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The 10 jobs with the fastest growth in pay over the past year may surprise you — because many of them are not high-paying jobs. Of 84 occupations tracked, the top gainers included truck drivers, bank tellers, and cashiers.
The data comes from the job and recruiting site Glassdoor’s April Local Pay Report , which analyzes millions of salaries that are anonymously self-reported to the site .
“April’s pay gains are the fastest we’ve seen in 2018 so far,” Glassdoor chief economist Andrew Chamberlain wrote in the report, “however, it’s still below the 2-3 percent pace seen in recent years, according to the latest real-time salary data shared by millions of Americans on Glassdoor.”
The top 10 jobs with the fastest year-over-year growth in median base pay for full-time employment are as follows:
Financial Advisor: $55,296, up 6.4%. Bank Teller: $30,066, up 5.5%. Attorney: $101,817, up 4.7%. Truck Driver: $53,878, up 4.5%. Delivery Driver: $38,955, up 4.4%. Web Developer: $65,414, up 3.9%. Network Engineer: $71,433, up 3.6%. Cashier: $27,923, up 3.4%. Web Designer: $51,875, up 3.4%. Security Officer: $35,321, up 3.3%. Glassdoor attributed growth in pay for some of these jobs to e-commerce (delivery drivers, truck drivers), an improving labor market for lower-paying occupations (security officer, cashier, bank teller), growth in engineering jobs (with some exceptions, see below), and the fact that it’s tough to automate the skills needed for financial advisors.
The 10 occupations with the lowest year-over-year growth in median base pay for full-time employment are as follows:
Professor: $86,166, down 3.3%. Communications Manager: $65,882, down 2.5%. Quality Engineer: $71,467, down1.5%. Bartender: $31,668, down 1.4%. Maintenance Worker: $39,907, down 1.4%. R esearch Assistant: $30,391, down 1.2%. Technician: $45,318, down 1.1%. UX Designer: $76,003, down 0.9%. Project Manager: $73,575, down 0.6%. Consultant: $72,120, down 0.6%. “While all pay growth is the result of both supply and demand for workers, these jobs offer useful clues about where any remaining pockets of weakness are in today’s otherwise strong labor market,” Chamberlain wrote. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/top-10-jobs-fastest-pay-growth-april/ |
EMLENTON, Pa., May 25, 2018 (GLOBE NEWSWIRE) -- Emclaire Financial Corp (NASDAQ:EMCF) (“Emclaire”), the parent holding company of The Farmers National Bank of Emlenton (“Farmers National”), and Community First Bancorp, Inc. (“Community”), the holding company of Community First Bank, jointly announced today that they have entered into an Agreement and Plan of Merger providing for the acquisition of Community by Emclaire.
Under the terms of the merger agreement, which has been unanimously approved by the boards of directors of both institutions, Community will merge into Emclaire and immediately thereafter Community First Bank will merge into Farmers National. Shareholders of Community will receive 1.2008 shares of Emclaire common stock and $6.95 in cash for each share of Community common stock upon completion of the merger or approximately $17 million in the aggregate. In addition, each share of preferred stock of Community First Bank will be exchanged for similar shares of preferred stock of Emclaire.
William C. Marsh, Chairman, President and Chief Executive Officer of Emclaire and Farmers National, stated, “We are excited about the opportunity to partner with Community First as we continue to build a stronger franchise in the Pittsburgh and Western Pennsylvania region. This transaction strengthens our market position in Clarion and Jefferson counties and reflects our strategy to develop business within our market areas while we continue to seize on opportunities for future expansion. Community has an attractive balance sheet and strong customer relationships. We believe we can provide Community First’s customers with a broader array of banking services, including expanded commercial and consumer lending capabilities and a more robust array of depository products and services. This partnership with Community First is a positive milestone in attaining our vision of becoming a community bank with over $1 billion in assets, and enhances the value of our banking franchise by getting closer to a market capitalization of over $100 million.”
The transaction is expected to be accretive to Emclaire’s earnings per share in the first full year of combined operations, excluding one-time charges. The merger is subject to the approval of the appropriate banking regulatory authorities and an affirmative vote of the shareholders of Community and Community First Bank. It is expected that the transaction should be completed in the fourth quarter of 2018.
Henry H. Deible, President and Chief Executive Officer of Community and Community First Bank said, “We are excited to be joining Emclaire and Farmers National and believe that the combination will benefit our shareholders, customers and the communities we serve. We are thrilled about the new products and services that will be available to our customers.” Mr. Deible further stated, “I look forward to working with Mr. Marsh and the entire Emclaire team.”
Upon completion of the merger, Henry H. Deible, President and Chief Executive Officer of Community, and Henry H. Deible, II, a director of Community, will join the boards of directors of Emclaire and Farmers National. All of the directors and executive officers of Community have entered into voting agreements with Emclaire pursuant to which they have agreed to vote their shares in favor of the merger.
At March 31, 2018, Emclaire had consolidated assets of approximately $755.8 million, deposits of $666.7 million, net loans of $584.5 million and shareholders' equity of $58.9 million. At March 31, 2018, Community had assets of approximately $130.6 million, deposits of $106.6 million, net loans of $112.8 million and total equity of $13.3 million.
When the transaction is consummated, the combination of the two banking companies will create a bank with approximately $900 million in total assets providing banking services through 20 locations throughout Western Pennsylvania and in Hancock County, West Virginia. The transaction will strengthen Emclaire’s presence in Clarion and Jefferson counties, Pennsylvania. In addition, following the merger, Emclaire’s market capitalization will increase to over $90 million.
Silver, Freedman, Taff & Tiernan LLP, Washington, DC acted as legal counsel to Emclaire in the transaction and Raymond James & Associates, Inc. served as financial advisor. Bybel Rutledge LLP, Lemoyne, PA acted as legal counsel and Commonwealth Advisors, Inc. served as financial advisor to Community.
About Emclaire Financial Corp
Emclaire Financial Corp is the parent company of The Farmers National Bank of Emlenton, an independent, nationally chartered, FDIC-insured community bank headquartered in Emlenton, Pennsylvania, operating 17 full service offices in Venango, Allegheny, Butler, Clarion, Clearfield, Crawford, Elk, Jefferson and Mercer counties, Pennsylvania and Hancock county, West Virginia. Emclaire’s common stock is Quote: d on and traded through the NASDAQ Capital Market under the symbol “EMCF”. For more information, visit Emclaire’s website at “www.emclairefinancial.com.”
About Community First Bancorp, Inc.
Community First Bancorp, Inc. is the parent company of Community First Bank, a Pennsylvania chartered bank located in Reynoldsville, Pennsylvania. Community First Bank operates four offices located in Reynoldsville, Sykesville, Punxsutawney and Clarion, Pennsylvania and a loan production office in DuBois, Pennsylvania.
Forward-Looking Statements
This release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements do not relate strictly to historical or current facts. Forward-looking statements reflect management’s current views and estimates of future economic circumstances, industry conditions, company performance and financial results. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors - many of which are beyond our control - could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. Forward-looking statements regarding the transaction are based upon currently available information.
Actual results could differ materially from those indicated in forward-looking statements. Among other factors, actual results may differ from those described in forward-looking statements due to: the possibility that the proposed transaction does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the terms of the proposed transaction may need to be modified to obtain such approvals or satisfy such conditions; the anticipated benefits from the proposed transaction are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest rates, laws and regulations and their enforcement, and the degree of competition in our markets; the ability to promptly and effectively integrate the businesses of the companies; the reaction of the companies' customers to the transaction; diversion of management time on merger-related issues; changes in asset quality and credit risk; the inability to sustain revenue and earnings; and competitive conditions.
Emclaire’s Annual Report on Form 10-K and other reports filed with the SEC describe some additional factors which could cause actual conditions, events or results to differ significantly from those described in forward-looking statements.
Forward-looking statements speak only as of the date they are made. Copies of Emclaire’s reports filed with the SEC are available in the Financial Information section of Emclaire’s website, www.emclairefinancial.com . We do not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events.
Additional Information and Where to Find It
This press release is being made pursuant to and in compliance with Rules 165 and 425 of the Securities Act of 1933 and does not constitute an offer of any securities for sale or a solicitation of an offer to buy any securities. In connection with the proposed transaction, Emclaire Financial Corp and Community Bancorp, Inc. will file a proxy statement/prospectus as part of a registration statement on Form S-4 regarding the proposed transaction with the Securities and Exchange Commission, or SEC. Investors and security holders are urged to read the proxy statement/prospectus because it will contain important information about Emclaire and Community and the proposed transaction. The final proxy statement/prospectus will be mailed to shareholders of Community and Community First Bank. Investors and security holders may obtain a free copy of the definitive proxy statement/prospectus and other documents when filed with the SEC at the SEC’s website at www.sec.gov . The definitive proxy statement/prospectus and other relevant documents may also be obtained free of charge from Emclaire by directing such requests to the Secretary of Emclaire (Matthew J. Lucco) at 612 Main Street, Emlenton, Pennsylvania 16373, telephone (844) 767-2311 , or from Community by directing such requests to the President and Chief Executive Officer of Community (Henry H. Deible), 444 Main Street, Reynoldsville, Pennsylvania 15851, telephone (814) 653-8232.
Participants in the Solicitation
Emclaire and Community and their respective directors, executive officers and certain other members of their management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information concerning all of the participants in the solicitation will be included in the proxy statement/prospectus relating to the proposed transaction when it becomes available. Each of these documents is, or will be, available free of charge at the Securities and Exchange Commission’s Web site at www.sec.gov and from Emclaire’s website at www.emclairefinancial.com .
CONTACT:
William C. Marsh
Chairman, President and
Chief Executive Officer
Emclaire Financial Corp
Phone: (844) 800-2193
Email: [email protected]
Or
Henry H. Deible
President and Chief Executive Officer
Community First Bancorp, Inc.
Phone: (814) 653-8232
Source:Emclaire Financial Corp | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-emclaire-financial-corp-announces-agreement-to-acquire-community-first-bancorp-inc.html |
PARIS (Reuters) - Vivendi ( VIV.PA ) investors are eager for an update on plans for a possible listing of its music business on Thursday, hoping that could bolster the French media group’s value after several setbacks in Italy.
FILE PHOTO: A logo is seen over the main entrance of the entertainment-to-telecoms conglomerate Vivendi's headquarters in Paris April 8, 2015. REUTERS/Gonzalo Fuentes/File Photo Top shareholder Vincent Bollore, who calls Universal Music Group (UMG) the company’s “jewel”, has been floating the idea of an initial public offering (IPO) for two years, through hints and statements that have supported the stock.
The music industry grew for the third consecutive year in 2017 and the listing last month of the world’s top streaming platform, Spotify ( SPOT.N ), is seen as paving the way for UMG.
“I’m positive about Vivendi for one reason: the UMG music label,” a top-30 Vivendi investor told Reuters.
“To my mind, (it’s) two-thirds of Vivendi’s whole value. I think that’s what most investors are playing.”
The launch of a formal IPO process, however, is unlikely when the group reports first-quarter sales on Thursday, a source close to the matter said.
FILE PHOTO: The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 25, 2016. REUTERS/Arnd Wiegmann/File Photo Shares in Vivendi, whose assets also include French pay-TV group Canal Plus and advertising company Havas, have risen by close to 23 percent over the past year, outperforming the European media sector .SXMP by more than 20 percentage points and valuing the group at 29.3 billion euros ($34.6 billion).
Analysts’ valuations of UMG - the world’s biggest music label ahead of Sony Music Entertainment and Warner Music Group - vary, with Exane BNP Paribas pricing it at 19.7 billion euros and Liberum at 18.4 billion. JPMorgan values it at 30 billion, assuming Vivendi floats a 20 percent stake of existing stock.
That is still far from the $40 billion proposed by Vivendi’s CEO Arnaud de Puyfontaine last year.
Spotify’s market value is around $29 billion.
STREAMING REVENUES Following fifteen years of downturn, the music industry has been growing for three years, with global recorded music revenues increasing by 8.1 percent in 2017 to $17.3 billion, according to the record industry trade group IFPI.
Streaming revenues represented the bulk of the growth, with sales up more than 41 percent, driven by 176 million paid subscribers.
UMG still owns 4 percent of Spotify and has no intention of selling the stake, de Puyfontaine said earlier this year.
Analysts consider the two as partners, after they signed a ground-breaking multi-year license deal last year, under which Universal Music artists can restrict their albums to Spotify’s paying users for two weeks.
Spotify’s rising valuation has so far helped Vivendi, but some observers wonder whether music streaming could - as video-streaming has for major film studios - become a threat.
“An ultra-dominant Spotify could mean declining royalty payments to the majors and disruption to the current model,” Exane said.
Additional reporting by Simon Jessop in LONDON; Editing by Mark Potter
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vivendi-umg-ipo/vivendi-under-pressure-to-float-music-jewel-to-offset-italian-problems-idUSKCN1II1X1 |
May 4, 2018 / 4:46 AM / in 36 minutes China, HK stocks fall slightly; investors eye Sino-U.S. trade talks Reuters Staff
* SSEC -0.1 pct, CSI300 -0.2 pct, HSI -0.4 pct
* HK->Shanghai Connect daily quota used 0.1 pct, Shanghai->HK daily quota used 0.5 pct
* Cautious investors await outcome of Sino-U.S. trade talks
SHANGHAI, May 4 (Reuters) - China and Hong Kong stocks edged lower on Friday, as cautious investors await the outcome of the Sino-U.S. trade talks. ** The CSI300 index dropped 0.2 percent to 3,786.87 points at the end of the morning session, while the Shanghai Composite Index lost 0.1 percent to 3,097.02 points.
** The Hang Seng index slipped 0.4 percent to 30,208.41 points, while the Hong Kong China Enterprises Index lost 0.3 percent to 11,984.09.
** A U.S. trade delegation in China has been having very good conversations, U.S. Treasury Secretary Steven Mnuchin said on Friday, as he heads into the second and likely last day of talks in Beijing. However, a breakthrough deal to fundamentally change China’s economic policies is viewed as highly unlikely during the two-day visit.
** China’s CSI financial sector sub-index slipped 0.45 percent, the consumer staples sector down 0.26 percent, the real estate index rose 0.29 percent and healthcare sub-index gained 1.06 percent. ** Chinese H-shares listed in Hong Kong fell 0.29 percent at 11,984.09, while the Hang Seng Index slipped 0.35 percent to 30,208.41. ** The smaller Shenzhen index was up 0.11 percent and the start-up board ChiNext Composite index was unchanged. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.19 percent, while Japan’s Nikkei index was down 0.16 percent. ** The yuan was quoted at 6.3465 per U.S. dollar, 0.06 percent firmer than the previous close of 6.35. ** The largest percentage gainers in the main Shanghai Composite index were Shanghai Laimu Electronics Co Ltd, which rose 10.02 percent, followed by Jiangyin Jianghua Microelectronics Materials Co Ltd, which gained 10.01 percent and GuangDong Super Telecom Co Ltd up by 9.99 percent. ** The largest percentage losses in the Shanghai index were Aurora Optoelectronics Co Ltd down 10 percent, followed by Zhende Medical Co Ltd losing 7.66 percent and Huayi Electric Co Ltd down by 6.1 percent. ** The top gainers among H-shares were China Gas Holdings Ltd up 2.53 percent, followed by CNOOC Ltd gaining 1.69 percent and CSPC Pharmaceutical Group Ltd up by 1.66 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd which has fallen 3.04 percent, Byd Co Ltd which has lost 2.6 percent and Great Wall Motor Co Ltd down by 1.1 percent. ** About 6.62 billion shares have traded so far on the Shanghai exchange, roughly 42.2 percent of the market’s 30-day moving average of 15.70 billion shares a day. The volume traded was 14.00 billion as of the last full trading day. ** As of 0424 GMT, China’s A-shares were trading at a premium of 22.43 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 13.33 as of the last full trading day, while the dividend yield was 2.3 percent. Reporting by Samuel Shen and John Ruwitch, Editing by Sherry Jacob-Phillips | ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-midday/china-hk-stocks-fall-slightly-investors-eye-sino-u-s-trade-talks-idUSL3N1SB1YE |
May 31, 2018 / 11:33 AM / Updated 8 minutes ago CANADA STOCKS-TSX futures flat ahead of first-quarter GDP data Reuters Staff 3 Min Read
May 31 (Reuters) - Canada’s main stock index futures was trading flat on Thursday, with investors awaiting the country’s gross domestic product data for the first quarter.
