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May 3 (Reuters) - GGP Inc:
* GGP REPORTS FIRST QUARTER 2018 RESULTS AND DECLARES SECOND QUARTER DIVIDEND
* Q1 EARNINGS PER SHARE $0.06 * Q1 EARNINGS PER SHARE VIEW $0.10 — THOMSON REUTERS I/B/E/S
* TOTAL SAME STORE REVENUES WERE RELATIVELY FLAT IN Q1 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ggp-reports-q1-earnings-per-share/brief-ggp-reports-q1-earnings-per-share-0-06-idUSASC09ZG7 |
ELGIN, Ill.--(BUSINESS WIRE)-- The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net sales and earnings for the first quarter ended March 31, 2018. Net earnings for the first quarter were $65,420,000 or $1.18 diluted earnings per share on net sales of $584,800,000 as compared to the prior year first quarter net earnings of $70,702,000 or $1.24 diluted earnings per share on net sales of $530,297,000.
2018 First Quarter Financial Highlights
Net sales increased 10.3% in the first quarter over the comparative prior year period. Sales related to recent acquisitions added $63.9 million or 12.0%, in the first quarter. The impact of foreign exchange rates on foreign sales translated into U.S. Dollars increased net sales by approximately 2.8% during the first quarter. The adoption of ASC 606 increased net sales by approximately 2.7% during the first quarter. Excluding the impact of acquisitions, foreign exchange and the adoption of ASC 606, sales decreased 7.2% during the first quarter. Net sales at the company’s Commercial Foodservice Equipment Group increased $47.7 million, or 15.3%, to $359.9 million in the first quarter as compared to $312.2 million in the prior year first quarter. During fiscal 2017, the company completed the acquisitions of Sveba Dahlen, QualServ, L2F and Globe. Excluding the impact of these acquisitions, sales increased 0.5% in the first quarter, or decreased 1.4% excluding the benefit of foreign exchange. Net sales at the company’s Residential Kitchen Equipment Group decreased $4.5 million, or 3.2%, to $136.3 million in the first quarter as compared to $140.8 million in the prior year first quarter. Excluding the impact of foreign exchange, sales decreased 8.4% during the first quarter. Sales at Viking increased by approximately 5% during the quarter. This increase was more than offset by the temporary impact of consolidating our premium brands through company owned distribution and canceling certain third party distributors, in addition to lower sales at AGA. Net sales at the company’s Food Processing Equipment Group increased $11.3 million, or 14.6%, to $88.6 million in the first quarter as compared to $77.3 million in the prior year first quarter. During fiscal 2017, the company completed the acquisitions of Burford, CVP Systems, and Scanico. During fiscal year 2018, the company completed the acquisition of Hinds-Bock. Excluding the impact of these acquisitions, sales decreased 8.5% in the first quarter. Excluding the impact of acquisitions, foreign exchange and the adoption of ASC 606, net sales decreased 28.7% Gross profit in the first quarter increased to $211.6 million from $209.5 million reflecting the impact of increased sales from acquisitions. The gross margin rate decreased from 39.5% to 36.2%. The decrease in the gross margin rate for the quarter reflects lower margins at recent acquisitions. Additionally, the gross margin rate was impacted by lower volumes and unfavorable mix at the Food Processing Equipment Group. Operating income amounted to $87.0 million in the first quarter as compared to $92.7 million in the prior year quarter. Operating income included $19.8 million of non-cash expenses during the first quarter, including $8.2 million of depreciation expense, $11.5 million of intangible amortization and $0.1 million of share based compensation. The provision for income taxes in the first quarter amounted to $21.3 million at a 24.5% effective rate in comparison to $22.7 million at a 24.3% effective rate in the prior year quarter. The tax rate in first quarter was favorably impacted by the reduction in the federal tax rate from 35% to 21% due to the enactment of the Tax Cuts and Job Act of 2017. The tax rate in the prior period was favorably impacted by a tax benefit from the adoption of ASU No. 2016-09, "Compensation - Stock Compensation (Topic 718)", which resulted in the recognition of excess tax benefits from share-based payments to be recognized as an income tax benefit in the condensed consolidated statement of earnings. Net earnings per share amounted to $1.18 in the first quarter as compared to $1.24 in the prior year quarter. Net earnings in the current and prior year first quarter were reduced by restructuring expenses. The impact of these items reduced earnings per share by $0.02 in the 2017 and 2016 first quarter periods. Operating cash flows amounted to $44.7 million during the first quarter as compared to $46.9 million in the prior year quarter. Net debt, defined as debt less cash, at the end of 2018 fiscal first quarter amounted to $945.7 million as compared to $939.2 million at the end of fiscal 2017.
Selim A. Bassoul, Chairman and Chief Executive Officer, commented, “At the Commercial Foodservice Equipment Group, sales were impacted by the strategic changes in our sales organization implemented in the second half of 2017 and completed in the first quarter of 2018. This effort has allowed us to align with the strongest sales representatives in the industry, which now carry our complete portfolio of leading brands and product innovations. Although this initiative has been disruptive in the short term, it has resulted in a stronger, more aligned selling organization and greatly simplified the sales process for our customers. We remain very excited about the pipeline of new innovative products introduced over the past several years. During the first quarter we have seen the adoption of several new products at both new and existing customers, and realized orders for several opportunities that will convert into sales in upcoming quarters. As a result, we anticipate improving sales trends as we progress throughout the year. We have continued to further develop our pipeline of product innovations with a heavy focus on automation and labor savings innovations. Through the 2017 acquisition of L2F, a leader in robotics and automated solutions, we have added a unique capability and are developing integrated solutions to address labor, safety and efficiency issues at our restaurant customers.”
Mr. Bassoul continued, “At our Residential Kitchen Equipment Group, we were very pleased to report 5% sales growth at the Viking brand in the first quarter. Incoming orders outpaced first quarter sales at a double digit growth rate and we anticipate consistent growth throughout the remainder of 2018. We believe the substantial investments made over the past several years in new products, quality, service and sales have repositioned Viking for long-term profitable growth. During the quarter we remained committed to heavily invest in new product displays at our dealer partners and are excited about the continued positive response in the marketplace. During the quarter, we also maintained our focus to execute on our long-term strategy of consolidating our premium brands including Marvel, Lynx, LaCornue and AGA through our company owned sales and distribution organization. Through this initiative we will be able to leverage our portfolio of premium residential brands and offer unique sales and service programs to our customers. This will also provide for greater profitability as we leverage investments made in our company owned distribution model. This strategic change adversely impacted sales and profitability during the quarter as our cancelled distributors destocked inventory. We anticipate the transitional impact of the distribution changes will be completed by end of the second quarter. The AGA businesses also adversely impacted sales due to sluggish market conditions in the UK and continual decline in revenues at non-core businesses as we restructure operations to focus on profit improvements at those entities.”
“At the Food Processing Equipment Group, we have had several anticipated orders not materialize. The decline in revenues reflects the significance of large projects on this business segment, which has historically resulted in quarterly sales volatility. We anticipate revenues will be impacted for the upcoming quarters due to the delay in a number of larger projects.”
“We are pleased to announce the acquisition and addition of several new brands to the portfolio early in 2018. These new additions include Firex, a leader in steam cooking equipment, Josper, a leader in charcoal cooking equipment, and JoeTap, a leader in nitro-brew and cold-brew coffee dispensing equipment. The addition of Firex and Josper further extend our portfolio of leading cooking brands and product innovation in commercial foodservice industry. In both cases, these companies are well positioned to benefit from growing foodservice trends related to steam, sous-vide, and charcoal cooking. JoeTap further adds to our beverage and coffee platform. Cold-brew and nitro-brew are quickly gaining momentum and we have seen significant interest in these products from our existing customers.”
Conference Call
A conference call will be held at 10 a.m. Central Time on Wednesday, May 9 and can be accessed by dialing (888) 391-6937 or (315) 625-3077 and providing conference code 1892863#. The conference call is also accessible through the Investor Relations section of the company website at www.middleby.com . A replay of the conference call will be available two hours after the conclusion of the call by dialing (855) 859-2056 and entering conference code 1892863#.
Statements in this press release or otherwise attributable to the company regarding the company's business which are not historical fact are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The company cautions investors that such statements are estimates of future performance and are highly dependent upon a variety of important factors that could cause actual results to differ materially from such statements. Such factors include variability in financing costs; quarterly variations in operating results; dependence on key customers; international exposure; foreign exchange and political risks affecting international sales; changing market conditions; the impact of competitive products and pricing; the timely development and market acceptance of the company's products; the availability and cost of raw materials; and other risks detailed herein and from time-to-time in the company's SEC filings.
The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, Bear Varimixer®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, CTX®, Desmon®, Doyon®, Eswood®, frifri®, Firex®, Follett®, Giga®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco Frialator®, QualServ®, Southbend®, Star®, Sveba Dahlen®, Toastmaster®, TurboChef®, Wells® and Wunder-Bar®. The company’s leading equipment brands serving the food processing industry include Alkar®, Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Burford®, Cozzini®, CVP Systems®, Danfotech®, Drake®, Emico®, Glimek®, Hinds-Bock®, Maurer-Atmos®, MP Equipment®, RapidPak®, Scanico®, Spooner Vicars®, Stewart Systems®, Thurne® and VeMa.C.®. The company’s leading equipment brands serving the residential kitchen industry include AGA®, AGA Cookshop®, Brigade®, Fired Earth®, Grange®, Heartland®, La Cornue®, Leisure Sinks®, Lynx®, Marvel®, Mercury®, Rangemaster®, Rayburn®, Redfyre®, Sedona®, Stanley®, TurboChef®, U-Line® and Viking®.
For more information about The Middleby Corporation and the company brands, please visit www.middleby.com .
THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in 000’s, Except Per Share Information)
(Unaudited)
Three Months Ended 1st Qtr, 2018
1st Qtr, 2017
Net sales $ 584,800 $ 530,297 Cost of sales 373,167 320,847 Gross profit 211,633 209,450 Selling, general and administrative expenses 122,948 114,984 Restructuring expenses 1,693 1,725 Income from operations 86,992 92,741 Interest expense and deferred financing amortization, net 8,823 5,805 Net periodic pension benefit (other than service costs) (9,705 ) (8,338 ) Other expense, net 1,173 1,867 Earnings before income taxes 86,701 93,407 Provision for income taxes 21,281 22,705 Net earnings $ 65,420 $ 70,702 Net earnings per share: Basic $ 1.18 $ 1.24 Diluted $ 1.18 $ 1.24 Weighted average number of shares Basic 55,573 57,103 Diluted 55,573 57,103
THE MIDDLEBY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in 000’s, Except Per Share Information)
(Unaudited)
Mar 31, 2018 Dec 30, 2017 ASSETS Cash and cash equivalents $ 103,290 $ 89,654 Accounts receivable, net 331,609 328,421 Inventories, net 459,151 424,639 Prepaid expenses and other 48,464 55,427 Prepaid taxes 17,141 33,748 Total current assets 959,655 931,889 Property, plant and equipment, net 296,473 281,915 Goodwill 1,293,896 1,264,810 Other intangibles, net 787,513 780,426 Long-term deferred tax assets 46,284 44,565 Other assets 43,073 36,108 Total assets $ 3,426,894 $ 3,339,713 LIABILITIES AND STOCKHOLDERS' EQUITY Current maturities of long-term debt $ 5,113 $ 5,149 Accounts payable 145,366 146,333 Accrued expenses 305,132 322,171 Total current liabilities 455,611 473,653 Long-term debt 1,043,885 1,023,732 Long-term deferred tax liability 91,433 87,815 Accrued pension benefits 338,843 334,511 Other non-current liabilities 56,464 58,854 Stockholders' equity 1,440,658 1,361,148 Total liabilities and stockholders' equity $ 3,426,894 $ 3,339,713
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005581/en/
The Middleby Corporation
Darcy Bretz, (847) 429-7756
Investor and Public Relations
or
Tim FitzGerald, (847) 429-7744
Chief Financial Officer
Source: The Middleby Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-the-middleby-corporation-reports-first-quarter-results.html |
ROME (Reuters) - The leader of Italy’s far-right League said on Tuesday he would like to see eurosceptic economist Paolo Savona as economy minister in the government he is trying to form with the anti-establishment 5-Star Movement.
“I would like it very much,” Salvini said in a television interview with la Repubblica newspaper when asked if Savona would be his preferred choice as economy minister.
Savona, 81, has served at the Bank of Italy and as a government minister.
In a book due for publication this month, he describes Italy’s entry in the euro zone a “historic error” and calls for a “plan B” to be drawn up to allow the country to leave the bloc with as little damage as possible if it should prove necessary.
Salvini also said the League and 5-Star’s candidate for prime minister remained Giuseppe Conte, the little known academic they proposed on Monday. He has not yet been approved for the job by the head of state Sergio Mattarella.
Reporting by Gavin Jones; Editing by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-salvini/italys-league-chief-urges-eurosceptic-savona-as-economy-minister-idUSKCN1IN2I9 |
May 30, 2018 / 9:40 PM / Updated 17 hours ago Buffett proposed to invest $3 billion in Uber, but talks failed - Bloomberg Reuters Staff 4 Min Read
(Reuters) - Billionaire Warren Buffett had proposed to invest $3 billion in Uber Technologies Inc earlier this year, but the talks failed following disagreements over the deal’s terms, Bloomberg reported on Wednesday, citing unidentified people familiar with the matter. FILE PHOTO: Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska U.S. May 6, 2018. REUTERS/Rick Wilking/File Photo
Buffett’s Berkshire Hathaway Inc would have provided a convertible loan to Uber that would have protected Buffett’s investment should the Silicon Valley ride-hailing company hit financial crisis, the report said.
Uber Chief Executive Officer Dara Khosrowshahi proposed decreasing the size of the deal to $2 billion, giving Buffett a smaller share of the company. The deal fell after the two sides could not agree on terms, Bloomberg reported, citing a source.
Buffett told CNBC that “some of the reported details are not correct” but confirmed that Berkshire did have talks with Uber.
Khosrowshahi also confirmed in an interview with CNBC that Uber did have discussions with Buffett, but added that he didn’t think “the reporting was entirely accurate.”
Asked about whether the talks could resume, Khosrowshahi said it was “always possible” and he would welcome any kind of dialogue with Buffett.
A representative for Buffett did not immediately respond to a request for comment. An Uber spokesman declined to comment.
Buffett, who had long shunned the technology sector, has become a top shareholder of Apple Inc, and expressed regret about not investing in Alphabet Inc’s Google and Amazon.com Inc before they became huge.
Berkshire has $108.6 billion in cash and equivalents as of the end of March that it is eager to invest.
Berkshire said much of the $14.8 billion it invested in equities during the first quarter went to Apple, and said it owned 239.6 million shares worth more than $40 billion.
That said, Buffett may view Apple and Uber less as technology companies than strong brands with loyal customers. Berkshire has more than 90 operating units including the BNSF railroad, Geico auto insurance, Dairy Queen ice cream, Fruit of the Loom underwear, See’s Candies and a variety of industrial, utility and chemical operations.
Larger stock investments are normally made by Buffett, but he has handed over more responsibility to his investment deputies Todd Combs and Ted Weschler in recent years.
Khosrowshahi has since his August appointment been trying to improve the image of Uber, which has been rocked by management turmoil and tarnished by revelations about an alleged sexist workplace culture tolerant of chauvinism. The Uber board of directors has committed to a 2019 initial public offering, and Khosrowshahi has not strayed from that timeline.
An investment by Buffett would likely have been viewed as a stamp of approval.
In the last decade, Buffett has invested billions of Berkshire dollars to support companies seeking a pick-me-up, including investments in Goldman Sachs Group Inc, General Electric Co and Bank of America Corp during or in the aftermath of the global financial crisis.
Many of these have carried favorable terms for Berkshire, giving it a reputation as a lender of last resort to companies in need.
In February, Uber was valued at $72 billion. Reporting by Shubham Kalia in Bengaluru, Trevor Hunnicutt and Jonathan Stempel in New York and Heather Somerville in San Francisco; Additional reporting by Ismail Shakil in Bengaluru; Editing by Maju Samuel and Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/uber-investment-buffett/buffett-proposed-to-invest-3-billion-in-uber-but-talks-failed-bloomberg-idINKCN1IV2U3 |
CNBC Tech Check Evening Edition: May 09, 2018 26 Mins Ago CNBC’s Tech Check brings you the latest in tech news from CNBC’s 1 Market in the heart of San Francisco. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/cnbc-tech-check-evening-edition-may-09-2018.html |
April 30 (Reuters) - Marathon Petroleum Corp:
* Marathon Petroleum Corp. REPORTS FIRST-QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.08 * Q1 EARNINGS PER SHARE VIEW $0.15 — THOMSON REUTERS I/B/E/S
* QTRLY TOTAL REVENUES AND OTHER INCOME $18,984 MILLION VERSUS $16,393 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-marathon-petroleum-corp-reports-q1/brief-marathon-petroleum-corp-reports-q1-earnings-per-share-0-08-idUSASC09Y5O |
BRATISLAVA (Reuters) - A Slovak prosecutor approved on Friday extradition of businessman Antonino Vadala - subject of the last report by a murdered Slovak journalist - to his home country Italy on a drugs charge.
Vadala was taken into custody in March on a European warrant issued by a Venice court that said Vadala was suspected of being part of a group dedicated to international drugs trafficking and money laundering that used apparently legal channels to import narcotics from South America.
Vadala will be handed over to Italian authorities within 10 days, a spokesman for a Slovak regional prosecutor’s office, Milan Filicko, said on Friday.
Slovak investigative reporter Jan Kuciak had reported on fraud cases, often involving politically connected businessmen before he was found shot dead at home with his fiancee in late February.
The murder has shaken Slovakia, prompting mass protests that forced the resignations of the prime minister, two interior ministers and a police chief.
His final article - unfinished but published posthumously - looked at Italian businessmen in Slovakia with suspected mafia links, including Vadala.
In an interview with Slovak news website Korzar on March 6, Vadala denied any wrongdoing. Reuters has been unable to speak to him while he has been in custody.
No one has been charged over the deaths, which the prosecutor overseeing the case said was likely a contract killing.
Vadala is also facing separate charges of agricultural subsidy fraud by Slovakia’s National Criminal Agency.
Reporting By Tatiana Jancarikova; Editing by Angus MacSwan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-slovakia-crime-italy/slovak-prosecutor-approves-extradition-of-italian-businessman-named-by-murdered-reporter-idUSKBN1I50UO |
May 10 (Reuters) - Altair Engineering Inc:
* ACQUISITION OF FLUIDYNA ACCELERATES ALTAIR’S COMPUTATIONAL FLUID DYNAMICS TECHNOLOGY
* ALTAIR SAYS HAS ACQUIRED GERMANY-BASED FLUIDYNA GMBH, A DEVELOPER OF NVIDIA CUDA AND GPU-BASED COMPUTATIONAL FLUID DYNAMICS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-altair-says-has-acquired-germany-b/brief-altair-says-has-acquired-germany-based-fluidyna-gmbh-idUSASC0A1LB |
Victoria's Secret is looking broken, according to one analyst, following the earnings report by tha lingerie retailer's parent company, L Brands .
Shares of L Brands, which also owns Bath & Body Works, initially sold off Thursday after the company slashed its full-year profit outlook. However, as the retailer discussed during a call with the financial community its plans to improve performance, the stock recouped its losses and climbed more than 3 percent.
"The release ... sheds light on just how promotional the biz was, with merchandise margin down significantly," Jefferies analyst Randal Konik said in a note to clients. He added that L Brands' "rock" in Bath & Body Works "over the past few years is starting to destabilize."
For fiscal 2018, L Brands now expects earnings per share to fall within a range of $2.70 and $3, down from a prior estimate of $2.95 to $3.25.
Industry experts increasingly fear the company is highly exposed in U.S. malls suffering from weaker foot traffic and has no plans for major cuts in square footage. L Brands, in fact, is adding even more stores under the Bath & Body Works chain, including its offshoot for candles, White Barn.
L Brands, through Victoria's Secret, Pink, Bath & Body Works, La Senza and Henri Bendel, has a little more than 3,000 company-owned stores spread across the U.S., Canada, the United Kingdom and Greater China.
"The dark store environment, the conspicuous sexuality of the offer, and the brash marketing are increasingly out of step with what modern consumers want," GlobalData Retail managing director Neil Saunders said about Victoria's Secret.
The age-old lingerie player is facing increased competition from more millennial-focused brands like American Eagle 's Aerie division, Adore Me and ThirdLove. Those brands offer trendy lace bralettes and comfortable pieces more aggressively than push-up bras. Amazon has been making a bigger bet on the business, too, in partnering with Calvin Klein. Victoria's Secret's racy ad campaigns also don't sit well with some women in light of the #MeToo movement.
"Niche players may only have a small share compared to Victoria's Secret, but their innovative approaches mean they are nibbling away at its market share," Saunders said.
L Brands shares have fallen more than 40 percent so far this year. The retailer has a market capitalization of roughly $9.5 billion. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/victorias-secret-might-be-broken-as-l-brands-slashes-its-outlook.html |
May 2 (Reuters) - Italian car sales:
* ITALY CAR SALES UP 6.47 PERCENT IN APRIL - TRANSPORT MINISTRY
* FIAT CHRYSLER’S SHARE OF ITALIAN CAR MARKET AT 26.94 PERCENT IN APRIL - REUTERS CALCULATIONS Further company coverage: (Reporting by Milan newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-italy-car-sales-rise-647-pct-in-ap/brief-italy-car-sales-rise-6-47-pct-in-april-idUSI6N1RO020 |
(Reuters) - A New Jersey man was sentenced to 10 years in prison on Monday after he pleaded guilty to traveling to Jordan to join Islamic State and plotting attacks on behalf of militant groups, federal prosecutors announced.
Nader Saadeh, 23, was sentenced by U.S. District Judge Susan Wigenton in New Jersey, according to the Department of Justice. He will be subject to lifetime supervision by federal authorities after his release.
A lawyer for Saadeh could not immediately be reached for comment.
Saadeh was arrested in 2015, one of five young men charged with taking part in a conspiracy to support Islamic State. The others include his older brother, Alaa Saadeh, who pleaded guilty to conspiring to support Islamic State and was sentenced to 15 years in prison in May 2016, according to prosecutors.
Nader Saadeh traveled to Jordan in May 2015 with the intention of joining Islamic State, but was detained by Jordanian authorities, according to prosecutors.
Saadeh admitted that before his arrest, he learned of plans by two of the other people who were charged, Munther Omar Saleh and Fareed Mumuni, to set off homemade bombs in New York City, including in Times Square and the World Trade Center, prosecutors said.
Mumuni and Saleh both pleaded guilty to related charges. Mumuni was sentenced to 17 years in prison in Brooklyn federal court last week, and Saleh was sentenced to 18 years in February.
Another man who was charged with taking part of the plot, Samuel Rahamin Topaz, is scheduled to be sentenced Tuesday in New Jersey.
Reporting by Brendan Pierson in New York; Editing by Tom Brown
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-security-islamicstate/new-jersey-man-gets-10-years-for-plotting-to-support-islamic-state-idUSKBN1I12CZ |
May 31, 2018 / 4:48 AM / Updated 2 hours ago Norwegian banks hit by small strike, avert larger conflict Reuters Staff 1 Min Read
OSLO (Reuters) - Some 1,200 staff at Norwegian banks will go on strike on Thursday after negotiations over wages, pensions and other conditions broke down, the industry and the LO labor union said.
However, banks and insurers averted the threat of a much bigger strike by agreeing to demands from the industry’s largest labor union, the Finance Sector Union of Norway, which had threatened to pull more than 20,000 members off work.
While the larger union’s demands had primarily centered on pay, the LO, which went on strike, had also demanded a reform of pensions and broader rights to negotiate on behalf of its members. Reporting by Terje Solsvik; Editing by Himani Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-norway-banks-strike/norwegian-banks-hit-by-small-strike-avert-larger-conflict-idUSKCN1IW0DE |
May 4 (Reuters) - China Eastern Airlines Corp Ltd :
* ENTERED AIRCRAFT LEASING AGREEMENT TO LEASE FIVE AIRCRAFT FROM CES LEASING GROUP UNDER OPERATING LEASES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-eastern-airlines-says-co-to/brief-china-eastern-airlines-says-co-to-lease-five-aircraft-from-ces-leasing-group-idUSFWN1SB0QU |
May 29, 2018 / 11:37 AM / Updated 10 hours ago Commentary: If ECB really does 'whatever it takes', it will be enough Jamie McGeever 6 Min Read
LONDON (Reuters) - Euro zone markets are gyrating like it’s 2012, with political crisis in Italy blowing out peripheral yield spreads and triggering the strongest demand for safe-haven German bonds since the depths of the euro crisis six years ago. European Central Bank (ECB) President Mario Draghi holds a news conference following the governing council's interest rate decision at the ECB headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach
But at the risk of uttering the dreaded words, this time it’s different - it’s almost impossible to believe that the ECB will stand by and allow domestic political crisis in Italy to descend into an existential crisis for the euro zone.
“Whatever it takes”, to quote ECB chief Mario Draghi’s famous commitment from 2012, will avert “Quitaly”, if push comes to the shove.
Still, the rise in Italian yields and spreads under way now is astonishing. The 10-year Italian/German yield spread rose above 300 basis points on Tuesday, meaning it has more than doubled in just two weeks.
Italy’s two-year yield rose above 2 percent on Tuesday, significantly higher than the two-year Greek yield, and well on track for its biggest one-day rise since 1992.
(For a graphic showing Italian 2-year yield - daily change, click here: reut.rs/2L3knIt )
This is causing serious pain for Italian banks, which are among the biggest holders of these bonds. Their balance sheets and ability to raise financing on money and bond markets are getting hammered, which will be ringing alarm bells at the ECB.
The wave of selling on Tuesday also strongly suggests financial markets are now pricing a euro break-up premium into Italian bonds and bank stocks, and even the euro. This is anathema to the European Central Bank and will prompt it to act.
The risk of a euro break-up forced the ECB’s hand six years ago. The difference today is not that investors doubt the ECB stands ready to help Italy, but that Italy wants that help at all. Italy itself may choose ‘Quitaly’, which is a different proposition for the ECB and euro policymakers entirely.
If the ECB is forced to act it could expand and tweak its current bond-buying programme, provide emergency funding for Italian banks, or dust off and deploy the Outright Monetary Transactions programme if Italy is forced to take financial support from the euro zone bailout fund.
It could employ a mix of all of the above or come up with entirely new measures.
The 2011-12 debt crisis showed that the ECB is flexible, creative, and willing to bend or suspend its rules. The list of acronyms for its unconventional policy measures and programmes is lengthy, including: OMT, LTRO, SMP, APP, CSPP and CBPP.
This was a hill on which two high profile German policymakers at the ECB were willing to sacrifice themselves. Successive Bundesbank chiefs Axel Weber and Jurgen Stark both argued in protest at the direction the ECB was headed but ultimately lost those arguments and quit instead. “WHATEVER IT TAKES”
The euro zone’s last existential crisis prompted Draghi to deliver his now famous remarks in London on July 26, 2012 that the ECB would do “whatever it takes to preserve the euro. And believe me, it will be enough.”
Back then Italy’s 10-year bonds yielded 540 basis points more than German bonds, Spain’s more than 600, Portugal’s almost 1,000 and Greece’s almost 3,000. Speculation was rife that any one of these countries was about to crash out of the euro, bringing the whole currency union down with it.
Then Draghi stepped in. And whatever else has happened since - in terms of euro zone politics, banks, financial markets, the economy, and monetary and fiscal policy - it’s unarguable that the euro was saved.
The ECB went all in with unconventional policy which included negative interest rates, a sovereign bond-buying programme running into the trillions, and cheap loans worth hundreds of billions to the 19-nation bloc’s banks. Italian banks were among the main beneficiaries.
Six years on, the ECB is looking at exiting these crisis-era policies as smoothly as possible with minimum market disruption. It’s a process that isn’t scheduled to start until later this year at the earliest, and would take years to complete anyway.
But the current standoff in Italy will almost certainly put that on hold, maybe for a very long time. It could also push the ECB to take more, yet to be determined emergency measures.
Italy is set for fresh elections after the president appointed a former IMF official as interim prime minister once anti-establishment forces had abandoned their efforts to form a coalition government at the weekend.
These elections are likely to be fought over Italy’s role and very place in Europe and the euro zone. Investors are dumping Italian assets and the euro on fears that the third largest euro zone economy and third largest bond market in the world, could crash out of the euro.
Visibility on what happens next, in terms of the makeup of Italy’s next government, elections, and what credit ratings agencies, the ECB and euro zone leaders do, is low. Investors are choosing to dump Italian assets now and ask questions later.
Ultimately, however, it will boil down to whether they believe Italy is bankrupt, will default, leave the euro, or that the ECB will allow the euro project to fall apart. Of course, anything can happen. But the answer to those questions, right now at least, has to be “no”.
The opinions expressed are those of the author, a columnist for Reuters. Reporting by Jamie McGeever; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/us-italy-politics-ecb/commentary-if-ecb-really-does-whatever-it-takes-it-will-be-enough-idUKKCN1IU1BV |
BERLIN, May 23 (Reuters) - The northern German city of Hamburg will introduce a ban on old diesel vehicles on two streets on May 31, the city’s government said on Wednesday, raising pressure on Volkswagen and other carmakers to provide fixes for polluting models.
The move follows a ruling by Germany’s top administrative court earlier this month to bring air pollution levels in line with European Union rules. Chancellor Angela Merkel’s government has long sought to avoid bans. (Reporting by Madeline Chambers Editing by Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-emissions-hamburg/german-city-of-hamburg-to-ban-old-diesel-vehicles-in-some-areas-from-may-31-idUSB4N1QA00M |
Milwaukee Bucks guard tased by police: video 5:46pm BST - 01:01
Milwaukee Police Chief Alfonso Morales has apologized for the actions of the officers who tased and arrested NBA Milwaukee Bucks guard Sterling Brown in January. Video of the incident was released on Wednesday. Rough cut (no reporter narration).
Milwaukee Police Chief Alfonso Morales has apologized for the actions of the officers who tased and arrested NBA Milwaukee Bucks guard Sterling Brown in January. Video of the incident was released on Wednesday. Rough cut (no reporter narration). //reut.rs/2IHUPUB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/milwaukee-bucks-guard-tased-by-police-vi?videoId=429910123 |
LONDON, May 23 (Reuters) - Iran’s Supreme leader Ayatollah Ali Khamenei, in his first public remarks since U.S. Secretary of State Mike Pompeo listed 12 demands of Tehran, said on Wednesday that Iran would defeat the United States if Iranian officials did their duty, state television reported.
Referring to what he called the fundamental and deep enmity of the United States towards the Islamic Republic, Khamenei said, according to state television: “There is no doubt that the Americans will be defeated ... provided Iranian officials fully perform their duties.” (Reporting Bozorgmehr Sharafedin, Editing by William Maclean)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-khamenei-usa/khamenei-says-iran-will-defeat-u-s-if-iranian-officials-do-their-duty-idUSD5N1MX015 |
DES MOINES, Iowa--(BUSINESS WIRE)-- Principal Financial Group ® announced today that Jon Couture will become the next Chief Human Resources Officer (CHRO) effective June 4, 2018. He succeeds senior vice president and chief human resources officer, Beth Raymond who resigned as of March 31, 2018. Jon will report to Tim Dunbar, executive vice president and chief investment officer at Principal ® .
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180502006513/en/
Principal Financial Group announced today that Jon Couture will become the next Chief Human Resources Officer (CHRO) effective June 4, 2018. (Photo: Business Wire)
“Jon is a seasoned CHRO supporting highly complex, global business environments spanning a wide range of industries,” said Dunbar. “He brings the right mix of leadership, management and knowledge needed to continue evolving our culture and attract and retain the best and brightest to our organization. We look forward to Jon and his family joining the Des Moines community and Principal.”
Since 2013, Jon has been the executive vice president – human resources for consumer lending at Wells Fargo. Prior to Wells Fargo, Jon was senior executive vice president of Human Resources at HSBC North America Holdings, Inc. He’s held numerous senior human resources leadership roles in a variety of industries and is a veteran of the US Air Force. Jon earned his doctorate of education in human performance from the University of Southern California in 2001; masters of science degree in instructional and human performance technology from Boise State University in 1994; and bachelor of science in management from Southern Illinois University in 1991. To learn more about Jon, you can view his LinkedIn profile .
About Principal ®
Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com .
Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006513/en/
Principal Financial Group
Media Contact:
Erica Jensen, 515-362-0049
[email protected]
or
Investor Contact:
John Egan, 515-235-9500
[email protected]
Source: Principal Financial Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-principal-names-new-chief-human-resources-officer.html |
PARIS, May 25 (Reuters) - France’s Thales has its eye on bolt-on acquisitions after securing chipmaker Gemalto but feels no immediate pressure to match the scale of ‘nose-to-tail’ aircraft parts suppliers like United Technologies, its chief executive said.
