,154 $ 10,002 $ 411 $ 10,413 SG&A (1): Hudson Americas $ 2,781 $ 3,531 $ 9 $ 3,540 Hudson Asia Pacific 4,303 3,351 124 3,475 Hudson Europe 2,056 1,745 225 1,970 Corporate 3,672 1,704 — 1,704 Total $ 12,812 $ 10,331 $ 358 $ 10,689 Operating income (loss): Hudson Americas $ 343 $ 392 $ (1 ) $ 391 Hudson Asia Pacific 620 834 22 856 Hudson Europe 52 240 33 273 Corporate (3,673 ) (1,763 ) — (1,763 ) Total $ (2,658 ) $ (297 ) $ 54 $ (243 ) EBITDA (loss): Hudson Americas $ 291 $ 335 $ (5 ) $ 330 Hudson Asia Pacific 544 742 20 762 Hudson Europe 11 179 29 208 Corporate (3,571 ) (1,508 ) — (1,508 ) Total $ (2,725 ) $ (252 ) $ 44 $ (208 ) Note: Certain prior year amounts have been reclassified to conform to the current period presentation.
SG&A is a measure that management uses to evaluate the segments’ expenses.
Contact: David F. Kirby Hudson Global 212-351-7216 [email protected]
Source:Hudson Global, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-hudson-global-reports-2018-first-quarter-results.html |
The dollar edged lower Thursday, a day after minutes from the Federal Reserve’s latest meeting showed the central bank plans to stay on a gradual path of rate increases even if inflation meets its target.
The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, was recently down 0.2%, to 87.02.
Expectations that... | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-slides-lower-in-aftermath-of-fed-minutes-1527182608 |
May 4 (Reuters) - tv2u International Ltd:
* AGREED KEY TERMS OF DEAL WITH INDOSAT OOREDOO FOR PREMIUM MOBILE-FIRST SUBSCRIPTION STREAMING SERVICE FOR INDOSAT’S SUBSCRIBERS
* EXPECTS STREAMING DEAL WITH INDOSAT TO BE EXECUTED IN NEXT FEW DAYS; INITIAL SERVICE OFFERING WILL CENTRE ON WORLD CUP Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tv2u-international-agrees-deal-ter/brief-tv2u-international-agrees-deal-terms-with-indosat-ooredoo-for-subscription-streaming-service-idUSFWN1SA1E1 |
UK Professor says his antifungal compound could prevent global pandemic Thursday, May 10, 2018 - 01:57
A University of Sussex Professor believes his 40 years of research into a plant enzyme may help prevent cereal blight in major crops and a potential global pandemic caused by Candida auris. Jim Drury reports.
A University of Sussex Professor believes his 40 years of research into a plant enzyme may help prevent cereal blight in major crops and a potential global pandemic caused by Candida auris. Jim Drury reports. //reut.rs/2KRXPLx | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/uk-professor-says-his-antifungal-compoun?videoId=425531193 |
May 14 (Reuters) - Goldman Sachs Group Inc:
* PABLO SALAME AND ISABELLE EALET TO RETIRE FROM GOLDMAN SACHS
* SALAME, VICE CHAIRMAN OF FIRM & GLOBAL CO-HEAD OF SECURITIES DIVISION AND EALET, GLOBAL CO-HEAD OF SECURITIES DIVISION TO RETIRE Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-goldman-sachs-says-pablo-salame-is/brief-goldman-sachs-says-pablo-salame-isabelle-ealet-to-retire-idUSFWN1SL11V |
May 2 (Reuters) - Wuhu Shunrong Sanqi Interactive Entertainment:
* SAYS IT SIGNS STRATEGIC COOPERATION AGREEMENT WITH ZHEJIANG CENTURY HUATONG
* SAYS IT PLANS TO INCREASE STAKE IN ZHEJIANG CENTURY HUATONG FOR UP TO 200 MILLION YUAN IN 12 MONTHS Source text in Chinese: bit.ly/2jm4HUU Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wuhu-shunrong-sanqi-in-strategic-c/brief-wuhu-shunrong-sanqi-in-strategic-cooperation-with-zhejiang-century-huatong-idUSH9N1S5015 |
'Book Club' cast talk breaking the Hollywood mold 3:00pm EDT - 01:52
At the premiere of 'Book Jane Fonda and the rest of the cast and crew talk about breaking Hollywood's mold of movies. Rough Cut - no reporter narration.
At the premiere of 'Book Jane Fonda and the rest of the cast and crew talk about breaking Hollywood's mold of movies. Rough Cut - no reporter narration. //reut.rs/2FQuygE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/book-club-cast-talk-breaking-the-hollywo?videoId=424751516 |
Senate Minority Leader Chuck Schumer pushed President Donald Trump on Friday not to back off his pledges to crack down on Chinese trade practices.
"Don't let [Chinese President Xi Jinping] play you," the New York Democrat said in a tweeted statement.
Schumer tweet: Don't let President Xi play you. Trading some short-term purchases of American goods and giving up on China's theft of American intellectual property (which are our family jewels that will create millions of good paying jobs) is the art of a bad deal. Stand strong.
Schumer's message comes as top Trump administration officials meet with Chinese Vice Premier Liu He about striking a possible agreement to reduce trade tensions between the world's two largest economies. The second day of talks takes place in Washington on Friday after a series of meetings on Thursday, including one which Trump attended.
China's Foreign Ministry denied on Friday that it offered to reduce its trade surplus with the U.S. by $200 billion , as reported by news outlets. Trump has long contended China takes advantage of the U.S. because China sends significantly more goods to America than the U.S. sends back.
show chapters China denies $200 billion package to cut US trade deficit 4 Hours Ago | 01:36 Schumer appeared to reference those reported terms in his statement Friday. He urged Trump not to give up on his effort to punish Beijing for alleged theft of intellectual property by Chinese companies.
"Trading some short-term purchases of American goods and giving up on China's theft of American intellectual property (which are our family jewels that will create millions of good paying jobs) is the art of a bad deal. Stand strong," he said.
Trump has floated tariffs on $50 billion worth of Chinese goods such as electronics and machinery in response to alleged intellectual property abuses. He proposed an additional $100 billion in tariffs on other Chinese goods.
China floated retaliatory tariffs on U.S. goods such as crops and aircraft. The possible Chinese measures sparked concerns about damage to the U.S. agricultural industry.
Some free-trade lawmakers and market watchers hope the talks will avoid escalating tariffs and a potential trade war. On Thursday, Trump said he doubts the negotiations with China will succeed.
"Will that be successful? I tend to doubt it," the president said. "The reason I doubt it is because China has become very spoiled. The European Union has become very spoiled. Other countries have become very spoiled, because they always got 100 percent of whatever they wanted from the United States."
Trump's comments sparked fresh concerns among traders and investors on Thursday, when the Dow Jones industrial average ended the day down about 50 points.
Trump has also faced backlash on Capitol Hill for reports that the U.S. could consider a deal in which it would lift a ban on American companies selling to Chinese telecommunications company ZTE in exchange for China scrapping tariffs on agricultural products. The ban on ZTE came in response to the company's shipping of American goods to Iran and North Korea in violation of sanctions. It effectively crippled the firm.
On Wednesday, Trump contended his decision to ask his Commerce Department to find a way to aid ZTE did not constitute "folding" to China's suggestions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/chuck-schumer-tells-trump-not-to-let-xi-play-him-on-china-trade-talks.html |
MOSCOW (Reuters) - The Kremlin said on Tuesday that the possible withdrawal of the United States from the Iran nuclear deal would have harmful consequences.
U.S President Donald Trump is expected to announce a decision on Tuesday on whether to withdraw from the pact, which lifted economic sanctions on Iran in exchange for Tehran limiting its nuclear ambitions.
There would be “inevitable harmful consequences to any actions towards breaking these agreements,” Kremlin spokesman Dmitry Peskov told reporters.
Reporting by Polina Ivanova; editing by John Stonestreet; Editing by
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-kremlin/kremlin-says-any-u-s-withdrawal-from-iran-deal-may-have-negative-consequences-idUSKBN1I912M |
Google positions itself as the responsible A.I. champion Jillian D'Onfro Reblog Google executives spent the keynote of its I/O developers conference talking up its AI chops, while also emphasizing its sense of responsibility. Google put its prowess in artificial intelligence, as well as its commitment to wielding it responsibly, front and center during the keynote of its I/O developers conference on Tuesday. Meanwhile, Google also addressed lightening-rod issues across the tech industry like gadget addiction and filter bubbles by launching new Android tools to help moderate screen-time and a fresh News app that feeds users various perspectives on a given story. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/google-io-keynote-responsible-use-of-ai.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
A glimpse at the world of tomorrow Thursday, May 10, 2018 - 02:00
More than 100 items go on display at London's Victoria and Albert museum that question the future we are creating for ourselves.
More than 100 items go on display at London's Victoria and Albert museum that question the future we are creating for ourselves. //reut.rs/2KNk8ls | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/10/a-glimpse-at-the-world-of-tomorrow?videoId=425543914 |
May 9, 2018 / 8:36 AM / in 33 minutes MIDEAST STOCKS- Gulf markets in mixed reaction to Trump decision Reuters Staff 2 Min Read
RIYADH, May 9 (Reuters) - Gulf markets had a mixed reaction in early trade on Wednesday after U.S. President Donald Trump announced the United States would withdraw from the 2015 Iran nuclear deal.
Trump’s decision raised the risk of conflict in the Middle East and has cast uncertainty over global oil supplies.
Oil prices pushed higher in early trading on Wednesday as the U.S. move may curb crude exports by OPEC member Tehran in an already tight market.
Brent crude oil futures were at $76.65 per barrel at 0649 GMT, up 1.8 percent from their last close and not far off Monday’s $76.34, the highest since late 2014.
The Saudi stock market index was down 0.2 percent, the Qatar index edged down 0.1 percent, and the Abu Dhabi index added 0.6 percent in early trade. The Dubai index lost 0.4 percent.
“Stock markets in the Gulf have been weak (over the) last couple of weeks - so quite likely the event is priced in. There are other moving parts in this geopolitical equation, including the wars in Yemen and Syria, and so Iran’s reaction would be keenly watched,” said Vrajesh Bhandari, portfolio manager at Al Mal Capital.
“The rise in Brent to a three-and-a-half year high has significant positive implications for oil exporting nations. If crude oil can hold these levels for a while, I think investors would begin factoring in the improving macro fundamentals,” he added.
In Saudi, Al Rajhi Bank rose 0.4 percent and property developer Jabal Omar went up 0.5 percent.
In Abu Dhabi, the main index was helped by First Abu Dhabi Bank which jumped 2.2 percent and Dana Gas that added 0.9 percent.
Damac properties jumped 3.5 percent, leading Dubai market’s early gainers. Doha index’s main support came from Industries Qatar and Commercial Bank of Qatar which rose 0.9 percent and 0.8 percent respectively. ($1 = 3.6730 UAE dirham) ($1 = 3.7503 riyals) (Reporting by Marwa Rashad and Saeed Azhar; Editing by Jon Boyle) | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-gulf-markets-in-mixed-reaction-to-trump-decision-idUSL8N1SG186 |
MBANDAKA, Democratic Republic of Congo, May 22 (Reuters) - T wo new deaths from Ebola and seven new confirmed cases have been recorded in Democratic Republic of Congo, the Health Ministry said on Tuesday.
One of the deaths occurred in the provincial capital of Mbandaka, according to a daily bulletin. A nurse also died in the village of Bikoro, where the outbreak was first detected, ministry spokeswoman Jessica Ilunga told Reuters. (Reporting By Patient Ligodi; Writing by Aaron Ross; Editing by Janet Lawrence)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-ebola/two-new-ebola-deaths-recorded-in-congo-health-ministry-idUSL5N1ST1SC |
LONDON (Reuters) - Forecast-beating results from the world’s biggest company, Apple, lifted tech shares on Wednesday, putting Wall Street on track for a firmer session despite some trepidation over a Fed meeting later in the day.
Investors look at an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China April 16, 2018. REUTERS/Stringer Expectations the U.S. Federal Reserve will signal more policy tightening ahead kept investors wary of big market moves, especially after currency markets were roiled this week by the dollar’s surge to 3 1/2-month highs against a basket of currencies.
But the dollar edged back down after Tuesday’s 0.7 percent rise, allowing world stocks to rise after two days of losses, especially following Apple’s 4 percent after-market gains.
The world’s biggest company by market capitalization beat profit and revenue expectations in the first quarter, thanks to robust iPhone sales, and it announced a $100 billion share buyback.
Germany-listed Apple shares jumped 5.7 percent and the New York-listed stock was 3.6 percent higher in pre-market trade.
“The headline news from Apple on iPhone sales has been taken well and there’s a relief bounce today across Apple supply chain names which had been hit in recent weeks,” said Neil Campling, co-head of the global thematic group at Mirabaud Securities.
The results lifted Europe’s tech index 1.2 percent to a six-week high, led by an 8 percent surge in shares in AMS, provider of the facial recognition technology used in iPhones.
Chipmakers STMicroelectronics, Infineon, BE Semiconductor and ASML also gained 1.1 to 3.8 percent, enjoying the positive mood on the sector.
U.S. equity futures signaled the S&P500 would open 0.2 percent higher. Futures for the Nasdaq tech benchmark were half a percent higher.
Tech gains were less marked in Asia, where markets in Japan, South Korea, Taiwan and Hong Kong all closed weaker. Campling said the Apple results had raised some “red flags”, including high inventory levels and a lower average selling price for its handsets.
“It’s a strange thing to do, to increase inventory so sharply. There will be more questions about ‘where do we go from here’,” he said.
That uncertainty about future profits, alongside the possibility of higher U.S. interest rates, is weighing on other sectors too, even though S&P500 companies posted 10 percent earnings growth in the first quarter, according to Thomson Reuters.
Oil and metals prices near multi-year highs are a major concern, leaving market players wondering if “perhaps this is as good as it’s going to get,” said Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore.
FED U.S. 10-year yields hovered just below recent four-year highs above 3 percent. German yields, dragged to six-week highs by the U.S. bond selloff, stood just below those levels.
The Fed is likely to announce at 1800 GMT that it is holding interest rates steady. But it will probably encourage expectations of a rate increase in June.
Those expectations were strengthened after a survey on Tuesday suggested inflationary pressures were building.
A hawkish-sounding Fed could further boost the dollar, which has roared higher in recent weeks erasing its year-to-date losses versus a basket of currencies. The gains came amid signs the Fed will be the only major central bank to raise rates in the coming months.
“It is this concern around inflation and the robustness of the U.S. economy that is likely to dominate when the Fed concludes its meeting,” said Michael Hewson, chief market analyst at CMC Markets in London.
“It will offer policymakers a decent opportunity to critique the health of the U.S. economy.”
In contrast to the United States, rate rise expectations elsewhere have receded after disappointing economic data.
Expectations of a Bank of England rate rise this month have virtually been priced out. The European Central Bank and central banks in Japan, Switzerland and Sweden have all hinted that policy tightening remains some way off.
Fresh data confirmed that expectation for the euro zone, showing first-quarter growth at 0.4 percent, below the 0.7 percent quarterly increases seen in the past three quarters.
HSBC analysts said the data showed the euro zone was experiencing “a slowdown not a slump” but they added that with inflation staying weak, “there is every reason for the ECB to maintain a dovish stance for the time being”.
The euro was flat, staying just off 3 1/2-year lows hit to the dollar on Tuesday.
Reporting by Sujata Rao; additional reporting by Masayuki Kitano in Singapore, Helen Reid and Dhara Ranasinghe in London; Editing by Larry King
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/asian-shares-steady-dollar-near-four-month-high-before-fed-decision-idUSKBN1I306B |
WILMINGTON, Del., May 3, 2018 /PRNewswire/ --
First Quarter 2018 Highlights
Net Sales of $1.7 billion, up 20% Net Income of $297 million, up 98% with EPS of $1.58, up 100% Adjusted Net Income of $266 million, up 103% with Adjusted EPS of $1.41, up 101% Adjusted EBITDA of $468 million, up 64% Completed first acquisition of ICOR International in April 2018 Repurchased approximately $400 million shares since December 1, 2017
The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in fluoroproducts, chemical solutions and titanium technologies, today announced its financial results for the first quarter 2018.
Chemours President and CEO Mark Vergnano said, "Last year's momentum has continued into 2018. We are delivering improved business performance across the company driven by preference for our Ti-Pure™ titanium dioxide, continued Opteon™ refrigerant adoption, and increased demand for our fluoropolymers products. Complementing this impressive organic growth, I am pleased to announce the completion of our first acquisition," Vergnano continued. "Our first targeted acquisition bolsters our refrigerant portfolio and broadens our channel access across our markets as we continue to expand our low GWP Opteon™ portfolio. At the same time, we continued to execute on our balanced capital allocation strategy, repurchasing a total of approximately $400 million of shares since inception, further demonstrating our confidence in our future growth."
First quarter net sales were $1.7 billion, a 20 percent increase from $1.4 billion in the prior-year quarter. Volume growth across all three segments drove a 6 percent increase in revenue. Higher global average prices in Titanium Technologies added another 10 percent to revenue, while currency was a 4 percent benefit. First quarter net income was $297 million, or $1.58 per diluted share, versus net income of $150 million, or $0.79 per diluted share in last year's first quarter. Adjusted EBITDA for the first quarter 2018 improved 64 percent to $468 million, versus $285 million in the first quarter of 2017. This improvement was primarily driven by higher global average price for Ti-Pure™ titanium dioxide and broad-based volume growth across all segments, somewhat offset by higher distribution and raw material costs.
Fluoroproducts
Fluoroproducts segment sales in the first quarter were $732 million, a 12 percent increase in comparison to the prior-year quarter. Opteon™ refrigerant sales growth and continued demand for fluoropolymers drove volume increases versus last year's first quarter. Price impact was negligible versus last year's first quarter primarily due to mix, while favorable currency exposure resulted in a benefit versus the prior-year quarter. Segment Adjusted EBITDA was $206 million, a 33 percent improvement versus the prior-year quarter. This was a result of increased sales growth and better plant utilization modestly offset by higher distribution expenses, water treatment costs and increased raw material costs.
Chemical Solutions
In the first quarter 2018, Chemical Solutions segment sales were $144 million, a 4 percent increase versus the prior-year quarter. Improved demand in comparison to last year's first quarter resulted in higher volume across the segment. Price impact was negligible in the quarter, primarily due to mix, while currency movements were favorable when compared to the previous year's first quarter. First quarter 2018 segment Adjusted EBITDA was $11 million, versus $12 million in the prior year quarter, reflecting sales growth partially offset by higher raw material expenses, costs related to the construction of the new mining solutions facility and lower licensing income in the quarter.
In March, construction on the new mining solutions facility in Mexico was suspended. A civil association in Mexico filed a complaint against several local and federal authorities involved in the permitting process of Chemours' new mining solutions facility. As a result, the construction of the facility has been temporarily suspended. Chemours is working with local and federal authorities along with community leaders to address the claims in order to resume construction.
Titanium Technologies
Titanium Technologies segment sales in the first quarter were $854 million, a 32 percent increase versus the prior-year quarter. Global average selling prices and demand for Ti-Pure™ titanium dioxide products increased in comparison to last year's first quarter, along with favorable currency movement. Segment Adjusted EBITDA was $294 million, an 85 percent year-over-year increase. Results were driven by higher Ti-Pure™ titanium dioxide sales, partially offset by increased variable costs, including distribution costs and expected raw material costs.
Corporate and Other
Corporate and Other represented a negative $43 million of Adjusted EBITDA. Expenses in the first quarter of 2018 increased $2 million versus the prior-year quarter. This increase was primarily related to higher long-term compensation costs.
The company realized an effective tax rate of approximately 22 percent in the quarter. The company expects its effective tax rate for the full-year 2018 to be in the low-twenties on a percentage basis, reflecting the company's anticipated geographic mix of earnings and US tax reform impacts.
Liquidity
As of March 31, 2018, gross consolidated debt was $4.2 billion. Debt, net of $1.4 billion cash, was $2.7 billion, resulting in a net debt-to-EBITDA ratio of approximately 1.7 times on a trailing twelve-month basis.
On April 3, 2018, Chemours refinanced its current credit agreement, providing for a new seven-year senior secured term loan facility and a new five-year $800 million senior secured revolving credit facility. The term loan was issued with two tranches, a $900 million portion and a €350 million portion. In addition, the company modified certain terms and conditions of its credit agreement to allow for more operational flexibility.
Operating cash flow for the first quarter was $196 million, versus $41 million in the previous year quarter. Working capital for the quarter was a use of $192 million of cash, consistent with normal seasonal patterns.
Capital expenditures for the first quarter 2018 were $102 million, versus $69 million in last year's first quarter, reflecting the investments in the construction of the Opteon™ refrigerants and mining solutions facilities. The company expects its capital expenditures for the full-year 2018 to be within a range of $475 to $525 million. Free Cash Flow for the first quarter was $94 million, a $122 million improvement versus the previous-year quarter of negative $28 million.
Outlook
Vergnano remarked, "Given our strong first quarter results and visibility into the rest of 2018, we are reiterating our expectation that earnings will be at the high end of our previously announced range. We have modified the corresponding Adjusted EPS range to reflect our lower share count. We also expect to deliver over $700 million Free Cash Flow in 2018. Our anticipated 2018 performance is indicative of the high returns we believe Chemours can deliver over the next three-years."
Conference Call
As previously announced, Chemours will hold a conference call and webcast on Friday, May 4, 2018 at 8:30 AM EDT. The webcast and additional presentation materials can be accessed by visiting the Events & Presentations page of Chemours' investor website, investors.chemours.com . A webcast replay of the conference call will be available on the Chemours' investor website.
About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in fluoroproducts, chemical solutions, and titanium technologies, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and general industrial manufacturing, and electronics. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™, Freon™ and Nafion™. Chemours has approximately 7,000 employees and 26 manufacturing sites serving approximately 4,000 customers in North America, Latin America, Asia-Pacific and Europe.
Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com .
Non-GAAP Financial Measures
We prepare our financial statements in accordance with Generally Accepted Accounting Principles ("GAAP"). Within this press release, we may make reference to Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, Return on Invested Capital (ROIC) and Net Leverage Ratio which are non-GAAP financial measures. The company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
Management uses Adjusted Net Income (Loss), Adjusted EPS, Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow, ROIC and Net Leverage Ratio to evaluate the company's performance excluding the impact of certain noncash charges and other special items which we expect to be infrequent in occurrence in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter.
Accordingly, the company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the company's financial statements and footnotes contained in the documents that the company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the company in this press release may be different from the methods used by other companies. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures" and materials posted to the company's website at investors.chemours.com .
Forward-Looking Statements
This press release contains , within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify " ," which speak only as of the date such statements were made. These may address, among other things, the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, anticipated future operating and financial performance, business plans and prospects, capital investments and projects, plans for dividends or share repurchases, sufficiency or longevity of intellectual property protection, cost savings targets, plans to increase profitability and growth, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, and our outlook for net sales, Adjusted EBITDA, Adjusted EPS, Free Cash Flow, and Return on Invested Capital (ROIC), all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2017. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.
CONTACT
MEDIA
Alvenia Scarborough
Sr. Director, Brand Marketing and Corporate Communications
+1.302.773.4507
[email protected]
INVESTORS
Alisha Bellezza
VP, Treasurer and Head of Investor Relations
+1.302.773.2263
[email protected]
The Chemours Company
Interim Consolidated Statements of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended March 31,
2018
2017
Net sales
$
1,730
$
1,437
Cost of goods sold
1,193
1,081
Gross profit
537
356
Selling, general, and administrative expense
143
150
Research and development expense
20
19
Restructuring, asset-related, and other charges, net
10
12
Total expenses
173
181
Equity in earnings of affiliates
12
7
Interest expense, net
(52)
(51)
Other income, net
57
42
Income before income taxes
381
173
Provision for income taxes
84
22
Net income
297
151
Less: Net income attributable to non-controlling interests
—
1
Net income attributable to Chemours
$
297
$
150
Per share data
Basic earnings per share of common stock
$
1.63
$
0.82
Diluted earnings per share of common stock
1.58
0.79
Dividends per share of common stock
—
0.03
The Chemours Company
Interim Consolidated Balance Sheets
(Dollars in millions, except per share amounts)
(Unaudited)
March 31, 2018
December 31, 2017
Assets
Current assets:
Cash and cash equivalents
$
1,434
$
1,556
Accounts and notes receivable, net
1,083
919
Inventories
992
935
Prepaid expenses and other
75
83
Total current assets
3,584
3,493
Property, plant, and equipment
8,719
8,511
Less: Accumulated depreciation
(5,614)
(5,503)
Property, plant, and equipment, net
3,105
3,008
Goodwill and other intangible assets, net
165
166
Investments in affiliates
166
173
Other assets
464
453
Total assets
$
7,484
$
7,293
Liabilities
Current liabilities:
Accounts payable
$
1,121
$
1,075
Current maturities of long-term debt
14
15
Other accrued liabilities
487
558
Total current liabilities
1,622
1,648
Long-term debt, net
4,141
4,097
Deferred income taxes
244
208
Other liabilities
475
475
Total liabilities
6,482
6,428
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized; 185,903,112 shares issued and 178,537,554 shares outstanding at March 31, 2018; 185,343,034 shares issued and 182,956,628 shares outstanding at December 31, 2017)
2
2
Treasury stock at cost (7,365,558 shares at March 31, 2018;
2,386,406 shares at December 31, 2017)
(361)
(116)
Additional paid-in capital
846
837
Retained earnings
876
579
Accumulated other comprehensive loss
(366)
(442)
Total Chemours stockholders' equity
997
860
Non-controlling interests
5
5
Total equity
1,002
865
Total liabilities and equity
$
7,484
$
7,293
The Chemours Company
Interim Consolidated Statements of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended March 31,
2018
2017
Cash flows from operating activities
Net income
$
297
$
151
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
70
71
Gain on sale of assets and businesses
(42)
(16)
Equity in earnings of affiliates, net
17
(7)
Amortization of deferred financing costs and issuance discount
3
3
Deferred tax provision
35
5
Other operating charges and credits, net
8
10
Decrease (increase) in operating assets:
Accounts and notes receivable, net
(150)
(103)
Inventories and other operating assets
(29)
(31)
(Decrease) increase in operating liabilities:
Accounts payable and other operating liabilities
(13)
(42)
Cash provided by operating activities
196
41
Cash flows from investing activities
Purchases of property, plant, and equipment
(102)
(69)
Proceeds from sales of assets and businesses, net
39
9
Foreign exchange contract settlements, net
5
(3)
Cash used for investing activities
(58)
(63)
Cash flows from financing activities
Debt repayments
(4)
(4)
Purchases of treasury stock at cost
(240)
—
Proceeds from exercised stock options, net
5
20
Tax payments related to withholdings on vested restricted stock units
(1)
—
Payment of dividends
(31)
(5)
Cash (used for) provided by financing activities
(271)
11
Effect of exchange rate changes on cash and cash equivalents
11
7
Decrease in cash and cash equivalents
(122)
(4)
Cash and cash equivalents at January 1,
1,556
902
Cash and cash equivalents at March 31,
$
1,434
$
898
Supplemental cash flows information
Non-cash investing and financing activities:
Changes in property, plant, and equipment included in accounts payable
$
(1)
$
14
Obligations incurred under build-to-suit lease arrangement
11
—
Purchases of treasury stock not settled by quarter-end
15
—
Tax payments accrued for withholdings on vested restricted stock units
4
—
The Chemours Company
Segment Financial and Operating Data (Unaudited)
(Dollars in millions)
Segment Net Sales
Three Months
Three Months Ended
Ended
Sequential
March 31,
Increase /
December 31,
Increase /
2018
2017
(Decrease)
2017
(Decrease)
Fluoroproducts
$
732
$
652
$
80
$
656
$
76
Chemical Solutions
144
139
5
134
10
Titanium Technologies
854
646
208
785
69
Total Net Sales
$
1,730
$
1,437
$
293
$
1,575
$
155
Segment Adjusted EBITDA
Three Months
Three Months Ended
Ended
Sequential
March 31,
Increase /
December 31,
Increase /
2018
2017
(Decrease)
2017
(Decrease)
Fluoroproducts
$
206
$
155
$
51
$
159
$
47
Chemical Solutions
11
12
(1)
20
(9)
Titanium Technologies
294
159
135
261
33
Corporate and Other
(43)
(41)
(2)
(46)
3
Total Adjusted EBITDA
$
468
$
285
$
183
$
394
$
74
Adjusted EBITDA Margin
27%
20%
25%
Quarterly Change in Net Sales from March 31, 2017
Percentage
Percentage Change Due To
March 31, 2018
Net Sales
Change vs.
