text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
May 3 (Reuters) - Apollo Global Management LLC:
* APOLLO GLOBAL MANAGEMENT, LLC REPORTS FIRST QUARTER 2018 RESULTS
* QTRLY ECONOMIC NET LOSS $0.30 PER SHARE * QUARTER-END TOTAL ASSETS UNDER MANAGEMENT OF $247.4 BILLION
* QUARTER-END FEE-GENERATING AUM OF $182.5 BILLION
* $4.9 BILLION OF CAPITAL INFLOWS IN QUARTER * QTRLY TOTAL REVENUES $166.9 MILLION VERSUS $682.1 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.15, REVENUE VIEW $162.4 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-apollo-global-management-reports-q/brief-apollo-global-management-reports-qtrly-economic-net-loss-0-30-per-share-idUSASC09ZG9 |
May 11, 2018 / 2:12 PM / Updated 37 minutes ago Conte defends Chelsea record ahead of final league game Reuters Staff 3 Min Read
(Reuters) - Chelsea head coach Antonio Conte defended his record over the past two seasons and said on Friday that he had succeeded in building a platform for success at the London club. FILE PHOTO: Soccer Football - FA Cup Semi Final - Chelsea v Southampton - Wembley Stadium, London, Britain - April 22, 2018 Chelsea manager Antonio Conte reacts REUTERS/Darren Staples/File Photo
The Italian took over after a season in which Chelsea finished 10th and led the team to the Premier League title in his first campaign in charge.
That success has not been repeated in the current campaign and though Chelsea have reached the FA Cup final, the club is likely to miss out on a place in the top four in their final league match of the season at Newcastle United on Sunday.
“For sure, we worked two years and worked very hard to try to build something, to create a base,” Conte told a news conference. “I think we did this.
“I’m the last person to judge the moment of the club. My task is to work, to do my job in the best possible way, and to work very hard with this team, with these players for the fans. Other people will judge our position.”
Fifth-placed Chelsea must beat Newcastle and hope Liverpool lose to Brighton and Hove Albion to secure Champions League football, but Conte said failing to finish in the top four was always a risk given the competition in England.
“Don’t forget two years ago, Chelsea ended the season 10th and not in the FA Cup final, not in the semi-finals of the Carabao Cup, and they were eliminated in the last 16 against PSG in the Champions League. It can happen,” he added.
“But last season after a 10th place we won the league. It was difficult. We worked very hard, but we won it... Now, probably, you can finish fifth and start with a bit of an advantage compared to when you finish 10th.”
Conte’s future is under a cloud given the team’s failure to defend their title. British media have also reported that he has a strained relationship with members of the club’s hierarchy. The Italian, however, said he paid no attention to speculation.
“I always said to you, my only thought is to do my job in the best possible way. To work very hard with my players,” he added.
“This is my only worry. Since the start of the first game, I think... the time I start listening to the speculation about me, this is the moment I start to be worried.” Reporting by Simon Jennings in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-new-che-preview/conte-defends-chelsea-record-ahead-of-final-league-game-idUKKBN1IC1PJ |
May 20, 2018 / 5:28 PM / Updated 41 minutes Gloucestershire and Essex on Sunday at Bristol, England Gloucestershire win by 4 wickets Essex 1st innings Varun Chopra c Ian Cockbain b Chris Liddle 42 Adam Wheater lbw Tom Smith 41 Tom Westley c Tom Smith b Chris Liddle 2 Dan Lawrence c Daniel Worrall b Tom Smith 3 Ravi Bopara c Gareth Roderick b Chris Liddle 50 Ryan ten Doeschate Run Out Matt Taylor 22 Ashar Zaidi c Matt Taylor b Chris Liddle 82 Simon Harmer Not Out 34 Extras 1b 3lb 2nb 0pen 5w 11 Total (50.0 overs) 287-7 Fall of Wickets : 1-74 Wheater, 2-77 Westley, 3-82 Lawrence, 4-93 Chopra, 5-140 ten Doeschate, 6-197 Bopara, 7-287 Zaidi Did Not Bat : Wagner, Porter, Cook Daniel Worrall 10 0 47 0 4.70 1nb Matt Taylor 9 0 62 0 6.89 1w Ryan Higgins 6 0 41 0 6.83 Chris Liddle 10 0 57 4 5.70 2w Tom Smith 7 0 24 2 3.43 1w Benny Howell 8 0 52 0 6.50 1w Gloucestershire 1st innings George Hankins b Ravi Bopara 77 Chris Dent c Simon Harmer b Sam Cook 16 Benny Howell c Adam Wheater b Neil Wagner 12 Gareth Roderick Not Out 87 Ian Cockbain c Neil Wagner b Simon Harmer 18 Jack Taylor b Simon Harmer 6 Ryan Higgins Run Out Ravi Bopara 47 Tom Smith Not Out 4 Extras 0b 6lb 2nb 0pen 14w 22 Total (48.1 overs) 289-6 Fall of Wickets : 1-47 Dent, 2-81 Howell, 3-130 Hankins, 4-186 Cockbain, 5-206 Taylor, 6-285 Higgins Did Not Bat : Worrall, Taylor, Liddle Jamie Porter 4.1 0 34 0 8.16 1w Sam Cook 7 0 30 1 4.29 Simon Harmer 10 0 60 2 6.00 3w Ashar Zaidi 9 0 40 0 4.44 Neil Wagner 8 0 55 1 6.88 1w Ravi Bopara 9 1 55 1 6.11 3w 1nb Ryan ten Doeschate 1 0 9 0 9.00 1w Umpire Michael Burns Umpire Richard Illingworth Home Scorer Adrian Bull Away Scorer Anthony Choat | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5K1F1XHQ |
MOSCOW (Reuters) - Russia’s En+ Group ( ENPLq.L ), which manages tycoon Oleg Deripaska’s aluminum and hydropower businesses, on Friday reported a twofold increase in its first-quarter net profit compared with a year ago to $667 million.
FILE PHOTO: A wall sign with the logo of aluminium and power producer En+ Group is seen on the facade of a building in central Moscow, Russia February 13, 2018. REUTERS/Sergei Karpukhin/File Photo Washington imposed sweeping sanctions on some of Russia’s biggest companies and businessmen, including En+, on April 6, striking at allies of President Vladimir Putin to punish Moscow for alleged meddling in the 2016 U.S. presidential election and other so-called malign activities.
Reporting by Polina Devitt; editing by Polina Ivanova
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-en-results/russias-en-first-quarter-net-profit-jumps-to-667-million-idUSKCN1IJ1UN |
Semiconductor-testing company Cohu Inc. has agreed to acquire rival Xcerra Corp. in a cash-and-stock deal valued at about $627 million, months after the latter company scrapped a plan to sell itself to a Chinese company over national-security hurdles.
Cohu will pay Xcerra shareholders $9 a share in cash and 0.2109 of Cohu common stock for each share, the companies said in joint news release Tuesday.
Based... | ashraq/financial-news-articles | https://www.wsj.com/articles/cohu-bags-rival-u-s-chip-tester-xcerra-in-627-million-deal-1525772130 |
May 9 (Reuters) -
* Turkey’s 5-year CDS hit the highest level in 15-month, rise 9 basis points from Tuesday close to 259 basis points according to IHS Markit data after Washington pulls out of Iran nuclear deal.
* Lebanon 5-year CDS rise by 4 bps from Tuesday close to 564 bps. Further coverage: (Reporting By Karin Strohecker)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-turkey-cds-hit-15-mth-high-after-u/brief-turkey-cds-hit-15-mth-high-after-u-s-pulls-out-of-iran-nuclear-deal-idUSS8N1MY01J |
May 8, 2018 / 7:25 PM / Updated 17 minutes ago U.S. Air Force orders one-day pause in flights after deadly crashes Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The United States Air Force has ordered its aircraft to stand down for one day within the next few weeks for a safety review after a string of deadly aircraft crashes.
Some aircraft might be exempted from the one-day pause in flights, such as those carrying out strikes in Iraq and Syria, said Major General John Rauch, the Air Force’s chief of safety, on Tuesday.
The operational pause must carried out by May 21 and comes after a Puerto Rico Air National Guard cargo plane crashed near Savannah, Georgia last week, scattering fiery debris over a highway and railroad tracks, and killing all nine people aboard.
The crash was at least the fifth deadly accident involving a U.S. military aircraft since early April.
According to Air Force data, there has been a 48 percent increase in the rate of aircraft crashes in fiscal year 2018 where someone was killed, permanently disabled or that caused over $2 million in damages.
U.S. military officials have said the crashes across the different branches of the military are not a crisis.
“This is not a crisis. But it is a crisis for each of these families... these are across services, and these are different individuals and different circumstances,” Pentagon spokeswoman Dana White said last week. Reporting by Idrees Ali; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-military-airforce-crash/u-s-air-force-orders-one-day-pause-in-flights-after-deadly-crashes-idUSKBN1I92V9 |
May 31, 2018 / 8:11 AM / Updated 2 hours ago Socialist chief Pedro Sanchez set to become Spain's Prime Minister Julien Toyer 4 Min Read
MADRID (Reuters) - Pedro Sanchez was almost certain to become Spain’s new Prime Minister after his socialist party on Thursday secured enough votes to topple Mariano Rajoy in a confidence vote over a corruption case. Spain's Socialist Party (PSOE) leader Pedro Sanchez delivers a speech during a motion of no confidence debate at Parliament in Madrid, Spain, May 31, 2018. Juan Carlos Hidalgo/Pool via REUTERS
Sanchez has received the backing of six parties totalling 180 votes in parliament to become prime minister, more than the absolute majority of 176 votes needed to take power immediately if the no-confidence vote is held on Friday as scheduled.
Rajoy’s departure would trigger a second political crisis in southern Europe, further unnerving financial markets already wrongfooted by failed attempts to form a government in Italy three months after a national election.
With most Spanish parties in favour of respecting EU fiscal rules, however, investors appeared to see less risk of an abrupt policy shift than in Italy, where parties have thrown doubt on the commitment to the euro single currency.
Spain’s blue-chip index Ibex closed down 1 percent on Thursday but the news of Rajoy’s likely downfall did not trigger a major sell-off and Spanish stocks were also hit by the trade war the U.S. started with Europe and other allies.
Rajoy, who did not attend the afternoon session of the debate on Thursday, ruled out resigning before the vote in a move that would have slowed down the transition.
Shortly before he secured the key support of the Basque Nationalist Party (PNV), Sanchez had told Rajoy it was still time to leave and avoid the humiliation of becoming the first Spanish prime minister to lose a no-confidence vote.
“Are you ready to resign? Resign today and leave by your own will,” Sanchez told Rajoy. “You are part of the past, of a chapter the country is about to close.” Spain's Socialist Party (PSOE) leader Pedro Sanchez listens to Ciudadanos leader Albert Rivera (not pictured) during a motion of no confidence debate at Parliament in Madrid, Spain, May 31, 2018. REUTERS/Susana Vera “FRANKENSTEIN” GOVERNMENT
The Basque PNV had backed Rajoy’s budget as recently as last week but it decided to remove its support after dozens of people linked to the ruling People’s Party (PP) were sentenced to decades in prison in a long-running corruption trial.
Sanchez said that if he took power he would stick to the budget approved by Rajoy, and would also seek to start a new dialogue with the restive region of Catalonia.
Defending his record on Thursday, Rajoy told deputies his centre-right PP has a wide majority of members who are “decent and honest”.
“The Socialists have left us with a ruined country and we brought back growth and jobs,” he said, adding that Sanchez was trying to put together a “Frankenstein” government that would damage the economy.
Two Catalan pro-independence parties as well as leftist Podemos, a relative newcomer, another small Basque group and a party from the Canary Islands have said they will back Sanchez.
Jose Luis Abalos, the member of parliament in charge of formally presenting the motion on behalf of the Socialists, told PP deputies that the court ruling had triggered a wave of indignation across the country.
“While families were suffering the crisis, you were becoming millionaires,” he told PP members in parliament. Slideshow (2 Images)
Rajoy, whose minority government has struggled after two inconclusive elections in 2015 and 2016 ushered in the most fragmented parliament since democracy returned to Spain in the 1970s, is also coming under fire for a perceived inability to solve a secession crisis in Catalonia. Reporting by Julien Toyer; additional reporting by the Madrid newsroom; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://in.reuters.com/article/spain-politics/spanish-pms-future-in-balance-as-no-confidence-debate-starts-idINKCN1IW0TO |
Green Organic Dutchman Holdings Ltd:
* THE GREEN ORGANIC DUTCHMAN APPOINTS CAM BATTLEY TO BOARD OF DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-green-organic-dutchman-appoint/brief-the-green-organic-dutchman-appoints-cam-battley-to-board-of-directors-idUSASC0A1RU |
May 8 (Reuters) - ZAGG Inc:
* Q1 EARNINGS PER SHARE $0.24 * Q1 SALES $112.1 MILLION VERSUS I/B/E/S VIEW $96.6 MILLION
* SEES FY 2018 SALES $550 MILLION TO $570 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.04 — THOMSON REUTERS I/B/E/S
* COMPANY REITERATES 2018 OUTLOOK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zagg-reports-q1-earnings-per-share/brief-zagg-reports-q1-earnings-per-share-of-0-24-idUSASC0A0N8 |
May 14 (Reuters) - United Technologies Corp:
* UNITED TECHNOLOGIES PRICES OFFERING OF EURO-DENOMINATED SENIOR NOTES
* UNITED TECHNOLOGIES - PRICED OFFERING OF EUR 750 MILLION AGGREGATE PRINCIPAL AMOUNT OF 1.150% SENIOR NOTES DUE 2024
* UNITED TECHNOLOGIES CORP - ALSO PRICED OFFERING OF EUR 500 MILLION AGGREGATE PRINCIPAL AMOUNT OF 2.150% SENIOR NOTES DUE 2030
* UNITED TECHNOLOGIES CORP - ALSO PRICED OFFERING OF EUR 750 MILLION AGGREGATE PRINCIPAL AMOUNT OF SENIOR FLOATING RATE NOTES DUE 2020 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-technologies-prices-offerin/brief-united-technologies-prices-offering-of-euro-denominated-senior-notes-idUSASC0A237 |
FREMONT, Calif., May 7, 2018 /PRNewswire/ -- Tailored Brands, Inc. (NYSE: TLRD) today announced that it will release fiscal 2018 first quarter results on Wednesday, June 13, 2018, at approximately 4:15 p.m. Eastern Time. The announcement will be followed by a conference call and live webcast hosted by management at 5:00 p.m. Eastern.
To access the conference call at 5:00 p.m. Eastern on June 13 th , please dial 201-689-8029. To access the live webcast, visit the Investor Relations section of the Company's website at http://ir.tailoredbrands.com . A telephonic replay will be available through June 27, 2018, by calling 201-612-7415 and entering access code 13679534#, or a webcast archive will be available free on the website for approximately 90 days.
About Tailored Brands, Inc.
As the leading specialty retailer of men's suits and largest men's formalwear provider in the U.S. and Canada, Tailored Brands helps men love the way they look for work and special occasions. We serve our customers through an expansive omni-channel network that includes over 1,400 locations in the U.S. and Canada as well as our branded e-commerce websites. Our brands include Men's Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G. We also operate an international corporate apparel and workwear group consisting of Dimensions, Alexandra and Yaffy in the United Kingdom and Twin Hill in the United States.
For additional information on Tailored Brands, please visit the Company's websites at www.tailoredbrands.com , www.menswearhouse.com , www.josbank.com , www.josephabboud.com , www.mooresclothing.com , www.kgstores.com , www.dimensions.co.uk , www.alexandra.co.uk . and www.twinhill.com .
Contact:
Investor Relations
(281) 776-7575
[email protected]
Julie MacMedan, VP, Investor Relations
Tailored Brands, Inc.
View original content with multimedia: http://www.prnewswire.com/news-releases/tailored-brands-to-announce-fiscal-2018-first-quarter-financial-results-and-host-conference-call-on-june-13-2018-300643595.html
SOURCE Tailored Brands, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-tailored-brands-to-announce-fiscal-2018-first-quarter-financial-results-and-host-conference-call-on-june-13-2018.html |
HELSINKI--(BUSINESS WIRE)-- Funds advised by Triton ("Triton") and KKR today announced the sale of Mehiläinen, a leading provider of private health care and social services in Finland, to CVC Capital Partners. The terms of the transaction are undisclosed. The sale is subject to regulatory approval.
Triton and KKR acquired Mehiläinen in March 2010 as joint investors on a 50-50 basis. Varma and Ilmarinen, mutual pension insurance companies, have been minority shareholders since 2015 and LähiTapiola, a mutual life insurance company, since 2016. Since the acquisition, Triton and KKR have supported the continued growth of the company through investments in new products and services, which have further strengthened Mehiläinen’s position as a leading player in health and social care. In February 2015, Mehiläinen merged with Mediverkko, further strengthening the Group’s position in primary care, social care and dental care.
Mehiläinen has successfully acquired and integrated more than 50 providers under Triton and KKR’s ownership, resulting in an extensive national service network with over 360 units and 14,000 professionals in health care and social care, and making Mehiläinen one of the biggest domestic employers in Finland. The key improvement initiatives executed during Triton and KKR’s ownership have focused on patient care and experience, improving and extending the service provision offered in Finland.
"We would like to thank the management team, the employees, the Chairman, the Board, and all other stakeholders for their contributions to Mehiläinen's development. Since the acquisition in 2010, we have supported Mehiläinen to become a customer-focused and quality-driven health care and social service provider. We have experienced first-hand the dedication to care, service and quality that the employees and the leadership stand for and deliver. Triton together with KKR has been the owner of Mehiläinen for more than eight years and we view this as an appropriate time for a new owner to continue the development of Mehiläinen," says Peder Prahl, Director of the General Partner to the Triton fund.
Anders Borg, Managing Director and Head of Nordics at KKR, and Hans Arstad, Principal at KKR, said: “We are proud to have worked alongside Triton and the outstanding management team at Mehiläinen over the last eight years, to create a national champion which is contributing greatly to health and social care provision in Finland. The company is strongly positioned for future growth, drawing on the expertise and dedication of its employees to benefit all sections of Finnish society, and we wish Mehiläinen every continued success.”
Janne-Olli Järvenpää, CEO of Mehiläinen, said: “I am very excited to continue the strong partnership with LocalTapiola, Varma and Ilmarinen, and welcoming CVC as a new partner. With the new partnership group, I am excited about the future of Mehiläinen where our key focus will be to continue investing in our network and to provide best-in-class healthcare and social care services for the benefit of our customers, building on the many years of successful cooperation and the strong working relationship with KKR and Triton. I believe being a private domestic non-listed company gives us flexibility and agility to respond to the rapid transformation in the healthcare industry driven by digitalisation, increasing customer requirements, intensifying competition and regulatory uncertainty.”
KKR’s investment was made through its European Private Equity Fund III.
-ends-
About Mehiläinen
Mehiläinen Group is a well-known and highly valued private provider of healthcare and social care services in Finland, offering comprehensive high-quality services quickly and smoothly to private, insurance, corporate, and municipal customers. Mehiläinen provides help, support, and care for more than a million customers at locations near them.
Mehiläinen’s services are produced at over 360 locations by more than 14,000 employees and private practitioners.
For further information: www.mehilainen.fi
About Triton
The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe, focusing on businesses in the Industrial, Business Services and Consumer/Health sectors.
Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 37 companies currently in Triton's portfolio have combined sales of around €14,3 billion and around 91,000 employees.
The Triton funds are advised by dedicated teams of professionals based in Germany, Sweden, Norway, Finland, Denmark, Italy, the United Kingdom, the United States, China, Luxembourg and Jersey.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517006376/en/
Press Contacts:
Triton
Marcus Brans, +49 69 921 02204
or
KKR
Finsbury
Alastair Elwen, +44 207 251 3801
[email protected]
Source: KKR | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-triton-and-kkr-sell-mehilainen-to-cvc-capital-partners.html |
May 25, 2018 / 11:02 AM / Updated 8 hours ago RPT-Meghan Markle makes gold sales sparkle Reuters Staff 3 Min Read (Repeats for wider distribution.) By Renita D. Young NEW YORK, May 25 (Reuters) - The Meghan Markle effect has spread to yellow gold jewelry, helping boost United States sales in the first quarter of 2018 with further gains expected, jewelers said. The first three months of the year were the strongest first quarter for gold jewelry demand in the United States since 2009, according to the World Gold Council. Sellers say that is due in no small part to the public's fascination with American actor Meghan Markle, who was engaged to Britain's Prince Harry last November and who married him in a dazzling ceremony on Saturday. Meghan, Duchess of Sussex, favors yellow gold. “Around that time (of the engagement), we started seeing more sales of yellow gold and the last couple months it’s increased more," David Borochov, of New York-based R&R Jewelers, said on Thursday. “Yellow gold jewelry sales have risen about 30 percent this year.” For the last 15 years, white gold, silver and platinum have been the metals of choice for jewelry and couples tying the knot, jewelers said. Over the last few years, rose gold has become a favorite, while yellow gold was considered outdated. Borochov said he typically sells about 70 to 80 percent in white gold and platinum, and 20 to 30 percent in yellow and rose gold. He expects the latter to increase. “We saw an increase of about 20 percent (in yellow gold jewelry sales) from the beginning of the year,” said Nerik Shimunov, owner of Crown Jewelers in New York, which specializes in custom jewelry pieces for celebrities. Meghan and Harry told the BBC in November that yellow gold is her favorite; her engagement ring is set in that metal. Gold jewelry sales at Chicago-based Daniel Levy Jewelry increased by 10 percent after the engagement, “primarily because of the surplus of white gold,” said Daniel Levy, though he noted a recognizable shift to yellow gold. Celebrity purchases influence jewelry sales, said Alistair Hewitt, the World Gold Council’s director of market intelligence. Council research from 2016 found that 22 percent of U.S. women buying jewelry or luxury fashion were inspired by magazines and newspapers, with another 11 percent citing influence from celebrities. “It would not be surprising to see the coverage of the royal wedding – including the choice of engagement ring and wedding band – influence shoppers’ behavior,” he said. (Reporting by Renita D. Young in New York Editing by David Gaffen and Matthew Lewis) | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious-royals/rpt-meghan-markle-makes-gold-sales-sparkle-idUSL2N1SV2F3 |
DUBAI (Reuters) - Arif Naqvi, the founder of one of the Middle East’s biggest private equity firms, Abraaj, is facing calls from investors to further scale back his involvement in the group amid a row over misuse of funds, two people with knowledge of the matter said.
Naqvi, who set up Dubai-based Abraaj in 2002, in February passed the reins of the fund management arm to two new co-chief executives so he could concentrate on managing the parent company, Abraaj Holdings.
But some investors want him to step back even further.
“Limited partners (investors) do not want Naqvi to play any role,” said one of the people, referring to the investment management business.
Naqvi declined to comment. Abraaj, the company, did not comment on investor concerns about Naqvi.
Their demands are the latest twist in the difficulties of Abraaj, the Middle East and Africa’s biggest private equity fund and the region’s main vehicle to invest in frontier and emerging markets including Egypt and Turkey.
Naqvi has helped to attract money from the Gates foundation for healthcare investments as well as U.S. pension funds. But the fund has become embroiled in a row over how Abraaj used the money of some of its investors, including the Bill & Melinda Gates Foundation.
The firm is facing an investigation by four investors, including the Gates Foundation and International Finance Corp, a member of the World Bank Group, over use of some of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing.
The people who spoke to Reuters said that most investors believed the changes made in February were not sufficient to separate Naqvi completely from the investment business.
Naqvi remains the single largest shareholder in Abraaj Holdings and sits on its board. He also remains a non-executive member of the Global Investment Committee, which according to Abraaj’s website, is responsible for investment and divestment decisions across funds and provides guidance on transactions.
Investors want Naqvi to have no say in the governance of the investment business, one of the people told Reuters. A second source said investors did not want Naqvi to play a role in the business at all.
In a statement to Reuters, Abraaj said that Abraaj Investment Management Ltd (AIML) and Abraaj Holdings are two distinct legal entities with separate management teams and governance.
“While Mr. Naqvi is a non-executive member of the Global Investment Committee of AIML, he is not represented on the AIML Board of Directors or any other committee of the fund management business,” the company said.
The statement said that Abraaj funds are either fully invested or that management approval for further deals had already been given, making the investment committee largely dormant.
Naqvi is not on the investment committee for the healthcare fund, the source of the dispute between Abraaj and investors, it said.
The growing investor revolt against the Pakistani-born founder comes at a delicate time because Naqvi is attempting to sell some or all of Abraaj Investment Management.
The people said two to three bidders are in talks to bid for Abraaj Investment, including Los Angeles-based Colony Northstar. Colony Northstar and Abraaj declined to comment on the talks.
Aside from Naqvi, other shareholders in Abraaj Holdings include members of the management team and Deutsche Bank ( DBKGn.DE ).
Abraaj has undertaken a review of its corporate structure, including cutting around 15 percent of jobs. It has also freed up large investors from millions of dollars in capital commitments.
It was managing $13.6 billion before deciding to return $3 billion to investors and putting a new $6 billion fund on hold.
Additional reporting by Stanley Carvalho in Abu Dhabi and Joshua Franklin in New York; Editing by Ghaida Ghantous and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-abraaj-investors-founder-exclusive/exclusive-founder-of-dubai-based-abraaj-faces-investor-revolt-sources-idUSKCN1IJ1VG |
COLOMBO, May 25 (Reuters) - Sri Lankan shares closed slightly weaker on Friday as investors sold diversified stocks such as John Keells Holdings Plc, while block deals boosted turnover.
Local Investors continued to stay on the sidelines as they waited for some cues about the real impact of floods, while worries over a weaker rupee, political uncertainty and recent fuel price hike also weighed on sentiment.
Foreign investors accounted for around 70 percent of the day’s buying. They net bought equities worth 568.5 million rupees ($3.60 million), turning them net buyers of 272.3 million rupees so far this year.
The Colombo stock index ended 0.07 percent weaker at 6,467.80. It fell 0.4 percent for the week.
Turnover was 1.4 billion rupees, more than this year’s daily average of 983.6 million rupees.
“We see a reduction in foreign selling pressure and it is positive for the market,” said Dimantha Mathew, head of research, First Capital Holdings.
“Investors are still waiting to see the real impact of the floods.”
Heavy monsoon rains have killed 16 people, prompting authorities to warn against landslides and floods in low-lying areas after spill gates had to be opened across the Indian Ocean island.
Shares of Distillers Company of Sri Lanka Plc fell 2.7 percent, John Keells dropped 0.6 percent, Cargills (Ceylon) Plc ended down 1.8 percent and Sri Lanka Telecom Plc closed 1.5 percent weaker.
Stock brokers said investors were waiting for more clarity on the political and economic front amid recent fuel price hike, while the depreciation in rupee also weighed on sentiment.
The rupee hit a fresh low of 158.50 per dollar on May 16 on importer demand for the U.S. currency.
Analysts said concerns over political instability following President Maithripala Sirisena’s decision to suspend the parliament last month after 16 legislators from his ruling coalition defected, dented market sentiment.
On May 8, Sirisena urged his own coalition government and the opposition to end a power struggle to achieve ambitious goals including anti-corruption measures. ($1 = 157.9000 Sri Lankan rupees) (Reporting by Ranga Sirilal and Shihar Aneez; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-stocks/sri-lankan-shares-slip-diversified-stocks-top-drag-idUSL3N1SW3WN |
Getty Images Workers install solar panels on a residential home in Santa Monica, Calif.
Americans have long supported the idea of clean power. The question has always been how much effort they're willing to expend to make a green energy future a reality.
A new survey from global auditing and consulting firm Deloitte suggests the gap between environmental concern and consumer action may be shrinking. The pillars helping to bridge the divide include falling prices for solar power, higher awareness of clean energy options, growing concern about climate change and the inclinations of millennials.
"In addition to expressing broad support for renewables, residential consumers are generally striving to do more to become greener at a personal level," the report authors wrote.
In this year's Deloitte Resources Study, 68 percent of electric power buyers said they are very concerned about climate change and their carbon footprint. That's the highest percentage ever recorded in the study, topping the previous record of 65 percent in 2016.
The resources survey is Deloitte's first since President Donald Trump announced in June that the United States was pulling out of the Paris climate agreement. That high-profile decision has actually raised awareness of environmental issues and caused businesses to revisit their sustainability plans, the study authors told CNBC.