“Thales continues to examine opportunities for small and medium acquisitions. There are no other (acquisitions on the scale of) Gemalto in the pipeline,” Patrice Caine told a meeting of aerospace journalists on Friday.
In December, Gemalto accepted a 4.8-billion-euro ($5.60 billion) takeover bid from Thales to create a leader in digital security.
Asked if Thales is big enough to confront rivals like United Technologies after its planned purchase of Rockwell Collins, or Honeywell - both worth around four times Thales’s $27-billion market value - Caine said “time will tell”.
“On all of our markets...what counts is to be more innovative and competitive and that is not directly related to size,” he added.
He dampened suggestions that these U.S. conglomerates would reap an advantage by bundling sales of equipment or services from the nose to tail of aircraft, to edge out smaller rivals like Thales whose aerospace unit makes up 38 percent of sales.
“I haven’t really seen the notion of commercial bundling materialise. It’s not in the interest of planemakers who ... want to keep control of the overall architecture of their aircraft,” Caine said.
“If one day it took off, then that would call into question our model and size, but today it’s not happening in practice.” ($1 = 0.8570 euros) (Reporting by Tim Hepher, Cyril Altmeyer; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/thales-ma/thales-eyes-bolt-on-ma-but-not-chasing-scale-of-u-s-rivals-idUSL5N1SW3W1 |
AirAsia stock slides as Malaysian markets reopen 4 Hours Ago The airline's stock tanked on Monday after AirAsia chief Tony Fernandes apologized for appearing to back ousted leader Najib Razak, who was defeated in last week's election. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/airasia-stock-slides-as-malaysian-markets-reopen.html |
May 25, 2018 / 1:24 PM / Updated 18 hours ago World Cup divides fans with 'Live It Up' Will Smith anthem Reuters Staff 2 Min Read
LONDON (Reuters) - Soccer’s World Cup organizers divided fans by releasing the tournament’s official song on Friday - a fast-paced dance tune titled “Live It Up” featuring American actor and rapper Will Smith. Actor Will Smith speaks during the 6th International Jazz Day at the Grand Theatre of Havana Alicia Alonso, Cuba, April 30, 2017. REUTERS/Alexandre Meneghini
Some on social media asked how the tune’s Latin American feel fitted in with the tournament’s host country Russia - and compared it unfavorably with past efforts including Shakira’s “Waka Waka” theme for the 2010 contest in South Africa.
Some more were puzzled by the choice of performers - Will Smith is joined by Puerto Rico-born Reggaeton artist Nicky Jam and singer Era Istrefi, who describes herself as “Albanian Kosovar” - none of them from countries competing in this year’s contest.
“The World Cup song doesn’t have any football ring to it. Blegh. How is Messi gonna dance to Live it up?!” Twitter user @arla_I said, referring to Argentina star Lionel Messi.
Others were won over by the energetic track, with its affirming chorus “One life, live it up/‘Cos we got one life.”
“This one definitely has the World Cup vibe to it,” one user wrote, calling the song “awesome”.
The trio will perform “Live It Up” in front of spectators before the World Cup final in Moscow on July 15.
“It’s an honor to be asked to perform at the 2018 FIFA World Cup,” Smith said in a statement.
“Collaborating with Nicky, (producer) Diplo and Era on this track represents harmony, eclectic flavors and genres coming together. At the end of the day, we just want to see the world dance.”
Smith has focused on his acting career for years, but the “Independence Day” star has recently hinted about a return to music.
This week, he posted a clip of himself rapping in a music booth on his Instagram page titled “Gettin’ back in the studio. Just warmin’ Up”. Reporting By Marie-Louise Gumuchian; Editing by Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/us-soccer-worldcup-officialsong-launch/world-cup-divides-fans-with-live-it-up-will-smith-anthem-idINKCN1IQ1U8 |
May 12, 2018 / 1:36 PM / Updated 4 hours ago North Korea details plans to dismantle nuclear test site Christine Kim , David Brunnstrom 5 Min Read
SEOUL/WASHINGTON (Reuters) - North Korea has scheduled the dismantlement of its nuclear test site for sometime between May 23 and 25, depending on weather conditions, in order to uphold its pledge to discontinue nuclear tests, the country’s state media reported on Saturday. FILE PHOTO - North Korean leader Kim Jong Un (inside a vehicle) bids farewell to South Korean President Moon Jae-in as he leaves after a farewell ceremony at the truce village of Panmunjom inside the demilitarized zone separating the two Koreas, South Korea, April 27, 2018. Korea Summit Press Pool/Pool via Reuters
The official Korean Central New Agency said dismantlement of the Punggye-ri nuclear test ground would involve collapsing all of its tunnels with explosions, blocking its entrances, and removing all observation facilities, research buildings and security posts.
“The Nuclear Weapon Institute and other concerned institutions are taking technical measures for dismantling the northern nuclear test ground ... in order to ensure transparency of discontinuance of the nuclear test,” KCNA said.
The announcement comes after U.S. President Donald Trump said he would hold a summit with North Korea’s leader Kim Jong Un in Singapore on June 12, the first-ever meeting between a sitting U.S. president and a North Korean leader.
Trump’s Secretary of State Mike Pompeo said on Friday North Korea can look forward to “a future brimming with peace and prosperity” if it agrees to quickly give up its nuclear weapons.
However, in spite of its pledge to stop testing, North Korea has given no indication it is willing to go beyond statements of broad conceptual support for denuclearization by unilaterally abandoning a nuclear weapons programme its ruling family has seen as crucial to its survival.
In announcing the plan to shut Punggye-ri last month, Kim said North Korea no longer needed to conduct tests because it had completed its goal of developing nuclear weapons.
KCNA said journalists, including from the United States and South Korea, would be invited to cover the event, to “show in a transparent manner the dismantlement of the northern nuclear test ground to be carried out”.
To accommodate the travelling journalists, North Korea said various measures would be taken including “opening territorial air space”.
All international journalists would be provided with a charter flight into Wonsan, a port city in eastern North Korea, from Beijing, KCNA said. There, reporters will board a charter train to the nuclear test ground in an “uninhabited deep mountain area”. NO MENTION OF EXPERTS
South Korean officials said in April North Korea also planned to invite experts from the United States and South Korea for the Punggye-ri shutdown, but KCNA made no mention of this.
Last month, South Korea’s Yonhap news agency said South Korean President Moon Jae-in had asked the United Nations to help verify the shutdown.
All of North Korea’s six known nuclear tests have taken place at Punggye-ri, in the northeastern part of North Korea where a system of tunnels have been dug under Mount Mantap.
Last month Trump welcomed Pyongyang’s announcement that it planned to close Punggye-ri.
Experts have said the pledge was a big step forward but verifying it will be difficult.
According to Chinese academic reports, North Korea’s most recent nuclear test in September of what Pyongyang said was a hydrogen bomb, was so large it triggered a collapse inside the mountain, rendering the entire site unusable for future tests.
But U.S. intelligence officials have said it remains usable and could be reactivated “in a relatively short period of time” if it was closed.
Jeffrey Lewis, director of the East Asia Nonproliferation Program at California’s Middlebury Institute of International Studies, said in a blog post this week that recent satellite images had shown the removal of some buildings from the site.
On Saturday, he told Reuters that closure of Punggye-ri did not mean much in terms of disarmament, given that the United States, for example, stopped nuclear testing in 1992.
“It would, however, require North Korea to clear out the test tunnels and rebuild any infrastructure that might be removed — or dig new tunnels at the site or elsewhere. So, it’s a good confidence building measure, but not necessarily a sign of irreversible disarmament.”
Siegfried Hecker, a former director of the Los Alamos National Laboratory in the United States and a leading expert on North Korea’s nuclear programme, said collapsing the Punggye-ri tunnels would be “a big and positive step,” given his belief that North Korea still required more nuclear and missile tests to reach the U.S. mainland with a nuclear-tipped missile.
However, he said the other crucial steps North Korea needed to take to demilitarize its nuclear programme were to shut its plutonium production reactor, and open its uranium processing to inspection. Reporting by Christine Kim; Editing by Alexander Smith and susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles/north-korea-to-dismantle-nuclear-test-site-may-23-25-state-media-idUKKCN1ID0H7 |
LAS VEGAS, May 3, 2018 /PRNewswire/ -- PlayAGS, Inc. (NYSE: AGS) ("AGS", "us", "we" or the "Company") today reported operating results for its first quarter 2018 and quarter ended March 31, 2018.
"The first quarter of 2018 was absolutely tremendous for AGS - we achieved records in every key category, including revenue, adjusted EBITDA, average selling price, and recurring revenue. We reported the most EGM sales revenue in our company's history with 838 units sold, driven largely by the continued success of the Orion Portrait cabinet, while our Tables and Interactive segments both reported their strongest EBITDA quarters to date," said David Lopez, President and CEO of AGS. "With industry-leading game performance and the recent introduction of the new Orion Slant, AGS shows no signs of slowing down and we are confident that 2018 will be our best year yet."
Summary of the quarter ended March 31, 2018 and 2017
(In thousands, except per-share and unit data)
Three Months Ended March 31,
2018
2017
% Change
Revenues
EGM
$
61,258
$
45,012
36.1
%
Table Products
1,670
632
164.2
%
Interactive
1,928
2,130
(9.5)
%
Total revenue
$
64,856
$
47,774
35.8
%
Operating income
$
2,238
$
2,183
2.5
%
Net loss
$
(9,538)
$
(12,386)
23.0
%
Loss per share
$
(0.30)
$
(0.53)
43.4
%
Adjusted EBITDA
EGM
$
34,304
$
25,199
36.1
%
Table Products
186
$
(177)
205.1
%
Interactive
9
(117)
107.7
%
Total adjusted EBITDA (1)
$
34,499
$
24,905
38.5
%
EGM Units Sold
838
453
85.0
%
EGM total installed base, end of period
24,033
21,204
13.3
%
(1)
Adjusted EBITDA is a non-GAAP measure, see non-GAAP reconciliation below.
First Quarter Financial Highlights
Total revenue increased 36% to $64.9 million, a company record, driven by continued growth of our EGMs in the Class III marketplace, led by demand for our newer premium Orion Portrait cabinet. Recurring revenue grew to $49.6 million or 23% year-over-year, primarily attributable to the contribution of EGMs purchased from Rocket Gaming and Table Products purchased from In Bet in the Fall of 2017, as well as our yield optimization efforts and the popularity of the Orion Portrait cabinet. EGM equipment sales increased 107% to $15.2 million, another company record, due to the sale of 838 units, approximately 60% of which were Orion Portrait cabinet. Adjusted EBITDA increased to $34.5 million, or 39%, driven by an increase in revenue, and partially offset by increased adjusted operating expenses of $3.8 million primarily due to increased headcount in our R&D studios including our new studio in Sydney, Australia. Total adjusted EBITDA margin increased to 53% in the first quarter 2018 compared to 52% driven by several different factors, most notably due to the operating leverage from the assets purchased from Rocket Gaming. SG&A expenses increased $6.5 million in the first quarter of 2018 primarily due to an initial non-cash charge of $6.2 million in stock based compensation recorded in connection with the IPO, as well as increased costs due to higher headcount. R&D expenses increased $3.3 million in the first quarter of 2018 driven by an initial non-cash charge of $1.6 million in stock based compensation recorded in connection with the IPO, as well as increased headcount, and the development of our new Orion Slant cabinet and DEX S card shuffler. Net loss also improved to $9.5 million from $12.4 million, which included non-cash stock based compensation in the current quarter of $8.2 million versus no non-cash stock based compensation in the prior year.
First Quarter Business Highlights
Domestic EGM installed base increased by over 2,500 units year-over-year driven by the purchase of approximately 1,500 EGMs from Rocket Gaming in December 2017 and the popularity of our ICON and Orion Portrait cabinets. Domestic EGM revenue per day increased 3% to $26.72 driven by our yield optimization efforts as well as the growing footprint of our latest high-performing products in both current and new markets. EGM units sold increased to 838 in the current quarter compared to 453 in the prior year led by sales of the Orion Portrait cabinet. EGM average selling price (ASP) increased over 13% to $17,758, a quarterly company record, driven by record sales of the Orion Portrait cabinet. On a trailing twelve months basis, nearly $5.6 million of our recurring revenue came from our yield optimization efforts. Table Products increased 940 units, or 56%, to 2,631 units driven by both organic growth - most notably in Buster Blackjack and Bonus Spin progressive units - and the purchase of approximately 500 In Bet assets in the third quarter of 2017. Our ICON cabinet footprint grew 172% to over 5,400 total units in the field. Introduced to the market in Q1 of 2017, our Orion Portrait cabinet ended Q1 2018 with a footprint of over 2,800 total units, up 49% from year end.
Balance Sheet Review
Capital expenditures increased $0.6 million to $15.0 million in the first quarter, compared to $14.4 million in the prior year period. As of March 31, 2018, AGS had $25.8 million in cash and cash equivalents compared to $19.2 million at December 31, 2017. Total net debt, which is the principal amount of debt outstanding less cash and cash equivalents, as of March 31, 2018, was approximately $487.7 million compared to $648.7 million at December 31, 2017. This substantial reduction was driven by the IPO, the exercise in full of the underwriters' overallotment option and the settlement of our HoldCo PIK notes during the first quarter.
2018 Outlook
Based on our year-to-date progress and due to our current momentum, we now expect our adjusted EBITDA in 2018 to be between $126 and $131 million. This is an upward revision to the guidance we previously released and is based on greater visibility that we now have for Orion Portrait and other products throughout the year. We maintain our capital expenditures range of $55 to $60 million.
Conference Call and Webcast
Today, at 5:00 p.m. ET, management will host a conference call to present the first quarter 2018 results. Listeners may access a live webcast of the conference call along with accompanying slides at AGS' Investor Relations website at http://investors.playags.com/ . A replay of the webcast will be available on the website following the live event. To listen by telephone, the US/Canada toll-free dial-in number is +1 (866) 777-2509 and the dial-in number for participants outside the US/Canada is +1 (412) 317-5413. The conference ID/confirmation code is AGS Q1 2018 Earnings Call.
Company Overview
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and remarkable growth have helped us branch out to become one of the most all-inclusive commercial gaming suppliers in the world. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly-rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more about us at www. playags.com .
Forward-looking Statements
This release contains " " Forward-looking statements include any statements that address future results or occurrences. In some cases you can identify by terminology such as "may," "might," "will," "would," "should," "could" or the negatives thereof. Generally, the words "anticipate," "believe," "continue," "expect," "intend," "estimate," "project," "plan" and similar expressions identify In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this in Item 1. "Business," Item 1A. "Risk Factors" and Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" are These include statements that are not historical facts, including statements concerning our possible or assumed future actions and business strategies.
PLAYAGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
(unaudited)
March 31,
December 31,
2018
2017
Assets
Current assets
$
25,821
$
19,242
Restricted cash
78
100
Accounts receivable, net of allowance of $1,284 and $1,462, respectively
38,766
32,776
Inventories
29,006
24,455
Prepaid expenses
4,516
2,675
Deposits and other
3,435
3,460
Total current assets
101,622
82,708
Property and equipment, net
80,509
77,982
Goodwill
279,941
278,337
Intangible assets
222,557
232,287
Deferred tax asset
3,734
1,115
Other assets
13,674
24,813
Total assets
$
702,037
$
697,242
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable
$
11,506
$
11,407
Accrued liabilities
16,411
24,954
Current maturities of long-term debt
7,055
7,359
Total current liabilities
34,972
43,720
Long-term debt
493,865
644,158
Deferred tax liability - noncurrent
—
1,016
Other long-term liabilities
26,734
36,283
Total liabilities
555,571
725,177
Commitments and contingencies
Stockholders' equity
Preferred stock at $0.01 par value; 100,000 shares authorized, no shares issued and outstanding
—
—
Common stock at $0.01 par value; 450,000,000 shares authorized at March 31, 2018 and 46,629,155 at December 31, 2017; and 35,212,917 and 23,208,076 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively.
352
149
Additional paid-in capital
358,075
177,276
Accumulated deficit
(211,095)
(201,557)
Accumulated other comprehensive loss
(866)
(3,803)
Total stockholders' equity
146,466
(27,935)
Total liabilities and stockholders' equity
$
702,037
$
697,242
PLAYAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(amounts in thousands, except per share data)
(unaudited)
Three months ended March 31,
2018
2017
Revenues
Gaming operations
$
49,632
$
40,433
Equipment sales
15,224
7,341
Total revenues
64,856
47,774
Operating expenses
Cost of gaming operations (1)
8,858
7,471
Cost of equipment sales (1)
7,399
3,852
Selling, general and administrative
16,777
10,281
Research and development
8,625
5,304
Write downs and other charges
1,610
232
Depreciation and amortization
19,349
18,451
Total operating expenses
62,618
45,591
Income from operations
2,238
2,183
Other (income) expense
Interest expense
10,424
15,160
Interest income
(52)
(15)
Loss on extinguishment and modification of debt
4,608
—
Other (income) expense
9,232
(2,809)
Loss before income taxes
(21,974)
(10,153)
Income tax benefit (expense)
12,436
(2,233)
Net loss
(9,538)
(12,386)
Foreign currency translation adjustment
2,937
875
Total comprehensive loss
$
(6,601)
$
(11,511)
Basic and diluted loss per common share:
Basic
$
(0.30)
$
(0.53)
Diluted
$
(0.30)
$
(0.53)
Weighted average common shares outstanding:
Basic
31,735
23,208
Diluted
31,735
23,208
(1)
exclusive of depreciation and amortization
PLAYAGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
(unaudited)
Three months ended March 31,
2018
2017
Cash flows from operating activities
Net loss
$
(9,538)
$
(12,386)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
19,349
18,451
Accretion of contract rights under development agreements and placement fees
1,084
1,149
Amortization of deferred loan costs and discount
451
939
Payment-in-kind interest capitalized
—
112
Payment-in-kind interest payments
(37,624)
—
Write off of deferred loan cost and discount
3,410
—
Stock based compensation expense
8,153
—
(Benefit) provision for bad debts
(142)
595
Loss on disposition of assets
340
577
Impairment of assets
570
285
Fair value adjustment of contingent consideration
700
—
(Benefit) provision for deferred income tax
(3,551)
1,350
Changes in assets and liabilities that relate to operations:
Accounts receivable
(4,820)
637
Inventories
(2,462)
2,315
Prepaid expenses
(1,826)
(1,062)
Deposits and other
118
(90)
Other assets, non-current
11,618
(1,089)
Accounts payable and accrued liabilities
(18,646)
(4,564)
Net cash provided by (used in) operating activities
(32,816)
7,219
Cash flows from investing activities
Purchase of intangible assets
(568)
(358)
Software development and other expenditures
(2,490)
(2,210)
Proceeds from disposition of assets
21
—
Purchases of property and equipment
(11,931)
(11,861)
Net cash used in investing activities
(14,968)
(14,429)
Cash flows from financing activities
Repayment of PIK notes
(115,000)
—
Repayment of senior secured credit facilities
(1,288)
(1,833)
Payment of financed placement fee obligations
(879)
(1,320)
Payments on equipment long term note payable and capital leases
(678)
—
Proceeds from issuance of common stock
176,341
—
Initial public offering cost
(4,160)
—
Proceeds from employees in advance of common stock issuance
—
25
Net cash used in financing activities
54,336
(3,128)
Effect of exchange rates on cash and cash equivalents
5
3
Decrease in cash and cash equivalents
6,557
(10,335)
Cash, cash equivalents and restricted cash, beginning of period
19,342
18,077
Cash, cash equivalents and restricted cash, end of period
$
25,899
$
7,742
Supplemental cash flow information:
Cash paid during the period for interest
$
8,412
$
9,655
Cash paid during the period for taxes
$
101
$
273
Non-GAAP Financial Measures
This press release and accompanying schedules provide certain information regarding adjusted EBITDA which is considered a non-GAAP financial measures under the rules of the Securities and Exchange Commission.
We believe that the presentation of total adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items that we do not expect to continue at the same level in the future, as well as other items we do not consider indicative of our ongoing operating performance. Further, we believe total adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against that of other peer companies using similar measures. It also provides management and investors with additional information to estimate our value.
Total adjusted EBITDA is not a presentation made in accordance with GAAP. Our use of the term total adjusted EBITDA may vary from others in our industry. Total adjusted EBITDA should not be considered as an alternative to operating income or net income. Total adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for the analysis of our results as reported under GAAP.
Our definition of total adjusted EBITDA allows us to add back certain non-cash charges or expenses that are deducted in calculating net income and to deduct certain gains that are included in calculating net income. However, these charges and expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes. Due to these limitations, we rely primarily on our GAAP results, such as net loss, (loss) income from operations, EGM Adjusted EBITDA, Table Products Adjusted EBITDA or Interactive Adjusted EBITDA and use Total adjusted EBITDA only supplementally.
The following table presents a reconciliation of total adjusted EBITDA to net loss, which is the most comparable GAAP measure:
Total Adjusted EBITDA Reconciliation
Three months ended March 31,
$
%
2018
2017
Change
Change
Net loss
$
(9,538)
$
(12,386)
$
2,848
23.0
%
Income tax expense (benefit)
(12,436)
2,233
(14,669)
(656.9)
%
Depreciation and amortization
19,349
18,451
898
4.9
%
Other (income) expense
9,232
(2,809)
12,041
(428.7)
%
Interest income
(52)
(15)
(37)
(246.7)
%
Interest expense
10,424
15,160
(4,736)
(31.2)
%
Write downs and other (1)
1,610
232
1,378
594.0
%
Loss on extinguishment and modification of debt (2)
4,608
—
4,608
100.0
%
Other adjustments (3)
396
647
(251)
(38.8)
%
Other non-cash charges (4)
1,574
2,111
(537)
(25.4)
%
New jurisdiction and regulatory licensing costs (5)
—
235
(235)
(100.0)
%
Legal & litigation expenses including settlement payments (6)
—
399
(399)
(100.0)
%
Acquisition & integration related costs (7)
1,179
647
532
82.2
%
Non-cash stock based compensation (8)
8,153
—
8,153
100.0
%
Total Adjusted EBITDA
$
34,499
$
24,905
$
9,594
38.5
%
(1) Write downs and other includes items related to loss on disposal or impairment of long lived assets, fair value adjustments to contingent consideration and acquisition costs
(2) Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off
(3) Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature
(4) Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements
(5) New jurisdiction and regulatory license costs relates primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions
(6) Legal & litigation expenses include of payments to law firms and settlements for matters that are outside the normal course of business
(7) Acquisition and integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket, In Bet, Cadillac Jack and RocketPlay, to integrate operations
(8) Non-cash stock based compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards
For information contact:
Julia Boguslawski, Chief Marketing Officer & EVP of Investor Relations
PlayAGS, Inc.
702-724-1125
[email protected]
Or
Steven Kopjo, Director of SEC Reporting & Investor Relations
PlayAGS, Inc.
702-724-1155
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/ags-announces-first-quarter-2018-results-300642449.html
SOURCE AGS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-ags-announces-first-quarter-2018-results.html |
CNBC.com Xavier Garcia | Bloomberg | Getty Images A demonstrator holds a Puerto Rican flag while being confronted by riot police officers during a protest against austerity measures in the Hato Rey neighborhood of San Juan, Puerto Rico, on Tuesday, May 1, 2018.
Warring creditor groups in Puerto Rico 's ongoing debt restructuring have reached an agreement that could resolve one of the most contentious disputes in the more than $70 billion bankruptcy case.
A proposed settlement would provide approximately $10 billion of debt relief and would resolve substantial risks to the Commonwealth, according to the executive summary.
It would also end a more than yearlong court battle between two top tier creditor groups, which have been fighting over who has first rights to the island's sales-tax revenue for bond payments. Those groups are the owners of general obligation bonds and owners of bonds issued by Cofina, which are supported by sales tax revenue.
The groups announced the plan in separate statements on Monday.
The two have agreed to set up a trust that would take in Puerto Rico's 5.5 percent sales and use tax for 40 years and then pay out to the separate bondholder groups, Mark Palmer, a BTIG analyst who covers bond insurers, wrote in a note on Monday. "The trust would then make an exchange offer for all GO bonds and allowed general unsecured claims (GUCs)," the note said.
Cofina bondholders would receive 52.5 percent of the sales tax revenue, while general obligation bondholders would get 46.2 percent.
"The supporting parties have come together for the first time in years to forge an agreement on a settlement framework that provides for a consensual path to a successful restructuring. The settlement framework reached by this diverse group of stakeholders would significantly decrease the duration and cost of Puerto Rico's bankruptcy, while also providing for substantial deleveraging," the Ad Hoc Group of General Obligation Bondholders said in a statement.
Other supporting parties in the settlement are the Bonistas del Patio, which represents island residents who own bonds, and the bond insurers Assured Guaranty, Ambac and MBIA. In total, the supporting parties hold more than $11 billion of Puerto Rico's debt.
Cofina's bondholders would share $12.1 billion, which amounts to recoveries of 93 percent to 95 percent for the senior bondholders and 42.2 percent to 43.2 percent for the subordinate bondholders, or about 64 percent combined. General obligation bondholders would get $10.7 billion, a recovery for them of 58.6 percent.
The government of Puerto Rico and Puerto Rico's Financial Oversight and Management Board were not part of the talks, and both parties rejected the terms.
The seven-member Oversight Board, which oversees the beleaguered island's finances, said the economic terms of the creditor proposal did not align with the fiscal plan it certified on April 19, calling it "completely unaffordable".
"In the Board's view, the proposed terms would create large and recurring structural deficits over the long-run as compared to the long-term primary surpluses projected in the certified New Fiscal Plan, which are highly dependent on the Government's full implementation of said Fiscal Plan, with no aspect as critical to long-term economic growth as prompt enactment of the proposed labor reform," the Board said in a written statement.
The Cofina Coalition, made up of those who hold approximately $4 billion of senior and subordinate Cofina bonds, supports the proposed settlement but said it also believes that there are other avenues for an agreement to be reached.
"While members of the Coalition support the COFINA-GO settlement framework, the group also proposed alternative settlement terms – again with significant principal haircuts to COFINA – in mid-April to other constituencies that include the Commonwealth Agent and the Official Committee of Retirees," a written statement from the Coalition said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/warring-puerto-rico-bondholders-pitch-a-deal-over-sales-tax.html |
May 14, 2018 / 7:40 AM / Updated 21 minutes ago ZTE employees in China cheer Trump tweet Sijia Jiang 3 Min Read
HONG KONG (Reuters) - Employees of ZTE Corp ( 000063.SZ )( 0763.HK ), the Chinese telecom equipment maker, are cheering a tweet by U.S. President Donald Trump that suggested a resolution is in sight for a devastating ban on sales to the Chinese company.
In an unexpected reversal of a hardline U.S. stance on the issue, Trump said on Twitter on Sunday that he and Chinese President Xi Jinping were working together to give ZTE “a way to get back into business, fast”, citing the loss of many jobs in China.
ZTE was last month hit by a move by Washington to forbid U.S. firms supplying the Chinese company with components and technology after it was found to have violated U.S. export restrictions by illegally shipping goods to Iran. It has since said that it has suspended its main business operations.
Trump’s tweet was reposted widely by ZTE employees on social media with comments expressing relief, taking it as a sign of a an impending settlement.
“Wow! Breaking good news!” a ZTE manager wrote on her WeChat account, pointing to Trump’s remark that the U.S. “Commerce Department has been instructed to get it done”.
“Almost there,” wrote another ZTE employee.
According to a source close to the company, ZTE management welcomed the latest development and planned to negotiate with the U.S. side for a resolution under the guidance of the Chinese government. FILE PHOTO: Visitors are seen at a booth of Chinese telecom equipment maker ZTE Corp at an expo in Beijing, China, September 27, 2017. REUTERS/Stringer/File Photo
The news boosted telecom and semiconductor related stocks in China, which were among the best performing on Monday.
Zhong Fu Tong Group ( 300560.SZ ), a communication network maintenance service provider and ZTE supplier, rose by the daily limit of 10 percent.
ZTE employees contacted by Reuters all expressed surprise and optimism at the turn of events, although some also voiced concern that it was still unclear how long it would take to lift the ban and at what cost.
“In any case, there are probably going to be layoffs, if the company has to pay another big fine,” said one employee, who declined to be named. He added that meetings were being held to discuss resumption of production.
In response to a Reuters request for comment, ZTE’s press department said it was preparing a statement.
Edison Lee, an analyst with Jefferies, expressed caution about the news in a investors’ note, saying that “it does not mean the tech-focused trade conflict between China and the US is over”.
Lee said Trump appeared to have made the move as a goodwill gesture at China’s request in order for trade talks to continue and because he expected concessions from China. Reporting by Sijia Jiang; Editing by Philip McClellan | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-china-zte-trump/zte-employees-in-china-cheer-trump-tweet-idUKKCN1IF0RV |
Vikramaditya Motwane’s office wall is lined with vintage posters of superhero films and his table is littered with comic books. It is no surprise then, that his latest film “Bhavesh Joshi: Superhero” is his tribute to the genre he grew up watching. With Harshvardhan Kapoor in the lead, the film follows a masked vigilante out to fight corruption on the streets of Mumbai.
A handout photo of 'Bhavesh Joshi: Superhero' shoot. Motwane, who first wrote the script in 2010, had to keep coming back to it as actors, producers and the storyline kept changing. He spoke to Reuters about the film’s message and his “true love”.
Q: This has been a film long in the making. How much has the story changed since the beginning?
A: And how have I changed? (Laughs) It has… the journey has been quite long. It started off as a film about someone who wanted to take care of his street. The idea stems from my living in Bombay (Mumbai), having grown up here and having seen the city change and some not-so-good things which happened. You get angry about them and want them to change, but what can you do? And the typical thing (to think) is: “I wish I could wear a mask and go whack somebody to do the right job.”
At one level there is the idealism in the film, and the other part is, how do you tell this to an audience? And being a huge fan of graphic novels and superhero films, the two worlds merged. When I wrote the original film in 2010, the whole story about corruption was at its peak – the Congress government was there, and people were really angry about it. The Jan Lokpal movement happened, the anti-corruption movement happened. I wrote the film about corruption in Mumbai, about land-grabbing. Then sadly, the film didn’t happen. First with Imran (Khan), and then Siddharth (Malhotra). By the time Siddharth came on board, the government had changed and the narrative was about “acche din” (good days), which suddenly made you feel: “Why am I making this?”
That film ended up feeling that it was going against the tide, which is fine, except that someone has to come up against the tide with you. I did go back to the script and changed a few things, including the plot. First it was about land, now the film is about water.
Q: Why did you make those changes?
A handout photo of Vikramaditya Motwane. A: Because I felt like nobody cared about land anymore. It’s very strange in Mumbai right now. Ten years ago, people said so-and-so is grabbing this land, or this SRA (Slum Rehabilitation Authority) scheme… but now it is almost the norm. We know it’s happening, but we are turning a blind eye to it. Look at what’s happened to Lower Parel! In the name of progress and infrastructure, we have turned a blind eye to the most basic things. But while this problem is there, it felt like it was a subject that was 10 years ago. It didn’t feel relevant any more.
Q: What about water then?A: Water is relevant. If you see what is happening in Bangalore (Bengaluru) right now, it is a city that could run dry at some point. That is a scary thought. One bad monsoon, and even Bombay could be in trouble. The film is not talking about the problem, but about the potential of what could happen. It is about a scam that is happening around water and one guy trying to stop that. Even if it is a little ahead of time, it is relevant. Every summer there are water shortages.
Q: As a writer, when you must keep re-visiting a story you have written, what does it do to you? Do you get tired of it?
A: I call it true love. About 10-12 years ago, when I wasn’t directing and there was no work, you just write. In 2007, I probably wrote four screenplays in the entire year. Every three months I was writing a screenplay. You know that at the end of the day, you are not going to look back on all of them fondly, but then there is true love - those scripts which you know you have to make and are really important to you, personally. Whether they are relevant or not is not the point. You feel incomplete without them. “Udaan” was one of those scripts, and “Bhavesh Joshi” was one of them. I had to get it out of my system. That is why it didn’t die.
Q: Why did you have to change actors?
Slideshow (2 Images) A: With Imran (Khan), the timing was bad. His career was not in a position where people were willing to invest the kind of money I needed to make the film. It came to a point where it didn’t work out. And it is sad because Imran would have been great for the role. I still believe he was perfect for the role because he had that innocence and wonder and you feel this is a guy who wants to do the right thing.
Q: In hindsight, was it a good idea to listen to what people around you said about a script that you were so convinced about?
A: When it started, I wanted to make a film about a guy in the street and he becomes a vigilante to fix his street. To take that, which is a very indie idea, to turn it into this, which is a very large screen experience, I had to trust my producers at that point.
Q: Can you talk about the superhero aspect of the film?