March 31, 2017
Local Price
Volume
Currency Effect
Portfolio / Other
Total Company
$
1,730
20
%
10
%
6
%
4
%
—
%
Fluoroproducts
$
732
12
%
—
%
8
%
4
%
—
%
Chemical Solutions
144
4
%
—
%
3
%
1
%
—
%
Titanium Technologies
854
32
%
22
%
5
%
5
%
—
%
Quarterly Change in Net Sales from December 31, 2017
Percentage
Percentage Change Due To
March 31, 2018
Net Sales
Change vs.
December 31, 2017
Local Price
Volume
Currency Effect
Portfolio / Other
Total Company
$
1,730
10
%
3
%
6
%
1
%
—
%
Fluoroproducts
$
732
11
%
—
%
10
%
1
%
—
%
Chemical Solutions
144
8
%
3
%
4
%
1
%
—
%
Titanium Technologies
854
9
%
5
%
3
%
1
%
—
%
The Chemours Company
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)
(Dollars in millions)
Adjusted EBITDA and Adjusted Net Income to GAAP Net Income Reconciliation
Adjusted earnings before interest, taxes, depreciation, and amortization (Adjusted EBITDA) is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represent the components of net periodic pension (income) costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges, net; asset impairments; (gains) losses on sale of business or assets; and, other items not considered indicative of the Company's ongoing operational performance and expected to occur infrequently. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts.
Three Months Ended
March 31,
December 31,
2018
2017
2017
Net income attributable to Chemours
$
297
$
150
$
228
Non-operating pension and other post-retirement employee benefit income
(7)
(8)
(10)
Exchange gains
—
(5)
—
Restructuring, asset-related, and other charges, net
10
12
26
Gain on sale of assets or businesses (1)
(42)
(16)
(8)
Legal and other charges (2)
4
7
—
Adjustments made to income taxes (3,5)
(5)
(10)
(3)
Provision for (benefit from) income taxes relating to reconciling items (4,5)
9
1
(4)
Adjusted Net Income
266
131
229
Net income attributable to non-controlling interests
—
1
—
Interest expense, net
52
51
54
Depreciation and amortization
70
71
69
All remaining provision for income taxes (5)
80
31
42
Adjusted EBITDA
$
468
$
285
$
394
(1)
For the three months ended March 31, 2018, gain on sale includes a $42 gain associated with the sale of the Company's Linden, New Jersey site. For the three months ended March 31, 2017, gain on sale includes a $12 gain associated with the sale of the Company's Edge Moor, Delaware site and a $4 gain associated with the sale of the Company's land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones. For the three months ended December 31, 2017, gain on sale includes a $9 gain associated with the sale of the Company's land in Repauno, New Jersey that was previously deferred and realized upon meeting certain milestones, net of certain losses on other disposals.
(2)
Includes litigation settlements, water treatment accruals, and other charges.
(3)
Includes the removal of certain discrete income tax impacts within the Company's provision for income taxes. For the three months ended March 31, 2018 and 2017, the adjustment is primarily attributable to windfall benefits on the Company's share-based payments of $5 and $10, respectively. For the three months ended December 31, 2017, the adjustment is primarily attributable to a benefit for the net impact of U.S. tax reform, which amounted to $3.
(4)
The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred and include both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.
(5)
The total provision for income taxes reconciles to the amount reported in the consolidated statements of operations for the three months ended March 31, 2018 and 2017 and for the three months ended December 31, 2017.
The Chemours Company
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)
Adjusted Earnings per Share to GAAP Earnings per Share Reconciliation
Adjusted earnings per share (EPS) is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which includes unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.
Three Months Ended
March 31,
December 31,
2018
2017
2017
Numerator:
Net income attributable to Chemours
$
297
$
150
$
228
Adjusted Net Income
266
131
229
Denominator:
Weighted-average number of common shares outstanding - basic
182,069,982
183,408,309
185,445,024
Dilutive effect of the Company's employee compensation plans
6,263,215
5,741,621
6,553,935
Weighted-average number of common shares outstanding - diluted
188,333,197
189,149,930
191,998,959
Earnings per share - basic
$
1.63
$
0.82
$
1.23
Earnings per share - diluted
1.58
0.79
1.19
Adjusted earnings per share - basic
1.46
0.72
1.23
Adjusted earnings per share - diluted
1.41
0.70
1.19
2018 Estimated Adjusted EBITDA to 2018 Estimated GAAP Net Income Reconciliation (*)
(Estimated)
Year Ended December 31, 2018
Low
High
Net income attributable to Chemours
$
985
$
1,080
Other adjustments
(45)
(45)
Restructuring, asset-related, and other charges, net
35
25
Provision for income taxes relating to reconciling items (1)
5
5
Adjusted Net Income
980
1,065
Interest expense, net
220
220
Depreciation and amortization
280
280
All remaining provision for income taxes
295
285
Adjusted EBITDA
$
1,775
$
1,850
Weighted average number of common shares outstanding - basic (2)
179,000,000
179,000,000
Dilutive effects of Chemours' employee compensation plans (2)
6,000,000
6,000,000
Weighted average number of common shares outstanding - diluted (2)
185,000,000
185,000,000
Earnings per share - basic
$
5.50
$
6.03
Earnings per share - diluted
5.32
5.84
Adjusted earnings per share - basic
5.47
5.95
Adjusted earnings per share - diluted
5.30
5.76
(1)
The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred and include both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.
(2)
The Company's estimates for the weighted-average number of common shares outstanding - basic and diluted reflect results for the year ended December 31, 2017, which are carried forward for the projection period and updated for the estimated impacts of the Company's 2018 share repurchase and other activity on a weighted-average basis.
(*)
The Company's estimates reflect its current visibility and expectations of market factors, such as, but not limited to: currency movements, titanium dioxide prices, and end-market demand. Actual results could differ materially from the current estimates due to market factors and unknown or uncertain other factors, such as non-operating pension and other post-retirement employee benefit activity with respect to the Company's foreign pension plans, including settlements or curtailments, cost savings actions that may be taken in the future, the impact of currency movements on the Company's results, including exchange gains and losses, and the related tax effects, or the impact of new accounting pronouncements.
The Chemours Company
Reconciliation of Non-GAAP Financial Measures to GAAP Financial Measures (Unaudited)
(Dollars in millions)
Free Cash Flow to GAAP Cash Flow Provided by Operating Activities Reconciliation
Free Cash Flow is defined as cash flow provided by (used for) operating activities, less purchases of property, plant, and equipment as shown in the consolidated statements of cash flows.
Three Months Ended
March 31,
December 31,
2018
2017
2017
Cash flow provided by operating activities
$
196
$
41
$
303
Less: Purchases of property, plant, and equipment
(102)
(69)
(165)
Free Cash Flow
$
94
$
(28)
$
138
2018 Estimated Free Cash Flow to GAAP Cash Flow Provided by Operating Activities Reconciliation (*)
(Estimated)
Year Ended December 31,
2018
Cash flow provided by operating activities
> $1,225
Less: Purchases of property, plant, and equipment
(525) - (475)
Free Cash Flow
> $700
(*)
The Company's estimates reflect its current visibility and expectations of market factors, such as, but not limited to: currency movements, titanium dioxide prices, and end-market demand. Actual results could differ materially from the current estimates due to market factors and unknown or uncertain other factors, such as non-operating pension and other post-retirement employee benefit activity with respect to the Company's foreign pension plans, including settlements or curtailments, cost savings actions that may be taken in the future, the impact of currency movements on the Company's results, including exchange gains and losses, and the related tax effects, or the impact of new accounting pronouncements.
Return on Invested Capital Reconciliation
Return on Invested Capital is defined as Adjusted EBITDA, less depreciation and amortization (Adjusted EBIT), divided by the average of invested capital, which amounts to net debt, or debt less cash and cash equivalents, plus equity.
Three Months Ended March 31,
2018
2017
Adjusted EBITDA (1)
$
1,605
$
979
Less: Depreciation and amortization (1)
(272)
(289)
Adjusted EBIT
1,333
690
Total debt
4,155
3,552
Total equity
1,002
358
Less: Cash and cash equivalents
(1,434)
(898)
Invested capital, net
$
3,723
$
3,012
Average invested capital (2)
$
3,327
$
3,257
Return on Invested Capital
40.1
%
21.2
%
(1)
Based on amounts for the trailing twelve months ended March 31, 2018 and 2017. Reconciliations of Adjusted EBITDA to net income (loss) attributable to Chemours are provided on a quarterly basis. See the preceding table for the reconciliation of Adjusted EBITDA to net income attributable to Chemours for the three months ended March 31, 2018 and 2017.
(2)
Average invested capital is based on a five-quarter trailing average of invested capital, net.
View original content: http://www.prnewswire.com/news-releases/the-chemours-company-reports-first-quarter-2018-results-doubling-earnings-year-over-year-300642504.html
SOURCE The Chemours Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-the-chemours-company-reports-first-quarter-2018-results-doubling-earnings-year-over-year.html |
May 17 (Reuters) - Leidos Holdings Inc:
* LEIDOS SELECTED TO PROVIDE CONTINUED MISSION-CRITICAL IT SUPPORT FOR THE U.S. ARMY CORPS OF ENGINEERS
* LEIDOS HOLDINGS INC - CONTRACT VALUE OF ABOUT $239.5 MILLION IF ALL OPTIONS ARE EXERCISED Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-leidos-selected-to-provide-continu/brief-leidos-selected-to-provide-continued-mission-critical-it-support-for-the-u-s-army-corps-of-engineers-idUSFWN1SO0K2 |
May 11 (Reuters) - Highpower International Inc:
* HIGHPOWER INTERNATIONAL REPORTS UNAUDITED FIRST QUARTER 2018 FINANCIAL RESULTS
* SEES FY 2018 REVENUE UP AT LEAST 20 PERCENT * SEES Q2 2018 REVENUE UP MORE THAN 30 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-highpower-international-reports-q1/brief-highpower-international-reports-q1-loss-per-share-of-0-07-idUSASC0A1R6 |
May 11 (Reuters) - Sorrento Therapeutics Inc:
* SORRENTO THERAPEUTICS INC FILES FOR RESALE OF UP TO 34.16 MILLION SHARES OF COMMON STOCK BY THE SELLING STOCKHOLDERS - SEC FILING Source text: [ bit.ly/2rzywFX ] Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sorrento-therapeutics-files-for-re/brief-sorrento-therapeutics-files-for-resale-of-up-to-34-16-mln-shares-of-common-stock-by-selling-stockholders-idUSFWN1SI0L5 |
* MSCI Asia-Pacific index down 0.8 pct, Nikkei loses 0.1 pct
* Spreadbetters expect European stocks to open lower
* Brent crude hovers just below 3-1/2-yr highs
* Dollar supported with 10-yr Treasury yield above 3 pct threshold
By Shinichi Saoshiro
TOKYO, May 15 (Reuters) - Asian stocks pulled back on Tuesday, brushing off a firmer lead from Wall Street, as investors turned cautious after soft Chinese economic data and awaited fresh developments on U.S.-China trade talks and North Korea.
Crude oil prices held near 3-1/2-year highs on supply concerns, while the dollar edged higher, underpinned by a rise in U.S. bond yields.
Spreadbetters expected European stocks to follow their Asian peers lower, with Britain’s FTSE, Germany’s DAX and France’s CAC all seen shedding 0.2 percent.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.8 percent after rising the previous day to its highest since late March. The index had rallied for three straight sessions prior to Tuesday.
Japan’s Nikkei dipped 0.1 percent, with its surge to a three-month peak bogging down.
“The markets appear to be taking a breather after their recent surge, awaiting fresh developments in matters such as U.S.-China trade issues and Washington’s upcoming summit with North Korea,” said Yoshinori Shigemi, global markets strategist at JP Morgan Asset Management in Tokyo.
The two countries are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said on Tuesday as a second round of high-level talks was set to begin in Washington.
Hong Kong’s Hang Seng lost 0.9 percent, pulling back from a two-month peak to snap a five-day winning run, while Shanghai slipped 0.2 percent.
China reported weaker-than-expected investment and retail sales in April and a drop in home sales, clouding its economic outlook even as policymakers try to navigate debt risks and defuse a heated trade row with the United States.
The downbeat economic news temporarily offset optimism over further foreign inflows into Chinese stocks ahead of their inclusion in MSCI’s widely tracked equity benchmarks from June 1.
Investors in Chinese equities will likely have to re-jig their exposure after the U.S. index publisher made some last-minute tweaks in its index weightings on Tuesday. MSCI said 234 Chinese large caps will be included in its global and regional indexes next month.
Wall Street scraped out gains on Monday after weakness in defensive stocks offset optimism following U.S. President Donald Trump’s conciliatory remarks toward China’s ZTE Corp that helped calm U.S.-China trade tensions.
While higher oil prices sometimes raise inflation concerns, the recent crude oil surge - Brent has risen 17 percent so far in 2018 - was seen to be generally supportive for equities.
“The recent rise in prices of crude oil won’t have a broadly negative impact on equity markets if it continues at the current pace,” said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management in Tokyo.
“The rise in oil prices is boding well for certain stock sectors like energy shares.”
Brent crude added 6 cents to $78.29 a barrel, nearing a 3-1/2-year high marked on Monday. U.S. crude oil futures advanced 2 cents to $70.98 and in reach of its highest level since November 2014 scaled on Thursday.
Oil prices received their latest lift as OPEC reported that the global oil glut has been virtually eliminated. Tensions in the Middle East and uncertainty about output from Iran amid renewed U.S. sanctions have contributed to the recent rise in oil prices.
“The commitment of Saudi Arabia and the rest of OPEC to the production cuts is a major factor in supporting the price at the moment as well as the possibility of reduced exports from Iran due to sanctions,” said William O’Loughlin, investment analyst at Rivkin Securities.
In currencies, the dollar index against a basket of six major currencies gained 0.3 percent to 92.801.
The greenback took a knock against the euro earlier on Monday after European Central Bank policymaker Francois Villeroy de Galhau said the ECB could give fresh timing guidance of its first rate hike as the end of its exceptional bond purchases approaches.
The U.S. currency managed to bounce back, however, after Cleveland Federal Reserve President Loretta Mester reiterated support for gradual interest rate increases.
The euro lost 0.1 percent to $1.1913 after pulling back sharply from the previous day’s high of $1.1996.
The dollar was 0.25 percent higher at 109.920 yen, adding to the previous day’s gains.
The currency drew support as U.S. Treasury yields rose amid the easing of U.S.-China trade tensions.
The 10-year Treasury note yield extended its overnight rise and brushed a 12-day high of 3.021 percent. (Reporting by Shinichi Saoshiro Additional reporting by Henning Gloystein in Singapore Editing by Shri Navaratnam, Sam Holmes & Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-stocks-pull-back-after-soft-china-data-oil-higher-idUSL3N1SM2OB |
Streaming YouTube Red's New Web Series 'Cobra Kai' Tops the Streaming Charts Ahead of Netflix and Hulu Actors Ralph Macchio (L) and William Zabka of 'Cobra Kai' speak onstage during the YouTube Red Originals Presentation portion of the 2017 Summer Television Critics Association Press Tour at The Beverly Hilton Hotel on August 4, 2017 in Beverly Hills, California. Frederick M. Brown—Getty Images By Aric Jenkins 11:33 AM EDT
A new web series from YouTube’s premium steaming service suggests there is potential for another competitor in the streaming wars.
YouTube Red’s Cobra Kai , a spinoff of the Karate Kid films , topped the streaming charts from May 6 to 12 — beating out the likes of Hulu’s The Handmaid’s Tale and Netflix’s 13 Reasons Why and Arrested Development , according to data from Parrot Analytics obtained by Variety .
According to Parrot’s data, it’s the first time a YouTube Red series outperformed competitors on other streaming services and Cobra Kai is now the platform’s best performing show to date since its rebranded launch in October 2015.
Cobra Kai, which reprises the Karate Kid franchise’s lead actors , Ralph Macchio and William Zabka, garnered more than double the demand of The Handmaid’s Tale on May 7. YouTube’s series also drew 54% more demand than 13 Reasons Why and 121% more than another Netflix original, Lost in Space . Throughout the measured week, Cobra Kai was only beaten once on May 9 by 13 Reasons Why.
Parrot measured demand by surveying video streaming data, social media, photo sharing, blogging platforms, peer-to-peer protocols, and streaming sites where users can download content, according to Variety . YouTube Red does not release audience data for its content, similar to some competitors like Netflix.
In total for the week of May 6 to 12, Cobra Kai averaged 46.9 million demand expressions compared to 40.2 million for 13 Reasons Why , 26.8 million for Arrested Development and 25.1 million for The Handmaid’s Tale .
YouTube Red premiered Cobra Ka i on May 2. On May 10, it was announced the series was being renewed for a second season. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/16/youtube-red-cobra-kai-karate-kid-streaming/ |
May 20, 2018 / 4:43 PM / a few seconds ago Box Office: 'Deadpool 2' Propels to $125 Million Opening Rebecca Rubin 4 Min Read
LOS ANGELES (Variety.com) - Deadpool might not consider himself a superhero, but its latest installment is off to a powerful start. FILE PHOTO: (L-R) Cast members Ryan Reynolds, Zazie Beetz and Josh Brolin pose for a picture during a photo call for the movie "Deadpool 2" ahead of the premiere in Berlin, Germany May 11, 2018. REUTERS/Fabrizio Bensch
The Marvel Comics film from 20th Century Fox debuted in North American with $125 million in 4,349 locations. That wasn’t enough to match the debut of its predecessor, 2016’s “Deadpool,” which had the biggest opening ever for an R-rated film with $132.4 million. The Ryan Reynolds-starrer bowed overseas with $176 million for a global weekend total of $301 million.
Although it debuted under estimates, “Deadpool 2’s” launch was nothing to complain about. It still secured the second-best opening for an R-rated film, as well as the third-biggest debut of the year behind Marvel blockbusters “Avengers: Infinity War” and “Black Panther.” It also secured Fox its second-highest opening weekend in history.
The sequel is still boasting a strong critical consensus, with an 84 percent Rotten Tomatoes rating and an A CinemaScore.
Its opening was enough to crush “Avengers: Infinity War’s” reign on the domestic box office. After securing the No. 1 spot for three weeks, the Disney and Marvel superhero tentpole dropped to second place. Its fourth weekend haul was still impressive, reeling in $29 million from 4,002 screens. “Infinity War’s” domestic tally currently sits at $595.4 million.
“Infinity War” was followed by Paramount Pictures’ new release, “Book Club.” The romantic comedy — starring Diane Keaton, Jane Fonda, Candice Bergen, and Mary Steenburgen — came in slightly ahead of expectations, earning $12.3 million on 2,781 screens.
The weekend’s other newcomer, Global Road Entertainment’s “Show Dogs,” landed in sixth place, only digging up $6 million from 3,212 locations. The family-friendly comedy garnered an A CinemaScore. Its Rotten Tomatoes critical score didn’t fare quite as well, averaging a 26 percent.
Rounding out the top five is two film’s sophomore frames. Warner Bros.’“Life of the Party” rallied in $7.5 million from 3,656 locations. Domestically, it has made $30.9 million. Universal’s “Breaking In” secured $6.5 million on 2,537 screens. In two weeks, it’s earned $28.8 million.
In the specialty market, Focus Features’“Pope Francis - A Man of His Word” opened with $480,000 on 346 screens for a per screen average of $1,389.
“RBG,” the documentary on Supreme Court Justice Ruth Bader Ginsburg, is still holding strong. In its third weekend, it expanded to 375 locations for a three-day total of $1.28 million. That’s a per screen average of $3,413. Magnolia Pictures and Participant Media co-produced the film with Storyville Films and CNN Films.
Thanks to a trio of superhero powerhouses, the domestic box office is up 6.3 percent from 2017, according to comScore. The weekend-to-date is up a staggering 62.9 percent, compared to 2017 when “Alien: Covenant” was the No. 1 film.
“A crowded powerhouse of a mid-May weekend benefited from a very diverse lineup of newcomers to appeal to almost every taste and demographic,” Paul Dergarabedian, box office analysis at comScore, said. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-boxoffice/box-office-deadpool-2-propels-to-125-million-opening-idUKKCN1IL0NZ |
May 11, 2018 / 10:05 AM / in 8 hours Hungary detects fresh case of African swine fever in wild boar Reuters Staff 2 Min Read
BUDAPEST (Reuters) - Hungary detected a fresh case of African swine fever in wild boar this week but the disease has not spread to domestic pigs, the national food safety authority NEBIH said. FILE PHOTO: A wild boar walks past hundreds of deer standing in a flooded forest in the Danube-Drava National Park, 150 km south from Budapest, August 20, 2002. REUTERS/Laszlo Balogh/File Photo
Russia’s agriculture safety watchdog on Monday introduced temporary restrictions on pig and pork imports from Hungary due to an outbreak of the disease in Heves region in eastern Hungary where the fresh case was also detected.
“In Hungary so far the African swine fever has only been identified by laboratory tests in wild boars,” NEBIH said in a reply to Reuters questions late on Thursday.
It said Heves county was the most at risk from the disease at the moment. On Thursday, China said it had banned imports of pigs, wild boars and pig-related products from Hungary following the Heves case.
When the first case was detected late last month, NEBIH introduced measures including an organized search for wild boar carcasses and temporarily suspended hunting in the affected area. According to the NEBIH website, so far the disease has been identified in seven dead wild boars.
“This (measure) will remain in place until authorities manage to clarify the extent of the infection,” NEBIH said, adding that after that hunting of wild boars will be encouraged.
African swine fever is a highly contagious disease that affects pigs and wild boar and has been spreading in Eastern Europe in recent years. It does not affect humans.
Germany issued a decree in February to allow hunters to shoot wild boar year-round to stop the animals, which can carry African swine fever, from passing the deadly infection on to farm pigs.
While no case has yet been detected in Germany’s wild boar population, the spread of the disease in eastern Europe has been causing immense concern in Germany.
Hungary’s neighbor, Romania, reported an outbreak of African swine fever among backyard pigs in the town of Micula in the north of the country, some 7 km from the border with Hungary and Ukraine, earlier this year. Reporting by Krisztina Than; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://www.reuters.com/article/us-hungary-swine-fever/hungary-detects-fresh-case-of-african-swine-fever-in-wild-boar-idUSKBN1IC0Z5 |
May 12, 2018 / 10:21 AM / Updated an hour ago Neymar hints at PSG stay after social media picture post Reuters Staff 2 Min Read
PARIS (Reuters) - Brazil forward Neymar posted a picture of himself wearing the 2018-19 Paris St Germain home shirt on Saturday amid growing speculation that he could leave the French champions at the end of the season. Soccer Football - Ligue 1 - Paris St Germain vs RC Strasbourg - Parc des Princes, Paris, France - February 17, 2018 Paris Saint-Germain’s Neymar during the match REUTERS/Benoit Tessier
“Proud to wear the new jersey and to continue giving you joy,” the 26-year-old striker, who is recovering from foot surgery, posted on his verified Twitter account.
Media reports claim that Neymar, who joined the Ligue 1 club from Barcelona for a world record 222 million euros (195.80 million pounds) last August, has told PSG directors he wanted to leave the club after only one season.
The most recent articles say the Brazilian wants to move to Spanish giants Real Madrid, who originally tried to sign him in 2013 before he opted to join Barcelona from Santos.
Spanish newspaper Marca reported on Friday that the player’s father and agent, Neymar Sr, had told PSG his son wanted to leave immediately.
It said his father met Real directors in December on the day Cristiano Ronaldo received the Ballon d’Or in Paris.
Neymar has been out of action since spraining his ankle and fracturing his fifth metatarsal on Feb. 25, which led him to undergo surgery in Brazil as he bids to regain fitness in time for the June-July World Cup in Russia. Reporting by Julien Pretot and Richard Martin; Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-france-psg-neymar-shirt/neymar-hints-at-psg-stay-after-social-media-picture-post-idUKKCN1ID0A5 |
May 23, 2018 / 12:08 PM / Updated 33 minutes ago Uber widens health cover in Europe as new CEO meets France's Macron Mathieu Rosemain , Gwénaëlle Barzic 3 Min Read
PARIS (Reuters) - Uber plans to offer all its European drivers an upgraded version of the health insurance it already provides in France in a drive to attract independent workers and fend off criticism over their treatment. FILE PHOTO: The logo of Uber is pictured during the presentation of their new security measures in Mexico City, Mexico April 10, 2018. REUTERS/Ginnette Riquelme/File Photo
The San Francisco-based taxi app, which tied up with insurer AXA last year to offer French drivers accident cover, said the scheme will include other European countries and a maternity/paternity payment from June 1.
Uber’s new chief executive Dara Khosrowshahi is scheduled to meet French President Emmanuel Macron on Wednesday, ahead of so-called “Tech for Good” workshops with the heads of tech giants Facebook, Microsoft and IBM.
The app is striving to shore up its image after allegations of sexual harassment and mistreatment of drivers led to the resignation of its former boss Travis Kalanick last year.
Uber has been challenged by lawmakers, workers’ rights advocates and the established taxi industry who say it undercuts rival services because it uses independent workers who do not enjoy the same rights and benefits as permanent employees.
NO-COST BENEFITS
Uber said on its blog that so-called Partner Protection will be made available for more than 150,000 drivers and couriers at no cost and will be provided in 21 European countries, including Britain, France, Germany, Italy and Spain.
And “off-trip coverage” will include a single payment of 1,000 euros to men and women for the birth of a new child.
For severe accidents while working, drivers will receive up to 50,000 euros if they are left permanently unable to work.
Other benefits include the payment of medical costs incurred outside of the free healthcare and the single payment of up to 1,000 euros for a 24-hour hospitalization.
Drivers who are temporarily unable to work will be compensated for up to 30 days if the accident occurs during their work. The compensation will vary by country and be based on 80 percent of the driver’s median gross daily earnings.