The survey found that 74 percent of respondents believe climate change is caused by human actions, up 5 points from 2017. Just 37 percent said environmental concerns are overblown, down 8 points from last year.
That concern is percolating up to businesses. In Deloitte's survey of businesses, 7 in 10 companies reported that customers were demanding that they draw at least some of their power from renewable sources.
Building out more solar and wind farms was widely seen as the main answer to climate change. However, the study found that consumer support for renewable energy goes beyond environmental concern. Respondents also said they believe renewable power improves U.S. energy independence, creates jobs and boosts the economy at the local and national levels.
Still, only 14 percent of household consumers say they have been offered the option of buying green energy. Out of that small group, only 6 percent purchased it. Most who turned it down said their decision boiled down to cost.
Deloitte says a generational shift could soon cause consumers to take bigger steps in their personal lives than merely switching to LED lightbulbs and adjusting their thermostats.
"Millennials, who are largely greener and 'techier' than previous generations, could soon tip this scale," Deloitte said.
"Their influence will continue to grow as they become a larger part of the workforce. Simply put, millennials have momentum, which makes them impossible to ignore."
The clean-energy appeal of installing residential solar panels grew in importance this year, closing the gap with cost-saving as a motivator. The prospect of maintaining power during outages is also a growing selling point. About half of the respondents who don't have solar panels said the opportunity to pair them with a battery storage system would make solar power more interesting to them.
Nearly half of respondents were interested in time-of-use rates, which allow electricity consumers to save money by using power at certain times of the day. That's up from just one-third of respondents last year.
One aspect of the survey that surprised the authors was respondents' views on smart home technology. While the trend dovetails with millennials' techy inclinations, concerns about privacy appear to be keeping Americans from adopting internet-connected technology to manage their energy footprints.
Almost one-third of respondents — and 69 percent of millennials — said they are increasingly concerned about bringing the tech into their homes.
The study is based on online interviews of decision-makers representing 1,500 residential households and 600 businesses. It was conducted by market research firm the Harrison Group for Deloitte in March. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/americans-want-more-clean-energy-heres-what-theyll-do-to-get-it.html |
May 7 (Reuters) - Kosmos Energy Ltd:
* Q1 LOSS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $-0.13 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED LOSS PER SHARE $0.06 * Q1 REVENUE $127.2 MILLION VERSUS I/B/E/S VIEW $143.3 MILLION
* KOSMOS EXITED Q1 OF 2018 WITH APPROXIMATELY $1.3 BILLION OF LIQUIDITY AND $1,069 MILLION OF NET DEBT
* Q1 2018 OIL REVENUES WERE $127.2 MILLION VERSUS $103.4 MILLION IN THE SAME QUARTER OF 2017, ON SALES OF 1.9 MILLION BARRELS OF OIL IN 2018
* DURING Q1 OF 2018, GROSS SALES VOLUMES FROM GHANA AVERAGED APPROXIMATELY 132,400 BARRELS OF OIL PER DAY
* AT JUBILEE, GROSS PRODUCTION AVERAGED APPROXIMATELY 63,800 BARRELS OF OIL PER DAY IN Q1
* TOTAL CAPITAL EXPENDITURES IN THE FIRST QUARTER WERE $58 MILLION
* JUBILEE TURRET REMEDIATION WORK IS PROGRESSING AS PLANNED WITH STABILIZATION SHUTDOWN BEING CONDUCTED IN TWO PHASES
* SECOND PHASE OF JUBILEE TURRET REMEDIOATION IS EXPECTED TO COMMENCE DURING Q2 OF 2018
* ANTICIPATED THAT JUBILEE OIL PRODUCTION WILL BE OFFLINE FOR AROUND TWO WEEKS AS A CONSEQUENCE OF SHUTDOWN
* AT JUBILEE, ANTICIPATED GAS SYSTEM WILL BE SHUT-IN FOR SLIGHTLY LONGER TO COMPLETE NON-TURRET RELATED MAINTENANCE
* NOW EXPECT ROTATION OF VESSEL TO TAKE PLACE AROUND END OF 2018 WITH MINIMAL IMPACT TO PRODUCTION IN 2018
* GROSS PRODUCTION FROM TEN IN Q1 AVERAGED APPROXIMATELY 68,600 BOPD
* DRILLING ACTIVITY AT TEN IS EXPECTED TO ALLOW PRODUCTION TO INCREASE TOWARDS FPSO CAPACITY OF 80,000 BOPD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kosmos-energy-reports-q1-adjusted/brief-kosmos-energy-reports-q1-adjusted-loss-of-0-06-share-idUSASC09ZZP |
LISBON (Reuters) - State-owned power firm China Three Gorges launched its 9 billion euros ($10.8 billion) takeover offer for Portuguese utility EDP ( EDP.LS ) as a pre-emptive move, sensing that other prospective bidders were looking at the company, sources said on Monday.
CTG owns 23 percent of EDP and is bidding for the remainder at 3.26 euros per share, a premium of less than 5 percent over EDP’s price before the offer. The stock leapt 9 percent on Monday, implying the price would go higher.
A source familiar with the matter said EDP viewed the bid as “low” but its board was likely to meet this week to consider it. No decision had yet been made to reject it, the source added.
A banking source close to the matter ruled out any EU utilities launching a counter bid, but that EDP would negotiate with the Chinese and push for a better price and a premium. The source said the offer was not a hostile one.
“CTG is not just a shareholder, it is also a partner of EDP,” said a third source familiar with the offer, noting that the Chinese firm had several large joint ventures with EDP.
The source said the Chinese firm had sensed some potential interest in EDP from European suitors and wanted to make clear its commitment to Portugal’s biggest company. The source declined to give any names of potential rivals.
In addition to its 23 percent stake in EDP, acquired for 2.7 billion euros in 2011, CTG has invested about 2 billion euros alongside EDP in joint power projects around the world.
“Anyone thinking of controlling EDP, whoever it may be, has to deal with this question. CTG has an industrial project with EDP and it has no intention of going anywhere,” said the source familiar with the offer.
Additional reporting by Axel Bugge in LISBON, Pamela Barbaglia in LONDON and Geert De Clercq in PARIS
| ashraq/financial-news-articles | https://www.reuters.com/article/us-edp-m-a-china-rivals/chinas-bid-for-edp-is-a-pre-emptive-strike-against-rivals-sources-idUSKCN1IF2EG |
May 9, 2018 / 3:43 PM / Updated 18 minutes ago Finland should emulate Britain's welfare payments scheme - finance minister Jussi Rosendahl 4 Min Read
HELSINKI (Reuters) - Finland should emulate Britain’s social security system as it plans new welfare reforms after a basic income pilot scheme that attracted global attention, Finance Minister Petteri Orpo said on Wednesday in an interview. FILE PHOTO: Finland's Finance Minister Petteri Orpo listens to the media in Helsinki, Finland, November 29, 2017. REUTERS/Tuomas Forsell/File Photo
Last year, 2,000 unemployed Finns who were chosen at random became the first Europeans to enjoy guaranteed basic income with monthly payments of 560 euros (489 pounds) in a two-year trial the government has opted not to extend after next December.
The scheme was considered radical because it enabled unemployed people to receive payments with nothing expected in return.
The trial’s aim is to encourage them to start work without fear of losing benefits but some lawmakers and economists say the scheme is too expensive and narrow to yield credible conclusions. Swiss voters rejected a similar scheme in 2016.
“The trial was good to have. It helps us plan the welfare reform ... but I still haven’t grown into a fan of that model,” said Orpo, who is tipped as a possible next Prime Minister after a general election in April 2019.
Orpo said he favoured Britain’s Universal Credit scheme, which simplifies payments to claimants by consolidating six different types of means-tested state benefit into one that is adjusted automatically for other income in a real-time register.
“This is what I support. It can be built with real incentives to take up work ... Our current system makes people passive, it is too complicated.”
Orpo said he hoped Finland’s next government would start a project to reform the welfare system.
Britain introduced the reform in 2013 but a series of management failures, expensive IT blunders and design faults mean the project has fallen at least five years behind schedule and its costs have ballooned.
The British government is pressing ahead with the rollout of the policy despite concerns by lawmakers that some claimants have to wait too long to receive payments and criticism that it risks harming vulnerable citizens. AGEING FINNS
Following the financial crisis of 2008, Finland suffered a decade of stagnation due to a string of external and internal problems, including high labour costs, a decline of Nokia’s ( NOKIA.HE ) former mobile phone business and recession in neighbouring Russia, a major trade partner.
While the economy has returned to brisk growth, Finland’s employment rate lags around 71 percent, compared to 75 percent in neighbouring Nordic countries.
“The work life has changed a lot .... We need to find new ways to flexibly combine small income with social security, and entrepreneurship with social security,” Orpo said.
In addition to the “welfare trap” problem, a fast-ageing population poses another strain: Finland’s ratio of old people who rely on working-age people is the third-highest in the EU after Italy and Greece.
“We need to lift the employment rate so we can take care of our services and pensions in the future,” Orpo said.
The three-party government has sought to solve economic problems with spending cuts, labour market reforms and a proposed health care reform.
In a recent opinion poll by Helsingin Sanomat, Orpo’s right-leaning NCP party ranked second after the Social Democrats, which is currently in opposition. Prime Minister Juha Sipila’s Centre Party was in third place. Additional reporting by Andrew MacAskill in London; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-finland-basicincome/finland-should-emulate-britains-welfare-payments-scheme-finance-minister-idUKKBN1IA2KA |
May 2 (Reuters) - BRISA BRIDGESTONE:
* REPORTED ON MONDAY Q1 NET PROFIT AT 11.4 MILLION LIRA VERSUS 24.7 MILLION LIRA YEAR AGO
* Q1 REVENUE AT 694.1 MILLION LIRA VERSUS 473.1 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90RM |
PARSIPPANY, N.J.--(BUSINESS WIRE)-- B&G Foods, Inc. (NYSE: BGS) announced today that its Board of Directors has increased the Company’s quarterly cash dividend rate by 2.2% from $0.465 per share of common stock to $0.475 per share of common stock. On an annualized basis, the dividend increases from $1.86 per share to $1.90 per share. The quarterly dividend declared today is payable on July 30, 2018 to shareholders of record as of June 29, 2018.
At the closing market price of the common stock on May 22, 2018, the new dividend rate represents an annualized yield of 7.2%. This is the 55 th consecutive quarterly dividend declared by the Board of Directors since B&G Foods’ initial public offering in October 2004.
About B&G Foods, Inc.
Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including Back to Nature, B&G, B&M, Cream of Wheat, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, Mrs. Dash, New York Style, Ortega, Pirate’s Booty, Polaner, SnackWell’s, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006414/en/
ICR, Inc.
Investor Relations: Dara Dierks, 866.211.8151
Media Relations: Matt Lindberg, 203.682.8214
Source: B&G Foods, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-bg-foods-increases-quarterly-dividend-by-2-point-2-percent.html |
2 COMMENTS Daryl Morey, the general manager of the Houston Rockets, doesn’t own a car.
He realized several years ago there was a smarter way for him to move from one place to another than the way he’d always done it. And that’s when he decided to sell his Lexus SUV. He stopped driving. He started taking Uber everywhere.
It might sound almost unfathomably odd for someone who runs a professional sports team in a city known for sprawl to get rid of his car because he’d rather commute by climbing into a stranger’s car, but only if that someone were anyone other than Daryl Morey.
He applied the same empirical rigor to the question of how he should get to work as he did the question of how the Rockets could improve their chances of winning the NBA title. Morey calculated that it would be cheaper, a better use of his time and safer for everyone involved if he were in the back seat. That was all the rationale he needed to go carless. He’s so pleased with his decision almost three years later that he says he’ll never have a car in Houston again.
“There’s a whole bunch of ways I can ruin my life right now,” Morey said. “One of them could be that I do something stupid driving and hurt myself or hurt someone else. So why even have that risk?”
The way he thought about his method of transportation happens to be a surprisingly useful way of understanding how the Rockets are now tied with the Golden State Warriors in the Western Conference Finals. Morey looked at the same facts as everyone else before this season—that any NBA team with Stephen Curry and Kevin Durant was probably going to win the championship —and then he thought differently than anyone else.
The Rockets weren’t content to wait out the Warriors. They went after them instead. Morey understood that he had to be aggressive, extreme and contrarian to beat a team that may turn out to be unbeatable.
Houston Rockets general manager Daryl Morey understood that he had to be aggressive, extreme and contrarian to beat the Warriors. Photo: Bill Baptist/NBAE/Getty Images They were willing to try anything. They defied conventional wisdom when they traded for Chris Paul even though they already had James Harden. They had the audacity to shoot more 3-pointers than 2-pointers . They overhauled their defense to complement their explosive offense. They were coached by Mike D’Antoni, whose name has become synonymous with playing fast, and they played slow. They isolated more than any team in the NBA, and because they had Harden , they averaged more points on their isolation possessions than any team in the NBA.
But all that zigging when the rest of the league zagged only gave the Rockets slightly better odds against the Warriors. They were a really good team, possibly a great team, with the burden of playing one of the greatest teams in the history of basketball. The Rockets were unabashed about their obsession with the Warriors because they had to be.
They needed to chase every little edge they could get. They also needed to get lucky. And then maybe— maybe —they would have a shot to beat Golden State.
That’s what they have now: a shot.
The Rockets saved their season in Game 4 by winning exactly the kind of game they were built to win. Morey’s grand plan might actually work. The series is 2-2 heading into Game 5 on Thursday night, and it has become clear the Rockets are the only team capable of seriously pushing the Warriors this season. They are the last defense against the Golden State dynasty. And they’re in this position in no small part because they were constructed by the type of person who thinks it’s reasonable to live in Houston without a car.
Morey says his approach to driving was like his approach to investing and, for that matter, building an NBA roster. He tried to strike the right balance of risk and return. Morey treated the rules of the road as mere suggestions. He was not a fan of red lights, and he found red lights for left-hand turns so objectionable that he sometimes ignored them.
“I skirt the speed-safety line,” he said. “I go really, really fast, but I’m super safe. I haven’t had an accident since I was 20.”
“You haven’t had an accident in three years,” said his wife, Ellen, who still owns a car, “because you haven’t driven.”
The streets of Houston are safer now that he’s no longer behind the wheel. He types away on his BlackBerry—yes, his BlackBerry—and works on the way to work. He can be productive even when he’s in the car. And he never has to worry about parking.
Morey understands that it might be necessary for his family to own a car. He doesn’t necessarily endorse it.
“It’s...fine,” he said.
Houston Rockets' Chris Paul, right, shakes hands with teammate James Harden. Photo: Marcio Jose Sanchez/Associated Press But not everyone understands his logic for not having a car. Morey recently explained to a colleague that he was trying to optimize his life around only things that were important to him. That person asked: “Are you Buddhist?”
The other explanation for why he Ubers everywhere is that Morey actually likes meeting the people who drive him around Houston. He talks to anyone who talks to him. When one driver told him that he was a musician, Morey indulged him and listened to his songs. “They were pretty good, I thought,” he said. The driver then told him that he personally delivers his CDs and even claimed to have made one delivery to New Zealand. “I sorta, maybe believed him,” Morey said, “although I don’t know why.”
He’s been in so many Ubers by now that he’s developed opinions about routing algorithms. He thinks about beating Houston traffic the same way he thinks about beating the Warriors. It may not be possible, but all he can do is bend the odds in his favor.
He prefers that his drivers use Waze. Except if he’s really in a hurry. In which case he checks Waze and Google Maps to compare his options.
“I’ll let them vote on the route,” Morey said. “And then I’ll use my own judgment.”
More on Warriors vs. Rockets The Stephen Curry Show Is Still the Most Exciting Thing in Sports The Rockets Have No Margin for Error Against the Warriors The Warriors and Rockets Are Not Who You Think How the Rockets Chased Value to Challenge the Warriors James Harden’s Stepback 3 Is a Step Ahead of the NBA It’s the NBA’s Worst Shot. Except for the Warriors. The Secret History of the Warriors’ Unstoppable Play The Star Whose Superpower Is Slowing Down The Dynasty Built Around Stephen Curry How a One-Time Washout Explains Today’s NBA Why the Warriors Were Behind the NBA’s Chaotic Summer How Kevin Durant Made the Biggest Move in Free Agency. Again. Write to Ben Cohen at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/how-uber-explains-the-warriors-vs-rockets-series-1527159600 |
May 17 (Reuters) - ZUEBLIN IMMOBILIEN HOLDING AG:
* INCREASED RENTAL INCOME BY 0.7% TO CHF 8.1 MILLION IN 2017/18 FINANCIAL YEAR
* FY EBIT OF CHF 4.4 MILLION * FY ADJUSTED EARNINGS AMOUNTED TO CHF 6.6 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zueblin-immobilien-holding-fy-ebit/brief-zueblin-immobilien-holding-fy-ebit-at-chf-4-4-mln-idUSFWN1SN12R |
(Reuters) - Nikol Pashinyan, the Armenian opposition figure who led mass protests against the ruling establishment, will seek parliamentary approval on Monday to become the ex-Soviet state’s new prime minister. Here are some details about him:
Reporting by Hasmik Mkrtchyan and Margarita Antidze; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-pashinyan-factbox/factbox-armenian-protest-leader-challenging-for-power-idUSKBN1I239G |
WASHINGTON—U.S. Immigration and Customs Enforcement has ramped up workplace inspections, increasing audits and arrests as part of an effort to find illegal workers and deter businesses from hiring them, data released Monday showed.
For most of President Donald Trump’s administration, immigration enforcement has focused on preventing people from crossing into the U.S. and then arresting and deporting those who do. The administration said Monday it is more aggressively going after employers.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/workplace-inspections-increase-in-pursuit-of-undocumented-hirings-1526336685 |
May 18, 2018 / 10:00 AM / in 6 hours Congo health ministry confirms 11 new cases of Ebola Reuters Staff 1 Min Read
KINSHASA (Reuters) - Congo has confirmed 11 new cases of Ebola in the northwest town of Bikoro, a health ministry spokeswoman said, widening an outbreak that the World Health Organization believes has already infected 44 people and killed 15. Congolese Health Ministry officials carry the first batch of experimental Ebola vaccines in Kinshasa, Democratic Republic of Congo May 16, 2018. REUTERS/Kenny Katombe Reporting By Fiston Mahamba; Writing by Edward McAllister; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-ebola-congo/congo-health-ministry-confirms-11-new-cases-of-ebola-idUSKCN1IJ13N |
PARIS, May 14 (Reuters) - France’s foreign minister called on Israeli authorities to exercise restraint after more than 40 Palestinians were killed on Monday and said the U.S. decision to move its embassy to Jerusalem flouted international law.
“France calls on all actors to show responsibility to prevent a new escalation,” Jean-Yves Le Drian said in a statement. “France again calls on the Israeli authorities to exercise discernment and restraint in the use of force that must be strictly proportionate.”
Le Drian disapproved of the U.S decision to move its embassy to Jerusalem, which he said “violated international law and in particular U.N. Security Council resolutions.” (Reporting by John Irish; editing by Richard Lough)
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/israel-usa-diplomacy-france/france-tells-israel-to-show-restraint-disapproves-of-u-s-embassy-move-idUSL5N1SL5S6 |
May 21, 2018 / 4:28 PM / in 13 minutes Top executives at India's fraud-hit PNB misled central bank, police allege Abhirup Roy 4 Min Read
MUMBAI, May 21 (Reuters) - Senior executives at India’s Punjab National Bank misled the central bank in late 2016 over the lender’s handling of the financial messaging system and credit guarantees that were at the centre of a more than $2 billion fraud, Indian police alleged in a charge sheet filed in court.
PNB, India’s second-largest state-run bank, said earlier this year that two jewellery groups headed by Nirav Modi and his uncle Mehul Choksi had defrauded it of about $2.2 billion by raising credit from overseas branches of other Indian banks using illegal guarantees issued by rogue PNB staff at a Mumbai branch over several years.
The PNB staff allegedly did not make note of the fake guarantees sent via the SWIFT financial messaging system in the bank’s core accounting software, leading to the fraud remaining undetected for years.
In 2016, after separate incidents of misuse of the SWIFT system elsewhere, the Reserve Bank of India (RBI) had repeatedly cautioned all banks, including PNB, and had sought details from the banks on their compliance with required cyber security controls.
Former PNB Chief Executive Usha Ananthasubramanian; two of the bank’s executive directors - K.V. Brahmaji Rao and Sanjiv Sharan - and a general manager did not take “any meaningful corrective measures” on the RBI notices, the Central Bureau of Investigation (CBI) said in the charge sheet, filed last week in the City Civil and Session Court, Mumbai.
The accused PNB General Manager, Nehal Ahad, “prepared a misleading reply” to RBI questions in October 2016 specific to SWIFT and measures in place for issuing letters of undertaking and letters of credit - forms of credit guarantees at the heart of the fraud - according to the police charge sheet, a copy of which was seen by Reuters on Monday.
The questions had been “dealt by” all four officials and Sharan had approved the reply which said outward messages on SWIFT were being sent only after entries in the core accounting software were made, police said.
The CBI also said that senior executives of Nirav Modi’s group had met Ananthasubramanian “to continue with the credit facilities to the group entities”, without saying when the meetings took place.
Ananthasubramanian, Rao, Sharan and Ahad are among 22 people and three firms that have been charged by police in India’s biggest bank fraud case. The defendants face charges of criminal conspiracy, cheating and dishonesty and criminal breach of trust by a public servant.
Ananthasubramanian, Rao and Sharan did not reply to calls and messages to their mobile phones seeking comment, while Ahad could not immediately be reached.
Ananthasubramanian, who headed PNB until May last year, was the chief executive of another state-run lender Allahabad Bank until the police charges were filed last week. Allahabad Bank relieved her of her position after the police charges.
PNB has also relieved the two executive directors, Rao and Sharan, of their duties. The executives have not commented on the charges yet.
Modi and Choksi, who are out of India, have denied any wrongdoing. Their lawyers could not immediately be reached. (Reporting by Abhirup Roy; Editing by Devidutta Tripathy and Adrian Croft) | ashraq/financial-news-articles | https://www.reuters.com/article/india-fraud-punjab-natl-bank/top-executives-at-indias-fraud-hit-pnb-misled-central-bank-police-allege-idUSL3N1SS49I |
CNBC 100 ---
Elsewhere, the Hang Seng Index slid 0.88 percent by 3:05 p.m. HK/SIN, hurt by losses in the heavily weighted financials sector. Shares of insurer AIA, in particular, fell 1.79 percent before the market close. On the mainland, the Shanghai composite gave up early gains to close 0.47 percent lower at 3,120.47 and the smaller Shenzhen composite dropped 1.07 percent.
The S&P/ASX 200 was a bright spot, with the index tacking on 0.16 percent to close at 6,013.60 as large cap banks buoyed the market. Energy stocks which had been hit in the last session pared some overnight losses, with Woodside Petroleum edging up by 0.32 percent.
On the whole, MSCI's broad index of shares in Asia Pacific excluding Japan was lower by 0.58 percent in Asia afternoon trade.
Several markets in Southeast Asia, including Singapore, Malaysia and Thailand, were closed on Tuesday for a holiday. Watching Italy
With U.S. and U.K. markets closed on Monday, investors kept an eye on Italy. Recent political turmoil in the country saw the FTSE MIB fall more than 2 percent in the last session.
The leader of Italy's Five Star Movement party called for the country's president, Sergio Mattarella, to be impeached after the latter chose to veto a pick for economy minister. Mattarella on Monday appointed a former International Monetary Fund economist to the role of interim prime minister, with snap elections expected.
"[I]t's fairly light on the ground in terms of fundamental economic data releases today and so focus will continue to remain on the various geopolitical themes dominating market moves as we return to full liquidity conditions," Nick Twidale, chief operating officer at Rakuten Securities Australia, said in a note.
The euro was under pressure on the back of that uncertainty, trading at $1.1593 at 3:00 p.m. HK/SIN after crossing the $1.17 handle in the last session.
The dampened sentiment also saw U.S. Treasury yields open lower on Tuesday. The yield on the benchmark 10-year U.S. Treasury opened at its lowest levels in six-weeks, Reuters said, and last stood at 2.88 percent.
Investors also digested geopolitical developments involving North Korea after delegations from the U.S. and the hermit state met on Sunday. That came despite U.S. President Donald Trump's announcement last week that he was canceling a planned summit in June with North Korean leader Kim Jong Un .
The U.S. has readied sanctions on Pyongyang that could be unveiled soon, but was reportedly postponing the measures as the two countries attempted to resurrect talks.
Oil prices were mixed on Tuesday: U.S. crude futures were down 1.75 percent at $66.69 per barrel and Brent crude futures edged higher by 0.16 percent to trade at $75.42. Prices had dropped on Monday after top producers Saudi Arabia and Russia last week signaled they could raise production.
In individual movers, LG Display jumped 5.23 percent while Japan Display tumbled 7.97 percent. The divergent moves came after a report from South Korean newspaper Electronic Times, citing anonymous sources, that Apple would use organic light-emitting diode screens for new iPhones in the new year, Reuters said.
— CNBC's Sam Meredith contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/asia-markets-oil-prices-stocks-currencies-and-north-korea-in-focus.html |
53 COMMENTS Among all the trade fights that has picked, his hand against China is the strongest. That fight has economic, strategic and political logic that his confrontations with Canada, Mexico, Western Europe and Japan lack.
Yet China, incredibly, appears to be winning. Though it is still early days, China has thus far escaped the bulk of threatened U.S. tariffs while giving up almost nothing of substance.
Mr. Trump initially seemed to have more stomach for confrontation with China than his predecessors. Instead, China has shrewdly exploited his weak points: his hopes for a breakthrough with North Korea, a Chinese client; a low threshold for political pain, especially in Republican farm states; and a readiness to play China’s game of using legal proceedings as a commercial bargaining chip.
Over the weekend, the U.S. agreed to suspend, for now, tariffs on up to $150 billion in Chinese imports. China in turn agreed to buy more energy and agricultural products. That is hardly a game changer. Since both are commodities traded on global markets, China buying more from the U.S. will likely just redirect some sales that would have happened anyway.
Related Video Trade pressure on farmers has helped fuel the latest talks between U.S. and China aimed at lifting tariffs on soybeans, hogs and more. Here, an American farmer and a steelworker explain how tariffs are impacting their livelihoods. A deal may over time prompt American farmers to change their mix of crops to garner better prices driven by Chinese demand for, say, sorghum, but total U.S. production will, as always, be largely determined by global conditions.
Similarly, if U.S. shale producers export more oil to China, they will sell less elsewhere. China may buy more liquefied natural gas, but that was probably inevitable: it is set to become the world’s largest LNG importer anyway and the U.S. one of the three largest exporters. In February Cheniere Energy Inc. signed a long-term deal to ship LNG from the U.S. Gulf Coast to China National Petroleum Corp.
The promised Chinese purchases might trim its trade surplus with the U.S., but not by anywhere near the $200 billion Mr. Trump has sought. More important, that deficit has always been less of a problem than the myriad ways China positions its own companies to grab market share from foreign rivals, for example by acquiring the latter’s intellectual property via compulsory licensing, joint ventures or theft, and limiting what foreign companies may do in China.
The U.S. Treasury is exploring how to restrict Chinese investment in the U.S., and China has said it would allow foreign companies to manufacture cars there without joint ventures. Yet it still has countless, often subtle, ways to promote its domestic champions over foreign rivals. For example, it requires foreign electric-vehicle makers to use Chinese-made batteries while permitting Chinese-owned Volvo Car Group to use superior South Korean-made batteries .
Thus, China’s biggest commitment so far is “to buy more of the things that it likely would buy more of no matter what,” Brad Setser, a trade expert at the Council on Foreign Relations, wrote on Twitter, without addressing “the structural problem in China’s global pattern of trade: its low level of imports of manufactures, and its desire…to reduce those imports further.”
U.S. officials may yet extract more substantive concessions in coming talks with China. If “we don’t get what we want, the president can always put tariffs back on,” Treasury Secretary Steven Mnuchin said Monday. Yet U.S. officials have shown little appetite for exercising their leverage over China.
Mr. Trump had initially sought to keep national security and trade relations separate. But to maximize the chance of a breakthrough on denuclearization with North Korea at a June 12 summit, he, like his predecessors, is avoiding antagonizing its patron, China.