June futures on the S&P TSX index were down 0.21 percent at 7:15 a.m. ET.
The Canadian economy is expected to have grown at an annualized 1.8 percent pace in the first quarter, largely in line with the previous quarter as growth was likely restrained by weak exports and a slowdown in housing. The GDP data is scheduled to be released at 8:30 a.m. ET.
The Toronto Stock Exchange’s S&P/TSX rose 126.05 points, or 0.79 percent, to 16,048.66 on Wednesday.
Dow Jones Industrial Average e-mini futures were down 0.1 percent at 7:15 a.m. ET, while S&P 500 e-mini futures fell 0.05 percent and Nasdaq 100 e-mini futures were up 0.03 percent.
(Morning News Call newsletter link.reuters.com/nex49s ; The Day Ahead newsletter link.reuters.com/mex49s ) TOP STORIES
Years of low oil prices and high costs spurred a stampede by multinational majors out of Canada’s oil sands last year, leaving the remaining crude producers struggling to weather painful drops in profit.
Luxury coat maker Canada Goose said it would team up with ecommerce company Alibaba Group to tap into the rising consumer demand in Greater China, the world’s largest luxury market, in the fall of this year.
Canadian specialty chemicals firm Superior Plus Corp said on Wednesday it would buy NGL Energy Partners’ retail propane unit for $900 million in cash to boost its presence in the United States.
COMMODITIES AT 7:15 a.m. ET
Gold futures: $1,304.9; 0.26 pct
US crude: $67.75; -0.66 pct
Brent crude: $77.37; -0.17 pct
LME 3-month copper: $6832.5; -0.11 pct ANALYST RESEARCH HIGHLIGHTS
National Bank of Canada: RBC raises price target to C$73 from C$71.
Bank of Montreal: RBC raises price target to C$120 from C$117.
Cenovus Energy: National Bank of Canada ups to outperform from sector perform. U.S. ECONOMIC DATA DUE ON THURSDAY
0830 Personal consumption Real mm for Apr: Prior 0.400 pct
0830 Personal income mm for Apr: Expected 0.3 pct; Prior 0.3 pct
0830 Consumption, adjusted mm for Apr: Expected 0.400 pct; Prior 0.400 pct 0830 Core PCE price index mm for Apr: Expected 0.100 pct; Prior 0.200 pct
0830 Core PCE price index yy for Apr: Expected 1.800 pct; Prior 1.900 pct
0830 PCE price index mm for Apr: Prior 0.000 pct
0830 PCE price index yy for Apr: Prior 2.000 pct
0830 Initial jobless claims: Expected 228,000; Prior 234,000
0830 Jobless claims 4-week average: Prior 219,750
0830 Continued jobless claims: Expected 1.749 mln; Prior 1.741 mln
0945 Chicago PMI for May: Expected 58.0; Prior 57.6
1000 Pending Homes Index for Apr: Prior 107.6
1000 Pending sales change mm for Apr: Expected 0.4 pct; Prior 0.4 pct FOR CANADIAN MARKETS NEWS, CLICK ON CODES:
TSX market report
Canadian dollar and bonds report
Reuters global stocks poll for Canada
Canadian markets directory | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-futures-flat-ahead-of-first-quarter-gdp-data-idUSL3N1T245O |
(New throughout, adds details on report) MEXICO CITY, May 9 (Reuters) - The pace of Mexican consumer price gains through April this year cooled more than expected to its lowest level since late 2016, official data showed on Wednesday, supporting expectations the central bank could leave interest rates steady. Annual inflation rose 4.55 percent during the period, the national statistics agency said, below expectations in a Reuters poll and the slowest pace since December 2016. Inflation is easing from a 16-1/2 year high in 2017 and Mexico's central bank is expected to hold its benchmark interest rate steady next week for the second meeting in a row after raising borrowing costs to a nine-year high of 7.50 percent Month-on-month, consumer prices fell 0.34 percent in April, according to non-seasonally adjusted figures, as summer electricity subsidies kicked in. The core index, which strips out some volatile food and energy prices, rose 0.15 percent during the month . (Reporting by Mexico City Newsroom; Editing by David Gregorio)
| ashraq/financial-news-articles | https://www.reuters.com/article/mexico-economy-inflation/update-1-mexico-inflation-cools-to-lowest-since-end-2016-idUSL1N1SG0PP |
GREENVILLE, S.C.--(BUSINESS WIRE)-- ScanSource, Inc. (NASDAQ: SCSC), a leading global provider of technology products and solutions, announced today that CRN ® has named five members of ScanSource’s leadership team to its prestigious 2018 Women of the Channel list. The honorees include:
Casey Huffling, Sales Leader, ScanSource POS and Barcode, North America Brenda McCurry, Vice President of Merchandising, ScanSource POS and Barcode, North America Cybil Nielsen, Senior Director of Finance and Commissions, Intelisys, a ScanSource Company Karla Roarty, Director of Partner Sales, Intelisys, a ScanSource Company Rhonda Trainor, Director of Merchandising, ScanSource Communications
The executives and leaders who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem. Each is recognized for her outstanding leadership, vision and unique role in driving channel growth and innovation.
“The CRN Women of the Channel recognition is highly regarded amongst channel professionals, and we couldn’t be more proud of Casey, Brenda, Cybil, Karla, and Rhonda for their remarkable accomplishments,” said Buck Baker, co-president, US and Canada, ScanSource. “As colleagues, we have the honor of working alongside these extraordinary women every day, and this recognition further validates the hard work, success, and value they bring to our company and our partners.”
CRN editors select the Women of the Channel honorees based on their professional accomplishments, demonstrated expertise and ongoing dedication to the IT channel.
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
The 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
About ScanSource, Inc.
ScanSource, Inc. (NASDAQ: SCSC) is a leading global provider of technology products and solutions, focusing on point-of-sale (POS), payments, barcode, physical security, unified communications and collaboration, cloud and telecom services. ScanSource's teams provide value-added solutions and operate from two segments: Worldwide Barcode, Networking & Security, which includes POS Portal, and Worldwide Communications & Services, which includes Intelisys. ScanSource is committed to helping its customers choose, configure and deliver the industry's best solutions across almost every vertical market in North America, Latin America and Europe. Founded in 1992 and headquartered in Greenville, South Carolina, ScanSource was named one of the 2017 Best Places to Work in South Carolina and on FORTUNE magazine's 2018 List of World's Most Admired Companies. ScanSource ranks #647 on the Fortune 1000. For more information, visit www.scansource.com
About The Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006496/en/
ScanSource, Inc.
Jason Weidman, 864-286-4339
[email protected]
Source: ScanSource, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-five-scansource-leaders-recognized-as-2018-crn-women-of-the-channel.html |
9:37 AM ET Fri, 20 Jan 2017 | 00:43
Aloha! Now sell me your land!
Facebook CEO Mark Zuckerberg is suing hundreds of Hawaiians to compel them to sell the billionaire small plots of land they own that lie within a 700-acre property that Zuckerberg purchased on the island of Kauai two years ago for $100 million.
In a statement posted hours after CNBC's story on the properties was first published, Zuckerberg wrote: "For most of these folks, they will now receive money for something they never even knew they had. No one will be forced off the land."
Zuckerberg-controlled companies filed eight so-called "quiet" title lawsuits in a Kauai court on Dec. 30 requesting the forced sales at public auction to the highest bidder. If successful, the suits would allow him to make his secluded beach-front land on the island's north shore even more private, according the Honolulu Star-Advertiser newspaper.
Currently, owners of the lands, which total slightly more than 8 acres and have been in their families for generations — have the rights to travel across Zuckerberg's property.
Many of the defendants are living, but some are dead. The defendants may hold just a tiny fraction of ownership in the parcels because they are several generations removed from the original owners, according to the newspaper.
The defendants had 20 days to respond to the suits or face forfeiture of their rights to a say in the proceedings.
Zuckerberg's lawyer, Keoni Shultz, said in a statement to CNBC: "It is common in Hawaii to have small parcels of land within the boundaries of a larger tract, and for the title to these smaller parcels to have become broken or clouded over time."
"In some cases,co-owners may not even be aware of their interests," Shultz said. "Quiet title actions are the standard and prescribed process to identify all potential co-owners, determine ownership, and ensure that, if there are other co-owners, each receives appropriate value for their ownership share."
The cases target a dozen small plots of "kuleana" lands that are inside the much larger property that Zuckerberg bought on Kauai. Kuleana lands are properties that were granted to native Hawaiians in the mid-1800s.
Some of the people who own, or who are believed to own, lands targeted by Zuckerberg's suits are descendants of the original owners.
One suit, according to the Star-Advertiser, was filed against about 300 people who are descendants of an immigrant Portuguese sugar cane plantation worker who bought four parcels totaling 2 acres in 1894.
One of that worker's great-grandchildren, Carlos Andrade, 72, lived on the property until recently, the paper said. But the retired university professor told the Star-Advertiser he is helping Zuckerberg's case as a co-plaintiff in an effort to make sure the land is not surrendered to the county if no one in his extended clan steps up to take responsibility for paying property taxes on the plots.
Andrade, in a letter to his known relatives, said he believed selling to Zuckerberg would ensure that the relatives get "their fair share" of their ancestor's investment in the property — while avoiding further dilution of the value of individual property shares due to the clan increasing in size, the paper reported.
In the same letter, Andrade estimated that a large majority of his relatives are unaware that they have an ownership stake in the land.
Below is the full text of the Facebook message that Zuckerberg posted hours after this story was first published.
There have been some misleading stories going around today about our plans in Hawaii, so I want to clear this up.
I posted last month about how Priscilla and I bought some land in Hawaii. We want to create a home on the island, and help preserve the wildlife and natural beauty. You can read about it here .
The land is made up of a few properties. In each case, we worked with the majority owners of each property and reached a deal they thought was fair and wanted to make on their own.
As with most transactions, the majority owners have the right to sell their land if they want, but we need to make sure smaller partial owners get paid for their fair share too.
In Hawaii, this is where it gets more complicated. As part of Hawaiian history, in the mid-1800s, small parcels were granted to families, which after generations might now be split among hundreds of descendants. There aren't always clear records, and in many cases descendants who own 1/4% or 1% of a property don't even know they are entitled to anything.
To find all these partial owners so we can pay them their fair share, we filed what is called a "quiet title" action. For most of these folks, they will now receive money for something they never even knew they had. No one will be forced off the land.
We are working with a professor of native Hawaiian studies and long time member of this community, who is participating in this quiet title process with us. It is important to us that we respect Hawaiian history and traditions.
We love Hawaii and we want to be good members of the community and preserve the environment. We look forward to working closely with the community for years to come. WATCH: Meet Jarvis: Zuckerberg's new AI assistant for his home show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2017/01/19/mark-zuckerberg-suing-hawaiians-to-force-property-sale.html |
May 18 (Reuters) - Compagnie Financiere Richemont SA says:
* ERIC VALLAT HAS BEEN APPOINTED TO THE NEWLY CREATED ROLE OF HEAD OF FASHION & ACCESSORIES MAISONS AND WILL JOIN THE GROUP’S SENIOR EXECUTIVE COMMITTEE, EFFECTIVE 1 JUNE 2018
* ERIC VALLAT WILL REPORT TO JÉRÔME LAMBERT, CHIEF OPERATING OFFICER Further company coverage: (Reporting By Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-richemont-appoints-eric-vallat-to/brief-richemont-appoints-eric-vallat-to-new-senior-executive-role-idUSFWN1SP05R |
WASHINGTON--(BUSINESS WIRE)-- Treliant has named Ash Khan as Managing Director for Cybersecurity Services, deepening the firm’s capacity to help clients mitigate cybersecurity and privacy risks across business lines.
Khan brings more than two decades of information technology experience to his new position. He joins Treliant from Citigroup, where he has served as Head of Global Consumer Information Security since 2010. He previously worked as the Chief Information Security Officer for Schering Plough Pharmaceuticals and oversaw the security risk integration when Schering merged with Merck in 2009.
“Ash gained invaluable hands-on experience through his work in top global organizations and he knows the challenges of operating nimbly in the face of constant change,” said Ross Marrazzo. “Our clients will benefit from his business and policy intelligence and expertise cultivated from the regulatory and operational requirements that organizations and their Chief Information Security Officers face every day.”
“I’m honored to be joining Treliant.” Khan said. “I look forward to applying my experiences in assisting our clients as they operate in an increasingly digital world.”
During his tenure at Citigroup, Khan was responsible for ensuring the security of consumer banking products, services, applications, and customer data, spanning all delivery channels, including: online, mobile, voice, branch, and ATMs. Also while at Citigroup, he oversaw the implementation of the PCI Data Security Standard and he represented Citigroup on the PCI Security Standards Council Board of Advisors, a global forum that oversees the Payment Card Industry Data Security Standards.
Khan’s background encompasses information security, enterprise architecture and technology, infrastructure engineering, and operations. He earned a bachelor’s degree in physics from University College London and a master’s degree in computing from Imperial College London.
About Treliant
Treliant provides financial services companies and consumer-oriented businesses with trusted advisory services that strengthen compliance, risk management, and business performance. As a firm of leading professionals from industry and government, we assist our clients in navigating changing regulatory agencies and policies while meeting strategic and operational objectives.
We focus on the industry’s most pressing concerns, including consumer compliance, global financial crimes, mortgage operations, financial markets conduct, fair and responsible banking, litigation support, wealth management compliance, and cybersecurity. We serve companies from Main Street to Wall Street and across the globe, often in partnership with premier law firms. Our firm continues to grow in the service of our clients, with headquarters in Washington, DC and offices in New York and Dallas. For more information, visit www.treliant.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006118/en/
Treliant, LLC
Joan Morgulec, 202-249-7911
[email protected]
Source: Treliant, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-treliant-bolsters-cybersecurity-services-with-appointment-of-managing-director-ash-khan.html |
Ship Finance International Limited (NYSE: SFL) ("Ship Finance" or the "Company") announces that it has agreed to acquire four large container vessels in combination with long-term time-charters to a leading container line.
The vessels are modern eco-design built in 2014 with approximately 14,000 TEU carrying capacity. The Company expects to take delivery of the vessels in the near term, and the purchase price is confidential.
The time-charters to a leading Asia-based container line run until 2024, with options to extend the charters by 18 additional months. Our fixed-rate charter backlog will increase by nearly $450 million and the EBITDA contribution from these new vessels is estimated to approximately $60 million per year.
The consideration to the sellers will be cash plus approximately 4 million newly issued shares in Ship Finance. The cash consideration is financed with cash on the balance sheet and a $320 million unsecured loan facility provided by an affiliate of Hemen Holding Ltd., the Company's largest shareholder. This loan facility is non-amortizing and with a term of more than one year. The Company is exploring long-term financing alternatives for these vessels in the Asian capital market.
Ole B. Hjertaker, CEO of Ship Finance Management AS, said in a comment: "This acquisition highlights Ship Finance's strength and ability to achieve sustained growth and continued diversification. We are deploying a part of the recently raised capital, but still have capacity for new accretive opportunities. Over the last two months we have added nearly $600 million to our charter backlog and expect to continue increasing our fleet of vessels and charter backlog in 2018".