Uber is also appealing a decision by London’s transport regulator last September to strip it of its license after it was deemed unfit to run a taxi service. Reporting by Mathieu Rosemain and Gwenaelle Barzic in PARIS; Additional reporting by Costas Pitas in LONDON; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-france-tech-uber-axa-sa/uber-widens-health-cover-in-europe-as-new-ceo-meets-frances-macron-idUKKCN1IO1O5 |
ANN ARBOR, Mich., May 17, 2018 /PRNewswire-USNewswire/ -- NSF International, a global public health and safety organization, has been named the program manager for the Regenerative Organic Certified™ (ROC) program, a holistic agriculture certification focused on pasture-based animal welfare, fairness for farmers and workers, and robust requirements for soil health and land management. Developed by the Regenerative Organic Alliance (ROA), the ROC covers requirements for farming and ranching operations, transportation, slaughter and certain processing facilities that produce food and fiber.
The goals of the ROC are to increase soil organic matter over time, improve animal welfare, provide economic stability and fairness, and create resilient regional ecosystems and communities. ROC utilizes the USDA National Organic Program as the core of its program. NSF International facilitated the public comments process in 2017 as ROA developed the program.
"We're expanding our involvement beyond managing the public comment and are now leading program implementation and certification body management for the ROA," said Jessica Evans, Director of Standards Development at NSF International. "The Regenerative Organic Certification program recognizes the efforts of certified organic producers who are demonstrating ambitious commitments to animal welfare, soil health and worker fairness."
NSF International's role as program manager will involve the training and educating of certifying bodies, collection of data, and management of audit information and reports. Prior to the full launch of the ROC, NSF International will coordinate a pilot program with various sizes and types of farms, facilities and verifiers to test the audit process and certification criteria.
NSF International has more than 70 years of experience conducting third-party audits and developing environmental health and safety standards. In addition to the ROC, NSF International also offers USDA National Organic Program certification and Certified Transitional certification through Quality Assurance International (QAI). QAI is part of NSF International's family of companies.
For more information on Regenerative Organic Certified, please visit regenorganic.org . For more information on participating in the Regenerative Organic Certified pilot program, please contact Jessica Evans at [email protected] .
For media interviews, please contact Thomas Frey, APR at [email protected] or 734-214-6242.
NSF International is a global independent organization that develops standards, and tests and certifies products for the food, water, health sciences and consumer goods industries to minimize adverse health effects and protect the environment. Founded in 1944, NSF is committed to protecting human health and safety worldwide.
NSF's sustainability certification, testing and consulting services can lower risk, increase growth and reduce costs, while instilling marketplace and investor confidence. Services include safer chemistry, responsible sourcing for food and textiles, landfill-free, climate services, sustainable product certification and e-waste and forestry verifications.
View original content with multimedia: http://www.prnewswire.com/news-releases/nsf-international-named-program-manager-for-regenerative-organic-certified-program-300650595.html
SOURCE NSF International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-nsf-international-named-program-manager-for-regenerative-organic-certifieda-program.html |
20 minutes ago World World Rankings on May 13 Rnk Prv Total 1. (2) Justin Thomas (US) 468.39 2. (1) Dustin Johnson (US) 410.87 3. (4) Jordan Spieth (US) 396.33 4. (3) Jon Rahm (Spain) 379.44 5. (5) Justin Rose (England) 322.80 6. (6) Rickie Fowler (US) 326.90 7. (7) Jason Day (Australia) 277.32 8. (8) Rory McIlroy (Northern Ireland) 260.50 9. (9) Hideki Matsuyama (Japan) 285.13 10. (14) Tommy Fleetwood (England) 280.70 11. (11) Brooks Koepka (US) 221.03 12. (12) Paul Casey (England) 253.29 13. (10) Patrick Reed (US) 274.89 14. (13) Sergio Garcia (Spain) 229.04 15. (15) Henrik Stenson (Sweden) 221.96 16. (16) Marc Leishman (Australia) 242.24 17. (18) Alex Noren (Sweden) 232.98 18. (17) Bubba Watson (US) 208.75 19. (19) Phil Mickelson (US) 212.51 20. (41) Webb Simpson (US) 222.06 21. (20) Tyrrell Hatton (England) 218.02 22. (21) Matt Kuchar (US) 206.99 23. (29) Xander Schauffele (US) 204.09 24. (22) Pat Perez (US) 152.86 25. (25) Rafa Cabrera Bello (Spain) 193.82 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-world-rankings/world-rankings-idUKMTZXEE5EQ1UGLH |
May 24, 2018 / 11:58 AM / Updated 25 minutes ago U.S. could seek American compliance officers at ZTE -Ross Reuters Staff 1 Min Read
WASHINGTON, May 24 (Reuters) - The United States has not made a final decision on changes to its ban on ZTE Corp , but any alternative remedy could include installing U.S. compliance officers at the Chinese telecoms company, Commerce Secretary Wilbur Ross told CNBC.
Asked about national security concerns about the company, Ross said, “If we do decide to go forward with an alternative, what it literally would involve would be implanting people of our choosing into the company to constitute a compliance unit,” that would report back to the Commerce Department, among others. (Reporting by Susan Heavey; Editing by Doina Chiacu) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-zte/u-s-could-seek-american-compliance-officers-at-zte-ross-idUSS0N1QH017 |
May 25, 2018 / 8:42 AM / Updated 13 minutes ago Sri Lanka accepts $1 bln, 8-yr syndicated loan from China Dev Bank Reuters Staff 1 Min Read
COLOMBO, May 25 (Reuters) - Sri Lanka has accepted China Development Bank’s $1 billion syndicated loan with eight-year tenure at 5.3 percent, two top finance ministry officials said on Friday.
The Chinese bank was chosen among four bidding for the loan, which the government plans to use toward repaying other loans, one top finance ministry told Reuters.
“All three others had three-year tenure and only China Development Bank had a bid for an eight-year tenure. The effective rate of return is around 5.3 percent,” the official said.
“It was a good offer. The loan has a three-year grace period. Then in the next five years, the government will be repaying $100 million biannually.”
Another top finance ministry official confirmed the deal. (Reporting by Shihar Aneez Editing by Jacqueline Wong) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-china-loan/sri-lanka-accepts-1-bln-8-yr-syndicated-loan-from-china-dev-bank-idUSL3N1SW2SK |
WASHINGTON (Reuters) - President Donald Trump on Thursday distanced himself from comments from his national security adviser that led North Korea to cast doubt on a planned summit and said as far as he knew the meeting with Kim Jong Un was still on track.
Secret Service agents hold the door to his car as U.S. President Donald Trump arrives to visit first lady Melania Trump at Walter Reed National Military Medical Center, where she is recovering from kidney surgery, in Bethesda, Maryland, U.S. May 16, 2018. REUTERS/Jonathan Ernst “North Korea is actually talking to us about times and everything else as though nothing happened,” Trump told reporters in the Oval Office during a picture-taking session with NATO Secretary General Jens Stoltenberg.
Trump said he was not pursuing the so-called “Libya model” in getting North Korea to denuclearize. His national security adviser, John Bolton, had suggested the Libya model in comments on Sunday, prompting North Korea to threaten to cancel.
He said the deal he was looking at would protect Kim - “he would be there, he would be running his country, his country would be very rich,” Trump said.
“The Libya model was a much different model. We decimated that country,” he said.
He said the Libya model would only come into play if a deal cannot be reached with North Korea.
“We cannot let that country have nukes. We just can’t do it,” he said.
Trump told reporters that if the meeting happens then “it happens” and if not the United States will go on to the next thing.
Reporting by Steve Holland; Writing by Lisa Lambert; Editing by Steve Orlofsky and Phil Berlowitz
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-trump/if-it-happens-it-happens-trump-says-not-told-anything-on-north-korea-summit-idUSKCN1II2MB |
New director Michael S. Burke elected
CHICAGO--(BUSINESS WIRE)-- Archer Daniels Midland Company (NYSE: ADM) today announced at its 95th Annual Stockholders’ Meeting the election of its board of directors, including new director Michael S. Burke.
Burke is chairman and CEO of AECOM, which designs, builds, finances and operates infrastructure assets in more than 150 countries. Prior to his current position, Burke served as AECOM’s senior vice president of corporate strategy; chief corporate officer; chief financial officer; and president. Before joining AECOM in 2005, he served in a variety of leadership positions at KPMG LLP.
Eleven incumbent directors were also re-elected, including: Alan L. Boeckmann, Terrell K. Crews, Pierre Dufour, Donald E. Felsinger, Suzan F. Harrison, Juan R. Luciano, Patrick J. Moore, Francisco J. Sanchez, Debra A. Sandler, Daniel T. Shih and Kelvin R. Westbrook.
Cash Dividend Declared
In addition, ADM’s Board of Directors declared a cash dividend of 33.5 cents per share on the company’s common stock payable June 7, 2018, to shareholders of record on May 17, 2018. This is ADM’s 346th consecutive quarterly payment, a record of 86 years of uninterrupted dividends. As of March 31, 2018, there were 558,915,857 shares of ADM common stock outstanding.
About ADM
For more than a century, the people of Archer Daniels Midland Company (NYSE: ADM) have transformed crops into products that serve the vital needs of a growing world. Today, we’re one of the world’s largest agricultural processors and food ingredient providers, with approximately 31,000 employees serving customers in more than 170 countries. With a global value chain that includes approximately 500 crop procurement locations, 270 ingredient manufacturing facilities, 44 innovation centers and the world’s premier crop transportation network, we connect the harvest to the home, making products for food, animal feed, industrial and energy uses. Learn more at www.adm.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006035/en/
Archer Daniels Midland Company
Media Relations
Jackie Anderson
312-634-8484
[email protected]
Source: Archer Daniels Midland Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-adm-elects-directors-at-annual-meeting-declares-cash-dividend.html |
IMPROVED REVENUES AND ADJUSTED EBIT FOR THE QUARTER AND YEAR-TO-DATE VERSUS PRIOR YEAR ATTRIBUTABLE TO MAPLE PRODUCTS
LOWER INTEREST RATE ON ISSUANCE OF SEVENTH SERIES DEBENTURES
TWO-YEAR CONTRACT EXTENTION WITH ALBERTA SUGAR BEET GROWERS
MONTREAL, May 01, 2018 (GLOBE NEWSWIRE) -- Rogers Sugar Inc. (TSX:RSI)
As a result of the acquisition of LBMT and Decacer, the Company now has the following two operating segments: Sugar and Maple products.
Sugar
The Company’s total sugar deliveries for the second quarter of the current fiscal year decreased by approximately 5,500 metric tonnes versus the same quarter last year but were approximately 300 metric tonnes higher in the first half of fiscal 2018.
In the second quarter, the industrial market segment decreased by approximately 5,900 metric tonnes and by approximately 6,900 metric tonnes year-to-date when compared to the same periods last year. The decrease is mainly explained by timing in deliveries and a softening in demand from our customers.
The consumer market volume was slightly below last year for the current quarter and year-to-date with a decrease of approximately 1,200 metric tonnes and approximately 900 metric tonnes, respectively, both variations explained by timing in customers’ promotional activities.
Liquid volume was approximately 1,700 metric tonnes higher than the second quarter of last year due to additional demand from existing customers. Year-to-date, the liquid volume was approximately 5,500 metric tonnes higher than last year due to the deliveries of a high fructose corn syrup (“HFCS”) substitutable customer in Western Canada for the full first half of fiscal 2018 as opposed to five months in the same period of fiscal 2017 and to additional demand from existing customers.
Exports were approximately 100 metric tonnes lower than the second quarter of fiscal 2017 but higher by approximately 2,600 metric tonnes year-to-date due to timing in sales deliveries to Mexico, as well as additional U.S. high tier opportunistic sales versus last year’s comparative periods.
With the mark-to-market of all derivative financial instruments and embedded derivatives in non-financial instruments at the end of each reporting period, our accounting income does not represent a complete understanding of factors and trends affecting the business. Consistent with previous reporting, we prepared adjusted gross margin and adjusted earnings results to reflect the performance of the Company during the period without the impact of the mark-to-market of derivative financial instruments and embedded derivatives in non-financial instruments. Earnings before interest and income taxes (“EBIT”) for the Sugar segment included a mark-to-market loss of $1.3 million for the second quarter of the current year and a gain of $3.5 million for the first six months of fiscal 2018, which was added and deducted, respectively, to calculate the adjusted EBIT and adjusted gross margin results. See “Non-GAAP measures” section in the MD&A.
Adjusted gross margin for the quarter was $22.0 million compared to $23.3 million for the same quarter last year, a decrease of $1.3 million, due mainly to lower sales volume and lower by-product revenues. Adjusted gross margin per metric tonne of $134.66 was $3.24 lower than last year’s comparable period. The decrease is due mainly to the sales mix, lower volume and lower by-products revenues in the quarter. Year-to-date, adjusted gross margin of $53.2 million includes a non-cash pension plan income of $1.5 million recorded as a result of the approval by the Alberta Treasury Board and Finance of an amendment to the Alberta hourly pension plan. Excluding this non-cash income, adjusted gross margin was $51.7 million or $0.7 million lower than last year. The decrease is due mostly to lower by-product revenues and additional operating expenses. The year-to-date adjusted gross margin rate of $157.65 per metric tonne includes a gain of $4.38 for the non-cash pension plan income, explained above, thus reducing the adjusted gross margin rate to $153.27 per metric tonne as compared to $155.39 for fiscal 2017. The decrease of $2.12 per metric tonne is due mainly to the lower by-product revenues and to additional operating expenses.
Administration and selling expenses for the second quarter of fiscal 2018 were $0.3 million higher than the comparable period last year due to timing, while year-to-date administration and selling expenses were comparable to last year.
Adjusted results from operating activities for the second quarter of $13.9 million were $1.6 million lower than the comparable period year. The decrease is mainly due to lower by-product revenues and lower adjusted gross margin as a result of lower sales volume and higher administrative and selling expenses. Year-to-date, adjusted results were $0.7 million higher than the same period last year, but when excluding the non-cash pension plan income, were $0.8 million lower. The decrease is mainly explained by lower adjusted gross margin, as explained above, due to lower by-product revenues and additional operating expenses.
Maple products
Revenues include Decacer since its acquisition on November 18, 2017.
Gross margin of $6.4 million and $13.5 million for the second quarter of fiscal 2018 and year-to-date do not reflect the economic margin of the Maple products segment, as it includes a loss of $0.2 million and a gain of $0.8 million for the mark-to-market of derivative financial instruments on foreign exchange contracts, respectively. The mark-to-market was added and deducted to calculate adjusted EBITDA and adjusted gross margin results. See “Non-GAAP measures” section in the MD&A.
In addition to the impact of the mark-to-market adjustment for derivative instruments, the acquisition by LBMT of Decacer has resulted in expenses that do not reflect the economic performance of the operation of LBMT. Finally, certain non-cash items and non-recurring expenses also had a negative impact on the results from operating activities. As such Management believes that the Maple products segment’s financial results are more meaningful to management, investors, analysts, and any other interested parties when financial results are adjusted for the above mentioned items. See “Non-GAAP measures” section in the MD&A. Maple products Adjusted EBITDA is defined as the earnings before interest expenses, taxes and depreciation and amortization expenses of the Maple products segment, adjusted for the total adjustment to cost of sales relating to its segment and non-recurring expenses.
Adjusted gross margin for the current quarter and the first six months of the fiscal year was $6.6 million and $12.7 million, respectively, representing an adjusted gross margin percentage of 12.5% for each period. However, included in cost of sales for the first half of fiscal 2018, was an amount of $0.3 million due to an increase in value of the finished goods inventory at the date of acquisition of Decacer. Under IFRS, all inventory of finished goods upon acquisition is valued at the estimated selling price less the sum of the costs of disposal, and a reasonable profit allowance for the selling effort of the acquirer which results in, lower selling margins when the acquired inventory is sold. As at December 30, 2017, there were no finished goods inventory remaining that existed as at the acquisition date. Without this adjustment, adjusted gross margin for the first six month of the year would have been $13.0 million or 12.7% of revenues.
Administration and selling expenses of $3.2 million and $6.4 million for the current quarter and year-to-date include non-recurring severance costs expensed to date of $0.8 million for the current quarter and of $1.1 million for the first six months of the year. Year-to-date administration and selling expenses also include $0.7 million in consulting fees and other costs incurred as a result of the acquisition of Decacer in the first quarter.
Distribution expenses were $0.8 million for the current period and $1.7 million, year-to-date.
The results of operations would therefore need to be adjusted by the following:
(In thousands of dollars) Three months ended Six months ended March 31, 2018 April 1, 2017 March 31, 2018 April 1, 2017 Results from operating activities $ 2,348 $ - $ 5,389 $ - Total adjustment to cost of sales (1) (2) 221 - (766 ) - Adjusted results from operating activities 2,569 - 4,623 - Non-recurring expenses: Acquisition costs incurred (35 ) - 675 - Other non-recurring items 839 - 1,093 - Finished goods valued at the estimated selling price less disposal cost as of acquisition date
-
-
261
- Depreciation and amortization 1,532 - 2,455 - Maple products segment adjusted EBITDA (1) (2) $ 4,905 $ - $ 9,107 $ - (1) See “Non-GAAP measures” section.
(2) See “Adjusted results” within the unaudited condensed consolidated interim operating results section and “Segmented information” section of the MD&A.
Other non-recurring items represent severance costs accrued to date.
Consolidated
Adjusted gross margin for the second quarter and the first half of fiscal 2018 was $28.6 million and $65.9 million, respectively. This compares to $23.3 million and $52.4 million, respectively, for the comparable periods last year. The Maple segment contributed $6.6 million for the second quarter and $12.7 million year-to-date of adjusted gross margin, partially offset by a lower contribution of the Sugar segment which was explained above in the segmented information section.
Adjusted EBIT for the second quarter of fiscal 2018 was $16.4 million versus $15.4 million for the comparable period last year, an increase of $1.0 million. Adjusted EBIT for the first half of fiscal 2018 amounted to $42.3 million versus $37.0 million for the comparable period last year, an improvement of $5.3 million. The variation for both periods is mainly explained by the Maple product segment which contributed $2.6 million and $4.6 million in adjusted EBIT for the current quarter and year-to-date, respectively. In addition, the adjusted EBIT of the Sugar segment was $1.6 million lower and $0.7 million higher than the same comparable periods, which was explained above in the segmented information section.
Net finance costs for the second quarter and year-to-date were $1.8 million and $3.5 million higher than the comparable period of last year, respectively, excluding the amortization of the transitional balance, due to the increased borrowings under the revolving credit facility, the increase in interest rates, the additional accretion expense on the convertible unsecured subordinated debentures and the additional interest payable by LBMT and Decacer to the Fédération des Producteurs Acéricoles du Québec (“FPAQ”) on syrup purchases.
Free cash flow for the second quarter of 2018 was $13.2 million compared to $12.5 million for the same period last year, an increase of $0.7 million. The increase is mainly explained by an increase in adjusted EBITDA of $2.5 million (See “Non-GAAP measures” section in the MD&A), net of the non-cash pension income as well as a decrease in income taxes paid of $1.3 million. Offsetting a portion of the positive variance is an increase in interest paid of $2.2 million, higher capital expenditures, net of operational excellence capital expenditures of $0.8 million and an increase in pension plan contributions of $0.2 million. Year-to-date, free cash flow for the first half of fiscal 2018 amounted to $30.6 million compared to $27.2 million for the same period last year or an increase of $3.4 million. The increase is also explained by higher adjusted EBITDA of $4.1 million, net of the non-cash pension income of $6.3 million and lower income taxes paid. The same items that created a negative variance for the quarter also applied for the year-to-date free cash flow such as higher interest paid of $3.6 million, higher capital spending, net of operational excellence capital expenditures of $2.1 million and higher pension contributions of $0.8 million. In addition, in the first half of fiscal 2017, an amount of $0.4 million was received during the second quarter following the exercise of share options by executives, compared to none in the current six months period. Finally, the Company paid $0.1 million in deferred financing charges during the first quarter of the current year to amend the revolving credit facility.
Outlook
In fiscal 2018, we expect the industrial and consumer market segment to decrease slightly compared to fiscal 2017.
The liquid market segment should continue to be strong, benefitting from some growth with existing customers, the recapture of some of the volume loss in fiscal 2017 and the benefit of a full year of supply to a large bottler account in Western Canada. As a result, we expect the liquid market segment to surpass fiscal 2017 by approximately 10,000 metric tonnes.
As for the export segment, additional volume was booked during the quarter for high tier sales to the U.S. and therefore, we now anticipate an increase from our previous outlook from approximately 5,000 metric tonnes to approximately 10,000 metric tonnes. The improvement in volume compared to fiscal 2017 is expected to come from additional sales to Mexico and U.S. high tier opportunistic sales.
Overall, we expect total volume to increase by approximately 10,000 metric tonnes.
In fiscal 2018, the Company will benefit from a full year of operations for LBMT and approximately ten months for Decacer, since its acquisition on November 18, 2017. The Maple products segment is comprised of both LBMT and Decacer. As of February 1, 2018 and as previously communicated, Management’s expectations for the Adjusted EBITDA of LBMT and Decacer were $18.4 million and $4.5 million, respectively, for fiscal 2018 and $20.5 million and $5.1 million, respectively, for fiscal 2019. As a result, the anticipated Maple products segment Adjusted EBITDA was expected to total $22.9 million for fiscal 2018 and $25.6 million for fiscal 2019. As of the date of this MD&A, Management now anticipates that the Maple products segment Adjusted EBITDA for fiscal 2018 will be lower than expected and should amount to $19.9 million and $21.1 million for fiscal 2019.
The lower than anticipated results for the 2018 fiscal year are mainly attributable to a reduction in sales, foreign exchange impact and delays in operational excellence synergies for LBMT, due to the acquisition of Decacer. To date, revenues for the Maple product segment were below expectations as a result of some customer losses due to strategic reasons and/or competitive activities and the impact on the Maple products segment Adjusted EBITDA from the lower than expected revenues should be approximately $1.0 million. Secondly, due to a stronger Canadian dollar versus last year, foreign exchange on sales booked prior to the LBMT acquisition and hedged after, had a negative impact for the first six months of the year and is expected to continue into the second half of the year to total approximately an $0.8 million, which would explain a portion of the lower than previously anticipated Maple products segment Adjusted EBITDA. Finally, following the acquisition of Decacer, the Company delayed implementing some of the operational excellence synergies for LBMT as to include the newly acquired assets of Decacer and therefore delaying the implementation of the overall operational efficiencies into fiscal 2020. As a result of the delays, Management has lowered its anticipated operational excellence synergies for the Maple products segment Adjusted EBITDA for fiscal 2018 by approximately $0.9 million. The above items mainly explain the $3.0 million lower than anticipated results for the fiscal 2018 Maple products segment Adjusted EBITDA that is now expected as of the date of this MD&A.
With regards to fiscal 2019, the lower than anticipated 2018 Maple products segment Adjusted EBITDA is expected to carry through into next year. In addition, the lost sales experienced in the last six months are not expected to be recovered through higher than planned sales growth in fiscal 2019, which would have a negative impact of approximately $0.5 million. In addition, the analysis undertaken of all our Maple operations, as discussed above, will take an additional year to be implemented. Finally, syrup procurement costs are expected to be slightly higher in fiscal 2019 due to the mixed results from the spring 2018 harvest season, which would impact a portion of next fiscal year.
Capital expenditures for fiscal 2018 are expected to increase to $20.0 million as the Company intends to spend approximately $6.0 million on operational excellence capital projects. In addition, we have completed the engineering and project design to upgrade the Taber beet factory to be fully compliant with the new air emissions regulations. This solution is expected to require between $8 to $10 million in capital expenditures.
The beet slicing campaign was completed at the beginning of March. We expect that the current crop should derive approximately 125,000 metric tonnes of refined sugar. We contracted 28,000 acres for planting in Taber for the 2018 crop, a 1,000 acres increase versus last year.
Labour negotiations with the Vancouver refinery unionized employees for the renewal of the labour contract have started and will continue over the coming weeks. The collective agreement expired at the end of February.
FOR THE BOARD OF DIRECTORS,
Dallas H. Ross, Chairman
Montréal, Québec – May 1, 2018
MANAGEMENT’S DISCUSSION & ANALYSIS
This Management’s Discussion and Analysis (“MD&A”) of Rogers Sugar Inc.’s (“Rogers”, “RSI” or the “Company”) dated May 1, 2018 should be read in conjunction with the unaudited condensed consolidated interim financial statements and related notes for the period ended March 31, 2018, as well as the audited consolidated financial statements and MD&A for the year ended September 30, 2017. The quarterly unaudited condensed consolidated interim financial statements and any amounts shown in this MD&A were not reviewed nor audited by our external auditors.
Management is responsible for preparing the MD&A. This MD&A has been reviewed and approved by the Audit Committee of Rogers and its Board of Directors.
NON-GAAP MEASURES
In analyzing results, we supplement the use of financial measures that are calculated and presented in accordance with IFRS with a number of non-GAAP financial measures. A non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flow that excludes (includes) amounts, or is subject to adjustments that have the effect of excluding (including) amounts, that are included (excluded) in most directly comparable measures calculated and presented in accordance with IFRS. Non-GAAP financial measures are not standardized; therefore, it may not be possible to compare these financial measures with the non-GAAP financial measures of other companies having the same or similar businesses. We strongly encourage investors to review the unaudited consolidated financial statements and publicly filed reports in their entirety, and not to rely on any single financial measure.
We use these non-GAAP financial measures in addition to, and in conjunction with, results presented in accordance with IFRS. These non-GAAP financial measures reflect an additional way of viewing aspects of the operations that, when viewed with the IFRS results and the accompanying reconciliations to corresponding IFRS financial measures, may provide a more complete understanding of factors and trends affecting our business.
The following is a description of the non-GAAP measures used by the Company in the MD&A:
Adjusted gross margin is defined as gross margin adjusted for: “the adjustment to cost of sales”, which comprises of the mark-to-market gains or losses on sugar futures, foreign exchange forward contracts and embedded derivatives as shown in the notes to the unaudited condensed consolidated interim financial statements and the cumulative timing differences as a result of mark-to-market gains or losses on sugar futures, foreign exchange forward contracts and embedded derivatives as described below; and “the amortization of transitional balance to cost of sales for cash flow hedges”, which is the transitional marked-to-market balance of the natural gas futures outstanding as of October 1, 2016 amortized over time based on their respective settlement date until all existing natural gas futures have expired, as shown in the notes to the consolidated financial statements. Adjusted EBIT is defined as EBIT adjusted for the adjustment to cost of sales, the amortization of transitional balances to cost of sales for cash flow hedges. Adjusted EBITDA is defined as adjusted EBIT adjusted to add back depreciation and amortization expenses. Adjusted net earnings is defined as net earnings adjusted for the adjustment to cost of sales, the amortization of transitional balances to cost of sales for cash flow hedges, the amortization of transitional balance to net finance costs and the income tax impact on these adjustments. Amortization of transitional balance to net finance costs is defined as the transitional marked-to-market balance of the interest rate swaps outstanding as of October 1, 2016, amortized over time based on their respective settlement date until all existing interest rate swaps agreements have expired, as shown in the notes to the unaudited condensed consolidated interim financial statements. Adjusted gross margin rate per MT is defined as adjusted gross margin of the Sugar segment divided by the sales volume of the Sugar segment. Adjusted gross margin percentage is defined as the adjusted gross margin of the Maple segment divided by the revenues generated by the Maple product segment. Adjusted net earnings per share is defined as adjusted net earnings divided by the weighted average number of shares outstanding. Maple products segment Adjusted EBITDA is defined as the earnings before interest expenses, taxes and depreciation and amortization expenses of the Maple products segment, adjusted for the total adjustment to cost of sales relating to its segment and non-recurring expenses. LBMT’s Adjusted EBITDA is defined as the earnings before interest expenses, taxes and depreciation and amortization expenses associated to the LBMT acquisition on August 5, 2017, adjusted for the total adjustment to cost of sales relating to its segment and non-recurring expenses. LBMT’s EBITDA is defined as earnings before interest expenses, taxes, depreciation and amortization expenses, business combination related costs, gain on business acquisition and fair value adjustment to purchase price allocation on inventories. Adjusted pro forma EBITDA is defined as LBMT’s EBITDA, adjusted to include the EBITDA of Highland and Great Northern from April 1, 2016 until their respective acquisition by LBMT and the expected EBITDA of Sucro-Bec for the twelve-month period ended March 31, 2017, as well as certain non-recurring operating expenses. Adjusted pro forma EBITDA assuming the LBMT Integration Gains is defined as the adjusted pro forma EBITDA, adjusted to include any recent customer gains, procurement efficiencies, redistribution of production lines, reduction of maple syrup losses and previous integration of acquired businesses. Adjusted pro forma EBITDA assuming the LBMT Integration Gains and the RSI Integration Gains is defined as the adjusted pro forma EBITDA assuming the LBMT Integration Gains, adjusted to include business efficiencies, including procurement cost reductions and Operational Excellence, and customer gains, as a result of the Rogers integration. Decacer’s pro forma Adjusted EBITDA is defined as earnings before interest expenses, taxes, depreciation and amortization expense for the twelve-month period ended March 31, 2017, adjusted to take into account non-recurring items identified by the Decacer Management, non-recurring items identified by the Company during the course of its due diligence and estimated adjustments required to reflect the going-forward EBITDA run-rate. Free cash flow is defined as cash flow from operations excluding changes in non-cash working capital, mark-to-market and derivative timing adjustments, amortization of transitional balances, financial instruments non-cash amount, and includes funds received or paid from the issue or purchase of shares, deferred financing charges paid and capital expenditures, net of operational excellence capital expenditures.