China has long used selective enforcement of its law such as over health and antitrust as a negotiating chip with foreign companies and governments. It has deployed similar tactics in this fight, stepping up customs inspections of U.S. cars and soybeans and holding up its antitrust review of a U.S. firm’s takeover of a Dutch semiconductor company.
Mr. Trump has in effect done the same. His Commerce Department banned Americans from supplying Chinese phone manufacturer ZTE Corp. because it had violated sanctions . When China insisted those penalties be eased as part of any trade talks, Mr. Trump agreed. While Mr. Mnuchin said the issues were “completely separate,” the U.S. is on the verge of easing the penalties on ZTE while China removes some tariffs on farm products. The apparent swap is “pretty darned unusual,” said one former U.S. trade official. “The implication is that US national security is tradable.”
When Mr. Trump first unveiled his sweeping actions against China last month he warned that the fight might entail “a little pain.” But his own tolerance for pain appears limited. Though the U.S. depends much less on exports to China than the reverse, China targeted farm exports from Republican states important to the outcome of November’s midterm elections. That may explain why U.S. officials have prioritized avoiding Chinese retaliation.
China still holds the weaker hand in this trade dispute—but it has played that hand far better.
Write to Greg Ip at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-shies-from-pressing-his-advantage-in-china-trade-fight-1526981400 |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Edge Therapeutics, Inc. (NASDAQ: EDGE) who purchased shares between December 29, 2017 and March 27, 2018. The action, which was filed in the USDC for the District of New Jersey, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) that Edge Therapeutics lead product candidate EG-1962 would likely fail a futility analysis in connection with the NEWTON 2 study; and, (2) that, as a result of the foregoing, the Company's financial statements and Defendants' statements about Edge's business, operations, and prospects, were materially false and misleading at all relevant times.
On March 28, 2018, Edge Therapeutics disclosed “that a pre-specified interim analysis on data from the Day 90 visit of the first 210 subjects randomized and treated in the Phase 3 NEWTON 2 study of EG-1962 demonstrated a low probability of achieving a statistically-significant difference compared to the standard of care in the study’s primary endpoint, if the study is fully enrolled.” As a result, the Data Monitoring Committee “recommended that the study be stopped based on its conclusion that the study has a low probability of meeting its primary endpoint.” Based on the DMC recommendation, Edge Therapeutics decided to discontinue the Phase 3 NEWTON 2 study.
Shareholders have until June 22, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/edge-therapeutics-inc?wire=2 .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006184/en/
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-the-klein-law-firm-reminds-investors-of-a-class-action-filed-on-behalf-of-edge-therapeutics-inc-shareholders-and-a-lead.html |
May 25 (Reuters) - Britain’s Capita Plc said on Friday it raised 681.4 million pounds ($911 million) through a rights issue aimed at paying down debt, plugging a pension deficit and boosting investment.
Capita, which handles services for companies and governments, said its 3-for-2 rights issue of 1 billion new shares at a 70 pence per share closed on May 24 with valid acceptances of 973.5 million shares, or 97.25 per cent.
The new shares are expected to begin trading on the London Stock Exchange’s main market on May 25.
The company initially planned to raise 700 million pounds from investors to stop the rot at an outsourcing company that Chief Executive Jon Lewis said had failed to adequately control costs, had grown unwieldy through acquisitions and had too much debt. ($1 = 0.7483 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/capita-rightsissue/britains-capita-raises-681-mln-pounds-to-pay-down-debt-idUSL3N1SW2K5 |
WASHINGTON—As President Donald Trump considers new tariffs on imported vehicles and pursues a deal with China to avoid a trade war, economists and business leaders see a pattern emerging in the White House’s efforts to renegotiate many trade relationships: Open aggressively, but settle for incremental concessions.
The Trump administration has accused U.S. trading partners of taking advantage of an open U.S. economy. Mr. Trump has demanded partners—China, Mexico, Canada, the EU and others—rewrite trade relationships in ways... | ashraq/financial-news-articles | https://www.wsj.com/articles/as-trump-talks-tough-on-trade-worries-mount-over-lack-of-action-1527505200 |
May 23 (Reuters) - Canadian Imperial Bank of Commerce :
* CIBC CFO SAYS BANK MAY RECONSIDER IPO OF FIRSTCARIBBEAN IF MARKET CONDITIONS IMPROVE, UNDER NO PRESSURE TO SELL THE BUSINESS Further company coverage: (Reporting by Matt Scuffham)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cibc-says-could-reconsider-firstca/brief-cibc-says-could-reconsider-firstcaribbean-ipo-in-future-idUSL2N1SU0QS |
To-do lists — as simple as they may seem — are a staple in many successful people's lives. Such is the case for Barbara Corcoran, star of ABC's "Shark Tank," who uses the productivity strategy to stay organized.
However, the self-made millionaire and real estate mogul admits she does things a little differently.
Corcoran recently revealed to New York Magazine's The Cut that her to-do list, which she keeps on her desk, includes all aspects of her life.
"It will be everything from get [my daughter] Kate's blood tested for iron deficiency — something as personal as that — to a call with an entrepreneur who's getting jittery about closing a deal with me from the last season of 'Shark Tank.' It's anything that enters my mind," Corcoran explains to The Cut.
With so much going on in her life, Corcoran says she then uses her own method to rate the things on her to-do list in order to prioritize. Corcoran places an "A" next to the things that will make the biggest difference in her life, she explains, and getting those things accomplished is non-negotiable.
"Until I put an A next to it, it doesn't get it done," Corcoran tells The Cut. "And I generally don't enjoy doing them, honestly.
"I usually have five to seven A's on any given day and I do them first," she adds. "I don't finish my week without getting rid of my A's. Once I label it, it's a commitment."
Corcoran is not the only successful person who uses strategized methods of tackling tasks. Before he goes to bed every night, American Express CEO Kenneth Chenault reportedly jots down three things he wants to accomplish the following day. And billionaire founder of Virgin Group Richard Branson previously revealed he's a big fan of lists, writing down both small daily tasks and big ideas.
Despite having a plethora of necessary tasks penciled-in on her to-do list, Corcoran also tells The Cut how she manages to avoid stressing out.
"Most of my friends have expensive shrinks. I don't spend a dime on that," Corcoran says.
Instead, she says working out helps get rid of all her problems, as does gardening.
"I pot plants on the terrace. I'm a potter. Nothing is better than pulling up weeds, potting bulbs," Corcoran tells The Cut . "I just find that my stress melts away. And most importantly, I yell at my husband Bill. That's how I get rid of my stress."
Don't miss: Barbara Corcoran breaks down what a day filming 'Shark Tank' is really like
show chapters This is "Shark Tank" investor Barbara Corcoran's $3,000 regret 1:44 PM ET Mon, 9 April 2018 | 01:00 Like this story? Like us on Facebook .
Disclosure: CNBC owns the exclusive off-network cable rights to "Shark Tank." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-barbara-corcoran-prioritizes-her-to-do-list.html |
May 15 (Reuters) - Dolphin Entertainment Inc:
* Q1 REVENUE $5.7 MILLION * QTRLY EARNINGS PER SHARE $0.07 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dolphin-entertainment-q1-earnings/brief-dolphin-entertainment-q1-earnings-per-share-0-07-idUSASC0A2H4 |
May 1, 2018 / 11:16 AM / Updated 6 minutes ago BRIEF-Noble Energy Reports Q1 Earnings Per Share $1.14 Reuters Staff
May 1 (Reuters) - Noble Energy Inc: * Q1 EARNINGS PER SHARE $1.14
* Q1 EARNINGS PER SHARE VIEW $0.25 — THOMSON REUTERS I/B/E/S
* DELIVERED QUARTERLY SALES VOLUMES OF 361 MBOE/D, UP 18 PERCENT FROM Q1 2017
* INCREASED U.S. ONSHORE OIL PRODUCTION OVER 30 PERCENT IN QUARTER COMPARED TO Q1 OF 2017 DRIVEN BY DELAWARE BASIN GROWTH
* QTRLY TOTAL REVENUE $1286 MILLION VERSUS $1,036 MILLION REPORTED LAST YEAR
* COMPANY’S GUIDANCE HAS BEEN UPDATED TO REFLECT ADOPTION OF ASC 606 AND TIMING OF CLOSING OF GULF OF MEXICO TRANSACTION
* SALES VOLUMES FOR Q2 OF 2018 ARE EXPECTED TO RANGE BETWEEN 340 AND 350 MBOE/D (POST ASC 606)
* FULL YEAR 2018 SALES VOLUMES HAVE BEEN INCREASED TO RANGE BETWEEN 350 AND 360 MBOE/D
* COMPANY’S FULL YEAR CAPITAL EXPENDITURE RANGE OF $2.7 TO $2.9 BILLION REMAINS UNCHANGED
* FOR Q2, NOBLE ENERGY EXPECTS ORGANIC CAPITAL EXPENDITURES BETWEEN $750 MILLION AND $850 MILLION
* SECOND HALF OF 2018 CAPITAL EXPENDITURES ARE EXPECTED TO BE LOWER THAN FIRST HALF
* LEVIATHAN PROJECT REMAINS ON BUDGET AND ON SCHEDULE WITH FIRST GAS SALES ANTICIPATED BY END OF 2019
* ACTIVITY IN EAGLE FORD FOCUSED ON COMPLETIONS FOR WELLS EXPECTED ONLINE IN Q2 OF 2018
* PAID DOWN $230 MILLION OF NOBLE ENERGY DEBT DURING Q1 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-noble-energy-reports-q1-earnings-p/brief-noble-energy-reports-q1-earnings-per-share-1-14-idUSASC09YJ9 |
DUBLIN, May 2 (Reuters) - Paddy Power Betfair’s first quarter earnings fell 6 percent due to new betting taxes, levies and start-up losses in the U.S., the company forecasting something between a slight decline and 5 percent increase for the year as a whole.
The bookmaker said that excluding the one-off annualisation of taxes and start-up costs, core earnings would have been flat in the first three months as it guided for a full year outturn of 470 million pounds to 495 million pounds.
That compares to 18 percent growth last year, when earnings came in ahead of expectations at 473 million pounds ($643.9 million).
Revenue was also flat as it said customer activity in its main market of Britain and Ireland was adversely affected by a sustained period of bookmaker friendly sports results and a high level of racing fixture cancellations.
The gambling group, a product of the 2016 tie-up between online betting exchange Betfair and Paddy Power, which runs betting shops as well as an online business, had said in March that it would increase its marketing spend by 20 million pounds this year, leading to earnings downgrades.
It said on Wednesday that it would increase investment in promotional and marketing activity in its Sportsbet business in Australia to take advantage of the potential disruption to competitors amid market consolidation there.
It also plans to return 500 million pounds to shareholders over the next 12 to 18 months in a share buyback programme to be initiated shortly.
“We have made good progress against our strategic priorities,” Paddy Power Betfair Chief Executive Peter Jackson, who took over in January, said in a statement.
“In Europe, the successful completion of our platform integration has resulted in a meaningful improvement to the Paddy Power product. In Australia, Sportsbet continues to perform well and is targeting further market share growth.” ($1 = 0.7346 pounds) (Reporting by Padraic Halpin Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/paddypower-outlook/paddy-power-betfair-q1-earnings-fall-more-optimistic-on-full-year-idUSL8N1S91B3 |
By Natasha Bach 6:37 AM EDT
Donald Trump may be president of the world’s biggest economy, but that doesn’t mean he’s getting richer.
According to figures compiled by Bloomberg , Trump’s net worth has actually dropped since becoming president.
Trump’s net worth has dropped more than $100 million over the past year, down to $2.8 billion—the lowest since his campaign for president. While that may still be a bigger number than most of us can ever hope to see next to our name, it marks a continued decline for Trump.
This is the president’s second drop in net worth in the last two years. Bloomberg notes that much of the decline can be attributed to falling revenue from his tower on Fifth Avenue in New York and from his golf courses, as well as the loss of buildings in Toronto, Manhattan, and Panama.
This continued decline comes in spite of Trump not “divesting assets that might pose conflicts for his presidency.” Trump chose to put his sons in charge rather than sell parts of his company. Nevertheless, Bloomberg’s net worth estimate could be low if Trump has assets or received payments that have not been publicly disclosed.
For his part, Trump does appear to have higher estimates for his own net worth. He has variously claimed he was worth $8.7 billion and more than $10 billion . However, most estimates put that number closer to $3 billion —a figure more closely aligned with Bloomberg’s latest projection. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/donald-trump-net-worth-down-100-million/ |
0 COMMENTS Readers can subscribe to here: http://on.wsj.com/MorningRiskReportSignup . Follow us on Twitter at @WSJRisk.
Join us at our London offices on May 11 for a discussion of how the risks are changing in sanctions. Mara Lemos Stein will interview Michael O’Kane of Peters & Peters and Justine Walker of U.K. Finance. http://go.dowjones.com/BreakfastBriefingMay11London .
Panasonic Avionics is a wholly owned subsidiary of Panasonic Above, the company logo is shown in Tokyo in 2016. Agence France-Presse/Getty Images Good morning. Due diligence works but it can’t keep a firm out of trouble on its own. That is one lesson from Panasonic Avionics Corp.’s admission Monday that certain employees did an end-run around the company’s due diligence process, among other wrongdoing that led to more than $280 million in payments to authorities by the firm and its parent.
Panasonic Avionics in 2009 started to required its third-party sales agents to undergo vetting by Trace International, a business antibribery group. When some sales agents in Asia failed to pass, or didn’t cooperate with the certification process, Pacific Avionics formally severed ties with them. Yet “certain PAC employees” arranged for a sales agent who did obtain antibribery clearance to hire as sub-agents those who hadn’t passed, according to a deferred-prosecution agreement the company signed last month.
“The primary lesson here is that due diligence can be effective, as it was here,” said Alexandra Wrage, Trace International’s president, noting the firm’s checks did highlight problematic third parties, according to court documents. “But it’s a process, not an event.”
Companies should keep track of a variety of changes to their original due diligence, such as shifts in commission amounts, ownership structure and geographical areas to be covered. “Multilevel agent-subagent arrangements present a clear red flag,” Ms. Wrage said.
Organizations must work to understand where in their operations problems are likely to crop up, ideally led by a partnership between company leaders and compliance staff, said Pam Hrubey, a managing director at Crowe Horwath LLP, an accounting, audit and consulting firm.
They should make sure employees understand the risks to the firm, she said. Once a problem is identified, compliance must work as a partner with the business to find a solution. Sometime, the right thing to do is to stop working with a third party, Ms. Hrubey said.
“Lots of times, however, if leadership and compliance team members work together it is possible to both meet the needs of the business and prevent what happened in the Panasonic case,” she said.
A third, critical strategy is ensuring that all parts of a company report their financial transactions via a common software system set up to flag suspicious payments, according to Kevin Hyams, who heads the governance, risk and compliance practice at the accounting and advisory firm Friedman LLP.
If that system is monitored by an independent risk and compliance group that reports to the firm’s board, a company has a much better chance of staying out of trouble, he said. “Those systems don’t cost $280 million,” Mr. Hyams said.
Panasonic Avionics, a unit of Japan’s Panasonic Corp., agreed to pay a $137.4 million criminal penalty to resolve claims it violated the Foreign Corrupt Practices Act. The law bars bribing foreign officials to get, or keep, a business advantage, as well as hiding those payments in a company’s books.
The avionics firm entered into a deferred-prosecution agreement with the Justice Department over a charge that it caused the falsification of the financial records of its parent company.
The company said Monday it has worked to improve its internal controls. Panasonic Court replaced the senior management team at the avionics unit in 2017. The parent company will pay about $143 million of disgorgement—giving up funds gained via its wrongdoing—to the U.S. Securities and Exchange Commission.
EXCLUSIVE ON RISK AND COMPLIANCE JOURNAL
Brother of former Honduran official charged with laundering $1.3 million in bribes. The brother of a former Honduran official laundered $1.3 million in bribes that were used to buy real estate in the New Orleans area, U.S. prosecutors said.
Carlos Zelaya, a Honduran citizen who lives in the New Orleans area, was charged in a 12-count indictment following his arrest on Tuesday. He was ordered held pending a detention hearing scheduled for Thursday, prosecutors said.
A lawyer for Mr. Zelaya couldn’t immediately be identified.
The case was brought by the U.S. Justice Department’s Kleptocracy Asset Recovery Initiative, which seeks to recover and repatriate the proceeds of foreign corruption. More than 60% of the Honduran population lives in poverty , according to data from the World Bank.
Mr. Zelaya received the bribes from two Honduran businessmen for the benefit of his brother, the executive director of the Honduran social security agency, prosecutors alleged. Using international wire transfers to launder the money, Mr. Zelaya then allegedly bought property in the New Orleans area. He also used his brother’s position to profit from government contracts, and then laundered those funds into the New Orleans area as well, prosecutors said.
The indictment also charges Mr. Zelaya with spending rental income from the properties, which prosecutors sued to seize in 2015, saying they were the proceeds of corruption. He also allegedly lied to authorities about the source of the funds to buy the properties, and, later, allegedly committed perjury when lying to judge about the rental income, prosecutors said. — Samuel Rubenfeld
COMPLIANCE
U.S. gives Rusal path to escape sanctions. The Trump administration amended its Russia sanctions program, paving the way for aluminum giant United Co. Rusal to escape the blacklist. Rusal’s owner, EN+ Group , sought amnesty from the U.S. last week by pledging its majority shareholder, the tycoon Oleg Deripaska, would reduce his holdings. An extensionTuesday buys EN+ time to implement the plan, the WSJ reports.
Rusal is the biggest aluminum maker outside China. PHOTO: ANDREY RUDAKOV/BLOOMBERG NEWS Goldman to pay over currency case. Goldman Sachs Group Inc. will pay roughly $110 million to settle claims that it failed to supervise foreign-exchange traders who put clients at a disadvantage by inappropriately sharing information about their market positions with rivals, regulators said Tuesday, the WSJ reports. Goldman said it was pleased to have resolved the matter.
GOVERNANCE
Xerox CEO to go in settlements with activists. Xerox said its chief executive, Jeff Jacobson, is resigning in a settlement with investors Carl Icahn and Darwin Deason, a pact that shakes up the majority of the board. The new board is expected to consider alternatives to a deal that sells most of Xerox to Fujifilm Holdings , the WSJ reports.
RISK
Banks are forced into Qatar-Saudi feud. Bankers have tried to stay neutral in the diplomatic fight between Qatar and its neighbors, Saudi Arabia and the United Arab Emirates. Now, they are being forced to choose between doing business with oil-rich Saudi Arabia and the U.A.E, and Qatar, a tiny emirate with natural-gas resources that make it one of the world’s wealthiest countries.sides, the WSJ reports.
Tesla faces patent lawsuit. Nikola Motor Co. , a maker of hydrogen-powered trucks, sued Tesla , the manufacturer of electric cars, claiming Tesla infringed on its patents, Reuters reports. Tesla’s first electric truck is “substantially” similar to a Nikola Motor design, the truck manufacturer alleged. Tesla rejected the claim.
Nestle resolves spat with retailers. Nestle reached an agreement with AgeCore , a Geneva-based group representing six European retailers, ending a dispute in which AgeCore members boycotted Nestle products. The retailers had kept some Nestle goods off their shelves as they sought better supply terms, Reuters reports.
STRATEGY
Facebook plans dating service. Facebook plans to launch a dating feature on its platform, in an unexpected push into a new business even as the social-media giant battles questions about how it handles users’ data and privacy. Stock in online-dating companies fell in response to the news, the WSJ reports.
Facebook CEO Mark Zuckerberg speaks Tuesday at the company’s annual developers conference in San Jose, Calif. PHOTO: STEPHEN LAM/REUTERS Vista Outdoor to exit firearms, other brands. Vista Outdoor Inc. said it would stop making firearms as the U.S.’s largest maker of ammunition plans to pare back a sprawling portfolio tied to the $90 billion-a-year outdoor-pursuits market. The maker of Federal Premium bullets and CamelBak water bottles plans to sell its Savage Arms and Stevens firearms brands as part of a strategic review, the WSJ reports.
from WSJ’s Risk & Compliance Journal cues up the most important news in risk and compliance every weekday morning. Send tips, suggestions and complaints to [email protected] .
Share this: AgeCore Carlos Zelaya Deason Deripaska Facebook dating Fujifilm Goldman Hrubey Hyams Icahn Nestle Nikola Motor Panasonic Qatar Rusal Saudi Arabia Tesla Trace International U.A.E. Vista Outdoor Wrage Xerox Previous Corruption Currents: Brazil's Lula Faces New Graft Charges Content from our sponsor Deloitte Risk management, strategy and analysis from Deloitte Boards: Understand the Rules for Ethics and Compliance Oversight Executives, boards of directors, and audit committees have special responsibilities for the oversight and management of their organization’s ethics and compliance programs, as discussed in Deloitte’s 2018 Audit Committee Resource Guide. There are numerous rules set by regulators and others that are critical to understand. Moreover, scrutiny of boards’ oversight of ethics and compliance has increased in recent years, and boards’ oversight responsibilities have been highlighted by several court rulings and the U.S. Federal Sentencing Guidelines for organizations.
Please note: The Wall Street Journal News Department was not involved in the creation of the content above. More from Deloitte → | ashraq/financial-news-articles | https://blogs.wsj.com/riskandcompliance/2018/05/02/the-morning-risk-report-panasonic-case-highlights-limits-to-due-diligence/ |
Published: May 14, 2018 10:50 a.m. ET Share
New Jersey ruling seen having far-reaching consequences
By Getty Images Atlantic City will now be able to offer sports betting alongside casino games.
WASHINGTON—The Supreme Court on Monday opened the door for states to allow betting on sporting events, invalidating a federal law that prohibited such wagers in most of the U.S.
The court, in an opinion by Justice Samuel Alito, sided with a challenge brought by the state of New Jersey, which has waged a six-year battle to allow sports betting within its borders.
The state has been unable to do so because of the 1992 Professional and Amateur Sports Protection Act, a federal law that says states can’t “sponsor, operate, advertise, promote, license, or authorize” sports gambling.
Bets on individual sporting events now takes place only in Nevada, whose long wagering history allowed it to be grandfathered into the federal law. | ashraq/financial-news-articles | https://www.wsj.com/articles/supreme-court-ruling-for-new-jersey-opens-door-to-sports-betting-1526308430?mod=e2twp |
PARIS—French President Emmanuel Macron’s attempt to end a dispute over an overhaul of the country’s railways stumbled Friday when a majority of unions said they would continue strikes despite a government pledge to take over a large chunk of rail operator SNCF’s debt.
To sweeten a controversial plan to end SNCF’s monopoly in passenger rail and overhaul the company, French Prime Minister Édouard Philippe told the rail unions that the state will take on €35 billion of SNCF debt starting in 2020.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/frances-latest-attempt-to-placate-rail-unions-fails-1527268829 |
May 7, 2018 / 6:34 PM / in 7 minutes Iran says new sanctions would not stifle its oil industry Parisa Hafezi 4 Min Read
ANKARA (Reuters) - The Iranian oil industry will continue to develop even if the United States pulls out of the 2015 nuclear deal, and Tehran would see the accord as operational as long as it can sell oil, the Oil Ministry’s news service quoted senior officials as saying on Monday. FILE PHOTO - A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran, July 25, 2005. REUTERS/Raheb Homavandi/File Photo
U.S. President Donald Trump has threatened to pull out of the Iran deal by not extending sanctions waivers when they expire on May 12 unless European signatories of the accord fix what he calls its “flaws”.
“They cannot stop Iran. Our oil industry’s development will continue even if new sanctions are imposed on Iran,” SHANA quoted Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, as saying on its website.
Sanctions imposed on Iran in early 2012 by the United States and European Union over its nuclear programme cut Iran’s crude exports from a peak of 2.5 million barrels per day (bpd) before the sanctions to a little more than 1 million bpd.
But Iran re-emerged as a major oil exporter in January 2016 when international sanctions were suspended in return for curbs on Iran’s nuclear programme.
Manouchehri said Iran planned to finalise seven upstream contracts worth around $40 billion with foreign investors, SHANA reported.
“These contracts will be finalised under the current challenging circumstances by mid-Iranian year (October) ... This planning has been made with the assumption of delayed presence of Western companies,” he added.
Major European companies, partly fearing harsh penalties because of the remaining U.S. sanctions on Iran, have been reluctant to do business with Tehran, which needs to attract over $100 billion in foreign investment to boost its crude output.
France’s Total became the first Western energy firm to sign a deal with Iran after the easing of international sanctions in 2016, agreeing to develop Phase 11 of the South Pars offshore gas field with a total investment of $5 billion. SELL OIL, SECURE INVESTMENT
Deputy Oil Minister Amirhossein Zamaninia also said that Iran considered the deal alive “if we can continue to sell our oil and its products”, even if the United States pulls out.
“Also, we should be able to maintain Iran’s oil market, receive our oil money and secure foreign investment in our oil industry,” he added.
Iran says it aims to raise its crude oil production capacity to 4.7 million bpd within the next four years, though exports might be disrupted if Trump refuses to renew Iran’s sanctions waivers next week.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and several other producers began to reduce oil output in January 2017 in an attempt to erase a supply glut and prop up prices. They have extended the pact until December 2018, and meet in June to review policy.
“We back OPEC’s decisions under normal circumstances ... But Iran always gives priority to its own interests ... whoever produces more oil has more power in the market,” Zamaninia said.
Iran’s regional rival Saudi Arabia, meanwhile, has shown a willingness to keep tightening crude markets.
The world’s largest crude exporter has consistently opposed Iran’s nuclear deal, fearing that it will strengthen Iran economically and allow it to increase funding for proxy conflicts in Lebanon, Syria, Iraq and Yemen.
“Saudi officials want to limit Iran’s oil market ... This is a fight over controlling the crude market,” Zamaninia said.
Saleh Hendi, head of the NIOC’s exploration organisation, said 14 exploration blocks were also scheduled to be tendered in July.
“Of the 14 exploration blocks, six blocks, for which development agreements will be signed, are expected to be attractive to foreign investors,” Hendi said. Writing by Parisa Hafezi; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-oil/iran-says-new-sanctions-would-not-stifle-its-oil-industry-idUKKBN1I824B |
(Adds details)
May 24(Reuters) - Apparel retailer Gap Inc on Thursday reported first-quarter comparable store sales that missed analysts' estimates as sales growth slowed at its traditionally strong performing Old Navy brand.
Shares of the San Francisco-based company fell 6 percent to $31 in extended trading after its profit also missed estimates.
Old Navy, which sells lower priced apparel, reported same-store sales rise of 3 percent, missing expectations of 3.9 percent for the first time in four quarters, according to Thomson Reuters I/B/E/S.
Its Gap brand's same-store sales also fell well below analysts' expectations.
Overall same-store sales rose 1 percent in the three months ended May 5, while analysts were expecting a rise of 1.67 percent.
The company's net income rose to $164 million, or 42 cents per share, in the reported quarter from $143 million, or 36 cents per share, a year earlier.
Total revenue rose to $3.78 billion from $3.44 billion. (Reporting by Uday Sampath and Nivedita Balu in Bengaluru; Editing by Anil D'Silva) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-1-gap-misses-first-quarter-same-store-sales-estimates.html |
28 COMMENTS President Trump has made containing Iran’s regional ambitions a cornerstone of his foreign policy, and by that measure Sunday’s election in Lebanon is a setback. Not that anyone in Washington seems to have noticed.
Preliminary results indicate that Iran’s proxy Hezbollah and its allies won more than half the seats in Lebanon’s 128-seat parliament, consolidating the Shiite militia’s political grip on the country. Thanks to Lebanon’s sectarian political system, Prime Minister Saad Hariri, a Sunni, will likely keep his job, but his clout will be considerably weakened given the clobbering his Future Movement took at the polls.
Voter turnout fell five percentage points from the 2009 election, mostly because Lebanese citizens didn’t have much of a choice between Hezbollah and Hezbollah-lite. Mr. Hariri threw his lot in with the terror group when he accepted a power-sharing arrangement in 2016 with former general Michel Aoun, a Hezbollah ally, to break a political stalemate. The country is overwhelmed with Syrian refugees and its economy is stagnating.