May 31, 2018
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions can be directed to Ship Finance Management AS:
Investor and Analyst Contacts:
Harald Gurvin, Chief Financial Officer, Ship Finance Management AS
+47 23 11 40 09
André Reppen, Senior Vice President, Ship Finance Management AS
+47 23 11 40 55
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23 11 40 11
About Ship Finance
Ship Finance International Limited (NYSE: SFL) has a unique track record in the maritime industry, being consistently profitable and paying dividends every quarter since 2004. The Company's fleet of more than 80 vessels is split between tankers, bulkers, container vessels and offshore assets, and Ship Finance's long term distribution capacity is supported by a portfolio of long term charters and significant growth in the asset base over time. More information can be found on the Company's website: www.shipfinance.bm
Cautionary Statement Regarding Forward Looking Statements
This press release may contain forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including Ship Finance management's examination of historical operating trends. Although Ship Finance believes that these assumptions were reasonable when made, because assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond its control, Ship Finance cannot give assurance that it will achieve or accomplish these expectations, beliefs or intentions. Important factors that, in the Company's view, could cause actual results to differ materially from those discussed in this presentation include the strength of world economies and currencies, general market conditions including fluctuations in charter hire rates and vessel values, changes in demand in the tanker market as a result of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in the Company's operating expenses including bunker prices, dry-docking and insurance costs, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, and other important factors described from time to time in the reports filed by the Company with the United States Securities and Exchange Commission.
Source:Ship Finance International Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-sfl--acquisition-of-4-x-14000-teu-container-vessels.html |
BEIJING (Reuters) - The International Monetary Fund kept its forecast for China’s 2018 economic growth unchanged at 6.6 percent on Wednesday, but warned that overly rapid credit growth and trade frictions could pose risks for the world’s second-largest economy.
Workers weld shipping container components at a container manufacturing company in Lianyungang, Jiangsu province, China May 29, 2018. REUTERS/Stringer China’s economy grew 6.8 percent in the first quarter of 2018, slightly faster than expected, buoyed by strong consumer demand and surprisingly robust property investment.
Earlier in January, the IMF raised its forecast for China’s economic growth this year to 6.6 percent from 6.5 percent. Beijing in March set a full-year growth target of around 6.5 percent.
Economists expect growth to slow to 6.5 percent this year from 6.9 percent in 2017, citing rising borrowing costs, tougher limits on industrial pollution and a crackdown on local government spending. <ECILT/CN>
China should further rein in credit growth, said James Daniel, Mission Chief for China and Assistant Director of the Asia & Pacific Department at the IMF.
“There hasn’t been any deleveraging in the real economy. Let’s be clear of that. What has happened is the rate of increase of debt has slowed quite significantly,” Daniel told reporters in Beijing, following a visit by an IMF team to Beijing and Shenzhen this month.
The government is in the third year of a regulatory crackdown on riskier lending practices, which has slowly pushed up borrowing costs and is pinching off alternative, murkier funding sources for companies such as shadow banking.
But even as Beijing cracks down on the country’s credit risks, China has only seen a modest uptick in defaults so far.
“Now of course there’s a risk that you go from very few defaults to quite a lot. And for a market and for investors that are not used to that, that can be pretty destabilizing,” he said.
“We do not see this. We see some uptick, very much contained and appropriate.”
But it is only “natural” and “healthy” were there to be more defaults in China, because they are the best way to incentivise the market and allocate China’s savings more efficiently, he said.
From the IMF’s meetings with the government in the past weeks, regulators are very well aware of the risks and they have tools to address those if they materialize, Daniel said.
Trade frictions also pose a risk for China’s economy, Alfred Schipke, senior resident representative at the IMF, told reporters, when asked about the impact of the ongoing tensions with the United States.
The United States said on Tuesday that it still held the threat of imposing tariffs on $50 billion of imports from China and would use it unless Beijing addressed the issue of theft of American intellectual property.
Reporting by Stella Qiu, Lusha Zhang and Ryan Woo; Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-imf/imf-maintains-chinas-2018-gdp-growth-forecast-at-6-6-percent-idUSKCN1IV0I3 |
(Reuters) - Peter Uihlein narrowly missed the course record and Phil Mickelson surged into contention as Tiger Woods enjoyed his best round of the Wells Fargo Championship in North Carolina on Saturday.
Uihlein shot a nine-under 62 for an early share of the tournament lead with late-starting overnight leader Peter Malnati at seven under par.
The former top-ranked amateur had five consecutive birdies from the fifth hole, then added an eagle and two birdies as he missed by one Rory McIlroy’s 2015 Quail Hollow record.
Mickelson also took advantage of softer greens to shoot seven-under 64 and move into a tie for fifth at five-under 208.
Woods, who has struggled with his putting this week, delivered six birdies on Saturday for a three-under 68 to go one-under 212, six strokes off the early lead.
A bogey at the last, where Woods three-putted, tempered the improved play.
The former world number one had moved to four under with three consecutive birdies from the 13th.
He had two bogeys and three birdies on the front nine on a day when he narrowly missed several other birdie opportunities.
McIlroy also made a move with a five-under 66 to stand at three-under 210.
The Northern Irishman had four birdies in a row before also bogeying the final hole.
Reporting by Gene Cherry in Raleigh, North Carolina; Editing by Clare Fallon
| ashraq/financial-news-articles | https://in.reuters.com/article/golf-wellsfargo/golf-uihlein-and-mickelson-make-big-moves-as-woodss-putting-improves-idINKBN1I60RW |
(Reuters) - Brent crude prices will sustain levels above $70 a barrel for longer, as U.S. President Donald Trump’s decision to reimpose sanctions on Iran is likely to tighten supply, a Reuters poll of analysts showed on Wednesday.
Cars of the Iranian delegation are seen parked outside a building of the Diaoyutai state guesthouse as Iranian Foreign Minister Mohammad Javad Zarif meets Chinese State Councillor and Foreign Minister Wang Yi in Beijing, China, May 13, 2018. REUTERS/Thomas Peter/Files A survey of 11 analysts showed Brent crude prices were likely to average $71.22 a barrel this year and $71.26 in 2019, a sharp increase from the $67.40 and $66.39-per-barrel levels forecast in the April poll. Brent has averaged about $69 a barrel this year thus far and nearly touched $80 a barrel this week.
“Oil markets should become tighter due to a lower output from Iran, coupled with an ongoing contraction in Venezuelan output and OPEC cuts,” said Daniela Corsini, commodity market economist at Intesa Sanpaolo in Milan.
U.S. light crude was seen averaging $66.62 a barrel this year and $67.09 a barrel in 2019. This compares with an outlook for $63.23 per barrel in 2018 and $62.16 in 2019 in our April poll.
Last week, Trump pulled the United States out of a 2015 international nuclear pact with Iran, and plans to reimpose U.S. economic sanctions on the country. That has cast uncertainty over global oil supplies, and investors lately have been betting on prices exceeding $80 or $90 a barrel, though European nations are not likely to follow suit as they did during the Obama administration.
Five of the 11 analysts polled expected a supply reduction from Iran of between 300,000 to 500,000 barrels per day (bpd), while exports from the country were expected to drop by a maximum of 700,000 bpd by the first half of 2019. The nation currently produces 3.8 million bpd.
Oil prices are hovering near 3-1/2-year highs, having jumped over 70 percent over the last year, boosted by rising demand and a deal to curb output by the Organization of the Petroleum Exporting Countries (OPEC), led by Saudi Arabia and other producers, including Russia. The International Energy Agency on Wednesday warned that demand could be sapped by higher-than-expected prices. [O/R]
“Global oil inventories are already either below or at the five-year average. This means that the market will have little cushion against any other unexpected production outage at a time when geopolitical risks abound. These risks can come from Libya, Nigeria and Venezuela,” said Shakil Begg, head of Thomson Reuters Oil Research and Forecasts.
A global oil glut has been virtually eliminated, figures published by OPEC showed on Monday, with Venezuela, whose output has plunged due to an economic crisis, reporting production fell to 1.5 million bpd in April, lowest in decades.
A majority of analysts said OPEC was unlikely to prematurely end its output curbs, while some analysts said the imposition of trade restrictions could affect compliance levels and provide countries like Saudi Arabia and Russia an opportunity to regain market share.
Commerzbank and Emirates NBD had the lowest 2018 Brent price forecast at $69 a barrel, while Nomisma Energia had the highest forecast for the year at $75.41.
Reporting by Vijaykumar Vedala in Bengaluru; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://in.reuters.com/article/oil-iran-poll/u-s-sanctions-on-iran-to-boost-prices-keep-oil-at-70-a-barrel-reuters-poll-idINKCN1IH2D0 |
May 31, 2018 / 5:47 AM / Updated 26 minutes ago PRESS DIGEST- New York Times business news - May 31 Reuters Staff 2 Min Read
May 31 (Reuters) - The following are the top stories on the New York Times business pages. Reuters has not verified these stories and does not vouch for their accuracy.
- Federal bank regulators on Wednesday unveiled a sweeping proposal to soften the Volcker Rule, a cornerstone of the 2010 law that was enacted after the financial crisis to rein in risky trading. The change would give Wall Street banks more freedom to make their own complex bets. nyti.ms/2JigeTO
- Walmart announced plans on Wednesday to offer subsidized college tuition for its $1.4 million workers in the United States, joining a growing list of companies that are helping employees pay for higher education as a perk in a tight labor market. nyti.ms/2J78WPi
- Twenty-First Century Fox Inc on Wednesday set a date, July 10, for shareholders to vote on its $52.4 billion plan to sell most of its assets to the Walt Disney Co. The special meeting is scheduled to take place at 10 a.m. at the New York Hilton Midtown in Manhattan. nyti.ms/2kEdMt4
- On Thursday, Hamburg became the first city in Germany to put in place any kind of ban on diesel vehicles, after a federal court ruled in February that it was legal for local authorities to prohibit older diesel engines. nyti.ms/2kAkdx1 (Compiled by Bengaluru newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/press-digest-nyt/press-digest-new-york-times-business-news-may-31-idUSL3N1T22BL |
Bitcoin's 'been a problem for us,' says CEO of top cybersecurity firm FireEye 9 Hours Ago Jim Cramer hears from Kevin Mandia, the CEO of FireEye, about the risks that cryptocurrencies pose to cybersecurity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/fireeye-ceo-on-cybersecurity-bitcoins-been-a-problem-for-us.html |
May 10, 2018 / 9:00 AM / in 3 hours Mourinho expects Pogba, Rashford to stay at Man United next season Reuters Staff 2 Min Read
(Reuters) - Manchester United manager Jose Mourinho is confident playmaker Paul Pogba and forward Marcus Rashford will stay at the Premier League club next season. Soccer Football - Premier League - Brighton & Hove Albion v Manchester United - The American Express Community Stadium, Brighton, Britain - May 4, 2018 Manchester United manager Jose Mourinho before the match REUTERS/Eddie Keogh
France international Pogba has been routinely criticised for his performances this season after scoring six goals and providing 10 assists in 25 league appearances for second-placed United.
Media reports have linked the 25-year-old with a big-money move to France’s Paris St. Germain, among other top European outfits, in the close season transfer window.
“I think he’s going to be here next season,” Mourinho told reporters.
“I can give the guarantee that I don’t want him to leave. I can give you the guarantee that the club doesn’t want to sell him and I can give you the guarantee that we don’t have any approach from him, from his agent or from any club.
“So, in this moment, for me, he’s staying.”
England international Rashford has been used on the left wing for a majority of the campaign and has scored six goals in 33 league appearances for United but media reports have linked the 20-year-old with a loan move next season to gain experience.
“No,” Mourinho said when asked about a potential loan for Rashford. “What does he need to do to impress me? He impresses me.
“That’s the reason why he was selected for every match of the season, absolutely every match of the season and that’s why he played in so many of them, so he doesn’t need to leave to play. He doesn’t need anything.”
Rashford has played the most games for United under Mourinho, featuring in 102 of the club’s 117 competitive matches since the Portuguese boss took charge in 2016.
United will be aiming to seal a second-placed finish when they travel to West Ham United later on Thursday and end their league campaign at home to Watford on Sunday.
Mourinho will guide United against his former club Chelsea in the FA Cup final on May 19. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-whu-mun-mourinho/mourinho-expects-pogba-rashford-to-stay-at-man-united-next-season-idUKKBN1IB11K |
May 7 (Reuters) - DCB Bank Ltd:
* SEEKS SHAREHOLDERS’ NOD FOR RE-APPOINTMENT OF MURALI NATRAJAN AS MD, CEO
* SEEKS SHAREHOLDERS' NOD FOR RAISING FUNDS BY ISSUE OF BONDS/DEBENTURES/SECURITIES ON PRIVATE PLACEMENT BASIS WORHT UP TO 3 BILLION RUPEES Source text - bit.ly/2rq5R5D
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-dcb-bank-seeks-shareholders-nod-to/brief-dcb-bank-seeks-shareholders-nod-to-re-appoint-murali-natrajan-as-md-ceo-idUSFWN1SD050 |
RICHMOND, Va., May 03, 2018 (GLOBE NEWSWIRE) -- Kinsale Capital Group, Inc. (NASDAQ:KNSL) reported net income of $7.3 million, $0.34 per diluted share, for the first quarter of 2018 compared to $6.3 million, $0.29 per diluted share, for the first quarter of 2017. Net operating earnings (1) were $8.2 million, $0.38 per diluted share, for the first quarter of 2018 compared to $6.3 million, $0.29 per diluted share, for the first quarter of 2017.
Highlights for the first quarter of 2018 included:
Net income increased by 16.0% from the first quarter of 2017
Net operating earnings (1) increased by 30.3% from the first quarter of 2017
20.8% growth in gross written premiums to $63.8 million over the first quarter of 2017
41.3% increase in net investment income to $3.2 million over the first quarter of 2017
Underwriting income (1) of $6.8 million in the first quarter of 2018, resulting in a combined ratio of 85.9%
13.7% annualized operating return on equity (1) for the three months ended March 31, 2018
(1) See discussion of "Non-GAAP Financial Measures" below.
"Our first quarter results reflected premium growth of 20.8% as the pace of broker submissions remained strong across our product lines during the quarter. We generated profitable underwriting results of $6.8 million and achieved a combined ratio of 85.9% for the quarter. We believe these results are a good start to the year as we remain focused on disciplined underwriting, leveraging the power of our technology-driven platform and diligently managing costs,” said President and Chief Executive Officer, Michael P. Kehoe.
Results of Operations
Underwriting Results
Gross written premiums were $63.8 million for the three months ended March 31, 2018 compared to $52.9 million for the three months ended March 31, 2017, an increase of 20.8%. The increase in gross written premiums during the first quarter of 2018 over the same period last year was due to growth across most lines of business.
Underwriting income (1) was $6.8 million resulting in a combined ratio of 85.9% for the three months ended March 31, 2018, compared to $7.0 million resulting in a combined ratio of 82.6% for same period last year. The decrease in underwriting income (1) was due to lower net favorable development of loss reserves for prior accident years in the first quarter of 2018 compared to the first quarter of 2017, offset in part by higher net earned premiums quarter over quarter. Net favorable development of loss reserves on prior accident years was $1.3 million in the first quarter of 2018, compared to $5.1 million in the first quarter of 2017. Loss and expense ratios were 60.1% and 25.8%, respectively, for the three months ended March 31, 2018 compared to 54.7% and 27.9% for the three months ended March 31, 2017.
Summary of Underwriting Results
The Company’s underwriting results for the three months ended March 31, 2018 and 2017 are summarized as follows:
Three Months Ended March 31, 2018 2017 ($ in thousands) Gross written premiums $ 63,847 $ 52,862 Ceded written premiums (8,756 ) (8,700 ) Net written premiums $ 55,091 $ 44,162 Net earned premiums $ 48,061 $ 40,433 Losses and loss adjustment expenses 28,899 22,107 Underwriting, acquisition and insurance expenses 12,398 11,294 Underwriting income (1) $ 6,764 $ 7,032 Loss ratio 60.1 % 54.7 % Expense ratio 25.8 % 27.9 % Combined ratio 85.9 % 82.6 % Annualized return on equity (2) 12.2 % 11.8 % Annualized operating return on equity (3) 13.7 % 11.8 % The following table summarizes losses incurred for the current accident year and the development of prior accident years for the three months ended March 31, 2018 and 2017:
Three Months Ended Three Months Ended March 31, 2018 March 31, 2017 Losses and loss
adjustment
expenses % of Earned
Premiums Losses and loss
adjustment
expenses % of Earned
Premiums Loss ratio: ($ in thousands) Current accident year $ 30,183 62.8 % $ 27,137 67.1 % Current accident year - catastrophe losses — — % 74 0.2 % Effect of prior accident year development (1,284 ) (2.7 )% (5,104 ) (12.6 )% Total $ 28,899 60.1 % $ 22,107 54.7 % (1) Underwriting income is a non-GAAP financial measure. See discussion of "Non-GAAP Financial Measures" below.