In the MD&A, we discuss the non-GAAP financial measures, including the reasons why we believe these measures provide useful information regarding the financial condition, results of operations, cash flows and financial position, as applicable. We also discuss, to the extent material, the additional purposes, if any, for which these measures are used. These non-GAAP measures should not be considered in isolation, or as a substitute for, analysis of the Company’s results as reported under GAAP. Reconciliations of non-GAAP financial measures to the most directly comparable IFRS financial measures are also contained in this MD&A.
FORWARD-LOOKING STATEMENTS
This report contains Statements or information that are or may be “forward-looking statements” or “forward-looking information” within the meaning of applicable Canadian securities laws. Forward-looking statements may include, without limitation, statements and information which reflect the current expectations of Rogers, Lantic, LBMT and Decacer (together all referred to as “the Company”) with respect to future events and performance. Wherever used, the words “may,” “will,” “should,” “anticipate,” “intend,” “assume,” “expect,” “plan,” “believe,” “estimate,” and similar expressions and the negative of such expressions, identify forward-looking statements. Although this is not an exhaustive list, the Company cautions investors that statements concerning the following subjects are, or are likely to be, forward-looking statements: future prices of raw sugar, natural gas costs, the opening of special refined sugar quotas in the United States (“U.S.”), beet production forecasts, growth of the maple syrup industry, anticipated benefit of the LBMT and Decacer acquisitions (including expected adjusted EBITDA), the status of labour contracts and negotiations, the level of future dividends and the status of government regulations and investigations. Forward-looking statements are based on estimates and assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Actual performance or results could differ materially from those reflected in the forward-looking statements, historical results or current expectations. These risks are referred to in the Company’s Annual Information Form in the “Risk Factors” section and include, without limitation: the risks related to the Company’s dependence on the operations and assets of Lantic, the risks related to government regulations and foreign trade policies, the risks related to competition faced by Lantic, the risks related to fluctuations in margins, foreign exchange and raw sugar prices, the risks related to security of raw sugar supply, the risk related to weather conditions affecting sugar beets, the risks relating to fluctuation in energy costs, the risks that LBMT and Decacer’s historical financial information may not be representative of future performance, the risk that following the acquisition of LBMT on August 5, 2017 and Decacer on November 18, 2017 (the “Acquisitions”), Rogers and Lantic may not be able to successfully integrate LBMT and Decacer’s businesses with their current business and achieve the anticipated benefits of the Acquisitions, the risks of unexpected costs or liabilities related to the Acquisitions, including that the Representation and Warranty Insurance (“RWI”) Policy may not be sufficient to cover such costs or liabilities or that the Company may not be able to recover such costs or liabilities from the shareholders of LBMT and Decacer, the risks related to the regulatory regime governing the purchase and sale of maple syrup in Québec, including the risk that LBMT and Decacer may not be able to maintain their authorized buyer status with the Federation des Producteurs Acéricoles du Québec (“FPAQ”) and the risk that it may not be able to purchase maple syrup in sufficient quantities, the risk related to the production of maple syrup being seasonal and subject to climate change, the risk related to customer concentration and LBMT and Decacer’s reliance on private label customers, the risks related to consumer habits and the risk related to LBMT and Decacer’s business growth, substantially relying on exports.
Although the Company believes that the expectations and assumptions on which forward-looking information is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made as at the date of this MD&A and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. Although the Company believes that the expectations and assumptions on which forward-looking information is based are reasonable under the current circumstances, readers are cautioned not to rely unduly on this forward-looking information as no assurance can be given that it will prove to be correct. Forward-looking information contained herein is made as at the date of this MD&A and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of events or circumstances occurring after the date hereof, unless so required by law. In light of the results for the Maple product segment during the second quarter as well as the delays in implementing certain of the LBMT integration plans, the Company updated its forecast for fiscal 2018 and 2019. As of the date of this MD&A, Management expects the Maple products segment Adjusted EBITDA for fiscal 2018 to decrease to $15.6 million from $18.4 million, as previously anticipated, and for fiscal 2019, to decrease to $17.0 million from $20.5 million. Refer to the “Outlook” section of this MD&A for further details.
FORWARD-LOOKING INFORMATION IN THIS MD&A
The following table outlines the forward-looking information contained in this MD&A, which the Corporation considers important to better inform readers about its potential financial performance, together with the principal assumptions used to derive this information and the principal risks and uncertainties that could cause actual results to differ materially from this information.
Principal Assumptions Principal Risks and Uncertainties
Expected adjusted EBITDA for LBMT
The expected adjusted EBITDA is the expected earnings before interest expenses, taxes, depreciation
and amortization expense for a twelve-month period, adjusted for one-time costs and including the integration
gains. The Corporation estimates annual operating earnings by subtracting from the estimated revenues,
the estimated annual operating costs, from which it subtracts estimated general and administrative expenses.
The integration gains include LBMT for fiscal 2018 and RSI integration gains for fiscal 2019. LBMT integration
gains are estimated gains resulting from the three acquisitions completed by LBMT since February 2, 2016
and which include customer gains, procurement efficiencies, redistribution of production lines, reduction of
maple syrup losses and previous integration of acquired businesses. RSI integration gains are estimated
operational gains resulting from the combination of the Corporation and LBMT which include business
efficiencies and customer gains.
Historical financial information used to estimate amounts may not be representative of future results.
Variability in LBMT’s performance.
Unexpected administration, selling or distribution expenditures.
Uncertainty of successful integration and operational gains.
Other risks relating to the business of LBMT (refer to the “Risk Factors” section of the MD&A for the year ended September 30, 2017).
Expected Adjusted pro forma EBITDA for Decacer
Decacer’s Adjusted pro forma EBITDA is the expected earnings before interest expenses, taxes,
depreciation and amortization expense for a twelve-month period, adjusted to take into account
non-recurring items identified by Decacer Management, non-recurring items identified by the
Company during the course of its due diligence and estimated adjustments required to reflect
the going-forward EBITDA run-rate.
Historical financial information used may not be representative of future results.
Variability in Decacer’s performance.
Unexpected administration, selling or distribution expenditures.
Uncertainty of successful integration and operational gains. INTERNAL DISCLOSURE CONTROLS
In accordance with Regulation 52-109 respecting certification of disclosure in issuers’ interim filings, the Chief Executive Officer and Chief Financial Officer have designed or caused it to be designed under their supervision, disclosure controls and procedures (“DC&P”).
In addition, the Chief Executive Officer and Chief Financial Officer have designed or caused it to be designed under their supervision internal controls over financial reporting (“ICFR”) to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes.
The Chief Executive Officer and Chief Financial Officer have evaluated whether or not there were any changes to the Company’s ICFR during the three month period ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, the Company’s ICFR. No such changes were identified through their evaluation.
LIMITATION ON SCOPE OF DESIGN
The Company has limited the scope of its DC&P and ICFR to exclude controls, policies and procedures of LBMT and its subsidiaries, including Decacer, acquired not more than 365 days before the last day of the period covered by the annual filing. The Company elected to exclude it from the scope of certification as allowed by NI 52-109. The Company intends to perform such testing within one year of acquisition.
The chart below presents the summary financial information included in the Corporation’s unaudited condensed consolidated interim financial statements for the excluded business:
LMBT & Decacer
(In thousands of dollars, unaudited) For the six months ended March 31, 2018
$ Statement of Financial Position Total assets 238,526 Statement of Comprehensive Income Total revenue 102,140 Results from operating activities 5,389
SELECTED FINANCIAL INFORMATION
The following is a summary of selected financial information of Rogers’ unaudited condensed consolidated interim results for the first quarters of fiscal 2018 and 2017.
In thousands of dollars, except volume and Three months ended Six months ended per share information) March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Total volume Sugar (metric tonnes) 163,253 168,723 337,397 337,099 Maple syrup (‘000 pounds) 12,725 n/a 23,916 n/a Total revenues $ 189,455 $ 163,566 $ 394,338 $ 323,170 Gross margin 27,055 16,605 70,168 44,781 Results from operating activities (“EBIT”) 14,888 8,784 46,573 29,380 Net finance costs 4,186 2,414 8,190 4,719 Income tax expense 3,116 1,582 10,581 6,321 Net earnings 7,586 4,788 27,802 18,340 Net earnings per share: Basic 0.07 0.05 0.26 0.20 Diluted 0.07 0.05 0.23 0.19 Dividends per share $ 0.09 $ 0.09 $ 0.18 $ 0.18 Consolidated results of operations
Aligned with one of our business priorities, Rogers made two strategic acquisitions in the natural sweetener market. On August 5, 2017, the Company acquired LBMT, a maple syrup bottler, for approximately $160.3 million, subject to closing adjustments of approximately $6.1 million, and on November 18, 2017, Rogers acquired Decacer, another maple syrup bottler, for approximately $40.0 million, subject to closing adjustments of approximately $3.0 million. This new platform will provide the Company with opportunities to grow organically, leverage sales and administrative synergies, and investigate other potential opportunistic acquisitions in that segment. Results from the LBMT and Decacer operations are included in the unaudited consolidated interim results of operations since their acquisition date. As a result of the acquisition, Rogers now has the following two operating segments: Sugar and Maple products.
Total revenues
Revenues for the current quarter and year-to-date amounted to $189.5 million and $394.3 million, respectively, an increase of $25.9 million and $71.2 million versus last year’s comparable periods. This improvement is attributable to revenues generated by LBMT and Decacer of $53.0 million for the second quarter of fiscal 2018 and of $102.1 million year-to-date. The overall results were tempered slightly by lower #11 raw sugar values that translated into lower selling prices for refined sugar.
Gross margin
Gross margin of $27.1 million and $70.2 million for the second quarter and for the first half of the current fiscal year, respectively do not reflect the economic margin of the Company, as it includes a loss of $1.6 million for the second quarter and a gain of $4.3 million year-to-date for the mark-to-market of derivative financial instruments as explained below (See “Adjusted results” section). In fiscal 2017, a mark-to-market loss of $6.7 million and $7.6 million was recorded for the second quarter and year-to-date, resulting in a gross margin of $16.6 million and $44.8 million for each respective period.
Results from operating activities (“EBIT”)
EBIT is defined as earnings before interest and taxes. For the second quarter of fiscal 2018, EBIT amounted to $14.9 million compared to $8.8 million last year. The Maple product segment contributed $2.3 million of the increase in EBIT. In addition, a gain of $5.1 million was recorded for the quarter-over-quarter mark-to-market variation of derivative financial instruments, which does not reflect the economic results from operating activities. This was partially offset by a lower contribution from the Sugar segment due mainly to a reduction in volume and lower by-product revenues.
Year-to-date, EBIT amounted to $46.6 million versus $29.4 million for the comparable period last year. The Maple product segment and the mark-to-market of derivative financial instruments had a positive impact of $5.4 million and $11.9 million, respectively, explaining the year-over-year positive variation in EBIT.
Net finance costs
Net finance costs consisted of interest paid under the revolving credit facility, as well as interest expense on the convertible unsecured subordinated debentures and other interest. It also includes a mark-to-market gain or loss on the interest swap agreements.
The net finance costs breakdown is as follows:
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018
April 1,
2017 Interest expense on convertible unsecured subordinated debentures, including accretion expense
$
1,844
$
1,615
$ 3,542
$ 3,201 Interest on revolving credit facility 1,377 680 2,803 1,308 Amortization of deferred financing fees 529 206 778 412 Other interest expense 569 - 1,335 - Net change in fair value of interest rate swap agreements (133 ) (87 ) (268 ) (202 ) Net finance costs $ 4,186 $ 2,414 $ 8,190 $ 4,719 The interest expense on the convertible unsecured subordinated debentures increased by approximately $0.2 million, for the current quarter and by $0.3 million, year-to-date, when compared to the same periods last year. The additional interest expense is mostly explained by an increase in accretion expense on the equity component of the convertible unsecured subordinated debentures.
The increase in interest on the revolving credit facility is due mainly to the additional drawdown as a result of the LBMT and Decacer acquisitions. The increase in interest rates also had a negative impact when compared to the same periods last year.
The other interest expense pertains mainly to interest payable to the FPAQ on syrup purchases, in accordance with the FPAQ payment terms.
Starting on October 2, 2016, interest rate swap agreements were designated as effective cash flow hedging instruments and as a result, mark-to-market adjustments are now recorded in other comprehensive income. The transitional balances, representing the mark-to-market value recorded as of October 1, 2016, will be subsequently removed from other comprehensive income when each of the fixed interest rate tranches will be liquidated, in other words, when the fixed interest rate is paid. As a result, the Company removed a gain of $0.1 million and of $0.3 million for the current quarter and year-to-date, respectively, from other comprehensive income and recorded a gain of the same amount in net finance costs. The transitional balance relating to interest rate swap agreements will be fully depleted in fiscal 2020. See “Adjusted results” section. For the prior year, a gain of $0.1 million and $0.2 million were recorded for the respective comparative periods.
Taxation
The income tax expense is as follows:
(In thousands of dollars) Three months ended
Six months ended
March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Current $ 4,165 $ 9,828 $ 9,926 $ 13,673 Deferred (1,049 ) (8,246 ) 655 (7,352 ) Income tax expense $ 3,116 $ 1,582 $ 10,581 $ 6,321 The variation in current and deferred tax expense quarter-over-quarter and year-to-date is consistent with the variation in earnings before income taxes in fiscal 2018.
Deferred income taxes reflect temporary differences, which result primarily from the difference between depreciation claimed for tax purposes and depreciation amounts recognized for financial reporting purposes, employee future benefits and derivative financial instruments. Deferred income tax assets and liabilities are measured using the enacted or substantively enacted tax rates anticipated to apply to income in the years in which temporary differences are expected to be realized or reversed. The effect of a change in income tax rates on future income taxes is recognized in income in the period in which the change occurs.
Net earnings
Net earnings for the second quarter were $7.6 million compared to $4.8 million for fiscal 2017. The increase in net earnings is mostly explained by the after-tax contribution of the Maple product segment and a gain on the mark-to-market of derivative financial instruments. The positive net earnings variance was somewhat offset by the after-tax impact of a decrease of $2.7 million of EBIT for the Sugar segment and $1.8 million in additional finance costs, as explained above.
Year-to-date, net earnings amounted to $27.8 million, a $9.5 million increase versus the comparative period last year. The increase is also explained by the after-tax contribution of the Maple product segment and a gain on the mark-to-market of derivative financial instruments somewhat offset by additional interest expense and acquisition costs.
Adjusted results
In the normal course of business, the Company uses derivative financial instruments consisting of sugar futures, foreign exchange forward contracts, natural gas futures and interest rate swaps. For fiscal 2016 and prior years, all derivative financial instruments were marked-to-market at each reporting date, with the unrealized gains/losses charged to the consolidated statement of earnings. As of October 2, 2016, the Company adopted all the requirements of IFRS 9 (2014) Financial Instruments. As a result, the Company has designated as effective hedging instruments its natural gas futures and its interest rate swap agreements entered into in order to protect itself against natural gas prices and interest rate fluctuations as cash flow hedges. Derivative financial instruments pertaining to sugar futures and foreign exchange forward contracts continue to be marked-to-market at each reporting date and are charged to the consolidated statement of earnings. In addition, the derivative financial instruments pertaining to foreign exchange forward contracts on maple syrup sales were marked-to-market as at March 31, 2018 and also charged to the consolidated statement of earnings. The unrealized gains/losses related to natural gas futures and interest rate swaps are accounted for in other comprehensive income. The amount recognized in other comprehensive income is removed and included in net earnings under the same line item in the consolidated statement of earnings and comprehensive income as the hedged item, in the same period that the hedged cash flows affect net earnings, reducing earnings volatility related to the movements of the valuation of these derivatives hedging instruments. The transitional marked-to-market balances outstanding as of October 1, 2016 will be amortized over time based on their settlements until all existing natural gas futures and all existing interest rate swaps agreements have expired.
The Company sells refined sugar to some clients in U.S. dollars. Prior to October 1, 2016, these sales contracts were viewed as having an embedded derivative if the functional currency of the customer was not U.S. dollars, the embedded derivative being the source currency of the transaction. The embedded derivatives were marked-to-market at each reporting date, with the unrealized gains/losses charged to the unaudited condensed consolidated interim statement of earnings with a corresponding offsetting amount charged to the unaudited condensed consolidated statement of financial position. As of October 2, 2016, the U.S. dollars of these sales contract will no longer be considered as being an embedded derivative as it was determined that the U.S. dollar is commonly used in Canada. This change in estimate will be applied prospectively, as a result, only the embedded derivatives relating to sales contracts outstanding as of October 1, 2016 will continue to be marked-to-market every quarter until all the volume on these contracts has been delivered. As at March 31, 2018, there were no embedded derivatives on sales contracts outstanding from the October 1, 2016 balance.
Management believes that the Company’s financial results are more meaningful to management, investors, analysts and any other interested parties when financial results are adjusted by the gains/losses from financial derivative instruments and from embedded derivatives. These adjusted financial results provide a more complete understanding of factors and trends affecting our business. This measurement is a non-GAAP measurement. See “Non-GAAP measures” section.
Management uses the non-GAAP adjusted results of the operating company to measure and to evaluate the performance of the business through its adjusted gross margin, adjusted EBIT and adjusted net earnings. In addition, management believes that these measures are important to our investors and parties evaluating our performance and comparing such performance to past results. Management also uses adjusted gross margin, adjusted EBIT and adjusted net earnings when discussing results with the Board of Directors, analysts, investors, banks and other interested parties. See “Non-GAAP measures” section.
The results of operations would therefore need to be adjusted by the following:
Income (loss)
(In thousands of dollars) Three months ended
Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Mark-to-market on: Sugar futures contracts $ (3,375 ) $ (1,732 ) $ (2,144 ) $ (6,326 ) Foreign exchange forward contracts (28 ) (823 ) 1,305 (1,936 ) Embedded derivatives - (524 ) 51 198 Total mark-to-market adjustment on derivatives $ (3,403 ) $ (3,079 ) $ (788 ) $ (8,064 ) Cumulative timing differences 1,360 (4,208 ) 3,671 (1,010 ) Adjustment to cost of sales (2,043 ) (7,287 ) 2,883 (9,074 ) Amortization of transitional balance to cost of sales for cash flow hedges
491
625
1,374
1,473 Total adjustment to costs of sales (1) $ (1,552 ) $ (6,662 ) $ 4,257 $ (7,601 ) (1) See “Non-GAAP measures” section.
The fluctuations in mark-to-market adjustment on derivatives are due to the price movements in #11 world raw sugar and foreign exchange market. See “Non-GAAP measures” section.
Cumulative timing differences, as a result of mark-to-market gains or losses, are recognized by the Company only when sugar is sold to a customer. The gains or losses on sugar and related foreign exchange paper transactions are largely offset by corresponding gains or losses from the physical transactions, namely sale and purchase contracts with customers and suppliers. See “Non-GAAP measures” section.
As previously mentioned, starting on October 2, 2016, natural gas futures were designated as an effective cash flow hedging instrument and as a result, mark-to-market adjustments are now recorded in other comprehensive income. The transitional balances, representing the mark-to-market value recorded as of October 1, 2016, will be subsequently removed from other comprehensive income when the natural gas futures will be liquidated, in other words, when the natural gas is used. As a result, in the second quarter and first six months of fiscal 2018, the Company removed a gain of $0.5 million and $1.4 million, respectively, from other comprehensive income and recorded a gain of the same amount in cost of sales. The transitional balance relating to natural gas futures will be fully depleted in fiscal 2020. See “Non-GAAP measures” section.
The above described adjustments are added or deducted to the mark-to-market results to arrive at the total adjustment to cost of sales. For the second quarter of the current year, the total cost of sales adjustment is a loss of $1.6 million to be added to the unaudited condensed consolidated interim operating results versus a loss of $6.7 million to be added to the unaudited condensed consolidated interim results for the comparable quarter last year. Year-to-date, the total cost of sales adjustment is a gain of $4.3 million to be deducted from the unaudited condensed consolidated interim operating results versus a loss of $7.6 million to be added to the unaudited condensed consolidated interim results for the comparable period last year. See “Non-GAAP measures” section.
The following is a table showing the adjusted unaudited condensed consolidated interim results (non-GAAP) without the above mark-to-market results:
Consolidated results
(In thousands of dollars, except per share information) Three months ended
Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Gross margin as per financial statements $ 27,055 $ 16,605 $ 70,168 $ 44,781 Adjustment as per above 2,043 7,287 (2,883 ) 9,074 Amortization of transitional balance to cost of sales as per above (491 ) (625 ) (1,374 ) (1,473 ) Adjusted gross margin (1) 28,607 23,267 65,911 52,382 EBIT as per financial statements $ 14,888 $ 8,784 $ 46,573 $ 29,380 Adjustment as per above 2,043 7,287 (2,883 ) 9,074 Amortization of transitional balance to cost of sales as per above (491 ) (625 ) (1,374 ) (1,473 ) Adjusted EBIT (1) 16,440 15,446 42,316 36,981 Net earnings as per financial statements 7,586 4,788 27,802 18,340 Adjustment to cost of sales as per above 2,043 7,287 (2,883 ) 9,074 Amortization of transitional balance to cost of sales as per above (491 ) (625 ) (1,374 ) (1,473 ) Amortization of transitional balance to net finance costs (133 ) (87 ) (268 ) (202 ) Income taxes on above adjustments (388 ) (1,735 ) 1,188 (1,993 ) Adjusted net earnings (1) 8,617 9,628 24,465 23,746 Net earnings per share basic, as per financial statements 0.07 0.05 0.26 0.20 Adjustment for the above 0.01 0.05 (0.03 ) 0.05 Adjusted net earnings per share basic (1) $ 0.08 $ 0.10 $ 0.23 $ 0.25 (1) See “Non-GAAP measures” section.
Adjusted gross margin
Adjusted gross margin for the second quarter and the first half of fiscal 2018 was $28.6 million and $65.9 million, respectively. This compares to $23.3 million and $52.4 million, respectively, for the comparable periods last year. The Maple segment contributed $6.6 million for the second quarter and $12.7 million year-to-date of adjusted gross margin, partially offset by a lower contribution of the Sugar segment explained later in the segmented information section.
Results from operating activities
Adjusted EBIT for the second quarter of fiscal 2018 was $16.4 million versus $15.4 million for the comparable period last year, an increase of $1.0 million. Adjusted EBIT for the first half of fiscal 2018 amounted to $42.3 million versus $37.0 million for the comparable period last year, an improvement of $5.3 million. The variation for both periods is mainly explained by the Maple product segment which contributed $2.6 million and $4.6 million in adjusted EBIT for the current quarter and year-to-date, respectively. In addition, the adjusted EBIT of the Sugar segment was $1.6 million lower and $0.7 million higher than the same comparable periods, which is explained later in the segmented information section.
Segmented information
Following the acquisition of LBMT and Decacer, the Company has two distinct segments, namely, refined sugar and by-products, together referred to as the “Sugar” segment and maple syrup and derived products, together referred to as the “Maple products” segment.
The following is a table showing the key results by segments:
Consolidated results
(In thousands of dollars, except volume) Three months ended March 31, 2018 Three months ended April 1, 2017 Sugar Maple
Products Total Sugar Maple
Products Total Revenues $ 136,434 $ 53,021 $ 189,455 $ 163,566 $ - $ 163,566 Gross margin 20,654 6,401 27,055 16,605 - 16,605 Administration and selling expenses 5,635 3,216 8,851 5,312 - 5,312 Distribution costs 2,479 837 3,316 2,509 - 2,509 Results from operating activities 12,540 2,348 14,888 8,784 - 8,784 Non- GAAP results: Total adjustment to the cost of sales (1) 1,331 221 1,552 6,662 - 6,662 Adjusted Gross Margin (1) 21,985 6,622 28,607 23,267 - 23,267 Adjusted results from operating activities (1) $ 13,871 $ 2,569 $ 16,440 $ 15,446 $ - $ 15,446 Additional information:
Addition to property, plant and equipment and intangible assets
$
3,476
$ 573
$
4,049
$
3,638
$ -
$
3,638 (1) See “Non-GAAP measures” section.
Consolidated results
(In thousands of dollars, except volume) Six months ended March 31, 2018
Six months ended April 1, 2017 Sugar Maple
Products Total Sugar Maple
Products Total Revenues $ 292,198 $ 102,140 $ 394,338 $ 323,170 $ - $ 323,170 Gross margin 56,681 13,487 70,168 44,781 - 44,781 Administration and selling expenses 10,622 6,416 17,038 10,602 - 10,602 Distribution costs 4,875 1,682 6,557 4,799 - 4,799 Results from operating activities 41,184 5,389 46,573 29,380 - 29,380 Non- GAAP results: Total adjustment to the cost of sales (1) (3,491 ) (766 ) (4,257 ) 7,601 - 7,601 Adjusted Gross Margin (1) 53,190 12,721 65,911 52,382 - 52,382 Adjusted results from operating activities (1) $ 37,693 $ 4,623 $ 42,316 $ 36,981 $ - $ 36,981 Additional information:
Addition to property, plant and equipment and intangible assets
$
7,791
$ 737
$
8,529
$
6,011
$ -
$
6,011 (1) See “Non-GAAP measures” section.
Results from operation by segment
Sugar
Revenues
(In thousands of dollars, except volume) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Volume (MT) 163,253 168,723 337,397 337,099 Revenues $ 136,434 $ 163,566 $ 292,198 $ 323,170 The Company’s total sugar deliveries for the second quarter of the current fiscal year decreased by approximately 5,500 metric tonnes versus the same quarter last year but were approximately 300 metric tonnes higher in the first half of fiscal 2018. The decrease in revenues for the second quarter and for the first half of fiscal 2018 versus the comparable periods last year, is mainly explained by a decrease in the weighted average raw sugar values in fiscal 2018 and to a smaller extent, to the decrease in volume for the current quarter.