Foreign Edition Podcast
Foreign Edition Podcast: Kerry’s secret Iran deal diplomacy. Foreign Edition Podcast The Trump Administration seems to have adopted a see-no-evil, hear-no-evil approach regarding Hezbollah’s influence on Mr. Hariri and his government. Former Secretary of State Rex Tillerson visited the country in February and tried to distinguish between Hezbollah, the terrorist organization, and Hezbollah, the political party. They share the same principles. Mr. Trump compounded the confusion in April by commending “the government of Lebanon’s progress” in passing a budget, deploying Lebanese Armed Forces (LAF) on the Syrian border and fighting Islamic State. The LAF is outmanned and outgunned by Hezbollah.
Lebanon has more strategic importance than its small size because it abuts Israel and serves Iran’s interests. Iran is using Hezbollah to build up a second front in southern Syria for launching missiles into the Jewish state during the next, inevitable war. Mr. Trump is poised to announce his decision on the Iran nuclear deal as early as Tuesday, but he also needs a larger containment strategy that treats Lebanon with more than naive neglect. | ashraq/financial-news-articles | https://www.wsj.com/articles/iran-wins-in-lebanon-1525732041 |
CHARLOTTE, N.C., May 8, 2018 /PRNewswire/ -- Acuity Healthcare, the country's only Employee Owned Hospital Company and a leader in long-term acute care, is pleased to announce John Baron has been named Vice President - Operations Support.
Baron brings to Acuity over 14 years of senior leadership experience, primarily in healthcare. He is recognized for his leadership abilities, creativity, problem-solving skills and collaborative management approach.
"John joins our team at a time when our markets and healthcare in general is changing and evolving so rapidly. We are thrilled to have someone with John's expertise and capability to join our company as we continue to grow," said Ed Cooper, President and Chief Executive Officer of Acuity Healthcare. "He has been a driving force in his previous roles and has a demonstrated track record of success. We are confident John will contribute significantly to Acuity and the company's ongoing success."
"I am honored and excited to join the Acuity Healthcare team," said Baron. "Acuity's commitment to Integrity First, Service Before Self, and Excellence In All We Do is the foundation of its achievements. I look forward to being a part of this unique Employee Owned Company and look forward to contributing and being a part of its continued growth and success."
John graduated from the State University of New York College. He resides with his family in Clearwater, Florida.
About Acuity Healthcare:
Acuity Healthcare is an employee-owned (ESOP) long-term acute care hospital company (LTACH) founded in 2001 with headquarters in Charlotte, North Carolina. Acuity Healthcare currently owns and manages four LTACHs in New Jersey, Ohio, West Virginia and Texas. Acuity is focused on the development and operation of LTACHs and the delivery of specialized care with improved outcomes. We offer quality care in a cost-effective manner to medically complex patients who require intensive hospital services for an extended length of stay.
To learn more about Acuity Healthcare, please visit us at www.AcuityHealthcare.net
View original content with multimedia: http://www.prnewswire.com/news-releases/acuity-healthcare-names-john-baron-vice-president---operations-support-300643889.html
SOURCE Acuity Healthcare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-acuity-healthcare-names-john-baron-vice-president--operations-support.html |
A Manhattan townhouse owned for decades by the family of Malcolm Forbes, the late chairman and editor in chief of Forbes magazine, is returning to market for $28.5 million after a major renovation.
Built in 1847, the Greek Revival townhouse is located around the corner from the former Forbes headquarters at 60 Fifth Avenue. The two buildings were previously connected, but the home’s current owners separated them after purchasing it, said real-estate agent Kyle Blackmon of Compass, who has the listing with colleague Leonard... | ashraq/financial-news-articles | https://www.wsj.com/articles/manhattan-townhouse-of-malcolm-forbes-back-on-the-market-for-28-5-million-1525101950 |
May 11, 2018 / 11:23 PM / Updated 18 hours ago McIlroy leads young sportspersons' rich list - Sunday Times Reuters Staff 2 Min Read
(Reuters) - Former world number one golfer Rory McIlroy is the richest young sportsperson in Britain and Ireland with a net worth of 110 million pounds, according to the Sunday Times newspaper’s Rich List. May 11, 2018; Ponte Vedra Beach, FL, USA; Rory McIlroy plays his shot from the ninth tee during the second round of The Players Championship golf tournament at TPC Sawgrass - Stadium Course. Mandatory Credit: Jasen Vinlove-USA TODAY Sports
McIlroy’s earnings have been boosted by his return to form in recent weeks, which saw him emerge as one of the contenders at the U.S. Masters before finishing tied for fifth.
Last year, the 29-year-old signed two 10-year endorsement deals worth $100 million each, with sportswear brand Nike and club manufacturer TaylorMade.
Tennis player Andy Murray is second in the rankings, with the Scot’s wealth estimated at 83 million pounds.
A relatively modest 6 million pounds increase on the three-times grand slam winner’s valuation from 2017 reflects his absence from the court after suffering a hip injury at last year’s Wimbledon.
Real Madrid winger Gareth Bale and Manchester City striker Sergio Aguero are in the third and fourth spots respectively. Tennis - ATP World Tour Finals Preview - The O2 Arena, London, Britain - November 11, 2017 Great Britain's Andy Murray during practice Action Images via Reuters/Tony O'Brien
British heavyweight boxer Anthony Joshua, who most recently earned 18 million pounds from his title bout with Joseph Parker, completes the top-five.
10 richest young sports stars aged 30 or under (2018 wealth figures in pounds)
1. Rory McIlroy (golf) - 110 million
2. Andy Murray (tennis) - 83 million Soccer Football - Champions League Semi Final Second Leg - Real Madrid v Bayern Munich - Santiago Bernabeu, Madrid, Spain - May 1, 2018 Real Madrid's Gareth Bale REUTERS/Juan Medina
3. Gareth Bale (soccer) - 74 million
4. Sergio Aguero (soccer) - 48 million
5. Anthony Joshua (boxing) - 35 million
6. Eden Hazard (soccer) - 32 million
7. Mesut Ozil (soccer) - 28 million
8. Theo Walcott (soccer) - 26 million
9. Paul Pogba (soccer) - 25 million
10. Juan Mata (soccer) - 24 million Reporting by Hardik Vyas in Bengaluru; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-mcilroy-richlist/mcilroy-leads-young-sportspersons-rich-list-sunday-times-idUKKBN1IC2PP |
May 3, 2018 / 5:33 PM / Updated an hour ago English County Championship Division Two Scoreboard Reuters Staff 3 Scoreboard at stumps on the first day of between Warwickshire and Derbyshire on Thursday at Birmingham, England Warwickshire trail Derbyshire by 286 runs with 9 wickets remaining Derbyshire 1st innings Ben Slater c Ryan Sidebottom b Chris Wright 16 Luis Reece c&b Jeetan Patel 20 Wayne Madsen b Henry Brookes 144 Alex Hughes c Will Rhodes b Jeetan Patel 4 Billy Godleman b Henry Brookes 1 Gary Wilson c Jonathan Trott b Chris Wright 34 Matthew Critchley lbw Jeetan Patel 30 Hardus Viljoen c Tim Ambrose b Jeetan Patel 7 Hamidullah Qadri c Dominic Sibley b Henry Brookes 3 Duanne Olivier Not Out 40 Mark Footitt b Henry Brookes 0 Extras 4b 7lb 8nb 0pen 0w 19 Total (81.5 overs) 318 all out Fall of Wickets : 1-28 Slater, 2-72 Reece, 3-80 Hughes, 4-84 Godleman, 5-168 Wilson, 6-209 Critchley, 7-233 Viljoen, 8-251 Qadri, 9-318 Madsen, 10-318 Footitt Bowling Ov Md Rn Wk Econ Ex Chris Wright 18.4 2 81 2 4.34 1nb Ryan Sidebottom 9.2 1 39 0 4.18 Will Rhodes 11 2 30 0 2.73 Henry Brookes 15.5 0 63 4 3.98 3nb Jeetan Patel 27 3 94 4 3.48 Warwickshire 1st innings Will Rhodes Not Out 13 Dominic Sibley c Matthew Critchley b Duanne Olivier 6 Chris Wright Not Out 10 Extras 1b 0lb 0nb 0pen 2w 3 Total (12.0 overs) 32-1 Fall of Wickets : 1-18 Sibley To Bat : Bell, Trott, Hain, Lamb, Ambrose, Patel, Brookes, Sidebottom Bowling Ov Md Rn Wk Econ Ex Hardus Viljoen 4 1 13 0 3.25 2w Duanne Olivier 4 0 11 1 2.75 Hamidullah Qadri 2 1 2 0 1.00 Matthew Critchley 2 1 5 0 2.50 Umpire Neil Mallender Umpire Richard Illingworth Home Scorer Melvin Smith Away Scorer John Brown | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-two-scoreboard-idINMTZXEE535XYAZN |
BEIJING (Reuters) - Some North Korean traders are offering cheap coal to Chinese buyers who are stockpiling it at ports inside the isolated country, hoping recent diplomatic moves lead to an easing of sanctions barring purchases of North Korean coal, three Chinese traders told Reuters.
FILE PHOTO: An employee walks between front-end loaders which are used to move coal imported from North Korea at Dandong port in Liaoning province, China December 7, 2010. REUTERS/Stringer/File Photo Official data shows China has not imported any coal from North Korea since October last year, after the United Nations banned Pyongyang from exporting coal in September.
In 2016, China, Pyongyang’s main trading partner, bought 22.5 million tonnes of coal from North Korea worth almost $2 billion.
But the Chinese traders said offers of coal had surged after North Korean leader Kim Jong Un made a surprise visit to Beijing in March, and ahead of a planned meeting with Trump.
“The day Kim Jong Un visited Beijing, I was approached by a North Korean trader asking if I wanted inventory at Nampo port,” one coal trader based in northern China told Reuters, referring to North Korea’s main west coast port.
The North Korean trader had a couple thousand tonnes of anthracite coal which he was willing to sell at around $30-$40 per tonne, the trader said, less than a quarter of the price of similar Chinese coal.
The two other Chinese traders confirmed that price range. All three requested anonymity because of the sensitivity of the situation.
Prices were even lower during the Lunar New Year period in February, hovering at less than $15 per tonne, said another of the traders, who is based in northeastern China.
The Chinese traders Reuters spoke to said they had not personally purchased North Korean coal, but all said they were aware of stockpiling in the hope of sanctions being eased.
“Over the past few weeks, more and more people have been stockpiling coal,” one trader told Reuters.
HUGE DISCOUNT North Korean coal producers and coal trading houses are allowed to decide prices and volumes for export, even though they are owned by the state and don’t operate in a fully liberalized market, one trader said. The North Korean trading houses also pay hefty export taxes, a major source of income for the regime.
If UN sanctions were lifted, the coal could be sold on to steel mills in China. Anthracite produced in China’s Shanxi province currently sells at around 1,020-1,100 yuan ($160-$172) per tonne, data provided by China Sublime Information Group shows.
“The price is exceptionally good but I decided not to buy because I am worried the cargo will be seized back by the North Korean government,” one trader said.
Buyers had to pay in full up-front, instead of the 20 to 30 percent deposit required before sanctions were imposed, he said.
Chinese traders who accepted the terms were required by the North Korean sellers to send money to accounts in banks held by Dandong-based Chinese agents who were in contact with North Korean firms, the trader added. He said he could not track if and how the money left China, and Reuters was unable to verify any transfers between the two countries.
Catherine Dill, a senior research associate at the James Martin Centre for Nonproliferation Studies said any completed deals were likely to violate UN sanctions, which cover a wide range of North Korean exports and are aimed at cutting off up to 90 percent of its foreign exchange earnings.
Although the coal is still in North Korea, the phrasing of the UN resolution - that North Korea cannot “supply, sell or transfer” its coal to other countries - suggests the intent of the resolution is to prohibit any transaction that would financially benefit North Korea, Dill said.
Independent U.N. experts monitoring the implementation of sanctions believe North Korea earned nearly $200 million in 2017 from banned commodity exports including coal.
The United Nations and China’s Commerce Ministry did not immediately respond to requests for comment.
Calls to the North Korean embassy in Beijing went unanswered.
The United States has repeatedly said it will not relax sanctions on North Korea until it denuclearizes. The White House said Trump and Chinese President Xi Jinping had “agreed on the importance of continued implementation of sanctions on North Korea until it permanently dismantles its nuclear and missile programs” during a phone conversation this week.
The three sources said they expect North Korean coal prices to rise significantly if the UN ban is lifted.
Traders were expecting Chinese customs to allow in new cargoes from North Korea as early as this month, said Zhang Min, a senior coal analyst with China Sublime Information Group.
The Chinese trader based in northeastern China said he was heading to North Korea this week to meet his contacts.
“The situation with North Korea is improving so I want to touch base with my business partners as soon as possible.”
Reporting by Sue-Lin Wong and Beijing newsroom. Additional reporting by Matt Spetalknick in WASHINGTON and Michelle Nichols at the UNITED NATIONS.; Editing by Raju Gopalakrishnan and Lincoln Feast.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-northkorea-coal/exclusive-north-korean-traders-offering-cheap-coal-on-hopes-sanctions-will-ease-chinese-traders-idUSKBN1IC0M1 |
WASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin has given President Donald Trump an update on Treasury’s efforts to address concerns about Chinese investments in the United States, a Treasury spokeswoman said on Monday.
FILE PHOTO: U.S. Treasury Secretary Steven Mnuchin (R) is seen as he and a U.S. delegation for trade talks with China arrive at a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee/File Photo The spokeswoman did not provide any details on proposed investment restrictions or other actions to be taken under the administration’s Section 301 probe into China’s intellectual property practices.
“Secretary Mnuchin updated President Trump on the Treasury Department’s progress,” the spokeswoman said in an emailed statement. “The Secretary discussed options for the President’s consideration on the matter.”
Reporting by David Lawder; Editing by Cynthia Osterman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-investment/u-s-treasury-says-updates-trump-on-chinese-investment-concerns-idUSKCN1IM2FX |
May 13, 2018 / 6:43 PM / Updated an hour ago Bruges win Belgian title with draw at closest rivals Standard Liege Reuters Staff 2 Min Read
BRUSSELS (Reuters) - Club Bruges won the Belgian league title for a second time in three years after scoring a disputed equaliser to secure a 1-1 draw at their closest challengers Standard Liege on Sunday that put them clear of the chasing field with one round to play.
Bruges, who have now won 15 titles, came back after conceding early to equalise three minutes before halftime but Ruud Vormer handled the ball before setting up Jelle Vossen for the goal.
The referee consulted the Video Assistant Referee (VAR) after the incident but still awarded the goal to the disbelief of the home supporters.
Cypriot international Konstantinos Laifis’ 11th minute goal had given Standard early hope they might take the title race into the last round of matches next Sunday.
Standard, who started four points adrift with two matches to play, remain on course for second place and a spot in the preliminary rounds of next season’s Champions League after third placed Anderlecht were beaten 1-0 at Ghent.
Bruges moved onto 46 points with Standard on 42 and Anderlecht on 40. Reporting by Mark Gleeson in Cape Town; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-belgium/bruges-win-belgian-title-with-draw-at-closest-rivals-standard-liege-idUKKCN1IE0YK |
WASHINGTON (AP) — A program that allows foreign students to stay in the United States for temporary employment after graduation has expanded significantly over a dozen years as technical companies stepped up hiring of science and engineering majors, according to a report released Thursday.
The study by Pew Research Center in Washington comes as colleges and universities across the country struggle with falling enrollment by foreign students amid the Trump administration's anti-immigration rhetoric and policies.
In 2016, 172,000 foreign nationals who went to college or university in the U.S. got a job through the Optional Practical Training program compared to 45,000 in 2004, according to the report. Participation in the program surged after President George W. Bush and then President Barack Obama extended the length of stay for science, technology, engineering and math majors.
Neil Ruiz, a co-author of the report, says the program has been key in attracting foreign students to study in America and keep them here after they graduate. U.S. universities have the largest foreign student population in the world.
According to a separate study by the Association of International Educators, foreign students contributed $37 billion in tuition and living expenses to the U.S. economy in the academic year 2016-2017.
"It is very important to remember that we are in a global competition for talent," said Jill Welch, the association's deputy executive director for public policy. "We do not have to lose these talented and valuable international students to other nations."
But enrollment has been dropping. The Institute of International Education found that the number of new college students coming to the United States from overseas fell by 7 percent since Donald Trump was elected president. The group attributes the decline to his travel restrictions for nationals of some predominantly Muslim countries as well as competition from countries like Canada, Australia and Britain. And the Trump administration is also considering changes to the temporary employment program. Although no details on the changes have been released, Trump generally has championed prioritizing American workers.
Rajika Bhandari, head of research at the Institute of International Education, said the program has successfully attracted science and engineering talent to the United States and boosted science research and innovation. If the program is scaled back, she warns, those students might choose other destinations.
"The US will significantly lose its edge in science and innovation if international students in the sciences and engineering chose to go to other countries that have very strong and attractive post-study opportunities," Bhandari said.
Brad Farnsworth, vice president at the American Council on Education, a group representing 1,800 college and university presidents, agrees.
"It's good for international students, it's good for employers, it's also good for the U.S. institutions that are trying to be more attractive to international students," he said.
But David North, a fellow with the Center for Immigration Studies, argues the program puts Americans at a disadvantage. Workers in the jobs program and their employers don't have to pay Medicare and Social Security taxes, so the companies would have a financial incentive to hire an OPT student as opposed to a U.S. citizen, he says.
"Foreign worker programs in general, including OPT, should not be encouraged because it takes jobs from US workers that they could easily perform," North says. "They should rethink the program completely, and they should certainly remove the subsidy." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-associated-press-big-jump-in-job-program-for-foreign-graduates-of-us-colleges.html |
Regarding Terry Teachout’s “Portrait of the Artist as an Unperson” (Sightings, May 17): I think it’s a shame that people seem to need to have such a black-or-white, absolutely right-or-wrong, view of people such as Bill Cosby, James Levine, etc. People are far too complicated, too nuanced and too multifaceted for this type of shallow thinking.
I mentioned to my wife that all this reminded me of the “madonna/whore complex.”
She... | ashraq/financial-news-articles | https://www.wsj.com/articles/when-great-art-clashes-with-bad-behavior-1527279688 |
TORONTO—The Bank of Montreal’s Chicago-based BMO Harris unit helped power fiscal second-quarter earnings by reporting record revenue and profits Wednesday.
With continued growth in the U.S. in mind, BMO could be in the market for deals to boost organic efforts to attract retail and commercial customers.
“We’ll assess [acquisition] opportunities... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/bank-of-montreal-enjoys-record-u-s-results-1527713872 |
Summit scrapped, Trump warns Kim 1:47pm EDT - 02:47
U.S. President Donald Trump on Thursday called off a historic summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang's ''open hostility,'' and warned that the U.S. military was ready in the event of any reckless acts by North Korea.
U.S. President Donald Trump on Thursday called off a historic summit with North Korean leader Kim Jong Un scheduled for next month, citing Pyongyang's "open hostility," and warned that the U.S. military was ready in the event of any reckless acts by North Korea. //reut.rs/2IJmxAu | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/summit-scrapped-trump-warns-kim?videoId=429945428 |
REDWOOD CITY, Calif., May 2, 2018 /PRNewswire/ -- Genomic Health, Inc. (NASDAQ: GHDX) today reported financial results and business progress for the 2018.
"In the first quarter of 2018, we delivered 13 percent growth in revenue and delivered a non-GAAP profit demonstrating continued operating leverage for the 11 th consecutive quarter of improved profitability," said Kim Popovits , chairman of the board, chief executive officer and president of Genomic Health. "We delivered a strong start to the year with multiple revenue drivers, including the implementation of PAMA and AJCC breast cancer staging criteria, and the recent strengthening of NCCN prostate cancer guidelines. With several additional catalysts on the near-term horizon, including ECOG's presentation of TAILORx results at ASCO and the anticipated finalization of the Medicare LCD for the Oncotype DX AR-V7 Nucleus Detect test, we expect strong revenue growth in the second half of the year."
Pre-606 Adjusted Revenue
Effective January 1, 2018, the company adopted the new ASC 606 accounting standard for revenue, using the modified retrospective method, which applies the new standard prospectively and does not impact prior years' financial statements. Since the as-reported 2017 quarterly and annual financial statements will not be restated to reflect the new accounting standard, the company has provided a supplemental financial schedule in the non-GAAP tables at the end of this release, reflecting an estimate of revenue as if the new standard had been applied as of January 1, 2017 referred to herein as "pre-606 adjusted revenue."
First Quarter Financial Results
Total revenue was $92.6 million in the first quarter of 2018, compared with pre-606 adjusted revenue of $82.3 million for the first quarter of 2017, an increase of 13 percent, and an increase of 12 percent on a non-GAAP constant currency basis. Revenue was $84.0 million in the first quarter of 2017.
U.S. product revenue was $78.9 million in the first quarter of 2018, compared with pre-606 adjusted revenue of $69.2 million for the first quarter of 2017, an increase of 14 percent. U.S. product revenue was $70.6 million in the first quarter of 2017. U.S. invasive breast revenue from Oncotype DX Breast Recurrence Score ® tests was $71.0 million in the first quarter of 2018, compared with U.S. invasive breast pre-606 adjusted revenue of $63.4 million for the first quarter of 2017, an increase of 12 percent. U.S. invasive breast revenue was $64.8 million in the first quarter of 2017. U.S. prostate test revenue from Oncotype DX ® Genomic Prostate Score™ (GPS™) tests was $5.8 million in the first quarter of 2018, compared with $3.3 million in the first quarter of 2017, an increase of 75 percent.
International product revenue was $13.8 million in the first quarter of 2018, compared with pre-606 adjusted revenue of $13.1 million for the first quarter of 2017, an increase of 5 percent, and a 1 percent increase on a non-GAAP constant currency basis. International product revenue was $13.4 million in the first quarter of 2017.
Net loss was $3.8 million, or $0.11 per share on a basic and diluted basis, in the first quarter of 2018, compared with a net loss of $0.8 million, or $0.02 per share on a basic and diluted basis, in the first quarter of 2017. Operating loss was $4.4 million in the first quarter of 2018, compared with an operating loss of $2.8 million in the first quarter of 2017.
On a non-GAAP basis, excluding the $8.5 million one-time charge for the realignment of resources that was completed in the quarter and certain other one-time charges, net income was $4.6 million in the first quarter of 2018, compared with a $2.8 million non-GAAP net loss in the first quarter of 2017. On a non-GAAP basis, operating income was $4.2 million in the first quarter of 2018, compared with a non-GAAP operating loss of $2.8 million in the first quarter of 2017.
More than 32,440 Oncotype™ test results were delivered in the first quarter of 2018, an increase of 3 percent, compared with more than 31,580 test results delivered in the same period in 2017. Oncotype DX Breast Recurrence Score tests delivered in the U.S. grew 4 percent in the first quarter of 2018 compared with the same period in 2017. Oncotype DX Genomic Prostate Score tests delivered in the U.S. grew 25 percent in the first quarter of 2018 compared with the same period in 2017. International tests delivered decreased by 7 percent compared with the same period in 2017 and represented approximately 22 percent of total test volume in the first quarter of 2018.
Cash and cash equivalents and short-term marketable securities at March 31, 2018 were $130.4 million, which included the fair value of the company's investment in marketable equity securities of $3.8 million, compared with $129.6 million at December 31, 2017, which included the fair value of the company's investment in marketable equity securities of $3.5 million.
Recent Business Highlights
Results from the landmark ECOG-ACRIN Cancer Research Group TAILORx study were accepted for presentation at the Plenary Session at the 2018 American Society of Clinical Oncology Annual Meeting (ASCO) on Sunday, June 3. Multiple private insurers established new coverage for the Oncotype DX Genomic Prostate Score test, bringing the total number of U.S. covered lives to more than 71 million. Palmetto GBA, a Medicare Administrative Contractor (MAC) that assesses molecular diagnostic technologies, issued a draft local coverage determination (LCD) for the Oncotype DX AR-V7 Nucleus Detect™ test. The National Institute for Health and Care Excellence (NICE) in the United Kingdom issued a revised Diagnostics Consultation Document (DCD) including the Oncotype DX Breast Recurrence Score test for continued use to guide adjuvant chemotherapy decisions for patients with hormone receptor-positive, HER2-negative, node-negative early-stage breast cancer. Secured tender with the UNICANCER hospital group in France for the Oncotype DX Breast Recurrence Score test increasing access to approximately 20 percent of the French market. Established new public coverage for the Oncotype DX Breast Recurrence Score test in Germany, bringing the total number of German covered lives to more than 17 million. Secured public coverage with the province of Manitoba for the use of the Oncotype DX Breast Recurrence Score test in early-stage breast cancer patients with node-negative disease, increasing the total number of covered lives in Canada to 35 million. The Oncologist published positive results from a study conducted by Sunnybrook Health Sciences Centre in Canada, demonstrating a 37 percent reduction in chemotherapy among breast cancer patients with up to three positive nodes, as well as an increase in physicians' and patients' confidence (49 and 54 percent, respectively) when Oncotype DX was used to make adjuvant treatment decisions. Presented results from three studies at the 11 th European Breast Cancer Conference (EBCC-11) in March. Received acceptance to present two studies utilizing the Oncotype DX Genomic Prostate Score test at the American Urological Association Annual Meeting in May.
Non-GAAP Disclosure
The company makes reference in this press release to "non-GAAP operating income (loss)" which excludes 2018 expenses resulting from the restructuring charges for the cessation of Oncotype SEQ, including the Oncotype SEQ Liquid Select™ test, and Oncotype SEQ product development and commercialization activities (restructuring charges). Additionally, the company references "non-GAAP net income (loss)" which excludes the Q1 2018 restructuring charges as well as fair value adjustments related to its collaborations with Biocartis and Cleveland Diagnostics in the first quarter of 2018 and the gain on sale of marketable equity securities in the first quarter of 2017. The company believes that excluding these items and their related tax effects from its financial results reflects operating results that are more indicative of the company's ongoing operating performance while improving comparability to prior periods, and, as such, may provide investors with an enhanced understanding of the company's past financial performance and prospects for the future. The company also considers the impact of foreign currency exchange rates on its global business as described in the constant currency table accompanying this press release. The company's management uses such non-GAAP measures internally to evaluate and assess its core operations and to make ongoing operating decisions. This information is not intended to be considered in isolation or as a substitute for income (loss) from operations or net income (loss) information prepared in accordance with GAAP. An explanation and reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is included in the tables accompanying this press release.
Conference Call Details
To access the live conference call today, May 2, at 4:30 p.m. Eastern Time via phone, please dial (877) 303-7208 from the United States and Canada, or +1 (224) 357-2389 internationally. The conference call ID is 2186716. Please dial in approximately ten minutes prior to the start of the call. To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of the company's web site at http://investor.genomichealth.com . Please connect to the web site at least 15 minutes prior to the presentation to allow for any software download that may be necessary.
About Genomic Health
Genomic Health , Inc. (NASDAQ: GHDX) is the world's leading provider of genomic-based diagnostic tests that help optimize cancer care, including addressing the overtreatment of the disease, one of the greatest issues in healthcare today. With its Oncotype IQ ® Genomic Intelligence Platform, the company is applying its world-class scientific and commercial expertise and infrastructure to lead the translation of clinical and genomic big data into actionable results for treatment planning throughout the cancer patient journey, from diagnosis to treatment selection and monitoring. The Oncotype IQ portfolio of genomic tests and services currently consists of the company's flagship line of Oncotype DX ® gene expression tests that have been used to guide treatment decisions for more than 900,000 cancer patients worldwide. Genomic Health is expanding its test portfolio to include additional liquid- and tissue-based tests, including the recently launched Oncotype DX ® AR-V7 Nucleus Detect™ test. The company is based in Redwood City , California, with international headquarters in Geneva, Switzerland. For more information, please visit www.GenomicHealth.com and follow the company on Twitter: @GenomicHealth , Facebook , YouTube and LinkedIn .