(2) Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
(3) Annualized operating return on equity is net operating earnings, a non-GAAP financial measure, expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period. See discussion of "Non-GAAP Financial Measures" below.
Investment Results
The Company’s net investment income was $3.2 million in the first quarter of 2018 compared to $2.3 million in the first quarter of 2017, an increase of 41.3%. The Company’s investment portfolio, excluding cash and cash equivalents, had an annualized gross investment return of 2.7% for the three months ended March 31, 2018 compared to 2.3% for the three months ended March 31, 2017. Funds are generally invested conservatively in high quality securities, including government agency, mortgage-backed, municipal and corporate bonds with an average credit quality of "AA." The weighted average duration of the fixed-maturity investment portfolio, including cash equivalents, was 4.1 years at March 31, 2018 and 3.9 years at December 31, 2017. Cash and invested assets totaled $574.3 million at March 31, 2018 compared to $561.1 million at December 31, 2017.
Effective January 1, 2018, the Company adopted a new accounting standard, which prescribed several changes, including eliminating the available-for-sale classification of equity investments and requiring changes in unrealized gains and losses in the fair value of equity investments to be recognized in net income. During the first quarter of 2018, the Company recognized $1.0 million of unrealized losses, net of taxes, related to its equity portfolio in the consolidated statement of income. In addition, at the time of adoption, the Company recorded a cumulative-effect adjustment of $6.5 million, net of taxes, which reclassified unrealized gains related to these investments from accumulated other comprehensive income to retained earnings.
Other
The effective tax rates for the three months ended March 31, 2018 and 2017 were 17.3% and 32.4%, respectively. The decrease in the effective tax rate for the three months ended March 31, 2018 compared to the prior-year period was attributable to the effect of the Tax Cuts and Jobs Act of 2017, which lowered the federal corporate tax rate from 35% to 21%, and the recognition of tax benefits from share-based compensation during the first quarter of 2018.
Total comprehensive income, which includes the change in after-tax unrealized gains and losses from the Company’s available-for-sale securities, was $2.4 million for the first quarter of 2018 compared to $7.4 million for the same period in 2017. The decline in total comprehensive income was principally due to an increase in unrealized losses during the first quarter of 2018 related to lower fair values of Company's fixed-maturity investments, which was attributable to a higher interest rate environment.
Stockholders' equity was $239.9 million at March 31, 2018, compared to $238.2 million at December 31, 2017. Annualized return on equity was 12.2% for the first three months of 2018, an increase from 11.8% for the first three months of 2017. The increase was principally due to the lower income tax rate resulting from the Tax Cuts and Jobs Act of 2017.
Non-GAAP Financial Measures
Net Operating Earnings
Net operating earnings excludes the impact of realized investment gains and losses and unrealized gains and losses on equity securities. Management believes the exclusion of these items provide a more useful comparison of the Company's underlying business performance from period to period. Net operating earnings and percentages or calculations using net operating earnings (e.g., diluted operating earnings per share and annualized operating return on equity) are non-GAAP financial measures. Net operating earnings should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define net operating earnings differently.
For the three months ended March 31, 2018 and 2017, net income and diluted earnings per share reconcile to net operating earnings and diluted operating earnings per share as follows:
Three Months Ended March 31, 2018 2017 ($ in thousands) Net operating earnings: Net income $ 7,287 $ 6,281 Net unrealized losses on equity securities, after taxes 1,010 — Net realized (gains) losses on investments, after taxes (88 ) 21 Net operating earnings $ 8,209 $ 6,302 Diluted operating earnings per share: Diluted earnings per share $ 0.34 $ 0.29 Net unrealized losses on equity securities, after taxes, per share 0.04 — Net realized (gains) losses on investments, after taxes, per share — — Diluted operating earnings per share $ 0.38 $ 0.29 Operating return on equity: Average equity (1) $ 239,020 $ 213,343 Annualized return on equity (2) 12.2 % 11.8 % Annualized operating return on equity (3) 13.7 % 11.8 % (1) Computed by adding the total equity as of the date indicated to the prior quarter-end or year-end total, as applicable, and dividing by two.
(2) Annualized return on equity is net income expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
(3) Annualized operating return on equity is net operating earnings expressed on an annualized basis as a percentage of average beginning and ending stockholders’ equity during the period.
Underwriting Income
Underwriting income is a non-GAAP financial measure that is useful in evaluating the Company's underwriting performance without regard to investment income. Underwriting income represents the pre-tax profitability of the Company's insurance operations and is derived by subtracting losses and loss adjustment expenses and underwriting, acquisition and insurance expenses from net earned premiums. The Company uses underwriting income as an internal performance measure in the management of its operations because the Company believes it gives management and users of the Company's financial information useful insight into the Company's results of operations and underlying business performance. Underwriting income should not be viewed as a substitute for net income calculated in accordance with GAAP, and other companies may define underwriting income differently.
For the three months ended March 31, 2018 and 2017, net income reconciles to underwriting income as follows:
Three Months Ended March 31, 2018 2017 (in thousands) Net income $ 7,287 $ 6,281 Income tax expense 1,528 3,005 Income before income taxes 8,815 9,286 Other expenses 14 — Net investment income (3,229 ) (2,286 ) Net unrealized losses on equity securities 1,279 — Net realized (gains) losses on investments (112 ) 32 Other income (3 ) — Underwriting income $ 6,764 $ 7,032 Conference Call
Kinsale Capital Group will hold a conference call to discuss this press release on Friday, May 4, 2018, at 9:00 a.m. (Eastern Time). Members of the public may access the conference call by dialing (844) 239-5282, conference ID# 4778106, or via the Internet by going to www.kinsalecapitalgroup.com and clicking on the "Investor Relations" link. A replay of the call will be available on the website until the close of business on July 3, 2018.
Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as "believe," "expect," "seek," "may," "will," "intend," "project," "plan," "estimate" or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and factors, they include, among others, the following: inadequate loss reserves to cover the Company's actual losses; adverse economic factors; inherent uncertainty of models resulting in actual losses that are materially different than the Company's estimates; a decline in the Company's financial strength rating; loss of one or more key executives; loss of a group of brokers that generate significant portions of the Company's business; failure of any of the loss limitations or exclusions the Company employs, or change in other claims or coverage issues; adverse performance of the Company's investment portfolio; adverse market conditions that affect its excess and surplus lines insurance operations; and other risks described in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About Kinsale Capital Group, Inc.
Kinsale Capital Group, Inc. is a specialty insurance group headquartered in Richmond, Virginia, focusing on the excess and surplus lines market.
Contact
Kinsale Capital Group, Inc.
Bryan Petrucelli
Senior Vice President, Chief Financial Officer and Treasurer
804-289-1272
[email protected]
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Unaudited Consolidated Statements of Income and Comprehensive Income Three Months Ended March 31, 2018 2017 (in thousands, except per share data) Revenues Gross written premiums $ 63,847 $ 52,862 Ceded written premiums (8,756 ) (8,700 ) Net written premiums 55,091 44,162 Change in unearned premiums (7,030 ) (3,729 ) Net earned premiums 48,061 40,433 Net investment income 3,229 2,286 Net unrealized losses on equity securities (1,279 ) — Net realized gains (losses) on investments 112 (32 ) Other income 3 — Total revenues 50,126 42,687 Expenses Losses and loss adjustment expenses 28,899 22,107 Underwriting, acquisition and insurance expenses 12,398 11,294 Other expenses 14 — Total expenses 41,311 33,401 Income before income taxes 8,815 9,286 Total income tax expense 1,528 3,005 Net income 7,287 6,281 Other comprehensive income Change in unrealized (losses) gains on available-for-sale securities, net of taxes (4,856 ) 1,073 Total comprehensive income $ 2,431 $ 7,354 Earnings per share - basic $ 0.35 $ 0.30 Earnings per share - diluted $ 0.34 $ 0.29 Weighted-average shares outstanding - basic 21,045 20,969 Weighted-average shares outstanding - diluted 21,628 21,389
KINSALE CAPITAL GROUP, INC. AND SUBSIDIARIES Unaudited Condensed Consolidated Balance Sheets March 31, 2018 December 31, 2017 Assets (in thousands) Investments: Fixed-maturity securities at fair value $ 462,534 $ 425,191 Equity securities at fair value 55,065 54,132 Total investments 517,599 479,323 Cash and cash equivalents 56,659 81,747 Investment income due and accrued 3,200 3,077 Premiums receivable, net 22,892 19,787 Reinsurance recoverable 50,742 49,593 Ceded unearned premiums 14,081 13,858 Deferred policy acquisition costs, net of ceding commissions 12,768 11,775 Intangible assets 3,538 3,538 Deferred income tax asset, net 4,201 2,492 Other assets 2,087 2,659 Total assets $ 687,767 $ 667,849 Liabilities & Stockholders' Equity Liabilities: Reserves for unpaid losses and loss adjustment expenses $ 328,209 $ 315,717 Unearned premiums 110,364 103,110 Payable to reinsurers 3,244 3,226 Accounts payable and accrued expenses 3,170 6,519 Other 2,930 1,088 Total liabilities 447,917 429,660 Stockholders' equity 239,850 238,189 stockholders' equity $ 687,767 $ 667,849
Source:Kinsale Capital Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-kinsale-capital-group-inc-reports-2018-first-quarter-results.html |
SAN JOSE (Thomson Reuters Foundation) - Costa Rica will reach 200 years of independence in 2021 and the country’s new president plans to mark it with a revolution of his own: A plan to end the use of fossil fuels in transport.
Costa Rica's newly-elected President Carlos Alvarado Quesada speaks after receiving his credentials during a ceremony at the Supreme Electoral Tribunal in San Jose, Costa Rica April 26. 2018. REUTERS/Juan Carlos Ulate “When we reach 200 years of independent life we will take Costa Rica forward and celebrate ... that we’ve removed gasoline and diesel from our transportation” plans, Carlos Alvarado promised in his victory speech this month.
The 38-year-old progressive beat rival Fabricio Alvarado, an evangelical preacher and musician, with 60 percent of the vote in second-round elections, and will take office on May 8.
The president-elect’s promise marks the first time a Costa Rican leader has backed such a move, though green organizations have previously urged it.
According to Alvarado’s environmental advisors, no date has yet been set for a full phase out of fossil fuels in transport, but the plan should be ready by 2021.
Achieving zero-carbon transport quickly - even in a Central American country well-known for its environmental commitment - will be a significant challenge, energy experts say.
Jose Daniel Lara, a Costa Rican energy researcher at the University of California-Berkeley, said completely eliminating fossil fuels within just a few years is probably unrealistic – though the plan will lay the groundwork for faster action toward the goal.
“A proposal like this one must be seen by its rhetoric value and not by its technical precision,” Lara told the Thomson Reuters Foundation.
Oscar Echeverría, president of the Vehicle and Machinery Importers Association, said the transition away from fossil fuels in transport can’t be rushed as the clean transport market is so far undeveloped.
“If there’s no previous infrastructure, competence, affordable prices and waste management we’d be leading this process to failure. We need to be careful,” Echeverría said.
SMALL COUNTRY, BIG IDEA But economist Mónica Araya, a Costa Rican sustainability expert and director of Costa Rica Limpia, which promotes renewable energy and electric transport, said that in a country already rapidly weaning itself off fossil fuels, focusing on transport – one of the last major challenges – could send a powerful message to the world.
“Getting rid of fossil fuels is a big idea coming from a small country. This is an idea that’s starting to gain international support with the rise of new technologies”, she said in an interview.
Costa Rica’s push toward clean energy faces no large-scale backlash, in part because the country has no significant oil or gas industry.
But demand for cars is rising, as is use of other transport systems, and that may prove one of the biggest challenges in meeting the new goal, Lara said.
According to data by the National Registry – the country’s records agency – there were twice as many cars registered as babies born in 2016.
Transport is today the country’s main source of climate changing emissions. According to the country’s National Meteorological Institute, 64 percent of Costa Rica’s emissions come from energy use, and more than two thirds of that is from transport.
According to data from the State of the Region report, put together by a council of Costa Rica’s university leaders, public transport has struggled to meet the transport needs of the country.
As a result, demand for private vehicles has risen dramatically, with the car industry growing 25 percent in 2015 alone, making Costa Rica one of the fastest growing auto markets in Latin America, according to the report.
BUDGET HOLE One problem in cutting back on fossil fuels is that the country’s budget depends on them, Lara said.
According to Ministry of Treasury data, 22 percent - more than a fifth – of the government’s income comes from fossil fuel taxes, and most of those are levied on transport.
That is particularly problematic because the country has run a budget deficit since 2009, with its debt now having climbed to more than 6 percent of GDP last year, according to the Treasury.
The International Monetary Fund noted in 2017 that “public debt continues to rise rapidly” despite efforts to curb it.
But the president’s proposal to eliminate fossil fuel use for transport could force a rethink of Costa Rica’s financial dependence on a pollution source, Lara said.
The country could, for instance, consider broader new taxes on carbon emissions, Araya said, a move that could provide cost-savings benefits, including less spending by the country’s health services on respiratory problems.
The new president-elect, a former national employment minister under the country’s current center-left government, envisions eliminating transport fuels as just another step toward a full phase-out of fossil fuels.
Such an achievement would be a defining moment in the country’s history, akin to the country’s abolition of its army in 1948, he said.
The effort to end the use of transport fossil fuels is expected to start with reform of the country’s hydrocarbon laws.
TECHNOLOGY IMPROVEMENTS Araya said that the rapid international scale-up of renewable power and electric transport could make things easier – and be a big economic opportunity for Costa Rica.
“For example, it took almost 20 years to get to one million electric cars (worldwide). It took 18 months to reach two million. The third million happened in around the next eight months. This is exponential growth”, she said.
Prices are falling and efficiency growing in new clean energy technologies, including battery storage, she said. The biggest barrier to seeing them much more widely used may simply be that people aren’t yet used to them, she added.
“Tackling resistance to change is one of the most important tasks we have right now” Araya said.
Reporting by Sebastian Rodriguez ; editing by Laurie Goering : Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
| ashraq/financial-news-articles | https://www.reuters.com/article/us-costa-rica-politics-renewables/costa-ricas-new-president-promises-plan-to-speed-clean-transport-idUSKBN1I11M5 |
Oil prices slid on Tuesday as the dollar remained near a four-month high, but worries that U.S. President Donald Trump will pull out of the Iran nuclear deal underpinned the market.
U.S. West Texas Intermediate crude for June delivery finished Tuesday's session down $1.32 a barrel, or 1.9 percent, at $67.25, after settling up 47 cents on Monday.
London Brent crude for new July delivery was down $1.46, or 2 percent, at $73.23 a barrel by 2:28 p.m. ET. The June contract expired on Monday, settling up 53 cents at $75.17.
The U.S. dollar surged into positive territory for 2018 and broke past key levels against several currencies as a divergence between growth and the interest rate outlook versus other countries spurred investors to chase the currency higher. A strong dollar makes greenback-denominated oil more expensive to holders of other currencies.
"The strength of the dollar is where the pressure is coming from," said Gene McGillian, vice president at Tradition Energy.
show chapters US crude spikes after Netanyahu's comments on Iran 23 Hours Ago | 03:08 The risk of the U.S. pulling out of the Iran nuclear deal, resulting in sanctions on the producing nation, has already largely been priced in, underpinning the market, he said.
Oil prices rose on Monday after Israeli Prime Minister Benjamin Netanyahu stepped up pressure on the United States to pull out of the 2015 nuclear deal with Iran, presenting what he called evidence of a secret Iranian nuclear weapons program . Tehran has denied ever seeking nuclear weapons.