In the second quarter, the industrial market segment decreased by approximately 5,900 metric tonnes and by approximately 6,900 metric tonnes year-to-date when compared to the same periods last year. The decrease is mainly explained by timing in deliveries and a softening in demand from our customers.
The consumer market volume was slightly below last year for the current quarter and year-to-date with a decrease of approximately 1,200 metric tonnes and approximately 900 metric tonnes, respectively, both variations explained by timing in customers’ promotional activities.
Liquid volume was approximately 1,700 metric tonnes higher than the second quarter of last year due to additional demand from existing customers. Year-to-date, the liquid volume was approximately 5,500 metric tonnes higher than last year due to the deliveries of a high fructose corn syrup (“HFCS”) substitutable customer in Western Canada for the full first half of fiscal 2018 as opposed to five months in the same period of fiscal 2017 and to additional demand from existing customers.
Exports were approximately 100 metric tonnes lower than the second quarter of fiscal 2017 but higher by approximately 2,600 metric tonnes year-to-date due to timing in sales deliveries to Mexico, as well as additional U.S. high tier opportunistic sales versus last year’s comparative periods.
Gross Margin
Two major factors impact gross margins: the selling margin of the products and operating costs.
(In thousands of dollars, except per metric tonne information) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Gross margin $ 20,654 $ 16,605 $ 56,681 $ 44,781 Total adjustment to cost of sales (1) (2) 1,331 6,662 (3,491 ) 7,601 Adjusted gross margin $ 21,985 $ 23,267 $ 53,190 $ 52,382 Gross margin per metric tonne $ 126.51 $ 98.42 $ 167.99 $ 132.84 Adjusted gross margin per metric tonne $ 134.66 $ 137.90 $ 157.65 $ 155.39 (1) See “Non-GAAP measures” section.
(2) See “Adjusted results” within the unaudited condensed consolidated interim results of operation section and “Segmented information” section.
Gross margin of $20.7 million for the quarter and $56.7 million, year-to-date do not reflect the economic margin of the sugar segment, as it includes a loss of $1.3 million for the second quarter and a gain of $3.5 million year-to-date for the mark-to-market of derivative financial instruments as explained above. In fiscal 2017, a mark-to-market loss of $6.7 million and $7.6 million were recorded for the second quarter and year-to-date, respectively, resulting in gross margins of $16.6 million and $44.8 million, respectively.
We will therefore comment on adjusted gross margin results.
Adjusted gross margin for the quarter was $22.0 million compared to $23.3 million for the same quarter last year, a decrease of $1.3 million, due mainly to lower sales volume and lower by-product revenues. Adjusted gross margin per metric tonne of $134.66 was $3.24 lower than last year’s comparable period. The decrease is due mainly to the sales mix, lower volume and lower by-products revenues in the quarter. Year-to-date, adjusted gross margin of $53.2 million includes a non-cash pension plan income of $1.5 million recorded as a result of the approval by the Alberta Treasury Board and Finance of an amendment to the Alberta hourly pension plan. Excluding this non-cash income, adjusted gross margin was $51.7 million or $0.7 million lower than last year. The decrease is due mostly to lower by-product revenues and additional operating expenses. The year-to-date adjusted gross margin rate of $157.65 per metric tonne includes a gain of $4.38 for the non-cash pension plan income, explained above, thus reducing the adjusted gross margin rate to $153.27 per metric tonne as compared to $155.39 for fiscal 2017. The decrease of $2.12 per metric tonne is due mainly to the lower by-product revenues and to additional operating expenses.
Included in gross margin and adjusted gross margin is $3.1 million and $6.1 million of depreciation expense in cost of sales for the second quarter and year-to-date, respectively, which is comparable to last year.
Other expenses
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Administration and selling expenses $ 5,635 $ 5,312 $ 10,622 $ 10,602 Distribution costs $ 2,479 $ 2,509 $ 4,875 $ 4,799 Administration and selling expenses for the second quarter of fiscal 2018 were $0.3 million higher than the comparable period last year due to timing, while year-to-date administration and selling expenses were comparable to last year.
Distribution costs for the current quarter were comparable to last year and approximately $0.1 million higher on a year-to-date basis.
Results from operating activities
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Results from operating activities $ 12,540 $ 8,784 $ 41,184 $ 29,380 Adjusted results from operating activities $ 13,871 $ 15,446 $ 37,693 $ 36,981 The results from operating activities for the current quarter and the first half of fiscal 2018 of $12.5 million and $41.2 million, respectively, do not reflect the adjusted results from operating activities of the Company, as they include gains and losses from the mark-to-market of derivative financial instruments, as well as timing differences in the recognition of any gains and losses on the liquidation of derivative instruments. We will therefore comment on adjusted results from operating activities.
Adjusted results from operating activities for the second quarter of $13.9 million were $1.6 million lower than the comparable period year. The decrease is mainly due to lower by-product revenues and lower adjusted gross margin as a result of lower sales volume and higher administrative and selling expenses. Year-to-date, adjusted results were $0.7 million higher than the same period last year, but when excluding the non-cash pension plan income, were $0.8 million lower. The decrease is mainly explained by lower adjusted gross margin, as explained above, due to lower by-product revenues and additional operating expenses.
Maple products
Revenues
(In thousands of dollars and volume, in thousands of pounds) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Volume (pounds) 12,725 - 23,916 - Revenues $ 53,021 $ - $ 102,140 $ - Revenues include Decacer since its acquisition on November 18, 2017.
Gross Margin
Two major factors impact gross margins: the selling margin of the products and operating costs.
(In thousands of dollars, except adjusted gross margin percentage information) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Gross margin $ 6,401 $ - $ 13,487 $ - Total adjustment to cost of sales (1) (2) 221 - (766 ) - Adjusted gross margin $ 6,622 $ - $ 12,721 $ - Gross margin percentage 12.1 % - 13.2 % - Adjusted gross margin percentage 12.5 % - 12.5 % - (1) See “Non-GAAP measures” section.
(2) See “Adjusted results” within the unaudited condensed consolidated interim operating results section and “Segmented information” section.
Gross margin of $6.4 million and $13.5 million for the second quarter of fiscal 2018 and year-to-date do not reflect the economic margin of the Maple products segment, as it includes a loss of $0.2 million and a gain of $0.8 million for the mark-to-market of derivative financial instruments on foreign exchange contracts, respectively.
We will therefore comment on adjusted gross margin results.
Adjusted gross margin for the current quarter and the first six months of the fiscal year was $6.6 million and $12.7 million, respectively, representing an adjusted gross margin percentage of 12.5% for each period. However, included in cost of sales for the first half of fiscal 2018, was an amount of $0.3 million due to an increase in value of the finished goods inventory at the date of acquisition of Decacer. Under IFRS, all inventory of finished goods upon acquisition is valued at the estimated selling price less the sum of the costs of disposal, and a reasonable profit allowance for the selling effort of the acquirer which results in, lower selling margins when the acquired inventory is sold. As at December 30, 2017, there were no finished goods inventory remaining that existed as at the acquisition date. Without this adjustment, adjusted gross margin for the first six month of the year would have been $13.0 million or 12.7% of revenues.
Other expenses
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Administration and selling expenses $ 3,216 $ - $ 6,416 $ - Distribution costs $ 837 $ - $ 1,682 $ - Administration and selling expenses of $3.2 million and $6.4 million for the current quarter and year-to-date include non-recurring severance costs expensed to date of $0.8 million for the current quarter and of $1.1 million for the first six months of the year. Year-to-date administration and selling expenses also include $0.7 million in consulting fees and other costs incurred as a result of the acquisition of Decacer in the first quarter.
Included in administration and selling expenses were $1.1 million and $1.7 million in depreciation and amortization expense for the three and six month periods ended March 31, 2018.
Distribution expenses were $0.8 million for the current period and $1.7 million, year-to-date.
Results from operating activities
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Results from operating activities $ 2,348 $ - $ 5,389 $ - Adjusted results from operating activities $ 2,569 $ - $ 4,623 $ - The above results from operating activities reflect the earnings before interest and taxes of LBMT for the period and Decacer since its acquisition.
Adjusted results
In the normal course of business, the Company uses derivative financial instruments consisting of foreign exchange forward contracts, which are marked-to-market at each reporting date with the unrealized gains/losses charge to the consolidated statement of earnings. In addition, the acquisition by LBMT of Decacer has resulted in expenses that do not reflect the economic performance of the operation of LBMT. Finally, certain non-cash items and non-recurring expenses also had a negative impact on the results from operating activities. As such Management believes that the Maple products segment’s financial results are more meaningful to management, investors, analysts, and any other interested parties when financial results are adjusted for the above mentioned items.
The results of operations would therefore need to be adjusted by the following:
(In thousands of dollars) Three months ended Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Results from operating activities $ 2,348 $ - $ 5,389 $ - Total adjustment to cost of sales (1) (2) 221 - (766 ) - Adjusted results from operating activities 2,569 - 4,623 - Non-recurring expenses: Acquisition costs incurred (35 ) - 675 - Other non-recurring items 839 - 1,093 - Finished goods valued at the estimated selling price less disposal cost as of acquisition date
-
-
261
- Depreciation and amortization 1,532 - 2,455 - Maple products segment adjusted EBITDA (1) (2) $ 4,905 $ - $ 9,107 $ - (1) See “Non-GAAP measures” section.
(2) See “Adjusted results” within the unaudited condensed consolidated interim operating results section and “Segmented information” section.
Other non-recurring items represent severance costs expensed to date.
Summary of Quarterly Results
The following is a summary of selected financial information of the unaudited condensed consolidated interim financial statements and non-GAAP measures of the Company for the last eight quarters:
(In thousands of dollars, except for volume and per share information) QUARTERS
2018 2017 2016 Second First Fourth Third Second First Fourth Third Sugar Volume (MT) 163,253 174,144 183,397 173,969 168,723 168,376 187,179 169,481 Maple products volume (‘000 Lbs) 12,725 11,191 5,764 - - - - - $ $ $ $ $ $ $ $ Total revenues 189,455 204,883 192,984
166,363 163,566 159,604 161,733 138,600 Gross margin 27,055 43,113 22,631 9,886 16,605 28,176 32,418 36,721 EBIT 14,888 31,685 10,138 1,513 8,784 20,596 24,472 28,636 Net earnings 7,586 20,216 4,014 (448 ) 4,788 13,552 16,453 19,383 Gross margin rate per MT (1) 126.51 206.88 103.82 56.83 98.42 167.34 173.19 216.67 Gross margin percentage (2) 12.1 % 14.4 % 13.5 % - - - - - Per share Net earnings Basic 0.07 0.19 0.04 - 0.05 0.14 0.18 0.21 Diluted 0.07 0.18 0.04 - 0.05 0.14 0.16 0.19 Non-GAAP Measures Adjusted gross margin 28,607 37,303 28,034 22,843 23,267 29,115 29,615 20,356 Adjusted EBIT 16,440 25,875 15,541 14,470 15,446 21,535 21,669 12,271 Adjusted net earnings 8,617 15,848 7,938 9,030 9,628 14,118 14,263 7,259 Adjusted gross margin rate per MT (1) 134.66 179.19 134.18 131.31 137.90 172.92 158.22 120.11 Adjusted gross margin percentage (2) 12.5 % 12.4 % - - - 12.8 % - - Adjusted net earnings per share Basic 0.08 0.15 0.08 0.10 0.10 0.15 0.15 0.08 Diluted 0.07 0.14 0.08 0.10 0.10 0.14 0.14 0.08 (1) Gross margin rate per MT and adjusted gross margin rate per MT pertains to the Sugar segment only.
(2) Gross margin percentage and adjusted gross margin percentage pertains to the Maple products segment only
Historically the first quarter (October to December) of the fiscal year is the best quarter of the sugar segment for adjusted gross margins and adjusted net earnings due to the favourable sales mix associated with an increased proportion of consumer sales during that period of the year. At the same time, the second quarter (January to March) historically has the lowest volume as well as an unfavourable customer mix, resulting in lower revenues, adjusted gross margins and adjusted net earnings.
The increase in revenues for fiscal 2018 and the fourth quarter of fiscal 2017 is explained by the benefit of the LBMT acquisition on August 5, 2017 and of the Decacer’s acquisition on November 18, 2017. The timing of both acquisitions also had an impact on the maple product volume.
Liquidity
Cash flow generated by Lantic is paid to Rogers by way of dividends and return of capital on the common shares and by the payment of interest on the subordinated notes of Lantic held by Rogers, after taking a reasonable reserve for capital expenditures, debt reimbursement and working capital. The cash received by Rogers is used to pay administrative expenses, interest on the convertible debentures, income taxes and dividends to its shareholders. Lantic had no restrictions on distributions of cash arising from the compliance of financial covenants for the year.
(In thousands of dollars) Three months ended
Six months ended March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Net cash flow from (used in) operating activities $ 9,693 $ 16,869 $ (1,069 ) $ (2,427 ) Cash flow (used in) from financing activities (11,807 ) (15,459 ) 36,054 6,522 Cash flow used in investing activities (1,026 ) (3,136 ) (46,142 ) (4,433 ) Effect of changes in exchange rate on cash 103 - 171 - Net decrease in cash $ (3,037 ) $ (1,726 ) $ (10,986 ) $ (338 ) Net cash flow from operating activities was positive $9.7 million in the second quarter of fiscal 2018, compared to positive $16.9 million in the comparable quarter of fiscal 2017, resulting in a negative variance $7.2 million The decrease was due to a negative non-cash working capital variation of $13.9 million, an increase in interest paid of $2.2 million and an increase in pension plan contributions of $0.2 million partially offset by an increase of $6.1 million in EBIT and a decrease of $1.3 million in paid income taxes. Year-to-date, net cash flow from operating activities was negative $1.1 million compared to negative $2.4 million for the same period last year, an improvement of $1.3 million. The positive variance is mostly explained by an increase in EBIT of $17.2 million and lower income taxes paid of $4.1 million. Somewhat offsetting the positive variance is a negative non-cash working capital variation of $13.2 million, mostly attributable to the movement in accounts payable and inventories, higher interest paid of $3.6 million, a negative non-cash variance in fair value of derivative financial instruments of $3.4 million and higher pension plan contribution of $0.8 million. It should be noted that the acquisition of the working capital of Decacer is shown in investing activities and therefore, only the working capital variation between the acquisition date and March 31, 2018 is presented as part of the cash flow from operating activities.
Cash flow from financing activities decreased for the current quarter from $15.5 million to $11.8 million, a reduction of $3.7 million. During the current quarter, the Company issued Seventh series convertible unsecured subordinated debentures (“Seventh series debentures”) for a total amount of $81.2 million, net of underwriting and issuance fees. The proceeds from the Seventh series debentures were used to repay the outstanding balance of $60.0 million of the Fifth series convertible unsecured subordinated debentures (“Fifth series debentures”) as well as a portion of the revolving credit facility. Overall, during the current quarter, total borrowings declined by $2.3 million versus $7.0 million for the same period last year, a positive variation of $4.7 million. Somewhat offsetting this positive variance is an increase in dividend paid of $1.1 million as a result of the issuance of common shares under the public offering of July 2017. Year-to-date, cash flow from financing activities was $36.1 million for the first half of fiscal 2018 compared to $6.5 million last year, an increase of $29.6 million. The issuance of the Seventh series debentures, the repayment of the Fifth series debentures and the additional borrowings under the revolving credit, mostly related to the Decacer acquisition, resulted in a cash inflow of $55.2 million, as opposed to $23.0 million last year, a year-over-year positive variation of $32.2 million. Additional dividend paid of $2.1 million somewhat offset the positive variation versus the same period last year. In addition, the Company paid $0.1 million in financing fees associated with the additional borrowings to fund the Decacer acquisition. Finally, in the first half of fiscal 2017, a total amount of $0.4 million was received for stock options exercised.
The cash outflow used in investing activities decreased compared to the second quarter of fiscal 2017 by $2.1 million. During the quarter, the closing adjustments for the LBMT and Decacer acquisition were settled, resulting in a $3.1 million cash inflow. Somewhat reducing this positive variation is $1.0 million in additional capital and intangible assets spending. Year-to-date, cash flows from investing activities were $46.1 million compared to $4.4 million, a negative variation of $41.7 million, due mainly to the acquisition of Decacer, net of the closing adjustments of the second quarter, totalling $39.0 million. Also contributing to the negative variation is greater capital and intangible spending during the first six-month period of $2.7 million, in line with an increase in anticipated capital spending in fiscal 2018.
In order to provide additional information, the Company believes it is appropriate to measure free cash flow that is generated by the operations of the Company. Free cash flow is defined as cash flow from operations excluding changes in non-cash working capital, mark-to-market and derivative timing adjustments, amortization of transitional balances, financial instruments non-cash amount, and includes funds received or paid from the issue or purchase of shares, deferred financing charges paid and capital expenditures, net of operational excellence capital expenditures.. Free cash flow is a non-GAAP measure.
Free cash flow is as follows:
(In thousands of dollars) Three months ended
Six months ended
March 31,
2018 April 1,
2017 March 31,
2018 April 1,
2017 Net cash flow from (used in) operations $ 9,693 $ 16,869 $ (1,069 ) $ (2,427 ) Adjustments: Changes in non-cash working capital 5,431 (8,514 ) 37,175 23,939 Mark-to-market and derivative timing adjustments 2,043 7,287 (2,883 ) 9,074 Amortization of transitional balances (624 ) (712 ) (1,642 ) (1,675 ) Financial instruments non-cash amount (430 ) (294 ) 4,323 962 Capital expenditures (4,101 ) (3,136 ) (7,156 ) (4,433 ) Operational excellence capital expenditures 1,176 964 1,924 1,268 Share options exercised - - 428 Deferred financing charges - - (122 ) - Free cash flow (1) $ 13,188 $ 12,464 $ 30,550 $ 27,136 Declared dividends $ 9,517 $ 8,459 $ 19,034 $ 16,919 (1) See “Non-GAAP measures” section.
Free cash flow for the second quarter of 2018 was $13.2 million compared to $12.5 million for the same period last year, an increase of $0.7 million. The increase is mainly explained by an increase in adjusted EBITDA of $2.5 million (See “Non-GAAP measures” section in the MD&A), net of the non-cash pension income as well as a decrease in income taxes paid of $1.3 million. Offsetting a portion of the positive variance is an increase in interest paid of $2.2 million, higher capital expenditures, net of operational excellence capital expenditures of $0.8 million and an increase in pension plan contributions of $0.2 million. Year-to-date, free cash flow for the first half of fiscal 2018 amounted to $30.6 million compared to $27.2 million for the same period last year or an increase of $3.4 million. The increase is also explained by higher adjusted EBITDA of $4.1 million, net of the non-cash pension income of $6.3 million and lower income taxes paid. The same items that created a negative variance for the quarter also applied for the year-to-date free cash flow such as higher interest paid of $3.6 million, higher capital spending, net of operational excellence capital expenditures of $2.1 million and higher pension contributions of $0.8 million. In addition, in the first half of fiscal 2017, an amount of $0.4 million was received during the second quarter following the exercise of share options by executives, compared to none in the current six months period. Finally, the Company paid $0.1 million in deferred financing charges during the first quarter of the current year to amend the revolving credit facility.
Capital expenditures, net of operational excellence expenditures, were slightly higher in fiscal 2018, in line with an increase in anticipated capital spending in fiscal 2018. Operational excellence capital expenditures were $0.2 million and $0.7 million higher for the second quarter of the current fiscal year and year-to-date, when compared to the same periods last year. Free cash flow is not reduced by operational excellence capital expenditures, as these projects are not necessary for the operation of the plants, but are undertaken because of the substantial operational savings that are realized once the projects are completed.
Financing charges are paid when a new debt financing is completed and such charges are deferred and amortized over the term of that debt. The cash used in the year to pay for such fees is therefore not available and as a result is deducted from free cash flow.
The Company declared a quarterly dividend of 9.0 cents per common share, for a total amount of approximately $9.5 million for the current quarter and $19.0 million, for the first six months of fiscal 2018, versus to $8.5 million and $16.9 million for the comparable periods last year. The increase is due to the issuance of common shares pursuant to the offering made under a short term prospectus in July 2017.
Changes in non-cash operating working capital represent year-over-year movements in current assets, such as accounts receivable and inventories, and current liabilities, such as accounts payables. Movements in these accounts are due mainly to timing in the collection of receivables, receipts of raw sugar and payment of liabilities. Increases or decreases in such accounts are due to timing issues and therefore do not constitute free cash flow. Such increases or decreases are financed from available cash or from the Company’s available credit facility of $315.0 million. Increases or decreases in bank indebtedness are also due to timing issues from the above and therefore do not constitute available free cash flow.
The combined impact of the mark-to-market and financial instruments non-cash positive amount of $1.0 million for the current quarter and non-cash negative amount of $0.2 million year-to-date do not represent cash items as these contracts will be settled when the physical transactions occur, which is the reason for the adjustment to free cash flow.
Contractual obligations:
There are no significant changes in the contractual obligations table disclosed in the Management’s Discussion and Analysis of the September 30, 2017 Annual Report.
As at March 31, 2018, Lantic had commitments to purchase a total of 1,502,000 metric tonnes of raw sugar, of which 273,054 metric tonnes had been priced for a total dollar commitment of $121.0 million.
Subsequent to March 31, 2018, the Company entered into an additional two years agreement with the Alberta Sugar Beet Growers (“ASBG”) for the 2019 and 2020 crops, to be harvested and processed in fiscal 2020 and 2021.
Capital resources:
On December 20, 2017, the Company amended its existing revolving credit facility thereby increasing its available credit by $40.0 million by drawing additional funds under the accordion feature embedded in the revolving credit facility (“Additional Accordion Borrowings”). As a result of the amended revolving credit facility and the Additional Accordion Borrowings, the Company has a total of $315.0 million of available working capital from which it can borrow at prime rate, LIBOR rate or under bankers’ acceptances, plus 20 to 250 basis points, based on achieving certain financial ratios. As at March 31, 2018, a total of $391.4 million have been pledged as security for the revolving credit facility, compared to $339.7 million as at April 1, 2017, including trade receivables, inventories and property, plant and equipment. The maturity date of the amended revolving credit facility is June 28, 2022.
At March 31, 2018, $204.0 million had been drawn from the working capital facility and $6.0 million in cash was also available.
Cash requirements for working capital and other capital expenditures are expected to be paid from available cash resources and funds generated from operations. Management believes that the unused credit under the revolving facility is adequate to meet any future cash requirements.
OUTSTANDING SECURITIES
During the quarter, some holders of the Fifth series debentures converted a total of $10 thousands into 1,388 common shares. As a result, a total of 105,744,940 shares were outstanding as at March 31, 2018 and May 1, 2018.
On March 28, 2018, the Company issued $85.0 million of 4.75% Seventh series debentures, maturing June 30, 2025, with interest payable semi-annually in arrears on June 30 and December 31 of each year, starting June 30, 2018. The Seventh series debentures may be converted at the option of the holder at a conversion price of $8.85 per share (representing 9,604,519 common shares) at any time prior to maturity, and cannot be redeemed prior to June 30, 2021. On or after June 30, 2021and prior to June 30, 2023, the Seventh series debentures may be redeemed by the Company only if the weighted average trading price of the share, for 20 consecutive trading days, is at least 125% of the conversion price of $8.85. Subsequent to June 30, 2023, the Seventh series debentures are redeemable at a price equal to the principal amount thereof plus accrued and unpaid interest.
On April 3, 2018, the Company issued an additional $12.8 million Seventh series debentures pursuant to the exercise in full of the over-allotment option granted by the Company. The additional Seventh series debentures carry the same term and condition as those issued on March 28, 2018 and may be converted at the option of the holder at a conversion price of $8.85 per share (representing an additional 1,440,677 common shares).
Following the issuance of the Seventh series debentures on March 28, 2018, the Company used a portion of the funds to repay the Fifth series debentures totalling $60.0 million at a price equal to the principal amount thereof plus accrued and unpaid interest as of March 28, 2018.
On December 4, 2017, a total of 1,065,322 share options were granted at a price of $6.23 per common share to certain executives and senior managers. Last year, on December 5, 2016, the Company granted a total of 360,000 share options to certain executives at an exercise price of $6.51. These options are exercisable to a maximum of twenty percent per year, starting after the first anniversary date of the granting of the options and will expire after a term of ten years. Upon termination, resignation, retirement, death or long-term disability, all shares granted under the Share Option Plan not vested are forfeited.
In addition, during the first quarter, a Performance Share Unit plan (“PSU”) was created and on December 4, 2017, a total of 224,761 PSUs were granted to executives. In addition, an aggregate of 3,145 PSUs were allocated as a result of the dividend paid during the current quarter. Therefore, an aggregate amount of 227,906 PSUs are outstanding as at March 31, 2018. These PSUs will vest at the end of the 2017-2020 Performance Cycle based on the achievement of total shareholder returns set by the Human Resources and Compensation Committee (“HRCC”) and the Board of Directors of the Company. The value to be paid-out to each participant will be equal to the result of: the number of PSUs granted to the participant which have vested, multiplied by the volume weighted average closing price of the Common Shares on the Toronto Stock Exchange (the “TSX”) for the five trading days immediately preceding the day on which the Company shall pay the value to the participant under the PSU Plan.
CRITICAL ACCOUNTING ESTIMATES AND ACCOUNTING POLICIES
There were no significant changes in the critical estimate and accounting policies disclosed in the Management’s Discussion and Analysis of the September 30, 2017 Annual Report, except as follows:
• Employee benefits:
Cash-settled performance share units:
During the first quarter, the Company implemented a Performance Share Units plan (“PSUs”) entitling executives to a cash payment. A liability is recognized for the services acquired and is recorded at fair value based on the share price of the Company’s Common Shares in payables with a corresponding expense recognized in administration and selling expenses. The amount recognized as an expense is adjusted to reflect the number of units for which the related service and performance conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the units of awards that meet the related service and market performance conditions at the vesting date. At the end of each reporting period until the liability is settled, the fair value of the liability is re-measured, with any changes in fair value recognized in the consolidated statement of earnings of the period.
SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies as disclosed in the Company’s audited annual consolidated financial statements for the year ended September 30, 2017 have been applied consistently in the preparation of these unaudited condensed consolidated interim financial statements except as noted below:
IAS 7, Disclosure Initiative:
On January 7, 2016 the IASB issued Disclosure Initiative (amendments to IAS 7). The amendments apply prospectively for annual periods beginning on or after January 1, 2017. Earlier application is permitted.
The amendments require disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, includes both changes arising from cash flow and non-cash changes. One way to meet this new disclosure requirement is to provide a reconciliation between the opening and closing balances for liabilities from financing activities.
The Company adopted the amendments to IAS 7 in its consolidated financial statements for the annual period beginning on October 1, 2017. The adoption of the standard did not have an impact on the consolidated interim financial statements. IAS 12, Recognition of Deferred Tax Assets for Unrealized Losses :
On January 19, 2016 the IASB issued Recognition of Deferred Tax Assets for Unrealized Losses (Amendments to IAS 12). The amendments apply retrospectively for annual periods beginning on or after January 1, 2017. Earlier application is permitted.
The amendments clarify that the existence of a deductible temporary difference depends solely on a comparison of the carrying amount of an asset and its tax base at the end of the reporting period, and is not affected by possible future changes in the carrying amount or expected manner of recovery of the asset. The amendments also clarify the methodology to determine the future taxable profits used for assessing the utilization of deductible temporary differences.