A: It was about a man in the mask doing the right thing – or at least my perspective of the right thing. When you have grown up watching the Superman or Batman films, I am a huge superhero fan. But I am also slightly old-fashioned. I love the new Marvel films, but I am not crazy about them. It is no longer a sub-genre or a fanboy genre. It has become so mainstream. You cannot say, “I love superhero movies.” Everyone loves superhero movies now.
But what (Christopher) Nolan did with “Batman Begins” and “The Dark Knight” – those two films really woke a lot of us up to the potential… it wasn’t really a superhero film. It was about a guy doing the right thing. But a lot of Bhavesh Joshi comes from the ‘angry young man’ – the Bachchan films of the 70s or the Sunny Deol films of the 80s, where there is someone who has been wronged and wants to do the right thing.
Q: Come to think of it, the Indian film hero has always been all-conquering…
A: Yeah, they don’t need masks (laughs). Someone said to me, “Why do you want to make a superhero film? Our heroes are superheroes anyway.” I said, “Yeah, you have a point there” (Laughs).
Editing by David Lalmalsawma
The views expressed in this article are not those of Reuters News.
| ashraq/financial-news-articles | https://www.reuters.com/article/vikramaditya-motwane-bhavesh-joshi-super/interview-vikramaditya-motwane-on-bhavesh-joshi-superhero-and-true-love-idUSKCN1IO0WL |
* European powers work to save Iran nuclear accord
* Markets likely skittish up to May 12 deal deadline - ANZ
* WTI at Midland fell to 3-1/2 year low on rising output (Updates prices)
BEIJING/SINGAPORE, May 4 (Reuters) - Oil prices were little changed on Friday after rising earlier, as market jitters kicked in over the prospect of geopolitical risks from possible new U.S. sanctions against Iran.
were trading 15 cents lower at $68.28 per barrel by 0719 GMT. WTI is set for gain of 0.3 percent for the week.
Brent crude oil futures were at $73.37 per barrel, down 25 cents, or 0.3 percent, from their last close after touching a intraday high of $73.80 per barrel in early morning trading. Brent futures for July delivery are set for a weekly drop of 0.5 percent.
Technical analysis from Reuters' Wang Tao showed the market may retest a price support level at $72.39 per barrel after peaking around a resistance at $75.45.
Iran's foreign minister said on Thursday U.S. unacceptable,
"Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States," Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding prices may fall if expectations for new sanctions ease.
European powers still want to hand Trump a plan to save the Iran nuclear deal next week. But they have also started work on protecting E.U.-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters.
Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.
Iran resumed its role lifted
Aside from security concerns, growing U.S. crude supplies are capping price gains.
West Texas Intermediate crude for delivery in Midland slid for a fourth day on Thursday to hit its lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.
Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.
Multi-year low spot market prices followed U.S. government data that
The United States now produces more crude oil than top exporter Saudi Arabia.
(Reporting by Meng Meng in BEIJING and Henning Gloystein in SINGAPORE Editing by Kenneth Maxwell and Christian Schmollinger) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-update-2-oil-prices-hold-steady-as-u-s-decision-on-iran-sanctions-looms.html |
31 COMMENTS Ahead of President Donald Trump’s summit with North Korean leader Kim Jong Un , both leaders say they are prepared to discuss denuclearization. However, they define the word differently, and experts say that could be an obstacle to a peace deal.
“Denuclearization is a catch-all term that allows both sides to let it mean whatever they want it to mean,” said Vipin Narang, top nuclear expert at the Massachusetts Institute of Technology. “It creates a lot of trouble as you approach a summit, because both sides can have very different definitions or notions of what it means,” said Mr. Narang.
In the video above, we explain where Washington and Pyongyang may differ on what “denuclearization” mean, and how they could bridge that gap.
The two Koreas have technically been at war for more than six decades. That's about to change, say North Korean leader Kim Jong Un and South Korea's Moon Jae-in. But what would peace on the peninsula look like? | ashraq/financial-news-articles | https://www.wsj.com/articles/denuclearization-can-trump-and-kim-find-a-common-definition-1525339800 |
(Reuters) - Eight students and two teachers fell victim to gunfire at a high school outside Houston on Friday morning, becoming the latest casualties in a wave of deadly school shootings in the United States in recent years.
Aziz Shaikh, father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., holds for media, his mobile phone displaying photo of his daughter at his residence in Karachi, Pakistan May 19, 2018. REUTERS/Akhtar Soomro Among the fatalities at Santa Fe High School were a Pakistani exchange student and a substitute teacher trying to make ends meet for her family. Here are brief profiles of some of the victims:
Sabika Sheikh
A 17-year-old Pakistani with a bright smile, Sheikh was proud to be studying in the United States as an exchange student. The experience was organized through YES, a program funded by the U.S. State Department which provides scholarships for students from countries with significant Muslim populations to spend one academic year in the United States.
Her father told reporters in her hometown of Karachi that she was the eldest of four children and due to return to Pakistan next month for Eid al-Fitr, a three day holiday that marks the end of the holy Muslim month of Ramadan.
Cynthia Tisdale
Tisdale was a substitute teacher at Santa Fe High School. She took on a second job as a server at a local restaurant after she became her family’s sole income earner when her husband was diagnosed with an incurable lung disease, her brother-in-law John Tisdale posted on Facebook. The Tisdales have four children.
Ann Perkins
Perkins was a substitute teacher known to students and other members of the Santa Fe community as “Grandma Perkins” for her love of spending time with her children, grandchildren and students, according to a local CBS affiliate.
Christian Riley Garcia
Garcia was remembered on Facebook by the Crosby Church pastor who baptized him years earlier. A photograph of Garcia, 15, taken just days before the shooting, shows him wearing sunglasses, a baseball cap and a slight smile that reveals braces on his teeth.
“Here is Riley about ten days ago writing scripture on the door frame of what was to be his new bedroom,” Pastor Keenan Smith wrote. “Riley you are greatly loved and greatly missed.”
Kimberly Vaughan
Aziz Shaikh (L), father of Sabika Aziz Sheikh, a Pakistani exchange student, who was killed with others when a gunman attacked Santa Fe High School in Santa Fe, Texas, U.S., comforts a relative in Karachi, Pakistan May 19, 2018. REUTERS/Akhtar Soomro After a desperate search for her missing daughter, U.S. Army veteran Rhonda Hart posted to Facebook that Vaughan had been shot dead in her first-period art class.
“Folks - call your damn senators. Call your congressmen. We need GUN CONTROL. WE NEED TO PROTECT OUR KIDS. #Kimberlyjessica,” Hart wrote in a Facebook post.
Shana Fisher
Just one week after she celebrated her 16th birthday, Fisher was killed when the gunman opened fire on the art class, her aunt wrote on Twitter. “She should be getting her first car, not a funeral,” tweeted @candithurman.
Chris Stone
Stone, 17, had a passion for adventure and football. The high school junior’s Facebook page features photographs of such sports heroes as the Dallas Cowboys and scenic views of breathtaking wilderness.
Angelique Ramirez
Ramirez’s aunt Sylvia Pritchett, a nurse, frantically asked colleagues on Facebook if her niece was at an area hospital after she was told she had been shot in the leg. Later Pritchett announced that Ramirez was among the fatalities, saying that she had “a broken heart and a soul that can’t process all this right now,” and to “hug your children tightly.”
Jared Conard Black
Black, who according to his Facebook page liked to draw anime pictures, celebrated his 17th birthday just two days before he was shot dead, his uncle told KTRK-TV.
According to a GoFundMe set up by a family friend to raise money for relatives to fly to the funeral from California, Jared’s father “sat in misery for 13 hours not knowing if (his son) was one of the victims. Then he got the devastating news.”
Kyle McLeod
ABC News reported that McLeod, 15, was among the students killed.
Reporting by Barbara Goldberg in New York and Andrew Hay in Taos, New Mexico; Editing by Frank McGurty, Matthew Lewis and Daniel Wallis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-texas-shooting-victims/texas-victims-from-smiling-pakistani-girl-to-fill-in-teacher-with-two-jobs-idUSKCN1IK0TN |
Colliers International Group Inc:
* COLLIERS INTERNATIONAL ISSUES €210 MILLION OF SENIOR NOTES
* COLLIERS INTERNATIONAL GROUP INC - INTENDS TO USE PROCEEDS TO REDUCE OUTSTANDING BORROWINGS UNDER ITS REVOLVING CREDIT FACILITY
* COLLIERS INTERNATIONAL GROUP INC - ISSUES EUR 210 MILLION OF SENIOR UNSECURED NOTES, WITH A TEN-YEAR TERM AND A FIXED INTEREST RATE OF 2.23% Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-colliers-international-issues-210/brief-colliers-international-issues-210-million-of-senior-notes-idUSASC0A2TS |
May 31, 2018 / 6:41 PM / Updated 8 minutes ago Goldman says second-quarter market activity decreased vs first quarter Reuters Staff 1 Min Read
(Reuters) - Goldman Sachs Group Inc ( GS.N ) President David Solomon said second-quarter market activity has decreased compared to the first quarter, when heightened volatility helped Wall Street banks record huge profits.
Activity across investment banking is robust, Solomon said at a Bernstein conference in New York on Thursday, adding the investment banking backlog was close to an all-time high.
Earlier this week, JPMorgan Chase & Co’s ( JPM.N ) corporate and investment bank chief, Daniel Pinto, said second-quarter markets revenue looked like it will be flat compared with a year earlier. Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-banks-conference-goldmansachs/goldman-says-second-quarter-market-activity-decreased-vs-first-quarter-idUKKCN1IW2RX |
May 25, 2018 / 11:00 AM / Updated 33 minutes ago Saudi minister Falih says Aramco IPO likely in 2019 Reuters Staff 1 Min Read
ST PETERSBURG (Reuters) - Saudi Arabia is most likely to hold the initial public offering (IPO) of oil giant Aramco in 2019, Energy Minister Khalid al-Falih said on Friday, confirming a delay from the initial plan to list the company this year. FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo Reporting by Dmitry Zhdannikov; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-aramco-ipo/saudi-minister-falih-says-aramco-ipo-likely-in-2019-idUKKCN1IQ1E1 |
A problem unique to Google: The best technology money can buy but few who can use it anytime soon.
That conundrum was on display Tuesday as the company, owned by parent Alphabet Inc., kicked off its annual I/O developers conference. The event showcased some impressive technical breakthroughs, including the addition of augmented reality to the popular Google Maps service and a robust new capability for the company’s personal digital assistant. The latter, dubbed Google Duplex, allows the assistant to make phone calls and carry... | ashraq/financial-news-articles | https://www.wsj.com/articles/google-tries-to-ease-its-tech-bottleneck-1525858200 |
May 15 (Reuters) - DarioHealth Corp:
* Q1 REVENUE ROSE 74 PERCENT TO $1.76 MILLION * QUARTERLY LOSS PER SHARE $0.20 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dariohealth-corp-reports-quarterly/brief-dariohealth-corp-reports-quarterly-loss-per-share-of-0-20-idUSASC0A29B |
4 COMMENTS KABUL, Afghanistan—A bomb blast inside a mosque in eastern Afghanistan that was being used as a voter registration center killed at least 12 people and wounded 33, officials said.
Habib Shah Ansari, the provincial head of public health, confirmed the toll from the attack, which took place in the city of Khost, the capital of the province of the same name.
No one immediately claimed responsibility for the attack, but both the Taliban and a local Islamic State affiliate reject democratic elections and have targeted them in the past. Islamic State isn’t known to have a presence in Khost but has expanded its footprint into other areas in recent years.
Last month, an Islamic State suicide bomber attacked a voter registration center in Kabul, killing 60 people and wounding at least 130 others.
Afghanistan plans to hold elections in October, the first since 2014.
The Taliban and Islamic State have launched a relentless wave of attacks since the start of the year, killing scores of civilians in the capital, Kabul, and elsewhere. Afghan security forces have struggled to combat the groups since the U.S. and NATO concluded their combat mission at the end of 2014, switching to a counterterrorism and support role.
Elsewhere in Afghanistan, a vehicle carrying shopkeepers on their way to a market struck a roadside bomb in Afghanistan’s northern Faryab province, killing seven of them. Police spokesman Karim Yuresh said another civilian was wounded in Sunday’s attack, in an area where both the Taliban and Islamic State are active.
In the eastern Paktia province, a car bomb killed two people and wounded another three. Abdullah Hsart, the provincial governor’s spokesman, said the attack late Saturday targeted Hazart Mohammad Rodwal, a district chief, who was among the wounded. The Taliban claimed the attack.
—Copyright 2018 the Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/blast-at-afghanistan-mosque-kills-at-least-12-1525616527 |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11564419389268263594104584216820700079230 |
PETACH TIKVA, Israel, May 23, 2018 /PRNewswire/ -- Giora Bardea, Interim CEO of Strauss Group (TASE: STRS) (May 23, 2018): "Strauss Group continues to grow at an impressive rate, delivering excellent results in sales and profit. Revenues rose 7.8% in the quarter organically excluding FX translation, and performance has generated positive growth across all segments. Strauss Israel's income rose 5.8% compared to the corresponding period as the company increased its market share in food & beverages to 12.2% (2) . The coffee operation grew organically 7.3% in the quarter excluding FX translation. Sabra-Obela's dips and spreads business grew 21.3% excluding foreign exchange effects, with Sabra's market share in hummus in the US reaching 59.4%. Strauss Water revenues rose 7.6%, primarily thanks to strong growth in its operations in Israel. Net income in the quarter was NIS 146 million, up 26.9% compared to last year."
Q1 2018 highlights ( 1)
Organic sales growth, excluding foreign exchange effects, was c7.8%. Shekel, sales were NIS c2.2 billion compared to NIS c2.1 billion in the corresponding period in 2017; sales were impacted by a negative currency translation amounting to NIS c51 million mainly as a result of the depreciation of the BRL against the NIS compared to last year. Gross profit was NIS c833 million (c38.4% of sales), up c6.8% compared to the corresponding period last year. Gross margins were up c1%. Operating profit (EBIT) was NIS c254 million (c11.7% of sales), up c14.0% compared to the corresponding period last year. EBIT margins were up c1%. EPS for shareholders of the Company was NIS c1.28, up c18.8% compared to the corresponding period. Positive cash flows from operating activities totalled NIS c106 million, compared to negative cash flows of NIS c86 million in 2017.
(1) Data represent the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, unless stated otherwise.
(2) Storenext
Non GAAP Figures (1)
First Quarter
2018
2017
Change
Total Group Sales (NIS mm)
2,167
2,083
4.0%
Organic Sales Growth excluding FX
7.8%
Gross Profit (NIS mm)
833
780
6.8%
Gross Margins (%)
38.4%
37.4%
+100 bps
EBITDA (NIS mm)
311
278
12.0%
EBITDA Margins (%)
14.4%
13.4%
+100 bps
EBIT (NIS mm)
254
223
14.0%
EBIT Margins (%)
11.7%
10.7%
+100 bps
Net Income Attributable to the Company's Shareholders (NIS mm)
146
116
26.9%
Net Income Margin Attributable to the Company's Shareholders (%)
6.8%
5.5%
+130 bps
EPS (NIS)
1.28
1.08
18.8%
Operating Cash Flow (NIS mm)
106
-86
222.9%
Capex (NIS mm) (2)
-70
-61
14.8%
Net debt (NIS mm)
2,082
2,689
-22.6%
Net debt / annual EBITDA
2.0x
2.7x
(0.7x)
(1) Data represent the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, unless stated otherwise.
(2) Investments include the acquisition of fixed assets and investment in intangibles.
Note : Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.
Non GAAP Figures (1)
First Quarter
Sales
(NIS mm)
Sales
Growth vs.
Last Year
Organic
Sales
Growth
excluding
FX
EBIT
(NIS mm)
NIS
Change
in EBIT
%
Change
In EBIT
EBIT
margins
Change
in EBIT
margins
vs.
2017
Sales and EBIT by Operating
Segments and Activities
Strauss Israel:
Health & Wellness
532
9.4%
9.4%
54
1
2.0%
10.2%
-70 bps
Fun & Indulgence (2)
334
0.6%
0.6%
55
3
4.8%
16.4%
+60 bps
Total Strauss Israel
866
5.8%
5.8%
109
4
3.4%
12.6%
-30 bps
Strauss Coffee:
Coffee Israel
217
2.0%
2.0%
41
1
3.1%
19.0%
+10 bps
International Coffee (2)
769
2.7%
8.5%
78
27
51.2%
10.1%
+330 bps
Total Strauss Coffee
986
2.5%
7.3%
119
28
30.1%
12.0%
+250 bps
International Dips & Spreads:
Sabra (50%) (2)
160
11.8%
20.8%
14
-5
-24.0%
8.9%
-410 bps
Obela (50%) (2)
20
24.0%
25.9%
-3
-1
NM
NM
NM
Total International Dips & Spreads
180
13.0%
21.3%
11
-6
-29.6%
6.3%
-390 bps
Strauss Water (2)(3)
135
7.6%
7.5%
10
4
52.2%
7.2%
+200 bps
Other (4)
0
-100.0%
NM
5
1
42.5%
NM
NM
Total Group
2,167
4.0%
7.8%
254
31
14.0%
11.7%
+100 bps
(1) Data represent the Company's non-GAAP figures, which include the proportionate consolidation of jointly controlled businesses (without implementation of IFRS 11) and do not include share-based payment, valuation of the balance of commodity hedging transactions as at end-of-period, including adjustments required for deferral of profit or loss from commodity derivatives until the inventory is sold to external parties, and other income and expenses, unless stated otherwise.
(2) Fun & Indulgence figures include Strauss's 50% share in the salty snacks business. International Coffee figures include Strauss's 50% share in the Três Corações joint venture (3C) – Brazil – a company jointly held by the Group (50%) and by the local São Miguel Group (50%). International D&S figures reflect Strauss's 50% share in Sabra and Obela. Strauss Water figures include Strauss's share in the joint venture in China, Haier Strauss Water (HSW). Until August 2017 the Company held a 34% stake in the joint venture, and commencing in September 2017, its percentage holding increased to 49% following the acquisition of an additional 15%.
(3) Commencing in the current quarter, Company Management has elected to report the results of the Strauss Water segment separately.
(4) In the second quarter of 2017 the Company realized the Max Brenner operation.
Note : Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands. Total figures for International Dips & Spreads were calculated on the basis of the exact figures for Sabra and Obela in NIS thousands.
Appendix
Condensed financial accounting (GAAP)
First Quarter
2018
2017
Change
Sales
1,446
1,408
2.7%
Cost of sales excluding impact of commodity hedges
856
831
2.9%
Adjustments for commodity hedges
-11
9
Cost of sales
845
840
0.5%
Gross profit
601
568
5.9%
% of sales
41.6%
40.3%
Selling and marketing expenses
315
318
-0.9%
General and administrative expenses
95
93
3.0%
Total expenses
410
411
Share of profit of equity-accounted investees
58
44
31.5%
Operating profit before other expenses
249
201
23.6%
% of sales
17.2%
14.3%
Other expenses, net
2
7
Operating profit after other expenses
251
208
20.1%
Financing expenses, net
-16
-29
-45.7%
Income before taxes on income
235
179
30.8%
Taxes on income
-67
-30
121.6%
Effective tax rate
28.3%
16.7%
Income for the period
168
149
12.6%
Attributable to the Company's shareholders
153
107
43.0%
Attributable to non-controlling interests
15
42
-64.9%
Note : Financial data were rounded to NIS millions. Percentages changes were calculated on the basis of the exact figures in NIS thousands.
Investor Conference Calls
Strauss Group will host an Investor Conference call in Hebrew on Wednesday, May 23, 2018 at 14:00 Israel time to review the Financial Statements of the Company for the first quarter.
To join the conference call in Hebrew, please dial: 03-9180610.
Strauss Group will also host an Investor Conference call in English on Wednesday, May 23, 2018 at 15:30 local Israel time (13:30 UK, 08:30 Eastern Standard Time) to review the Financial Statements of the Company for the first quarter.
To join the conference call in English, please dial one of the following numbers:
UK: 0-800-917-5108
US: 1-888-407-2553
Israel: 03-9180644
The Financial Statements for the first quarter of 2018 and Investors Presentation are posted on the Group's Investor Relations website at:
http://ir.strauss-group.com/phoenix.zhtml?c=92539&p=irol-irhome
For further information please contact :
Daniella Finn
Director of Investor Relations
Strauss Group Ltd.
972-54-577-2195
972-3-675-2545
[email protected]
Osnat Golan
VP Communications, Digital & Sustainability
Strauss Group Ltd.
972-52-828-8111
972-3-675-2281
[email protected]
Or
Shlomi Sheffer
External Communications Director
Strauss Group Ltd.
972-50-620-8000
972-3-675-6713
[email protected]
View original content: http://www.prnewswire.com/news-releases/strauss-group-continues-to-deliver-excellent-results-in-sales-profit-and-cash-flow-with-sales-up-4-during-the-quarter-7-8-organic-growth-excluding-foreign-exchange-effects-and-net-profit-rising-29-6-to-nis-146-million1-300653351.html
SOURCE Strauss Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-strauss-group-continues-to-deliver-excellent-results-in-sales-profit-and-cash-flow-with-sales-up-4-percent-during-the-quarter.html |
May 17 (Reuters) - AmTrust Financial Services Inc:
* CARL ICAHN SAYS “STRONGLY OPPOSE” PROPOSED GOING-PRIVATE DEAL UNDER WHICH ZYSKIND/KARFUNKEL FAMILIES WOULD BUY SHARES OF AMTRUST FINANCIAL
* AS OF MAY 7 - SEC FILING
* CARL ICAHN SAYS REGARDING VOTE SCHEDULED FOR JUNE 4, AMTRUST FINANCIAL BOARD SHOULD IMMEDIATELY CHANGE RECORD DATE AND SPECIAL MEETING DATE
* CARL ICAHN - CURRENTLY ENGAGED IN DISCUSSIONS WITH LITIGATORS, ASSESSING OPTIONS IF AMTRUST FINANCIAL BOARD DOES NOT CHANGE RECORD & SPECIAL MEETING DATES Source text: ( bit.ly/2IQwICm ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carl-icahn-says-strongly-oppose-pr/brief-carl-icahn-says-strongly-oppose-proposed-going-private-deal-under-which-zyskind-karfunkel-families-would-buy-shares-of-amtrust-financial-idUSFWN1SO109 |
NEW YORK (Reuters) - The dollar hit its highest level against a basket of currencies so far in 2018 as investors increased bets that rising interest rates in the United States would boost the greenback, while traders unwound their bearish positions on the currency.
FILE PHOTO: A U.S. Dollar note is seen in this June 22, 2017 illustration photo. REUTERS/Thomas White/Illustration/File Photo The index that tracks the dollar against a basket of currencies .DXY climbed to 92.974, its highest since December. It was last up 0.2 percent at 92.792.
Speculators trimmed their bets on a falling dollar to the lowest in seven weeks last week, based on data from the Commodity Futures Trading Commission released on Friday.
Friday’s somewhat disappointing U.S. payrolls report, which showed hiring and wage growth fell short of expectations, did not alter traders’ outlook for further rate increases from the Federal Reserve.
“Nevertheless, the data was still expansionary, showing tepid but positive growth,” Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York, said of the April jobs data.
“In contrast, today news from the eurozone only added to the sense of dread in the region as consumer spending slowed materially,” he added.
Traders have scaled back expectations on the timing of when the European Central Bank may raise interest rates following a spate of disappointing regional economic readings.
The euro broke below $1.19 for the first time this year in the aftermath of weaker-than-expected data on German industrial orders and euro zone investor sentiment.
The euro EUR= shed 0.33 percent at $1.1918 EUR= after touching $1.1896, the lowest in more than four months.
The British pound GBP=D3 traded up 0.25 percent at $1.3560, bouncing off a four-month low of $1.3487 set last week. Sterling has slumped in the past fortnight as investors reversed expectations of a rate hike at the Bank of England's upcoming meeting on Thursday amid soft domestic data.
U.K. financial markets were closed for a bank holiday.
The Reserve Bank of New Zealand will also meet on Thursday and is expected to hold its key interest rate at a record low of 1.75 percent.
The Kiwi NZD=D3 was down 0.2 percent at $0.7008, holding above its year-to-date low of $0.6985 set last week, Reuters data showed. | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-forex/dollar-index-at-near-four-month-high-after-u-s-jobs-data-idUSKBN1I803F |
May 12, 2018 / 11:13 PM / Updated 15 hours ago UPDATE 2-PGA Tour The Players Championship Scores Reuters Staff 5 Min Read May 13 (OPTA) - Scores from the PGA Tour The Players Championship on Saturday -19 Webb Simpson (USA) 66 63 68 -12 Danny Lee (New Zealand) 68 66 70 -10 Dustin Johnson (USA) 66 71 69 -9 Jason Day (Australia) 69 67 71 Jason Dufner (USA) 72 69 66 Xander Schauffele (USA) 68 68 71 Charl Schwartzel (South Africa) 68 66 73 Jimmy Walker (USA) 69 68 70 -8 Patrick Cantlay (USA) 66 68 74 Tommy Fleetwood (England) 69 71 68 Matt Kuchar (USA) 66 71 71 Ian Poulter (England) 70 69 69 Jordan Spieth (USA) 75 68 65 Harold Varner III (USA) 71 67 70 Tiger Woods (USA) 72 71 65 -7 Rafa Cabrera Bello (Spain) 71 71 67 Charles Howell III (USA) 68 67 74 Marc Leishman (Australia) 71 71 67 Grayson Murray (USA) 72 68 69 Rory Sabbatini (South Africa) 67 71 71 Adam Scott (Australia) 69 68 72 Henrik Stenson (Sweden) 68 70 71 Steve Stricker (USA) 67 69 73 Jhonattan Vegas (Venezuela) 67 72 70 Richy Werenski (USA) 70 71 68 -6 Byeong Hun An (Korea Republic) 71 70 69 Keegan Bradley (USA) 69 69 72 Scott Brown (USA) 70 71 69 Bryson DeChambeau (USA) 70 67 73 Chesson Hadley (USA) 66 69 75 Ryan Palmer (USA) 74 67 69 Patrick Reed (USA) 72 68 70 -5 Brice Garnett (USA) 69 69 73 Cody Gribble (USA) 68 71 72 Adam Hadwin (Canada) 72 68 71 Billy Horschel (USA) 68 70 73 Mackenzie Hughes (Canada) 76 67 68 Chris Kirk (USA) 70 71 70 Jamie Lovemark (USA) 76 67 68 Chez Reavie (USA) 71 71 69 Justin Thomas (USA) 73 70 68 -4 Matthew Fitzpatrick (England) 72 70 70 Sergio Garcia (Spain) 68 69 75 Emiliano Grillo (Argentina) 69 71 72 J.J. Henry (USA) 72 71 69 Beau Hossler (USA) 70 69 73 Jason Kokrak (USA) 72 69 71 Shane Lowry (Republic of Ireland) 75 68 69 Kevin Na (USA) 69 71 72 Alex Noren (Sweden) 66 69 77 Ted Potter, Jr. (USA) 70 70 72 Chris Stroud (USA) 70 70 72 Tyrone Van Aswegen (South Africa) 74 68 70 Bubba Watson (USA) 68 71 73 -3 Kiradech Aphibarnrat (Thailand) 71 71 71 Austin Cook (USA) 72 70 71 Tony Finau (USA) 70 72 71 Branden Grace (South Africa) 69 71 73 Si Woo Kim (Korea Republic) 67 72 74 Martin Laird (Scotland) 72 71 70 Andrew Landry (USA) 67 75 71 Justin Rose (England) 68 72 73 -2 Daniel Berger (USA) 74 68 72 Brooks Koepka (USA) 70 70 74 Ryan Moore (USA) 71 70 73 Cheng Tsung pan (China PR) 68 70 76 Kevin Tway (USA) 70 72 72 Nick Watney (USA) 70 72 72 -1 Jon Rahm (Spain) 68 70 77 0 Ross Fisher (England) 70 73 73 Brandon Harkins (USA) 75 68 73 1 Brian Gay (USA) 72 71 74 Lucas Glover (USA) 68 71 78 Tom Hoge (USA) 70 69 78 2 Zach Johnson (USA) 71 69 78 Ollie Schniederjans (USA) 68 71 79 4 Ryan Blaum (USA) 71 72 77 Keith Mitchell (USA) 67 75 78 6 Brendan Steele (USA) 72 69 81 Nick Taylor (Canada) 69 74 79 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-pga-scores/pga-tour-the-players-championship-scores-idINMTZXEE5DN1P0E6 |
Bitcoin’s future price has been the subject of enormous speculation everywhere from cocktail parties to the floor of the New York Stock Exchange. Some mega-bulls, like venture capitalist Tim Draper , predict the value will rocket to $250,000 in as little as four years. Skeptics, like Joe Davis, strategy chief at Vanguard Investments, say there’s a “decent probability” it goes to zero .
Is Bitcoin’s fate really all or nothing—go big or go broke?
Michael Sonnenshein, managing director of Grayscale Investments , one of the world’s biggest cryptocurrency asset managers and a sponsor of eight digital currency trusts for investors , thinks so. Sonnenshein dropped by Fortune’s offices to share his outlook on Balancing The Ledger , a new show about the intersection of technology and finance. His view: There is no middle ground.
“As we begin to look at assets like Bitcoin and the unbelievable adversity it’s faced over the last 10 years, every day that Bitcoin doesn’t go away, every day that Bitcoin overcomes a new challenge, for me that makes me feel that Bitcoin will do either one of two things,” Sonnenshein told the show’s cohosts, Fortune senior writers Jen Wieczner and Robert Hackett.
“It will either survive and become all these amazing things that we think it can be, which will cause its price to be a lot higher,” Sonnenshein said. “Or it is possible something else may come along that will displace it and Bitcoin goes to zero. It likely will have a binary outcome.”
Get The Ledger , Fortune’s weekly newsletter on the intersection of finance and tech.
Sonnenshein’s personal view, as a cryptocurrency booster, is obvious, although he declined to provide any of his own price targets. (Sonnenshein’s employer, Grayscale, is a subsidiary of Digital Currency Group , one of the biggest cryptocurrency investors around.)
His reasoning goes like this: If Bitcoin’s developers can continue innovating and improving on the technology, making it more useful and desirable, then its value should rise. This is not a foregone conclusion, by any means. But it’s the foundation for Sonnenshein’s investment thesis.
“You have to think about Bitcoin, again, as an open source protocol,” Sonnenshein said.
“Any other currency that comes along that allows for another feature—another attribute that maybe Bitcoin doesn’t have—as an open source protocol, [Bitcoin] is able to accommodate, to integrate, to add that aspect into it,” Sonnenshein said. “So I hope and continue to believe that as new features are added into Bitcoin and other digital currencies, they can continue to thrive and grow and not be displaced.”
Maybe Bitcoin will become the Internet’s “ native currency ,” as Twitter and Square CEO Jack Dorsey recently put it. Or maybe the whole thing will blow up in a ball of smoke. Your guess is as good as anyone else’s.
At the moment, Bitcoin’s price has taken a downturn on news that the Department of Justice has opened an investigation into possibly nefarious market manipulation by cryptocurrency traders. But given the cryptocurrency’s volatility, who knows how long that will last? | ashraq/financial-news-articles | http://fortune.com/2018/05/25/bitcoin-future-price-invest/ |
May 11, 2018 / 11:12 AM / Updated an hour ago Southampton versus Manchester City - Fans' view Claire Bloomfield 4 Min Read
LONDON (Reuters) - Champions Manchester City travel to Southampton in the final game of the Premier League season on Sunday.
Mark Hughes’ side have all but ensured top-flight survival and it would take something of a miracle for relegation rivals Swansea to overturn the Saints’ superior goal difference.
Here is what the fans have to say about their respective clubs:
Matt Markstone, host, Southampton Dellivery Podcast
“From the moment it became clear Southampton would be sucked into a relegation struggle a lot of fans were looking at the final fixture and wondering what the ramifications could be if Saints were to still need points on the final day. Thankfully, the win away at Swansea on Tuesday has essentially saved us from the drop.
“Manchester City are such a joy to watch as a neutral but they are horrifying as the opposition. They are talented and dynamic and will punish their opposition if they make the smallest mistakes.
“I think City will win this game 2-1. Although City have a roster loaded with talent, a lot of that talent is going to the World Cup this summer, and with the title wrapped up, their last home match done, and their Champions League campaign over, I can see them either playing a weakened side or perhaps just not running at full speed.
“Only time will tell if Southampton’s players and more importantly the board, will learn from their mistakes this season. We all know there isn’t very much separating the teams in mid-table and those teams in the relegation zone, and this season should be a wake-up call to everyone. “No team is ‘too good to go down’ and Mark Hughes seems to have reminded everyone of that, and I can only hope the team and the players have that in mind on Sunday and going into next season.”