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's beliefs regarding its future performance, including the company's beliefs regarding its revenue growth for the remainder of 2018 and the drivers of growth; the commercial performance of its tests, including the recent launch of AR-V7 Nucleus Detect; the anticipated Medicare coverage of AR-V7 Nucleus Detect; the ability of new Medicare rates under PAMA to result in additional revenue in 2018; the favorable impact of TAILORx results on revenue in 2018; the attributes and focus of the company's product pipeline; the ability of any potential tests the company may develop to optimize cancer treatment; the ability of the company to develop and commercialize and collaborate with third parties to commercialize additional tests in the future; the ability of the company to increase worldwide access through the development of in vitro diagnostic tests; expectations regarding additional public and private reimbursement coverage for our tests worldwide and the ability of additional coverage to result in additional revenue; and the company's methodology for calculating financial performance under the new ASC 606 accounting standard as compared against prior periods under the previously applicable ASC 605 accounting standard. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the risk that the company may not achieve revenue growth in for the remainder of 2018; the risks and uncertainties associated with the regulation of the company's tests; the results of clinical studies and their impact on reimbursement and adoption; the applicability of clinical study results to actual outcomes; the company's ability to develop and commercialize new tests and expand into new markets domestically and internationally; the commercial success of any collaborations entered into by the company; the risk that the company may not obtain or maintain sufficient levels of reimbursement, domestically or abroad, for its existing tests and any future tests it may develop; the risks of competition; unanticipated costs or delays in research and development efforts; the company's ability to obtain capital when needed and the other risks set forth in the company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2017. These forward-looking statements speak only as of the date hereof. Genomic Health disclaims any obligation to update these forward-looking statements.
NOTE: The Genomic Health logo, Oncotype, Oncotype DX, Recurrence Score, DCIS Score, Oncotype SEQ, Liquid Select, Genomic Prostate Score, GPS Oncotype DX AR-V7 Nucleus Detect and Oncotype IQ are trademarks or registered trademarks of Genomic Health, Inc. All other trademarks and service marks are the property of their respective owners.
GENOMIC HEALTH, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
2018
2017
REVENUES:
Product revenues - United States
$
78,867
$
70,587
Product revenues - Outside of the United States
13,758
13,392
Total revenues
92,625
83,979
OPERATING EXPENSES (1):
Cost of product revenues
18,733
13,672
Research and development
16,807
14,874
Selling and marketing
41,755
41,507
General and administrative
19,718
16,751
Total operating expenses
97,013
86,804
Loss from operations
(4,388)
(2,825)
Interest income
417
158
Gain on sales of marketable securities
—
2,807
Other income (expense), net
436
95
Income (loss) before income taxes
(3,535)
235
Income tax expense
240
1,041
Net loss
$
(3,775)
$
(806)
Basic and diluted net loss per share
$
(0.11)
$
(0.02)
Shares used in computing basic and diluted net loss per share
35,198
34,009
(1)
Included in operating expenses for the three months ended March 31, 2018 were non-cash charges of $8.3 million, including $5.2 million of stock-based compensation expense and $3.1 million of depreciation and amortization expenses, compared with non-cash charges for the same period in 2017 of $7.5 million, including $5.1 million of stock-based compensation expense and $2.4 million of depreciation and amortization expenses.
GENOMIC HEALTH, INC.
Condensed Consolidated Balance Sheets
(In thousands)
As of
As of
March 31,
December 31,
2018
2017
(Unaudited)
(1)
Cash and cash equivalents
$
42,085
$
45,518
Short-term marketable securities (2)
88,302
84,057
Accounts receivable, net
46,567
31,161
Prepaid expenses and other current assets
14,035
13,524
Total current assets
190,989
174,260
Property and equipment, net
40,824
46,440
Other assets
11,126
10,917
Total assets
$
242,939
$
231,617
Accounts payable
$
4,744
$
156
Accrued expenses and other current liabilities
33,904
39,360
Other liabilities
3,899
3,810
Stockholders' equity
200,392
188,291
Total liabilities and stockholders' equity
$
242,939
$
231,617
(1)
The condensed consolidated balance sheet at December 31, 2017, has been derived from the audited consolidated financial statements at that date included in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.
(2)
Included in short-term marketable securities as of March 31, 2018 and December 31, 2017 is $3.8 million and $3.5 million, respectively, of corporate equity securities, representing the company's investment in Biocartis N.V.
GENOMIC HEALTH, INC.
GAAP to Non-GAAP Reconciliations
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Loss from operations reconciliation:
GAAP loss from operations
$
(4,388)
$
(2,825)
Cost of product revenues – cessation of Oncotype SEQ
3,576
—
Research and development – cessation of Oncotype SEQ
3,063
—
Selling and marketing – cessation of Oncotype SEQ
995
—
General and administrative – cessation of Oncotype SEQ
909
—
Non-GAAP income (loss) from operations
$
4,155
$
(2,825)
Net income (loss) reconciliation:
GAAP net loss
$
(3,775)
$
(806)
Cost of product revenues – cessation of Oncotype SEQ
3,576
—
Research and development – cessation of Oncotype SEQ
3,063
—
Selling and marketing – cessation of Oncotype SEQ
995
—
General and administrative – cessation of Oncotype SEQ
909
—
Other income – Biocartis - change in fair value
(127)
—
Other income – Cleveland Diagnostics - note discount accretion
(62)
—
Non-recurring gain on sale of marketable securities
—
(2,807)
Reduced income tax expense from the sale of marketable securities
—
821
Non-GAAP net income (loss)
$
4,579
$
(2,792)
GENOMIC HEALTH, INC.
Non-GAAP Constant Currency Reconciliations
(In thousands)
(Unaudited)
Three Months Ended
March 31,
2018
2017
Constant currency reconciliations:
International Revenue:
International revenue (1)
$
13,758
$
13,124
Currency exchange adjustments (2)
(476)
—
Non-GAAP International revenue
$
13,282
$
13,124
Period over period constant currency increase
158
Period over period constant currency increase percentage
1%
Total Revenue:
Total revenue (1)
$
92,625
$
82,305
Currency exchange adjustments (2)
(476)
—
Non-GAAP total revenue
$
92,149
$
82,305
Period over period constant currency increase
9,844
Period over period constant currency increase percentage
12% | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-genomic-health-announces-first-quarter-2018-financial-results-and-reports-recent-business-progress.html |
TSX Venture: KBLT
FRA: 27O
TORONTO, May 7, 2018 /PRNewswire/ - Cobalt 27 Capital Corp. ("Cobalt 27" or the "Company") (TSXV: KBLT )(FRA: 27O ) announces that it has agreed to acquire a 1.5% Gross Revenue Royalty ("GRR") on the Flemington Cobalt-Scandium-Nickel project located 370 kilometers west of Sydney, in New South Wales, Australia (the "Flemington Royalty") held under option by Australian Mines Ltd. ("Australia Mines").
"Large-scale nickel cobalt deposits such as the Flemington project represent important, undeveloped sources of cobalt and nickel. With ongoing geopolitical uncertainty in the DRC, which accounts for approximately 65% of current global mined cobalt output, this Australian project provides development targets in a politically stable, mining-friendly jurisdiction," commented Anthony Milewski, Chairman and CEO, Cobalt 27.
"While management's priority and principal focus is on securing cobalt streaming transactions, we continue to opportunistically purchase cobalt royalties as opportunities present themselves," concluded Mr. Milewski.
Flemington Cobalt-Scandium-Nickel Project Highlights
Maiden Cobalt mineral resource of 2.7 million tonnes at 0.101% of (1.010 ppm) cobalt with only 1% of the Flemington project area tested to date October 2017. SRK Consultants concluded in the October 2017 Maiden Mineral Resource estimate, that mineralization underlying the Flemington Cobalt-Scandium-Nickel Project is the direct continuation of Clean TeQ Holdings' Sunrise Project, separated only by a tenement boundary 1 . Clean TeQ's Sunrise project hosts one of the highest grade and largest nickel and cobalt deposits outside of Africa. Australian Mines is fast-tracking development of the Flemington Cobalt-Scandium-Nickel Project with an updated mineral resource in 2019 and pre-feasibility study scheduled to commence thereafter; Preliminary Environmental Impact Study has been completed with final Environmental Impact Study and Mining Lease Application underway; water allocation has also been secured for future mining operations .
1
A 2017 Scoping Study of the Flemington Cobalt-Scandium-Nickel Project concluded that the Flemington deposit and Clean TeQ's neighboring Sunrise mineralization constitute the same orebody (a single deposit) with the Flemington deposit representing a direct continuation of the Sunrise ore body , with the deposit separated only by a tenement boundary (SRK Consulting, 2017). This finding was further reinforced by the results of Australian Mines' extensive 239-hole resource extension resource drilling program completed in 2017.
In addition, Cobalt 27 has agreed to acquire a 1.7% GRR on the fully permitted and construction-ready Nyngan Scandium project. The Nyngan project is owned by Scandium International Mining ("SCY") and is located 500km NW of Sydney, 25km west of the town of Nyngan. Outside existing by-product production in Russia and China, the Nyngan project is the most advanced scandium development opportunity globally, with initial off-take contracts in place.
Cobalt 27 acquired the Flemington and Nyngan royalties from Jervois Mining Limited for total consideration of US$4.5 million, comprised of US$1.5 million in cash and US$3.0 million in common shares of the Company which shares will be subject to a four month hold period from the date of issuance in accordance with applicable Canadian securities laws. Completion of the acquisition of the Flemington Royalty is subject to certain customary conditions of closing, including approval of the TSX Venture Exchange, and is expected to be completed shortly. Cobalt 27 has not received any scientific or technical information in respect of the Flemington Cobalt-Scandium-Nickel Project that is not otherwise publicly available. The scientific and technical information in respect of the Flemington Cobalt-Scandium-Nickel Project in this release is derived in its entirety from Australian Mines' and Jervois Mining Limited's publicly filed disclosures, and Cobalt 27 has not independently verified any such information.
In connection with the acquisition TD Securities is acting as financial advisor to Cobalt 27 and Stikeman Elliott LLP is acting as the Company's legal advisor.
About Cobalt 27 Capital Corp.
Cobalt 27 Capital Corp. is a minerals company that offers direct exposure to cobalt, an integral element in key technologies of the electric vehicle and battery energy storage markets. The Company owns over 2,980 Mt of physical cobalt and manages a portfolio of eight royalties. The Company intends to continue investing in a cobalt-focused portfolio of streams, royalties and direct interests in mineral properties containing cobalt, while potentially adding to its cobalt physical holdings when opportunities arise.
For further information please visit the Company website at www.co27.com or contact:
Betty Joy LeBlanc, BA, MBA
Director, Corporate Communications
+1-604-828-0999
[email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this press release.
Forward-Looking Information: This press release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Forward-looking statements in this news release include, without limitation: statements pertaining to the Flemington Cobalt-Scandium-Nickel Project (including with respect to anticipated life of mine, timing of commencement of production, future rates of production, anticipated capital and operating expenses, and mineral reserves and resources); statements pertaining to the implied value of the NSR and the length of payments; statements pertaining to the anticipated performance of operations at the Flemington Cobalt-Scandium-Nickel Project; statements pertaining to the Democratic Republic of Congo; statements pertaining to the OEM, battery and automobile industries; and statements pertaining to completion of the acquisition of the NSR and the timing thereof. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. For more details on these and other risk factors see the Company's most recent Annual Information Form on file with Canadian securities regulatory authorities on SEDAR at www.sedar.com under the heading "Risk Factors". Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements. Accordingly, undue reliance should not be placed on these forward-looking statements. The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
View original content with multimedia: http://www.prnewswire.com/news-releases/cobalt-27-acquires-royalty-on-flemington-nickel-cobalt-project-in-australia-300643424.html
SOURCE Cobalt 27 Capital Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-cobalt-27-acquires-royalty-on-flemington-nickel-cobalt-project-in-australia.html |
Materials and Metals GE seeking to shed troubled insurance business The move comes after GE announced in January it would take a $6.2 billion after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit. Many providers of long-term care (LTC) insurance policies, including GE, underestimated the cost of servicing policies. That means premiums have been unable to cover the spiraling costs of healthcare and longer life expectancy. Published 1 Hour Ago Reuters Alwyn Scott | Reuters General Electric Chief Executive Officer John Flannery presents the company's new strategy and financial targets to investors at a meeting in New York, November 13, 2017.
General Electric Co is working with investment bankers to find ways to shed its insurance business, which has caused it to book hefty charges while sparking shareholder lawsuits and an investigation by U.S. regulators, people familiar with the matter said on Tuesday.
The move comes after GE announced in January it would take a $6.2 billion after-tax charge and set aside a further $15 billion in reserves to help cover liabilities in insurance operations held by its GE Capital unit, mainly concerning long-term care (LTC) policies.
Many providers of LTC insurance, including GE, underestimated the cost of servicing policies, meaning premiums have been unable to cover the spiraling costs of healthcare and longer life expectancy.
While GE's insurance operations has stopped generating new business, existing contracts managed to maturity in a process known as run-off have become a major financial burden for the U.S industrial conglomerate.
GE is hoping investment firms which specialize in acquiring run-off insurance businesses could buy some of the assets, the sources said. While GE is focused on shedding its troubled LTC business, it is open to divesting other insurance assets, including structured settlements and other life and disability products, the sources added.
The sources, who asked not to be identified because the matter is confidential, cautioned that no deal is certain given the liabilities that GE faces in its insurance business. A GE spokeswoman declined to comment.
GE spun out much of its insurance business in 2004 into Genworth Financial, itself currently attempting a sale to China Oceanwide Holdings Group Co for $2.7 billion. That deal has been held up by the Committee on Foreign Investment in the United States, a U.S. national security panel.
GE said in January a review of its remaining insurance portfolio showed 300,000 policies needed $15 billion more in reserves to cover potential payouts, or about $50,000 per policy, on top of the charge it took as part of its fourth-quarter earnings. It subsequently disclosed the U.S. Securities and Exchange Commission (SEC) had begun probing how it handled its insurance obligations.
Insurance liabilities stood at $38 billion at the end of 2017, according to GE's annual report.
GE has also been sued by shareholders accusing it of concealing mounting insurance liabilities and the SEC probe, arguing this cost investors tens of billions of dollars.
Struggling to maintain profitability and facing calls to be broken up, GE has proposed major cost-cutting and selling or spinning off parts of its business including power, aviation and healthcare as a way to bolster its value.
As part of its drive to shed assets, GE announced an $11.1 billion deal on Monday to merge its transportation business with U.S. rail equipment manufacturer Wabtec Corp, with GE and its shareholders owning just over half of the combined business. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/ge-seeking-to-shed-troubled-insurance-business.html |
May 10 (Reuters) - Suburban Propane Partners LP:
* SUBURBAN PROPANE PARTNERS, L.P. ANNOUNCES SECOND QUARTER EARNINGS
* Q2 REVENUE $536.3 MILLION VERSUS I/B/E/S VIEW $539.5 MILLION
* Q2 EARNINGS PER SHARE $1.74 * Q2 EARNINGS PER SHARE VIEW $1.98 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-suburban-propane-partners-reports/brief-suburban-propane-partners-reports-q2-earnings-per-share-of-1-74-idUSASC0A1E4 |
May 11, 2018 / 7:52 AM / Updated 12 hours ago 'Star Wars' spaceship lands at Disney's 'Solo' premiere in Hollywood Lisa Richwine 3 Min Read
LOS ANGELES (Reuters) - A giant replica of the Millennium Falcon towered over Hollywood Boulevard and Chewbacca walked the red carpet at Thursday’s world premiere of “Solo: A Star Wars Story,” a movie about the early years of the space saga’s famous smuggler.
Producer Walt Disney Co shut down an entire block and filled two historic theaters to debut the film for industry guests, fans and VIPs including “Star Wars” creator George Lucas and Amazon.com Inc Chief Executive Jeff Bezos.
The movie begins rolling out in international theaters on May 23.
Alden Ehrenreich, 28, stepped into the role of Han Solo made famous by Harrison Ford in the original “Star Wars” trilogy that began in 1977. Ehrenreich plays a younger Solo just beginning his pilot training and seeking his own spaceship when he becomes involved in a dangerous mission in the galaxy far, far away.
Disney is hoping audiences embrace the movie after reshoots midway through production. Ron Howard finished the film after original directors Phil Lord and Chris Miller were fired.
“This was a very unusual circumstance, and I decided to take it on frankly as a kind of a challenge,” Howard said on the red carpet. “I’m so glad that I jumped in.” Director of the movie Ron Howard (2nd L) poses with cast members (L-R) Clint Howard, Joonas Suotamo, Woody Harrelson, Emilia Clarke, Thandie Newton, Alden Ehrenreich, Phoebe Waller-Bridge, Paul Bettany, Donald Glover and Jon Favreau at the premiere for the movie "Solo: A Star Wars Story" in Los Angeles, California, U.S., May 10, 2018. REUTERS/Mario Anzuoni
Stars including Ehrenreich, Emilia Clarke, Donald Glover and Woody Harrelson posed on the carpet alongside the furry wookiee Chewbacca and a handful of Stormtroopers.
Box office experts predict fans will turn out in force for “Solo.” The movie could bring in as much as $185 million over Memorial Day weekend, which would be a record for that holiday period, according to BoxOffice.com.
Fans around the world have debated how Ehrenreich, little known beyond a well-received performance in quirky 2016 comedy “Hail, Caesar,” will take on one of the most iconic roles in cinema.
At Thursday’s premiere, audience members cheered at key moments such as when Han meets his eventual co-pilot Chewbacca, takes control of the Falcon for the first time, and comes face-to-face with fellow smuggler Lando Calrissian, portrayed by Glover. Slideshow (23 Images)
Mark Hamill, who played Luke Skywalker in five “Star Wars” films, also attended the premiere, as did Billy Dee Williams, who portrayed Calrissian in “The Empire Strikes Back” and “Return of the Jedi.”
In “Solo,” the younger Lando “doesn’t know what he’s quite doing yet,” Glover said. “I think he understands how to survive and make that look good. He knows how to make surviving look sexy.” Reporting by Lisa Richwine; Additional reporting by Omar Younis; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-film-starwars-solo/star-wars-spaceship-lands-at-disneys-solo-premiere-in-hollywood-idUKKBN1IC0NM |
CARACAS, May 3 (Reuters) - The president of Venezuelan bank Banesco, Juan Carlos Escotet, said in a video posted on Twitter on Thursday that he would fly to Venezuela from Portugal after the detention of 11 top executives in Caracas. (Reporting by Alexandra Ulmer; Editing by Lisa Shumaker)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/venezuela-bank-escotet/president-of-bank-banesco-flying-to-venezuela-after-executives-arrested-idUSL2N1PY00L |
May 29, 2018 / 4:19 PM / Updated 2 hours ago The man sent by North Korean leader to U.S. for high-level talks Doina Chiacu , Hyonhee Shin 4 Min Read
WASHINGTON/SEOUL (Reuters) - Kim Yong Chol landed in New York on Wednesday as the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years.
The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for a historic summit between Kim and U.S. President Donald Trump.
The White House said he will meet U.S. Secretary of State Mike Pompeo on Wednesday night and on Thursday, the most high-level contact between the two countries in the United States since Jo Myong Rok, a vice marshal, met President Bill Clinton in 2000. DIPLOMATIC HEAVYWEIGHT
Kim Yong Chol is a four-star general, vice chairman of the ruling Workers’ Party’s Central Committee, and director of the United Front Department, which is responsible for inter-Korean relations.
Such positions, and his omnipresence before and during inter-Korean summits in April and on Saturday, make him one of the most powerful people in North Korea, South Korean officials say.
He has played a central role in the recent thaw in relations between the North and South Korea, as well as the United States.
Sent as Kim Jong Un’s envoy to the Winter Olympics in South Korea in February, Kim Yong Chol told South Korean President Moon Jae-in that Pyongyang was open to talks with Washington, the first indication North Korea was changing course after months of trading threats and insults with the United States.
He and Kim Jong Un’s sister, Kim Yo Jong, were the only two officials to join the North Korean leader at the two inter-Korean summits.
He also coordinated Kim Jong Un’s two meetings with Pompeo in Pyongyang. SPY UNDER SANCTIONS
Kim Yong Chol was previously chief of the Reconnaissance General Bureau, a top North Korean military intelligence agency, and has spent nearly 30 years as a senior member of the intelligence community. North Korean envoy Kim Yong Chol arrives at a hotel in New York, U.S., May 30, 2018. REUTERS/Lucas Jackson
The United States and South Korea blacklisted him for supporting the North’s nuclear and missile programs in 2010 and 2016, respectively. He was granted special permission to travel to the United States for the meeting, the State Department said.
He was accused by South Korea of masterminding deadly attacks on a South Korean navy ship and an island in 2010. He was also linked by U.S. intelligence to a devastating cyber attack on Sony Pictures in 2014.
North Korea denied any involvement in either incident.
Kim Yong Chol “stormed out of the room” during military talks in 2014 when the South demanded an apology for the 2010 attacks, according to South Korean officials.
“He is a tough negotiator and an expert on inter-Korean talks, but it is true that he had been a symbol of hawks rather than harmony and reconciliation until this year,” said Moon Sang-gyun, a former South Korean defence official. BODYGUARD TO KIM’S FATHER
Kim Yong Chol served in the military police in the demilitarized zone on the border of the two Koreas. He was also a bodyguard to Kim Jong Il, the former leader and late father of Kim Jong Un, according to North Korea Leadership Watch, an affiliate of the 38 North think tank.
He has been closely linked to Kim Jong Un’s succession, and has been seen flanking the leader on several public visits.
Kim Yong Chol is known to be difficult to work with, sarcastic and not sufficiently deferential to his superiors, Leadership Watch said.
He has also suffered tough times. South Korea’s intelligence agency said that in 2015 Kim Yong Chol was demoted to a three-star general after dozing off during a meeting. Slideshow (2 Images)
In 2016, Seoul’s unification ministry said he was briefly sent to a re-education camp for his “overbearing” manner and abuse of power. Reporting by Doina Chiacu in Washington and Hyonhee Shin in Seoul; editing by Mary Milliken and Jonathan Oatis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-envoy-explainer/the-man-sent-by-north-korea-leader-to-u-s-for-high-level-talks-idUKKCN1IU23T |
JUNO BEACH, Fla., May 24, 2018 /PRNewswire/ -- The board of directors of NextEra Energy, Inc. (NYSE: NEE) today declared a regular quarterly common stock dividend of $1.11 per share. The dividend is payable on June 15, 2018, to shareholders of record on June 5, 2018.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.2 billion, operates approximately 46,790 megawatts of net generating capacity and employs approximately 14,000 people in 33 states and Canada as of year-end 2017. Headquartered in Juno Beach, Florida, NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 5 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from eight commercial nuclear power units in Florida, New Hampshire, Iowa and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked No. 1 in the electric and gas utilities industry in Fortune's 2018 list of "World's Most Admired Companies." For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com , www.FPL.com , www.NextEraEnergyResources.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/nextera-energy-board-declares-quarterly-dividend-300654737.html
SOURCE NextEra Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-nextera-energy-board-declares-quarterly-dividend.html |
May 23 (Reuters) - Canada's main stock index edged lower on Wednesday as oil prices dipped on concerns that OPEC could increase crude output to make up for any shortfalls in supply from Iran and Venezuela.
* At 9:50 a.m. ET (1350 GMT), the Toronto Stock Exchange's S&P/TSX Composite Index was down 57.03 points, or 0.35 percent, at 16,087.76.
* Six of the index's 11 major sectors were lower, led by a 0.6 percent decline in energy sector.
* Also weighing on the sentiment was the heavyweight financial sector, which slipped 0.4 percent.
* Shares of Royal Bank of Canada and Bank of Nova Scotia both dipped 0.5 percent and were the biggest drags on the financial index.
* The Canadian dollar weakened to a more than one-week low against its U.S. counterpart as the greenback broadly climbed.
* The materials sector, which includes precious and base metals miners and fertilizer companies, lost 0.4 percent as spot gold was down 0.15 percent at $1,288.92 an ounce.
* On the TSX, 109 issues were higher, while 136 issues declined for a 1.25-to-1 ratio to the downside, with 22.70 million shares traded.
* The largest percentage gainers on the TSX were Eldorado Gold, which jumped 5.0 percent, and Prometic Life Sciences, which rose 2.5 percent.
* Canopy Growth Corp fell 3.7 percent, the most on the TSX, followed by First Quantum Minerals, down 3.2 percent.
* The most heavily traded shares by volume were Nemaska Lithium, down 17.0 percent after the lithium miner said on Tuesday it had secured funding of up to C$402 million ($314 million) from investors.
* Aurora Cannabis and Canopy Growth were also among the most heavily traded stocks.
* The TSX posted two new 52-week highs and one new low.
* Across all Canadian issues there were 10 new 52-week highs and 13 new lows, with total volume of 39.46 million shares. (Reporting by Amy Caren Daniel in Bengaluru; Editing by Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-canada-stocks-tsx-dips-as-lower-oil-prices-drag-energy-shares.html |
Malaysia's ex-PM gives more answers to anti-graft agents Thursday, May 24, 2018 - 01:50
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why millions of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule. Sareena Dayaram reports.
Former Malaysian leader Najib Razak returns to an anti-graft agency to explain why millions of dollars suspiciously ended up in his account just two weeks after a shocking election defeat ended his near decade long rule. Sareena Dayaram reports. //reut.rs/2IIiWTd | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/malaysias-ex-pm-gives-more-answers-to-an?videoId=429855495 |
Singing for a death-metal band is an often overlooked art form.
Some liken the shrieks and growls to the sound of vomiting. Others compare it with the gravelly singing style of Cookie Monster from “Sesame Street.” Elizabeth Schall, lead singer for Dreaming Dead, describes her voice as “kind of like a pterodactyl.”
Just about everyone involved... | ashraq/financial-news-articles | https://www.wsj.com/articles/screeching-in-a-death-metal-band-takes-lozenges-tea-and-a-patient-vocal-coach-1526655529 |
May 9, 2018 / 1:14 PM / Updated 36 minutes ago Woods to play in British Open at Carnoustie Reuters Staff 1 Min Read
(Reuters) - Former world number one Tiger Woods has confirmed his entry for the 147th British Open at Carnoustie, the tournament organisers announced on Wednesday. FILE PHOTO: May 6, 2018; Charlotte, NC, USA; Tiger Woods looks over the shot on the sixth tee during the final round of the Wells Fargo Championship golf tournament at Quail Hollow Club. Jim Dedmon-USA TODAY Sports
The 42-year-old has lifted the Claret Jug three times in his career but has not contested the sport’s oldest major championship since 2015 due to injury.
Woods, a 14-time major champion, has played seven times this year on his comeback after a successful spinal fusion operation last April, with a tie for second at the Valspar Championship his best result.
The Open returns to Carnoustie for the first time since 2007 when Woods finished joint 12th when he was seeking a third successive victory.
Woods finished tied for 32nd at the U.S. Masters in April, his first appearance at a major championship since 2015.
The British Open will be played from July 19-22. Reporting by Hardik Vyas in Bengaluru; editing by Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-woods-open/woods-to-play-in-british-open-at-carnoustie-idUKKBN1IA209 |
SAN RAMON, Calif.--(BUSINESS WIRE)-- Five9, Inc. (NASDAQ: FIVN) today announced its intention to offer, subject to market conditions and other factors, $200 million aggregate principal amount of convertible senior notes due 2023 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Act”). Five9 also expects to grant the initial purchasers of the notes a 30-day option to purchase up to an additional $30 million aggregate principal amount of the notes.
The notes will be senior, unsecured obligations of Five9, and interest will be payable semi-annually in arrears. The notes will be convertible into cash, shares of Five9’s common stock (“common stock”), or a combination thereof, at Five9’s election. The interest rate, initial conversion rate and other terms of the notes are to be determined upon pricing of the offering. The notes will also be redeemable at the option of Five9 after a specified date if certain conditions are met.
Five9 expects to use a portion of the net proceeds of the offering of the notes to pay the cost of the capped call transactions described below. The remainder of the net proceeds from the offering will be used to repay outstanding borrowings under Five9’s senior secured credit facility, which currently has an outstanding balance of $32.6 million, and for general corporate purposes.
In connection with the pricing of the notes, Five9 expects to enter into capped call transactions with one or more of the initial purchasers or other financial institutions and/or their respective affiliates (the “hedge counterparties”). The capped call transactions are expected generally to reduce potential dilution to the common stock upon any conversion of the notes and/or offset any cash payments Five9 is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The cap price of the capped call transactions will be determined upon pricing of the notes. If the initial purchasers exercise their option to purchase additional notes, Five9 expects to enter into additional capped call transactions with the hedge counterparties.
Five9 expects that, in connection with establishing their initial hedges of the capped call transactions, the hedge counterparties or their respective affiliates will purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with, or shortly after, the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time.
In addition, Five9 expects that the hedge counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to the common stock and/or by purchasing or selling shares of the common stock or other securities of Five9 in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period relating to a conversion of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, could affect the number of shares and value of the consideration that noteholders will receive upon conversion of the notes.