The Company adopted the amendments to IAS 12 in its consolidated interim financial statements for the annual period beginning on October 1, 2017. The adoption of the amendments did not have an impact on the consolidated interim financial statements. Annual Improvements to IFRS Standards (2014-2016) Cycle:
On December 8, 2016 the IASB issued narrow-scope amendments to three standards as part of its annual improvements process. Each of the amendments has its own specific transition requirements and effective date.
Amendments were made to the following standard: Clarification that IFRS 12, Disclosures of Interests in Other Entities also applies to interests that are classified as held for sale, held for distribution, or discontinued operations, effective retrospectively for annual periods beginning on or after January 1, 2017.
The Company adopted the amendment in its consolidated interim financial statements for the annual period beginning October 1, 2017. The adoption of the amendments did not have an impact on the consolidated interim financial statements.
CHANGES IN ACCOUNTING PRINCIPLES AND PRACTICES NOT YET ADOPTED
A number of new standards, and amendments to standards and interpretations, are not yet effective and have not been applied in preparing these unaudited condensed interim consolidated financial statements. New standards and amendments to standards and interpretations that are currently under review include:
IFRS 15, Revenue from Contracts with Customers :
On May 28, 2014 the IASB issued IFRS 15 Revenue from Contracts with Customers . IFRS 15 will replace IAS 11 Construction Contracts , IAS 18 Revenue , IFRIC 13 Customer Loyalty Programmes , IFRIC 15 Agreements for the Construction of Real Estate , IFRIC 18 Transfer of Assets from Customers , and SIC 31 Revenue – Barter Transactions Involving Advertising Services . The new standard is effective for years beginning on or after January 1, 2018. Earlier application is permitted.
The standard contains a single model that applies to contracts with customers and two approaches to recognizing revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing of revenue recognized.
The new standard applies to contracts with customers. It does not apply to insurance contracts, financial instruments or lease contracts, which fall in the scope of other IFRSs.
The Company intends to adopt IFRS 15 in its consolidated financial statements for the year beginning on September 30, 2018. The extent of the impact of adoption of the standard on the consolidated financial statements of the Company has not yet been determined. IFRS 16, Leases :
On January 13, 2016 the IASB issued IFRS 16 Leases . The new standard is effective for annual periods beginning on or after January 1, 2019. Earlier application is permitted for entities that apply IFRS 15 Revenue from Contracts with Customers at or before the date of initial adoption of IFRS 16. IFRS 16 will replace IAS 17 Leases .
This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments.
This standard substantially carries forward the lessor accounting requirements of IAS 17, while requiring enhanced disclosures to be provided by the lessors. Other areas of the lease accounting model have been impacted, including the definition of a lease. Transitional provisions have been provided.
The Company intends to adopt IFRS 16 in its consolidated financial statements for the annual period beginning on September 29, 2019. The extent of the impact of adoption of the standard on the consolidated financial statements of the Company has not yet been determined.
Additional new standards, and amendments to standards and interpretations, include: IFRS 2, Classification and Measurement of Share-based Payment Transactions , Annual Improvements to IFRS Standards (2014-2016) Cycle and (2015-2017) Cycle, IFRIC 22, Foreign Currency Transactions and Advance Consideration and IFRIC 23 Uncertainty over Income Tax Treatments . The Company intends to adopt these new standards, and amendments to standards and interpretations, in its consolidated financial statements in each of their respective annual period for which they become applicable. The extent of the impact of adoption of these new standards, and amendments to standards and interpretations, has not yet been determined. Refer to note 3 (d) to the unaudited condensed consolidated interim financial statements for more detail.
RISK FACTORS
Risk factors in the Company’s business and operations are discussed in the Management’s Discussion and Analysis of our Annual Report for the year ended September 30, 2017. This document is available on SEDAR at www.sedar.com or on one of our websites at www.lantic.ca or www.rogerssugarinc.com .
OUTLOOK
In fiscal 2018, we expect the industrial and consumer market segment to decrease slightly compared to fiscal 2017.
The liquid market segment should continue to be strong, benefitting from some growth with existing customers, the recapture of some of the volume loss in fiscal 2017 and the benefit of a full year of supply to a large bottler account in Western Canada. As a result, we expect the liquid market segment to surpass fiscal 2017 by approximately 10,000 metric tonnes.
As for the export segment, additional volume was booked during the quarter for high tier sales to the U.S. and therefore, we now anticipate an increase from our previous outlook from approximately 5,000 metric tonnes to approximately 10,000 metric tonnes. The improvement in volume compared to fiscal 2017 is expected to come from additional sales to Mexico and U.S. high tier opportunistic sales.
Overall, we expect total volume to increase by approximately 10,000 metric tonnes.
In fiscal 2018, the Company will benefit from a full year of operations for LBMT and approximately ten months for Decacer, since its acquisition on November 18, 2017. The Maple products segment is comprised of both LBMT and Decacer. As of February 1, 2018 and as previously communicated, Management’s expectations for the Adjusted EBITDA of LBMT and Decacer were $18.4 million and $4.5 million, respectively, for fiscal 2018 and $20.5 million and $5.1 million, respectively, for fiscal 2019. As a result, the anticipated Maple products segment Adjusted EBITDA was expected to total $22.9 million for fiscal 2018 and $25.6 million for fiscal 2019. As of the date of this MD&A, Management now anticipates that the Maple products segment Adjusted EBITDA for fiscal 2018 will be lower than expected and should amount to $19.9 million and $21.1 million for fiscal 2019.
The lower than anticipated results for the 2018 fiscal year are mainly attributable to a reduction in sales, foreign exchange impact and delays in operational excellence synergies for LBMT, due to the acquisition of Decacer. To date, revenues for the Maple product segment were below expectations as a result of some customer losses due to strategic reasons and/or competitive activities and the impact on the Maple products segment Adjusted EBITDA from the lower than expected revenues should be approximately $1.0 million. Secondly, due to a stronger Canadian dollar versus last year, foreign exchange on sales booked prior to the LBMT acquisition and hedged after, had a negative impact for the first six months of the year and is expected to continue into the second half of the year to total approximately an $0.8 million, which would explain a portion of the lower than previously anticipated Maple products segment Adjusted EBITDA. Finally, following the acquisition of Decacer, the Company delayed implementing some of the operational excellence synergies for LBMT as to include the newly acquired assets of Decacer and therefore delaying the implementation of the overall operational efficiencies into fiscal 2020. As a result of the delays, Management has lowered its anticipated operational excellence synergies for the Maple products segment Adjusted EBITDA for fiscal 2018 by approximately $0.9 million. The above items mainly explain the $3.0 million lower than anticipated results for the fiscal 2018 Maple products segment Adjusted EBITDA that is now expected as of the date of this MD&A.
With regards to fiscal 2019, the lower than anticipated 2018 Maple products segment Adjusted EBITDA is expected to carry through into next year. In addition, the lost sales experienced in the last six months are not expected to be recovered through higher than planned sales growth in fiscal 2019, which would have a negative impact of approximately $0.5 million. In addition, the analysis undertaken of all our Maple operations, as discussed above, will take an additional year to be implemented. Finally, syrup procurement costs are expected to be slightly higher in fiscal 2019 due to the mixed results from the spring 2018 harvest season, which would impact a portion of next fiscal year.
Turning back to the Sugar segment, we expect energy costs to increase by approximately $1.5 million in fiscal 201 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-rogers-sugar-inc-2nd-quarter-2018-results.html |
May 16, 2018 / 4:35 PM / Updated an hour ago Oxfam boss hit by Haiti scandal to stand down Reuters Staff 2 Min Read
LONDON (Reuters) - Oxfam Great Britain chief executive Mark Goldring, who was criticised for his handling of a scandal over the use of prostitutes in Haiti by Oxfam staff, will stand down at the end of the year, the organisation said on Wednesday. FILE PHOTO: Oxfam chief executive Mark Goldring visits Al Zaatri refugee camp in the Jordanian city of Mafraq, near the border with Syria, April 30, 2013. REUTERS/ Majed Jaber/File Photo
“Following the very public exposure of Oxfam’s past failings, we have redoubled our efforts to ensure that Oxfam is a safe and respectful place for all who have contact with us,” Goldring said in a statement.
“We are now laying strong foundations for recovery. I am personally totally committed to seeing this phase through.”
Oxfam launched investigations into nearly 30 cases of misconduct reported after the Haiti scandal broke in February.
But Goldring was forced to apologise for saying that the wave of condemnation of the organisation was disproportionate because it had not “murdered babies in their cots.”
In its statement on Wednesday, Oxfam said Goldring, who has been CEO since 2013, oversaw the biggest annual humanitarian response in its history in 2016, covering the refugee crisis as well as conflicts from Yemen and Syria to South Sudan.
He also ensured Oxfam improved its safeguarding practices after the sexual abuse case by staff in Haiti in 2011, shortly after a devastating earthquake in the country, Oxfam said. Reporting by Alistair Smout; Writing by William Schomberg; editing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/britain-oxfam/oxfam-boss-hit-by-haiti-scandal-to-stand-down-idINKCN1IH2CO |
May 24, 2018 / 7:03 PM / Updated 20 minutes ago J&J must pay $4 million in punitive damages in latest asbestos cancer trial Tina Bellon 3 A California jury on Thursday ordered Johnson & Johnson to pay $4 million in punitive damages to a woman who said she developed cancer after being exposed to asbestos in the company’s baby powder, pushing the total damages award in the case to $25.7 million. FILE PHOTO: A Johnson & Johnson building is shown in Irvine, California, U.S., January 24, 2017. REUTERS/Mike Blake - RC1870D27370
The decision in Los Angeles Superior Court comes on top of $21.7 million in compensatory damages that the same jury awarded to the woman and her husband on Wednesday.
Joanne Anderson, 68, was diagnosed with mesothelioma, a form of cancer closely linked to asbestos exposure. The case marked the second trial loss for J&J over similar allegations.
J&J has denied that its talc products contain asbestos or cause cancer, citing decades of testing by independent laboratories and scientists. But plaintiffs claim asbestos and talc, which are closely linked minerals, are intermingled in the mining process, making it impossible to remove the carcinogenic substance.
Of Wednesday’s $21.7 million in compensatory damages, J&J was assigned 67 percent of the liability, Anderson’s lawyer, Chris Panatier, said.
In addition to J&J, Anderson and her husband last year sued a unit of Imerys SA, Cyprus Amax Minerals, a unit of Brenntag, Honeywell International and other talc suppliers. It was not immediately clear whether any companies besides J&J were subject to the verdict.
The Imerys unit, Imerys Talc America, was previously dismissed from the lawsuit, a spokesman said.
Panatier on Thursday did not immediately respond to a request for comment.
J&J in a statement said it was disappointed with the decision and would begin the appeals process. “We will continue to defend the safety of our product because it does not contain asbestos or cause mesothelioma,” the company said.
J&J is battling some 9,000 cases claiming its talc products cause ovarian cancer, but the talc litigants have recently focused on claims based on alleged asbestos contamination.
A New Jersey state court jury in April ordered J&J and Imerys Talc America to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from J&J Baby Powder.
An appeal is pending.
A California jury in November last year cleared J&J of liability in another mesothelioma lawsuit.
The company and Imerys’ U.S. unit, as well as a unit of U.S. drugstore chain Rite Aid, are also facing another mesothelioma trial in a South Carolina court. Reporting by Tina Bellon in New York; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://www.reuters.com/article/us-johnson-johnson-cancer-lawsuit/jj-must-pay-4-million-in-punitive-damages-in-latest-asbestos-cancer-trial-idUSKCN1IP3BZ |
May 3 (Reuters) - Gokaldas Exports Ltd:
* SAYS APPROVES ISSUE OF 7.7 MILLION SHARES WORTH 693.7 MILLION RUPEES Source text - bit.ly/2FE0ULn
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-gokaldas-exports-approves-issue-of/brief-gokaldas-exports-approves-issue-of-shares-worth-693-7-mln-rupees-idUSFWN1SA0Z3 |
May 14 (Reuters) - CURO Group Holdings Corp:
* CURO ANNOUNCES COMMENCEMENT OF PROPOSED SECONDARY OFFERING OF COMMON STOCK
* CURO GROUP HOLDINGS CORP - CERTAIN OF CURO’S STOCKHOLDERS ARE OFFERING 5 MILLION SHARES OF CO’S COMMON STOCK FOR SALE
* CURO GROUP HOLDINGS-SELLING STOCKHOLDERS INTEND TO GRANT UNDERWRITERS 30-DAY OPTION TO PURCHASE UP TO ADDITIONAL 750,000 SHARES OF CO’S COMMON STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-curo-group-announces-proposed-seco/brief-curo-group-announces-proposed-secondary-offering-of-common-stock-idUSASC0A23B |
May 2 (Reuters) - JM Financial Ltd:
* MARCH QUARTER CONSOL NET PROFIT 1.89 BILLION RUPEES VERSUS PROFIT 1.51 BILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 8.58 BILLION RUPEES VERSUS 6.75 BILLION RUPEES YEAR AGO
* DECLARED FINAL DIVIDEND OF 1.10 RUPEES PER SHARE Source text - bit.ly/2KvbacK Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-jm-financial-march-qtr-cons/brief-indias-jm-financial-march-qtr-consol-profit-rises-idUSFWN1S90AV |
Everything went backwards at Snap and they are in the penalty box: Fmr. Yahoo COO 2 Hours Ago Chegg President and CEO Dan Rosensweig discusses the challenges Snap faces including costly redesign, advertising hurdles and fewer users. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/everything-went-backwards-at-snap-and-they-are-in-the-penalty-box-fmr-yahoo-coo.html |
Tech can still lead the markets higher, says Jon Maier 3:10pm EDT - 05:58
Global X's CIO tells Reuters' Fred Katayama Wall Street may still be in the mid-cycle of an extended bull run and companies with disruptive technologies can still exercise market leadership.
Global X's CIO tells Reuters' Fred Katayama Wall Street may still be in the mid-cycle of an extended bull run and companies with disruptive technologies can still exercise market leadership. //reut.rs/2GdRqqH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/tech-can-still-lead-the-markets-higher-s?videoId=426910104 |
NEW YORK (Reuters) - China is positioned to be a chief beneficiary of the U.S. decision to withdraw from the Iran nuclear deal as it would give China leverage to demand oil imports be priced in yuan, several currency experts said on Thursday.
FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo President Donald Trump is preparing to impose new sanctions on Iran, the White House said on Wednesday, following the U.S. withdrawal from the multinational 2015 agreement that stalled Iran’s nuclear programme.
The sanctions would aim to limit global trade of the oil producer’s crude. The effects may be muted as major Asian importers, China chief among them, are likely to continue buying Iranian oil.
The People’s Republic stands to benefit if it can use its leverage as the world’s largest importer of crude by insisting that its oil purchases from Iran be priced in yuan.
Oil is priced and traded in U.S. dollars because of the dominance of the dollar-denominated Brent and West Texas Intermediate benchmarks. Pricing imports in yuan would therefore spare China the cost of exchanging dollars, and would increase the use of the renminbi in global financial trade, which could ultimately hurt the dollar’s international clout.
Iran’s exports are expected to decrease, as are foreign investments in the country. That would hurt not just Iran’s economy but also the dollar’s liquidity, as the global oil trade undergirds the greenback, said Edward Al-Hussainy, senior analyst, global rates and currency at Columbia Threadneedle in Minneapolis. This provides Iran an incentive to approach the People’s Bank of China to discuss a yuan-denominated deal.
During the last round of sanctions prior to the nuclear deal, Iran’s oil supplies fell by around one million barrels per day. But its oil minister said on Thursday that Trump’s decision to quit the pact would not affect Tehran’s exports.
In the interest of exerting more control over the price of oil imports, China in March launched a crude futures exchange that could become a yuan-denominated benchmark to rival Brent and WTI.
“China is the largest commodity producer in the world and the largest commodity consumer in the world, so it would make sense that Chinese futures that are close to the areas of supply and demand would be a more natural benchmark than the U.S. markets,” said Marwan Younes, founder and chief investment officer of Massar Capital Management in New York.
Shortly after the exchange launched, Reuters reported on March 29 that Chinese regulators had informally asked a handful of financial institutions to prepare for pricing China’s crude imports in the yuan, according to three sources at some of the financial firms.
Both endeavours are part of a larger effort by Beijing to establish its currency internationally.
China has further incentive to establish an interest in Iran’s oil industry, as the country lies at the crossroads of China’s “One Belt, One Road” project, which aims to invest more than $1 trillion in infrastructure from railroads and ports to energy, in more than 60 countries spanning Europe, Africa and Asia.
Reporting by Kate Duguid; Editing by Bill Berkrot
| ashraq/financial-news-articles | https://in.reuters.com/article/iran-nuclear-china-oil/iran-oil-sanctions-could-advance-chinas-petro-yuan-idINKBN1IB32F |
May 17, 2018 / 4:10 PM / Updated an hour Sussex and Kent on Thursday at Hove, England Sussex win by 7 wickets Kent 1st innings Daniel Bell-Drummond c Danny Briggs b Ishant Sharma 90 Joe Denly b Ishant Sharma 0 Zak Crawley b Oliver Robinson 5 Heino Kuhn b Oliver Robinson 6 Alex Blake lbw Luke Wells 29 Darren Stevens c Luke Wells b Danny Briggs 4 Adam Rouse lbw Danny Briggs 2 Calum Haggett lbw Danny Briggs 8 Matt Henry c Luke Wright b Luke Wells 3 Imran Qayyum c Laurie Evans b Oliver Robinson 9 Mitchell Claydon Not Out 7 Extras 5b 14lb 4nb 0pen 2w 25 Total (43.3 overs) 188 2 Denly, 2-19 Crawley, 3-25 Kuhn, 4-110 Blake, 5-117 Stevens, 6-129 Rouse, 7-141 Haggett, 8-150 Henry, 9-165 Qayyum, 10-188 Bell-Drummond Oliver Robinson 7 1 31 3 4.43 1nb Ishant Sharma 7.3 0 24 2 3.20 David Wiese 4 0 25 0 6.25 1w George Garton 5 0 36 0 7.20 1w 1nb Danny Briggs 10 1 23 3 2.30 Luke Wells 10 0 30 2 3.00 Sussex 1st innings Luke Wells b Matt Henry 62 Luke Wright c Darren Stevens b Mitchell Claydon 4 Harry Finch c Adam Rouse b Matt Henry 9 Ben Brown Not Out 73 Laurie Evans Not Out 38 Extras 1b 0lb 0nb 0pen 2w 3 Total (39.5 overs) 189-3 Fall of Wickets : 1-8 Wright, 2-19 Finch, 3-126 Wells Did Not Bat : Burgess, Wiese, Robinson, Briggs, Garton, Sharma Mitchell Claydon 8 1 32 1 4.00 2w Matt Henry 8 2 30 2 3.75 Calum Haggett 5 0 32 0 6.40 Imran Qayyum 9 0 46 0 5.11 Joe Denly 3 0 20 0 6.67 Darren Stevens 6 0 25 0 4.17 Daniel Bell-Drummond 0.5 0 3 0 3.60 Umpire Ian Blackwell Umpire Martin Saggers Home Scorer Mike Charman Away Scorer Lorne Hart | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5HVRL10I |
SALT LAKE CITY, May 1, 2018 /PRNewswire/ -- Recursion Pharmaceuticals , a biotechnology company that combines artificial intelligence (AI), experimental biology, and automation to discover drugs at scale, today announced it has hired Kevin Lynch, Ph.D., MBA as Chief Business Officer. Dr. Lynch joins Recursion after 22 years at AbbVie. He most recently served as the Vice President of Search and Evaluation, prior to which he served as Director of Licensing and Business Development.
Dr. Lynch joins Recursion during a rapid expansion in the company's drug discovery efforts. Over the past 12 months, Recursion has extended its therapeutic reach beyond genetic disease, into areas including immunology and inflammation, immuno-oncology, and infectious disease. Under Dr. Lynch's leadership, the company aims to vigorously expand its preclinical pipeline in these areas, among others, and to pursue strategic partnerships to accelerate the development of innovative new medicines for patients with indications of high unmet medical need.
"Kevin is an enormous asset to our team. His decades of business development experience with an innovative organization such as AbbVie, and his extensive track record of in-licensing, collaborations, and strategic out-licensing will be invaluable as we drive our drug discoveries forward into the clinic," said Chris Gibson, Ph.D., Co-founder and CEO of Recursion. "In addition, Kevin is passionate about bringing new treatments to patients, which is central to Recursion's mission of decoding biology to radically improve lives."
By applying advanced machine learning algorithms to a rapidly-growing dataset of more than one petabyte (equivalent to about 250,000 1080p movie files) of relatable biological images generated in-house on Recursion's discovery platform, the company is able to discover new chemical entities, predict mechanisms of action, reveal previously undiscovered biology, and map compounds to any disease that can be modeled in human cells. Through this massively parallel approach, Recursion aims to bring treatments to the clinic much faster and more cost-efficiently than previously possible.
"There's a lot of recent enthusiasm in the industry for the application of machine learning techniques to drug discovery and development, and for good reason. Given the right data set, which Recursion has uniquely built, these techniques have the near-term potential to massively improve the breadth of biology accessible to scientists, provide biologically meaningful insights into disease, and significantly reduce the time and cost of discovery and development," said Dr. Lynch. "I'm eager to work with Recursion, the world's leading team in AI-powered drug discovery, and I'm excited to work with collaborators and partners to drive these drug discovery programs forward."
About Recursion Pharmaceuticals, Inc.
Recursion Pharmaceuticals is a biotechnology company combining experimental biology and automation with artificial intelligence in a massively parallel system to efficiently identify and de-risk potential drugs for diverse indications, including genetic disease, inflammation, immunology, and infectious disease. Recursion applies causative perturbations to human cells to generate disease models and associated biological image data. Recursion's rich, relatable database of biological images is then probed using advanced machine learning approaches, revealing drug candidates, mechanisms of action, and potential toxicity, with the eventual goal of decoding biology and advancing new therapeutics to radically improve lives. Recursion is headquartered in Salt Lake City. Learn more at www.recursionpharma.com , or connect on Twitter , Facebook , and LinkedIn .
View original content: http://www.prnewswire.com/news-releases/pharmaceutical-business-development-leader-dr-kevin-lynch-joins-recursion-as-chief-business-officer-300639588.html
SOURCE Recursion Pharmaceuticals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-pharmaceutical-business-development-leader-dr-kevin-lynch-joins-recursion-as-chief-business-officer.html |
(Corrects deal value in the headline to ‘$3.02 bln’ from ‘$3.2 bln’)
April 30 (Reuters) - Investment adviser Financial Engines Inc said on Monday it would be bought by U.S. buyout firm Hellman & Friedman for about $3.02 billion in cash.
Shareholders of Financial Engines will receive $45.00 per share in cash, a premium of 32.5 percent as of Friday close.
The transaction is expected to close in the third quarter of 2018. (Reporting By Aparajita Saxena in Bengaluru; Editing by Anil D’Silva)
| ashraq/financial-news-articles | https://www.reuters.com/article/financial-ma-hellmanfriedman/hellman-friedman-to-buy-financial-engines-for-3-2-bln-idUSL3N1S74MH |
May 8 (Reuters) - La Quinta Holdings Inc:
* Q1 LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $-0.01 — THOMSON REUTERS I/B/E/S
* GREW SYSTEM-WIDE COMPARABLE REVPAR 4.3 PERCENT IN QUARTER
* QTRLY TOTAL REVENUES $228.8 MILLION VERSUS $234.3 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-la-quinta-holdings-q1-loss-per-sha/brief-la-quinta-holdings-q1-loss-per-share-0-13-idUSASC0A0PP |
RALEIGH, N.C., May 22, 2018 (GLOBE NEWSWIRE) -- BioDelivery Sciences International, Inc. (NASDAQ:BDSI) today announced it has closed its previously announced $50 million registered direct offering of newly designated Series B Non-Voting Convertible Preferred Stock. The offering closed on May 21, 2018, yielding net proceeds of $48.9 million to BDSI.
As previously announced, as part of the financing closing, Broadfin Capital Managing Partner Kevin Kotler joined BDSI’s board, along with pharmaceutical industry veterans Todd Davis and Peter Greenleaf, who were selected by Broadfin.
Furthermore, Peter Greenleaf has been named as Chairman of the BDSI Board of Directors effective immediately. Mr. Greenleaf is currently the Chief Executive Officer of Cerecor, Inc. (NASDAQ:CERC), and previously served as the Chief Executive Officer of Sucampo Pharmaceuticals, Inc. through its sale to Mallinckrodt PLC in February 2018. Dr. O’Donnell will remain as member of the board of directors and the company would like to recognize him for his many years of service as Chairman.
“I welcome the opportunity to lead the BDSI Board of Directors at a very exciting time in the company’s evolution and behind a new CEO, a newly reconstituted Board, and a significantly strengthened balance sheet,” said Peter Greenleaf. “I look forward to working collaboratively with the Board and management to build shareholder value and to take the company to the next level.”
About BioDelivery Sciences International
BioDelivery Sciences International, Inc. (NASDAQ:BDSI) is a specialty pharmaceutical company with a focus in the areas of pain management and addiction medicine. BDSI is utilizing its novel and proprietary BioErodible MucoAdhesive (BEMA ® ) technology and other drug delivery technologies to develop and commercialize, either on its own or in partnership with third parties, new applications of proven therapies aimed at addressing important unmet medical needs.
BDSI's marketed products and those in development address serious and debilitating conditions such as breakthrough cancer pain, chronic pain, and opioid dependence. BDSI's headquarters is in Raleigh, North Carolina.
Cautionary Note on Forward-Looking Statements
This press release and any statements of stockholders, directors, employees, representatives and partners of BioDelivery Sciences International, Inc. ("BDSI") related thereto contain, or may contain, among other things, certain " " within the meaning of the Private Securities Litigation Reform Act of 1995. Such involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the satisfaction of the closing conditions to the offering and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the BDSI's management and are subject to significant risks and uncertainties, including those detailed in the BDSI's filings with the Securities and Exchange Commission. Actual results (including, without limitation, the results and performance of the financing and new Board chairman described herein) may differ significantly from those set forth or implied in the . These involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the BDSI's control). BDSI undertakes no obligation to publicly update any , whether as a result of new information, future presentations or otherwise, except as required by applicable law.
BDSI ® , BEMA ® , ONSOLIS ® , BUNAVAIL ® and BELBUCA ® are registered trademarks of BioDelivery Sciences International, Inc. The BioDelivery Sciences, BUNAVAIL, and BELBUCA logos are trademarks owned by BioDelivery Sciences International, Inc. All other trademarks and tradenames are owned by their respective owners.
© 2018 BioDelivery Sciences International, Inc. All rights reserved.
Contacts
Mary Coleman
BioDelivery Sciences International, Inc.