Mark Bent, season ticket holder, Manchester City
“This is the last game of the most incredible season and it’s been a campaign that surpassed everyone’s expectations. We still have the 100-point target to play for, though the players have eased off the pace a little in the last couple of games and I can understand that.
“I think City will field a few fringe players and the game may well be a typical end-of-season affair. I’m predicting a 2-1 win for City. Southampton are pretty much safe but will be looking to keep it tight and not concede too many goals, especially if they hear Swansea have put a few past Stoke.
“The season will always be remembered and talked about in the future, and the players and staff can reflect upon the achievement with pride — to amass so many points and break all these records is incredible. The football has been outstanding. From the goals, the play, the passing, the passion and the team spirit, it’s the best we have ever seen.
“It will be hard to beat this next season but that is what the team need to do. We want to see them repeat this success and continue playing the standard of football that we’ve seen this season.
“I know that the club have hinted that it won’t be a huge summer for transfers, but I’m sure if City get word of a big-name player becoming available then they will definitely be in the mix.” Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-sou-mci-fans/southampton-versus-manchester-city-fans-view-idUKKBN1IC171 |
May 11, 2018 / 6:12 AM / Updated 11 hours ago Broadway's 'Mockingbird' play to go ahead after dispute settled Reuters Staff 1 Min Read
(Reuters) - The producer of a Broadway adaptation of Harper Lee’s “To Kill a Mockingbird” and the author’s estate have settled a legal dispute over the Aaron Sorkin-penned script, which will allow the production to go head on schedule.
In a joint statement on Thursday, the production company Rudinplay and Lee’s estate said they had “amicably settled ongoing litigation” following a court battle over the estate’s objections that Oscar-winner Sorkin’s script deviated too much from the 1960 novel about race relations in Depression-era U.S. South.
Terms of the settlement were not disclosed.
The months-long dispute staved off a potential loss of millions of dollars for producers if the play had to be scrapped or delayed. It is due to open for previews on Nov. 1 in New York and will be directed by Tony-winner Bartlett Sher.
Lee died in 2016 at age 89.
“To Kill a Mockingbird” won a Pulitzer Prize and Gregory Peck earned an Academy Award for best actor in the 1962 film adaptation. Reporting by Eric Kelsey in Los Angeles | ashraq/financial-news-articles | https://in.reuters.com/article/us-theatre-tokillamockingbird/broadways-mockingbird-play-to-go-ahead-after-dispute-settled-idINKBN1IC0G4 |
May 18, 2018 / 11:38 AM / Updated 37 minutes ago Commentary: Stocks an unlikely shelter from debt, dollar, emerging market storms Jamie McGeever 6 Min Read
LONDON (Reuters) - U.S. bond yields are the highest in seven years, the dollar is strengthening, emerging markets are wobbling, and oil is up to $80 a barrel. Yet there is an unlikely oasis of calm out there: stocks. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., May 14, 2018. REUTERS/Lucas Jackson
There are many possible reasons for this, including: U.S. tax cuts boosting earnings expectations and share buybacks, exchange rate moves, a sense a 3 percent Treasury yield was already priced in, and a belief that the turmoil in the emerging world is and will remain isolated to certain countries.
Since the 10-year U.S. yield and dollar really began to take off in mid-April, increasing the pressure already bearing down on emerging markets, the world’s major equity indices have held steady or rallied.
(For a graphic showing World stocks since April 17, click here: reut.rs/2Iz9i1f )
There is a question mark over how long stocks can remain immune from this tightening of global financial conditions, bubbling inflationary pressures and geopolitical tension. But, for now at least, investors aren’t interested in the answer.
Investors poured $11.9 billion into global equity funds in the latest week, mostly into U.S. funds, according to BAML. That’s the biggest inflow in two months and the fourth weekly inflow in a row.
Exchange rate moves have been a boon to Japanese, euro and UK stocks. Since April 17, when the dollar, U.S. bond and emerging market moves cranked up a gear, the yen has fallen 3.5 pct, the euro’s down 4.5 pct and sterling is off 5.5 pct.
In that time the Nikkei has gained 5 pct, the euro STOXX 50 is up 2.8 pct, and the FTSE 100 is up 7.5 pct. Euro zone stocks have also coped with yet another bout of messy Italian politics, which hit bonds hard, while UK stocks have ignored deteriorating economic data and growing confusion at the Bank of England.
(For a graphic showing Dollar index since April 17, click here: reut.rs/2IuI9My )
Based solely on exchange rate differentials, these markets might have been expected to rise as much as they have. But Wall Street and Asia ex-Japan, which are most exposed to higher U.S. yields and stronger dollar, are up too. Albeit just.
The VIX index of implied volatility, still considered the benchmark measure of investor fear surrounding U.S stocks, has drifted to 13 percent, its lowest since just before the ‘volmageddon’ spike in early February.
Wall Street got a shot in the arm from first quarter earnings. They rose 26 pct from the same period a year ago, in part thanks to the dollar’s biggest annual decline last year since 2003.
President Trump’s tax cuts, which were finally pushed through in December, have also boosted future earnings expectations and unleashed a wave of share buybacks and corporate merger and acquisition activity.
U.S. stock repurchases in Q1 were $137 billion, the strongest quarter in two years. Apple announced a $100 billion buyback plan earlier this month, giving credence to research firm TrimTabs’s view that buybacks in 2018 will “smash totals from all other previous years”.
(For a graphic showing U.S. share buybacks since 2010, click here: reut.rs/2KCSVB1 )
In recent weeks, T-Mobile and Sprint agreed to a $26 billion all-stock merger, and Marathon Petroleum agreed to buy rival Andeavor for more than $23 billion in the largest-ever tie-up between U.S. oil refiners.
It’s not just U.S. M&A activity that’s taking off. According to Deals Intelligence, a Thomson Reuters company, global M&A so far this year has reached $1.85 trillion, up 67 pct on the same period last year. Cross-border M&A has doubled to $836 billion.
If buybacks and merger-mania are sweeping across developed markets, the same cannot be said of emerging markets. Argentina and Turkey, which boast two of the largest current account deficits in the world, have been hit particularly hard by the dollar and U.S. yields.
(For a graphic showing Emerging FX since April 17, click here: reut.rs/2La8amk )
There are country-specific factors at play there, like Turkish president Tayyip Erdogan exerting his influence over monetary policy. But investors are generally betting, for now at least, that these two crises will remain localized.
And while the 10-year Treasury yield’s break higher to a seven-year high of 3.12 pct is eye-catching, it hasn’t taken anyone by surprise. Or at least it shouldn’t have.
(For a graphic showing U.S. 10-year Treasury yield since April 17, click here: reut.rs/2IuvDwE )
Last September the 10-year yield was close to 2 pct. Bonds then embarked on a near-uninterrupted slide and the yield nudged 2.95 pct in February, so the break above 3 pct when it finally came a few weeks ago would hardly have spooked equity investors.
These are reasons why stocks have held up so far, but there’s no guarantee they will remain supportive. The pain from increasing dollar strength and higher U.S. yields could spread through corporate America. Emerging market turmoil could deepen. The positive impact from the tax cuts will fade.
Any one of these could alter investor sentiment towards stocks. And quickly.
The opinions expressed here are those of the author, a columnist for Reuters. Graphics by Jamie McGeever and Karin Strohecker; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets-volatility/commentary-stocks-an-unlikely-shelter-from-debt-dollar-emerging-market-storms-idUKKCN1IJ1F6 |
May 10, 2018 / 1:13 PM / Updated 5 hours ago Creditors lead efforts to sell Brazil's Odebrecht rail unit: sources Tatiana Bautzer , Carolina Mandl 3 Min Read
SAO PAULO (Reuters) - Brazilian creditors of conglomerate Odebrecht SA [ODBES.UL] are leading the efforts to sell the group’s commuter rail unit, Supervia Concessionaria de Transporte Ferroviario SA, as banks pressure the corruption-ensnared group to accelerate asset sales, three people with knowledge of the matter said. The corporate logo of the Odebrecht SA construction conglomerate is pictured at its headquarters in Sao Paulo, Brazil April 9, 2018. Picture taken April 9, 2018. REUTERS/Nacho Doce
Odebrecht hired Banco BTG Pactual SA ( BPAC3.SA ) as an adviser months ago to sell Supervia, the sources added, asking for anonymity because talks are still private.
But failure to reach an agreement with potential acquirers after talks with investors made creditors led by Itau Unibanco Holding SA ( ITUB4.SA ) interfere, joining the efforts to sell the company through their investment banking units.
Last month, Odebrecht’s construction unit failed to repay $144 million in bonds and said parent Odebrecht SA is still in negotiations with Bradesco and Itaú to receive new loans to make the repayment within the 30-day grace period.
Talks for the loans are still ongoing, but people with knowledge of the matter said no agreement has been reached yet. Banks say Odebrecht’s asset sales program is proceeding slower than expected. The failure to sell Supervia was seen by the banks as an example of the delayed assets sale.
Odebrecht has not received all the proceeds from the deals it announced, mostly due to legal hurdles to close deals in countries such as Peru. But creditors said this is not the case with Supervia.
The United Arab Emirates sovereign wealth fund Mubadala Development Co PJSC [MUDEV.UL] negotiated with Odebrecht through BTG for months, but the conglomerate considered their offer too low.
Since then, other two groups showed interest in Supervia: Starboard Restructuring Partners and a Brazilian group, RTM Brasil, formed by executives and backed by undisclosed buyout firms willing to finance the deal, two of the people said.
BTG Pactual, Itaú, Mubadala and Starboard did not immediately comment on the matter. Odebrecht said in an emailed statement to Reuters that its transportation unit “is in talks with another investor to sell its stake in Supervia.”
Odebrecht acquired 60 percent of Supervia in 2011. The company operates urban commuter trains in 12 cities in the state of Rio de Janeiro and transports around 750,000 people daily. Additional reporting by Carolina Mandl in Sao Paulo, Stanley Carvalho in Abu Dhabi; Editing by Jeffrey Benkoe | ashraq/financial-news-articles | https://www.reuters.com/article/us-supervia-m-a/creditors-lead-the-efforts-to-sell-brazils-odebrecht-rail-unit-sources-say-idUSKBN1IB1W0 |
May 20, 2018 / 6:17 AM / Updated 21 minutes ago Maduro favourite to win condemned Venezuela vote amid tepid turnout Vivian Sequera , Corina Pons 6 Min Read
CARACAS/BARQUISIMETO, Venezuela (Reuters) - Venezuela’s leftist leader Nicolas Maduro looked set to win re-election on Sunday in a seemingly poorly attended vote condemned by foes as the “coronation” of a dictator and likely to bring fresh foreign sanctions.
Despite his unpopularity over the OPEC member’s economic meltdown, the 55-year-old former bus driver was benefiting from a boycott by the mainstream opposition, a ban on his two most popular rivals, and state institutions in loyalists’ hands.
The vote could trigger new sanctions from the United States, and more censure from the European Union and Latin America.
U.S. Deputy Secretary of State John Sullivan said on Sunday the Trump administration would not recognise the election and was considering oil sanctions. U.S. Secretary of State Mike Pompeo called the election a “sham.”
Maduro, the self-described “son” of former leader Hugo Chavez, says he is battling an “imperialist” plot to crush socialism and take over Venezuela’s oil reserves. But foes say he has destroyed a once-wealthy economy and ruthlessly crushed dissent.
Maduro’s main challenger is former state governor Henri Falcon, who predicted an upset due to fury among Venezuela’s 30 million people at their increased poverty.
Though some polls showed Falcon ahead, analysts say his chances are thin given widespread abstention, the vote-winning power of state handouts, and Maduro’s allies on the election board.
Results were expected by late evening.
In voting stations visited by Reuters reporters, from wealthy east Caracas to the Andean mountains near Colombia, attendance appeared far lower than the last presidential election in 2013 when there was an 80 percent turnout. Related Coverage Factbox: Venezuela's presidential election candidates
There were lines, however, outside polling stations in poorer government strongholds, where the majority of voters interviewed said they were backing Maduro.
“I’m hungry and don’t have a job, but I’m sticking to Maduro,” said Carlos Rincones, 49, in the once thriving industrial city of Valencia, accusing right-wing business owners of purposefully hiding food and hiking prices.
The government has set up so-called “red point” zones near polling stations so Venezuelans can scan their state-issued ‘fatherland card’ used to receive benefits including food boxes and money transfers. Maduro has promised a “prize” to those who do so. Critics say this is a way of scaring impoverished Venezuelans into supporting his government.
Falcon said his team had received some 350 complaints about the “red points.” Three state workers also told Reuters they were pressured to vote, while pro-government activists hovered around some polling stations, saying they were assisting voters.
Further hurting Falcon’s chances by splitting the anti-Maduro vote was a third candidate, evangelical pastor Javier Bertucci, who has picked up quite a following, not least thanks to his free soup handouts.
FIVE-YEAR RECESSION
Many Venezuelans are disillusioned and angry over the election: They criticise Maduro for economic hardships and the opposition for its dysfunctional splits. Venezuela's President Nicolas Maduro casts his vote at a polling station, during the presidential election in Caracas, Venezuela May 20, 2018. REUTERS/Carlos Garcia Rawlins
Reeling from a fifth year of recession, falling oil production and U.S. sanctions, Venezuela is seeing growing levels of malnutrition, hyperinflation, and mass emigration.
“I’m telling the world: Stop your aggressive campaign against Venezuela,” Maduro said as he voted, blaming opponents for the country’s mess but giving no specifics of possible reforms to nearly two decades of state-led economic policies.
Venezuelan migrants staged small anti-Maduro protests in cities including Buenos Aires, Madrid and Miami. In the highland city of San Cristobal near Colombia, three cloth dolls representing loathed officials - electoral council President Tibisay Lucena, Socialist Party No. 2 Diosdado Cabello and Vice President Tareck El Aissami - were hung from a footbridge.
But streets were calm and for many Venezuelans, Sunday was a day to look for scant food or stock up on water, which is increasingly running short due to years of underinvestment.
“I’m not voting - what’s the point if we already know the result? I prefer to come here to get water rather than waste my time,” said Raul Sanchez, filling a jug from a tap by a busy road in the arid north-western city of Punto Fijo because his community has not had running water for 26 days.
State television urged Venezuelans to vote and Information Minister Jorge Rodriguez said some 2.5 million had voted by mid-morning, prompting ridicule from the opposition.
Some opposition supporters, however, say the boycott only made life easier for Maduro and that his rivals should have fought him at the ballot box despite an unfair playing ground.
“I’m voting because the opposition doesn’t have any proposals for what we’re going to do when Maduro wins today. I want this nightmare to stop,” said teacher Luisa Marquez, 56, in Valencia.
Should Maduro win, he may choose to deepen a successful purge of critics within the ruling “Chavismo” movement. Slideshow (18 Images)
Abroad, Maduro is likely to face further western protests should he win, although Russia and China remain allies and have been important financial backers.
Maduro faces a Herculean task to turn around the moribund economy with the bolivar currency down 99 percent in the last year and inflation at an annual 14,000 percent, according to the National Assembly. Multinational corporations are also departing or minimizing operations in Venezuela.
(Reuters Venezuela election coverage on Twitter @ReutersVzla) Additional reporting by Anggy Polanco and Brian Ellsworth in San Cristobal; Luc Cohen and Vivian Sequera in Caracas; Mircely Guanipa in Punto Fijo; Tibisay Romero in Valencia; Francisco Aguilar in Barinas; Maria Ramirez in Ciudad Guayana; and Caroline Stauffer and Hugh Bronstein in Buenos Aires; Writing by Alexandra Ulmer and Andrew Cawthorne; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-venezuela-election/defying-global-pressure-maduro-seeks-re-election-in-venezuela-idUKKCN1IL061 |
PHNOM PENH (Reuters) - A Cambodian judge on Thursday upheld the “insurrection” convictions of 11 members and supporters of the country’s now dissolved main opposition party.
Members of the dissolved opposition Cambodia National Rescue Party (CNRP) Meach Sovannara (R) and Ouk Pich Samnang react inside a police vehicle on their way to attend a verdict announcement at the appeal court in Phnom Penh, Cambodia, May 10, 2018. REUTERS/Samrang Pring The decision comes amid growing concern about a crackdown on his critics by Prime Minister Hun Sen, who has ruled the country for 33 years, ahead of a general election set for July 29.
“The Appeal Court decides to uphold the Phnom Penh Municipal Court’s decision...and continues to detain the 11 individuals,” Judge Plang Samnang said, without giving a reason.
The 11 members of the Cambodia National Rescue Party (CNRP)were jailed for terms ranging from seven to 20 years in 2014, after they forcibly tried to reopen the country’s only designated protest venue, “Freedom Park”, in July that year.
Critics say Hun Sen stepped up pressure on his enemies after his ruling Cambodian People’s Party (CPP) narrowly won a 2013 general election, following the loss of seats to the CNRP.
Members of the dissolved opposition Cambodia National Rescue Party (CNRP) Meach Sovannara (R) and Ouk Pich Samnang react inside a police vehicle on their way to attend a verdict announcement at the appeal court in Phnom Penh, Cambodia, May 10, 2018. REUTERS/Samrang Pring Such fears were revived after weekend news of the sale of the Phnom Penh Post newspaper to a Malaysian businessman whose public relations firm lists Hun Sen as a client.
That led to the resignation of as many as 13 foreign journalists from the 26-year-old paper, which Cambodian civil society bodies called the country’s “last independent paper”.
Dozens of radio stations have been forced off the air and an English-language newspaper, the Cambodia Daily, was forced to close last year after the government gave it a month’s deadline to settle a $6.3-million tax bill.
Slideshow (4 Images) New York-based Human Rights Watch said the case against the opposition aimed to silence government critics ahead of the election.
“Prime Minister Hun Sen and the ruling Cambodian People’s Party apparently decided to lock up political opponents to stave off defeat at the ballot-box,” Brad Adams, the group’s Asia director, said in a statement on Monday.
Reporting by Prak Chan Thul in PHNOM PENH; Additional reporting and writing by Amy Sawitta Lefevre; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/cambodia-politics/cambodian-court-upholds-convictions-of-11-jailed-for-opposition-protest-idINKBN1IB0JX |
LOS ANGELES, CA, May 08, 2018 (GLOBE NEWSWIRE) -- Oaktree Specialty Lending Corporation (NASDAQ:OCSL) (“Oaktree Specialty Lending” or the “Company”), a specialty finance company, today announced its financial results for the fiscal quarter ended March 31, 2018.
Second Fiscal Quarter 2018 Highlights
Total investment income of $34.8 million, or $0.25 per share;
Net investment income of $15.3 million, or $0.11 per share;
Net asset value per share as of March 31, 2018 of $5.87; and
Originated $223.2 million of new investment commitments and received $151.8 million in connection with five full repayments and exits of investments.
Management Commentary
“We have made measurable progress in executing on our plan to reposition the portfolio and enhance its return on equity,” said Edgar Lee, Chief Executive Officer and Chief Investment Officer of Oaktree Specialty Lending. “In the second quarter, we continued to reduce non-core investments, while redeploying capital into $223 million of new investments better aligned with Oaktree’s investment approach. The significant advantages of Oaktree’s platform, including scale, relationships and a disciplined approach to credit investing have begun to show tangible results for OCSL.”
Portfolio and Investment Activity
As of March 31, 2018, the fair value of the investment portfolio was $1.4 billion and was comprised of investments in 115 companies. These included loans to 72 companies, 8 public bond issuances, the investment in Senior Loan Fund JV I, LLC (“SLF JV I”) and equity investments in 59 companies, including in SLF JV I and 16 private equity funds. 25 of these equity investments were in companies in which Oaktree Specialty Lending also had a debt investment.
At fair value, 92.4% of the Company's portfolio as of March 31, 2018 consisted of debt investments, including 52.8% of first lien loans, 23.8% of second lien loans and 15.8% of unsecured debt investments, including the debt investments in SLF JV I.
As of March 31, 2018, SLF JV I had $322.9 million in assets, including senior secured loans to 40 portfolio companies. The joint venture generated income of $4.2 million for Oaktree Specialty Lending during the second quarter.
The weighted average yield on the Company's debt investments as of March 31, 2018, including the return on our mezzanine note investments in SLF JV I, was 9.3%.
As of March 31, 2018, $1.1 billion of the Company's debt investments, or 84.6% of the total debt portfolio, at fair value, had floating interest rates.
During the quarter ended March 31, 2018, the Company originated $223.2 million of investment commitments, including investments in nine new and one existing portfolio company, and funded $227.8 million of investments across new and existing portfolio companies.
During the quarter, the Company received $151.8 million from the full repayments and exits of five investments, and $90.1 million from other paydowns and sales of investments.
Results of Operations
Total investment income for the quarter ended March 31, 2018 was $34.8 million, including $26.6 million of cash interest income from portfolio investments. Payment-in-kind ("PIK") interest income, net of PIK collected in cash, represented 5.3% of total investment income for the quarter ended March 31, 2018.
Net expenses for the quarter were $19.5 million, a decrease of $1.0 million from the quarter ended December 31, 2017. The decrease in net expenses was due primarily to a decrease in professional fees, interest expense and general and administrative expenses, partially offset by an increase in Part I incentive fees.
Net unrealized depreciation on the investment portfolio for the quarter was $0.4 million and net realized gains on investments and secured borrowings for the quarter were $4.9 million.
Liquidity and Capital Resources
As of March 31, 2018, the Company had $8.2 million of cash and cash equivalents (including restricted cash), total principal value of debt outstanding of $586.0 million and $417.0 million of undrawn capacity on its credit facility, subject to borrowing base and other limitations. The weighted average interest rate on debt outstanding was 4.9% as of March 31, 2018.
As of March 31, 2018, the Company’s total leverage ratio was 0.71x debt-to-equity.
Dividend Declaration
The Board of Directors declared a quarterly dividend of $0.095 per share, payable on June 29, 2018 to stockholders of record on June 15, 2018.
Dividends are paid primarily from distributable (taxable) income. To the extent taxable earnings for a fiscal taxable year fall below the total amount of dividend distributions for that fiscal year, a portion of those distributions may be deemed a return of capital to the Company’s stockholders.
Portfolio Asset Quality
As of March 31, 2018, there were eight investments on which the Company had stopped accruing cash and/or PIK interest or original issue discount ("OID") income that, in the aggregate, represented 12.8% of the debt portfolio at cost and 2.4% at fair value.
($ in thousands) Non-Accrual - Debt Investments As of March 31, 2018 As of September 30, 2017 Non-Accrual Investments at Fair Value $ 30,886 $ 67,015 Non-Accrual Investments/Total Investments at Fair Value 2.4 % 4.7 %
Oaktree Specialty Lending Corporation Consolidated Statements of Assets and Liabilities (in thousands, except per share amounts) March 31, 2018 (unaudited) December 31, 2017 (unaudited) September 30,
2017 ASSETS Investments at fair value: Control investments (cost March 31, 2018: $431,809; cost December 31, 2017: $438,415; cost September 30, 2017: $444,826) $ 285,079 $ 297,534 $ 305,271 Affiliate investments (cost March 31, 2018: $10,881; cost December 31, 2017: 33,397; cost September 30, 2017: $33,743) 11,890 36,469 36,983 Non-control/Non-affiliate investments (cost March 31, 2018: $1,219,816; cost December 31, 2017: 1,204,629; cost September 30, 2017: $1,279,096) 1,103,715 1,081,401 1,199,501 Total investments at fair value (cost March 31, 2018: $1,662,506; cost December 31, 2017: 1,676,441; cost September 30, 2017: $1,757,665) 1,400,684 1,415,404 1,541,755 Cash and cash equivalents 7,951 45,435 53,018 Restricted cash 204 319 6,895 Interest, dividends and fees receivable 7,771 9,082 6,892 Due from portfolio companies 5,676 5,368 5,670 Receivables from unsettled transactions 12,852 8,869 — Deferred financing costs 6,031 6,443 1,304 Other assets 3,346 3,260 514 Total assets $ 1,444,515 $ 1,494,180 $ 1,616,048 LIABILITIES AND NET ASSETS Liabilities: Accounts payable, accrued expenses and other liabilities $ 2,986 $ 3,490 $ 2,417 Base management fee and Part I incentive fee payable 8,594 6,286 6,750 Due to affiliate 1,709 1,534 1,815 Interest payable 3,278 6,547 3,167 Amounts payable to syndication partners 1 — 1 Director fees payable 176 176 184 Payables from unsettled transactions 21,107 33,465 58,691 Credit facilities payable 183,000 205,000 255,995 Unsecured notes payable (net of $4,058, $4,432 and $4,737 of unamortized financing costs as of March 31, 2018, December 31, 2017 and September 30, 2017, respectively) 385,778 406,486 406,115 Secured borrowings at fair value (proceeds March 31, 2018: $12,948; proceeds December 31, 2017: $13,489; proceeds September 30, 2017: $13,489) 10,652 11,601 13,256 Total liabilities 617,281 674,585 748,391 Commitments and contingencies Net assets: Common stock, $0.01 par value, 250,000 shares authorized; 140,961 shares issued and outstanding as of March 31, 2018, December 31, 2017 and September 30, 2017 1,409 1,409 1,409 Additional paid-in-capital 1,579,278 1,579,278 1,579,278 Net unrealized depreciation on investments and secured borrowings (259,526 ) (259,149 ) (215,677 ) Net realized loss on investments, secured borrowings and unsecured notes payable (473,567 ) (478,301 ) (478,010 ) Accumulated overdistributed net investment income (20,360 ) (23,642 ) (19,343 ) Total net assets (equivalent to $5.87, $5.81 and $6.16 per common share at March 31, 2018, December 31, 2017 and September 30, 2017, respectively) 827,234 819,595 867,657 Total liabilities and net assets $ 1,444,515 $ 1,494,180 $ 1,616,048
Oaktree Specialty Lending Corporation Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) Three months ended
March 31, 2018 Three months ended
December 31, 2017 Three months ended
March 31, 2017 Six months ended
March 31, 2018 Six months ended
March 31, 2017 Interest income: Control investments $ 3,071 $ 3,203 $ 2,949 $ 6,274 $ 7,394 Affiliate investments 917 949 976 1,866 1,984 Non-control/Non-affiliate investments 22,533 25,565 34,216 48,098 72,517 Interest on cash and cash equivalents 112 221 164 333 283 Total interest income 26,633 29,938 38,305 56,571 82,178 PIK interest income: Control investments 1,210 1,191 2,362 2,401 3,922 Affiliate investments 188 176 196 364 397 Non-control/Non-affiliate investments 548 500 997 1,048 2,073 Total PIK interest income 1,946 1,867 3,555 3,813 6,392 Fee income: Control investments 128 120 313 248 622 Affiliate investments 44 4 247 48 729 Non-control/Non-affiliate investments 3,770 907 2,293 4,677 5,070 Total fee income 3,942 1,031 2,853 4,973 6,421 Dividend and other income: Control investments 2,258 1,040 842 3,298 2,304 Non-control/Non-affiliate investments — — — — 20 Total dividend and other income 2,258 1,040 842 3,298 2,324 Total investment income 34,779 33,876 45,555 68,655 97,315 Expenses: Base management fee 5,386 5,590 8,035 10,976 16,649 Part I incentive fee 3,247 830 3,168 4,077 7,231 Professional fees 1,015 2,898 1,723 3,913 2,787 Board of Directors fees 177 176 193 353 390 Interest expense 8,530 9,584 12,712 18,114 25,901 Administrator expense 391 494 619 885 1,150 General and administrative expenses 722 1,116 1,319 1,838 2,787 Loss on legal settlements — — — — 3 Total expenses 19,468 20,688 27,769 40,156 56,898 Fees waived 48 (134 ) (61 ) (86 ) (122 ) Insurance recoveries — — (657 ) — (1,259 ) Net expenses 19,516 20,554 27,051 40,070 55,517 Net investment income 15,263 13,322 18,504 28,585 41,798 Unrealized appreciation (depreciation) on investments: Control investments (5,849 ) (1,326 ) 13,172 (7,175 ) 14,509 Affiliate investments (2,063 ) (168 ) (687 ) (2,231 ) (662 ) Non-control/Non-affiliate investments 7,127 (43,633 ) 94,039 (36,506 ) 18,321 Net unrealized appreciation (depreciation) on investments (785 ) (45,127 ) 106,524 (45,912 ) 32,168 Net unrealized (appreciation) depreciation on secured borrowings 408 1,655 (334 ) 2,063 (418 ) Realized gain (loss) on investments and secured borrowings: Control investments — — (22,312 ) — (45,936 ) Affiliate investments 2,048 — — 2,048 — Non-control/Non-affiliate investments 2,806 (291 ) (93,581 ) 2,515 (93,053 ) Net realized gain (loss) on investments and secured borrowings 4,854 (291 ) (115,893 ) 4,563 (138,989 ) Redemption premium on unsecured notes payable (120 ) — — (120 ) — Net increase (decrease) in net assets resulting from operations $ 19,620 $ (30,441 ) $ 8,801 $ (10,821 ) $ (65,441 ) Net investment income per common share — basic $ 0.11 $ 0.09 $ 0.13 $ 0.20 $ 0.29 Earnings (loss) per common share — basic $ 0.14 $ (0.22 ) $ 0.06 $ (0.08 ) $ (0.46 ) Weighted average common shares outstanding — basic 140,961 140,961 140,961 140,961 141,917 Net investment income per common share — diluted $ 0.11 $ 0.09 $ 0.13 $ 0.20 $ 0.29 Earnings (loss) per common share — diluted $ 0.14 $ (0.22 ) $ 0.06 $ (0.08 ) $ (0.46 ) Weighted average common shares outstanding — diluted 140,961 140,961 140,961 140,961 141,917 Distributions per common share $ 0.085 $ 0.125 $ 0.14 $ 0.21 $ 0.32 Conference Call Information
Oaktree Specialty Lending will host a conference call to discuss its second fiscal quarter 2018 results at 11:00 a.m. Eastern Time / 8:00 a.m. Pacific Time on May 8, 2018. The conference call may be accessed by dialing (877) 507-3275 (U.S. callers) or +1 (412) 317-5238 (non-U.S. callers), participant password “Oaktree Specialty Lending.” During the earnings conference call, Oaktree Specialty Lending intends to refer to an investor presentation that will be available on the Investors section of the Oaktree Specialty Lending website, www.oaktreespecialtylending.com . Alternatively, a live webcast of the conference call can be accessed on Oaktree Specialty Lending’s website.
For those individuals unable to listen to the live broadcast of the conference call, a replay will be available for 30 days on Oaktree Specialty Lending’s website, or by dialing (877) 344-7529 (U.S. callers) or +1 (412) 317-0088 (non-U.S. callers), access code 10118718, beginning approximately one hour after the broadcast.
About Oaktree Specialty Lending Corporation
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a specialty finance company dedicated to providing customized one-stop credit solutions to companies with limited access to public or syndicated capital markets. The firm seeks to generate current income and capital appreciation by providing companies with flexible and innovative financing solutions including first and second lien loans, unsecured and mezzanine loans, and preferred equity. The company is regulated as a business development company under the Investment Company Act of 1940, as amended. Oaktree Specialty Lending is managed by Oaktree Capital Management, L.P. For additional information, please visit Oaktree Specialty Lending's website at www.oaktreespecialtylending.com .
Forward-Looking Statements
Some of the statements in this press release constitute forward-looking statements because they relate to future events or our future performance or financial condition. The forward-looking statements may include statements as to: our future operating results and distribution projections; our business prospects and the prospects of our portfolio companies; and the impact of the investments that we expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this press release involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason, including the factors set forth in “Risk Factors” and elsewhere in our annual report on Form 10-K. Other factors that could cause actual results to differ materially include: changes in the economy, financial markets and political environment; risks associated with possible disruption in our operations or the economy generally due to terrorism or natural disasters; future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities) and conditions in our operating areas, particularly with respect to business development companies or regulated investment companies; and other considerations that may be disclosed from time to time in our publicly disseminated documents and filings.
We have based the forward-looking statements included in this presentation on information available to us on the date of this presentation, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
Contacts
Investor Relations:
Oaktree Specialty Lending Corporation
Michael Mosticchio
(212) 284-1900
[email protected]
Media Relations:
Financial Profiles, Inc.
Moira Conlon
(310) 478-2700
[email protected]
Source: Oaktree Specialty Lending Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-oaktree-specialty-lending-corporation-announces-second-fiscal-quarter-2018-financial-results.html |
NEW YORK--(BUSINESS WIRE)-- Steel Partners Holdings L.P. (NYSE:SPLP), a diversified global holding company, today announced operating results for the first quarter ended March 31, 2018. For a full discussion of the results, please see the Company's Form 10-Q as filed with the U.S. Securities and Exchange Commission, which can be found at www.steelpartners.com .