The notes will be offered to qualified institutional buyers pursuant to Rule 144A under the Act. Neither the notes nor the shares of common stock issuable upon conversion of the notes, if any, have been, nor will be, registered under the Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.
This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful.
Forward-Looking Statements
This news release contains certain , including statements regarding our proposed offering of the notes, our intention to enter into the related capped call transactions, and the use of proceeds from the notes offering, that are based on our current expectations and involve numerous risks and uncertainties that may cause these to be inaccurate. Risks that may cause these to be inaccurate include, among others: (i) whether we will be able to consummate the offering, (ii) the final terms of the offering and the capped call transactions, (iii) the satisfaction of customary closing conditions with respect to the offering of the notes, (iv) prevailing market conditions,(v) the anticipated use of net proceeds of the offering of the notes which could change as a result of market conditions or for other reasons, (vi) whether the capped call transactions will become effective, (vii) the impact of general economic, industry or political conditions in the United States or internationally; and (viii) the other risks detailed from time-to-time under the caption “Risk Factors” and elsewhere in our Commission filings and reports, including, but not limited to, our most recent quarterly report on Form 10-Q. Such speak only as of the date hereof and readers should not unduly rely on such statements. We undertake no obligation to update the information contained in this press release, including in any .
About Five9
Five9 is a leading provider of cloud contact center software for the digital enterprise, bringing the power of cloud innovation to customers and facilitating more than three billion customer interactions annually. Five9 provides end-to-end solutions with omnichannel routing, analytics, WFO, and AI to increase agent productivity and deliver tangible business results. The Five9 platform is reliable, secure, compliant, and scalable; designed to create exceptional personalized customer experiences.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006631/en/
Investor Relations Contacts:
Five9, Inc.
Barry Zwarenstein, 925-201-2000 ext. 5959
Chief Financial Officer
[email protected]
or
The Blueshirt Group for Five9, Inc.
Lisa Laukkanen, 415-217-4967
[email protected]
Source: Five9, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-five9-inc-announces-200-million-convertible-notes-offering.html |
May 11 (Reuters) - Kilroy Realty Corp:
* NORGES BANK REPORTS 5.18 PERCENT PASSIVE STAKE IN KILROY REALTY CORP AS OF MAY 4 - SEC FILING Source text ( bit.ly/2Kaskez ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-norges-bank-reports-518-pct-passiv/brief-norges-bank-reports-5-18-pct-passive-stake-in-kilroy-realty-corp-idUSFWN1SI0W2 |
Reblog MGM Resorts International is buying a harness-racing track and casino outside New York City for about $605 million, helping the gambling-venue owner’s latest push to expand its presence on the East Coast. MGM will acquire the Empire City Casino in Yonkers, N.Y., from the Rooney family, which has owned the operation at Yonkers Raceway for more than four decades. The Wall Street Journal reported in November that the casino was exploring strategic alternatives, including a possible sale or partnership. | ashraq/financial-news-articles | https://www.wsj.com/articles/mgm-resorts-to-buy-new-york-casino-for-about-605-million-1527604347?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
How North Korea is still evading sanctions 4 Hours Ago Sung-Yoon Lee Professor of Korean Studies, the Fletcher School at Tufts University and Victor Cha of Georgetown University discuss the challenges with enforcing sanctions on North Korea. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/how-north-korea-is-still-evading-sanctions.html |
Trump administration reportedly considering new tariffs on imported vehicles; Toyota shares fall Liz Moyer Reblog Shares of Toyota Motor Corp. fell 1.3 percent in after-hours trading on a report the Trump administration was eyeing new tariffs on imported autos. A tariff could be up to 25 percent, sources told The Wall Street Journal. Shares of Toyota Motor Corp. 7203.T-JP dropped nearly 2 percent in after-hours trading after a report that the Trump administration was weighing new tariffs on auto imports to the United States. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/trump-administration-considers-new-tariffs-on-imported-vehicles-wall-street-journal-citing-sources.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 3, 2018 / 11:25 AM / Updated 19 minutes ago 'Let Brits be Belgian' - Juncker appeals for Brexit-hit EU staff Alastair Macdonald 3 Min Read
BRUSSELS (Reuters) - British EU staff in Brussels should be given Belgian passports after Brexit if they want, Jean-Claude Juncker urged Belgium’s prime minister on Thursday, appealing him to end a policy of rejecting most requests.
President Juncker, whose European Commission employs nearly 1,000 Britons who will lose their EU citizenship when Britain leaves the bloc next March, made the appeal to premier Charles Michel directly during a debate in the European Parliament.
Praising Belgium’s generosity in hosting European Union institutions, Juncker referred to fears among his own staff that they may lose jobs and careers after Brexit. He told Michel:
“I would also like the Belgian authorities to demonstrate the same generosity when it comes to conferring Belgian nationality on the British officials who are here in Brussels.
“They deserve it. They deserve it. But, as I know that the prime minister is sometimes extremely generous, I am absolutely sure that he will take our wishes and remarks into account.”
Juncker last month gave British staff an assurance that they would not be fired once they cease to meet a normal criterion for getting an EU job, namely being an EU citizen.
Belgium can confer citizenship on people who live there for five years. But some Britons who have lived in Brussels for years, even decades, have had requests rejected on the grounds that, as EU staff, they fail Belgian residency tests because they have quasi-diplomatic status outside the local tax system.
Michel, who had delivered the latest in a series of speeches by EU national leaders to the Parliament outlining their visions of the bloc’s post-Brexit future, was guarded in his reply.
He acknowledged that there was “contradictory jurisprudence” on the subject in Belgium but his government was considering it.
One British voice speaking in the debate was less complimentary to the EU’s host.
Nigel Farage, whose UKIP party led the campaign for Brexit, forecast that the EU would break apart further — and so could Belgium itself, whose French- and Dutch-speaking halves, he said, “dislike each other intensely”.
Michel retorted, in apparent reference to British political turmoil over Brexit and strains in relations among Britain’s constituent nations, that he would take no lessons from Farage. Reporting by Alastair Macdonald ; @macdonaldrtr; Editing by Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-juncker/let-brits-be-belgian-juncker-appeals-for-brexit-hit-eu-staff-idUSKBN1I419K |
NEW DELHI—Police opened fire Tuesday on protesters demanding the closure of a south Indian copper plant, killing nine people, officials said. Dozens more people were reportedly injured.
The violence came amid months of protests against the Sterlite copper smelting plant in the town of Tuticorin, which demonstrators say has polluted the area’s groundwater and put local fisheries at risk.
On... | ashraq/financial-news-articles | https://www.wsj.com/articles/nine-people-killed-in-protest-in-south-india-1527015744 |
Pictures | Mon May 28, 2018 | 8:35am EDT Editor's Choice Pictures
Participants gather in the parking lot of the Pentagon as thousands of military veterans and their supporters participate in the 31st annual Rolling Thunder motorcycle rally and Memorial Day weekend "Ride for Freedom" motorcycle procession in... more Reuters / Sunday, May 27, 2018 Participants gather in the parking lot of the Pentagon as thousands of military veterans and their supporters participate in the 31st annual Rolling Thunder motorcycle rally and Memorial Day weekend "Ride for Freedom" motorcycle procession in Washington. REUTERS/Eric Thayer Close 1 / 24
A worker walks past a tug damaged by an air strike on the maintenance hub at the Hodeida port, Yemen. REUTERS/Abduljabbar Zeyad Reuters / Sunday, May 27, 2018 A worker walks past a tug damaged by an air strike on the maintenance hub at the Hodeida port, Yemen. REUTERS/Abduljabbar Zeyad Close 2 / 24
Women celebrate the result of yesterday's referendum on liberalizing abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Reuters / Saturday, May 26, 2018 Women celebrate the result of yesterday's referendum on liberalizing abortion law, in Dublin, Ireland. REUTERS/Clodagh Kilcoyne Close 3 / 24
Real Madrid's Sergio Ramos lifts the trophy as they celebrate winning the Champions League. REUTERS/Kai Pfaffenbach Reuters / Sunday, May 27, 2018 Real Madrid's Sergio Ramos lifts the trophy as they celebrate winning the Champions League. REUTERS/Kai Pfaffenbach Close 4 / 24
A woman, who just gave birth on board the Aquarius, poses with her newborn baby son, called Miracle, inside the clinic of the ship, in the central Mediterranean Sea. REUTERS/Guglielmo Mangiapane Reuters / Sunday, May 27, 2018 A woman, who just gave birth on board the Aquarius, poses with her newborn baby son, called Miracle, inside the clinic of the ship, in the central Mediterranean Sea. REUTERS/Guglielmo Mangiapane Close 5 / 24
Red Bull's Daniel Ricciardo jumps into a pool as he celebrates winning the Formula One Monaco Grand Prix. REUTERS/Benoit Tessier Reuters / Sunday, May 27, 2018 Red Bull's Daniel Ricciardo jumps into a pool as he celebrates winning the Formula One Monaco Grand Prix. REUTERS/Benoit Tessier Close 6 / 24
Downed power lines and a wheelbarrow are seen by a dirt road, illuminated by lava from the Kilauea volcano, in the Leilani Estates near Pahoa, Hawaii. REUTERS/Marco Garcia Reuters / Sunday, May 27, 2018 Downed power lines and a wheelbarrow are seen by a dirt road, illuminated by lava from the Kilauea volcano, in the Leilani Estates near Pahoa, Hawaii. REUTERS/Marco Garcia Close 7 / 24
A demonstrator takes part in a protest march against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua. REUTERS/Oswaldo Rivas Reuters / Sunday, May 27, 2018 A demonstrator takes part in a protest march against Nicaraguan President Daniel Ortega's government in Managua, Nicaragua. REUTERS/Oswaldo Rivas Close
A general view as the peloton passes the Colosseum during the final stage. REUTERS/Alessandro Garofalo Reuters / Sunday, May 27, 2018 A general view as the peloton passes the Colosseum during the final stage. REUTERS/Alessandro Garofalo Close 9 / 24
A man and his dogs perform a stunt before a wild horse show event in Duelmen, Germany. REUTERS/Leon Kuegeler Reuters / Sunday, May 27, 2018 A man and his dogs perform a stunt before a wild horse show event in Duelmen, Germany. REUTERS/Leon Kuegeler Close 10 / 24
South Korean President Moon Jae-in signs a guestbook as North Korean leader Kim Jong Un looks on before their summit at the truce village of Panmunjom, North Korea. The Presidential Blue House/Handout via REUTERS Reuters / Saturday, May 26, 2018 South Korean President Moon Jae-in signs a guestbook as North Korean leader Kim Jong Un looks on before their summit at the truce village of Panmunjom, North Korea. The Presidential Blue House/Handout via REUTERS Close 11 / 24
Lighting fills the sky as cowboys from the Rio Grande Valley set camp after arriving for Memorial Day weekend in Bandera, Texas. REUTERS/Adrees Latif Reuters / Sunday, May 27, 2018 Lighting fills the sky as cowboys from the Rio Grande Valley set camp after arriving for Memorial Day weekend in Bandera, Texas. REUTERS/Adrees Latif Close
Real Madrid's Gareth Bale scores their second goal against Liverpool. REUTERS/Phil Noble Reuters / Saturday, May 26, 2018 Real Madrid's Gareth Bale scores their second goal against Liverpool. REUTERS/Phil Noble Close
General view after Cyclone Mekunu in Salalah, Oman. Oman News Agency/Handout via REUTERS Reuters / Saturday, May 26, 2018 General view after Cyclone Mekunu in Salalah, Oman. Oman News Agency/Handout via REUTERS Close 14 / 24
Servicewoman, Tamar Kurkumuli, 25, holds her 3-year-old daughter Nino, before the oath-taking ceremony as Georgia marks the 100th anniversary of its independence in Tbilisi, Georgia. REUTERS/David Mdzinarishvili Reuters / Saturday, May 26, 2018 Servicewoman, Tamar Kurkumuli, 25, holds her 3-year-old daughter Nino, before the oath-taking ceremony as Georgia marks the 100th anniversary of its independence in Tbilisi, Georgia. REUTERS/David Mdzinarishvili Close 15 / 24
Revelers dance Morenada at the parade in honor of "Senor del Gran Poder" (Lord of Great Power) in La Paz, Bolivia. REUTERS/David Mercado Reuters / Saturday, May 26, 2018 Revelers dance Morenada at the parade in honor of "Senor del Gran Poder" (Lord of Great Power) in La Paz, Bolivia. REUTERS/David Mercado Close 16 / 24
Japanese Prime Minister Shinzo Abe poses with an Akita Inu puppy presented to Russian figure skating gold medalist Alina Zagitova, in Moscow, Russia. REUTERS/Maxim Shemetov Reuters / Saturday, May 26, 2018 Japanese Prime Minister Shinzo Abe poses with an Akita Inu puppy presented to Russian figure skating gold medalist Alina Zagitova, in Moscow, Russia. REUTERS/Maxim Shemetov Close
General view as lightning strikes over the city of London, Britain. REUTERS/Tom Jacobs Reuters / Sunday, May 27, 2018 General view as lightning strikes over the city of London, Britain. REUTERS/Tom Jacobs Close 18 / 24
A relative mourns during the funeral of a Palestinian Islamic Jihad militant, who was killed in Israeli tank shelling, in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Reuters / Sunday, May 27, 2018 A relative mourns during the funeral of a Palestinian Islamic Jihad militant, who was killed in Israeli tank shelling, in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Close 19 / 24
A cowboy runs away from a charging bull during the bull riding competition at the Bandera Pro Rodeo during Memorial Day weekend in Bandera, Texas. REUTERS/Adrees Latif Reuters / Sunday, May 27, 2018 A cowboy runs away from a charging bull during the bull riding competition at the Bandera Pro Rodeo during Memorial Day weekend in Bandera, Texas. REUTERS/Adrees Latif Close 20 / 24
A fan in cosplay poses for a photograph during ESL One Dota 2 Major in Birmingham. Action Images via Reuters/Ed Sykes Reuters / Saturday, May 26, 2018 A fan in cosplay poses for a photograph during ESL One Dota 2 Major in Birmingham. Action Images via Reuters/Ed Sykes Close
Horses are seen during a wild horse show event in Duelmen, Germany. REUTERS/Leon Kuegeler Reuters / Saturday, May 26, 2018 Horses are seen during a wild horse show event in Duelmen, Germany. REUTERS/Leon Kuegeler Close 22 / 24
IndyCar Series driver Will Power celebrates after winning the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Brian Spurlock-USA TODAY Sports Reuters / Sunday, May 27, 2018 IndyCar Series driver Will Power celebrates after winning the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Brian Spurlock-USA TODAY Sports Close 23 / 24
Veterinarian Alberto Olascoaga takes a blood sample from Xin Xin, a female giant panda, inside her enclosure at Chapultepec zoo in Mexico City, Mexico. REUTERS/Ginnette Riquelme Reuters / Saturday, May 26, 2018 Veterinarian Alberto Olascoaga takes a blood sample from Xin Xin, a female giant panda, inside her enclosure at Chapultepec zoo in Mexico City, Mexico. REUTERS/Ginnette Riquelme Close | ashraq/financial-news-articles | https://www.reuters.com/news/picture/editors-choice-pictures-idUSRTX66JEQ |
(Reuters) - Crescent Point Energy Corp on Tuesday said Scott Saxberg had left as chief executive officer, as the company looks to turn around its business after staving off a shareholder proposal to make changes to its board.
The Calgary, Alberta-based company named former Vice President Craig Bryksa as interim president and CEO replacing Saxberg.
Crescent Point’s shareholders voted for all of its director nominees earlier this month, defeating activist investor Cation Capital in one of the biggest proxy fights of the Canadian energy sector in about four years.
The oil producer is now looking to cut costs, improve its balance sheet in a bid to reduce debt after undergoing heavy losses in the aftermath of the 2014 oil price crash.
Crescent Point’s shares have risen about 4 percent so far this year, they had dropped nearly 48 percent in 2017.
Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta
| ashraq/financial-news-articles | https://www.reuters.com/article/us-crescent-point-ceo/oil-producer-crescent-points-ceo-scott-saxberg-leaves-company-idUSKCN1IU1ID |
Porsche's $1.7 Million 918 Spyder Is Recalled Again Porsche 918 Spyder, Classic Remise, Wiebestrasse, Moabit, Berlin, Deutschland (Photo by Schöning/ullstein bild via Getty Images) ullstein bild Dtl. ullstein bild via Getty Images By Bloomberg 12:58 PM EDT
One of the world’s most exclusive sports cars, the Porsche 918 Spyder, is being recalled because of potential suspension cracking — an issue that’d prompted three previous recalls in the U.S.
This recall affects 305 units from the 2015 model year, the U.S. National Highway Traffic Safety Administration said in a posting on its website Saturday. Control-arm connecting shafts in the front and rear suspension may fail due to stress corrosion cracks, the regulator said.
Porsche told the agency it would conduct the recall even though it found only one instance of damage and the issue would affect handling only in “severe, race track type use only,” according to the notice.
It’s the sixth time the 2015 model has been recalled, according to NHTSA records. Suspension cracking or fractures were cited three times previously. Others were due to possible seat-belt failures from incorrect bolts and potential short circuits in wiring.
The 918 Spyder, a twin-engined, plug-in hybrid capable of reaching 210 miles per hour, listed for $847,000 when it was produced and has been priced at twice that amount in the resale market. Production ended in 2015 after less than two years. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/19/porsche-918-spyder-recall/ |
May 3 (Reuters) - HUFVUDSTADEN AB:
* Q1 PROFIT AFTER TAX SEK 692 MILLION VERSUS SEK 472 MILLION YEAR AGO
* Q1 NET REVENUE FROM PROPERTY MANAGEMENT SEK 445 MILLION VERSUS SEK 429 MILLION YEAR AGO Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hufvudstaden-q1-profit-after-tax-r/brief-hufvudstaden-q1-profit-after-tax-rises-to-sek-692-million-idUSFWN1SA0I3 |
BEIJING (Reuters) - China supports North Korea’s efforts to develop its economy and improve relations with South Korea, state radio on Wednesday Quote: d President Xi Jinping as saying.
Xi made the comments to a visiting delegation of officials from North Korea’s ruling Worker’s Party, it added.
Reporting by Philip Wen; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-china/chinas-xi-says-supports-north-korea-efforts-to-develop-economy-idUSKCN1IH1AB |
April 30 (Reuters) - Haesung Optics Co Ltd :
* Says it lowered conversion price of 4th series convertible bonds to 3,622 won/share from 4,708 won/share, effective April 30
Source text in Korean: goo.gl/XokgFj
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-haesung-optics-lowers-conversion-p/brief-haesung-optics-lowers-conversion-price-of-4th-series-convertible-bonds-to-3622-won-share-idUSL3N1S73W2 |
LONDON (AP) — The company at the center of the Facebook privacy scandal, political consultancy Cambridge Analytica, is going out of business. But that doesn't mean those behind the entity will escape the scrutiny of regulators.
As authorities continue to investigate the use of the data of millions of people, here's a look at what the bankruptcy filings in the U.K. and U.S. mean for the probe.
HOW DID THIS START?
Facebook suspended Cambridge Analytica in light of allegations that it had improperly harvested personal data from as many as 87 million Facebook accounts and used the material in Donald Trump's presidential election campaign. Cambridge Analytica says it bought the data from another company that was contractually required to comply with data protection rules and that none of the Facebook data was used in the Trump campaign.
The scandal triggered a sharp drop in Facebook shares amid concern the revelations could threaten the social network's business model of offering a free service in return for data that could be marketed to advertisers. At one point, the sell-off wiped $50 billion off the company's market value.
WHAT DOES CAMBRIDGE ANAYLYTICA SAY?
The company suspended its CEO, Alexander Nix, pending an investigation. Last week it said it was "no Bond villain" and had been vilified by inaccurate reporting, including footage of Nix boasting of the company's dirty tricks — including honey traps and fake news — to win elections.
Cambridge Analytica also hired an outside lawyer to investigate the allegations. Results of the probe released Wednesday contradicted claims made by whistleblower Christopher Wylie and described his involvement with the firm as being "very modest."
WHAT NOW?
Britain's Information Commissioner's Office has been investigating Cambridge Analytica and its parent company, SCL Group, as part of a wider look at the use of personal data and election campaigns. That probe, which involves as many as 30 other companies, goes on. The commissioner's office said Thursday that it will continue "civil and criminal investigations and will seek to pursue individuals and directors as appropriate and necessary, even where companies may no longer be operating."
The office also promised to "monitor closely any successor companies," meaning that the people behind Cambridge Analytica wouldn't be able to avoid scrutiny simply by incorporating under a new name.
British corporate records show that Nix is also director of a company called Emerdata Ltd. that was incorporated in August 2017. Other Emerdata directors include people associated with Cambridge Analytica. The New York Times reported that officials from Cambridge Analytica and SCL have raised the possibility of using Emerdata as a rebranding of Cambridge Analytica by buying the latter's data and intellectual property. More details could emerge when Cambridge Analytica files for bankruptcy protection in New York, as planned.
Damian Collins, the chair of the U.K. Parliament's media committee, told Sky News that he was "alive to the risk" that the company might try to rebrand itself.
WILL THE BANKRUPTCY STOP THE INVESTIGATION?
Absolutely not, say British authorities. Collins told Sky News that company leaders will "be in for a nasty surprise" if they think shutting Cambridge Analytica will make it possible to erase the data that prompted the investigation.
Facebook also says it will continue to seek answers "to understand exactly what happened and make sure it doesn't happen again."
While individuals and businesses are typically required to preserve evidence for known investigations, it's not clear how this will work if a company is insolvent. And in any case, the U.K. Information Commissioner says it can take action against individual directors even of a company that's been declared insolvent, Collins added.
It doesn't appear the closure would directly affect the parent company, SCL Group, making it more difficult to get rid of evidence on insolvency grounds. Wednesday's news release announcing the decision lists only Cambridge Analytica and SCL Elections, not the parent company.
IS FACEBOOK OFF THE HOOK?
Not at all.
Founder Mark Zuckerberg testified last month to the U.S. Congress about the use of the data in the presidential election. He acknowledged that tighter regulation of data is inevitable, but otherwise came away relatively unscathed — Facebook shares rose after his testimony.
The U.K. and EU parliaments also want Zuckerberg to answer their questions publicly, though he has so far declined. Collins this week repeated that, insisting that he needs to come clean on 40 questions Chief Technology Officer Mike Schroepfer failed to "fully" answer last week.
Collins also said there was no precedent for a senior executive refusing a summons, adding that even Rupert and James Murdoch chose to appear during an investigation into phone hacking.
The Federal Trade Commission in the U.S., meanwhile, also is investigating Facebook. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-qa-cambridge-analyticas-bankruptcy-wont-halt-probes.html |
KUALA LUMPUR (Reuters) - When Anwar Ibrahim finally walks to freedom, it will be partly thanks to Mahathir Mohamad, Malaysia’s second-time-around prime minister, who has admitted he played a part when Anwar was first put behind bars in 1998.
Malaysia's opposition leader Anwar Ibrahim speaks to the media in Kuala Lumpur February 4, 2015. REUTERS/Olivia Harris/Files Mahathir, who was sworn in as the country’s leader on Thursday after winning this week’s general election, has already sought a royal pardon for Anwar and has promised to step aside for his friend-turned-foe-turned-ally to become prime minister.
The relationship between these two giants of Malaysian politics is a strange saga that has spanned three decades.
And their story may not be over.
Mahathir - at the age of 92, now the world’s oldest elected leader - is basking in the limelight after a stunning election victory that has taken him back to the prime minister’s office that he ran with an iron fist for 22 years. Many wonder if he would really be willing to give that up for his former deputy.
Anwar, 70, is the son of a hospital porter who attended one of Malaysia’s top schools, made his name as a firebrand Islamic youth leader and became a member of parliament in his mid-30s.
Mahathir invited Anwar to join the United Malays National Organisation, the main government party, in 1982 to bridge the gap between the party’s Malay nationalist image and its Islamic aspirations.
Anwar’s rise was meteoric. Mahathir named him deputy prime minister in 1993, a role he held as well as finance minister, and he was widely seen as his mentor’s successor-in-waiting.
But in 1998, they disagreed on how to tackle the Asian financial crisis and fell out. Anwar was sacked, and he launched a ‘Reformasi’ (reform) movement to end UMNO’s race- and patronage-based governance that brought tens of thousands of supporters onto the streets.
Faced with a leadership challenge, Mahathir used internal security laws to detain more than 100 opposition politicians, academics and social activists. He jailed his former deputy on charges of sodomy, which is a crime in Malaysia, and corruption.
Images of the goateed, bespectacled Anwar in court with a black eye and bruises brought condemnation of Mahathir from around the world. Anwar’s trial became a spectacle, with prosecutors at one stage bringing out what they said was a semen-stained mattress allegedly used when he had sex with two male aides.
JAILED AGAIN Anwar was freed in 2004 and returned to politics as the head of a revitalized, multi-ethnic opposition centred around Islamists and secular social reformers. Mahathir, meanwhile, had retired and by 2009 the new prime minister was Najib Razak.
In 2015, Anwar was jailed again - for five years - for sodomizing a former aide, a charge he and his supporters describe as a politically motivated attempt by Najib to end his career.
In an astonishing U-turn last year, Anwar shook hands with Mahathir and agreed to join forces to oust scandal-tainted Najib and his Barisan Nasional (BN) coalition in a ‘Save Malaysia’ campaign.
Some of Anwar’s supporters were aghast that he was making up with his nemesis, but others said it was a shrewd move.
“It took us many years to get to this point, and if you’re not smart or wise enough to join all these forces together, we might lose the chance at wresting power from BN,” said Anwar’s daughter Nurul Izzah.
Mahathir, meanwhile, promised to seek Anwar’s release if he won, and then stand down to let Anwar become prime minister.
“It’s not easy for him to agree to my role in the opposition party. It would be his role, except he is in prison,” Mahathir told Reuters in an interview in March.
The unlikely partnership, however, raised the question of what would happen to the Reformasi movement started by Anwar that brought together politicians, civil society leaders and activists wronged by Mahathir, the man they once dubbed “Mahafiraun” or the Grand Pharaoh.
Because Anwar has been in custody, his views are not known.
His wife, Wan Azizah Wan Ismail, told Reuters she was aware of the criticism from Reformasi-era supporters.
“I understand. They have been victims,” she said before the election, at which she won a parliament seat and is now set to be named deputy prime minister. “I understand how they feel because our children, our family had reservations in the beginning.”
With time off for good behaviour, Anwar was scheduled to be freed in June, but by law he could not participate in politics for another five years.
The Mahathir-Anwar alliance’s stunning election win over Najib’s coalition this week has thrown that wide open because, with a royal pardon, Anwar can return to politics.
Mahathir said on Friday: “It is going to be a full pardon, which means not only pardoned, but he is released immediately and after that he will be free to participate fully in politics.”
Asked what role he would have in the cabinet, he replied cryptically: “Whether Anwar will be part of the cabinet or not will be decided when the time comes.”
Malaysian opposition leader Anwar Ibrahim speaks to Reuters at his office in Petaling Jaya outside Kuala Lumpur August 4, 2008. REUTERS/Bazuki Muhammad/Files Writing by Raju Gopalakrishnan; Editing by John Chalmers
| ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-election-anwar/with-a-little-help-from-my-friend-malaysias-anwar-on-the-verge-of-freedom-idINKBN1IC1CB |
RIYADH (Reuters) - Saudi Arabia’s council of ministers on Tuesday reaffirmed the kingdom’s rejection of Washington’s decision to move its Israeli embassy to Jerusalem, state media said, a day after the mission’s opening.
“This step represents a significant bias against the historical, permanent rights of the Palestinian people in Jerusalem,” the report said.
Reporting by Stephen Kalin
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-saudi/saudi-arabia-rejects-transfer-of-u-s-embassy-to-jerusalem-state-tv-idUSKCN1IG1OU |
SAN DIEGO, May 21, 2018 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM) announced today the commencement of a transaction to repurchase four series of its outstanding notes totaling $4 billion as detailed below. While Qualcomm remains committed to the consummation of its acquisition (the "Acquisition") of NXP Semiconductors N.V. ("NXP"), it is uncertain if the Acquisition will be consummated on or before June 1, 2018. The four series of outstanding notes are intended to finance the Acquisition and contain provisions that will require Qualcomm to redeem such notes if the Acquisition has not been consummated on or before June 1, 2018 or if the related purchase agreement is terminated beforehand. As a result, Qualcomm is offering to certain holders of such notes the opportunity to tender those notes for cash.