919-582-9050
[email protected]
Monique Kosse
Managing Director
LifeSci Advisors
212-915-3820
[email protected]
Source:BioDelivery Sciences International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-biodelivery-sciences-announces-closing-of-50-million-equity-financing-and-appointment-of-peter-greenleaf-as-chairman-of-the.html |
For most tasks, the only computer you need is the one in your pocket. WSJ's David Pierce shows you accessories to help put your iPhone or Android phone to work. Photo/Video: Emily Prapuolenis/The Wall Street Journal | ashraq/financial-news-articles | http://live.wsj.com/video/turn-your-phone-into-a-powerful-pc/54422190-43D8-40D3-97F5-3FA741563A8F.html |
May 13, 2018 / 9:33 AM / Updated 3 hours ago Mahathir, Anwar step in as tensions flare within Malaysia's ruling alliance Joseph Sipalan , A. Ananthalakshmi 4 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad and jailed politician Anwar Ibrahim tried to ease a rift within the ruling alliance on Sunday after differences erupted between their supporters over cabinet positions. Malaysia's newly elected Prime Minister Mahathir Mohamad attends a news conference in Menara Yayasan Selangor, Pataling Jaya, Malaysia May 12, 2018. REUTERS/Stringer
The four-party alliance scored a historic victory in Wednesday’s general election over the long-ruling Barisan Nasional government, but the emergence of a rift so soon is raising questions about the unity of what was always an unlikely coalition.
In a statement from his hospital bed, Anwar said he had told members of his People’s Justice Party (PKR) to ensure that Mahathir’s government “remains strong and stable”.
But he also said that, in a conversation with Mahathir, he had raised PKR’s demand for “more inclusive negotiation”, a reference to the formation of the cabinet.
Mahathir said in a telecast on state TV that “at the beginning, we shouldn’t look at proportion” in the cabinet.
“It will be made up when we make up the rest of the cabinet,” he said. “Surely there will be some conflict in need and wants of each party. This will be determined by the prime minister.”
Mahathir is the alliance leader and Anwar’s PKR has the majority of seats in parliament won by the group. The volatile relationship between the two, from friends to foes to allies, has dominated Malaysia’s political landscape for over three decades and is central to the future of the alliance.
Mahathir announced just three ministers on Saturday, to join himself and Wan Azizah Wan Ismail, Anwar’s wife, in the cabinet. He was to announce 10, and sources within the alliance said there was no agreement on the others.
The sources declined to be identified because of the sensitivity of the matter.
Wan Azizah did not attend the news conference to announce the new ministers because of the disagreements, said one source in the alliance.
Mahathir then visited Anwar in the hospital where he is recovering from a shoulder operation and the atmosphere was frosty, said another source who was present. The source said Mahathir and Anwar are scheduled to meet again on Sunday to patch up differences over the cabinet positons.
“Even the three appointed (is not final) because the decision was made without our participation,” Rafizi Ramli, a senior member of PKR, was quoted as saying by the Malaysiakini website.
“He (Mahathir) bulldozed it. He just unilaterally announced,” Rafizi said.
PKR won 48 seats out of the 113 won by the alliance in the May 9 election. Among other members of the coalition, the Democratic Action Party (DAP) won 42, Mahathir’s Bersatu party won 12 and the Amanah party of new Defence Minister Mohamad Sabu won 11.
“The transition of power in Malaysia will be like water finding a new level, these things won’t be resolved quickly,” said Karim Raslan, founder of the KRA Group, a public affairs consulting firm for Southeast Asia.
“It will be a race against time as the two grand old men of Malaysian politics - Mahathir Mohamad and Anwar Ibrahim - struggle to assert themselves.” Additional reporting by Rozanna Latiff and Praveen Menon; Writing by Raju Gopalakrishnan | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics/mahathir-anwar-step-in-as-tensions-flare-within-malaysias-ruling-alliance-idUSKCN1IE0E9 |
An attendee tries out an application on a SoftBank Group Pepper humanoid robot at the SoftBank Robot World 2017 in Tokyo, Japan on Nov. 21, 2017. Kiyoshi Ota—Bloomberg/Getty Images By Alan Murray and David Meyer 6:42 AM EDT
Good morning.
A group of U.S. executives and academics with expertise in artificial intelligence has gathered in Washington this morning for a meeting organized by the White House. It is a little unclear how high level the sponsorship is—no sign the President is participating—or exactly what the goal is. But it’s a good thing, nonetheless. Much of the rest of the world—most notably China—has been focusing its attention on the profound changes coming to business and society from this new wave of technology, while Washington has been caught up fighting old battles and settling political scores.
Of course, the U.S. isn’t China, and things often work best here when the private sector takes the lead. But the needs and implications of the AI challenge can’t be met without government involvement.
The federal government not only has a role to play in funding research—as it did in the early days of the Internet—but also in encouraging the necessary changes in workforce training and education, creating clear data use policies, building a framework for the ethical issues that AI raises, and more.
This is the most important competitiveness issue of our times—far more important than bilateral trade deficits or steel and aluminum subsidies. And while the U.S. starts the race with a natural lead, China is catching up rapidly, thanks in no small part to the advantages that come from a focused and well-financed government undistracted by the messiness of democracy. It’s well past time for Washington to take notice.
The Wall Street Journal reports that about 40 firms are expected to be represented at the meeting, including tech giants Amazon , Facebook , Alphabet and Microsoft . Big non-tech companies participating include Bank of America , Boeing , GE , Ford , Goldman Sachs and Walmart . But for the most part, participants are not CEO level, with a few exceptions including Intel’s Brian Krzanich and CVS’s Larry Merlo.
News below.
Alan Murray @alansmurray [email protected] Top News
RIP ZTE?
The Chinese telecoms giant ZTE has abruptly shut down operations. Why? Because, faced with a U.S. denial order cutting off its supply of American components from firms like Intel and Qualcomm, ZTE’s inventory has run dry. The company is/was China’s second-biggest maker of telecommunications network equipment, and a major force in the world of Android smartphones. The questions now are: is Huawei next; and how long would it take for China’s homegrown components industry to take up the slack? Fortune
RBS Settlement
The U.K.’s Royal Bank of Scotland will pay $4.9 billion to end a Justice Department investigation into its sale of mortgage-backed securities. The bank, largely owned by the British taxpayer, will need to book a $1.44 billion charge in its Q2 results—the rest it’s already set aside. RBS says it’s relieved that the probe is finally over and the payout level established, as the clarity will make it easier for the U.K. government to sell its RBS shares. Wall Street Journal
BT Tumble
BT, the company formerly known as British Telecom, has announced a major restructuring and the loss of a whopping 13,000 jobs over the next three years. Investors were not impressed with the plan because the company is not predicting much growth in free cash flow, and BT’s share price fell by as much as 10% this morning. “We’re too complex and we’re overweight and that’s why we need to make this change,” said CEO Gavin Patterson. Bloomberg
Anbang Conviction
Wu Xiaohui, the former head of Chinese insurance giant Anbang (which incidentally owns the Waldorf Astoria in New York), has been jailed for 18 years over corruption and fraud. Chinese regulators seized Anbang in February, as part of a major crackdown on risky financial dealings. Wu was arrested last year, though. A very well-connected businessman, he was found to have defrauded Anbang by transferring more than $12 billion to companies under his control. CNN
Advertisement Around the Water Cooler
Israel and Iran
Tensions in the Middle East are way up after President Donald Trump pulled the U.S. out of the Iran nuclear deal. Now Israel, one of the U.S.’s key allies in the region, has accused Iran’s Revolutionary Guards—in Syria to support President Bashar al-Assad—of firing 20 rockets at its positions in the Golan Heights last night. In response, the Israelis conducted a series of air strikes on Iran’s military infrastructure in Syria. Israel occupied the Syrian Golan Heights in 1967, and its subsequent annexation of the territory is not recognized internationally. BBC
California Solar
California is pushing ahead with its plan to force all newly-built low-rise homes—except those frequently in the shade—to come with solar panels as of 2020. It’s the first state-level mandate of its kind, although cities such as San Francisco and South Miami are ahead of the game. The Californian plan was supported by construction groups, solar manufacturers and public utilities, and opposed by no-one in industry. NPR
Ford Fire
A fire at a parts factory last week has led Ford to suspend production of its best-selling F-150 pickup. The Meridian Lightweight Technologies factory in Easton Rapids, Mich. was Ford’s only U.S. supplier of the magnesium radiator support structure that it uses in the trucks. The production halt has a significant effect on workers—Ford sent home almost 3,600 at its Kansas City plant earlier this week, while another 4,000 face temporary layoffs at its Dearborn, Mich. facility. Fortune
Apple Datacenter
Apple has cancelled its planned construction of a $1 billion datacentre in Athenry, Ireland, due to delays in the planning process. The project has been stalled for three years due to planning appeals, mostly coming from two objectors—concerned about environmental assessments and power grid usage—who took their case all the way up to the Irish Supreme Court. A Supreme Court hearing was due today, but Apple pre-empted it by announcing the scrapping of the project. Irish Times
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . | ashraq/financial-news-articles | http://fortune.com/2018/05/10/ai-zte-rbs-bt-anbang-ceo-daily-for-may-10-2018/ |
PUTRAJAYA, Malaysia, May 4 (Reuters) - Malaysian opposition leader Mahathir Mohamad challenged the government to charge him under an anti-fake news law, after authorities said they were investigating him for false claims that his plane was sabotaged ahead of the general election.
Malaysia is in the middle of intense campaigning for an election on May 9 that pits Prime Minister Najib Razak against 92-year-old former premier Mahathir.
Critics say the new fake news law is aimed at curbing free speech and criticism of Najib, who is grappling with a multi-billion-dollar scandal at state fund 1Malaysia Development Berhad (1MDB), and popular anger over rising living costs.
“I’m going to be charged under the new fake news law... Go ahead and charge me,” Mahathir said at an opposition rally in the administrative capital of Putrajaya on Thursday.
“On May 9, we will take down this kleptocratic government led by one who is named Najib Razak,” he told thousands of cheering supporters.
Mahathir said last week that he suspected sabotage of a private plane that was to fly him from Kuala Lumpur to Langkawi, where he was to file his candidacy, after the pilot discovered some damage to the aircraft just before take-off.
The government ordered an investigation, following which the Civil Aviation Authority said the inquiry found no indication of sabotage. Its chairman said it was wrong to make such “wild and false” claims for political gain.
Malaysia is among the first few countries to legislate policing of fake news. A Danish national was prosecuted last week under the law for inaccurate criticism of police on social media.
Mahathir and Najib have been targeting each other’s vote base in a fierce campaign. Najib is expected to retain power, but analysts are predicting a close contest.
Najib, who chaired 1MDB’s advisory board, has consistently denied any wrongdoing over the billions of dollars that were allegedly siphoned off from the state fund. A Department of Justice investigation is under way into 1MDB in the United States, along with probes in other countries, including Singapore and Switzerland.
The opposition has claimed the election will be unfair - a plan to redraw electoral boundaries was rushed through parliament just days before Najib called for polls.
Six opposition candidates were barred from contesting for either submitting incomplete documents or due to previous convictions or for being bankrupt.
Electoral watchdogs also said there were alarming discrepancies in the voting list that could bring into question the legitimacy of the whole process. (Additional reporting by A.Ananthalakshmi and Emily Chow; Editing by Nick Macfie)
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-election-fakenews/go-ahead-charge-me-over-fake-news-says-malaysias-mahathir-of-plane-sabotage-claim-idUSL3N1SB1IU |
May 30, 2018 / 11:41 AM / Updated 12 minutes ago Mertens turns to Spanish teammate for World Cup winning tips Reuters Staff 2 Min Read
(Reuters) - Belgium midfielder Dries Mertens has turned to his Napoli teammate, former Spanish World Cup winner Pepe Reina, for advice on how best to try and win this year’s tournament in Russia. Soccer Football - Serie A - Napoli vs Torino - Stadio San Paolo, Naples, Italy - May 6, 2018 Napoli's Dries Mertens celebrates scoring their first goal REUTERS/Ciro De Luca
But although Reina could not pinpoint specific tips for success, Mertens said Belgium must show the hunger and desire that Spain did in winning the World Cup in 2010, as well as back-to-back European Championships in 2008 and 2012.
“Pepe told me he couldn’t give me any concrete tips. He just said they had a young group that were hungry for success and also had a bit of luck along the way,” he told reporters as Belgium continued their World Cup preparations.
“We also need to show that hunger. We always have had it tough against the top teams. Just look at the friendly against Spain (in September 2016) where they played us off the park.
“We learnt we must not be afraid and we have to always go at full tilt.
“After we came back from losing the Euro 2016 quarter-final to Wales, there was a lot of pain. We had not realized that every match could be our last and that we had to put everything into it to go on to the next stage. But that realization is there now and that we have to be a lot harder in our approach.
“We are not always strong in possession but in transition we have quality. Our greatest strength is to press with power and turn over the ball. The stamp of coach (Roberto) Martinez is now more visible.
“Under (previous coach) Marc Wilmots we played mostly man on man, but now we work together to put pressure on the opponent. I think that makes a big difference,” Mertens added.
Belgium play the first of three warm-ups in Brussels on Saturday against Portugal, followed by matches against Egypt and Costa Rica.
At the World Cup they are in Group G with Panama, Tunisia and England. Reporting by Mark Gleeson in Johannesburg; Editing by David Holmes | ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-bel/mertens-turns-to-spanish-teammate-for-world-cup-winning-tips-idUSKCN1IV1ER |
May 30, 2018 / 8:37 AM / Updated an hour ago Safran repeats LEAP engine targets, says no 'bad surprises' at Zodiac Reuters Staff 2 Min Read
PARIS (Reuters) - The head of France’s Safran ( SAF.PA ) on Wednesday reaffirmed production targets for the LEAP aircraft engine co-produced with General Electric ( GE.N ) and predicted the engine that it replaces, the CFM56, would also stay in production through 2020. The logo of Safran is seen outside the company's heanquarters in Paris, France, February 24, 2017. REUTERS/Charles Platiau
CFM International, a joint-venture between the two aerospace groups, aims to deliver around 1,100 LEAP engines this year.
Safran Chief Executive Philippe Petitcolin said no unexpected setbacks had been discovered at Zodiac Aerospace, since Safran took control of the troubled French seats manufacturer in February.
“There have been no major (bad) surprises but there haven’t been any good surprises either,” Petitcolin told the AJPAE aerospace media association, adding it would take some 12-18 months for delayed airline seat projects currently being handled by Zodiac to work their way completely through the system.
Safran hopes for an inaugural contract for its new E-Taxi electrically powered aircraft taxiing system at the Farnborough Airshow in July, Petitcolin said. Reporting by Tim Hepher; Editing by Sudip Kar-Gupta | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-safran/safran-repeats-leap-engine-targets-says-no-bad-surprises-at-zodiac-idUKKCN1IV0Y8 |
LONDON (Reuters) - Britain’s Prime Minister Theresa May said the violence in Gaza is “tragic and concerning” and there needs to be an independent investigation after Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday.
“There is an urgent need to establish the facts of what happened yesterday through an independent and transparent investigation,” May said at a news conference alongside Turkish President Tayyip Erdogan on Tuesday.
“The loss of life we have seen is tragic and extremely concerning,” she added. “Such violence is destructive to peace efforts.”
Reporting By Andrew MacAskill; editing by Stephen Addison
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-britain-protests-may/uk-pm-may-says-violence-on-gaza-border-is-tragic-and-concerning-idUSKCN1IG2RG |
(Updates market action, adds Quote: )
By Richard Leong
NEW YORK, May 29 (Reuters) - U.S. interest rates futures rallied on Tuesday as traders slashed their expectations that the Federal Reserve would raise key overnight borrowing costs three more times in 2018 as Italy’s political turmoil threatens European economic growth.
The political turmoil propelled two-year Italian bond yields to their highest levels since late 2013 and knocked the euro to an 11-month low. Investors dumped U.S. and European stocks in favor of the yen, U.S. and German government bonds and other lower-risk assets.
The anti-establishment 5-Star Movement and the far-right League, the biggest winners from inconclusive Italian elections in March, abandoned plans to form a coalition government this week after Italian President Sergio Mattarella vetoed their choice for economy minister, a euroskeptic who supports the euro zone’s third-biggest economy leaving the single currency.
Fears of another election would undermine investor confidence and exacerbate slowing growth across the economic bloc. That may cause the European Central Bank to abandon plans to end its 2.55 trillion euro bond purchase program in September.
If the ECB extends its stimulus plan, it would diminish the likelihood that the Fed would squeeze in three more rate increases this year, analysts said.
“If the ECB feels Italy is heading into a crisis, the Fed will back off quickly,” said Ellis Phifer, senior market strategist at Raymond James in Memphis.
The U.S. central bank is still on track to raise short-term interest rates by a quarter point, to 1.75-2.00 percent, at its June 12-13 meeting, as the domestic jobs market remains solid and inflation seems to be firming toward the Fed’s 2 percent goal, Phifer said.
“The economy justifies one more hike in June,” said Gregory Daco, head of U.S. macroeconomics at Oxford Economics in New York. “They can assess the situation later this summer. The Fed has the luxury to wait.”
Federal funds futures implied traders saw a 74 percent chance the U.S. central bank would raise key short-term interest rates in two weeks, down from 90 percent late on Friday and 100 percent a week earlier, according to CME Group’s FedWatch program.
U.S. financial markets were closed on Monday for the Memorial Day holiday.
Fed funds futures signaled traders see a 13 percent chance the Fed would raise key short-term interest rates to 2.25-2.50 percent by year end . That is below the 32 percent chance seen late Friday and 51 percent a week earlier, FedWatch showed. (Reporting by Richard Leong Editing by Meredith Mazzilli and Leslie Adler)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-moneymarkets/money-markets-italys-political-crisis-slashes-traders-u-s-rate-hike-view-idUSL2N1T01R1 |
FRANKFURT, May 7 (Reuters) - Private equity-owned German print shop Onlineprinters is planning a stock market listing in the European autumn to fund its international expansion, two people close to the matter said.
The company, which is majority-held by buyout group Bregal Unternehmerkapital, is considering selling shares worth about 200 million euros ($238 million) in a deal that may value the company at twice that amount, the people said, adding that Rothschild is acting as an advisor on the deal.
Bregal and Rothschild both declined to comment. ($1 = 0.8391 euros) (Reporting by Arno Schuetze; Editing by Christoph Steitz)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/onlineprinters-ipo/germanys-onlineprinters-plans-ipo-to-fund-expansion-sources-idUSFWN1SE0U6 |
May 9 (Reuters) - Spectra Energy Partners LP:
* SPECTRA ENERGY PARTNERS REPORTS FIRST QUARTER 2018 RESULTS AND ANNOUNCES 42ND CONSECUTIVE QUARTERLY CASH DISTRIBUTION INCREASE
* Q1 EARNINGS PER SHARE $0.91 * Q1 EARNINGS PER SHARE VIEW $0.80 — THOMSON REUTERS I/B/E/S
* SPECTRA ENERGY PARTNERS - DECLARED A QUARTERLY CASH DISTRIBUTION TO UNITHOLDERS OF $0.75125 PER UNIT, AN INCREASE OF 1.25 CENTS OVER PREVIOUS LEVEL
* SPECTRA ENERGY PARTNERS - IF FERC ACTIONS, IMPLEMENTED AS ANNOUNCED, ESTIMATES UNMITIGATED IMPACT TO REVENUE TO BE ABOUT $110 - $125 MILLION PER YEAR
* QTRLY OPERATING REVENUES $779 MILLION VERSUS $700 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-spectra-energy-reports-q1-eps-091/brief-spectra-energy-reports-q1-eps-0-91-idUSASC0A15M |
May 23, 2018 / 11:20 AM / in 34 minutes Italy president summons Conte, possibly paving way for PM appointment Reuters Staff 1 Min Read
ROME (Reuters) - Italian President Sergio Mattarella has summoned Giuseppe Conte for a meeting on Wednesday, the president’s office said, possibly paving the way for him to be appointed prime minister. FILE PHOTO: 5-Star Movement leader Di Maio shakes hands with Giuseppe Conte in Rome ahead of Italy's election, March 1, 2018. REUTERS/Remo Casilli/File Photo
Conte will meet Mattarella at 5:30 pm (15:30 GMT).
A presidential source said before summoning the little-known law professor, Mattarella had contacted the anti-establishment 5-Star Movement and the far-right Northern League to receive confirmation that he remained their choice for prime minister. Reporting By Gavin Jones | ashraq/financial-news-articles | https://in.reuters.com/article/italy-politics-president/italy-president-summons-conte-possibly-paving-way-for-pm-appointment-idINKCN1IO1JR |
May 14 (Reuters) - Ampio Pharmaceuticals Inc:
* AMPIO PROVIDES CORPORATE UPDATE 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-ampio-provides-corporate-update/brief-ampio-provides-corporate-update-idUSASC0A1YP |
Post-Market Wrap: May 29, 2018 1 Hour Ago 01:09 01:09 | 7 Hrs Ago 03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/post-market-wrap-may-29-2018.html |
May 14, 2018 / 2:19 AM / Updated 3 minutes ago China's stock exchanges tighten supervision on booming ABS market Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China’s stock exchanges have stepped up their scrutiny of the booming asset-backed securities (ABS) market, publishing new rules that require prompt information disclosure and risk management updates from issuers. FILE PHOTO: A statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. REUTERS/Bobby Yip/File Photo
China’s ABS market has exploded over the past few years as the government’s crackdown on shadow banking pushed borrowers to alternative sources of finance.
Issuance of ABS jumped to 1.5 trillion yuan ($236.84 billion) last year, from almost zero in 2013, according to consultancy China Securities Analytics.
The Shanghai and Shenzhen stock exchanges said at the weekend that regulators supported the development of the market, but also scrutinised its potential risks.
The exchanges stipulate “timely and effective disclosure” on ABS products, on which better-informed investment decisions can be made.
The exchanges also published rules to mitigate default risks, requiring ABS issuers to submit risk-management reports to the stock exchanges every six months.
ABS have been a preferred alternative source of finance for companies struggling to cope with China’s official deleveraging campaign, which has made conventional debt finance harder to get.
Securitisation allows the cash flow from a wide range of assets such as loans, real estate, toll ways and scenic parks to be used as collateral for bond-like securities that are sold to investors. Reporting by Samuel Shen and John Ruwitch; Editing by Eric Meijer | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-china-abs-rules/chinas-stock-exchanges-tighten-supervision-on-booming-abs-market-idUKKCN1IF04Y |
10:52 AM EDT
Tim Draper is back at it.
In a bizarre eight-minute CNBC interview , venture capitalist Draper discussed government scrutiny of Facebook and the regulatory risks of going public. It got especially interesting when he was asked about Theranos CEO Elizabeth Holmes, the founder who recently got charged with an “ elaborate, years-long fraud ” by the SEC.
Here are some of Draper’s quotes about the embattled CEO:
“We have taken down another great icon.”
“She got bullied into submission.”
“And look at what she did! She created an incredible opportunity.”
“Wait. Why is it worthless? It’s worthless because this writer was like a badger going after her, like a hyena going after her, and then it became a bigger and bigger thing.”
“It was a great vision, it was a great technology.”
“I think it was a great mission, and she did a great job.”
This is not the first time Draper has defended her. But I’m slightly confused as to why he continues to defend her even after the formal fraud charges, along with $700 million gone to the wind.
Draper was one of the earliest investors in Theranos, through venture firm DFJ, when he led the seed round with $500,000. And he has been a boisterous defender of the company ever since. It appears that Holmes was childhood friends with Draper’s daughter , and they grew up in the same neighborhood. Regardless, calling Holmes “a great icon” is a little excessive.
It’s important to note that Draper did not lose as much as some of the other investors. The Walton family lost $150 million, Rupert Murdoch lost $125 million, and Education Secretary Betsy DeVos lost $100 million. As a result, it’s likely a little easier for Draper to chalk it up to the notion that most startups fail. “Look, when I’m an investor in a startup, I assume that 60% of them are going to go out of business,” he said. “I make my money on a few extraordinary companies. Theranos was one of those extraordinary companies that could’ve been one of those big, huge winners.”
This article originally ran in Term Sheet, Fortune’s newsletter about deals and dealmakers. Sign up here. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/11/tim-draper-theranos-elizabeth-holmes/ |
May 7 (Reuters) - Novavax Inc:
* NOVAVAX REACHES SIGNIFICANT ENROLLMENT MILESTONE IN THE PREPARE(TM) PHASE 3 TRIAL OF ITS RSV F VACCINE
* NOVAVAX INC - TOPLINE EFFICACY DATA FROM PREPARE PHASE 3 CLINICAL TRIAL EXPECTED IN Q1 OF 2019 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-novavax-says-topline-efficacy-data/brief-novavax-says-topline-efficacy-data-from-prepare-phase-3-clinical-trial-expected-in-q1-of-2019-idUSASC0A00Y |
Amazon Map Tracker Now Lets You Follow Your Package From Delivery to Doorstep Boxes move along a conveyor belt inside an Amazon.com Inc. fulfillment center in Robbinsville, New Jersey. David Williams—Bloomberg via Getty Images 11:23 AM EDT
Waiting for your Amazon package to arrive just got a little easier.
Amazon Map Tracker, a feature that launched late last year to only some users, is now expanding its reach to all Amazon packages delivered in the US, as confirmed by CNET earlier this week.
Map Tracker allows customers to watch their package as it travels through the various stages of transit on a real-time map, providing live-updates along the way. Additionally, the new Amazon feature provides users with information on how many stops their driver has left to make before reaching their doorstep.
For now, Amazon Map Tracker is unavailable to packages shipped out by UPS , FedEX, or USPS. However, if your package is delivered by Amazon’s logistics, you are in luck.
“The Amazon Map Tracking feature is another delivery innovation we are working on to improve convenience for our customers and provide them greater visibility into their deliveries,” Amazon spokesperson Alana Broadbent told CNET on Wednesday.
Of course, this is not the first time this year that the e-commerce company has attempted to improve its user’s delivery experience through the introduction of innovative features. In late April, Amazon rolled out a new shipping option that allowed shoppers to have their packages delivered to their car trunks with the new key-in delivery service. | ashraq/financial-news-articles | http://fortune.com/2018/05/25/amazon-map-tracking-delivery/ |
Iran: EU support of nuclear deal isn't enough 9:56am BST - 01:39
Iran's foreign ministry says that Washington's withdraw from the nuclear agreement means Tehran may not have enough benefits to uphold their side of the deal, even with the remaining European powers still on board.
Iran's foreign ministry says that Washington's withdraw from the nuclear agreement means Tehran may not have enough benefits to uphold their side of the deal, even with the remaining European powers still on board. //reut.rs/2wZbiOW | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/21/iran-eu-support-of-nuclear-deal-isnt-eno?videoId=428974951 |
0 COMMENTS The dollar erased its early gains and closed lower Monday, declining alongside Treasury yields despite moderating trade rhetoric between the U.S. and China.
The WSJ Dollar Index, which measures the U.S. currency against 16 others, closed down 0.1% at 87.09, slightly below Friday’s year-to-date high. The index has climbed 4% since the start of April. The euro edged up 0.2% against the dollar to $1.1791 while the British pound declined 0.3% to $1.3426.
Investors’ expectations that the U.S. will grow faster than other countries has given the dollar a boost lately after a monthslong downturn. A rise in Treasury yields also has boosted the currency lately, with more analysts expecting the Federal Reserve to raise interest rates three more times this year, as opposed to the central bank’s previous projection of two more increases.
But on Monday, the yield on the benchmark 10-year U.S. Treasury note edged down to 3.065% from 3.067% Friday. The 10-year yield hit its highest level since July 2011 last week.
Investors Monday were tracking speeches by Fed officials and awaiting minutes from the central bank’s last meeting that are scheduled to be released on Wednesday.
Related
Rising Dollar Sparks Tumult in Emerging Markets Analysts also are keeping an eye on developments in emerging markets, as the dollar’s resurgence has pounded assets in countries such as Turkey and Brazil. The U.S. currency rose 1.9% against its Turkish counterpart, with one dollar recently buying 4.5749 lira—a record.