Revenue for the 2018 first quarter increased to $366.2 million from $323.3 million for the same period in 2017. Loss before income taxes and equity method investments was $9.5 million for the first quarter of 2018, compared with a loss of $2.6 million in the comparable 2017 period. Net loss attributable to the Company's common unitholders for the 2018 first quarter was $9.1 million, or $0.35 per common unit, compared with a loss of $4.1 million, or $0.16 per common unit, for the same period in 2017. The Company generated a 16.2% increase in Adjusted EBITDA for the first quarter of 2018 to $35.2 million from $30.3 million for the same period in 2017. The 2018 quarter's Adjusted EBITDA reflects a higher contribution from the Company's Diversified Industrial segment, including the impact of the acquisition of Dunmore, as well as the Energy and Financial Services segments, partially offset by higher corporate expenses. The Company is presenting Adjusted EBITDA to assist investors with their understanding of Steel Partners' results of operations and financial condition. See "Note Regarding Use of Non-GAAP Financial Measurements" below for the definition of Adjusted EBITDA.
Results for the 2018 first quarter, and the comparable period in 2017, include certain significant acquisition and integration-related costs associated with the Company's recently completed transactions, as well as other non-cash income or loss from associated companies and other investments held at fair value, net of taxes, which are allocated by segment. The 2017 period reflects an accrual for incentive unit expense of $5.1 million based on an increase in the market price of the Company's common units. No comparable expense was recorded in the 2018 period.
"This quarter was characterized by solid operating performances in each of our business segments, resulting in double-digit revenue and Adjusted EBITDA growth," said Warren Lichtenstein, Executive Chairman of Steel Partners. "The underlying improvements in our operations were overshadowed by our investment portfolio fluctuations in the quarter, predominately our Babcock & Wilcox investment. We continued to make progress toward simplifying our corporate structure and enhancing our 'One Steel' initiative of reducing costs and increasing operating efficiencies. Throughout the year, we will continue to focus on this objective, while also driving long-term growth."
Based on current information, Steel Partners expects 2018 second quarter revenue between $389 million and $452 million and Adjusted EBITDA between $47 million and $57 million. The Company anticipates revenue for the full 2018 year between $1.5 billion and $1.6 billion and Adjusted EBITDA between $184 million and $225 million, which forecasts are unchanged from the Company's prior guidance.
(Financial Tables on Following Pages)
Financial Summary
(in thousands, except per common unit) Three Months Ended March 31, 2018 2017 Revenue $ 366,245 $ 323,319 Costs and expenses, excluding realized and unrealized losses on securities 361,932 325,658 Realized and unrealized losses on securities, net 13,789 215 Total costs and expenses 375,721 325,873 Loss before income taxes and equity method investments (9,476 ) (2,554 ) Income tax provision 1,330 6,846 Income of associated companies, net of taxes (1,955 ) (6,302 ) Net loss (8,851 ) (3,098 ) Net income attributable to noncontrolling interests in consolidated entities (227 ) (984 ) Net loss attributable to common unitholders $ (9,078 ) $ (4,082 ) Net loss per common unit - basic and diluted $ (0.35 ) $ (0.16 ) Capital expenditures 12,010 8,899 Balance Sheet Data
(in thousands, except common and preferred units) March 31, December 31, 2018 2017 Cash and cash equivalents $ 322,833 $ 418,755 WebBank cash and cash equivalents 250,254 303,883 Cash and cash equivalents, excluding WebBank 72,579 114,872 Marketable securities 15,120 58,313 Long-term investments 274,769 236,144 Total debt 474,169 414,667 Preferred unit liability 173,121 176,512 Common units outstanding 26,164,143 26,348,420 Preferred units outstanding 7,741,017 7,952,660 Supplemental Non-GAAP Disclosures
Adjusted EBITDA Reconciliation: (in thousands) Three Months Ended March 31, 2018 2017 Net loss $ (8,851 ) $ (3,098 ) Income tax provision 1,330 6,846 (Loss) income before income taxes (7,521 ) 3,748 Add (Deduct): Income of associated companies, net of taxes (1,955 ) (6,302 ) Realized and unrealized losses on securities, net 13,789 215 Interest expense 8,109 4,406 Depreciation 11,351 10,161 Amortization 7,351 8,119 Non-cash pension expense 908 1,572 Non-cash equity-based compensation 149 6,327 Amortization of fair value adjustments to acquisition-date inventories 603 — Other items, net 2,384 2,013 Adjusted EBITDA $ 35,168 $ 30,259 Segment Results
(in thousands) Three Months Ended March 31, 2018 2017 Revenue: Diversified industrial $ 307,618 $ 280,214 Energy 36,592 27,316 Financial services 22,035 15,789 Total Revenue $ 366,245 $ 323,319 Income (loss) before income taxes: Diversified industrial $ 10,682 $ 7,946 Energy (5,820 ) (7,777 ) Financial services 8,530 7,623 Corporate and other (20,913 ) (4,044 ) (Loss) income before income taxes (7,521 ) 3,748 Income tax provision 1,330 6,846 Net loss $ (8,851 ) $ (3,098 ) Income of associated companies, net of taxes: Energy $ 819 $ 799 Corporate and other 1,136 5,503 Total $ 1,955 $ 6,302 Segment depreciation and amortization: Diversified industrial $ 13,548 $ 13,186 Energy 5,022 4,989 Financial services 100 70 Corporate and other 32 35 Total depreciation and amortization $ 18,702 $ 18,280 Segment Adjusted EBITDA: Diversified industrial $ 29,676 $ 27,198 Energy 367 (1,636 ) Financial services 9,494 7,693 Corporate and other (4,369 ) (2,996 ) Total Adjusted EBITDA $ 35,168 $ 30,259 Note Regarding Use of Non-GAAP Financial Measurements
The financial data contained in this press release includes certain non-GAAP financial measurements as defined by the U.S. Securities and Exchange Commission ("SEC"), including "Adjusted EBITDA." The Company is presenting Adjusted EBITDA because it believes that it provides useful information to investors about SPLP, its business and its financial condition. The Company defines Adjusted EBITDA as net income or loss before the effects of income or loss from investments in associated companies and other investments held at fair value, interest expense, taxes, depreciation and amortization, non-cash pension expense or income, and realized and unrealized gains or losses on investments and excludes certain non-recurring and non-cash items. The Company believes Adjusted EBITDA is useful to investors because it is one of the measures used by the Company's Board of Directors and management to evaluate its business, including in internal management reporting, budgeting and forecasting processes, in comparing operating results across the business, as an internal profitability measure, as a component in evaluating the ability and the desirability of making capital expenditures and significant acquisitions and as an element in determining executive compensation.
However, Adjusted EBITDA is not a measure of financial performance under generally accepted accounting principles in the U.S. ("U.S. GAAP"), and the items excluded from Adjusted EBITDA are significant components in understanding and assessing financial performance. Therefore, Adjusted EBITDA should not be considered a substitute for net income or loss, or cash flows from operating, investing or financing activities. Because Adjusted EBITDA is calculated before recurring cash charges, including realized losses investments, interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a measure of discretionary cash available to invest in the growth of the business. There are a number of material limitations to the use of Adjusted EBITDA as an analytical tool, including the following:
Adjusted EBITDA does not reflect the Company's tax provision or the cash requirements to pay its taxes; Adjusted EBITDA does not reflect income or loss from the Company's investments in associated companies and other investments held at fair value; Adjusted EBITDA does not reflect the Company's interest expense; Although depreciation and amortization are non-cash expenses in the period recorded, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect the cash requirements for such replacement; Adjusted EBITDA does not reflect the Company's net realized and unrealized gains and losses on its investments; Adjusted EBITDA does not include non-cash charges for pension expense and equity-based compensation; and Adjusted EBITDA does not include certain other non-recurring and non-cash items.
The Company compensates for these limitations by relying primarily on its U.S. GAAP financial measures and by using Adjusted EBITDA only as supplemental information. The Company believes that consideration of Adjusted EBITDA, together with a careful review of its U.S. GAAP financial measures, is the most informed method of analyzing SPLP.
The Company reconciles Adjusted EBITDA to net income or loss, which does not include amounts reported under U.S. GAAP related to noncontrolling interests in consolidated entities, and that reconciliation is set forth above. Because Adjusted EBITDA is not a measurement determined in accordance with U.S. GAAP and is susceptible to varying calculations, Adjusted EBITDA, as presented, may not be comparable to other similarly titled measures of other companies. Revenues and expenses are measured in accordance with the policies and procedures described in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, except for changes made in accordance with the new accounting pronouncements adopted January 1, 2018, as discussed in Note 1 - "Nature of the Business and Basis of Presentation" and Note 2 - "Revenues" to the Company's Form 10-Q filed with the SEC.
About Steel Partners Holdings L.P.
Steel Partners Holdings L.P. ( www.steelpartners.com ) is a diversified global holding company that owns and operates businesses and has significant interests in leading companies in various industries, including diversified industrial products, energy, defense, supply chain management and logistics, banking and youth sports.
Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect SPLP's current expectations and projections about its future results, performance, prospects and opportunities. SPLP has tried to identify these forward-looking statements by using words such as "may," "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities in 2018 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These factors include, without limitation, SPLP's need for additional financing and the terms and conditions of any financing that is consummated, customers' acceptance of its new and existing products, the risk that the Company and its subsidiaries will not be able to compete successfully, the possible volatility of the Company's common or preferred unit price and the potential fluctuation in its operating results. Although SPLP believes that the expectations reflected in these forward-looking statements are reasonable and achievable, such statements involve significant risks and uncertainties, and no assurance can be given that the actual results will be consistent with these forward-looking statements. Investors should read carefully the factors described in the "Risk Factors" section of the Company's filings with the SEC, including the Company's Form 10-K for the year ended December 31, 2017, for information regarding risk factors that could affect the Company's results. Except as otherwise required by federal securities laws, SPLP undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005192/en/
Investors:
Pondel Wilkinson Inc.
Roger S. Pondel, 310-279-5965
[email protected]
Source: Steel Partners Holdings L.P. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-steel-partners-holdings-l-p-reports-first-quarter-financial-results-and-outlook.html |
(Reuters) - Investors turned bearish on most Asian currencies in the past two weeks as surging U.S. bond yields pushed the dollar higher, a Reuters poll showed, with short positions in the Indian Rupee at the highest level in 9 months.
FILE PHOTO: A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. REUTERS/Mukesh Gupta/File Photo The yield on the 10-year U.S. Treasury paper breached the 3 percent level earlier this week and is currently hovering around 7-year highs on signs the U.S. economy is on stronger footing in the second quarter.
That kept the greenback supported, with the U.S. dollar index up 0.7 percent so far this week, pressuring Asian currencies and other emerging market assets.
Bearish bets on the Indian rupee climbed to their highest level since August last year, the poll of 10 respondents showed, with sentiment further soured by rising oil prices, which will add to the country’s already widening trade deficit.
The rupee strengthened 0.2 percent against the dollar on Thursday, but has shed nearly 6 percent so far this year, owing to India’s perennial current account and fiscal deficit problems.
Investors also upped their short positions on the Indonesian rupiah, the poll showed, with bearish bets at their highest since October 2015.
The rupiah has weakened about 3.6 percent so far this year and the outlook remains bleak.
This week, Indonesia posted its biggest trade deficit in four years as imports surged in April, surprising analysts who had expected a surplus.
Indonesian stocks and bonds have been among the worst hit in Asia by worries of capital flight as U.S. yields creep up.
Analysts believe that confluence of factors will pressure the central bank to raise interest rates later on Thursday in a bid to stabilise its financial markets, despite mild inflation and slower-than-expected growth in Southeast Asia’s biggest economy in the first quarter.
Meanwhile, bullish bets on the Malaysian ringgit have reversed after the opposition’s shock election win last week.
Some analysts have raised concerns that Prime Minister Mahathir Mohamad’s populist promises could weigh on the government’s fiscal position.
“Overall, the populist measures of the new government would steer the growth driver from investment towards consumption,” DBS said in a note.
DBS believes the ringgit will depreciate to 4 to the dollar next month. It currently trades at 3.968.
“Amidst slower exports this year, the economy will not repeat last year’s stellar 5.9 percent growth and slow to 5 percent this year,” DBS added.
Bearish bets on the Philippine peso and Taiwan dollar also intensified while positions in the Singapore dollar turned from nearly neutral to bearish.
“I think once we see markets getting used to 10-year bond yields above 3 percent and once the U.S. dollar really starts to run out of momentum, we should see some recovery in Asian currencies in the second half of the year,” said Khoon Goh, Head of Asia Research for ANZ.
The Asian currency positioning poll is focused on what analysts and fund managers believe are the current market positions in nine Asian emerging market currencies: the Chinese yuan, South Korean won, Singapore dollar, Indonesian rupiah, Taiwan dollar, Indian rupee, Philippine peso, Malaysian ringgit and the Thai baht.
The poll uses estimates of net long or short positions on a scale of minus 3 to plus 3. A score of plus 3 indicates the market is significantly long U.S. dollars.
The figures include positions held through non-deliverable forwards (NDFs).
Reporting by Rushil Dutta; Additional reporting by Susan Mathew and Nikhil Kurian in Bengaluru; Editing by Kim Coghill
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://in.reuters.com/article/asia-forex-emerging/investors-bearish-on-most-asian-currencies-as-u-s-yields-climb-reuters-poll-idINKCN1II0TZ |
BRUSSELS—The European Union settled its multiyear antitrust case against PAO Gazprom on Thursday, clinching promises of cheaper and freer natural-gas flows from Russia as President Donald Trump pressures the bloc to tap U.S. energy exports and cut its dependence on Moscow.
Gazprom pledged to set gas prices in line with open Western European markets, allow clients to more frequently ask for price revisions and remove restrictions on reselling gas across borders, according to the European Commission, the EU’s executive body.... RELATED VIDEO How we got here: A history of U.S. steel wars before Trump President Trump is considering imposing steep tariffs on foreign steel and aluminum, sparking fears of a trade war. But he is not the first U.S. President to impose tariffs and quotas on imported steel. | ashraq/financial-news-articles | https://www.wsj.com/articles/russias-gazprom-settles-multiyear-antitrust-case-with-european-union-1527159322 |
By Susie Gharib 4:06 PM EDT
Plunging oil prices are rattling the oil markets, but that doesn’t worry Jeff Miller. He’s CEO of Halliburton Company (HAL), one of the world’s largest oil field service companies. Miller feels good with oil prices now trading around $70 a barrel, saying “the industry is healthy in that price range.”
Ahead of an important OPEC meeting on June 22, oil prices have tumbled as Saudi Arabia and other oil producers have been talking about increasing production. Miller has a different take on those developments.
“Supply and demand look like it’s back in balance,” he explains. “What you see is a little bit of reaction to, at least today, of unrest globally, but the fundamentals are what seem to be in place. And that’s encouraging and gives me a lot of comfort that we trade in this sort of $60 range, $60 to $70.”
Halliburton has benefited from the recent run up in oil prices. Revenues surged 30 percent to $20 billion in 2017 driven by strong drilling demand in North America where the Houston-based company is a major provider of technical products and services in shale production. That strong performance also boosted Halliburton’s ranking on the Fortune 500 jumping 27 spots to number 146 on the list of America’s largest companies.
Thanks to the stronger business activity, Halliburton is also hiring again—a sign that it has recovered from what Miller describes as “the deepest downturn we’ve ever seen.” During that oil recession, the company laid off 30,000 workers, or 40 percent of its workforce.
Watch the video above for more from our interview with Miller. | ashraq/financial-news-articles | http://fortune.com/2018/05/31/halliburton-ceo-jeff-miller-outlook/ |
KUALA LUMPUR (Reuters) - Police searched the home of former Malaysian Prime Minister Najib Razak on Thursday in relation to a money laundering probe, s lawyer for the ousted leader said, adding there was no indication that the police would arrest Najib.
Malaysia’s former Prime Minister Najib Razak prays before he attends the United Malays National Organisation (UMNO) 72th anniversary celebrations in Kuala Lumpur, Malaysia May 11, 2018. REUTERS/Stringer “The search is supposed to be under money laundering act ... they found nothing incriminating,” Harpal Singh Grewal told reporters outside Najib’s family home.
At least a dozen armed policemen entered the Najib’s family home late on Wednesday to search for evidence and documents in connection with an ongoing investigation.
Harpal said the police took a couple of handbags and some clothes.
“Nothing serious. About two-three boxes (of them),” he said.
Reporting by Praveen Menon; Editing by James Dalgleish
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-najib/police-search-at-ex-malaysian-pms-home-related-to-money-laundering-act-no-arrests-lawyer-idUSKCN1IH2ZV |
WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday cast further doubt on whether a planned summit with North Korean leader Kim Jong Un would take place next month in Singapore, telling reporters it would be made certain next week.
His statement followed Trump’s suggestion on Tuesday that the meeting could be delayed or scrapped entirely. North Korea also threw the summit in doubt earlier this month when it pushed back against what it called “unilateral nuclear abandonment.”
Reporting by James Oliphant; Writing by Makini Brice
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa-trump/trump-throws-more-doubt-on-planned-summit-with-north-korean-leader-idUSKCN1IO2LN |
STRATFORD, Conn.--(BUSINESS WIRE)-- Management Health Solutions, Inc. (MHS) announced today that Todd J. Plesko has been appointed Chief Executive Officer of the firm. His extensive experience leading healthcare information technology companies will help MHS drive the next phase of growth in its technology and services businesses, particularly its Case Cost 360™ and related analytics solutions designed to maximize surgical profitability. Interim CEO Brian Campbell will remain with the firm as President and Chief Operating Officer.
Plesko joins the company directly from Vocera Communications (NYSE: VCRA), where he was Vice President of Product Strategy, guiding all aspects of product management, development, and direction for Vocera’s industry-leading clinical communications platform. He came to Vocera as a result of the acquisition of Extension Healthcare, a firm Plesko founded and led as Chairman and CEO. Extension provided over 270 customers with a robust clinical integration solution featuring a sophisticated rules engine that combines and analyzes data from multiple sources, prioritizes critical notifications with patient context, and delivers messages to caregivers’ mobile devices via text, phone, or email.
Extension Healthcare itself was spun out of triPRACTIX, where Plesko was also Founder and CEO. Under his leadership, that firm grew to become one of the nation’s largest GE Centricity™ resellers.
“We are pleased to have an entrepreneur and leader of Todd’s caliber join the team at this juncture,” said Brian Campbell. “With the investments over the past year to develop, launch, and promote our advanced Case Cost 360 solution, this is the ideal time to leverage Todd’s successful experience ramping up growth of healthcare technology businesses.”
Todd Plesko added, “Management Health Solutions has a deep history of success in the industry and is poised for growth with over 200 hospitals using the AtPAR technology platform and over 500 utilizing our highly-regarded inventory services. It is an exciting time as hospitals and systems are clearly looking to control and reduce operating expenses, especially in the operating room. MHS reduces these expenses, delivers a hard ROI, and offers a comprehensive software and services platform to ensure ongoing operational efficiency. I’m looking forward to building on our momentum to drive expansion and deliver new levels of value for our customers across our growing portfolio.”
Plesko holds a B.A. from Central Michigan University and an M.B.A. from Indiana Institute of Technology.
About Management Health Solutions
Management Health Solutions is a technology and services company offering solutions that give customers a unique Clinical Operations Decision Support system. Through capture and analysis of comprehensive procedural utilization data, healthcare providers gain insights they need to reduce spend and drive efficiency in clinical operations. The company builds its solutions by combining advanced technology with a modular suite of on-the-ground outsourced and advisory services in procedure cost management, master data management, and inventory valuation.
Case Cost 360™ is the company’s flagship analytics product generating sophisticated procedural cost understanding. MHS’ multi-platform mobile utilization capture technology is deployed in hundreds of hospitals and integrated delivery systems from the warehouse floor to the operating room. As the premier provider of med/surg and pharmacy inventory valuation services, MHS provides accurate and auditable results for over 500 healthcare organizations annually.
The various trademarks cited are the property of the respective companies.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522006006/en/
Management Health Solutions, Inc.
Don Fallati
[email protected]
Source: Management Health Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-management-health-solutions-names-todd-plesko-as-ceo.html |
TOKYO, May 14 (Reuters) - Japanese government bonds eased on Monday after the Bank of Japan’s buying in short- to medium-term maturities drew larger-than-expected selling interest.
The BOJ’s buying in JGBs with five to 10 years to maturity drew selling of 1.802 trillion yen, the biggest since early April. Selling on other maturities also increased from their previous operations.
Trading was extremely thin, with none of major benchmark issues, including 10-, and 20-year JGBs, traded in the morning.
The 10-year JGB yield rose 0.5 basis point to 0.045 percent, while the 20-year JGB yield rose 0.5 basis point to 0.525 percent.
The five-year yield rose 0.5 basis point to minus 0.105 percent. The 30-year yield rose 1 basis point to 0.745 percent.
Liquidity in futures trading has been dwindling, too, over the past several days.
Ten-year JGB futures fell 0.03 point to 150.80, with a trading volume of 11,817 lots, the lowest since the last Christmas day. (Reporting by Tokyo Markets Team; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-bonds/jgbs-slip-in-thin-trade-after-boj-operation-idUSL3N1SL2VV |
MEXICO CITY (Reuters) - Oil firms that have won drilling rights during Mexico’s landmark energy reforms have made little progress on developing about two-thirds of the projects because of the nation’s tangled regulatory regime, according to company executives and government data.
FILE PHOTO: A general view of the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo Mexico has auctioned off more than 100 contracts to foreign and local companies since President Enrique Pena Nieto started opening the nation’s oil fields to foreign investment in 2013.
A new oil regulatory framework, much of it adapted from existing rules, has kept most of that oil in the ground, the data show. That’s delaying potential benefits to Mexico and could make the reforms that much easier to unwind if voters elect an anti-reform candidate for president when Pena Nieto leaves office at the end of November.
Securing approvals is a “cumbersome and arduous process resulting in a significant choke point for drilling wells,” said Craig Steinke, chief executive of Renaissance Oil Corp, which has five projects in Mexico, three of them stalled in permitting.
It takes three days to get needed drilling permits for a well in Alberta, Canada, compared to the more than a year in Mexico, Steinke said. Through the life of a project, oil firms are required to submit more than 250 separate documents to about a dozen government agencies overseeing offshore and onshore developments.
Before Mexico’s energy reforms, state-owned oil firm Petroleos Mexicanos, known as Pemex, was the sole operator and largely regulated itself. The opening of development rights to private firms ushered in a new regulator, known as ASEA, operating under a presidential appointee with sweeping powers - but also a legacy of bureaucratic constraints.
ASEA, Mexico’s safety, energy and environment regulator, must decide on about 100 permits for each project, according to Marco Cota, a former head of exploration and production for the energy ministry who now advises oil companies on regulatory compliance. Many of the agency’s industrial safety regulations were inherited from the environment ministry and duplicate paperwork required by other agencies, he said.
ASEA Director Carlos de Regules, a former Pemex official, conceded in an interview that the agency’s decision-making has been too slow. He said he is working to cut permit reviews to 120 days by September - compared to the current process that can stretch nearly a year-and-a-half.
“The regulatory framework is very complicated, and it forces us to take more time than in principle should be necessary to evaluate a project,” he said of rules in place since the energy reform laws were enacted. “We are obligated to ask seven times for the same paperwork.”
FILE PHOTO: Employee works at the Centenario deep-water oil platform in the Gulf of Mexico off the coast of Veracruz, Mexico January 17, 2014. REUTERS/Henry Romero/File Photo WAITING FOR MONTHS Evaluations can take about six months for environmental impacts and three months for a final drilling permit, just two of the approvals required before work can begin on a new well.
Companies also must show they have insurance policies and industrial safety and environmental protection plans approved and in place for each project. The latter requires companies to submit reams of supplemental documents such as safety manuals.
The delays stem in large part from the fact that ASEA is adapting and interpreting laws originally written for general environmental protections and were not specific to the energy industry, said Layla Vargas, who works with oil companies to meet government regulations.
“What they’ve had to do is half-improvise” to fit the energy sector, said Cota.
Staffing shortages are another major bottleneck. The regulator has 465 employees who handle approvals for more than 25,000 project applications since the 2015 oil-market opening, ranging from retail gas stations to multi-million dollar drilling projects. Permits for a service station can take as much as seven months to approve, according to the agency.
The Organization for Economic Cooperation and Development, which promotes economic development, last fall called for ASEA to have more “institutional agility and autonomy” in its evaluation of Mexico’s energy regulators.
Slideshow (2 Images) PROJECTS STUCK IN THE PIPELINE ASEA’s administrative complexity is the biggest challenge to getting oil and gas projects underway, said Renaissance Oil’s Steinke and other oil company executives.
So far, ASEA has signed off on insurance policies for 37 of 107 oil and gas contracts awarded. The companies’ management system, a custom plan for mitigating risks in 18 environmental, health and safety areas, has been authorized for 51 projects. Approvals for both are needed before drilling can begin.
To date, 107 exploration and production projects won at auction by international oil firms including Exxon Mobil and Royal Dutch Shell are in various stages of regulatory process.
The numbers of approvals “are not great,” said a senior executive at an oil major who oversees contracts in Mexico, speaking on condition of anonymity.
At least one oil company said it has not had problems with unreasonable delays.
“We’ve had a good experience in Mexico,” said Felipe Arbalaez, BP plc’s president for Latin America.
The regulators have “given us approvals at the appropriate time,” he added, referring to the British company’s shallow water Hokchi project, which is run by its Argentine unit Pan American Energy.
But John Padilla, a Bogota-based oil consultant with IPD Latin America, said oil companies who bet big on the Mexican opening are increasingly concerned about the political and regulatory risks.
“No one’s jumping ship,” he said. “But when you have billions of dollars of investment at stake, you can be damn sure that every board out there around the globe that has investments in Mexico is going to be paying close attention to this.”
Additional reporting by Marianna Parraga in Houston; Editing by Gary McWilliams and Brian Thevenot
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mexico-oil-regulation/mexicos-landmark-energy-reforms-are-mired-in-regulatory-delays-idUSKCN1II1RO |
May 2 (Reuters) - Diverse Income Trust PLC:
* DECLARED A THIRD INTERIM DIVIDEND IN RESPECT OF FINANCIAL YEAR ENDING 31 MAY 2018 OF 0.85 PENCE PER ORDINARY SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diverse-income-trust-declareed-fy/brief-diverse-income-trust-declareed-fy-dividend-of-0-85p-per-ordinary-share-idUSFWN1S90LO |
The European Union’s executive branch is raising the ante in its clash with Poland and Hungary over democratic values: Play ball or risk being cut out of EU funding.
A proposed sanctions mechanism would empower the European Commission, the EU executive, to suspend funds when it finds that a country’s courts are no longer independent, when their rulings are ignored or when criminal investigations are hampered.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/european-union-threatens-subsidy-cuts-to-rein-in-rebel-nations-1525521600 |
WASHINGTON—House Speaker Paul Ryan (R., Wis.), facing rising discontent within GOP ranks over congressional inaction on immigration policy, is working to tamp down an attempt by a group of centrist Republicans to force votes on the issue.
Speaking to reporters Thursday, Mr. Ryan argued that the move to use a “discharge petition” to force floor votes on immigration legislation risked handing Democrats a legislative victory while also triggering a veto by President Donald Trump.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/immigration-push-heats-up-in-the-house-1525987712 |
May 18, 2018 / 5:53 AM / in 9 hours Ukraine leader enacts new sanctions against Russia Reuters Staff 1 Min Read
KIEV (Reuters) - Ukraine President Petro Poroshenko has signed a decree to enact the recently adopted decision to expand sanctions on Russian companies and entities, according to information published on the presidential website on Friday. Ukrainian President Petro Poroshenko speaks during a meeting of the country's Security and Defence Council in Kiev, Ukraine May 2, 2018. Mykola Lazarenko/Ukrainian Presidential Press Service/Handout via REUTERS
Ukraine’s council of security and defense approved in early May the sanctions that mirror those of the United States, which has blacklisted tycoons and allies of Russian President Vladimir Putin.
Kiev has also extended existing sanctions it introduced against hundreds of Russian companies and entities in response to the annexation of Crimea in 2014 and Kremlin support for a pro-Russian separatist uprising in eastern Ukraine.
The decree did not say which individuals or companies were on the latest list.
The council has said the new sanctions would be in force for at least three years and included penalties on Russian lawmakers and top officials. Reporting by Pavel Polityuk; Editing by Paul Tait | ashraq/financial-news-articles | https://www.reuters.com/article/us-ukraine-russia-sanctions/ukraine-leader-enacts-new-sanctions-against-russia-idUSKCN1IJ0FA |
May 1, 2018 / 3:36 PM / Updated an hour ago Morocco severs ties with Iran, accusing it of backing Polisario Front Reuters Staff 2 Min Read
RABAT (Reuters) - Morocco will sever diplomatic ties with Iran over Tehran’s support for the Polisario Front, a Western Sahara independence movement, the Moroccan foreign minister said on Tuesday.
Morocco claimed Western Sahara after colonial Spain left, but Polisario fought a guerrilla war for independence for the Sahrawi people until a U.N.-backed ceasefire.
Morocco will close its embassy in Tehran and will expel the Iranian ambassador in Rabat, Foreign Minister Nasser Bourita told reporters.
He said that Iran and its Lebanese Shi’ite ally, Hezbollah, were supporting Polisario by training and arming its fighters, via the Iranian embassy in Algeria.
“Hezbollah sent military officials to Polisario and provided the front with ... weapons and trained them on urban warfare,” Bourita said.
Algeria, Morocco’s neighbour, hosts camps of displaced from the conflict region and Polisario members. It was not immediately possible to get Iranian reaction to the Moroccan accusation. Iran has backed Polisario in the past.
The Western Sahara region has effectively been split by an earthen wall separating an area controlled by Morocco that it claims as its southern provinces and territory controlled by the Polisario, with a U.N.-mandated buffer zone between them.
In 2009, Morocco cut diplomatic links with Iran, accusing it of questioning Sunni rule of Bahrain, a Gulf Arab island that has a Shi’ite majority. Ties were gradually restored around 2014, but they were never strong, with Rabat backing Tehran’s arch-rival, Saudi Arabia. Reporting by Ahmed ElJechtimi, writing by Ulf Laessing; editing by Gareth Jones, Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-morocco-iran/morocco-accuses-iran-of-backing-polisario-front-severs-ties-idUKKBN1I23X7 |
Reports comparable store sales increase of 1.3 percent and raises fiscal year 2018 earnings per diluted share outlook
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL) (“the Company”), a leading retailer of moderately priced footwear and accessories, today reported results for the fiscal first quarter ended May 5, 2018.
First Quarter Highlights
Net sales increased 1.6 percent to $257.4 million compared to the first quarter last year Comparable store sales increased 1.3 percent Earnings per diluted share increased 72.9 percent to $0.83 Repurchased 810,613 shares of common stock at a total cost of $19.0 million under share repurchase program Inventory was down 1.6 percent on a per-store basis
Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer commented, “We are pleased with our start to the year. Our comparable store sales increase reflects the continuation of a strong athletic and athleisure trend as well as solid sales results from our spring footwear categories, particularly as the weather became warmer later in the first quarter. These sales results, along with our favorable inventory position and our team’s ability to manage expenses, helped us generate a 31 percent increase in operating income. Based on these results, we are raising both the low and high end of our diluted earnings per share guidance for fiscal year 2018. We believe we are well-positioned as we move through the year with a compelling assortment of on-trend family footwear at the right price.”
First Quarter Financial Results
Net sales of $257.4 million increased 1.6 percent for the first quarter ended May 5, 2018, compared to net sales of $253.4 million for the first quarter ended April 29, 2017. Comparable store sales for the thirteen-week period ended May 5, 2018 increased 1.3 percent compared to the thirteen-week period ended May 6, 2017.
Gross profit margin for the first quarter of fiscal 2018 increased 150 basis points to 30.0 percent compared to 28.5 percent in the first quarter of fiscal 2017. Merchandise margin increased 0.7 percent and buying, distribution and occupancy expenses decreased 0.8 percent as a percentage of net sales compared to the first quarter of fiscal 2017.
Selling, general and administrative expenses for the first quarter of fiscal 2018 increased $1.1 million to $60.0 million. As a percentage of net sales, these expenses remained flat at 23.3 percent compared to the first quarter of fiscal 2017.
Net income for the first quarter of fiscal 2018 was $13.0 million, or $0.83 per diluted share. For the first quarter of fiscal 2017, the Company reported net income of $8.2 million, or $0.48 per diluted share.
Store Openings and Closings
The Company expects to open approximately three stores and close approximately 20 to 25 stores during fiscal 2018 compared to opening 19 stores and closing 26 stores during fiscal 2017.
Expected store openings and closings by quarter for the fiscal year are as follows:
New Stores Store Closings 1 st quarter 2018 0 3 2 nd quarter 2018 0 1 3 rd quarter 2018 3 3 4 th quarter 2018 0 13 – 18 Fiscal year 2018 3 20 – 25 Fiscal 2018 Outlook
The Company is updating its fiscal 2018 outlook as follows:
Net sales in the range of $1.013 billion to $1.020 billion, with comparable store sales up low single digits; Earnings per diluted share in the range of $1.90 to $2.05. Fiscal 2017 earnings per diluted share were $1.15 and adjusted earnings per diluted share were $1.49.