But analysts said the lack of a smoking gun took some of the heat out of oil prices.
Olivier Jakob of PetroMatrix said the announcement "did not bring anything new to the table," and the market therefore shed some of the previous day's gains.
"It shows how much the market has already priced in the expectation that Trump will not extend the waivers," he said.
Trump has given Britain, France and Germany a May 12 deadline to fix what he views as the deal's flaws or he will reimpose sanctions.
show chapters Oil prices are frothy, driven by strong oil demand: BP CFO 13 Hours Ago | 03:41 Still, crude prices were within striking distance of a more than three-year high hit in late April, and analysts said the market is sensitive to any developments on Iranian sanctions.
Oil got some support after a Reuters survey showed OPEC oil output fell to a one-year low in April due to declining production in Venezuela and lower shipments from African producers.
Elsewhere, U.S. crude production jumped 260,000 barrels per day (bpd) to a record high of 10.26 million bpd in February, the Energy Information Administration said on Monday.
U.S. crude inventories likely rose by 1.3 million barrels last week, while gasoline and distillate stockpiles fell, a preliminary Reuters poll showed on Monday ahead of data by the Industry group the American Petroleum Institute later in the day.
Brazil's Petrobras expects oil production to start by the end of June at its Tartaruga Verde e Mestica offshore platform, which would allow the firm to add up to 500,000 barrels per day of new oil output next year, a senior official said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/oil-market-iran-sanction-worries-in-focus.html |
May 9 (Reuters) - Steppe Gold Ltd.:
* STEPPE GOLD LTD. ANNOUNCES FILING OF FINAL PROSPECTUS FOR INITIAL PUBLIC OFFERING
* STEPPE GOLD - OBTAINED RECEIPT FOR FINAL PROSPECTUS FILED WITH REGULATORY AUTHORITIES IN CANADA REGARDING PROPOSED IPO AT $2.00/UNIT FOR $21.1 MILLION Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-steppe-gold-announces-filing-of-fi/brief-steppe-gold-announces-filing-of-final-prospectus-for-ipo-idUSASC0A10Y |
Borealis CEO: US shale story has been 'very positive' 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/13/borealis-ceo-us-shale-story-has-been-very-positive.html |
DUBAI (Reuters) - Yemeni President Abd-Rabbu Mansour Hadi has appointed Khaled al-Yamani as foreign minister, replacing Abdel-Malek al-Mekhlafi, according to a statement posted on Thursday by state news agency SABA.
Mekhlafi will become an adviser to the president, the statement said. Yemeni ambassador to the United States Ahmed Awadh bin Mubarak will take up Yamani’s position as Yemen’s representative to the United Nations while also remaining in his current role.
Reporting by Mohammed Ghobari and Hesham Hejali; Writing by Katie Paul; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-yemen-politics/yemen-appoints-new-minister-of-foreign-affairs-saba-idUSKCN1IP038 |
Breakingviews TV: Tesla glitch Thursday, May 03, 2018 - 04:52
Antony Currie and Richard Beales talk about Tesla’s biggest-ever quarterly loss, the electric-car maker’s ambitions, and boss Elon Musk’s impatience with Wall Street analysts on the company’s earnings call – and what that means for its capital-raising prospects.
Antony Currie and Richard Beales talk about Tesla’s biggest-ever quarterly loss, the electric-car maker’s ambitions, and boss Elon Musk’s impatience with Wall Street analysts on the company’s earnings call – and what that means for its capital-raising prospects. //reut.rs/2KB7JRs | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/03/breakingviews-tv-tesla-glitch?videoId=423575475 |
May 3 (Reuters) - Xing SE:
* SAYS Q1 REVENUES 54 MILLION EUR * SAYS Q1 EBITDA 14.8 MILLION EUR
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-xing-ebitda-rises-19-pct-in-q1/brief-xing-ebitda-rises-19-pct-in-q1-idUSFWN1SA064 |
WASHINGTON—The search for a new Veterans Affairs chief is wide open, with President Donald Trump considering as potential nominees a former Republican congressman, a hospital executive and his White House chief of staff, John Kelly, people familiar with the matter said.
Dr. Ronny Jackson, the president’s doctor, pulled out of the running last week amid allegations of misconduct, and Mr. Trump has publicly said he wants someone with “political capability” to run the 370,000-person department. But another priority is picking... To | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-considering-kelly-as-possible-candidate-to-lead-va-1525134722 |
May 21 (Reuters) - Southern Co:
* GEORGIA POWER COMPANY ANNOUNCES EARLY TENDER RESULTS AND UPSIZING OF CASH TENDER OFFERS FOR SENIOR NOTES
* GEORGIA POWER COMPANY - “AGGREGATE MAXIMUM PURCHASE PRICE” OF OFFERS INCREASED TO AMOUNT SUFFICIENT TO ALLOW PURCHASE OF $749.9 MILLION PRINCIPAL AMOUNT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-georgia-power-announces-early-tend/brief-georgia-power-announces-early-tender-results-idUSASC0A308 |
May 19, 2018 / 10:12 AM / Updated an hour ago Diana's favourite flowers adorn her son's wedding chapel Reuters Staff 2 Min Read
WINDSOR, England (Reuters) - White roses - the favourite flowers of Prince Harry’s late mother Diana - arched over the organ loft and West Door of St George’s chapel, where he will marry American actress Meghan Markle on Saturday. Flowers and foliage surround the West Door and steps of St George's Chapel at Windsor Castle for the wedding of Prince Harry to Meghan Markle. May 19, 2018. Danny Lawson/Pool via REUTERS
London florist Philippa Craddock used roses, peonies and foxgloves, set against beech, birch and hornbeam branches, many of them gathered from the gardens and parkland of the Crown Estate and Windsor Great Park, the royal family’s press office said.
“One of the things that has been very important in this brief to me is to make sure we’re sourcing locally and that the designs reflect the landscape that’s around Windsor Castle, that’s what we’re looking to do in the chapel,” Craddock said in a statement. Slideshow (3 Images)
Many of the same flowers fill the White Garden in Kensington Palace, which was planted in memory of Diana, the late Princess of Wales. The palace’s website describes the garden’s white roses as “a favourite of the Princess”.
Many of the wedding flowers will be replanted in Kensington Gardens after the wedding, royal officials said. Reporting by Andrew Heavens; Editing by Kevin Liffey | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-royals-flowers-chapel/dianas-favourite-flowers-adorn-her-sons-wedding-chapel-idUKKCN1IK0BP |
Regarding Mary Anastasia O’Grady’s “George Soros and the ‘Caravan’” (Americas, May 7): This isn’t America’s problem, it’s Mexico’s. Mexico let these people cross its border and travel the length of the country without stopping them. It would be like the U.S. allowing a group of Canadians to cross our border and travel through the country to get to Mexico. We wouldn’t allow it, and neither should Mexico. If Mexico allows it, it becomes Mexico’s problem.
We are a nation of immigrants, but we are also a nation of laws. We can’t... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-caravan-is-mexicos-problem-not-americas-1525975562 |
MILAN, May 4 (Reuters) - Vivendi said on Friday it did not control Telecom Italia (TIM) any more and so the issue of the Italian state exercising special powers was no longer relevant.
“All the things like golden powers... will disappear out of the window,” a Vivendi spokesman said on the sidelines of a shareholder meeting.
On Friday activist fund Elliott secured two thirds of TIM’s board seats after a shareholder vote, beating out top investor Vivendi.
The Italian government considers TIM of strategic national importance. Last year it used its golden powers to ensure it had a say in some strategic decisions at the former phone monopolist.
The spokesman said Elliott had won the vote on Friday because of support from state lender CDP, which holds a stake in TIM.
“It’s not a market-driven victory because it’s a government owned agency which tilted the vote in favour of an American hedge fund instead of a long term industrial shareholder,” he said. (Reporting by Agnieszka Flak, writing by Stephen Jewkes)
| ashraq/financial-news-articles | https://www.reuters.com/article/telecomitalia-elliott-vivendi-control/vivendi-says-no-longer-controls-telecom-italia-after-shareholder-vote-idUSI6N1D102H |
May 22, 2018 / 9:44 AM / Updated 22 minutes ago UPDATE 1-Najib's government deceived parliament over Malaysia's finances - minister Reuters Staff 2 Min Read
(Adds details)
KUALA LUMPUR, May 22 (Reuters) - Malaysia’s previous government deceived the public and parliament over the country’s financial situation and state fund 1Malaysia Development Berhad (1MDB), the new government’s finance minister said on Tuesday.
The previous government led by Najib Razak has been bailing out debt-burdened 1MDB since April 2017, paying a total of 6.98 billion ringgit ($1.8 billion) so far, Lim Guan Eng said.
That includes interest and coupon payments, and a 5.05 billion ringgit settlement payment made to Abu Dhabi fund IPIC, Lim said.
More payments, totalling 953.96 million ringgit, will fall due between this between this month and November, he said. From 2022, payments of billions more ringgit will fall due, he added.
“It is clear that the previous government has conducted an exercise of deception to the public about certain hot button items, especially 1MDB, and even misrepresented the financial situation to parliament” Lim said in a statement.
The bailing out of 1MDB by the finance ministry shows that the fund deceived the public about making debt obligations through a rationalisation exercise, he said.
Lim, who was sworn in on Monday, also said treasury officials and the country’s auditor general were unable to access certain accounts and reports.
Malaysia’s Prime Minister Mahathir Mohamad had last week said many of the figures recording the country’s financial position may be false, though he did not offer any evidence or say which data he was referring to.
Mahathir won a historic election this month, defeating Najib and his Barisan Nasional coalition, and immediately reopened investigations into 1MDB and barred the former leader from leaving the country. He has also vowed to review several policies and projects implemented by Najib’s government. (Reporting by Joseph Sipalan; Writing by A. Ananthalakshmi; Editing by Simon Cameron-Moore) | ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-politics-finances/update-1-najibs-government-deceived-parliament-over-malaysias-finances-minister-idUSL3N1ST36A |
J.P. Morgan Files Patent for Blockchain-Powered Payments Jamie Dimon By Polina Marinova 12:24 PM EDT
Here we go. J.P. Morgan Chase has applied for a patent to facilitate payments between banks using the blockchain.
The patent was originally submitted in October, but the application was made public by the U.S. Patent and Trademark Office on Thursday. It outlines a system that would essentially use distributed ledger technology, such as blockchain, to keep track of payments sent between financial institutions.
In the application, J.P. Morgan notes that cross-border payments require “a number of messages” that must be sent between the bank and clearing houses involved in the transaction. This often results in delays and a restricted availability to the funds. Rather, the transaction on the blockchain would eliminate high costs, provide a system for accurately logging the transactions, and process payments in real time with a verifiably true audit trail.
This may come as a surprise given J.P. Morgan CEO Jamie Dimon’s tirade about Bitcoin several months ago, suggesting the cryptocurrency is “a fraud” and that he would fire any employee trading Bitcoin for being “stupid.”
But Dimon was careful to distinguish between cryptocurrencies and the blockchain because, well, J.P. Morgan has actually built its own blockchain on top of Ethereum. The bank is also one of 86 corporate firms to play a role in forming The Enterprise Ethereum Alliance , an open-source blockchain initiative. The idea of the EEA is for big banks and tech companies to come together and build business-ready versions of the software behind Ethereum, a decentralized computing network based on digital currency.
The patent filed in October is reminiscent of another Bitcoin-style payment system J.P. Morgan tried to patent in 2013. Although the patent was reportedly rejected, it’s fascinating to see the bank lay out some of the problems with the existing payment structure. For instance , “Furthermore, to date, there is no efficient way for consumers to make payments to other consumers using the Internet. All traditional forms of person-to-person exchange include the physical exchange of cash or checks rather than a real-time digital exchange of value. In addition, the high cost of retail wire transfers (i.e., Western Union) is cost prohibitive to a significant portion of society. ”
Let’s see what happens the second time around. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/04/jpmorgan-blockhain-patent/ |
NEW YORK--(BUSINESS WIRE)-- Bragar Eagel & Squire, P.C. is investigating potential claims against Ormat Technologies, Inc. (NYSE: ORA). Our investigation concerns whether Ormat has violated the federal securities laws and/or engaged in other unlawful business practices.
On May 11, 2018, Ormat disclosed that the Company would delay the filing of its Quarterly Report for the period ended March 31, 2018, stating that "management has identified an error in the Company's financial statement presentation of deferred income tax assets and deferred income tax liabilities that affects the Company's balance sheets in previous reporting periods."
Following this news, shares of Ormat fell $3.42 per share, or over 6%, to close at $52.77 on May 14, 2018.
Then, on May 16, 2018, Ormat announced that it will restate its second, third and fourth quarter 2017 financial statements and its full-year 2017 financial statements. They further announced that investors should no longer rely upon the Company's previously issued financial statements for the periods set forth above, earnings releases for these periods, and other communications relating to these financial statements. In addition, the Company is further delaying the filing of the quarterly report on Form 10-Q for its first quarter of 2018 with the Securities and Exchange Commission.
Following this news, shares of Ormat have fallen in intraday trading.
If you purchased or otherwise acquired Ormat shares and suffered a loss, continue to hold shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected] , or telephone at (212) 355-4648, or by filling out this contact form . There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning our investigation into Ormat Technologies, Inc., please go to http://www.bespc.com/ora . For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006237/en/
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
212-355-4648
[email protected]
www.bespc.com
Source: Bragar Eagel & Squire, P.C. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-bragar-eagel-squire-p-c-is-investigating-ormat-technologies-inc-ora-on-behalf-of-stockholders-and-encourages-investors-to.html |
WASHINGTON (Reuters) - The U.S. State Department said on Tuesday it rejected accusations by Venezuelan President Nicolas Maduro that two top U.S. diplomats were engaged in what Maduro called a “military conspiracy” or had been meddling in the country’s economic and political issues.
Maduro earlier on Tuesday ordered the expulsion of U.S. charge d’affaires Todd Robinson and another senior diplomat, Brian Naranjo, ordering them to leave Venezuela within 48 hours. The United States refused to recognize Maduro’s re-election on Sunday and imposed new sanctions over the controversial vote.
Reporting by Lesley Wroughton, writing by David Alexander, Editing by Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election-usa/u-s-rejects-claim-by-venezuelas-maduro-that-u-s-envoys-engaged-in-conspiracy-idUSKCN1IN2V8 |
By Mahita Gajanan 8:30 AM EDT
A number of websites will go on “red alert” starting Wednesday, May 9 in an attempt to save neutrality.
Popular websites like Reddit, Etsy, Pornhub, and OKCupid are among about 50 so far that have signed on to “go red” on Wednesday, ahead of a Congressional push to overturn the Federal Communication Commission’s repeal of net neutrality (FCC), announced last November.
The FCC’s decision to rescind net neutrality rolled back regulations that give everyone equal access to the internet by preventing service providers from discriminating against web content would be dismantled.
On Wednesday, Senate Democrats and one Republican will petition to vote on the Congressional Review Act (CRA), which aims to block the FCC’s repeal. The websites are turning red to raise awareness of the issue. We have the signatures. On May 9th, we officially file the petition to force a vote on the Senate floor to save #NetNeutrality .
— Ed Markey (@SenMarkey) April 30, 2018
Each participating website will feature a “red alert” along the bottom of its homepage that automatically expands with messages encouraging users to urge their lawmakers to vote yes on the CRA. The “Red Alert” widget will remain on all the sites until the Senate votes.
See how to add a “Red Alert” to your site here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/09/reddit-pornhub-sonos-red-alert-net-neutrality/ |
May 4 (Reuters) - Fatfish Internet Group Ltd:
* MC PAYMENT TO ACQUIRE IFASHION GROUP FOR A$24.8 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fatfish-internet-group-says-mc-pay/brief-fatfish-internet-group-says-mc-payment-to-buy-ifashion-group-for-a24-8-mln-idUSFWN1SA1HQ |
SAO PAULO (Reuters) - Imprisoned former Brazilian President Luiz Inacio Lula da Silva, along with the current leader of the Workers Party he founded, were hit on Monday with fresh corruption charges by federal prosecutors.