Lee Ferridge, head of macro strategy for North America at State Street Global Markets , said it was a positive for emerging-markets currencies that investors were generally favoring other riskier assets Monday, but he noted that Treasury yields likely would need to stabilize further and economic data abroad would need to pick up to pause the dollar’s rally.
“I’m not sure we’re going to get all those things, but that’s what would be required,” Mr. Ferridge said.
Analysts said Treasury Secretary Steven Mnuchin’s statement over the weekend that the U.S. was putting a trade war with China “ on hold ” quelled fears that protectionist trade policies would slow the economy’s momentum, potentially giving the dollar a boost moving forward.
“There’s nothing there to upset the general positive mood on the dollar,” Mr. Ferridge said.
U.S. Treasury Secretary Steven Mnuchin’s comments over the weekend quelled fears that protectionist trade policies would slow the economy’s momentum, analysts said. Photo: Evan Vucci/Associated Press Still, some investors are cautious because the administration’s top trade official took a markedly different position on whether the U.S. will move forward with tariffs on Chinese imports.
—Chelsey Dulaney contributed to this article.
Write to Amrith Ramkumar at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/dollar-climbs-on-moderating-trade-fears-1526917520 |
Reblog Sign up here for The Morning Download, and get the most important news in business technology emailed to you each weekday morning. Subscribe to WSJ Pro Cybersecurity for in-depth coverage on cybersecurity trends, breaches and best practices. .’s Google illustrate dramatic shifts in the evolving conversation between humans and machines. | ashraq/financial-news-articles | https://www.wsj.com/articles/the-morning-download-microsoft-google-reveal-ai-efforts-to-go-full-duplex-1527080389?mod=yahoo_hs&yptr=yahoo |
Conference Call Scheduled Today at 8:30 a.m. EDT
LEXINGTON, Mass.--(BUSINESS WIRE)-- Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today reported financial results for the first quarter of 2018.
“Concert has begun 2018 with strong momentum as our pipeline of first-in-class drug candidates for serious diseases is progressing in important efficacy trials, with the first data read out later this year for CTP-543,” said Roger Tung, Ph.D., President and Chief Executive Officer of Concert Pharmaceuticals. “We look forward to the progression of multiple Concert-discovered compounds over the coming quarters, including our proprietary drug candidates, CTP-543 for alopecia areata and CTP-692 for schizophrenia.”
Dr. Tung also commented, “As we’ve demonstrated with our platform, early clinical studies of well-chosen deuterium-modified drugs can rapidly create value. Two clear examples of that include VX-561, which Vertex may advance into Phase 3 development for cystic fibrosis, and AVP-786 which is in Phase 3 evaluation for Alzheimer’s agitation under our collaboration with Avanir Pharmaceuticals. Both VX-561 and AVP-786 have the potential to provide substantial additional financial upside to Concert.”
Recent Business Highlights and Upcoming Milestones
Autoimmune Dermatology
CTP-543 Phase 2a Trial for Alopecia Areata Fully Enrolled. In April 2018, the Company completed patient enrollment of its Phase 2a trial evaluating CTP-543 for the treatment of moderate-to-severe alopecia areata. This is a double-blind, randomized, placebo-controlled, sequential dose trial to evaluate the safety and efficacy of two doses twice daily of CTP-543 in approximately 90 patients. Topline data from the 4 mg and 8 mg cohorts is expected in the fourth quarter of 2018. The primary outcome measure will utilize the severity of alopecia tool (SALT) after 24 weeks of dosing. If appropriate, the protocol may be amended to explore 12 mg twice daily of CTP-543. CTP-543 Granted Fast Track Designation. In January 2018, the Company announced that the U.S. Food and Drug Administration (FDA) granted Fast Track designation for CTP-543. Fast Track designation is intended to facilitate the development and expedite the review process for therapies for serious medical conditions which offer the potential to significantly advance the existing standard of care. FDA Voice of the Patient: Alopecia Areata. Following the U.S. Food and Drug Administration’s (FDA) Patient-Focused Drug Development meeting held in September 2017 on alopecia areata, the FDA summarized the input shared by patients and patient representatives in a Voice of the Patient report. The public meeting on alopecia areata provided FDA with patient input on the impact of alopecia areata, including on daily life, patient views on treatment approaches, and decision factors taken into account when selecting a treatment. PTAB Institutes IPR Proceeding . In April 2018, the Patent Trial and Appeal Board (PTAB) granted the request for rehearing of the PTAB’s decision denying institution of the Inter Partes Review (IPR) filed by Incyte Corporation against Concert’s U.S. Patent No. 9,249,149. Concert believes in the validity of its patent claims and intends to vigorously defend the patent.
Neuropsychiatry
CTP-692 Preclinical Results Support Development in Schizophrenia. In March 2018, Concert announced the selection of CTP-692, a novel drug candidate for adjunctive treatment of schizophrenia, as its next development candidate. CTP-692 is a deuterated form of D-serine, an endogenous co-agonist of the NMDA receptor. Patients with schizophrenia have been shown to have lower plasma and cerebrospinal fluid concentrations of D-serine than individuals without schizophrenia. Based on early clinical results of D-serine and Concert’s initial preclinical assessment of CTP-692, the Company believes that CTP-692 has the potential to improve clinical outcomes in patients with schizophrenia. The Company intends to advance CTP-692 into clinical development by year-end 2018. CTP-692 NMDA Receptor Activity Nearly Identical to D-Serine . In preclinical testing, Concert demonstrated that CTP-692 and D-serine have nearly identical binding and functional activity at the human NMDA receptor.
First Quarter 2018 Financial Results
Cash and Investments Position: Cash, cash equivalents and investments as of March 31, 2018, totaled $191.0 million as compared to $203.2 million as of December 31, 2017. Concert expects its cash, cash equivalents and investments as of March 31, 2018 to be sufficient to fund the Company into 2021. Revenues: Revenue was $10.5 million for the quarter ended March 31, 2018, compared to $20,000 for the same period in 2017. Revenue recognized in 2018 consists of $10.5 million primarily in non-cash consideration received from Processa Pharmaceuticals under a licensing agreement whereby Processa has worldwide rights to develop and commercialize CTP-499, a deuterated analog of 1-(S)-5-hydroxyhexyl-3,7-dimethylxanthine, an active metabolite of pentoxifylline. R&D Expenses: Research and development expenses were $8.7 million for the quarter ended March 31, 2018, compared to $8.2 million for the same period in 2017. In the first quarter of 2018, research and development expenses were primarily associated with the development of CTP-543 and CTP-692. In the first quarter of 2017, research and development expenses were primarily associated with the development of CTP-543 and CTP-656, the Company’s product candidate for cystic fibrosis which was acquired by Vertex Pharmaceuticals in July 2017. G&A Expenses: General and administrative expenses were $5.6 million for the quarter ended March 31, 2018, compared to $5.3 million for the same period in 2017. The increase in general and administrative expenses was primarily related to an increase in non-cash stock-based compensation expense. Net Loss: For the quarter ended March 31, 2018, net loss applicable to common stockholders was $4.5 million, or $0.19 per share, compared with a net loss applicable to common stockholders of $13.3 million, or $0.60 per share, for the quarter ended March 31, 2017.
Conference Call and Webcast
The Company will host a conference call and webcast today, Thursday, May 3, 2018, at 8:30 a.m. ET to provide an update on the Company and discuss first quarter financial results. To access the conference call, please dial (855) 354-1855 (U.S. and Canada) or (484) 365-2865 (International) five minutes prior to the start time.
A live webcast of Concert’s presentation may be accessed in the Investors section of the Company’s website at www.concertpharma.com . Please log on to the Concert website approximately 15 minutes prior to the scheduled webcast to ensure adequate time for any software downloads that may be required. A replay of the webcast will be available on Concert’s website for three months.
– Financial Tables to Follow –
Concert Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts) Quarter Ended
March 31, 2018 2017 Revenue: License and research and development revenue $ 10,479 $ 20 Operating expenses: Research and development 8,656 8,237 General and administrative 5,630 5,253 Total operating expenses 14,286 13,490 Loss from operations (3,807 ) (13,470 ) Investment income 640 137 Unrealized loss on marketable equity securities (1,296 ) — Net loss $ (4,463 ) $ (13,333 ) Net loss per share applicable to common stockholders — basic and diluted $ (0.19 ) $ (0.60 ) Weighted-average number of common shares used in net loss per share applicable to common stockholders— basic and diluted 23,223 22,377 Concert Pharmaceuticals, Inc.
Summary Balance Sheet Data
(in thousands) March 31, 2018 December 31, 2017 Cash and cash equivalents $ 35,697 $ 27,665 Investments, available for sale 155,305 175,500 Working capital 212,893 199,289 Total assets 227,646 211,736 Deferred revenue 10,533 10,301 Total stockholders’ equity $ 210,397 $ 196,432 About Concert
Concert Pharmaceuticals is a clinical stage biopharmaceutical company focused on applying its DCE Platform® (deuterated chemical entity platform) to create novel medicines designed to address unmet patient needs. The Company’s approach starts with starts with previously studied compounds, including approved drugs, in which deuterium substitution has the potential to enhance clinical safety, tolerability or efficacy. Concert has a broad pipeline of innovative medicines targeting autoimmune and inflammatory diseases and central nervous systems (CNS) disorders. For more information please visit www.concertpharma.com or follow us on Twitter at @ConcertPharma or on LinkedIn .
Cautionary Note on Forward Looking Statements
Any statements in this press release about our future expectations, plans and prospects, including risks related to the clinical development of our therapeutic candidates and expectations regarding the sufficiency of our cash balance to fund operating expenses and capital expenditures, and other statements containing the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “would,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation of future clinical trials, availability and timing of data from ongoing and future clinical trials and the results of such trials, whether preliminary results from a clinical trial will be predictive of the final results of that trial or whether results of early clinical trials will be indicative of the results of later clinical trials, expectations for regulatory approvals, availability of funding sufficient for our foreseeable and unforeseeable operating expenses and capital expenditure requirements and other factors discussed in the “Risk Factors” section of our most recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission and in other filings that we make with the Securities and Exchange Commission. In addition, any forward-looking statements included in this press release represent our views only as of the date of this release and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update any forward-looking statements included in this press release.
Concert Pharmaceuticals Inc., the CoNCERT Pharmaceuticals Inc. logo and DCE Platform are registered trademarks of Concert Pharmaceuticals, Inc.
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Source: Concert Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-concert-pharmaceuticals-reports-first-quarter-2018-financial-results.html |
May 15, 2018 / 5:27 PM / Updated an hour ago Kuwait pushes U.N. action as U.S. says Israel acted with restraint in Gaza Michelle Nichols 4 Min Read
UNITED NATIONS (Reuters) - Kuwait said it would propose a draft U.N. Security Council resolution on “protection of Palestinian civilians” following violence in Gaza and the United States on Tuesday praised what it called Israel’s restraint against militant group Hamas.
The council met after the bloodiest day for Palestinians since a 2014 Gaza war. As many as 60 Palestinians were killed on Monday in gunfire and tear gas from Israeli troops on the Gaza-Israel border, the Palestinian Health Ministry said as the United States opened its new embassy in contested Jerusalem.
“The Hamas terrorist organisation has been inciting violence for years, long before the United States decided to move our embassy,” U.S. Ambassador to the United Nations Nikki Haley told the council. “No country in this chamber would act with more restraint than Israel has.”
Palestinian U.N. envoy Riyad Mansour told the Security Council that the Israeli “occupation is the main source of violence in our region.” He pleaded with the council to “act immediately to stop the massacre committed against our people.”
Israel has said it is acting in self-defence to protect its borders and communities and blames Hamas.
Kuwait’s U.N. Ambassador Mansour al-Otaibi told reporters before the meeting that he would likely circulate the draft resolution to the 15-member council on Wednesday. It was unclear when it could be put to a vote.
He said that as an occupying power Israel was required under the Geneva Convention to provide protection for Palestinian civilians “but they failed to do that so this is why we want the council to do something about that.”
The United States is likely to veto any Security Council action, diplomats said.
The United States blocked on Monday a Kuwait-drafted council statement that would have expressed “outrage and sorrow at the killing of Palestinian civilians” and called for an independent and transparent investigation, diplomats said.
Al-Otaibi said the draft resolution would aim “to provide international protection for civilians,” though he added “we’re not talking about peacekeeping yet.”
Both Israel and the United States said Hamas, which rules Gaza, instigated the violence, an allegation denied by the militant group opposed to Israel’s existence.
U.N. Middle East envoy Nickolay Mladenov briefed the Security Council on Tuesday on the latest Gaza violence. He said there is “no justification for the killing” and that “Israel has a responsibility to calibrate it’s use of force.”
Mladenov also said Hamas “must not use the protests as cover to attempt to place bombs at the fence and create provocations” by hiding its operatives among the protesters.
In October 2015, then U.N. chief Ban Ki-moon released a summary of past international protection regimes for disputed territories as requested by the Palestinians, who had been calling at the time for an international protection force to be deployed at Jerusalem’s holy sites.
Most countries say the status of Jerusalem - a sacred city to Jews, Muslims and Christians - should be determined in a final peace settlement and that moving their embassies now would prejudge any such deal. Reporting by Michelle Nichols; editing by Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-un/kuwait-pushes-u-n-action-as-u-s-says-israel-acted-with-restraint-in-gaza-idUKKCN1IG2Q8 |
RIO DE JANEIRO (Reuters) - The government has proposed to Brazilian state-led oil firm Petroleo Brasileiro SA that the Treasury compensate it for up to 1 billion reais ($274.04 million) in losses if it maintains a 10-percent reduction in diesel prices for 60 days, a source with direct knowledge of the matter said on Friday.
Truckers are protesting across Brazil because of increases in fuel costs, paralyzing many vital sectors of Latin America’s largest economy.
Earlier, a former minister of President Michel Temer’s government who is negotiating with truckers said that the government wants Petrobras to adjust fuel prices on a monthly basis, which would change its current policy of daily changes.
Reporting by Rodrigo Viga Gaier; Writing by Brad Brook; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-transport-pricing/brazil-government-proposes-compensating-petrobras-1-billion-reais-for-diesel-price-cut-idUSKCN1IQ005 |
HONG KONG, May 5, 2018 /PRNewswire/ -- Synergy Group Holdings International Limited (" Synergy Group " or the "Company", together with its subsidiaries, the "Group"; stock code: 01539.HK), a leading integrated energy saving and management solutions provider, announced that Synergy Group Worldwide Limited, a wholly-owned subsidiary of the Company, entered into the subscription agreement to acquire 23.6% of equity interest in Invinity Energy Group Limited ("Invinity") at the consideration of US$ 3,200,000.
Invinity Energy Limited ("Invinity HK"), a wholly-owned subsidiary of Invinity, is principally engaged in investing in vanadium mining and processing assets including exploration, development, mining and extraction of vanadium as well as production and financing of various vanadium products and battery-grade vanadium electrolyte to support the Vanadium Flow Batteries (VFBs) energy storage industry. Invinity HK has 70% of the equity interest in Gu Zhang County Vanadium Industry Company Limited (古丈縣宏源釩業有限責任公司) (together with its subsidiaries, the "Guzhang"). Guzhang is principally engaged in the exploration and mining of vanadium-containing stone coals, mineral processing, production and sale of vanadium-related products including vanadium pentoxide (V 2 O 5 ), vanadium alloys and other metallurgical products in China. The main asset of Guzhang is a stone coal mine covering area of approximately 0.98727 km 2 located in Hunan Province in China. It is estimated by a geological team under the state bureau that the mine has vanadium-containing stone coal of 30,126,900 tonnes with V 2 O 5 at a general grade in the range of 1.1% to 1.63%, which is of a relatively high grade as compared to other stone coal mines in China. Guzhang also possesses the capability to mine, extract and process the minerals in its facility (with a potential production capacity of up to 10,000 tonnes per year) close to the mine to produce various vanadium products.
According to the market data on vanadium, the price of vanadium has surged over 130% in 2017, outperforming other battery metals such as lithium and cobalt, and the 98%V 2 O 5 price continued to stay at a high price of approximately US$ 13 – 16 /pound (i.e. RMB 183,000 – 225,000 /tonne) in the past three months.
China, which is one of the major markets for vanadium consumption, has a potential strong demand for vanadium owing to the new rebar standard and new import ban on vanadium slags. It is predicted that these new policies in China may cause an estimated deficient supply of over 12,500 tonnes per year, which is approximately 16% of the estimated worldwide production in 2017. On the other hand, the growing demand in energy storage due to intermittency of the renewable energy, grid frequency regulation, ability in peak shaving and demand charge reduction, together with global policy support, will also substantially increase the demand in vanadium, which is an important material for the production of VFBs. Based on the data from a global energy storage market database, the installed capacity of VFBs including those announced contracts and contracts under construction has increased significantly in 2016 and 2017 with approximately over 400% growth as compared to 2015. Invinity HK is in the progress of developing a new purification process for high-grade electrolyte (99.96%V 2 O 5 ) at lower production cost which in turn greatly reduces the cost of VFBs.
Invinity's major partners include Brantingham & Carroll International Limited ("BCI"), the leading industrial engineering, manufacturing and supply chain solutions provider with a unique expertise in renewable energy and energy storage manufacturing (delivered over 12 GWs of renewable energy systems equipment); a leading US solar and energy storage engineering and financial modelling company; and a leading US vanadium flow battery firm with a number of patented technology, serving the large Chinese state-owned enterprises as well as several Fortune 500 companies in the US.
Commenting on the agreement, Mr. Mansfield Wong, CEO and Chairman of Synergy Group said, "Vanadium is a commodity with a robust and growing demand, considering the constrained and concentrated supply of vanadium with no anticipated significant new supply in the near future. In particular, with the increasing demand in the steel and energy storage industry, together with our strategic partners, the agreement allows the Group's access to the technical expertise, experience and knowledge in vanadium mining operations as well as the development of a unique skill set in electrolyte making, which creates an integrated vertical supply chain from vanadium reserves mining to the production of final product with secured customer base, optimising the efficiency and cost to create a price-competitive VFB and establish a strong position in the energy storage market."
About Synergy Group
Synergy Group is one of the leading integrated energy saving and management solutions providers based in Hong Kong. The Group is principally engaged in design and customisation, investment, installation and commissioning, operation and maintenance of (i) energy efficiency technology; (ii) renewable energy; and (iii) energy storage and distributed energy resources.
For more information about Synergy Group, please visit:
http://synergy-group.com/
Press Contact:
IR Department
Telephone: +852 2121 8033
Email Address: [email protected]
View original content: http://www.prnewswire.com/news-releases/synergy-group-01539-hk-announces-us-3-2-million-expansion-to-the-vanadium-and-energy-storage-industry-300643241.html
SOURCE Synergy Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/05/pr-newswire-synergy-group-01539-hk-announces-us-3-point-2-million-expansion-to-the-vanadium-and-energy-storage-industry.html |
(Repeats May 19 story with no changes to text)
By Ross Kerber
BOSTON, May 19 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) recommended on Friday that investors vote against Tesla Inc directors Antonio Gracias and James Murdoch, increasing pressure on the car maker over their roles on its board.
ISS also backed two shareholder proposals to be voted on at the company’s annual meeting set for June 5, including one that would require it to separate the current chairman and CEO roles of founder Elon Musk.
“The complexity of large-scale manufacturing and the challenges of successfully commercializing new technologies and new manufacturing and marketing techniques suggest that shareholders would be better served by having Musk focus on running the company, and allowing an independent director to run the board,” according to a copy of ISS’ recommendations seen by Reuters.
The recommendations by the top proxy adviser echo those made earlier this week by rival Glass Lewis, although ISS did side with Tesla and recommend investors vote for Musk’s brother and current director Kimbal Musk.
Union-affiliated activist CtW Investment Group has criticized the three Tesla directors up for election this year as being too close to Elon Musk or unqualified.
In its report, ISS wrote that Gracias, CEO of Valor Management Corp, is not sufficiently independent for key board committees. It also cited concerns regarding the lack of performance-based elements in Tesla’s pay plan in recommending the vote against Gracias, a compensation committee member.
ISS wrote that Murdoch is “overboarded” since he serves as the CEO of Twenty-First Century Fox Inc and on other boards.
A Tesla director not up for election this year because of the board’s staggered election schedule is Steve Jurvetson. He has been on leave from Tesla’s board since November when he also resigned from venture capital firm Draper Fisher Jurvetson (DFJ) amid an internal DFJ probe into sexual harassment allegations made against him, which he denied.
ISS wrote Tesla’s proxy notes Jurvetson’s leave but not the background, and said that Tesla “shareholders should expect a greater degree of transparency from the company as to the reason he remains on leave” and about his future status. (Reporting by Ross Kerber; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-directors/rpt-update-1-iss-sides-against-two-tesla-directors-backs-split-of-musks-roles-idUSL2N1SR005 |
Amazon has changed the way investors think about what is 'good', says former Walmart CEO 4 Hours Ago Bill Simon, former Walmart U.S. CEO, discusses Walmart's quarterly earnings release and where the retail giant will go from here globally and in the e-commerce space against Amazon. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/amazon-has-changed-the-way-investors-think-about-what-is-good-says-former-walmart-ceo.html |
Successful hedge fund managers should do something unusual if they want to stay that way: Say no to new investors.
The bigger a hedge fund gets, the worst it tends to perform, according to a new academic study.
Holding other features constant, a 10 percent increase in fund size results in a decrease of 13 basis points per month (or 1.53 percent per year) in raw returns on average and a decrease of 10 basis points per month (or 1.21 percent per year) in style-adjusted returns, according to the paper from Purdue University.
"A key implication of our findings for investors is that performance persistence is achievable when funds maintain a small size," researchers Chao Gao, Tim Haight and Chengdong Yin wrote. "Fund performance declines with fund age and that declining performance is not significantly related to a variety of fund and family-level characteristics, nor is it significantly related to young funds assuming higher downside risk."
The paper clarifies prior literature that found that hedge fund performance peaks during the first few years of a fund's life, but declines thereafter at an average rate of 42 basis points per year.
The decline in performance, according to the Purdue researchers, appears to be due to managers taking their eye of the ball and focusing more on asset gathering (and the steady fees that come with them) rather than investing.
Other studies hold that historical compensation contracts in the hedge fund industry, such as 2 percent management and 20 percent performance fees, is not effective at aligning managers' incentives with investors' interests.
Yin's 2016 study, for example, demonstrates that the management fee comprises a larger portion of total compensation when funds grow large and thus a fund's optimal size, from a compensation perspective, exceeds the size that is optimal for performance.
The research comes amid an ongoing move by funds to offer more competitive fee structures amid lackluster performance, declining revenues and rapidly evaporating investor patience.
"When funds grow large, fund managers may have less incentive to improve fund performance because most of their compensation comes from the asset-based management fee," the researchers concluded. "Thus, investing in small funds, regardless of age, may provide for superior and sustainable returns." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/if-you-want-to-run-a-hedge-fund-that-beats-the-market-keep-it-small.html |
May 31, 2018 / 10:48 AM / Updated 10 minutes ago PRESS DIGEST-Canada - May 31 Reuters Staff 2 Min Read
May 31 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL
Malaysia's state-owned Petroliam Nasional Bhd will buy a 25 per cent stake in a B.C. liquefied natural project led by Royal Dutch Shell PLC, a move designed to strengthen the C$40 billion ($31.21 billion) proposal and bolster Canadian energy exports. ( tgam.ca/2J1u09Z )
Canada Goose is accelerating its push into China with the launch of two brick and mortar stores and an e-commerce site this fall, betting on a growing market for its pricey made-in-Canada parkas. ( tgam.ca/2JiEJ3i )
Nemaska Lithium Inc, a Quebec-based miner and developer of lithium salts, has raised C$1.1 billion ($856.70 million) from investors as it aims to respond to surging demand for the metal used in electric vehicles and cellphone batteries. ( tgam.ca/2LJOCW4 ) NATIONAL POST
Canadian steel and aluminum producers are hoping for another exemption from U.S. President Donald Trump's tariffs as the strain of operating under the ongoing threat of levies takes a toll on the industry. ( bit.ly/2kCZ0Cz )
Canada has imposed new sanctions on Venezuela in the wake of recommendations that the country's president Nicolas Maduro and his regime be referred to the International Criminal Court for crimes against humanity. ( bit.ly/2JjbIoc ) ($1 = C$1.28) (Reporting by Mekhla Raina in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-canada/press-digest-canada-may-31-idUSL3N1T24CD |
LONDON/MILAN (Reuters) - European shares will end 2018 just ahead of their January peak, recovering from current levels as a resilient economy gradually overcomes a temporary slowdown and corporate earnings continue to rise, a Reuters poll showed.
A trader monitors her screen on a trading floor in London January 22, 2010. REUTERS/Stefan Wermuth/Files The poll was taken May 15-30, largely before a mounting political crisis in Italy sparked worries over a possible breakup of the euro zone, triggering a heavy sell-off in Italian assets.
The pan-European STOXX 600 benchmark index is expected to reach 406 points by year-end, according to the poll of 29 brokers, fund managers and analysts, up 5.6 percent from Tuesday’s close and 4.3 percent on the year.
That will be enough for the index to surpass a 29-month high of 403.7 points it reached in January.
Euro zone blue-chips are expected to rise a bit further, up 7.9 percent from Tuesday’s close to 3,700 points, according to the median of 37 responses.
Prospects for European shares faded at the beginning of the year as economic growth slowed more than expected, raising concerns there will be no return to boom.
But analysts were optimistic economic activity should be robust enough to modestly prop up shares and company earnings.
“For now, synchronized economic expansion, solid earnings growth and still relatively low volatility levels look supportive for global equity markets”, Deutsche Asset Management analysts said.
According to Thomson Reuters IBES estimates, earnings for STOXX 600 companies are expected to grow 8.7 percent in 2018 on revenues up 5.1 percent.
A majority of investors in Europe answered “yes” when asked if they thought global stocks would continue to rise in 2018.
Among the risks identified by investors are Italy, Brexit talks, a U.S.-China trade war, oil prices surging above 100 dollars a barrel or international tensions involving Iran or North Korea.
“The economic picture stays positive but political risks are the top concern,” said Tomas Hildebrandt, senior portfolio manager at Evli Bank in Helsinki.
A faster-than-expected acceleration in U.S. inflation and interest rates is also seen as a threat after a rise in American wages took the market by surprise in February.
With the current rise in the dollar, investors said they believed the biggest risk of a sell-off was in emerging markets, where returns looked less attractive given rising U.S. government bond yields.
Reporting by Julien Ponthus, Kit Rees and Helen Reid in London, Danilo Masoni in Milan and Indradip Ghosh and Mumal Rathore in Bengaluru; editing by Andrew Roche
| ashraq/financial-news-articles | https://in.reuters.com/article/stocks-poll-europe/european-shares-to-end-2018-just-above-january-peak-reuters-poll-idINKCN1IW0KT |
May 3, 2018 / 12:40 PM / Updated 13 minutes ago BRIEF-TVA Group Posts Q1 Loss Per Share $0.12 Reuters Staff
May 3 (Reuters) - TVA Group Inc: * Q1 LOSS PER SHARE $0.12
* QTRLY REVENUES $133.8 MILLION VERSUS $141.1 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tva-group-posts-q1-loss-per-share/brief-tva-group-posts-q1-loss-per-share-0-12-idUSFWN1SA0YX |
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