Conference Call
Today, at 4:30 p.m. Eastern Time, the Company will host a conference call to discuss the first quarter results. Participants can listen to the live webcast of the call by visiting Shoe Carnival's Investors webpage at www.shoecarnival.com . While the question-and-answer session will be available to all listeners, questions from the audience will be limited to institutional analysts and investors. A replay of the webcast will be available on the Company’s website beginning approximately two hours after the conclusion of the conference call and will be archived for one year.
Date of Annual Shareholder Meeting
As previously announced, the Company will hold its Annual Meeting of Shareholders on June 14, 2018 at its corporate headquarters located at 7500 East Columbia Street, Evansville, Indiana.
Non-GAAP Adjusted Results
The non-GAAP adjusted results for the full year of fiscal 2017 discussed herein exclude the impact of a gain on insurance proceeds recorded in cost of sales related to hurricane affected stores, non-cash impairment charges for underperforming stores and additional stock-based compensation expense recorded in selling, general and administrative expenses and additional income tax expense associated with the enactment of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”). These adjusted results are provided to enhance the user's overall understanding of the Company's historical operations and financial performance. Specifically, the Company believes the adjusted results provide investors with relevant period-to-period comparisons of the Company’s core operations. The unaudited adjusted results are provided in addition to, and not as alternatives for, the Company’s reported results determined in accordance with generally accepted accounting principles. A complete reconciliation of actual results to the adjusted results appears below in the table entitled “Reconciliation of GAAP to Non-GAAP Financial Measures.”
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. As of May 24, 2018, the Company operates 405 stores in 35 states and Puerto Rico, and offers online shopping at www.shoecarnival.com . Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com .
Cautionary Statement Regarding Forward-Looking Information
This press release contains , within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these . These factors include, but are not limited to: general economic conditions in the areas of the continental United States in which our stores are located and the impact of the ongoing economic crisis and hurricane recovery in Puerto Rico on sales at, and cash flows of, our stores located in Puerto Rico; the effects and duration of economic downturns and unemployment rates; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to generate increased sales at our stores; our ability to successfully navigate the increasing use of on-line retailers for fashion purchases and the impact on traffic and transactions in our physical stores; our ability to attract customers to our e-commerce website and to successfully grow our e-commerce sales; the potential impact of national and international security concerns on the retail environment; changes in our relationships with key suppliers; the impact of competition and pricing; our ability to successfully manage and execute our marketing initiatives and maintain positive brand perception and recognition; changes in weather patterns, consumer buying trends and our ability to identify and respond to emerging fashion trends; the impact of disruptions in our distribution or information technology operations; the effectiveness of our inventory management; the impact of natural disasters on our stores, as well as on consumer confidence and purchasing in general; risks associated with the seasonality of the retail industry; the impact of unauthorized disclosure or misuse of personal and confidential information about our customers, vendors and employees, including as a result of a cyber-security breach; our ability to manage our third-party vendor relationships; our ability to successfully execute our business strategy, including the availability of desirable store locations at acceptable lease terms, our ability to open new stores in a timely and profitable manner, including our entry into major new markets, and the availability of sufficient funds to implement our business plans; higher than anticipated costs associated with the closing of underperforming stores; the inability of manufacturers to deliver products in a timely manner; changes in the political and economic environments in, the status of trade relations with, and the impact of changes in trade policies and tariffs impacting, China and other countries which are the major manufacturers of footwear; the impact of regulatory changes in the United States and the countries where our manufacturers are located; the resolution of litigation or regulatory proceedings in which we are or may become involved; our ability to meet our labor needs while controlling costs; the impact of the U.S. Tax Cuts and Jobs Act of 2017; and future stock repurchases under our stock repurchase program and future dividend payments; and other factors described in the Company’s SEC filings, including the Company’s latest Annual Report on Form 10-K.
In addition, these necessarily depend upon assumptions, estimates and dates that may be incorrect or imprecise and involve known and unknown risks, uncertainties and other factors. Accordingly, any included in this press release do not purport to be predictions of future events or circumstances and may not be realized. Forward-looking statements can be identified by, among other things, the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,” “anticipates,” “intends” or the negative of any of these terms, or comparable terminology, or by discussions of strategy or intentions. Given these uncertainties, we caution investors not to place undue reliance on these , which speak only as of the date hereof. We disclaim any obligation to update any of these factors or to publicly announce any revisions to the contained in this press release to reflect future events or developments.
SHOE CARNIVAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
(Unaudited)
Thirteen
Weeks Ended
May 5, 2018
Thirteen
Weeks Ended
April 29, 2017
Net sales $ 257,445 $ 253,389 Cost of sales (including buying, distribution and occupancy costs)
180,118 181,233 Gross profit 77,327 72,156 Selling, general and administrative expenses
60,011 58,929 Operating income 17,316 13,227 Interest income (2 ) (1 ) Interest expense 40 42 Income before income taxes 17,278 13,186 Income tax expense 4,323 4,955 Net income $ 12,955 $ 8,231 Net income per share: Basic $ 0.83 $ 0.48 Diluted $ 0.83 $ 0.48 Weighted average shares: Basic 15,526 16,814 Diluted 15,528 16,818 Cash dividends declared per share $ 0.075 $ 0.070 SHOE CARNIVAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands)
(Unaudited)
May 5,
2018
February 3,
2018
April 29,
2017
ASSETS Current Assets: Cash and cash equivalents $ 35,347 $ 48,254 $ 25,261 Accounts receivable 3,199 6,270 1,878 Merchandise inventories 295,921 260,500 309,601 Other 13,175 5,562 6,711 Total Current Assets 347,642 320,586 343,451 Property and equipment - net 81,644 86,276 97,323 Deferred income taxes 8,221 8,182 9,769 Other noncurrent assets 408 536 812 Total Assets $ 437,915 $ 415,580 $ 451,355 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: Accounts payable $ 62,593 $ 41,739 $ 70,572 Accrued and other liabilities 24,235 15,045 21,855 Total Current Liabilities 86,828 56,784 92,427 Deferred lease incentives 27,289 29,024 29,625 Accrued rent 9,754 10,132 11,211 Deferred compensation 11,433 11,372 10,597 Other 1,101 966 888 Total Liabilities 136,405 108,278 144,748 Total Shareholders' Equity 301,510 307,302 306,607 Total Liabilities and Shareholders' Equity $ 437,915 $ 415,580 $ 451,355 SHOE CARNIVAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
Thirteen
Weeks Ended
May 5, 2018
Thirteen
Weeks Ended
April 29, 2017
Cash Flows From Operating Activities Net income $ 12,955 $ 8,231 Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 5,633 5,835 Stock-based compensation 1,191 46 Loss on retirement and impairment of assets 52 741 Deferred income taxes (39 ) (169 ) Lease incentives 10 467 Other (2,097 ) (1,572 ) Changes in operating assets and liabilities: Accounts receivable 3,071 2,545 Merchandise inventories (35,421 ) (29,955 ) Accounts payable and accrued liabilities 25,484 1,144 Other (2,361 ) 2,974 Net cash provided by (used in) operating activities 8,478 (9,713 ) Cash Flows From Investing Activities Purchases of property and equipment (963 ) (7,477 ) Net cash used in investing activities (963 ) (7,477 ) Cash Flows From Financing Activities Proceeds from issuance of stock 65 89 Dividends paid (1,169 ) (1,169 ) Purchase of common stock for treasury (19,043 ) (19,151 ) Shares surrendered by employees to pay taxes on restricted stock (275 ) (262 ) Net cash used in financing activities (20,422 ) (20,493 ) Net decrease in cash and cash equivalents (12,907 ) (37,683 ) Cash and cash equivalents at beginning of period 48,254 62,944 Cash and Cash Equivalents at End of Period $ 35,347 $ 25,261 SHOE CARNIVAL, INC. RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (In thousands, except per share data)
(Unaudited)
Fifty-three
Weeks Ended
February 3, 2018
Reported net income per diluted share $ 1.15 Gain on insurance proceeds (0.21 ) Non-cash impairment charges 0.21 Additional stock-based compensation expense associated with the Tax Act 0.12 Tax effect of gain on insurance proceeds, non-cash impairment charges and stock-based compensation expense (0.05 ) Additional income tax expense on re-measurement of deferred tax assets and liabilities 0.27 Adjusted diluted earnings per share $ 1.49
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006303/en/
Shoe Carnival, Inc.
Cliff Sifford
President and Chief Executive Officer, or
W. Kerry Jackson
Senior Executive Vice President, Chief Operating and Financial Officer and Treasurer
(812) 867-6471
www.shoecarnival.com
Source: Shoe Carnival, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-shoe-carnival-reports-first-quarter-fiscal-2018-financial-results.html |
TAIPEI (Reuters) - Taiwan President Tsai Ing-wen welcomed the leader of the Caribbean nation of Haiti with a military salute on Tuesday on his first official trip to Taipei, as China ramps up the pressure to lure away Taiwan’s friends.
Taiwan's President Tsai Ing-wen and Haiti's President Jovenel Moise review the honour guard at a welcoming ceremony, in Taipei, Taiwan May 29, 2017. REUTERS/Tyrone Siu Taiwan has lost two diplomatic allies in the past month, most recently the West African state of Burkina Faso, which re-established ties with Beijing on Saturday.
China claims Taiwan as its own and considers the democratic island to be a wayward province, with no right to state-to-state relations.
Taiwan is China’s most sensitive territorial issue and a potential military flashpoint.
Haiti President Jovenel Moise, along with a 30-member delegation, is visiting amid concern that his country could be among the next to jump ship and establish ties with China.
Earlier in May, the Dominican Republic, which shares the island of Hispaniola with Haiti, severed ties with Taiwan by formally recognizing China.
Taiwan's President Tsai Ing-wen and Haiti's President Jovenel Moise review the honour guard at a welcoming ceremony, in Taipei, Taiwan May 29, 2017. REUTERS/Tyrone Siu “We appreciate Haiti’s long-term support of Taiwan and our international participation in many areas,” Tsai said at a welcoming ceremony outside the presidential office.
“We look forward to both sides continuing and deepening the mutual help and cooperative partnership, as the two countries’ friendship remains secure forever,” she said.
“Even though Taiwan and Haiti are separated by large geographic distance, both share democratic and freedom values,” Tsai said. “In many areas, both sides have seen the results of the long-term and deep partnership.”
Taiwan and Haiti have been allies since 1956.
Slideshow (2 Images) China has launched a campaign over the last two years to lure away Taiwan’s remaining diplomatic allies, as it seeks to pressure Tsai, who it fears wants to push for the island’s formal independence.
Tsai says she wants to maintain the status quo but will not be bullied by China and will defend Taiwan and its democracy.
Moise said his country was grateful for Taiwan’s willingness to help with its development, and that it was looking forward to relations expanding into a new phase.
Haiti is looking to promote employment and economic growth, with a focus on strengthening private investment, agriculture modernization, as well as infrastructure, he said.
“All these plans are currently facing very difficult challenges,” Moise said. “We are looking forward to a mutual win.”
Taiwan has official relations with just 18 countries, many of them poor nations in Central America and the Pacific such as Belize and Nauru.
Taiwan had accused China of enticing countries into its orbit with generous aid offers.
Speaking to reporters in Beijing, Chinese Foreign Ministry spokeswoman Hua Chunying said those accusations were “totally baseless and pure slander”.
Reporting by Jess Macy Yu; Additional reporting by Michael Martina in BEIJING; Editing by Ben Blanchard, Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-taiwan-haiti/taiwan-welcomes-haiti-president-as-china-chips-away-at-allies-idUSKCN1IU0I6 |
May 24 (Reuters) - AcelRx Pharmaceuticals Inc:
* ACELRX PHARMACEUTICALS INC - DSUVIA PDUFA DATE SET FOR NOVEMBER 3, 2018
* ACELRX ANNOUNCES FDA ACCEPTANCE OF NDA FOR DSUVIA * ACELRX PHARMACEUTICALS INC - FDA CONSIDERS DSUVIA NDA RESUBMISSION A COMPLETE CLASS 2 RESPONSE TO THEIR OCTOBER 2017 ACTION LETTER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-acelrx-announces-fda-acceptance-of/brief-acelrx-announces-fda-acceptance-of-nda-for-dsuvia-idUSASC0A3J3 |
May 11, 2018 / 1:13 AM / Updated an hour ago Oil near multi-year highs as Iran sanctions tighten supply outlook Christopher Johnson 3 Min Read
LONDON (Reuters) - Oil prices steadied near 3-1/2 year highs on Friday as the prospect of new U.S. sanctions on Iran tightened the outlook for Middle East supply at a time when global crude production is only just keeping pace with rising demand. A petrol station employee pumps fuel into a vehicle in Hong Kong's Wan Chai district June 9, 2008. REUTERS/Victor Fraile
The United States plans to reintroduce sanctions against Iran, which pumps about 4 percent of the world’s oil, after abandoning a deal reached in late 2015 that limited Tehran’s nuclear ambitions in exchange for the removal of U.S. and European sanctions.
The global oil market is finely balanced, with top exporter Saudi Arabia and No.1 producer Russia having led efforts to curb oil supply to prop up prices.
Benchmark Brent crude oil LCOc1 was unchanged at $77.47 a barrel by 0830 GMT. On Thursday Brent hit $78, its highest since November 2014.
U.S. light crude CLc1 was up 10 cents at $71.46, having touched a 3-1/2 year high of $71.89 on Thursday.
Many analysts expect oil prices to rise as Iran’s exports fall.
“The up-trend remains strong and intact,” said Robin Bieber, technical chart analyst at London brokerage PVM Oil Associates.
Rainer Seele, chief executive of Austrian oil and gas company OMV ( OMVV.VI ), told German daily Handelsblatt that he expects prices to rise as the United States moves to reimpose sanctions.
“It is not yet clear which concrete sanctions the U.S. will impose. But I expect the price of North Sea Brent to be closer to $80 than $70 a barrel,” Seele said in an interview.
U.S. investment bank Jefferies said in a note on Friday that it expects Iranian crude oil exports to start falling in the next few months.
“We expect that around October Iranian exports will be down by 500,000 barrels per day (bpd) and eventually fall by 1 million bpd,” the bank said.
There are signs, however, that other members of the Organization of the Petroleum Exporting Countries (OPEC) will raise output to counter the Iran disruption.
Jefferies said that OPEC has the capacity “to replace the Iranian losses” but added: Even if physical supply is held constant ... the market will still be faced with a precariously low level of spare capacity.”
Outside OPEC, soaring U.S. crude oil production C-OUT-T-EIA could help to fill Iran’s supply gap. U.S. oil output reached another record high last week, hitting 10.7 million bpd.
That is up 27 percent since mid-2016 and means that U.S. output is creeping ever closer to that of top producer Russia, which pumps about 11 million bpd. Additional teporting by Henning Gloystein in Singapore; Editing by David Goodman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-global-oil/oil-prices-remain-near-multi-year-highs-on-looming-u-s-sanctions-against-iran-idUKKBN1IC039 |
(Adds Quote: s, details)
By Saikat Chatterjee
LONDON, May 23 (Reuters) - The Swiss franc and the Japanese yen rose against the dollar on Wednesday as a wave of caution swept currency markets a day after U.S. President Donald Trump tempered optimism over progress made in trade talks with China.
Carry trades, where investors borrow in relatively low yielding currencies to invest in higher-yielding ones, came under pressure with the euro/swiss franc cross being singled out for special punishment.
While the dollar against a basket of its rivals rose 0.2 percent to 93.76, it weakened 0.6 percent and 0.3 percent against the Japanese yen and Swiss franc respectively.
Stocks tumbled and the yen gained broadly after Trump said on Tuesday he was not pleased with recent trade talks between the United States and China, the world’s two biggest economies.
The euro was also pressured lower by concern over political risk in Italy. The single currency fell to a six-month low after German PMI data fell to a 20-month low indicating that economic momentum in Europe’s biggest economy was faltering.
The euro/Swiss franc fell 0.3 percent to 1.1616 francs per euro, its lowest level since March 23.
The currency pair, a proxy for risk appetite within Europe, has fallen nearly 3 percent since May. 14 as concerns of a fiscally profligate new coalition government in Rome has raised concerns of a showdown with the European Union.
The likelihood of a government comprised of the anti-establishment 5-Star Movement and the far-right League has pushed Italian 10-year yields up nearly 60 basis points since the start of May. The bulk of that move has been over the past week.
“The euro/franc cross encapsulates the growing risk premium that investors are placing on the euro in recent days and we may see further downside for now,” said Alvin Tan, a currency strategist at Societe Generale in London.
Morgan Stanley strategists said the euro’s recent weakness could prompt overseas investors to hedge their bond and equity investments in Europe, which could add further downside pressure on the euro.
The safe-haven yen also rose against other currency crosses and surged against the Turkish lira, amid talk of Japanese retail investors selling the lira as stop-loss levels were hit.
The yen tends to rise in times of market turbulence since Japan is the world’s largest creditor nation and traders tend to assume Japanese investors would repatriate funds at times of crisis.
Investors are now looking to the release on Wednesday of the Fed’s minutes from its most recent meeting, when it kept interest rates steady.
In its post-meeting statement issued in early May, the Fed also said inflation had “moved close” to its target and that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.” (Reporting by Saikat Chatterjee; Additional reporting by Masayuki Kitano in SINGAPORE; Editing by Raissa Kasolowsky)
| ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-euro-swiss-franc-at-2-month-lows-as-italy-concerns-weigh-idUSL5N1SU1JO |
Right-hander Frankie Montas combined with three relievers on a three-hitter and the Oakland Athletics took advantage of Zack Greinke’s wildness to plate the go-ahead run in the sixth inning Sunday afternoon, continuing the Arizona Diamondbacks’ struggles with a 2-1 victory in Oakland, Calif.
Jonathan Lucroy stunned his former Milwaukee Brewers batterymate with a home run in the third inning and Matt Chapman drove in Matt Olson with the eventual difference-maker three innings later, allowing the A’s to win the low-scoring interleague series 2-1.
Montas (1-0) recorded his second career win with six innings of three-hit, one-run ball. He walked two and struck out seven. The 25-year-old was making his first big-league appearance this season, and his first start since 2016.
Jake Lamb’s sixth-inning sacrifice fly produced Arizona’s only run.
Yusmeiro Petit, Lou Trivino and closer Blake Treinen secured Montas’ win with three perfect innings of relief, combining for four strikeouts. Treinen was credited with his 12th save after retiring the side in order in the ninth.
Greinke (3-4), who had never lost in Oakland, appeared to be cruising after Lucroy’s homer until he issued back-to-back walks to Olson and Chad Pinder with two outs in the sixth, with the game tied at 1-1.
Chapman then followed with his single to left field, giving Oakland the lead for good.
Lucroy’s home run was his first ever off Greinke, whom he caught 35 times while with the Brewers. He’d gone 8-for-12 with a double, triple and two walks in his previous 14 plate appearances since they went their separate ways.
The home run also was Lucroy’s first of the season.
Greinke was pulled after six innings, having allowed both Oakland runs on six hits. He walked three and struck out five.
Chapman and Marcus Semien had two hits apiece for the A’s, who evened their record at 3-3 in their ongoing 10-game homestand. Oakland opens a four-game home set against Tampa Bay on Monday.
The A’s have won nine of their last 13 games. They out-hit the Diamondbacks 7-3.
All three hits for the Diamondbacks were singles as they continued an offensive slump that’s now seen them score two or fewer runs in 13 of their last 16 games.
Arizona has lost 15 of 17, including eight of nine on its just-completed trip. The Diamondbacks kick off a six-game homestand Monday against the Cincinnati Reds.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-oak-ari-recap/as-add-to-diamondbacks-struggles-with-2-1-win-idUSMTZEE5SETIUX0 |
May 30, 2018 / 5:19 PM / Updated 40 minutes ago Tennis-Paire falls short, but Nishikori faces another French test Ossian Shine 2 Min Read
PARIS, May 30 (Reuters) - Fiery Benoit Paire toyed with and teased the emotions of his fellow Frenchmen for a smidgeon shy of three hours on Wednesday, before bowing out of his home Grand Slam in the second round.
Beaten 6-3 2-6 4-6 6-2 6-3 by Japan’s Kei Nishikori - a former U.S. Open runner-up and 19th seed in Paris - the 29-year-old showed flashes of brilliance and, at two sets to one up, large sections of the crowd had started to believe.
It was a typically flamboyant performance from Paire who, with his bushy black beard and dyed white hair, cuts quite a figure on the Roland Garros clay.
But despite all the drop shots, the pummelled backhands and the animated pleas to the crowd for support, it proved not to be enough.
The expected stormclouds stayed away but the crowd was denied what it yearned for: a French victor in this most French of arenas.
Nishikori’s compact, safety-first game was met with mute indifference by the otherwise boisterous supporters who roared their approval and leapt up from their seats every time Paire struck a blow.
The French tennis crowd have always been enthusiastic embracers of the “Mexican Wave” and time and time again it swirled through the stands as Paire’s supporters willed their man to win.
Nishikori, though - as quiet as Paire is animated, as careful as Paire is hit-and-miss - refused to be diverted from him mission.
Nishikori next faces another Frenchman Gilles Simon - and patriotic crowd - after Simon beat 12th seed Sam Querrey. If the Japanese baseliner is to go deep in this tournament, he will have to do it the hard way. (Editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-paire/tennis-paire-falls-short-but-nishikori-faces-another-french-test-idUKL3N1T15GX |
May 27, 2018 / 10:13 AM / Updated 7 hours ago English Domestic One-Day Competition Scoreboard Reuters Staff 1 Min Read May 27 (OPTA) - Scoreboard at close of play of between Gloucestershire and Sussex on Sunday at Bristol, England Match abandoned without a ball bowed Umpire Tom Lungley Umpire Neil Mallender Home Scorer Adrian Bull Away Scorer Mike Charman | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5RDTLOF4 |
TOKYO (Reuters) - Japan’s economy contracted more than expected at the start of this year, suggesting growth has peaked after the best run of expansion in decades, unwelcome news for a government struggling to get traction for its reflationary policies.
The world’s third largest economy shrank by 0.6 percent on an annualised basis, a much more severe contraction than the median estimate for an annualised 0.2 percent decline.
The contraction, which was driven by declines in investment and consumption and weaker export growth, comes as Japan Inc frets over the possible effects of U.S. President Donald Trump’s protectionist policies on exports.
It also highlights the central bank’s vulnerability to an economic or financial shock after five years of heavy monetary stimulus has left it with little ammunition to defend growth.
Economy Minister Toshimitsu Motegi said there was no change to the government’s view that the economy was recovering moderately, predicting a resumption in growth to be driven mainly by private consumption and capital expenditure.
“But we need to be mindful of the impact of overseas economic uncertainty and market volatility,” he added.
External demand - or exports minus imports - added just 0.1 percentage point to first-quarter GDP as imports slowed more than exports.
However, a breakdown of the data shows export growth is losing momentum, expanding just 0.6 percent in the first quarter after growth of 2.2 percent October-December last year.
Slower export growth reflected a decline in shipments of mobile phone parts and factory equipment in the quarter, a government official said.
This is a concern for Japanese manufacturers because many of these machines and electronic components are sent to China, where they are used to produce goods for export, but this trade is at risk if the Trump administration’s threatened tariffs on Chinese exports go ahead.
“Globally, IT-related items have been in an adjustment phase, which weighed down Japan’s exports and factory output,” said Yoshimasa Maruyama, chief market economist at SMBC Nikko Securities.
Economists say Japan’s first-quarter contraction is temporary, but the rebound will not be nearly as strong as previous quarters.
“The economy is not headed for a recession,” said Hiroshi Miyazaki, senior economist at Mitsubishi UFJ Morgan Stanley Securities. “However, it is clear that in the long term the pace of growth is slowing.”
Wednesday’s data marked the end to eight straight quarters of economic expansion, which was the longest stretch of growth since a 12-quarter run between April-June 1986 and January-March 1989.
Fourth quarter growth was revised to an annualised 0.6 percent, down from the 1.6 percent estimated earlier.
Capital expenditure fell 0.1 percent, down for the first time in six quarters, suggesting corporate investment is not as strong as many economists had expected. The median estimate was for a 0.4 percent increase.
The capital spending figures may presage data due on Thursday that is forecast to show core machinery orders, a leading indicator of capital expenditure, fell in March for the first time in three months.
Consumer spending fell marginally, registering a decline of less than one percentage point in the first quarter. The median estimate was for consumer spending to remain unchanged.
“The economy is unlikely to continue to contract further. The global economy is performing well and the yen is trading beyond 110 yen against the dollar, so once exports start to grow again, the economy will return to a moderate growth path,” said
Maruyama of SMBC Nikko Securities.
The first-quarter contraction could make Japanese politicians more reluctant to implement a hike in sales tax to 10 percent from the current 8 percent scheduled for next year.
A sales tax hike to 5 percent from 3 percent in 2014 caused a large fall in consumer spending and tipped the economy into recession.
“The revised GDP data 2017 showed the economy had already started to slow down from the beginning of last year. And the economic contraction for January-March may support some ruling officials’ call for a delay in a planned sales tax hike,” said Kyohei Morita, chief economist at Credit Agricole Securities.
A worker cleans a window of a building at a shopping district in Tokyo, Japan March 7, 2018. REUTERS/Kim Kyung-Hoon/Files Reporting by Stanley White and Leika Kihara; Editing by Eric Meijer
| ashraq/financial-news-articles | https://in.reuters.com/article/japan-economy-gdp/japans-economy-shrinks-in-first-quarter-ends-2-year-run-of-growth-idINKCN1IH0B4 |
Companies could face fines for not complying with GDPR 6 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/companies-could-face-fines-for-not-complying-with-gdpr.html |
BELGRADE (Reuters) - Euroleague holders Fenerbahce Istanbul and fellow heavyweights Real Madrid reached the premier club basketball competition’s final in contrasting style on Friday.
Basketball - EuroLeague Final Four Semi Final B - Fenerbahce Dogus Istanbul vs Zalgiris Kaunas - ?Stark Arena?, Belgrade, Serbia - May 18, 2018 Fenerbahce Dogus Istanbul's Ali Muhammed in action REUTERS/Alkis Konstantinidis Fenerbahce cruised to a 76-67 win over Lithuania’s Zalgiris Kaunas in the opening semi-final while Real, winners of a record nine titles, beat CSKA Moscow 92-83 after overturning a 30-20 first-quarter deficit in the Belgrade Arena.
The showdown on Sunday will be a repeat of last season’s semi-final, when Fenerbahce prevailed en route to their maiden title on home court.
CSKA, who have seven titles and reached their seventh successive Final Four, appeared to be heading for an emphatic victory after shooting guard Cory Higgins scored 10 of their opening 13 points against a disjointed Real.
Basketball - EuroLeague Final Four Semi Final B - Fenerbahce Dogus Istanbul vs Zalgiris Kaunas - ?Stark Arena?, Belgrade, Serbia - May 18, 2018 Fenerbahce Dogus Istanbul's Melih Mahmutoglu shoots as Zalgiris Kaunas' Arturas Milaknis attempts to block REUTERS/Alkis Konstantinidis However, Real turned the match on its head with six three-pointers in the second period which gave them a 47-46 lead at halftime.
CSKA fell apart in the third period as 19-year old Luka Doncic, widely expected to be among the top picks at next month’s NBA draft in New York, orchestrated Real’s offence with the maturity of an experienced stalwart.
Slideshow (5 Images) There was no way back for the heavily-funded Russian team after they fell behind 73-61 early in the fourth quarter.
Doncic and playmaker Sergio Lull finished with 16 points apiece for Real while Tray Tompkins and Gustavo Ayon added 12 each. Frenchman Nando De Colo led CSKA with 20 points.
Roared on by 10,000 fervent supporters, Fenerbahce prevailed thanks to an ironclad defense coupled with a game-high 19 points from playmaker Ali Muhamed.
The Turkish side’s trophy-laden Serbian coach Zeljko Obradovic, chasing a record 10th title with a fifth different club, was delighted.
“It was exactly the kind of game we expected as Zalgiris are a die-hard team who never give up,” he told a news conference.
“We had a few dips but found a way to bounce back and stay ahead, thanks to great fan support among other things. We are looking forward to the final.”
Reporting by Zoran Milosavljevic; Editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-euroleague/basketball-holders-fenerbahce-sink-zalgiris-to-reach-euroleague-final-idUSKCN1IJ2HQ |
May 7 (Reuters) - Manpasand Beverages Ltd:
* MANPASAND BEVERAGES - CO AND PARLE PRODUCTS TO JOINTLY DISTRIBUTE BRANDS IN WESTERN MARKETS Source text - bit.ly/2JYFuvf
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-manpasand-beverages-says-co-and-pa/brief-manpasand-beverages-says-co-and-parle-products-to-jointly-distribute-brands-in-western-markets-idUSFWN1SE0E3 |
May 10 (Reuters) - ArcBest Corp:
* Q1 EARNINGS PER SHARE $0.37 * Q1 REVENUE $700 MILLION VERSUS I/B/E/S VIEW $691.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.07 — THOMSON REUTERS I/B/E/S
* Q1 NON-GAAP EARNINGS PER SHARE $0.29
* QTRLY SHIPMENTS PER DAY DECREASE 9.4 PERCENT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arcbest-reports-q1-earnings-per-sh/brief-arcbest-reports-q1-earnings-per-share-0-37-idUSASC0A1LA |
Cashin: Critical couple of days here 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/cashin-critical-couple-of-days-here.html |
Bill Fish was texting his wife on breaks during a talent show at their children’s Cincinnati school when a woman seated next to him asked, “Are you married to Nicole Fish?”
Assuming the woman was trying to be friendly, Mr. Fish said he was, introduced himself and said, “Nice to meet you,” he says.
“Her next line to me was, ‘I saw that you’ve... | ashraq/financial-news-articles | https://www.wsj.com/articles/forget-the-hackers-watch-out-for-the-phone-snoopers-over-your-shoulder-1525877696 |
5:49 PM ET Fri, 18 May 2018 | 02:41
The small cap Russell 2000 index is ripping to fresh records, while the overall stock market continues to struggle.
B. Riley FBR's Art Hogan predicted recently that trend will dominate in the coming months. He has a year-end price target of 1800 on the Russell 2000, a 16 percent surge from where the index began the year.
"We're in early innings of this run," the firm's chief market strategist said recently on CNBC's " Trading Nation ." He added: "This is a trade that's got legs."
Hogan believes small caps are better positioned to weather a strong dollar, and fallout from the Trump administration's controversial trade policies. Plus, he noted the group benefits more directly from lower effective tax rates enacted last year than their larger peers.
"The Russell 2000 is probably going to be a better place to be than the S&P [this year]," he said.
The Russell 2000 closed at a record high of 1,626.63 on Friday, extending its win streak to three days. It came as the S&P 500 saw its third negative week in four.
"We're starting to notice that it's making record highs, but it's underperformed over the last two years," Hogan added. "We have more ground to make up." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/small-caps-in-early-innings-of-record-run-wall-street-veteran-says.html |
QUETTA, Pakistan, May 5 (Reuters) - A coalmine explosion on Saturday killed at least 16 labourers and injured several others in southwest Pakistan, with over a dozen still trapped, officials said.
Director of disaster management Attaullah Khan said methane gas had caused the explosion in a mine some 60 km (35 miles) east of Quetta city, capital of Baluchistan province.
“We have retrieved 11 bodies,” Khan said. He said over a dozen labourers were still trapped in the mine. Rescue work was in process, Chief Inspector of Mines Iftikhar Ahmad said.
Accidents are frequent in the province’s mines and are mainly due to inadequate safety measures.
Reporting by Asif Shahzad; Editing by Kevin Liffey
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL3N1SC06J |
May 2 (Reuters) - Nutraplus India Ltd:
* SAYS APPROVED APPOINTMENT OF UDAY DESAI AS CHIEF EXECUTIVE OFFICER Source text - bit.ly/2Kv9mjD Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nutraplus-india-approves-appointme/brief-nutraplus-india-approves-appointment-of-uday-desai-as-ceo-idUSFWN1S90XN |
— Q1:18 total net product sales of $3,531 million, increased 20% Y/Y
— Raising full-year 2018 revenue guidance to high end of previous range
— Completion of Juno Therapeutics & Impact Biomedicines acquisitions will strengthen pipeline and capabilities
— Submission of NDA and MAA for ozanimod in relapsing multiple sclerosis expected in Q1:19
SUMMIT, N.J.--(BUSINESS WIRE)-- Celgene Corporation (NASDAQ:CELG) reported net product sales of $3,531 million for the first quarter of 2018, a 20 percent increase from the same period in 2017. Celgene reported first quarter 2018 total revenue of $3,538 million, a 19 percent increase compared to $2,962 million in the first quarter of 2017.
Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported net income of $846 million and diluted earnings per share (EPS) of $1.10 for the first quarter of 2018. For the first quarter of 2017, GAAP net income was $932 million and diluted EPS was $1.15.
Adjusted net income for the first quarter of 2018 increased 16 percent to $1,572 million compared to $1,355 million in the first quarter of 2017. For the same period, adjusted diluted EPS increased 23 percent to $2.05 (inclusive of approximately $0.05 dilution from the Juno acquisition) from $1.67.
“Strong global demand and excellent commercial execution drove our exceptional first quarter results, leading to improvement in our 2018 financial guidance,” said Mark J. Alles, Chairman and Chief Executive Officer of Celgene Corporation. “With multiple catalysts for growth expected over the next 12 to 18 months, we are reaffirming our 2020 outlook.”
First Quarter 2018 Financial Highlights
Unless otherwise stated, all comparisons are for the first quarter of 2018 compared to the first quarter of 2017. The adjusted operating expense categories presented below exclude share-based employee compensation expense, research and development asset acquisition expense, collaboration-related upfront expense and a benefit associated with the adjustment to clinical trial and development activity wind-down costs. Please see the attached Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Adjusted Net Income for further information relevant to the interpretation of adjusted financial measures and reconciliations of these adjusted financial measures to the most comparable GAAP measures, respectively.
Net Product Sales Performance
REVLIMID ® sales for the first quarter increased 19 percent to $2,234 million. Sales growth was primarily volume-driven due to increases in treatment duration and market share. U.S. sales of $1,487 million and international sales of $747 million increased 21 percent and 15 percent year-over-year, respectively. POMALYST ® /IMNOVID ® sales for the first quarter were $453 million, an increase of 24 percent year-over-year. U.S. sales were $300 million and international sales were $153 million, an increase of 39 percent and 3 percent year-over-year, respectively. POMALYST ® /IMNOVID ® sales growth was primarily volume-driven due to increases in treatment duration and market share. OTEZLA ® sales for the first quarter were $353 million, a 46 percent increase year-over-year. First quarter U.S. sales of $276 million and international sales of $77 million increased 39 percent and 79 percent, year-over-year, respectively. OTEZLA ® sales in the U.S. were primarily volume-driven due to increasing demand and improved access pull-through in contracted health plans. OTEZLA ® international sales growth was driven primarily by increasing adoption in key ex-U.S. markets. ABRAXANE ® sales for the first quarter were $262 million, an 11 percent increase year-over-year. U.S. sales were $159 million and international sales were $103 million, an increase of 12 percent and 10 percent, year-over-year, respectively. ABRAXANE ® sales were positively impacted by buying patterns. Growth in Europe was driven by market share gains for ABRAXANE ® in pancreatic cancer. In the first quarter, all other product sales, which include IDHIFA ® , THALOMID ® , ISTODAX ® , VIDAZA ® and an authorized generic version of VIDAZA ® drug product primarily sold in the U.S., were $229 million compared to $226 million in the first quarter of 2017.
Research and Development (R&D)
On a GAAP basis, R&D expenses were $2,203 million for the first quarter of 2018 versus $995 million for the same period in 2017. The first quarter increase was primarily due to an increase in research and development asset acquisition expense relating to our acquisition of Impact Biomedicines, Inc. (Impact), an increase in share-based compensation expense related to our acquisition of Juno Therapeutics, Inc. (Juno), and increased spending related to clinical trial and other R&D activity, partially offset by a reduction of one-time charges related to wind-down costs associated with the GED-0301 clinical trials in Crohn’s disease and certain development activities.
Adjusted R&D expenses were $694 million for the first quarter of 2018 compared to $595 million for the first quarter of 2017. The first quarter increase was primarily due to increased spending related to clinical trial and other R&D activities.
Selling, General, and Administrative (SG&A)
On a GAAP basis, SG&A expenses were $864 million for the first quarter of 2018 compared to $620 million for the same period in 2017. The first quarter increase was primarily due to an increase in share-based compensation expense related to our acquisition of Juno and an increase in promotional activities and legal expenses.
Adjusted SG&A expenses were $671 million for the first quarter of 2018 compared to $539 million for the first quarter of 2017. The first quarter increase was primarily due to an increase in promotional activities and legal expenses.
Cash, Cash Equivalents, Marketable Debt Securities and Publicly-Traded Equity Securities
Operating cash flow was $(325) million in the first quarter of 2018, compared to $853 million for the first quarter of 2017, which was primarily impacted by the $1.1 billion upfront cash payment to acquire Impact Biomedicines (fedratinib).
In the first quarter, Celgene completed two strategic acquisitions for over $10 billion. We repurchased approximately 29.0 million shares at a total cost of approximately $2.7 billion. Celgene raised $4.5 billion in a debt offering to finance a portion of the acquisition of Juno. Celgene ended the quarter with approximately $4.7 billion in cash, cash equivalents, marketable debt securities and publicly-traded equity securities.
Celgene Expects Volume-Driven Product Sales and Earnings Growth in 2018
Previous 2018 Guidance* Updated without dilution from Juno Updated with dilution from Juno Total Revenue $14.4B to $14.8B ~$14.8B ~$14.8B REVLIMID ® Net Product Sales ~ $9.4B ~ $9.5B ~ $9.5B POMALYST ® /IMNOVID ® Net Product Sales ~ $1.9B ~ $2.0B ~ $2.0B OTEZLA ® Net Product Sales ~ $1.5B Unchanged Unchanged ABRAXANE ® Net Product Sales ~ $1.0B Unchanged Unchanged GAAP Operating Margin ~ 46.5% ~ 45% ~ 38% GAAP Diluted EPS $7.26 to $7.66 ~ $7.36 ~ $6.31 Adjusted Operating Margin Adjusted Diluted EPS
~ 60.0% $8.70 to $8.90
Unchanged ~$8.95
~56.0% ~$8.45
Adjusted Tax Rate ~18% ~17.5% ~17% Weighted Average Diluted Shares ~ 775M ~755M ~755M * Previous 2018 guidance did not include the impact of our acquisition of Juno, which was expected to be dilutive to adjusted diluted EPS in 2018 by approximately $0.50.
Product and Pipeline Updates
Hematology & Oncology
At the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting in June, data presentations are expected to include: Updated durability and safety data from the pivotal TRANSCEND NHL-001 trial evaluating liso-cel (JCAR017) in patients with relapsed or refractory aggressive non-Hodgkin lymphoma (NHL). In addition, the pivotal TRANSCEND NHL-001 trial completed enrollment in April. In collaboration with partner bluebird bio, updated data from the CRB-401 phase I trial evaluating bb2121 in patients with relapsed and/or refractory multiple myeloma (RRMM). Results from the phase III OPTIMISMM ® trial evaluating POMALYST ® in combination with bortezomib and dexamethasone (PVd) in patients with second-line multiple myeloma. Results from the phase III RELEVANCE ® trial with REVLIMID ® in combination with rituximab (R²) in patients with previously untreated follicular lymphoma (FL). Primary progression-free survival (PFS) and safety analysis from the Genentech-sponsored phase III IMpower131 trial evaluating atezolizumab plus chemotherapy (carboplatin and ABRAXANE ® ) as first-line treatment in patients with advanced squamous non-small cell lung cancer (NSCLC). In April, Celgene initiated the pivotal TRANSCEND WORLD trial evaluating liso-cel in patients with relapsed or refractory diffuse large B-cell lymphoma (DLBCL) in the EU and Japan. These data are expected to support international registration submissions for liso-cel in DLBCL. The phase I TRANSCEND CLL-004 trial evaluating liso-cel in patients with relapsed or refractory chronic lymphocytic leukemia (CLL) initiated in the first quarter. The phase I EVOLVE trial evaluating JCARH125, a chimeric antigen receptor (CAR) T cell therapy targeting B-cell maturation antigen (BCMA), in patients with RRMM initiated in the first quarter. Celgene’s partner BeiGene initiated the phase III trial evaluating BGB-A317 (tislelizumab) versus sorafenib in patients with previously untreated advanced hepatocellular carcinoma (HCC) in the first quarter. In addition, a phase II trial evaluating tislelizumab in patients with previously treated advanced HCC was initiated.
Inflammation & Immunology
In February, Celgene announced it received a Refusal To File (RTF) letter from the U.S. Food and Drug Administration (FDA) regarding the New Drug Application (NDA) for ozanimod in relapsing multiple sclerosis (RMS). Following a Type A meeting with the FDA in early April, Celgene expects to resubmit the NDA in the first quarter of 2019. Following a meeting with European regulatory authorities, Celgene expects to submit a Marketing Authorization Application (MAA) for ozanimod in RMS in the first quarter of 2019. At the 2018 American Academy of Neurology (AAN) Annual meeting in April, data from new analyses of both pivotal phase III SUNBEAM ™ and RADIANCE ™ Part B trials evaluating ozanimod in RMS were presented. These new analyses show dose-dependent effects of ozanimod on annualized relapse rate (ARR) versus interferon beta-1a (Avonex ® ) across subgroups, including baseline disability and prior exposure to disease-modifying therapies, that were consistent with the overall ARR primary endpoint. In addition, data presentations of exploratory endpoints showed reductions in cortical grey matter and thalamic volume loss consistent with the reductions in whole brain volume loss seen in SUNBEAM ™ at one year and RADIANCE ™ Part B at two years for ozanimod compared with Avonex ® . The overall safety and tolerability profile for ozanimod has been consistent across the RADIANCE ™ Part A, SUNBEAM ™ and RADIANCE ™ Part B studies. In February, data from the phase II randomized, double-blind, placebo-controlled proof of concept study evaluating OTEZLA ® in patients with ulcerative colitis (UC) were presented at the 13 th Congress of the European Crohn’s and Colitis Organization (ECCO). In addition, these phase II data have also been accepted for an encore presentation at the Digestive Disease Week ® (DDW) meeting in June. Celgene plans to initiate the pivotal program with OTEZLA ® in UC in 2018.
Business Updates
In March, Celgene announced that it completed the acquisition of Juno, a biopharmaceutical company focused on developing innovative cellular immunotherapies for the treatment of cancer. The Juno acquisition positions Celgene as a global cellular immunotherapy company by adding a novel scientific platform and scalable manufacturing capabilities, in addition to liso-cel, an investigational CD19-directed CAR T currently in a clinical development program for relapsed and/or refractory DLBCL.
Celgene acquired all the outstanding shares of common stock of Juno through a tender offer for $87 per share in cash, or an aggregate of approximately $9.1 billion. The transaction was funded through a combination of existing cash, cash equivalents, debt securities available-for-sale and new debt. In February, Celgene completed the acquisition of Impact, a privately-held biotechnology company developing fedratinib, a highly selective Janus kinase 2 (JAK2) inhibitor, for myelofibrosis. This acquisition strengthens Celgene's commitment to myelofibrosis, a disease with high unmet medical need, and expands strategic development options within Celgene's myeloid portfolio of assets.
Under the terms of the agreement, Celgene paid approximately $1.1 billion upfront, contingent consideration based upon regulatory approvals of up to $1.4 billion (including $1.25 billion for myelofibrosis), and contingent consideration of up to $4.5 billion based upon the achievement of sales in any four consecutive calendar quarters between $1.0 billion and $5.0 billion. In March, Celgene and Prothena Corporation (Prothena) announced a global collaboration to develop new therapies for a broad range of neurodegenerative diseases. The multi-year research and development collaboration is focused on three proteins implicated in the pathogenesis of several neurodegenerative diseases, including tau, TDP-43 and an undisclosed target. For each of the programs, Celgene has an exclusive right to license clinical candidates in the U.S. at Investigational New Drug (IND) filing, and if exercised, would also have a right to expand the license to global rights at the completion of phase I.
Under the terms of the collaboration, Prothena received a $150 million upfront payment (which includes an equity investment) plus future potential exercise payments and regulatory and commercial milestones for each licensed program. Prothena will also receive additional royalties on net sales of any resulting marketed products. In March, Celgene and Vividion Therapeutics Inc., (Vividion) announced a multi-year strategic research collaboration focused on the identification and development of unique small molecules against targets for a range of oncology, inflammatory and neurodegenerative indications. The collaboration utilizes Vividion's platform to identify ligands and discover drug candidates against a selected list of high-value, difficult-to-drug targets.
Under the terms of the collaboration, Vividion received an upfront payment of $101 million (which includes an equity investment). Celgene will have the right to opt in to programs at IND acceptance and Celgene will receive exclusive worldwide rights for certain programs, including the first program. In addition, other programs will allow for Celgene and Vividion to share equally either U.S. or worldwide development costs and commercialization profits and losses. In early March, Celgene’s partner bluebird bio opted in on their right to co-develop and co-promote bb2121, an investigational anti-BCMA CAR T cell therapy for the treatment of patients with RRMM in the United States. The companies originally entered into a broad, global strategic research collaboration in 2013 to discover, develop and commercialize novel therapies in oncology, which included bb2121. Celgene and bluebird bio amended and restated the collaboration agreement in 2015 to focus on developing product candidates targeting BCMA.
Organizational Updates
Celgene recently announced the election of Hans Bishop, Patricia “Pat” Hemingway Hall and John Weiland to the Board of Directors.
Mr. Bishop is a 30-year industry veteran and pioneer in the field of cellular immunotherapy whose expertise will help Celgene lead in this extremely promising area of science. He was most recently President and CEO of Juno, a cellular immunotherapy company that he co-founded in 2013 and led until Juno was acquired by Celgene in March 2018.
Ms. Hemingway Hall has more than 30 years of experience with a focus on the U.S. health insurance market and deep understanding of the U.S. market access landscape which will help to shape Celgene's strategy in an increasingly complex environment. She most recently was CEO of Health Care Service Corporation (HCSC), the nation's largest mutual health insurance company, which operates as Blue Cross and Blue Shield in Illinois, Montana, New Mexico, Oklahoma and Texas, from 2008 until her retirement in 2015.
Mr. Weiland has over 30 years in the healthcare industry with significant expertise and experience across therapeutic areas and geographies. His leadership and insight will help to inform and direct Celgene's long-term growth strategy. He was most recently the President and Chief Operating Officer of C. R. Bard, Inc. (Bard), with worldwide responsibility for all of Bard's business operations prior to it being acquired by Becton, Dickinson and Company (BD) in December 2017.
First Quarter 2018 Conference Call and Webcast Information
Celgene will host a conference call to discuss the first quarter of 2018 operational and financial performance on Friday, May 4, 2018, at 9 a.m. ET. The conference call will be available by webcast at www.celgene.com . An audio replay of the call will be available from noon May 4, 2018, until midnight ET May 11, 2018. To access the replay in the U.S., dial (855) 859-2056; outside the U.S. dial (404) 537-3406. The participant passcode is 6196716.
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. For more information, please visit www.celgene.com . Follow Celgene on Social Media: @Celgene , Pinterest , LinkedIn , Facebook and YouTube .
About REVLIMID ®
In the U.S., REVLIMID ® (lenalidomide) in combination with dexamethasone is indicated for the treatment of patients with multiple myeloma. REVLIMID ® as a single agent is also indicated as a maintenance therapy in patients with multiple myeloma following autologous hematopoietic stem cell transplant. REVLIMID ® is indicated for patients with transfusion-dependent anemia due to low- or intermediate-1-risk myelodysplastic syndromes (MDS) associated with a deletion 5q cytogenetic abnormality with or without additional cytogenetic abnormalities. REVLIMID ® is approved in the U.S. for the treatment of patients with mantle cell lymphoma (MCL) whose disease has relapsed or progressed after two prior therapies, one of which included bortezomib. Limitations of Use: REVLIMID ® is not indicated and is not recommended for the treatment of chronic lymphocytic leukemia (CLL) outside of controlled clinical trials.
About ABRAXANE ®
In the U.S., ABRAXANE ® for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) is indicated for the treatment of metastatic breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy. Prior therapy should have included an anthracycline unless clinically contraindicated. ABRAXANE ® is indicated for the first-line treatment of locally advanced or metastatic non-small cell lung cancer, in combination with carboplatin, in patients who are not candidates for curative surgery or radiation therapy. ABRAXANE ® is also indicated for the first-line treatment of metastatic adenocarcinoma of the pancreas in combination with gemcitabine.
About POMALYST ®
In the U.S., POMALYST ® (pomalidomide) is indicated for patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy.
About OTEZLA ®
In the U.S., OTEZLA ® (apremilast) is indicated for the treatment of adult patients with active psoriatic arthritis. OTEZLA ® is indicated in the U.S. for the treatment of patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy.
Forward-Looking Statement
This press release contains which are generally statements that are not historical facts. Forward-looking statements can be identified by the words "expects," "anticipates," "believes," "intends," "estimates," "plans," "will," “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent , most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission.
Hyperlinks are provided as a convenience and for informational purposes only. Celgene bears no responsibility for the security or content of external websites.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on management’s view of performance including:
Adjusted research and development expense Adjusted selling, general and administrative expense Adjusted operating margin Adjusted net income Adjusted earnings per share
Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures we typically exclude certain GAAP items that management does not consider to be normal, recurring, cash operating expenses but that may not meet the definition of unusual or non-recurring items. Other companies may define these measures in different ways. The following categories of items are excluded from adjusted financial results:
Acquisition and Divestiture-Related Costs: We exclude the impact of certain amounts recorded in connection with business combinations and divestitures from our adjusted financial results that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. These amounts may include non-cash items such as the amortization of acquired intangible assets, amortization of purchase accounting adjustments to inventories, intangible asset impairment charges and expense or income related to changes in the estimated fair value measurement of contingent consideration and success payments. We also exclude transaction and certain other cash costs associated with business acquisitions and divestitures that are not normal recurring operating expenses, including severance costs which are not part of a formal restructuring program.
Share-based Compensation Expense: We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued.
Collaboration-related Upfront Expenses: We exclude collaboration-related upfront expenses from our adjusted financial results because we do not consider them to be normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Upfront payments to collaboration partners are made at the commencement of a relationship anticipated to continue for a multi-year period and provide us with intellectual property rights, option rights and other rights with respect to particular programs. The variability of amounts and lack of predictability of collaboration-related upfront expenses makes the identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development, which does not include collaboration-related upfront expenses, provides useful and meaningful information about our ongoing research and development activities by enhancing investors’ understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and with respect to projected performance. All expenses incurred subsequent to the initiation of the collaboration arrangement, such as research and development cost-sharing expenses/reimbursements and milestone payments up to the point of regulatory approval are considered to be normal, recurring operating expenses and are included in our adjusted financial results.
Research and Development Asset Acquisition Expense: We exclude costs associated with acquiring rights to pre-commercial compounds because we do not consider such costs to be normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Research and development asset acquisition expenses includes expenses to acquire rights to pre-commercial compounds from a collaboration partner when there will be no further participation from the collaboration partner or other parties. The variability of amounts and lack of predictability of research and development asset acquisition expenses makes the identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development, which does not include research and development asset acquisition expenses, provides useful and meaningful information about our ongoing research and development activities by enhancing investors’ understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and with respect to projected performance.
Restructuring Costs: We exclude costs associated with restructuring initiatives from our adjusted financial results. These costs include amounts associated with facilities to be closed, employee separation costs and costs to move operations from one location to another. We do not frequently undertake restructuring initiatives and therefore do not consider such costs to be normal, recurring operating expenses.
Certain Other Items: We exclude certain other significant items that may occur occasionally and are not normal, recurring, cash operating expenses from our adjusted financial results. Such items are evaluated on an individual basis based on both the quantitative and the qualitative aspect of their nature and generally represent items that, either as a result of their nature or magnitude, we would not anticipate occurring as part of our normal business on a regular basis. While not all-inclusive, examples of certain other significant items excluded from adjusted financial results would be: significant litigation-related loss contingency accruals and expenses to settle other disputed matters and, effective for fiscal year 2018, changes in the fair value of our equity securities upon the adoption of ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities).
Estimated Tax Impact From Above Adjustments: We exclude the net income tax impact of the non-tax adjustments described above from our adjusted financial results. The net income tax impact of the non-tax adjustments includes the impact on both current and deferred income taxes and is based on the taxability of the adjustment under local tax law and the statutory tax rate in the tax jurisdiction where the adjustment was incurred.
Non-Operating Tax Adjustments: We exclude the net income tax impact of certain other significant income tax items, which are not associated with our normal, recurring operations (“Non-Operating Tax Items”), from our adjusted financial results. Non-Operating Tax Items include items which may occur occasionally and are not normal, recurring operating expenses (or benefits), including adjustments related to acquisitions, divestitures, collaborations, certain adjustments to the amount of unrecognized tax benefits related to prior year tax positions, the impact of tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (2017 Tax Act), and other similar items. We also exclude excess tax benefits and tax deficiencies that arise upon vesting or exercise of share-based payments recognized as income tax benefits or expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing.
See the attached Reconciliations of GAAP to Adjusted Net Income for explanations of the amounts excluded and included to arrive at the adjusted measures for the three- month periods ended March 31, 2018 and 2017, and for the projected amounts for the twelve-month period ending December 31, 2018.
Celgene Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(In millions, except per share data)
Three-Month Periods Ended March 31, 2018 2017* Net product sales $ 3,531 $ 2,952 Other revenue 7 10 Total revenue 3,538 2,962 Cost of goods sold (excluding amortization of acquired intangible assets) 135 113 Research and development 2,203 995 Selling, general and administrative 864 620 Amortization of acquired intangible assets 87 82 Acquisition related charges and restructuring, net 31 39 Total costs and expenses 3,320 1,849 Operating income 218 1,113 Interest and investment income, net 13 15 Interest (expense) (166 ) (127 ) Other income, net 965 13 Income before income taxes 1,030 1,014 Income tax provision 184 82 Net income $ 846 $ 932 Net income per common share: Basic $ 1.13 $ 1.20 Diluted $ 1.10 $ 1.15 Weighted average shares: Basic 748.3 779.0 Diluted 768.3 811.2 * During the third quarter of 2017, we adopted ASU 2017-12 with an initial application date of January 1, 2017. Prior to the adoption of ASU 2017-12, we recognized all changes in the fair value of the excluded component of a hedge in Other income, net in the Consolidated Statements of Income under a mark-to-market approach. Pursuant to the provisions of ASU 2017-12, we no longer recognize the adjustments to the fair value of the excluded component in Other income, net but we instead recognize the initial value of the excluded component using an amortization approach over the life of the hedging instrument. The results for the quarterly period ended March 31, 2017 have been recast to reflect the adoption of ASU 2017-12. The three-month period ended March 31, 2017 includes the following immaterial revisions to previously issued financial results:
Three-Month Period Ended March 31, 2017 As Reported As Revised Net product sales $ 2,950 $ 2,952 Other income, net 26 13 Income tax provision 84 82 Net income 941 932 Diluted net income per common share $ 1.16 $ 1.15 March 31, December 31, 2018 2017 Balance sheet items: Cash, cash equivalents, debt securities available-for-sale and equity investments with readily determinable fair values $ 4,740 $ 12,042 Total assets 34,556 30,141 Long-term debt, including current portion 20,271 15,838 Total stockholders' equity 5,172 6,921 Celgene Corporation and Subsidiaries
Reconciliation of GAAP to Adjusted Net Income
(In millions, except per share data)
Three-Month Periods Ended March 31, 2018 2017* Net income - GAAP $ 846 $ 932 Before tax adjustments: Cost of goods sold (excluding amortization of acquired intangible assets): Share-based compensation expense (1 ) 9 7 Research and development: Share-based compensation expense (1 ) 199 65 Collaboration-related upfront expense (2 ) 245 10 Research and development asset acquisition expense (3 ) 1,125 325 Adjustment to clinical trial and development activity wind-down charge (4 ) (60 ) - Selling, general and administrative: Share-based compensation expense (1 ) 193 81 Amortization of acquired intangible assets (5 ) 87 82 Acquisition related charges and restructuring, net: Change in fair value of contingent consideration and success payments (6 ) (30 ) 39 Acquisition related charges (7 ) 61 - Other income, net: Changes in fair value of equity investments (8 ) (959 ) - Income tax provision: Estimated tax impact from above adjustments (9 ) (133 ) (111 ) Non-operating tax adjustments (10 ) (11 ) (75 ) Net income - Adjusted $ 1,572 $ 1,355 Net income per common share - Adjusted Basic $ 2.10 $ 1.74 Diluted $ 2.05 $ 1.67 Explanation of adjustments: (1) Exclude share-based compensation expense totaling $401, including $250 related to Juno Therapeutics, Inc. (Juno), for the three-month period ended March 31, 2018 and $153 for the three-month period ended March 31, 2017.
(2) Exclude upfront payment expense for research and development collaboration arrangements. (3) Exclude research and development asset acquisition expenses. (4) Exclude adjustment of clinical trial and development activity wind-down charge associated with the discontinuance of GED-0301 clinical trials in Crohn’s disease. (5) Exclude amortization of intangible assets acquired in the acquisitions of Pharmion Corp., Gloucester Pharmaceuticals, Inc. (Gloucester), Abraxis BioScience, Inc. (Abraxis), Celgene Avilomics Research, Inc. (Avila), Quanticel Pharmaceuticals, Inc. (Quanticel) and Juno. (6) Exclude changes in the fair value of contingent consideration related to the acquisitions of Gloucester, Abraxis, Avila, Nogra Pharma Limited (Nogra), Quanticel and Juno, as well as changes in the fair value of Juno's success payments. (7) Exclude acquisition costs related to Juno. (8) Exclude changes in the fair value of equity investments due to the adoption of ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities). (9) Exclude the estimated tax impact of the above adjustments. (10) Exclude other non-operating tax expense items. The adjustment for the three-month periods ended March 31, 2018 and March 31, 2017 is to exclude the excess tax benefits of $11 and $75, respectively, recorded in the Income Tax Provision as per ASU 2016-09 (Compensation-Stock Compensation).
Three-Month Period Ended March 31, 2017 As Reported As Revised Net income - GAAP $ 941 $ 932 Net income - Adjusted 1,364 1,355 Diluted net income per common share - Adjusted $ 1.68 $ 1.67 Celgene Corporation and Subsidiaries
Reconciliation of Full-Year 2018 Projected GAAP to Adjusted Net Income
(In millions, except per share data)
Updated without Dilution from Juno Updated with Dilution from Juno Projected net income - GAAP (1 ) $ 5,556 $ 4,767 Before tax adjustments: Cost of goods sold (excluding amortization of acquired intangible assets): Share-based compensation expense 30 30 Research and development: Share-based compensation expense 269 524 Collaboration-related upfront expense 257 257 Research and development asset acquisition expense 1,125 1,125 Adjustment to clinical trial and development activity wind-down charge (60 ) (60 ) Selling, general and administrative: Share-based compensation expense 347 511 Amortization of acquired intangible assets 257 319 Acquisition related charges and restructuring, net: Change in fair value of contingent consideration and success payments (30 ) (16 ) Acquisition related charges - 61 Other income, net: Changes in fair value of equity investments (950 ) (950 ) Income tax provision: Estimated tax impact from above adjustments (33 ) (177 ) Non-operating tax adjustments (11 ) (11 ) Projected net income - Adjusted $ 6,757 $ 6,380 Projected net income per diluted common share - GAAP ~ $ 7.36 ~ $ 6.31 Projected net income per diluted common share - Adjusted ~ $ 8.95 ~ $ 8.45 Projected weighted average diluted shares 755.0 755.0 (1) Our projected 2018 earnings do not include the effect of any business combinations, collaboration agreements, asset acquisitions, asset impairments, litigation-related loss contingency accruals, changes in the fair value of our CVRs issued as part of the acquisition of Abraxis, changes in the fair value of equity investments as per ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities) or non-operating tax adjustments that may occur after the day prior to the date of this press release. Celgene Corporation and Subsidiaries
Net Product Sales
(In millions)
Three-Month Periods Ended March 31, % Change 2018 2017 Reported Operational (1) Currency (2) REVLIMID ® U.S. $ 1,487 $ 1,234 20.5% 20.5% 0.0% International 747 650 14.9% 14.0% 0.9% Worldwide 2,234 1,884 18.6% 18.3% 0.3% POMALYST ® /IMNOVID ® U.S. 300 216 38.9% 38.9% 0.0% International 153 148 3.4% 3.6% (0.2)% Worldwide 453 364 24.5% 24.6% (0.1)% OTEZLA ® U.S. 276 199 38.7% 38.7% 0.0% International 77 43 79.1% 78.5% 0.6% Worldwide 353 242 45.9% 45.8% 0.1% ABRAXANE ® U.S. 159 142 12.0% 12.0% 0.0% International 103 94 9.6% 9.5% 0.1% Worldwide 262 236 11.0% 11.0% 0.0% IDHIFA ® (3) U.S. 14 - N/A N/A N/A International - - N/A N/A N/A Worldwide 14 - N/A N/A N/A VIDAZA ® U.S. 2 2 0.0% 0.0% 0.0% International 155 156 (0.6)% (1.0)% 0.4% Worldwide 157 158 (0.6)% (1.0)% 0.4% azacitidine for injection U.S. 6 9 (33.3)% (33.3)% 0.0% International 1 - N/A N/A N/A Worldwide 7 9 (22.2)% (22.2)% 0.0% THALOMID ® U.S. 19 22 (13.6)% (13.6)% 0.0% International 12 14 (14.3)% (14.7)% 0.4% Worldwide 31 36 (13.9)% (14.1)% 0.2% ISTODAX ® U.S. 16 17 (5.9)% (5.9)% 0.0% International 3 3 0.0% (3.3)% 3.3% Worldwide 19 20 (5.0)% (5.4)% 0.4% All Other U.S. - - N/A N/A N/A International 1 3 N/A N/A N/A Worldwide 1 3 N/A N/A N/A Total Net Product Sales U.S. 2,279 1,841 23.8% 23.8% 0.0% International 1,252 1,111 12.7% 12.3% 0.4% Worldwide $ 3,531 $ 2,952 19.6% 19.4% 0.2% (1) Operational includes impact from both volume and price (2) Currency includes the impact from both foreign exchange rates and hedging activities (3) IDHIFA ® was approved in August 2017 in the U.S. for the treatment of adult patients with R/R AML with an isocitrate dehydrogenase-2 (IDH2) mutation as detected by an FDA approved test.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005282/en/
Investors:
Patrick E. Flanigan III, 908-673-9969
Corporate Vice President
Investor Relations
or
Media:
Brian P. Gill, 908-673-9530
Vice President
Corporate Communications
Source: Celgene Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-celgene-reports-first-quarter-2018-operating-and-financial-results.html |
May 21, 2018 / 3:29 PM / Updated 34 minutes ago Moscow Exchange launches repo with 10 U.S. blue chips Reuters Staff 2 Min Read
MOSCOW, May 21 (Reuters) - The Moscow Exchange said on Monday it has started offering clients repo operations with 10 most liquid shares of U.S. companies listed in the United States.
Access to such repo operations, or repurchase agreement operations through the Moscow Exchange’s agent, is the bourse’s first step towards its goal of offering clients access to global stock markets.
Earlier this year, Reuters reported the Moscow Exchange was discussing giving brokers remote access to shares in 50 Western companies trading on other exchanges by the end of the year.
From May 21 onwards, the Moscow Exchange will offer repo operations in shares of Alphabet Inc (Google), Amazon , Apple Inc, Facebook, McDonald’s Corporation, Microsoft Corp., Nike, Nvidia Corp., Tesla and Twitter.
The exchange’s CEO Alexander Afanasyev has said earlier the bourse’s intention to open access to most liquid global shares was not connected with sanctions against Russia.
The new repo facility allows Moscow Exchange clients to use the U.S. listed shares as collateral in Moscow. (Reporting by Elena Fabrichnaya Writing by Andrey Ostroukh and Jane Merriman) | ashraq/financial-news-articles | https://www.reuters.com/article/russia-exchange-foreign-stocks/moscow-exchange-launches-repo-with-10-u-s-blue-chips-idUSL5N1SS3XC |
YANGON (Reuters) - A Myanmar judge on Tuesday allowed the submission of evidence police say they obtained from the mobile phones of two Reuters reporters arrested in December for alleged possession of secret documents, in what has become a landmark press freedom case.
Detained Reuters journalist Kyaw Soe Oo speaks to the media, while escorted by police, after a court hearing in Yangon, Myanmar May 22, 2018. REUTERS/Ann Wang The court in Yangon has been holding hearings since January to decide whether Wa Lone, 32, and his Reuters colleague Kyaw Soe Oo, 28, will be charged under the colonial-era Official Secrets Act, which carries a maximum penalty of 14 years in prison.
After two days of legal argument, Judge Ye Lwin ruled he would accept as evidence printed copies of documents that a police witness said were found on their phones. The documents included alleged confidential government letters and plans for the development of an island off Myanmar’s west coast for tourism.