FILE PHOTO: Former Brazilian President Luiz Inacio Lula da Silva arrives at Federal Justice, with senator Gleisi Hoffmann (R) for a testimony in Curitiba, Brazil, May 10, 2017. EUTERS/Nacho Doce/File Photo Authorities allege that Lula, along with Senator Gleisi Hoffmann, who is leading the beleaguered Workers Party, were given access to a $40 million slush fund in 2010 funded by construction company Construtora Odebrecht [ODBES.UL], in exchange for government decisions that would benefit the company.
Lula’s lawyers and Odebrecht did not immediately respond to comment request. The Workers Party said in a statement that the accusations were unfounded. Also charged in the alleged scheme were Antonio Palocci, who served as Finance Minister under Lula and who last week signed a plea deal with prosecutors, along with Paulo Bernardo, who was Lula’s planning minister. Palocci has been in jail since 2016 and was found guilty in a different graft trial last year.
Slideshow (3 Images) Lula was jailed on April 7 and is serving a 12-year sentence for a bribery conviction. The former leader already faces another six separate trials on graft charges.
Hoffmann and Bernardo, her husband, are both also facing a separate trial in the sweeping Lava Jato corruption probe, an unprecedented push against corruption in Latin America’s biggest economy that has seen scores of powerful politicians and businessmen jailed for corruption.
Reporting by Ana Mano
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics/brazils-lula-workers-party-leader-hit-by-new-corruption-charges-idUSKBN1I22J7 |
This portfolio manager says she 'really' likes large-cap tech 6 Hours Ago Mary Manning of Ellerston Capital says "really big tech companies" such as Alibaba, Samsung and Tencent are going to get bigger at the expense of "some of the smaller guys." | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/this-portfolio-manager-says-she-really-likes-large-cap-tech.html |
PHILADELPHIA, May 16, 2018 (GLOBE NEWSWIRE) -- Prudential Bancorp, Inc. (the “Company”) (Nasdaq:PBIP) announced that its Board of Directors, at a meeting held today, declared a quarterly cash dividend of $0.05 per share on the common stock of the Company, payable on June 21, 2018 to the shareholders of record at the close of business on June 7, 2018.
Prudential Bancorp, Inc. is the holding company for Prudential Bank, a Pennsylvania-chartered, FDIC-insured savings bank originally organized in 1886 and headquartered in Philadelphia, Pennsylvania. Prudential conducts business from its headquarters and main office in Philadelphia, Pennsylvania as well as nine additional full-service financial centers, seven of which are in Philadelphia, one in Drexel Hill, Delaware County, and one in Huntingdon Valley, Montgomery County, Pennsylvania. At March 31, 2018, the Company had assets totaling $944.4 million, liabilities totaling $812.3 million and shareholders’ equity totaling $132.1 million.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors, many of which are beyond the Company’s control, could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements. The Company’s reports filed from time-to-time with the Securities and Exchange Commission, describe some of these factors, including general economic conditions, changes in interest rates, deposit flows, the cost of funds, changes in credit quality and interest rate risks associated with the Company’s business and operations. Other factors described include changes in our loan portfolio, changes in competition, fiscal and monetary policies, legislation and regulatory changes.
Investors are encouraged to access the Company's periodic reports filed with the Securities and Exchange Commission for financial and business information regarding the Company at www.psbanker.com under the Investor Relations menu. We undertake no obligation to update any forward-looking statements.
Contact:
Jack E. Rothkopf , Senior Vice President, Treasurer, Chief Financial Officer, Prudential Bancorp, Inc. and Prudential Bank, 215-755-1500.
Source:Prudential Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-prudential-bancorp-inc-announces-declaration-of-quarterly-cash-dividend.html |
May 15, 2018 / 9:44 AM / Updated 8 minutes ago RPT-UPDATE 1-Land Securities NAV dips on refinancing costs, names new chairwoman Reuters Staff 2 Min Read
(Repeats with no changes to text)
May 15 (Reuters) - Land Securities, Britain’s largest listed property developer, posted a slight fall in full-year adjusted net asset value per share on Tuesday, hurt by the cost of refinancing bonds, and said it named Cressida Hogg as new chairwoman.
Hogg will succeed well-known business personality Dame Alison Carnwath, who will retire on July 12. Hogg will be one of a handful of women at the helm of an FTSE 100 company board.
Land Securities expects investment and leasing volumes in the property market to be more subdued in the near term due to uncertainty ahead of the UK’s exit from the European Union.
The company, which manages the Bluewater shopping centre in southeast England, also said retail market continued to be affected by structural change in shopping habits and has been impacted by weaker consumer confidence.
Land Securities, like others in the industry, has undergone a multi-year overhaul to cut debt by selling non-core projects to strengthen the quality of its balance sheet and is today watched widely for its calls on the state of the market.
The developer reported a 1 percent fall in adjusted diluted net asset value - a measure of a developer’s buildings - to 1,403 pence for the year to March 31.
“The cost of refinancing 1.5 billion pounds ($2.03 billion)of bonds is behind both the loss for the year of 251 million pounds and the slight fall in adjusted diluted net asset value per share to 1,403 pence,” the company said.
Land Securities raised its full-year dividend by 14.7 percent to 44.2 pence per share. ($1 = 0.7383 pounds) (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/land-secs-group-results/rpt-update-1-land-securities-nav-dips-on-refinancing-costs-names-new-chairwoman-idUSL3N1SM4J1 |
May 4, 2018 / 2:18 PM / Updated 3 hours ago Nuclear deal a challenge for Rouhani as Iran hardliners close in Parisa Hafezi 6 Min Read
ANKARA (Reuters) - Iran’s hardliners are preparing to bring President Hassan Rouhani to heel if U.S. President Donald Trump scraps Tehran’s nuclear deal with major powers, officials and analysts believe. FILE PHOTO: Iranian President Hassan Rouhani speaks during a meeting with Muslim leaders and scholars in Hyderabad, India, February 15, 2018. REUTERS/Danish Siddiqui/File Photo
Trump has threatened to abrogate the 2015 agreement by not extending sanctions waivers when they expire on May 12, if Britain, France and Germany do not “fix” its “terrible flaws”.
This sets the stage for a resurgence of political infighting within Iran’s complex power structure, Iranian officials said.
Annulment of the accord could tip the balance of power in favour of hardliners looking to constrain the relatively moderate Rouhani’s ability to open up to the West.
While the spotlight is on Trump’s eventual decision there will be a display of unity in Tehran, a senior Iranian official told Reuters, on condition of anonymity.
“But when the crisis is over, hardliners will try to weaken and sideline the president,” the official said.
Nor can the president expect any weakening of Iran’s system of clerical rule as a result of the uncertainty surrounding the nuclear deal, meaning “Rouhani will be in a no-win situation”, said a relative of Supreme leader Ayatollah Ali Khamenei.
For Rouhani the stakes are high. If the deal falls apart, he could become politically vulnerable for promoting the 2015 accord, under which non-nuclear sanctions were lifted in return for Tehran curbing its nuclear programme.
“It will also lead to a backlash against the moderates and pro-reformers who backed Rouhani’s detente policy with the West ... and any hope for moderation at home in the near future will fizzle out,” said political analyst Hamid Farahvashian.
It is a delicate balance. Khamenei knows that Iranians, many of whom took to the streets earlier this year to protest against high food prices, can only take so much economic pressure. FILE PHOTO: A general view of the Bushehr main nuclear reactor, 1,200 km (746 miles) south of Tehran, August 21, 2010. REUTERS/Raheb Homavandi/File photo WEAKENED
But the establishment does not want too much of an opening to the West, despite the likely economic benefits. A weakened Rouhani, unable to push such policies, is likely to serve out his term, which ends in 2021, another senior official said.
“His removal would be a sign of weakness for the system. It would harm its legitimacy abroad,” the official said. “But he will be blamed and pressured for the economic malaise.”
Khamenei gave guarded backing to Rouhani when he opened the door to nuclear diplomacy with world powers in order to end Iran’s economic and political isolation.
But the Supreme Leader’s aversion to the United States remains a formidable barrier to any diplomatic solution now, so a Trump withdrawal would make it hard for Rouhani to pursue better relations with the West.
“The internal politics will make it difficult, if not impossible, for Rouhani to pursue detente with the West and make concessions in return for economic gains,” said another Iranian government official.
The European signatories of the deal have tried to persuade Trump not abandon it because they want to keep trading with Iran.
Despite threats to walk away if Trump buries the deal, several Iranian officials said that “as long as Tehran was not excluded from the global financial and trading system” it could consider respecting the accord. Slideshow (3 Images) GUARDS
But many foreign firms are hesitant to invest in Iran, worried by unilateral U.S. sanctions imposed over human rights violations, terrorism, and the dominant role of the Revolutionary Guard Corps (IRGC) in Iran’s economy.
That is another area where Rouhani is exposed. He has sought without much success to curb the economic activities of the IRGC in order to attract foreign investment.
But under the command of Khamenei, the IRGC has ignored the government’s attempts to limit its involvement in the economy.
If the nuclear deal collapses, what power Rouhani has to limit that involvement will decline further, boosting hardliners who want to see the president’s powers reined in.
The IRGC has done well since the sanctions relating to the nuclear deal were lifted, using front companies with no obvious link to the Guard to serve as a conduit for investors returning to Iran.
If sanctions are reimposed as a result of the collapse of the nuclear deal, the Guard is well placed to evade them.
“Considering their vast business network and political and military influence, the IRGC will be back to the business of evading sanctions as they did for years in the past,” said a western diplomat in Tehran.
The IRGC stepped in when European oil companies abandoned energy projects after the United States and the European Union imposed sanctions in 2012.
“Sepah (the IRGC) is an asset for Iran. They protect Iran whenever needed ... They rescued the economy when the enemies wanted to crush us with sanctions,” said a hardline politician who declined to be identified.
“If European investors yield to America’s pressure and leave Iran, then Sepah will take over,” he said.
Concerns over possible Israeli military action against Iran’s nuclear facilities have empowered the IRGC, which runs security at home and abroad.
But experts believe that even under the umbrella of an emboldened IRGC, hardliners might hesitate to apply harsh policies, fearing a revival of the anti-government protests in January that showed the establishment was vulnerable to popular anger fuelled by economic hardship. Writing by Parisa Hafezi; Editing by Giles Elgood | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-politics-analysis/nuclear-deal-a-challenge-for-rouhani-as-iran-hardliners-close-in-idUKKBN1I51OS |
Cagle and Lee Bring Deep Healthcare Technology Industry and Leadership Experience
NASHVILLE, Tenn.--(BUSINESS WIRE)-- Clearwater Compliance , a top-ranked, award-winning provider of healthcare cyber risk management solutions, announced Monday that Steve Cagle has been appointed chief executive officer and Baxter Lee has been named chief financial officer. Bob Chaput , founder of Clearwater, will become Executive Chairman, where he will continue to guide the direction of the company. Current CFO, Mary Chaput , will transition into an advisory role and will continue to serve as a director on Clearwater’s Board.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180514005390/en/
Steve Cagle has been appointed chief executive officer of Clearwater Compliance, a top-ranked, award-winning provider of healthcare cyber risk management solutions. Cagle, 41, previously served as CEO of Moberg Pharma North America and CEO of Alterna. (Photo: Business Wire)
“From day one, my intent has been to create a company uniquely equipped to drive positive change across the healthcare industry,” said Clearwater founder Bob Chaput. “We are extremely excited to welcome Steve and Baxter as our next CEO and CFO, respectively. We are confident that Steve Cagle will continue to build on Clearwater’s market leadership, serving hospitals and health systems with innovative cyber risk management solutions. Steve joins Clearwater with a track record for building value at healthcare and technology companies and driving operational excellence.”
“Bob’s extraordinary vision and leadership has guided Clearwater to be one of the most innovative companies in healthcare cybersecurity,” said Cagle. “In his role as Chairman of the Board, Bob will continue to serve Clearwater with his unique insights and thought leadership. I cannot imagine a more exciting and important time to join Clearwater. I look forward to scaling the business for rapid growth, accelerating the development of the award-winning IRM|Pro™ SaaS platform, and expanding our solutions and services to meet customers’ needs and exceed their expectations.”
Cagle has extensive experience leading, innovating and scaling healthcare and technology businesses, including having guided a number of companies through critical transformation periods. He has steered the strategic positioning of multiple companies in fast-changing environments, built world-class capabilities, and created organizations that allowed for full implementation of their strategies.
Cagle, 41, previously served as CEO of Moberg Pharma North America and CEO of Alterna. In addition, Cagle was a founding team member of Sparta Systems, a leading provider of enterprise quality management software used by the pharmaceutical and medical device industries to enforce regulatory compliance and manufacturing best practices. Cagle serves as Chairman of the Board of CMP Pharma.
“Mary Chaput was Clearwater’s first CFO and leaves behind an incredible legacy at Clearwater,” said Cagle. “She is one of the country’s foremost experts on compliance with HIPAA privacy, security and breach notification regulations. Mary was instrumental as editor-in-chief in finalizing a milestone PHI project report that brought together 100 experts in healthcare. She has been instrumental in growing Clearwater from a four-person company to an industry leader that today works with 50 of the top Integrated Delivery Networks in the country and has a comprehensive portfolio of state hospital association endorsements that includes more than a thousand hospitals. We’re very grateful to Mary for her valuable contributions.”
Lee, 38, is an established healthcare and technology executive who has held various positions across banking, private equity, and mergers and acquisitions. He has expertise in both operational transformation and business strategy. He will be based in Nashville.
“We’re also excited to welcome Baxter Lee to Clearwater as our new CFO,” Chaput continued. “Baxter brings the right financial and operational talents, knowledge of the technology and healthcare industries and experience in scaling high-growth companies to the role as we continue to strengthen our focus on our next phase of growth. Both Steve and Baxter have a strong alignment around Clearwater’s core values, customer service and quality standards."
“I’m excited to join the Clearwater team and look forward to continuing the company’s strong discipline around costs and focus on driving growth,” said Lee. He joins Clearwater from Entrada, a software company that automates clinical documentation for healthcare providers, where he served as chief financial officer since 2015 and helped successfully lead Entrada through its acquisition by NextGen Healthcare. Previously, he served as vice president of finance and strategy and director of corporate development with Emdeon, a leading provider of revenue and payment cycle management and IT solutions for the healthcare industry. Lee graduated with honors from the Executive MBA program at the Owen Graduate School of Management at Vanderbilt.
Lee will be responsible for leading Clearwater’s finance organization, including budgeting, business planning, tax, accounting and reporting.
About Clearwater Compliance, LLC
Clearwater provides the most complete and trusted, enterprise-class cyber risk management solution available. Designed for healthcare providers and their partners, Clearwater’s IRM|Pro™ platform and experienced professional services team provide insights and actions to address compliance, cyber and patient safety risks. Clearwater is a 2017 Inc. 5000 fastest-growing company, the 2018 Best in KLAS winner in Cybersecurity Advisory Services and exclusively endorsed by the American Hospital Association as well as numerous state hospital associations. Clearwater solutions have been deployed within hundreds of hospitals and health systems, Fortune 100 organizations and federal government institutions. More information about Clearwater Compliance is at http://www.Clearwatercompliance.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005390/en/
Clearwater Compliance
Kelly Motley, 615-483-0365
[email protected]
Source: Clearwater Compliance, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-clearwater-compliance-announces-appointment-of-steve-cagle-as-chief-executive-officer-and-baxter-lee-as-chief-financial.html |
It's 'high time' for Lenovo to revamp its business model: Analyst 4 Hours Ago TuanAnh Ngyuen of Canalys says Lenovo have been "resting on their laurels" in the personal computer business for too long. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/its-high-time-for-lenovo-to-revamp-its-business-model-analyst.html |
China denies $200 billion package to cut US trade deficit 9:08 AM ET Fri, 18 May 2018 CNBC's Eunice Yoon reports the latest details on trade negotiations between the United States and China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/china-denies-200b-package-to-cut-trade-deficit.html |
BUENOS AIRES, Argentina, May 23, 2018 (GLOBE NEWSWIRE) -- Pursuant to the early warning requirements of applicable Canadian securities laws, Liminar Energía S.A. (" Liminar "), a private Argentine holding company, announces that on May 23, 2018 it acquired ownership and control of 26,666,667 common shares (" Common Shares ") of Crown Point Energy Inc. (" Crown Point "), representing approximately 36.6% of the issued and outstanding Common Shares following the closing of Crown Point's short form prospectus rights offering on May 23, 2018 (the " Rights Offering "), at a purchase price of US$0.30 per Common Share (Cdn$0.38 per Common Share based on the daily exchange rate published by the Bank of Canada of US$1.00 = Cdn$1.2786 on May 22, 2018) for total consideration of approximately US$8,000,000.10 (approximately Cdn$10,228,800.13). The Common Shares were acquired from treasury pursuant to Crown Point's Rights Offering and an Amended and Restated Standby Purchase Agreement dated April 6, 2018 entered into between Crown Point and Liminar.