Only holders who are not "qualified institutional buyers" and who are not non-U.S. persons (other than "retail investors" in the European Economic Area and investors in Canada who are not both "accredited investors" and "permitted clients") are eligible to participate in this transaction, as more fully described below. Concurrently with this transaction, Qualcomm also announced today the commencement of a transaction to exchange such four series of notes pursuant to private exchange offers (each, an "Exchange Offer" and collectively, the "Exchange Offers") open to certain investors.
The tender transaction consists of four separate offers to purchase for cash (each, a "Cash Offer", and collectively, the "Cash Offers"), any and all of the outstanding notes listed in the table below (collectively, the "Old Notes"), which have a special mandatory redemption ("SMR") provision, on the terms and subject to the conditions set forth in the Offer to Purchase dated May 21, 2018 (the "Offer to Purchase" and, together with the certification to participate in the Cash Offers and the instructions for such certification, the notice of guaranteed delivery, the "Cash Offer Documents").
If the Acquisition is not completed on or prior to June 1, 2018, Qualcomm will redeem any Old Notes not tendered in these Cash Offers or exchanged in the Exchange Offers in accordance with the terms of the Old Notes, including, with respect to the Floating Rate Notes due 2019 (the "Old 2019 Floating Rate Notes") and the Floating Rate Notes due 2020 (the "Old 2020 Floating Rate Notes", and together with the Old 2019 Floating Rate Notes, the "Old Floating Rate Notes"), pursuant to the applicable SMR provisions at a redemption price equal to 101% of the principal amount of such Old Floating Rate Notes, plus accrued but unpaid interest to, but excluding, the date of such special mandatory redemption, or as described in the immediately following paragraph.
In accordance with their terms, Qualcomm may redeem the 1.850% Notes due 2019 (the "Old 2019 Fixed Rate Notes") and the 2.100% Notes due 2020 (the "Old 2020 Fixed Rate Notes", and together with the "Old 2019 Fixed Rate Notes", the "Old Fixed Rate Notes") at any time under the "make whole" optional redemption provision. Assuming Qualcomm does not determine that all conditions to the closing of the Acquisition as set forth in the Purchase Agreement, dated October 27, 2016 (as amended, the "Purchase Agreement"), by and between Qualcomm River Holdings B.V., an indirect, wholly owned subsidiary of Qualcomm and NXP are reasonably likely to be satisfied or waived on or before June 1, 2018, Qualcomm intends to exercise, on or after May 31, 2018, Qualcomm's right to redeem the Old Fixed Rate Notes that are not accepted by Qualcomm in the Exchange Offers or in the Cash Offers under the "make whole" optional redemption provision. According to Qualcomm's current calculations, and subject to changes in interest rates that may occur after the date hereof, Qualcomm expects the redemption price under any such optional redemption to be equal to 100% of the principal amount of the Old Fixed Rate Notes to be redeemed.
The Cash Offers will expire at 5:00 p.m., New York City time, on May 25, 2018, unless extended or earlier terminated by Qualcomm (the "Cash Offer Expiration Date"). Tenders of Old Notes submitted in the Cash Offers may be validly withdrawn at any time at or prior to 5:00 p.m. New York City time, on May 25, 2018, subject to any extension by Qualcomm, but thereafter will be irrevocable, except in certain limited circumstances where additional withdrawal rights are required by law (as determined by Qualcomm). The "Cash Offer Settlement Date" will be promptly following the Cash Offer Expiration Date and is expected to be May 31, 2018.
Title of Series of Old Notes to be Purchased
Principal Amount
Outstanding
(mm)
CUSIP/ISIN
Maturity Date
Total
Consideration (1)
Floating Rate Notes due 2019
$ 750.00
747525AN3; US747525AN39
May 20, 2019
$1,002.50
Floating Rate Notes due 2020
$ 500.00
747525AQ6; US747525AQ69
May 20, 2020
$1,002.50
1.850% Notes due 2019
$ 1,250.00
747525AM5; US747525AM55
May 20, 2019
$1,002.50
2.100% Notes due 2020
$ 1,500.00
747525AP8; US747525AP86
May 20, 2020
$1,002.50
(1) Total Consideration payable, upon the terms and subject to the conditions set forth in the Offer to Purchase, in cash per $1,000 principal amount of Old Notes validly tendered and not validly withdrawn and accepted for purchase.
Upon the terms and subject to the conditions set forth in the Cash Offer Documents, Cash Offer Eligible Holders (as defined below) who (i) validly tender and who do not validly withdraw Old Notes at or prior to the Cash Offer Expiration Date or (ii) deliver a properly completed and duly executed notice of guaranteed delivery and all other required documents at or prior to the Cash Offer Expiration Date and tender their Old Notes pursuant to the Cash Offers at or prior to 5:00 p.m., New York City time, on the second business day after the applicable Cash Offer Expiration Date pursuant to guaranteed delivery procedures, expected to be May 30, 2018, subject in each case to the delivery of the certification to participate in the Cash Offers and the tender in the applicable minimum denominations, and whose Old Notes are accepted for purchase by Qualcomm, will receive the applicable Total Consideration specified in the table above.
In addition to the applicable Total Consideration, Cash Offer Eligible Holders whose Old Notes are accepted for purchase will be paid accrued and unpaid interest on such Old Notes to, but not including, the Cash Offer Settlement Date. Interest will cease to accrue on the Cash Offer Settlement Date for all Old Notes accepted, including those tendered through the guaranteed delivery procedures. No further interest will be paid to the Eligible Holders who tender such Old Notes, including if a record date for an interest payment on such Old Notes has passed before the Settlement Date.
Each Cash Offer is subject to certain conditions, including (i) the timely satisfaction or waiver of all of the conditions precedent to the completion of the Exchange Offer for such series of Old Notes (with respect to each Exchange Offer, the "Exchange Offer Completion Condition") and (ii) that Qualcomm does not determine, in its reasonable discretion, prior to the Cash Offer Expiration Date, that all conditions to the closing of the Acquisition as set forth in the Purchase Agreement are reasonably likely to be satisfied or waived on or before June 1, 2018. Qualcomm will terminate a Cash Offer for a given series of Old Notes if it terminates the Exchange Offer for such series of Old Notes, and Qualcomm will terminate the Exchange Offer for a given series of Old Notes if it terminates the Cash Offer for such series of Old Notes. The Exchange Offer Completion Condition may not be waived by Qualcomm.
Only holders of Old Notes who are not (i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") and who are not (ii) non-U.S. persons (as defined in Rule 902 under the Securities Act) located outside of the United States within the meaning of Regulation S under the Securities Act, other than "retail investors" (as defined below) in the European Economic Area, or investors located or resident in a province of Canada, who are not both "accredited investors", as such term is defined in National Instrument 45-106 – Prospectus Exemptions and section 73.3(1) of the Securities Act (Ontario), and "permitted clients", as such term is defined in National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations, are eligible to participate in the Cash Offers (the "Cash Offer Eligible Holders"). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the "Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MIFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive").
Only Cash Offer Eligible Holders who have delivered a certification to Global Bondholder Services Corporation, certifying that they are Cash Offer Eligible Holders, will be authorized to participate in the Cash Offers .
Holders are advised to check with any bank, securities broker or other intermediary through which they hold Old Notes as to when such intermediary needs to receive instructions from a holder in order for that holder to be able to participate in, or (in the circumstances in which revocation is permitted) revoke their instruction to participate in the Cash Offers before the deadlines specified herein and in the Cash Offer Documents. The deadlines set by each clearing system for the submission and withdrawal of tender instructions will also be earlier than the relevant deadlines specified herein and in the Cash Offer Documents.
This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Cash Offers are being made solely by the Cash Offer Documents and only to such persons and in such jurisdictions as is permitted under applicable law.
Goldman Sachs & Co. LLC and Barclays Capital Inc. are acting as the Joint-Lead Dealer Managers for the Cash Offers. For additional information regarding the terms of the offer, please contact Goldman Sachs & Co. LLC at (800) 828-3182 (toll free) or (212) 902-6941 (collect) or Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581 (collect). Global Bondholder Services Corporation will act as the tender agent and information agent for the Cash Offers. Questions or requests for assistance related to the Cash Offers or for additional copies of the Cash Offer Documents may be directed to Global Bondholder Services Corporation at (866) 470-3900 (toll free) or (212) 430-3774 (collect). You may also contact your broker, dealer, commercial bank, trust company or other nominee for assistance concerning the Cash Offers.
The Cash Offer Documents can be accessed at the following link: http://www.gbsc-usa.com/QUALCOMM/ .
About Qualcomm
Qualcomm invents breakthrough technologies that transform how the world connects and communicates. When we connected the phone to the Internet, the mobile revolution was born. Today, our inventions are the foundation for life-changing products, experiences, and industries. As we lead the world to 5G, we envision this next big change in cellular technology spurring a new era of intelligent, connected devices and enabling new opportunities in connected cars, remote delivery of health care services, and the IoT — including smart cities, smart homes, and wearables. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, all of our engineering, research and development functions, and all of our products and services businesses, including, the QCT semiconductor business.
Cautionary Note Regarding Forward-Looking Statements
Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Additionally, statements regarding operating results for future years, growth in operating results and the factors contributing to future operating results; the resolution of licensing disputes and the impact and timing thereof; expected market, industry, geographic and organic growth and trends; future serviceable addressable market size and growth; anticipated contributions from and growth in new opportunities; benefits from planned cost reductions; technology and product leadership and trends; Qualcomm's positioning to benefit from any of the above; potential benefits and upside to Qualcomm's stockholders related to any of the above; and the regulatory process and regulatory uncertainty are forward-looking statements. Words such as "anticipate," "believe," "estimate," "expect," "forecast," "intend," "may," "plan," "project," "predict," "should," "will" and similar expressions are intended to identify such forward-looking statements. These statements are based on Qualcomm's current expectations or beliefs, and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those expressed or implied by the statements herein due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, and other factors affecting the operations of Qualcomm. More detailed information about these factors may be found in Qualcomm's filings with the SEC, including those discussed in Qualcomm's most recent Annual Report on Form 10-K and in any subsequent periodic reports on Form 10-Q and Form 8-K, each of which is on file with the SEC and available at the SEC's website at www.sec.gov . SEC filings for Qualcomm are also available in the Investor Relations section of Qualcomm's website at www.qualcomm.com . Qualcomm is not obligated to update these forward-looking statements to reflect events or circumstances after the date of this document. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.
Qualcomm Contacts:
Pete Lancia, Corporate Communications
Phone: 1-858-845-5959
Email: [email protected]
John Sinnott, Investor Relations
Phone: 1-858-658-4813
Email: [email protected]
Information Agent Contact:
Global Bondholder Services Corporation
Phone: 1-866-470-3900 (toll free)
1-212-430-3774 (collect)
View original content: http://www.prnewswire.com/news-releases/qualcomm-announces-cash-offers-for-four-series-of-notes-open-to-retail-holders-only-300651656.html
SOURCE Qualcomm Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-qualcomm-announces-cash-offers-for-four-series-of-notes-open-to-retail-holders-only.html |
BERLIN (Reuters) - Chancellor Angela Merkel will fly to China next week for a two-day visit that includes talks with President Xi Jinping and Premier Li Keqiang, a government spokeswoman said on Friday.
German Chancellor Angela Merkel speaks during the 2018 budget debate at the lower house of parliament Bundestag in Berlin, Germany, May 16, 2018. REUTERS/Hannibal Hanschke Merkel will be in China May 24-25 to discuss political and economic issues with the Chinese leaders.
Reporting by Joseph Nasr; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/us-germany-china-merkel/germanys-merkel-to-visit-china-may-24-25-spokeswoman-idUSKCN1IJ12L |
May 11 (Reuters) - AzurRx BioPharma Inc:
* HIGHBRIDGE CAPITAL MANAGEMENT LLC REPORTS 5.97 PERCENT PASSIVE STAKE IN AZURRX BIOPHARMA INC AS OF MAY 1, 2018 - SEC FILING Source text - ( bit.ly/2jOnusd ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-highbridge-capital-management-llc/brief-highbridge-capital-management-llc-reports-5-97-percent-passive-stake-in-azurrx-biopharma-inc-as-of-may-1-idUSFWN1SI1AZ |
PARIS (Reuters) - France’s main far left party, the hardline CGT trade union and some 80 other organizations on Saturday led several thousand people in street protests across the country against President Emmanuel Macron’s reforms of the public sector.
Protesters walk behind a banner which reads, "We're held up - The greater Paris" during a demonstration by French unions and the France Insoumise" (France Unbowed) political party to protest against government reforms, in Paris, France, May 26, 2018. REUTERS/Gonzalo Fuentes Organizers hoped that the protests would grow further into a groundswell of opposition to Macron’s reform of France’s public service and some state enterprises such as the heavily indebted national railway company SNCF.
Union officials and the police gave widely different figures for the turnout. CGT said 80,000 people participated in the protest in Paris, and 250,000 came out nationwide. The police, however, said the protest drew 21,000 in Paris.
The turnout was lower than the 320,000 during a previous nationwide protest in March.
“We are going to carry a message (and) this message must be heard by the strong-headed Emmanuel Macron,” Jean-Luc Melenchon, leader of the far left France Unbowed party, told a cheering crowd in the southern port city of Marseille.
Protesters hold placards during a demonstration by French unions and France Insoumise" (France Unbowed) political party to protest against government reforms, in Paris, France, May 26, 2018. REUTERS/Gonzalo Fuentes Melenchon listed a number of grievances including staff shortages at hospitals, limited admissions at universities, and lack of police in tough neighborhoods, because the government says it does not have the means to fund them.
“We do not believe you because you are lying,” Melenchon said, adding that Macron’s government had given a 4.5 billion euros ($5.25 billion) tax break to the rich which could have been invested in hospitals.
“The country is rich. The country must share,” Melenchon said.
Slideshow (3 Images) Protesters are expected to hold rallies in at least 160 places across France, CGT Secretary General Philippe Martinez said, adding that Macron should listen to the growing anger.
French Interior Minister Gerard Collomb said that police intervened in Paris after a group of hooded protesters tried to destroy a bank.
Seven police officials were injured during the intervention, Collomb told France BFM TV. The police said 35 demonstrators were detained for various offences.
Unions have staged several nationwide strikes since the start of the year, while SNCF rail workers have been carrying out rolling strikes on two of every five days of the week since April over plans to reform the company and open it to competition. tmsnrt.rs/2JnAdwO
Macron, 40, who came to power a year-ago promising to push through tough reforms, has shown no sign of surrender so far.
$1 = 0.8584 euros)
Reporting by Bate Felix, Caroline Pailliez and Emmanuel Jarry; Editing by Stephen Powell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-reform-protests/frances-far-left-leads-protests-against-macron-reforms-idUSKCN1IR0G3 |
May 23 (Reuters) - Comstock Holding Companies Inc:
* COMSTOCK HOLDING COMPANIES ANNOUNCES CONVERSION OF THE MAJORITY OF ITS UNSECURED, SHORT-TERM DEBT INTO NON-CONVERTIBLE PREFERRED EQUITY
* COMSTOCK HOLDING COMPANIES INC - SECURED AN EXTENSION OF UP TO TWO YEARS ON $5.0 MILLION OF ITS REMAINING UNSECURED CORPORATE DEBT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-comstock-announces-conversion-of-u/brief-comstock-announces-conversion-of-unsecured-short-term-debt-into-non-convertible-preferred-equity-idUSASC0A3GQ |
May 15 (Reuters) - American Express Co:
* AMERICAN EXPRESS-U.S.SMALL BUSINESS CARD MEMBER LOANS 30 DAYS PAST DUE LOANS AS A%OF TOTAL 1.2 PERCENT AT APRIL END VERSUS 1.3 PERCENT AT MARCH END
* AMERICAN EXPRESS-USCS CARD MEMBER LOANS 30 DAYS PAST DUE LOANS AS A % OF TOTAL 1.3 PERCENT AT APRIL END VERSUS 1.4 PERCENT AT MARCH END
* AMERICAN EXPRESS - USCS CARD MEMBER LOANS NET WRITE-OFF RATE-PRINCIPAL ONLY 2.3 PERCENT AT APRIL END VERSUS 2.2 PERCENT AT MARCH END
* AMERICAN EXPRESS-U.S. SMALL BUSINESS CARD MEMBER LOANS NET WRITE-OFF RATE-PRINCIPAL ONLY 1.9 PERCENT AT APRIL END VERSUS 1.8 PERCENT AT MARCH END Source text - ( bit.ly/2wLeltQ ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-american-express-reports-card-memb/brief-american-express-reports-card-member-loans-stats-for-april-idUSFWN1SM1AN |
Apple sold 52.2 million iPhones in the quarter ended March 2018, up slightly from 51 million in the year-ago quarter.
That follows a year-over-year dip in phone sales during the first quarter of its fiscal year, when Apple sold just 77.3 million . The company reported the stat in its second quarter earnings report Tuesday.
Analysts were expecting 53 million phone sales for the March quarter in the wake of reports of weak iPhone X demand, according to FactSet consensus estimates.
Apple announced its most expensive handset to date in September and struggled to meet initial orders. The company has faced supplier-driven reports of lower market demand in the months since.
Sales of other major devices fell right in line with expectations.
The company shipped 9.1 million iPads, compared with 9.17 million expected, and shipped 4.1 million Macs compared with 4.14 million expected. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/apple-q2-iphone-sales.html |
May 3, 2018 / 2:07 AM / Updated 29 minutes ago FACTBOX-Cricket-Australia coach Justin Langer Reuters Staff 2 Min Read
May 3 (Reuters) - Factbox on former Australia batsman Justin Langer, who was named as head coach of the national team on Thursday.
*Born: Nov. 21, 1970, Perth, Western Australia
*Made test debut for Australia against West Indies in 1993 at Adelaide, scoring 20 and 54.
*He played 105 tests for Australia, scoring 7,696 runs at an average of 45.27, with 23 centuries and 30 half-centuries. His last test was against England at Sydney in 2007.
*He made his Ashes debut in 1998 against England and went on to score 1658 runs in 21 tests against the opposition, with five centuries and five fifties
*His career best 250 also came against England in Melbourne during the 2002-03 Ashes series.
*Langer hit five centuries and finished with 1481 runs in 14 tests in 2004, more than any other batsman during the calendar year.
*He formed a prolific opening partnership for Australia with Matthew Hayden, scoring 5,655 runs together over 113 innings.
*He was one of the five Wisden cricketers of the year in 2001. COACHING CAREER
*Langer was appointed as assistant coach of Australian team under boss Tim Nielsen in 2009.
*Langer took charge of Western Australia and domestic Twenty20 outfit Perth Scorchers in 2012.
*Scorchers became the most successful team in Big Bash League history under Langer, winning the tournament three times and coming runners up twice.
*He got his first taste of life as national team’s coach in 2016 when he took charge on a temporary basis when Darren Lehmann was preparing for Ashes and the overseas matches later that year. (Compiled by Hardik Vyas in Bengaluru; Editing by Ian Ransom) | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-australia-langer/factbox-cricket-australia-coach-justin-langer-idINL3N1S81JJ |
May 17, 2018 / 10:34 AM / Updated 23 minutes ago British gaming firm enlists army of players to create Worlds Adrift Eric Auchard 4 Min Read
LONDON (Reuters) - British game maker Bossa Studios will release Worlds Adrift on Thursday, an ambitious adventure game designed to appeal to the Minecraft generation that has taken three years and 50,000 gamers to create.
The London-based independent games designer is pushing technical, logistical and financial boundaries by counting on gamers to build floating islands for their characters to inhabit, which other players can visit via airborne, pirate-like ships.
“Worlds Adrift allows you to go into the game and set your own objectives and go about the game however you choose,” said Henrique Olifiers, one of the company’s three co-founders.
Bossa was set up in 2010 by veteran game designers who first focused on making social games played on Facebook before switching to PC-based online games. It is best known for “Surgeon Simulator” and “I Am Bread”, which have drawn in millions of users with their physics-based, realistic movements.
Its new multiplayer online game is the first to run on the computational platform of Improbable, a second London firm which enables enormous cloud-based simulations to be created, without which Worlds Adrift’s complex, user-generated landscape would be impossible. It is far more sophisticated than prior Bossa games.
Bossa aims to create the next big European games franchise, following in the footsteps of household names such as Microsoft-owned ( MSFT.O ) Minecraft, Clash of Clans from Tencent-controlled ( 0700.HK ) Supercell, Candy Crush by Activision Blizzard’s ( ATVI.O ) King, and Angry Birds creator Rovio ( ROVIO.HE ).
Typically only established gaming companies with hundreds of engineers and hundreds of millions of dollars could develop games of the complexity of World’s Adrift which have massive creative potential and are not limited to scripted tasks.
Eight months ago, Bossa Studios raised $10 million (7.4 million pounds) in funding in a round led by European venture firm Atomico. It has 82 employees but is expanding rapidly with the recent funding, Olifiers said. Slideshow (4 Images)
Improbable, whose system can be used to digitally simulate real-world locations not just for games but in product design and corporate planning, received a $502 million investment from the Softbank ( 9984.T ) Vision Fund a year ago.
“Unlike any other massively multiplayer online (MMO) game, your actions actually impact the virtual world - and matter,” says Improbable co-founder Herman Narula.
Gamers will build and develop increasingly complex islands which players can visit and interact with other game participants however they wish.
It is a massive fantasy universe designed to appeal to a younger generation of players looking to build games themselves.
The title is aimed at gamers reared on open-ended Minecraft, the second best-selling game of all time, which provides players with building materials to construct buildings and villages. It has attracted a sizeable number of players under the age of 15, although the majority of them are over 28 so far, Olifiers said.
During development those gamers have created 10,000 islands, 450 of which will feature as the game launches in “early access” mode, meaning that it is still under construction and subject to changes. General release is expected within a year, said Olifiers, a Brazilian games journalist-turned-entrepreneur.
Policing the game is left to players, by design, Olifiers said. Creative contributions will be quickly mimicked by others and collaboration will be beneficial. Bad behaviour could prompt users to abandon islands where incidents take place, turning them into Robinson Crusoe outposts no one else visits.
The game goes on sale later on Thursday at a fixed price of 19.49 pounds, or $24.99, with no in-game purchases that can pile up costs for committed players. Reporting by Eric Auchard in London; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-videogames-britain-worlds-adrift/british-gaming-firm-enlists-army-of-players-to-create-worlds-adrift-idUKKCN1II1AD |
WASHINGTON, May 24 (Reuters) - The chairman of the U.S. Senate Finance Committee on Thursday criticized the Commerce Department’s decision to potentially levy tariffs on imports of automobiles, trucks and automotive parts, calling it “deeply misguided.”
Republican Senator Orrin Hatch urged the Trump administration to instead focus on addressing China’s trade practices and working constructively with U.S. trading partners.
Commerce Secretary Wilbur Ross on Wednesday announced an investigation under Section 232 of the Trade Expansion Act of 1962 into whether the imports are threatening the domestic auto industry, which could ultimately lead to new tariffs from the United States. (Reporting by Makini Brice; editing by Jonathan Oatis)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trump-autos-hatch/leading-u-s-senator-slams-possible-auto-tariffs-idUSW1N1SN001 |
May 17, 2018 / 10:56 AM / Updated 16 minutes ago Malaysia advisory board to set up committee to focus on 1MDB scandal Reuters Staff 1 Min Read
KUALA LUMPUR (Reuters) - A Malaysian government advisory panel set up by new Prime Minister Mahathir Mohamad announced on Thursday that it will set up a committee to look into matters related to the controversial state fund 1Malaysia Development Berhad (1MDB). FILE PHOTO: A man walks past a 1 Malaysia Development Berhad (1MDB) billboard at the funds flagship Tun Razak Exchange development in Kuala Lumpur, in this March 1, 2015 file photo. REUTERS/Olivia Harris/File Photo
The panel, the Council of Eminent Persons, said it “recognises the importance” of having a committee focus specifically on the multi-billion dollar scandal tied to 1MDB, founded by former Prime Minister Najib Razak.
“Until and unless the issue of 1MDB is resolved, there will be questions that undermine public confidence in the government and its institutions,” the council said in a statement.
The 1MDB committee will be made up of five members, led by former attorney-general Abu Talib Othman. Reporting by Joseph Sipalan; Editing by Robert Birsel | ashraq/financial-news-articles | https://in.reuters.com/article/malaysia-politics-1mdb/malaysia-advisory-board-to-set-up-committee-to-focus-on-1mdb-scandal-idINKCN1II1EZ |
The following Spanish stocks may be affected by newspaper reports and other factors on Wednesday. Reuters has not verified the newspaper reports, and cannot vouch for their accuracy:
NH HOTELS Thailand’s Minor International said on Wednesday that it acquired a stake in Spain-based NH Hotel Group SA for 192 million euros to grow its hospitality footprint in Europe.
CEPSA Abu Dhabi state investor Mubadala is preparing to list 30 percent of Spanish oil and gas company Cepsa before the end of 2018, Spanish online newspaper El Confidencial said, citing unnamed sources close to the operation.
IBERDROLA HSBC cuts to “hold” from “buy”, cuts target price to 6.8 euro from 7.30 euro.
IAG HSBC cuts rating to “reduce” while raising the target price to 590 pence from 570 pence.
VERTICE Vertice Trescientos Sesenta Grados said on Tuesday it will buy 10 percent of own shares to carry out integrations of two companies in the audiovisual sector.
DURO FELGUERA Duro Felguera says debt refinancing proposal is supported by 100 percent of creditors.
For today’s European market outlook double click on.
For real-time moves on the Spanish blue-chip index IBEX please double click on
For IBEX constituent stocks highlight .IBEX in the command box and press the F3 button on your keyboard
For latest news on Spanish stock moves double click
For Spanish language market report double click on
For latest Eurostocks report please double click on
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-spain-factors/spanish-stocks-factors-to-watch-on-wednesday-idUSL5N1SU0PK |
Revenues of $111.0 Million, Net Income of $4.6 Million, or $0.06 per Diluted Share,
and Adjusted EBITDA of $58.0 Million
Company Intends to Reprice $814 Million Senior Secured Term Loan
LAS VEGAS, May 07, 2018 (GLOBE NEWSWIRE) -- Everi Holdings Inc. (NYSE:EVRI) (“Everi” or the “Company”) today reported the first quarter ended March 31, 2018. In addition, Everi announced plans to leverage favorable market conditions to reprice its Senior Secured Term Loan (the “Term Loan”) to lower cash interest costs and lower its cost of capital.
Consolidated Full Quarter Comparative Results (unaudited) Three Months Ended March 31, 2018 2017 (in millions, except per share amounts) Revenues (1) $ 111.0 $ 101.0 Operating income $ 24.5 $ 22.6 Net income (loss) $ 4.6 $ (3.5 ) Net earnings (loss) per diluted share $ 0.06 $ (0.05 ) Diluted shares outstanding 73.3 66.1 Adjusted EBITDA (2) $ 58.0 $ 54.2
(1) Revenues for the three months ended March 31, 2017 are presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which primarily impacts the Company’s Payments business. This has no impact on the Company’s operating income, net income (loss), net earnings (loss) per diluted share, or Adjusted EBITDA. For further discussion, see the Net Versus Gross Impacts on Revenues and Cost of Revenues disclosure at the end of this release. (2) For a reconciliation of net income (loss) to Adjusted EBITDA, see the Unaudited Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA and Adjusted EBITDA Margin provided at the end of this release.
Michael Rumbolz, President and Chief Executive Officer of Everi, commented, “Our operating momentum continued in the first quarter of 2018 as comparable revenue rose nearly 10%, Adjusted EBITDA grew more than 7% and we returned to profitability. Our continued growth reflects year-over-year improvement in all of our key performance indicators, including unit sales, average selling price, total installed units and daily win per unit. We also processed the highest number of cash access transactions in our Payments business in eight years. Our operating results continue to benefit from our investment in technology innovation to further elevate the market position of our product portfolio and expand the number of touch points our products address across the casino floor.