So far the case has focused on documents police say the reporters were holding in their hands when they were arrested on Dec. 12, and the prosecution did not explain how the latest documents related to the case against the two journalists.
“Most of the documents are about a project plan for Rakhine State development and information about drugs seizures in the Maungdaw area. It seems like even Rakhine State development plan is a secret,” said Kyaw Soe Oo after the hearing.
Prosecutor Kyaw Min Aung declined to comment.
Defence lawyer Than Zaw Aung had argued the documents should not be admitted as evidence, saying it was unclear who has had access to the phones and whether appropriate procedures were followed during the extraction of the files.
He said some of the documents had been taken from the Facebook messenger app and that the prosecution had not shown the reporters themselves had even downloaded them.
“For some of the documents, they didn’t even know that they received those documents into their phones. During the hearing, several messages were received when the phone was turned on,” Than Zaw Aung told reporters after Tuesday’s proceedings.
“It’s a worrisome situation because anything could have happened when the accused were arrested and they no longer possessed their phones.”
The prosecution said the files were extracted “systematically” by a police IT expert, Major Aung Kyaw San.
Myanmar government spokesman Zaw Htay was not immediately available for comment after Tuesday’s hearing. Previously, he has said Myanmar courts were independent and the case would be conducted according to the law.
The next hearings in the case are scheduled for Monday and Tuesday next week.
At the time of their arrest, the reporters had been working on an investigation into the killing of 10 Rohingya Muslim men and boys in a village in western Myanmar’s Rakhine state. The killings took place during an army crackdown that United Nations agencies say sent nearly 700,000 people fleeing to Bangladesh.
The reporters have told relatives they were arrested almost immediately after being handed some rolled up papers at a restaurant in northern Yangon by two policemen they had not met before, having been invited to meet the officers for dinner.
Last month, Police Captain Moe Yan Naing testified that a senior officer had ordered his subordinates to plant secret documents on Wa Lone to “trap” the reporter.
At a news conference on May 15, Police Director General Aung Win Oo dismissed the testimony as untruthful.
After his court appearance, Moe Yan Naing was sentenced to a year in jail for violating police discipline and his family was evicted from police housing. Police have said the eviction and his sentencing were not related to his testimony.
Global advocates for press freedom, human rights activists, as well the United Nations and several Western countries, have called for the release of the Reuters journalists.
Detained Reuters journalist Wa Lone speaks to the media, while escorted by police, after a court hearing in Yangon, Myanmar May 22, 2018. REUTERS/Ann Wang Reporting by Thu Thu Aung and Sam Aung Moon; Writing by Antoni Slodkowski; Editing by Alex Richardson
Reuters Plus | ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-journalists/myanmar-judge-allows-documents-police-say-came-from-reuters-reporters-phones-idINKCN1IN2AD |
May 25, 2018 / 8:03 AM / Updated 8 hours ago Verstappen ready to take a gamble in Monaco Alan Baldwin 3 Min Read
MONACO (Reuters) - Monaco’s famed casino holds no attractions for Max Verstappen but the 20-year-old Dutchman is much more willing to take a high-speed gamble on the unforgiving streets of the Mediterranean principality. Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 24, 2018 Red Bull's Max Verstappen during practice REUTERS/Benoit Tessier
Red Bull have been dominant in practice for Sunday’s showcase grand prix, a race that could see Verstappen line up as the youngest Formula One driver ever to start from pole position.
The current youngest is Ferrari’s Sebastian Vettel, on pole with Toro Rosso in 2008 at 21 years and 73 days. Verstappen turns 21 on Sept. 30.
To achieve it, the Dutchman will have to beat team mate Daniel Ricciardo, who was in commanding form on Thursday with lap records in both sessions that saw the Red Bull pairing finish one-two.
Verstappen’s Monaco resume is less impressive than the Australian’s and he had big accidents on his debut with Toro Rosso in 2015, when he smashed into the back of Romain Grosjean’s Lotus, and 2016.
This season has also had plenty of incident but he is not about to modify his style and play it safe on a street circuit that punishes the smallest of errors.
“To make the difference on this track compared to other drivers, they all think the same way, so you have to risk it a bit more between the walls,” Verstappen told reporters when asked whether he would be prepared to take a gamble.
“I’m the same person I have been since I was born. For me, nothing changes. We have a good car so we just try to extract the most out of it and hopefully we come back with a good result.”
The youngster, who gets around town on a scooter when in Monaco to beat the traffic jams, has made a name for himself already as a three times race winner and thrilling overtaker always prepared to take a punt.
He is not a gambler in any other respect, however.
“I don’t like gambling. I think it’s just stupid in general,” he said.
“You go there (to the casino) to lose money...it doesn’t make sense. I would prefer to buy something for (instead of) the money you lose.”
Asked whether he had ever ventured inside the imposing 19th century Monaco landmark that provides a backdrop to cars racing through Casino Square, Verstappen smiled.
“Yep. I won 300 euros ($351.18) and I’m never going to go back again.”
($1 = 0.8543 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-verstappen/verstappen-ready-to-take-a-gamble-in-monaco-idUKKCN1IQ0UW |
-Earnings Call Scheduled for 8:00 p.m. ET on June 5, 2018-
GUANGZHOU, China, May 23, 2018 /PRNewswire/ -- HUYA Inc. ("Huya" or the "Company") (NYSE: HUYA), a leading game live streaming platform in China, today announced that it will report its first quarter 2018 unaudited financial results on Tuesday, June 5, 2018, after the close of U.S. markets.
The Company's management will host an earnings conference call at 8:00 p.m. U.S. Eastern Time on June 5, 2018 (8:00 a.m. Beijing/Hong Kong time on June 6, 2018).
Dial-in details for the earnings conference call are as follows:
United States (toll free):
+1-888-317-6003
International:
+1-412-317-6061
Hong Kong (toll free):
800-963-976
Hong Kong:
+852-5808-1995
China (toll free)
400-120-6115
Elite Entry Number:
5146319
Participants should dial-in at least 10 minutes before the scheduled start time and ask to be connected to the call for "HUYA Inc" with the Elite Entry number as set forth above.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.huya.com .
A replay of the conference call will be accessible approximately one hour after the conclusion of the live call until June 12, 2018, by dialing the following telephone numbers:
United States (toll free):
+1-877-344-7529
International:
+1-412-317-0088
Replay Access Code:
10120763
About HUYA Inc.
HUYA Inc. ("Huya" or the "Company") is a leading game live streaming platform in China with a large and active game live streaming community. The Company cooperates with e-sports event organizers, as well as major game developers and publishers, and has developed e-sports live streaming as one of the most popular content genres on its platform. The Company has created an engaged, interactive and immersive community for game enthusiasts of China's young generation. Building on its success in game live streaming, Huya has also extended its content to other entertainment content genres. Huya's open platform also functions as a marketplace for broadcasters and talent agencies to congregate and closely collaborate with the Company.
For more information, please visit: http://ir.huya.com .
For investor and media inquiries, please contact:
In China:
HUYA Inc.
Investor Relations
Tel: +86-20-8212-0565
E-mail: [email protected]
The Piacente Group, Inc.
Ross Warner
Tel: +86-10-5730-6201
E-mail: [email protected]
In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]
View original content: http://www.prnewswire.com/news-releases/huya-inc-to-report-first-quarter-2018-financial-results-on-tuesday-june-5-2018-300653463.html
SOURCE HUYA Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-huya-inc-to-report-first-quarter-2018-financial-results-on-tuesday-june-5-2018.html |
(Reuters) - Aid agencies face a “narrowing window” to prepare Rohingya refugee camps in southern Bangladesh for life-threatening floods in the approaching monsoon season, the aid coordinating group said this week.
FILE PHOTO - Refugees are seen at the Cox's Bazar refugee camp in Bangladesh, near Rakhine state, Myanmar, during a trip by United Nations envoys to the region April 29, 2018. .REUTERS/Michelle Nichols Click on tmsnrt.rs/2wq9RIX for a Reuters graphic that takes a closer look at the areas at risk of flooding in the Kutupalong-Balukhali camp, the world's largest refugee camp, with about 618,000 Rohingya.
More than 16,000 refugees, many living in shacks clinging to steep, denuded hills, have been moved to safer areas, the Inter Sector Coordination Group said in its latest situation report on Thursday.
Bangladesh has also allocated more than 500 additional acres (202 hectares) of land for housing people at risk of a landslide or flood, it said.
“Still, the lack of sufficient safe space for at-risk refugees, and the lack of cyclone safe shelter, limits the possibilities for risk mitigation,” the ISCG said.
Nearly 700,000 Rohingya Muslims have fled to Bangladesh since last August to escape a military crackdown in neighboring Myanmar, the United Nations and rights groups say.
Myanmar says it has been waging a legitimate counter-insurgency operation.
Most of the refugees now live in flimsy, bamboo-and-plastic structures perched on what were once forested hills.
An eight-year-old girl was killed in a landslide caused by pre-monsoon rains last Friday, the first of what aid agencies expect will be hundreds of casualties during the monsoon.
Reporting by Simon Scarr, Weiyi Cai and Jin Wu; Editing by Darren Schuettler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-myanmar-roghingya-camps/monsoon-threat-looms-for-rohingya-camps-idUSKBN1IC1E4 |
Parkland students blast lawmakers: 'Nothing has happened' Wednesday, May 23, 2018 - 01:26
Students from Marjory Stoneman Douglas High School, including Charlie Mirsky and Alfonso Calderon, and other high school students across the U.S. spoke to Democrats on Capitol Hill Wednesday for a Gun Violence Prevention Task Force forum. Rough Cut (no reporter narration).
Students from Marjory Stoneman Douglas High School, including Charlie Mirsky and Alfonso Calderon, and other high school students across the U.S. spoke to Democrats on Capitol Hill Wednesday for a Gun Violence Prevention Task Force forum. Rough Cut (no reporter narration). //reut.rs/2IGb3xp | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/parkland-students-blast-lawmakers-nothin?videoId=429690754 |
Why Apple is very likely to be 'gradually declining': CIO 6 Hours Ago In the absence of co-founder Steve Jobs, Apple has "not really been innovating" in ways that would keep the company on top, says Robert Lutts of Cabot Wealth Management. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/why-apple-is-very-likely-to-be-gradually-declining-cio.html |
May 3, 2018 / 2:18 AM / Updated 3 minutes ago Trump praises China's Xi as trade talks begin in Beijing Michael Martina , Tom Daly 5 Min Read
BEIJING (Reuters) - U.S. President Donald Trump on Thursday praised his relationship with Chinese President Xi Jinping as officials from the world’s two largest economies began trade talks in Beijing, while state media said China would stand up to U.S. bullying.
A breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two days of talks, though a package of short-term Chinese measures could delay Washington’s decision to impose tariffs on about $50 billion (37 billion pounds) worth of Chinese exports.
The discussions, led by U.S. Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He, are expected to cover a wide range of U.S. complaints about China’s trade practices, from accusations of forced technology transfers to state subsidies for technology development.
“Thrilled to be here. Thank you,” Mnuchin told Reuters at his hotel when asked if he expected progress. He made no other comments.
As Mnuchin arrived, Trump tweeted: “Our great financial team is in China trying to negotiate a level playing field on trade! I look forward to being with President Xi in the not too distant future. We will always have a good (great) relationship!”
It was not clear when Trump and Xi might meet again next, though both will likely attend some of the same multilateral summits this year, including those of the G20 and APEC.
Throughout his 2016 election campaign, Trump routinely threatened to impose a 45 percent across-the-board tariff on Chinese goods as a way to level the playing field for American workers. At the time, he was also accusing China of manipulating its currency to gain an export advantage, a claim that his administration has since dropped.
The U.S. Embassy in Beijing said the U.S. delegation planned to meet Chinese officials on both days, in addition to U.S. Ambassador Terry Branstad, before leaving on Friday evening. Related Coverage Factbox - U.S. trade delegation to China divided on tariffs, policy
The delegation returned to their hotel late on Thursday evening without taking questions from reporters, though, when asked how the talks were going, one unidentified U.S. official said “Well.”
In Washington, the U.S.-China Business Council, which represents American companies doing business in China, said it was pleased the two governments were talking and urged a deal to end forced technology transfers and improve China’s intellectual property protections.
“USCBC believes it is unlikely that the issues will be fully resolved in this meeting, but we hope the two sides will be able to lay out a path for continued negotiations that will lead to a solution and avoid tariffs and other commerce-slowing sanctions,” the group said in a statement.
Chinese Foreign Ministry spokeswoman Hua Chunying said at a briefing in Beijing: “The outcome should be mutually beneficial and win-win.”
In a commentary widely cited in Chinese media on Thursday, the official Xinhua news agency said if things went poorly and a trade war did break out, China would never yield and would hit back strongly.
“China will inevitably suffer losses, but China has the political advantage of a centralised and unified leadership and support of a massive domestic market,” it said. U.S. Treasury Secretary Steven Mnuchin waves to the media as he and the U.S. delegation for trade talks with China, leave a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
The official China Daily said in an editorial that China would “stand up to the U.S.’ bullying as necessary.”
“The U.S. wants greater access to China’s market, but it should not use trade actions as a battering ram to force China to open its doors. It is already in the process of opening them wider,” the English-language newspaper said.
In doing so, China expected Washington to reciprocate and open its market to Chinese investment and competition, it said. U.S. TARIFFS READY IN JUNE
The first round of threatened tariffs under the U.S. government’s “Section 301” intellectual property probe focused heavily on technology products benefiting from a “Made in China 2025” programme to upgrade China’s domestic manufacturing base with more advanced products.
The U.S. tariffs could go into effect in June following the completion of a 60-day consultation period.
U.S.-based trade experts said they expected Beijing to offer Trump’s team a package of policy changes that may include some previously announced moves, such as a phase-out of joint venture requirements for some sectors, auto tariff reductions and increased purchases of U.S. goods.
Trump has demanded a $100 billion annual reduction in the $375 billion U.S. goods trade deficit with China. Slideshow (8 Images)
But members of the diverse U.S. trade delegation, which includes U.S. Trade Representative Robert Lighthizer and White House trade adviser Peter Navarro, both of whom have been critical of China, are likely to have differing views on the merits of such an offer. Reporting by Michael Martina and Tom Daly; Additional reporting by Ben Blanchard in Beijing and David Lawder in Washington; Writing by Ben Blanchard; Editing by Nick Macfie, Richard Balmforth and Paul Simao | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-china/u-s-trade-delegation-to-arrive-in-china-on-thursday-idUKKBN1I404N |
WASHINGTON, May 11 (Reuters) - U.S. President Donald Trump will meet 10 major automakers at the White House on Friday to discuss the fate of landmark fuel efficiency standards and a looming confrontation with California and other major states.
A draft proposal circulated by the U.S. Transportation Department would freeze requirements at 2020 levels through 2026, but the administration is not expected to formally unveil the proposal until later this month or in June.
Major automakers reiterated this week they do not support freezing requirements but say they want new flexibilities and rule changes to address lower gasoline prices and the shift in U.S. consumer preferences to bigger, less fuel-efficient vehicles.
Automakers also want the White House and California to reach agreement on maintaining national standards, fearing a prolonged legal battle could leave them facing two different sets of rules and extended uncertainty.
Trump plans to tell automakers he is willing to support a freeze and challenge California but wants the industry to back the effort, a senior administration official said. He also wants to know if they want him to fight on their behalf, the official said.
The chief executives of General Motors Co, Ford Motor Co, Fiat Chrysler Automobiles, along with senior U.S. executives from Toyota Motor Corp, Volkswagen AG , Hyundai Motor Co, Nissan Motor Co , Honda Motor Co, BMW AG and Daimler AG will meet Trump, along with the chief executives of two auto trade groups.
Trump went to Michigan, a state that helped him win the presidency, in March 2017 and suggested he would soften the fuel rules. “The assault on the American auto industry is over,” he told autoworkers there.
California and 16 other states covering about 40 percent of the U.S. population filed suit last week to block the Trump administration’s efforts to weaken the requirements.
A White House official said Trump would hear from the automakers about the impact of the administration’s forthcoming revisions to Corporate Average Fuel Economy rules and automakers’ efforts to negotiate a national program with California.
‘MARKETPLACE REALITIES’ U.S. Trade Representative Robert Lighthizer, Transportation Secretary Elaine Chao, White House economic adviser Larry Kudlow, Environmental Protection Agency chief Scott Pruitt and White House aide Chris Liddell are among the administration officials scheduled to attend the session, which is expected to last an hour.
Mitch Bainwol, who heads the Alliance of Automobile Manufacturers, told a U.S. House committee on Tuesday the industry supports “standards that increase year over year that also are consistent with marketplace realities.”
Bainwol said the industry remains hopeful that there will be a “negotiation” between the White House, California and the auto industry.
Automakers may also use the Trump meeting to raise proposed controversial changes to the North American Free Trade Agreement, officials said.
Trump is likely to also raise an idea - first reported in early April - about requiring imported automobiles to meet stricter environmental standards, the administration official said.
Automakers plan to argue that Trump should view California as a flawed trade deal and he should help them get a better deal, two auto officials said.
The industry also notes it faces rising fuel efficiency standards around the globe and is spending billions of dollars to introduce new battery electric vehicles in the coming years.
The Transportation Department proposal also asserts that a 1975 federal law preempts states from imposing emissions rules, even though California has received numerous waivers under the Clean Air Act to set emissions rules.
Democrats and environmental advocates plan to aggressively challenge the Trump administration’s plans to weaken the vehicle rules touted by the previous Obama administration as one of its biggest climate actions.
The Trump administration plans to argue the weaker rules will lead to cheaper vehicles, boost sales and employment and improve safety by prodding faster turnover of older vehicles.
The Obama rules adopted in 2012 sought to double average fleet-wide vehicle fuel efficiency to about 50 miles (80 km) per gallon by 2025, but included an evaluation due by April 2018 to determine if the rules were appropriate.
Unlike many other Trump meetings with business leaders, Friday’s meeting will be closed to the media. (Reporting by David Shepardson Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/autos-trump/trump-to-sit-down-with-major-automakers-on-friday-on-fuel-rules-idUSL1N1SH2EK |
This CEO says Italy 'isn't central' to Europe 2:33 AM ET Wed, 23 May 2018 Martin Gilbert of Standard Life Aberdeen says Italy is unlikely to attempt to exit from the European Union. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/this-ceo-says-italy-isnt-central-to-europe.html |
May 8, 2018 / 12:00 PM / in 14 minutes BRIEF-Navios Maritime Partners Reports Qtrly Earnings Per Common $0.03 Reuters Staff
May 8 (Reuters) - Navios Maritime Partners LP:
* NAVIOS MARITIME PARTNERS L.P. REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018 * QTRLY EARNINGS PER COMMON UNIT $0.03
* QTRLY TIME CHARTER & VOYAGE REVENUE $53.1 MILLION VERSUS $42.4 MILLION Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-navios-maritime-partners-reportsqt/brief-navios-maritime-partners-reportsqtrly-earnings-per-common-0-03-idUSASC0A0FX |
May 15 (Reuters) - Synlogic Inc:
* SYNLOGIC REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
* Q1 LOSS PER SHARE $0.55 * Q1 EARNINGS PER SHARE VIEW $-0.73 — THOMSON REUTERS I/B/E/S
* AS OF MARCH 31, 2018, SYNLOGIC HAD CASH, CASH EQUIVALENTS, AND SHORT-TERM INVESTMENTS OF $125.8 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-synlogic-q1-loss-per-share-055/brief-synlogic-q1-loss-per-share-0-55-idUSASC0A27Q |
Telemedicine has grown rapidly in recent years. Now hundreds of schools are bringing it to the nurse’s office.
School nurses say telemedicine helps them treat students faster right at school, reducing risk of infection, getting the students back to class faster and relieving a big burden on the students’ families.
At Abraham Lincoln School... | ashraq/financial-news-articles | https://www.wsj.com/articles/telemedicine-reinvents-the-visit-to-the-school-nurse-1527259188 |
May 3 (Reuters) - RLI Corp:
* RLI INCREASES REGULAR DIVIDEND FOR 43RD CONSECUTIVE YEAR * BOARD DECLARED Q2 REGULAR CASH DIVIDEND OF $0.22 PER SHARE, A $0.01 INCREASE OVER PRIOR QUARTER Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-rli-declared-q2-regular-cash-divid/brief-rli-declared-q2-regular-cash-dividend-of-0-22-idUSASC09ZNO |
May 14, 2018 / 1:09 PM / Updated 4 minutes ago Senior Indian politician rejects abetment charge in wife's death Reuters Staff 2 Min Read
NEW DELHI (Reuters) - A prominent leader of India’s opposition Congress party, Shashi Tharoor, on Monday rejected police charges against him for abetment in the suicide of his wife in a case that has led to political mudslinging. Shashi Tharoor, a member of parliament from India's main opposition Congress party, speaks during an interview with Thomson Reuters Foundation at his office in New Delhi, India, January 25, 2016. Tharoor, an Indian politician campaigning for gay sex to be legalised, said on Monday he would continue his fight for the freedom and equality of sexual minorities despite attempts by members of Prime Minister Narendra Modi's party to thwart his efforts. To match Thomson Reuters Foundation Interview INDIA-LGBT/POLITICS REUTERS/Anindito Mukherjee - GF20000106628
Tharoor’s wife, Sunanda Pushkar, was found dead in a Delhi hotel in January 2014, prompting an investigation by city police. Her death came days after she was involved in a row with a Pakistani woman journalist over Twitter.
On Monday, Delhi police said Pushkar’s death was a case of suicide and brought charges against her husband for abetment and cruelty, a police officer said. The officer declined to be identified in line with service rules.
Tharoor, who also served at the United Nations, dismissed the charges and said he would fight them.
“I have taken note of the filing of this preposterous charge sheet and intend to contest it vigorously. No one who knew Sunanda believes she would ever have committed suicide, let alone abetment on my part,” Tharoor on Twitter.
“If this is the conclusion arrived at after more than four years of investigation, it does not speak well of the methods or motivations of the Delhi Police.”
He did not respond to a Reuters message seeking comment.
Tharoor, a former foreign and human resource development minister in the previous Congress party-led government, married Pushkar in late 2010, the third marriage for both of them.
Under Indian law, a magisterial inquiry is automatic if a woman dies within seven years of marriage. Subramaniam Swamy, a leader of the ruling Bharatiya Janata Party, went to court demanding a special investigation into Pushkar’s death.
The Congress party said on Monday it stood by Tharoor and accused its rivals of playing politics. Reporting by Suchitra Mohanty and Mayank Bhardwaj; Editing by Sanjeev Miglani, Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-india-congress-leader/senior-indian-politician-rejects-abetment-charge-in-wifes-death-idUKKCN1IF1OR |
O'FALLON, Mo. — In a windowless bunker here, a wall of monitors tracked incoming attacks — 267,322 in the last 24 hours, according to one hovering dial, or about three every second — as a dozen analysts stared at screens filled with snippets of computer code.
Pacing around, overseeing the stream of warnings, was a former Delta Force soldier who fought in Iraq and Afghanistan before shifting to a new enemy: cyberthieves.
"This is not that different from terrorists and drug cartels," Matt Nyman, the command center's creator, said as he surveyed his squadron of Mastercard employees. "Fundamentally, threat networks operate in similar ways."
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Cybercrime is one of the world's fastest-growing and most lucrative industries. At least $445 billion was lost last year, up around 30 percent from just three years earlier, a global economic study found, and the Treasury Department recently designated cyberattacks as one of the greatest risks to the American financial sector. For banks and payment companies, the fight feels like a war — and they're responding with an increasingly militarized approach.
Former government cyberspies, soldiers and counterintelligence officials now dominate the top ranks of banks' security teams. They've brought to their new jobs the tools and techniques used for national defense: combat exercises, intelligence hubs modeled on those used in counterterrorism work and threat analysts who monitor the internet's shadowy corners .
At Mastercard, Mr. Nyman oversees the company's new fusion center, a term borrowed from the Department of Homeland Security. After the attacks of Sept. 11, the agency set up scores of fusion centers to coordinate federal, state and local intelligence-gathering. The approach spread throughout the government, with the centers used to fight disease outbreaks, wildfires and sex trafficking.
Then banks grabbed the playbook. At least a dozen of them, from giants like Citigroup and Wells Fargo to regional players such as Bank of the West, have opened fusion centers in recent years, and more are in the works. Fifth Third Bank is building one in its Cincinnati headquarters, and Visa , which created its first two years ago in Virginia, is developing two more, in Britain and Singapore. Having their own intelligence hives, the banks hope, will help them better detect patterns in all the data they amass.
The centers also have a symbolic purpose. Having a literal war room reinforces the new reality. Fending off thieves has always been a priority — it's why banks build vaults — but the arms race has escalated rapidly.
Cybersecurity has, for many financial company chiefs, become their biggest fear, eclipsing issues like regulation and the economy.
Alfred F. Kelly Jr., Visa's chief executive, is "completely paranoid" about the subject, he told investors at a conference in March. Bank of America's Brian T. Moynihan said his cybersecurity team is "the only place in the company that doesn't have a budget constraint." (The bank's chief operations and technology officer said it is spending about $600 million this year.)
The military sharpens soldiers' skills with large-scale combat drills like Jade Helm and Foal Eagle , which send troops into the field to test their tactics and weaponry. The financial sector created its own version: Quantum Dawn, a biennial simulation of a catastrophic cyberstrike.
In the latest exercise last November, 900 participants from 50 banks, regulators and law enforcement agencies role-played their response to an industrywide infestation of malicious malware that first corrupted, and then entirely blocked, all outgoing payments from the banks. Throughout the two-day test, the organizers lobbed in new threats every few hours, like denial-of-service attacks that knocked the banks' websites offline.
The first Quantum Dawn, back in 2011, was a lower-key gathering. Participants huddled in a conference room to talk through a mock attack that shut down stock trading. Now, it's a live-fire drill. Each bank spends months in advance re-creating its internal technology on an isolated test network, a so-called cyber range, so that its employees can fight with their actual tools and software. The company that runs their virtual battlefield, SimSpace, is a Defense Department contractor.
Sometimes, the tests expose important gaps.
A series of smaller cyber drills coordinated by the Treasury Department, called the Hamilton Series, raised an alarm three years ago. An attack on Sony, attributed to North Korea, had recently exposed sensitive company emails and data, and, in its wake, demolished huge swaths of Sony's internet network .
Whitney Curtis | The New York Times Matt Nyman, a veteran who created Mastercard’s “fusion center,” in O’Fallon, Mo., Feb. 16, 2018. Financial institutions are using military tools and techniques, like “fusion centers” and combat drills, to battle cybercrime. If something similar happened at a bank, especially a smaller one, regulators asked, would it be able to recover? Those in the room for the drill came away uneasy.
"There was a recognition that we needed to add an additional layer of resilience," said John Carlson, the chief of staff for the Financial Services Information Sharing and Analysis Center, the industry's main cybersecurity coordination group.
Soon after, the group began building a new fail-safe, called Sheltered Harbor , which went into operation last year. If one member of the network has its data compromised or destroyed, others can step in, retrieve its archived records and restore basic customer account access within a day or two. It has not yet been needed, but nearly 70 percent of America's deposit accounts are now covered by it.
The largest banks run dozens of their own, internal attack simulations each year, to smoke out their vulnerabilities and keep their first responders sharp.
"It's the idea of muscle memory," said Thomas J. Harrington, Citigroup's chief information security officer, who spent 28 years with the F.B.I.
Growing interest among its corporate customers in cybersecurity war games inspired IBM to build a digital range in Cambridge, Mass., where it stages data breaches for customers and prospects to practice on.
One recent morning, a fictional bank called Bane & Ox was under attack on IBM 's range, and two dozen real-life executives from a variety of financial companies gathered to defend it. In the training scenario, an unidentified attacker had dumped six million customer records on Pastebin, a site often used by hackers to publish stolen data caches.
As the hours ticked by, the assault grew worse. The lost data included financial records and personally identifying details. One of the customers was Colin Powell, the former secretary of state. Phones in the room kept ringing with calls from reporters, irate executives and, eventually, regulators, wanting details about what had occurred.
When the group figured out what computer system had been used in the leak, a heated argument broke out: Should they cut off its network access immediately? Or set up surveillance and monitor any further transmissions?
At the urging of a Navy veteran who runs the cyberattack response group at a large New York bank, the group left the system connected.
"Those are the decisions you don't want to be making for the first time during a real attack," said Bob Stasio, IBM's cyber range operations manager and a former operations chief for the National Security Agency's cyber center. One financial company's executive team did such a poor job of talking to its technical team during a past IBM training drill, Mr. Stasio said, that he went home and canceled his credit card with them.
Like many cybersecurity bunkers, IBM's foxhole has deliberately theatrical touches. Whiteboards and giant monitors fill nearly every wall, with graphics that can be manipulated by touch.
"You can't have a fusion center unless you have really cool TVs," quipped Lawrence Zelvin, a former Homeland Security official who is now Citigroup's global cybersecurity head, at a recent cybercrime conference. "It's even better if they do something when you touch them. It doesn't matter what they do. Just something."
Security pros mockingly refer to such eye candy as "pew pew" maps, an onomatopoeia for the noise of laser guns in 1980s movies and video arcades. They are especially useful, executives concede, to put on display when V.I.P.s or board members stop by for a tour. Two popular "pew pew" maps are from FireEye and the defunct security vendor Norse , whose video game-like maps show laser beams zapping across the globe. Norse went out of business two years ago, and no one is sure what data the map is based on, but everyone agrees that it looks cool.
Jason Witty, the chief information security officer at U.S. Bank, admits that the blinking map he breaks out for customer briefings is mostly for show. But it serves a serious purpose, he said: making the command center's high-stakes work more tangible.
"If you show customers the scripts you're actually running, it's just digits on a screen," Mr. Witty said. A big, colorful map is easier to grasp.
What everyone in the finance industry is afraid of is a repeat — on an even larger scale — of the data breach that hit Equifax last year.
Hackers stole personal information, including Social Security numbers, of more than 146 million people. The attack cost the company's chief executive and four other top managers their jobs. Who stole the data, and what they did with it, is still not publicly known. The credit bureau has spent $243 million so far cleaning up the mess.
It is Mr. Nyman's job to make sure that doesn't happen at Mastercard. Walking around the company's fusion center, he describes the team's work using military slang. Its focus is "left of boom," he said — referring to the moments before a bomb explodes. By detecting vulnerabilities and attempted hacks, the analysts aim to head off an Equifax-like explosion.
But the attacks keep coming. As he spoke, the dial displayed over his shoulder registered another few assaults on Mastercard's systems. The total so far this year exceeds 20 million. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/banks-adopt-military-style-tactics-to-fight-cybercrime.html |
LONDON, May 1 (Reuters) - Their namesakes may be getting all the media attention but Harry and Megan are looking forward to their wedding this month with every bit as much excitement.
Harry Hindley, that is, and Megan Morley, who both teach performing arts to children in Nottingham and tie the knot in London after a hasty eight weeks of planning.
“The other Meghan is perfect for the other Harry and I am perfect for this Harry,” said Megan.
“I think every wedding - royal or not - is a special day and everybody is sharing the day with the people they love around them so yeah amazing, I’m really excited.”
Britain’s Prince Harry and U.S. actress Meghan Markle will be marrying at St. George’s Chapel in Windsor on May 19.
Their namesakes will exchange vows this Friday a few miles to the east in London and lead the dancing at a reception in a plush hotel in Park Lane.
The couple met at college and later started running their own musical theatre courses in the central English city of Nottingham - the first place Prince Harry took his fiancee on an official engagement when they embarked on a pre-wedding tour of Britain.
Any other similarities?
“Well, I have never been the army, I have never stripped off, but I have been in a show called ‘The King and I’ if that is some sort of link,” grinned Harry.
Prince Harry, who served two tours with the army in Afghanistan, was famously snapped naked in a Las Vegas hotel in 2012.
For the other Megan, her Harry’s first attraction was his voice. “I just really fell in love with his singing voice,” she said. “I am really into the royals, really love the royal family and I am very excited to see their wedding.” (Reporting by Kate King; writing by Stephen Addison)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-royals-wedding-other-couple/the-other-harry-and-megan-get-ready-to-tie-the-knot-idUSL8N1S848L |
Iraq's election outcome set to challenge Iran Tuesday, May 15, 2018 - 01:56
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports. ▲ Hide Transcript ▶ View Transcript
Nationalist Shi'ite Cleric Moqtada al Sadr took a surprise lead in Iraq's elections by tapping into public resentment with Iran and what some voters say is a corrupt political elite it supports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L5YdX6 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/16/iraqs-election-outcome-set-to-challenge?videoId=427153405 |
May 3 (Reuters) - KORDSA TEKNIK TEKSTIL:
* Q1 REVENUE 712.9 MILLION LIRA VS 631.2 MILLION LIRA YEAR AGO
* Q1 NET PROFIT 61.0 MILLION LIRA VS 61.1 MILLION LIRA YEAR AGO
Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1SA1AR |
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