Prior to giving effect to the closing of the Rights Offering, Liminar owned and controlled an aggregate of 16,717,815 Common Shares, representing approximately 50.8% of the issued and outstanding Common Shares. After giving effect to the closing of the Rights Offering, Liminar owns and controls an aggregate of 43,384,482 Common Shares, representing approximately 59.5% of the issued and outstanding Common Shares.
The acquisition of the Common Shares was made in furtherance of Liminar's investment objectives. Liminar may, from time to time, as market opportunities exist or develop, increase or decrease its ownership in Common Shares as permitted by applicable securities laws.
FOR FURTHER INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED IN CONJUNCTION WITH THIS PRESS RELEASE, PLEASE CONTACT: Liminar Energía S.A. Av. Corrientes 1174, 10th Floor (C1043AAY) City of Buenos Aires, Argentina Attention: Juan Llado Telephone: +54 11 (5235) 2804 Crown Point Energy Inc. PO Box 1562 Station M Calgary, Alberta T2P 3B9 Attention: Marisa Tormakh Vice-President, Finance and Chief Financial Officer Telephone: (403) 232-1150
Source: Crown Point Energy Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-liminar-acquires-additional-shares-of-crown-point.html |
May 28, 2018 / 10:45 AM / Updated 4 hours ago Only Syrian army should be on country's southern border - Russia Reuters Staff 3 Min Read
MOSCOW/BEIRUT (Reuters) - Russia said on Monday only Syrian army troops should be on the country’s southern border with Jordan and Israel, after Washington warned of “firm measures” over truce violations in the region. Russian Foreign Minister Sergei Lavrov attends a meeting with his counterpart from Mozambique Jose Pacheco in Moscow, Russia May 28, 2018. REUTERS/Sergei Karpukhin
Rebels control stretches of southwest Syria, bordering the Israeli-occupied Golan Heights, while Syrian army troops and allied Iran-backed militias hold nearby territory.
The United States has voiced concern about reports of an impending Syrian army offensive in a “de-escalation zone” in the southwest, warning Damascus it would respond to breaches.
“Of course, the withdrawal of all non-Syrian forces must be carried out on a mutual basis, this should be a two-way street,” Russian Foreign Minister Sergei Lavrov told a news conference in on Monday.
“The result of this work which should continue and is continuing should be a situation when representatives of the Syrian Arab Republic’s army stand at Syria’s border with Israel,” he said.
Jordan said on Monday it was discussing south Syria with Washington and Moscow, and all three agreed on the need to preserve the ceasefire, which reduced violence since they brokered it last year.
Israel has raised the alarm about Iran’s expanding clout in the seven-year conflict, calling on Monday for its arch-foe to be denied any military presence in Syria. Washington has also demanded Tehran withdraw all forces under its command from Syria.
“We believe that there is no place for any Iranian military presence, anywhere in Syria,” Prime Minister Benjamin Netanyahu told his parliamentary faction on Monday. Related Coverage Israeli, Russian defence ministers to meet in Moscow
Israeli Defence Minister Avigdor Lieberman will meet Russian Defence Minister Sergei Shoigu in Moscow on Thursday.
This month, Israel said it launched intensive airstrikes in Syria after what it described as Iranian rocket fire from the south into the Golan.
A senior Israeli official made clear that Netanyahu’s government would not deem the exclusion of Iranian forces from the border region sufficient.
“When you consider the advanced weapon systems - surface to surface missiles and anti aircraft systems - that the Iranians want to deploy in Syria, it becomes clear that they must be prevented from doing so in all of Syria and not only within a limited distance from the Israeli border,” Chagai Tzuriel, director-general of the intelligence ministry, told Reuters.
Moscow, Syrian President Bashar al-Assad’s ally, brokered a string of de-escalation zones for insurgent enclaves last year, though fighting raged on in some. With the support of Russia and Iran, the Syrian army mounted an offensive on the eastern Ghouta enclave and seized it in April.
The southwest region is home to tens of thousands of people and forms a centre of the insurgency.
Syrian state media has reported leaflet drops on rebel territory there urging fighters to accept government rule, and a UK-based monitor has reported army movements into the south - two signs of a potential military offensive. Reporting by Ellen Francis in Beirut, Suleiman al-Khalidi in Amman, Maria Kiselyova and Tom Balmforth in Moscow, and Dan Williams in Jerusalem; Writing by Ellen Francis; Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-russia/only-syrian-army-should-be-on-countrys-southern-border-russia-idUKKCN1IT0W9 |
SEATTLE, May 2 (Reuters) - XPO Logistics, one of the largest global freight transportation and warehousing companies, reported a rise in quarterly profit on Wednesday, fueled by strong demand for deliveries of online purchases offsetting higher costs.
The Greenwich, Connecticut-based company said it was forced to raise wages for employees like warehouse and dock workers and truck drivers in certain markets by as much as 5 percent amid a tight U.S. labor market and an overall truck driver shortage. It plans to pump more than $450 million into new technology in 2018.
XPO is the second-largest less-than-truckload operator - truckers that consolidate multiple loads on a single truck.
It is also the largest provider of heavy goods deliveries like Home Depot Inc barbecue grills, Crate and Barrel furniture and Best Buy Co Inc televisions from warehouses directly to homes in North America, making or managing about 35,000 deliveries daily.
“E-commerce was a grand slam for us,” XPO Chief Executive Officer Brad Jacobs said by phone, citing demand for order fulfillment services and final-mile deliveries. “Freight brokerage was up 30 percent (in revenue) because it was a great market and we had access to capacity,” he added.
XPO reported first-quarter profit of $66.9 million, or 50 cents per diluted share, compared with $19.5 million, or 16 cents per diluted share in the same period a year ago.
Adjusted for one-time items, XPO earned $80.9 million for the quarter, or 61 cents per share, up from $37.9 million, or 30 cents a share, a year ago. Wall Street analysts expected 51 cents per share.
Despite the strong trucking market, the pounds of freight XPO carries daily and the number of daily shipments fell about 1 percent and 5 percent respectively compared with a year ago, as it tries to select more higher-margin freight loads.
The cost of running its freight brokerage rose to $23.4 million from $21.5 million, and last-mile delivery business costs climbed to $20.6 million from $15.1 million compared with a year ago.
XPO also said it will open 30 new hubs in North America by the end of the summer, for a total of 85. The costs were “a little drag on earnings in the first quarter, but they will grow into profitability shortly,” Jacobs said.
XPO has used rapid-fire acquisitions to grow from a $175 million truck brokerage company in 2012 to a $15.38 billion freight and logistics behemoth.
Investors are eager for details on XPO’s acquisition strategy and Jacobs reiterated on Wednesday XPO’s plans to make “one or two” big acquisitions by year end. (Reporting by Eric M. Johnson in Seattle; Editing by Dan Grebler)
| ashraq/financial-news-articles | https://www.reuters.com/article/xpo-logistics-results/e-commerce-delivery-demand-lifts-xpo-1st-qtr-profit-but-costs-rise-idUSL1N1S911H |
SYDNEY, May 30 (Reuters) - New Zealand’s central bank said preliminary findings of a review of its banking and insurance sector showed there is no need to call a misconduct inquiry similar to the powerful investigation its neighboring country Australia is currently running.
In a statement on Wednesday, the Reserve Bank of New Zealand said that future research “may test” that view, adding that it would report on its findings in October.
“The RBNZ and the FMA are committed to undertaking a rigorous review of operations within banks and life insurers to gain the best possible assurance that there are no material conduct and culture issues in New Zealand,” the bank and the Financial Markets Authority said in a joint statement. (Reporting by Paulina Duran; Editing by Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/australia-banking-inquiry-newzealand/nz-central-bank-says-no-need-for-banking-sector-inquiry-for-now-idUSS9N1SE00D |
May 10 (Reuters) - Kulicke and Soffa Industries Inc :
* KULICKE & SOFFA RELEASES PRELIMINARY SECOND FISCAL QUARTER RESULTS
* SEES Q3 2018 REVENUE ABOUT $255 MILLION TO $270 MILLION * Q2 REVENUE $221.8 MILLION VERSUS I/B/E/S VIEW $210 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.40 — THOMSON REUTERS I/B/E/S
* Q3 REVENUE VIEW $260.6 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kulicke-soffa-reports-q2-earnings/brief-kulicke-soffa-reports-q2-earnings-per-share-0-51-idUSASC0A1LO |
NEW YORK--(BUSINESS WIRE)-- Greenbacker Renewable Energy Company LLC (the “Company”) announced today that its Board of Directors (“Board of Directors”) approved the March 31, 2018 net asset value per share for Class A and I shares of common stock of $8.70, respectively, an increase of $0.02 per share from the prior quarter end’s valuation. In addition, the Board of Directors approved the March 31, 2018 net asset value per share for Class C shares of common stock of $8.45, an increase of $0.03 per share from the prior quarter. Due to the changes in net asset value per share, the Company revised the per share offering price for each class of shares effective May 7, 2018, to the following: - $9.803 per Class A share, $9.122 per Class C share and $9.006 per Class I share. The Company’s Board of Directors also authorized cash distributions/re-investments payable on June 1, 2018, July 2, 2018 and August 1, 2018 to shareholders of record as of May 31, 2018, June 29, 2018 and July 31, 2018, respectively, of $0.00166902 per share, per day for Class A and I shares and $0.00162648 per share, per day for Class C shares to maintain the current annual distribution rates.
About Greenbacker Renewable Energy Company
Greenbacker Renewable Energy Company is a publicly registered, non-traded limited liability company that owns and operates a diversified portfolio of income-producing renewable energy power plants, energy efficiency projects and other sustainable investments.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The Company undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in the Company‘s expectations.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006350/en/
Media Contact:
David Sher
Director, Greenbacker Renewable Energy Company LLC
917-309-1234
Source: Greenbacker Renewable Energy Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-greenbacker-renewable-energy-company-llc-announces-march-31-2018-net-asset-value-per-share-and-revised-share-offering-prices.html |
In “America Can’t Afford to Cede the Seas” (op-ed, May 15), Seth Cropsey is right: China is building a large naval-combat fleet to challenge U.S. maritime pre-eminence.
Troubling as that is, that’s not all China has been building. While Western attention has been focused on China’s highly visible island-building in the South China Sea, Chinese state-owned shipping and construction companies have assembled a global network of commercial ports that can be readily converted to military bases at which Chinese naval vessels could... | ashraq/financial-news-articles | https://www.wsj.com/articles/navy-faces-global-chinese-maritime-threat-1526922931 |
May 23 (Reuters) - Align Technology Inc:
* ALIGN TECHNOLOGY INC - ALIGN REAFFIRMED ITS FINANCIAL GUIDANCE FOR Q2 AND FULL FISCAL YEAR 2018
* ALIGN TECHNOLOGY INC - UPDATED ITS LONG-TERM FINANCIAL MODEL REVENUE GROWTH RATE TARGET FROM A RANGE OF 15-25% TO A RANGE OF 20-30%
* ALIGN TECHNOLOGY INC - BOARD OF DIRECTORS HAS AUTHORIZED A STOCK REPURCHASE PROGRAM
* ALIGN TECHNOLOGY INC - UNDER PROGRAM, ALIGN TECHNOLOGY MAY PURCHASE UP TO $600 MILLION OF ITS COMMON STOCK OVER NEXT THREE YEARS
* ALIGN TECHNOLOGY INC - LATEST AUTHORIZATION IS IN ADDITION TO EXISTING $300 MILLION AUTHORIZATION ANNOUNCED IN APRIL 2016 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-align-technology-board-authorizes/brief-align-technology-board-authorizes-600-mln-stock-repurchase-program-idUSFWN1SU0J2 |
May 3, 2018 / 3:30 PM / Updated 38 minutes ago In Lebanon vote, activists face warlords, powerful political dynasties Ellen Francis 5 Min Read
BEIRUT (Reuters) - An unlikely bunch of activists have joined forces for Lebanon’s general election in a rare challenge to the sectarian political dynasties and warlords they say left the country in ruins. Gilbert Doumit, a candidate in the upcoming parliamentary elections, gestures during an interview with Reuters in Beirut, Lebanon April 13, 2018. REUTERS/Mohamed Azakir
A pharmacist, a women’s rights advocate, and a TV celebrity are part of a loose alliance striving for a small but meaningful breakthrough in the vote this Sunday, the first in nine years.
Lebanese elections have never seen this many independent candidates, with dozens from outside the parties that dominate the country. They stand against a political elite which has barely changed since the 1975-90 civil war.
They hope a new voting system will help them unseat at least some of the old guard, and want to tap into anger that fuelled a wave of anti-government protests in 2015.
“Their failure is our chance,” said Gilbert Doumit, who is running in Beirut against the incumbent Nadim Gemayel, the son of one of Lebanon’s most prominent war leaders. “We want to get our causes into the parliament.”
The old order, built on powerful families and past militia chiefs, has sought to regenerate itself again ahead of this election, with fathers making way for sons or relatives.
The newcomers face massive hurdles in the parliamentary contest and could win a handful of seats at best. Related Coverage Factbox - Lebanon's main political players
Yet even that would mark a first. They believe it is time to build on public despair, which sparked the 2015 protest movement when piles of trash festered in the streets for months.
The garbage symbolised a corrupt power-sharing system unable to meet basic needs, and later helped Beirut activists do surprisingly well in municipal polls, though they did not win. AN UPHILL STRUGGLE
“No doubt, change will not happen in 24 hours, but the elections are one of the main stops,” said Doumit, 42, a consultant who has been pounding the streets of mainly Christian east Beirut for weeks.
He is contesting a seat reserved for a Maronite Christian in an assembly which parcels out 128 seats among the many religious sects. Parliament deputy Nadim Gemayel, son of Lebanese assassinated president-elect Bashir Gemayel gestures in Beirut, Lebanon April 11, 2018. REUTERS/Mohamed Azakir
Doumit is part of the wide coalition of 66 candidates in nine electoral districts. Smaller blocs are also vowing to fight the establishment across the 15 total districts.
Some have worked for years to remedy the state’s failures. Others rose to prominence after the trash crisis, or came from local fame like talk show host Paula Yaacoubian.
But Doumit’s district was long a stronghold of the Gemayel family and their Kateab party, which was founded by Nadim’s grandfather in 1936 and is now led by his cousin Sami.
Nadim’s father, Bashir Gemayel, was assassinated in Beirut after being elected president during Israel’s 1982 invasion. Images of his father cover the walls of his offices.
Gemayel, who is expected to keep the votes of big families with old Kateab ties, has also tried to target young voters.
The new faces have a shot as people want alternatives, but their politics falls short, he said. They lack united or clear stances, including on critical issues like the powerful arsenal of Iran-backed Shi’ite Hezbollah, he added.
“Soon, civil society will enter parliament,” he said of the independents. “They will not be able to achieve anything more than (we) did. They will have to share in the establishment.” Slideshow (2 Images)
He said he does not view himself as a political heir but sees nothing wrong with them if they serve Lebanon. PASSING ON THE BATON
Gemayel, 35, became an MP in 2009 when his mother, Solange, made way for him. Outside Beirut, this election will see other establishment families pass on the baton.