“The benefit from these investments is clear in our Games segment performance as first quarter unit sales and average selling price both increased more than 4% over the prior year quarter. Our installed base also grew by 8.5% year over year and by 6% on a quarterly sequential basis, while our daily win per unit increased 4.5%. Our expanded and improved product portfolio, which includes our new for-sale Empire MPX cabinet (“E43”) and our growing library of wide-area progressive (“WAP”) offerings, are helping to drive increased ship share and growth in both placements and the yield of our installed base. Sales of the E43 more than doubled on a quarterly sequential basis and we believe the favorable player reaction received to date will help drive further sales momentum going forward. Additionally, the percentage of WAP units in our premium game installed base continues to grow. With an expanding library of new titles and the recent introduction of new games and form factors that extend our WAP offerings to Class III tribal customers for the first time, we expect further benefits to our installed base and additional improvements in our daily win per unit. Overall, we are well on track to achieve our Games segment full-year growth objectives.
“With at least one of our Payments products in more than 1,000 casinos across North America, we continue to elevate the capabilities of what is already the industry’s most comprehensive and innovative suite of Payments solutions. Through new casino wins, net positive competitive take-outs, and our entry into new markets with our services, we believe our share of this industry will grow. Casino operators value our best-in-class integrated gaming payment system solutions that help them collect and organize actionable data to maximize player return and drive higher amounts of cash to the casino floor. We are committed to remaining a leader in Payments solutions innovation as evidenced by recent introductions of products such as CashInsite™ with Everi IQ™ which combines loyalty and cash access behavior to provide our casino customers with unique player insights. We also continue to develop our cashless gaming solutions. By leveraging our best-in-class core cash access foundation to move financial value across both gaming and non-gaming venues, we can provide the highest level of value to our gaming customers while delivering greater patron acceptance.
“Our first quarter growth and expectation for our Games and Payments segments’ performance in 2018 offer clear evidence that our investments are generating solid returns. We continue to update and transform our product portfolio and expand our ability to provide casino operators with the products they need to grow revenues. As a result, Everi is now positioned to pursue another opportunity to lower our cash interest expense which would help accelerate free cash flow generation and, combined with strong operating results, create incremental value for our shareholders.”
Intention to Reprice Term Loan
Everi announced today that it intends to capitalize on its improved financial position and favorable market conditions to reprice its $814 million Term Loan that is scheduled to mature in 2024. The Company anticipates that the repricing of its Term Loan will be completed within the next fourteen days. There can be no assurance that the Company will complete a repricing of its Term Loan.
Randy Taylor, Executive Vice President and Chief Financial Officer for Everi, commented, “We have established a track record of generating consistent improvements in our financial profile which we believe creates the opportunity to continue to pursue actions to further lower our annual cash interest costs. If successful, the repricing of our Term Loan will further benefit our future free cash flow generation that we believe is already poised to accelerate going forward. Our priority for free cash flow is to reduce leverage.”
First Quarter 2018 Results Overview
Revenues are presented herein on a comparable basis (see the Net Versus Gross Impacts on Revenues and Cost of Revenues disclosure at the end of this release for a reconciliation of 2017 amounts as reported to as adjusted).
Revenues for the first quarter of 2018 increased 9.9% to $111.0 million from $101.0 million in the first quarter of 2017. Games and Payments segment revenues were $60.2 million and $50.8 million, respectively, for the first quarter of 2018. The Company reported operating income of $24.5 million for the first quarter of 2018 compared to operating income of $22.6 million in the prior-year period.
Everi recorded income before income tax of $4.2 million in the first quarter of 2018 compared to a loss before income tax of $2.5 million in the first quarter of 2017. The Company reported net income of $4.6 million, or $0.06 in diluted income per share, for the first quarter of 2018 compared to a net loss of $3.5 million, or a diluted loss per share of $(0.05), in the prior-year period.
Adjusted EBITDA for the first quarter of 2018 increased $3.8 million, or approximately 7%, to $58.0 million from $54.2 million in the first quarter of 2017. Games and Payments segment Adjusted EBITDA for the three months ended March 31, 2018 was $31.7 million and $26.3 million, respectively. Games and Payments segment Adjusted EBITDA for the three months ended March 31, 2017 was $30.1 million and $24.1 million, respectively.
Games Segment Full Quarter Comparative Results (unaudited) Three Months Ended March 31, 2018 2017 (in millions, except unit amounts and prices) Revenues (1) $ 60.2 $ 55.3 Operating income $ 4.4 $ 4.8 Adjusted EBITDA (2) $ 31.7 $ 30.1 Unit sales: Units sold 1,063 1,018 Average sales price ("ASP") $ 17,745 $ 16,966 Gaming operations installed base: Average units installed during period: Average units installed 13,805 13,074 Approximate daily win per unit (3) $ 28.40 $ 27.17 Units installed at end of period: Class II 9,497 8,241 Class III 4,627 4,781 Total installed base 14,124 13,022 Installed base - Oklahoma 6,838 6,870 Installed base - non-Oklahoma 7,286 6,152 Total installed base 14,124 13,022 Premium units 2,797 1,884
(1) Revenues for the three months ended March 31, 2017 are presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which was not material for the Games operating segment. (2) For a reconciliation of net income (loss) to Adjusted EBITDA, see the Unaudited Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA and Adjusted EBITDA Margin provided at the end of this release. (3) Approximate daily win per unit excludes the impact of the direct costs associated with the Company’s wide-area progressive jackpot expense.
2018 First Quarter Games Segment Highlights and Recent Developments:
Revenues were $60.2 million in the first quarter of 2018 compared to $55.3 million in the first quarter of 2017.
Revenues generated from the sale of 1,063 gaming units and other related parts and equipment totaled $20.2 million compared to revenues of $18.7 million from the sale of 1,018 gaming units and related parts and equipment in the prior year period.
Revenues from gaming operations were $40.1 million in the first quarter of 2018 compared to $36.5 million in the prior-year period. The increase reflects year-over-year growth in the installed base and in the estimated daily win per unit (“DWPU”).
The installed base at March 31, 2018, increased 1,102 units year over year to 14,124 units and increased 828 units on a quarterly sequential basis. Premium units rose 48% year over year and 10% on a quarterly sequential basis to 2,797 units. The non-Oklahoma installed base increased 18% year over year and 10% on a quarterly sequential basis.
DWPU of $28.40 in the first quarter of 2018 compared to $27.17 in the prior-year period as the Company generated its second consecutive quarter of year-over-year growth in DWPU.
Revenues from the New York Lottery business, which are included in gaming operations revenue, were $4.5 million in the first quarter of 2018 compared to $4.4 million in the prior-year period.
Payments Segment Full Quarter Comparative Results (unaudited)
Three Months Ended March 31, 2018 2017 (in millions, unless otherwise noted) Revenues (1) $ 50.8 $ 45.8 Operating income $ 20.1 $ 17.8 Adjusted EBITDA (2) $ 26.3 $ 24.1 Aggregate dollar amount processed (in billions): Cash advance $ 1.7 $ 1.5 ATM $ 4.8 $ 4.3 Check warranty $ 0.3 $ 0.3 Number of transactions completed (in millions): Cash advance 2.7 2.4 ATM 22.9 20.8 Check warranty 0.9 0.9
(1) Revenues for the three months ended March 31, 2017 are presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which primarily impacts the Company’s Payments business. This has no impact on the Company’s operating income or Adjusted EBITDA. For further discussion, see the Net Versus Gross Impacts on Revenues and Cost of Revenues disclosure at the end of this release. (2) For a reconciliation of net income (loss) to Adjusted EBITDA, see the Unaudited Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA and Adjusted EBITDA Margin provided at the end of this release.
2018 First Quarter Payments Segment Highlights:
Revenues increased approximately 11% to $50.8 million in the first quarter of 2018 compared to $45.8 million in the prior-year period on a comparable basis. The growth reflects segment-wide strength, including growth in core cash access revenue as a result of increased same store transactions and dollars processed. Payments revenue also continues to benefit from new customer wins, including new casino openings, competitive take-outs, the expansion of ATM services into Canada, and increases in equipment sales revenue.
Cash advance revenues increased approximately 4.4% to $21.2 million in the first quarter of 2018 compared to $20.3 million of comparable revenues in the prior-year period.
ATM revenues increased approximately 21.1% to $10.9 million in the first quarter of 2018 compared to $9.0 million of comparable revenues in the prior-year period.
Check services revenues increased approximately 1.7% to $6.1 million in the first quarter of 2018 compared to $6.0 million of comparable revenues in the prior-year period.
Equipment and Information Services and Other revenues increased approximately 19.4% to $12.6 million in the first quarter of 2018 compared to $10.5 million in the prior-year period primarily reflecting increased equipment sales revenue.
2018 Outlook
Everi reiterated its forecast initially provided on March 13, 2018, that it will generate revenue growth on a comparable basis. Adjusted EBITDA is expected to grow 6% to 8% to between $225 million to $230 million.
The Company also provided the following expectations and assumptions that underlie its 2018 financial outlook:
The Company expects full year Games unit sales will increase approximately 10% from the 3,647 units sold in 2017. ASP for units sold in 2018 is expected to be comparable to the ASP for units sold in 2017.
Based upon the growth experienced in the first quarter of 2018, the Company has raised its expectation for 2018 year-end unit count in the installed base to an increase of approximately 8% to 10% from the 13,296 units reported at December 31, 2017. The prior guidance contemplated an increase of 7% to 8% from the December 31, 2017 ending unit count. This revision includes an expectation for ongoing growth in the premium unit installed base driven by growth in wide-area progressive (“WAP”) placements.
The Company expects that the DWPU for its installed base will be higher in each quarter of 2018 compared to the DWPU of the comparable quarterly periods in 2017.
Payments Adjusted EBITDA is expected to grow in the mid-single digits compared to 2017. This assumes sustained performance in the gaming industry and United States economy as a whole.
Revenue from the sale and service of fully integrated kiosks and compliance products is expected to be higher in 2018 compared to 2017.
Capital expenditures in 2018 are expected to be approximately $125 million to $130 million, which includes total placement fee payments of approximately $21 million.
Depreciation expense is expected to be approximately $56 million to $60 million and amortization expense is expected to be approximately $66 million to $70 million.
Net interest expense, excluding any potential benefit from a repricing, is expected to be approximately $83 million to $87 million, inclusive of Vault Cash interest expense of approximately $7 million and $2 million of imputed interest on the Player Station Agreement. Non-cash amortization of debt issuance costs is expected to be approximately $3.4 million.
The Company now expects to record a benefit for income tax of between $3 million and $5 million for 2018 and expects cash tax payments of approximately $1 million.
For a reconciliation of projected net income to projected Adjusted EBITDA, see the Reconciliation of Projected Net Income to Projected EBITDA and Projected Adjusted EBITDA provided at the end of this release.
New Revenue Recognition Standard
In May 2014, the Financial Accounting Standards Board issued a new standard related to revenue recognition, commonly referred to as ASC 606. The Company adopted the new standard effective January 1, 2018.
Revenues for the three months ended March 31, 2017 have been presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which primarily impacts the Company’s Payments business. This has no impact on our operating income, net income (loss), net income (loss) per diluted share or Adjusted EBITDA. For a reconciliation of the as adjusted to as reported amounts, see the Net Versus Gross Impacts on Revenues and Cost of Revenues disclosure at the end of this release.
Investor Conference Call and Webcast
The Company will host an investor conference call to discuss its 2018 first quarter results at 5:00 p.m. ET today. The conference call may be accessed live over the phone by dialing (888) 394-8218 or for international callers by dialing (323) 701-0225. A replay will be available beginning at 8:00 p.m. ET today and may be accessed by dialing (844) 512-2921 or (412) 317-6671 for international callers; the PIN number is 1980173. The replay will be available until May 14, 2018. The call will be webcast live from the Company’s website at www.everi.com (select “Investors” followed by “Events & Presentations”).
Non-GAAP Financial Information
In order to enhance investor understanding of the underlying trends in our business, our cash balance and cash available for our operating needs, and to provide for better comparability between periods in different years, we are providing in this press release Adjusted EBITDA, Adjusted EBITDA Margin, net cash position and net cash available, which are not measures of our financial performance or position under United States Generally Accepted Accounting Principles (“GAAP”). Accordingly, these measures should not be considered in isolation or as a substitute for, and should be read in conjunction with, our (i) net earnings (loss), operating income (loss), basic or diluted earnings (loss) per share and cash flow data prepared in accordance with GAAP, with respect to Adjusted EBITDA and Adjusted EBITDA Margin, and (ii) cash and cash equivalents prepared in accordance with GAAP, with respect to net cash position and net cash available.
We define Adjusted EBITDA as earnings (loss) before interest, taxes, depreciation and amortization, non-cash stock compensation expense, and accretion of contract rights. We present Adjusted EBITDA as we use this measure to manage our business and consider this measure to be supplemental to our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA; and our current credit facility and existing senior unsecured notes require us to comply with a consolidated secured leverage ratio that includes performance metrics substantially similar to Adjusted EBITDA. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenues.
A reconciliation of the Company’s net income (loss) per GAAP to Adjusted EBITDA and Adjusted EBITDA Margin is included in the Unaudited Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA and Adjusted EBITDA Margin provided at the end of this release. Additionally, a reconciliation of each segment’s operating income (loss) to Adjusted EBITDA is also included. On a segment level, operating income (loss) per GAAP, rather than net earnings (loss) per GAAP, is reconciled to Adjusted EBITDA as the Company does not report net earnings (loss) by segment. In addition, Adjusted EBITDA Margin is provided on a segment level. Management believes that this presentation is meaningful to investors in evaluating the performance of the Company’s segments.
We define (i) net cash position as cash and cash equivalents plus settlement receivables less settlement liabilities and (ii) net cash available as net cash position plus undrawn amounts available under our revolving credit facility. We present net cash position because our cash position, as measured by cash and cash equivalents, depends upon changes in settlement receivables and the timing of payments related to settlement liabilities. As such, our cash and cash equivalents can change substantially based upon the timing of our receipt of payments for settlement receivables and payments we make to customers for our settlement liabilities. We present net cash available as management monitors this amount in connection with its forecasting of cash flows and future cash requirements.
A reconciliation of the Company’s cash and cash equivalents per GAAP to net cash position and net cash available is included in the Unaudited Reconciliation of Cash and Cash Equivalents to Net Cash Position and Net Cash Available provided at the end of this release.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “ ” as defined in the U.S. Private Securities Litigation Reform Act of 1995. In this context, often address our expected future business and financial performance, and often contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” or “will” and similar expressions to identify . Examples of include, among others, statements the Company makes regarding (a) its ability to lower its annual cash interests costs and accelerate free cash flow generation; continue expanding the segments of the gaming floor the Company’s games address; continue product innovation; drive growth for the Company’s installed base and its DWPU, and in the Company’s annual ship share over the next several years; create incremental value for its shareholders; and improve its financial profile; and (b) its guidance related to 2018 financial and operational metrics, including Adjusted EBITDA, unit sales, the installed base size and placements, DWPU, revenue and anticipated levels of capital expenditures, depreciation expense, amortization expense, cash interest expense, and income tax benefit, including cash tax payments.
The in this press release are subject to additional risks and uncertainties, including those set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our periodic reports filed with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Reports on Form 10-K and quarterly reports on Form 10-Q, and are based on information available to us on the date hereof.
These cautionary statements qualify our and you are cautioned not to place undue reliance on these . Any forward-looking statement contained herein speaks only as of the date on which it is made, and we do not intend, and assume no obligation, to update or revise any , whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with the Form 10-K or Form 10-Q to which it relates, and with the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
About Everi
Everi is a leading supplier of technology solutions for the casino gaming industry. The Company provides casino operators with a diverse portfolio of products including innovative gaming machines that power the casino floor, and casino operational and management systems that include comprehensive, end-to-end payments solutions, critical intelligence offerings, and gaming operations efficiency technology. Everi’s mission is to be a transformative force for casino operations by facilitating memorable player experiences, delivering reliable protection and security, and striving for customer satisfaction and operational excellence.
Contacts
Investor Relations
Richard Land, James Leahy
JCIR
212-835-8500 or [email protected]
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) ( In thousands, except earnings (loss) per share amounts ) Three Months Ended March 31, 2018 2017 Revenues Games revenues Gaming operations $ 40,056 $ 36,531 Gaming equipment and systems 20,154 18,725 Gaming other 7 20 Games total revenues 60,217 55,276 Payments revenues Cash access services 38,218 171,735 Equipment 4,419 2,299 Information services and other 8,147 8,227 Payments total revenues 50,784 182,261 Total revenues 111,001 237,537 Costs and expenses Games cost of revenues Gaming operations 4,182 3,209 Gaming equipment and systems 10,741 9,235 Gaming other — — Games total cost of revenues 14,923 12,444 Payments cost of revenues Cash access services 2,231 138,661 Equipment 2,514 1,419 Information services and other 1,216 719 Payments total cost of revenues 5,961 140,799 Operating expenses 32,187 28,993 Research and development 4,311 4,543 Depreciation 12,825 10,830 Amortization 16,303 17,325 Total costs and expenses 86,510 214,934 Operating income 24,491 22,603 Other expenses Interest expense, net of interest income 20,307 25,057 Total other expenses 20,307 25,057 Income (loss) before income tax 4,184 (2,454 ) Income tax (benefit) provision (425 ) 1,054 Net income (loss) 4,609 (3,508 ) Foreign currency translation 323 272 Comprehensive income (loss) $ 4,932 $ (3,236 ) Earnings (loss) per share Basic $ 0.07 $ (0.05 ) Diluted $ 0.06 $ (0.05 ) Weighted average common shares outstanding Basic 68,686 66,090 Diluted 73,285 66,090 The results for the quarter ended March 31, 2018 reflect the adoption of ASC 606.
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS ( In thousands ) Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net income (loss) $ 4,609 $ (3,508 ) Adjustments to reconcile net income (loss) to cash provided by operating activities: Depreciation and amortization 29,129 28,155 Amortization of financing costs and discounts 905 1,672 (Gain) loss on sale or disposal of assets (13 ) 436 Accretion of contract rights 2,057 2,002 Provision for bad debts 2,182 2,817 Deferred income taxes (561 ) 626 Reserve for obsolescence 305 408 Stock-based compensation 2,350 1,412 Changes in operating assets and liabilities: Settlement receivables 73,571 86,400 Trade and other receivables (9,715 ) 4,423 Inventory (1,157 ) (3,739 ) Prepaid and other assets 1,251 (3,358 ) Settlement liabilities (74,617 ) (111,498 ) Accounts payable and accrued expenses 2,456 25,161 Net cash provided by operating activities 32,752 31,409 Cash flows from investing activities Capital expenditures (26,339 ) (17,184 ) Proceeds from sale of fixed assets 72 — Placement fee agreements (4,643 ) (3,044 ) Net cash used in investing activities (30,910 ) (20,228 ) Cash flows from financing activities Repayments of credit facilities (2,050 ) (2,500 ) Proceeds from exercise of stock options 4,088 5 Purchase of treasury stock (38 ) (7 ) Net cash provided by (used in) financing activities 2,000 (2,502 ) Effect of exchange rates on cash 147 307 Cash, cash equivalents and restricted cash Net increase for the period 3,989 8,986 Balance, beginning of the period 129,604 119,438 Balance, end of the period $ 133,593 $ 128,424
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED NET VERSUS GROSS IMPACTS ON REVENUES AND COST OF REVENUES ( In thousands ) Three Months Ended March 31, 2018 2017 2017 2017 As reported As adjusted Adjustments As reported Revenues Games revenues Gaming operations $ 40,056 $ 36,515 $ 16 $ 36,531 Gaming equipment and systems 20,154 18,725 — 18,725 Gaming other 7 20 — 20 Games total revenues 60,217 55,260 16 55,276 Payments revenues Cash access services 38,218 35,231 136,504 171,735 Equipment 4,419 2,299 — 2,299 Information services and other 8,147 8,227 — 8,227 Payments total revenues 50,784 45,757 136,504 182,261 Total revenues $ 111,001 $ 101,017 $ 136,520 $ 237,537 Costs and expenses Games cost of revenues Gaming operations $ 4,182 $ 3,193 $ 16 $ 3,209 Gaming equipment and systems 10,741 9,235 — 9,235 Gaming other — — — — Games total cost of revenues 14,923 12,428 16 12,444 Payments cost of revenues Cash access services 2,231 2,157 136,504 138,661 Equipment 2,514 1,419 — 1,419 Information services and other 1,216 719 — 719 Payments total cost of revenues 5,961 4,295 136,504 140,799 Total cost of revenues $ 20,884 $ 16,723 $ 136,520 $ 153,243 Revenues for the three months ended March 31, 2017 are presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which primarily impacts the Company’s Payments business.
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF CASH AND CASH EQUIVALENTS TO NET CASH POSITION AND NET CASH AVAILABLE ( In thousands ) At March 31, At December 31, 2018 2017 Cash available Cash and cash equivalents $ 132,645 $ 128,586 Settlement receivables 153,443 227,403 Settlement liabilities (242,901 ) (317,744 ) Net cash position 43,187 38,245 Undrawn revolving credit facility 35,000 35,000 Net cash available $ 78,187 $ 73,245
EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN ON AS COMPARABLE BASIS ( In thousands ) Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Games Payments Total Games Payments Total Net income (loss) $ 4,609 $ (3,508 ) Income tax (benefit) provision (425 ) 1,054 Interest expense, net of interest income 20,307 25,057 Operating income $ 4,353 $ 20,138 $ 24,491 $ 4,792 $ 17,811 $ 22,603 Plus: depreciation and amortization 24,623 4,505 29,128 22,889 5,266 28,155 EBITDA $ 28,976 $ 24,643 $ 53,619 $ 27,681 $ 23,077 $ 50,758 Non-cash stock compensation expense 627 1,723 2,350 414 997 1,411 Accretion of contract rights 2,057 — 2,057 2,002 — 2,002 Adjusted EBITDA $ 31,660 $ 26,366 $ 58,026 $ 30,097 $ 24,074 $ 54,171 Total revenues (1) $ 60,217 $ 50,784 $ 111,001 $ 55,260 $ 45,757 $ 101,017 Adjusted EBITDA Margin 53 % 52 % 52 % 54 % 53 % 54 %
(1) Revenues for the three months ended March 31, 2017 are presented on a comparable basis to retrospectively reflect a net versus gross reporting of revenues under ASC 606, which primarily impacts the Company’s Payments business.
EVERI HOLDINGS INC. AND SUBSIDIARIES RECONCILIATION OF PROJECTED NET INCOME TO PROJECTED EBITDA AND PROJECTED ADJUSTED EBITDA FOR THE YEAR ENDING DECEMBER 31, 2018 ( In thousands ) 2018 Adjusted EBITDA
Guidance Range (1) Low High Projected net income $ 5,000 $ 1,000 Projected income tax benefit (3,000 ) (5,000 ) Projected interest expense, net of interest income 83,000 87,000 Projected operating income $ 85,000 $ 83,000 Plus: projected depreciation and amortization 122,000 130,000 Projected EBITDA $ 207,000 $ 213,000 Projected non-cash stock compensation expense 10,000 9,000 Projected accretion of contract rights 8,000 8,000 Projected Adjusted EBITDA $ 225,000 $ 230,000
(1) All figures presented are projected estimates for the year ending December 31, 2018.
Source:Everi Holdings Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-everi-reports-2018-first-quarter-results.html |
0 COMMENTS Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android . Here’s essential reading on today’s developments.
MUST READS FROM WSJ CITY
Six years after the eurozone stepped back from the brink, investors once again fear for its future. Markets globally convulsed as investors came to terms with an Italian political crisis that some fear could morph into an existential threat to Europe’s common currency.
Europe’s deepening troubles and disappointing global growth signals are sparking a rally in haven bonds. The gap between 10-year German and Italian bond yields has now risen above 2.5 percentage points, its widest since 2013. Risk aversion is back, writes Richard Barley for WSJ Heard on the Street.
Even worse than the sell-off in Italian government bonds and European bank stocks has been the reaction of investors in banks’ bonds, writes Paul J Davies for Heard on the Street. This matters because it feeds directly into the cost of funding for banks and the lending they can supply to the wider economy.
The US is planning to announce in the coming weeks a list of Chinese imports that will be subject to 25% tariffs, as well as new China investment restrictions and controls, the White House said. The planned trade and investment barriers are part of a wide-ranging investigation into Chinese violations of US intellectual property.
The owner of Dr Pepper and Krispy Kreme is deepening its bet on prepared food through the purchase of Pret A Manger. Privately held JAB Holding said it would acquire the British sandwich chain from Bridgepoint Advisers in a deal that values Pret at around $2 billion including debt.
Oil prices are climbing to levels not seen since before the price crash of late 2014, and the market is ignoring what is often a considerable obstacle for most commodities: a stronger dollar. The traditionally inverse relationship between the dollar and oil prices has been set aside.
Amazon and Walmart are betting billions on India, but their mightiest rival might be small, family-run shops. These tiny stores, known as kiranas, pay low wages and have little or no rent and many cater to their neighbourhoods by offering instant delivery, interest-free credit and other personalised services.
IN THE PAPERS
Three Killed in Suspected Terror Attack in Belgium – WSJ
Italy’s Democratic Party Say League and Five Star Had Euro Exit Plan – Bloomberg (£)
No. 10 Says Abramovich Cannot Work in UK on Israeli Passport – The Guardian
Sturgeon: UK’s Brexit Position ‘Unsustainable’ – Politico
US Sanctions Start to Pinch Shipping in Iran – WSJ
MARKETS TODAY
Uncertainty about Italy’s future in the eurozone weighed on global stocks and continued to push up the country’s borrowing costs.
Shares in Europe fell sharply, with the Stoxx Europe 600 down 1.4%. Italy’s FTSE MIB Index skidded 2.7%, lagged by banks. UniCredit , fell around 6% to bring its losses for the week to 9.6%, while Unione di Banche Italiane, BPER Banca and Intesa Sanpaolo also notched steep declines.
Yields on Italian government debt spiked. Yields on the benchmark 10-year BTP rose 41 basis points, while those on the two-year note rose 148 points. Yields rise as prices fall.
Spain’s prime minister Mariano Rajoy’s travails were another source of angst as Spanish shares fell 2.6%.
US shares were lower in midday trading, with sharp declines for the Dow and S&P 500. The DJIA was 1.5% lower, while the S&P 500 shed 1.2%.
Share this: WSJ City Previous Amid Eurozone Woes, French Bonds Feel Macron Bump Next Europe's Troubles Ripple Across to Polish, Czech, Swedish Currencies | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/29/wsj-city-pm-eurozone-risk-aversion-is-back-why-bank-investors-fear-return-of-doom-loop/ |
Gold spiked on Thursday as the dollar paused for breath, holding near its 2018 peak, with investors focused on U.S. inflation data due later and simmering tensions between the United States and Iran.
Spot gold rose by 0.58 percent to $1,319.96 by 2 p.m. ET. U.S. gold futures for June delivery settled up $9.30 to $1,322.30.
The dollar slipped slightly from a 4-1/2 month peak hit as long-term U.S. Treasury yields held near the psychologically important 3 percent level. A strong dollar makes dollar-priced gold costlier for non-U.S. investors.
U.S. President Donald Trump on Tuesday withdrew the United States from an international nuclear accord with Iran, raising the risk of conflict the Middle East and increasing the appeal of safe-haven assets such as gold.
"We've seen a turnaround in (the dollar) in the last few weeks, but actually gold hasn't gone down as far as you might think, so political tensions are helping," said Macquarie commodities strategist Matthew Turner.
Turner added, however, that the dollar was the main driver for gold and he expects the precious metal to come under pressure in the near term, with the dollar extending its rally.
Elsewhere, North American gold-backed exchange-traded funds registered inflows in April at their highest level since September 2017, with safe-haven purchases ushered in by a trade stand-off between the United States and China, Syria tensions and worries about possible U.S. sanctions on Russia.
After Trump's announcement on the U.S. withdrawal from the Iran nuclear deal, Israel said on Thursday that it had attacked nearly all of Iran's military infrastructure in Syria after Tehran fired rockets at Israeli-held territory for the first time. Spot gold looks neutral in a range of $1,302-$1,317 an ounce, said Reuters technical analyst Wang Tao.
In other precious metals, silver gained 1.4 percent to $16.71 an ounce after hitting a two-week high at $16.62 in the previous session. Platinum rose 1.67 percent to $925.10 while palladium was up by 2.3 percent to $997.50. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/gold-edges-down-on-firm-dollar-us-bond-yields.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.