Druze leader Walid Jumblatt and Maronite politician Suleiman Franjieh are stepping aside for their sons. President Michel Aoun’s two son-in-laws are battling for Maronite seats.
The new proportional law has replaced a winner-takes-all system, scrambling alliances among the ruling parties. Critics say the law was still crafted to suit traditional heavyweights, although it may open the door for new faces.
Mohanad Hage Ali of the Carnegie Middle East Center said the protest movements after 2015 had failed to produce real political powers that can challenge the old order.
Long-time activists accuse some independents of allying with officials close to the establishment to boost their chances.
First-timers do not enjoy a level playing field. Incumbent parties wield patronage, handing out government jobs, own hospitals and TV stations, or receive regional funding, he said.
In the Beirut district where Doumit and Gemayel face off, all is not lost for independents, partly because its relatively well-off electorate can afford to reject the establishment.
For the working class though, “their lifeline passes through the traditional parties,” Hage Ali said. Anyone who wants to contest the elite has to offer viable alternatives. “This is where the real competition is, these are the people.” Reporting by Ellen Francis; Editing by Tom Perry, William Maclean | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lebanon-election-activists/in-lebanon-vote-activists-face-warlords-powerful-political-dynasties-idUKKBN1I41YZ |
Comp Store Sales Increase 0.1%; Diluted EPS of $0.04 Exceeds Outlook
IRVINE, Calif.--(BUSINESS WIRE)-- Tilly’s, Inc. (NYSE:TLYS) today announced first quarter of fiscal 2018 ended May 5, 2018.
“Tillys continues to drive increased store traffic, positive store comps, and improved profitability," commented Ed Thomas, President and Chief Executive Officer. "Although corrective efforts continue, we believe we have addressed the most significant technical issues related to our e-com business and results are beginning to improve. E-com sales remain inconsistent, but we are off to a good start to the second quarter with positive comps both in stores and online thus far."
First Quarter Results Overview
The following comparisons refer to operating results for the first quarter of fiscal 2018 versus the first quarter of fiscal 2017 ended April 29, 2017:
Total net sales were $123.6 million, an increase of 2.2%, from $120.9 million last year, primarily due to the calendar shift impact of last year's 53rd week in the retail calendar. Comparable store sales, which includes e-commerce sales, increased 0.1% in total. Comparable store sales in physical stores were up 1.2%. E-commerce sales were down 7.2% for the quarter, yet improved incrementally in each month of the quarter. Comparable store sales increased 0.6% in the first quarter last year. Gross profit was $35.0 million, an increase of 6.3% from $32.9 million last year. Gross margin, or gross profit as a percentage of net sales, increased to 28.3% from 27.2% last year. This 110 basis point increase in gross margin was attributable to a 120 basis point reduction in buying, distribution and occupancy costs as a result of distribution savings and occupancy reductions. Product margins declined 10 basis points as a result of lower initial markups. Selling, general and administrative expenses ("SG&A") were $33.6 million, or 27.2% of net sales, compared to $33.2 million, or 27.5% of net sales, last year. This 30 basis point decrease in SG&A was primarily driven by corporate payroll savings and disciplined store payroll management, despite minimum wage increases in certain markets. The $0.4 million increase in SG&A was primarily due to costs associated with new order management, website and point-of-sale systems. Operating income was $1.3 million, or 1.1% of net sales, compared to an operating loss of $(0.3) million, or (0.3)% of net sales, last year. This 140 basis point increase in our operating margin was primarily attributable to reduced distribution and occupancy costs, and improved leverage of SG&A on higher total sales, as explained above. Income tax expense was $0.5 million, or 28.6% of pre-tax income, compared to $0.1 million last year. Income tax expense includes certain discrete items associated with employee stock-based award activity in both periods. Net income was $1.2 million, or $0.04 per diluted share, compared to a net loss of $(0.2) million, or $(0.01) per share, last year.
Balance Sheet and Liquidity
As of May 5, 2018, the Company had $105.0 million of cash and marketable securities and no debt outstanding under its revolving credit facility. This compares to $105.6 million of cash and marketable securities and no debt outstanding under its revolving credit facility as of April 29, 2017. The Company paid special cash dividends to its stockholders of approximately $29.1 million and $20.1 million in the aggregate during February of 2018 and 2017, respectively.
Fiscal 2018 Second Quarter Outlook
As a result of the calendar shift impact of last year's 53rd week in the retail calendar, the Company expects its second quarter total net sales to range from $153 million to $157 million based on an assumed increase in comparable stores sales of one to four percent. This calendar shift results in an increase of approximately $12.3 million in last year's comparable sales base and approximately $0.10 of diluted earnings per share for second quarter comparability. This is due to the first several days of August, which are in the back-to-school season, shifting into the second quarter this year versus being in the third quarter last year. We expect that this same calendar shift will have an opposite impact on the third quarter, with a net reduction of approximately $13.9 million in last year's comparable store sales base and approximately $0.12 of diluted earnings per share for third quarter comparability. The Company expects second quarter operating income to range from $9.5 million to $11.0 million, and earnings per diluted share to range from $0.24 to $0.28. This outlook assumes an anticipated effective tax rate of approximately 27% and weighted average shares of approximately 29.5 million.
Conference Call Information
A conference call to discuss these financial results is scheduled for today, May 30, 2018, at 4:30 p.m. ET (1:30 p.m. PT). Investors and analysts interested in participating in the call are invited to dial (877) 407-4018 at 4:25 p.m. ET (1:25 p.m. PT). The conference call will also be available to interested parties through a live webcast at www.tillys.com . Please visit the website and select the “Investor Relations” link at least 15 minutes prior to the start of the call to register and download any necessary software.
A telephone replay of the call will be available until June 13, 2018, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international) and entering the conference identification number: 13679539. Please note participants must enter the conference identification number in order to access the replay.
About Tillys
Tillys is a leading specialty retailer of casual apparel, footwear and accessories for young men, young women, boys and girls with an extensive assortment of iconic global, emerging, and proprietary brands rooted in an active and social lifestyle. Tillys is headquartered in Irvine, California and currently operates 222 total stores, including three RSQ pop-up stores, across 31 states and its website, www.tillys.com .
Certain statements in this press release and oral statements made from time to time by our representatives are within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, statements regarding our future financial and operating results, including but not limited to future comparable store sales, future operating income, future net income, future earnings per share, future gross, operating or product margins, anticipated tax rate, future inventory levels, and market share and our business and strategy, including but not limited to expected store openings and closings, expansion of brands and exclusive relationships, development and growth of our e-commerce platform and business, promotional strategy, and any other statements about our future expectations, plans, intentions, beliefs or prospects expressed by management are . These are based on management’s current expectations and beliefs, but they involve a number of risks and uncertainties that could cause actual results or events to those indicated by such , including, but not limited to, our ability to respond to changing customer preferences and trends, attract customer traffic at our stores and online, execute our growth and long-term strategies, expand into new markets, grow our e-commerce business, effectively manage our inventory and costs, effectively compete with other retailers, enhance awareness of our brand and brand image, general consumer spending patterns and levels, the effect of weather, and other factors that are detailed in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”), including those detailed in the section titled “Risk Factors” and in our other filings with the SEC, which are available from the SEC’s website at www.sec.gov and from our website at www.tillys.com under the heading “Investor Relations”. Readers are urged not to place undue reliance on these , which speak only as of the date of this press release. We do not undertake any obligation to update or alter any , whether as a result of new information, future events or otherwise. This release should be read in conjunction with our financial statements and notes thereto contained in our Form 10-K.
Tilly’s, Inc. Consolidated Balance Sheets (In thousands, except par value)
(unaudited)
May 5,
2018
February 3,
2018
April 29,
2017
ASSETS Current assets: $ 41,190 $ 53,202 $ 52,813 Marketable securities 63,799 82,750 52,833 Receivables 4,955 4,352 4,737 Merchandise inventories 56,837 53,216 55,437 Prepaid expenses and other current assets 9,266 9,534 8,513 Total current assets 176,047 203,054 174,333 Property and equipment, net 80,542 83,321 87,823 Other assets 3,277 3,736 6,207 Total assets $ 259,866 $ 290,111 $ 268,363 LIABILITIES AND STOCKHOLDERS’ EQUITY Accounts payable $ 19,504 $ 21,615 $ 22,842 Accrued expenses 23,713 22,731 21,404 Deferred revenue 7,622 10,879 9,114 Accrued compensation and benefits 6,614 6,119 4,728 Dividends payable — 29,067 — Current portion of deferred rent 5,322 5,220 5,834 Current portion of capital lease obligation — — 612 Total current liabilities 62,775 95,631 64,534 Long-term portion of deferred rent 30,857 31,340 34,356 Other 2,476 2,715 — Total liabilities 96,108 129,686 98,890 Stockholders’ equity: Common stock (Class A), $0.001 par value; 100,000 shares authorized; 15,197, 14,927 and 13,678 shares issued and outstanding, respectively 15 15 14 Common stock (Class B), $0.001 par value; 35,000 shares authorized; 13,948, 14,188 and 15,109 shares issued and outstanding, respectively 14 14 15 Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding — — — Additional paid-in capital 144,550 143,984 138,797 Retained earnings 19,068 16,398 30,604 Accumulated other comprehensive income 111 14 43 Total stockholders’ equity 163,758 160,425 169,473 Total liabilities and stockholders’ equity $ 259,866 $ 290,111 $ 268,363 Tilly’s, Inc. Consolidated Statements of Operations (In thousands, except per share data)
(unaudited)
Three Months Ended May 5,
2018
April 29,
2017
Net sales $ 123,634 $ 120,947 Cost of goods sold (includes buying, distribution, and occupancy costs) 88,657 88,042 Gross profit 34,977 32,905 Selling, general and administrative expenses 33,646 33,234 Operating income (loss) 1,331 (329 ) Other income, net 383 238 Income (loss) before income taxes 1,714 (91 ) Income tax expense 491 70 Net income (loss) $ 1,223 $ (161 ) Basic income (loss) per share of Class A and Class B common stock $ 0.04 $ (0.01 ) Diluted income (loss) per share of Class A and Class B common stock $ 0.04 $ (0.01 ) Weighted average basic shares outstanding 29,080 28,705 Weighted average diluted shares outstanding 29,438 28,705 Tilly’s, Inc. Consolidated Statements of Cash Flows (In thousands)
(unaudited)
Three Months Ended May 5,
2018
April 29,
2017
Cash flows from operating activities Net income (loss) $ 1,223 $ (161 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 5,815 5,829 Stock-based compensation expense 580 577 Impairment of assets 145 — Loss on disposal of assets — 4 Gain on sales and maturities of marketable securities (265 ) (152 ) Deferred income taxes (87 ) (141 ) Changes in operating assets and liabilities: Receivables (603 ) (748 ) Merchandise inventories (3,811 ) (7,669 ) Prepaid expenses and other assets 246 1,049 Accounts payable (1,710 ) 5,143 Accrued expenses 107 (3,807 ) Accrued compensation and benefits 495 (2,531 ) Deferred rent (381 ) (1,343 ) Deferred revenue (1,084 ) (1,089 ) Net cash provided by (used in) operating activities 670 (5,039 ) Cash flows from investing activities Purchase of property and equipment (2,946 ) (2,983 ) Purchases of marketable securities (21,052 ) (29,818 ) Proceeds from marketable securities 40,397 32,022 Net cash provided by (used in) investing activities 16,399 (779 ) Cash flows from financing activities Dividends paid (29,067 ) (20,080 ) Proceeds from exercise of stock options 85 29 Taxes paid in lieu of shares issued for stock-based compensation (99 ) (89 ) Payment of capital lease obligation — (223 ) Net cash used in financing activities (29,081 ) (20,363 ) Change in cash and cash equivalents (12,012 ) (26,181 ) , beginning of period 53,202 78,994 , end of period $ 41,190 $ 52,813 Tilly's, Inc. Store Count and Square Footage Stores
Open at
Beginning of
Quarter
Stores
Opened
During Quarter
Stores
Closed
During
Quarter
Stores
Open at
End of Quarter
Total Gross
Square Footage
End of Quarter
(in thousands)
2017 Q1 223 — 1 222 1,697 2017 Q2 222 — 1 221 1,690 2017 Q3 221 — 1 220 1,681 2017 Q4 220 2 3 219 1,668 2018 Q1 219 4 1 222 1,675
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006110/en/
Investor Relations Contact:
For Tilly’s, Inc.
Michael Henry, Chief Financial Officer
(949) 609-5599, ext. 17000
[email protected]
Source: Tilly’s, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-tillyas-inc-announces-fiscal-2018-first-quarter-results.html |
The largest bond ETF is on track for its worst year in history 2 Hours Ago The Core U.S. Aggregate Bond ETF is on track for its worst year in history. Charlie Bilello of Pension Partners breaks down what that means for markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/largest-bond-etf-is-on-track-for-its-worst-year-in-history.html |
The dollar index hit its highest level in 2018 on Wednesday as more investors bet on the dollar rising because of relatively higher interest rates, while concerns about the U.S. exit from an international nuclear deal with Iran also supported the greenback.
While there was talk of investors seeking out safe havens on Tuesday ahead of U.S. President Donald Trump 's announcement of a withdrawal from the nuclear deal, on Wednesday the Swiss Franc barely budged versus the euro and the Japanese yen fell to a one-week low as the dollar gained half a percent.
Trump's decision to exit the accord was most keenly felt in oil markets, where prices rallied.
Analysts said the three-week long rally for the U.S. currency, in which it has reversed several months of weakness, showed little sign of abating.
"It's a continuation of what we have been witnessing for the past few weeks," said Christin Tuxen, FX strategist at Danske Bank. "There might have been a bit of safe haven flows but overall it's to do with the U.S. holding a favorable cyclical position."
U.S. Treasury rates have crept higher in recent weeks on expectations the Federal Reserve will tighten policy to combat inflation amid a huge government injection of fiscal stimulus under Trump.
Forecasts for rising rates in the euro zone, by contrast, are being pushed back. Euro zone money markets now price roughly a 75 percent chance of a 10 basis point hike from the European Central Bank by mid-2019, scaling back bets on a rate rise given a softening in economic data and inflation.
Worries about political uncertainty in Italy, which faces fresh elections, is also weighing on the single currency.
show chapters The dollar is recovering as trade worries subside 12:47 AM ET Mon, 7 May 2018 | 03:21 The euro fell to a low of $1.1821 versus the dollar, its lowest level since Dec. 22. It later traded slightly higher on the day, and was last down slightly at $1.1861.
The euro has already lost 2 percent of its value in May as investors betting on a falling dollar were caught out and rushed to cover their positions, further pushing the greenback higher.
-Dollar hits high of 109.83 against the yen, its highest level since May 3 rd when the dollar traded as high as 109.87 against the yen
-Dollar hits high of 3.6009 against the Brazilian real, its highest level since June 2, 2016 when the dollar traded as high as 3.6147 against the real
Early in the session, the dollar index hit a yearly high its highest level since Dec. 22, when it hit 93.555. It was last down 0.09 percent at 93.04.
Against the yen , the dollar gained 0.54 percent to 109.70.
Trump on Tuesday pulled the United States out of an international nuclear deal with Iran, raising the risk of conflict in the Middle East, upsetting European allies and casting uncertainty over global oil supplies.
Sentiment towards the euro cooled after Italian President Sergio Mattarella's call to bickering political parties to rally behind a "neutral government" were met with immediate opposition and raised the prospect of elections being held as early as July.
"The dollar is in a firm position to gain against its European peers as rhetoric from central banks such as the ECB and the Bank of England is perceived to have turned dovish," said Shin Kadota, senior strategist at Barclays in Tokyo.
The Swiss franc , traditionally a safe-haven currency, fell 0.32 percent versus the dollar and 0.29 percent against the euro. It had hit a three-week high against the euro on Tuesday.
The Australian dollar extended its overnight slide to touch an 11-month low of $0.7415. It last traded up 0.20 percent at $0.7465.
Pressured by the dollar's broad strength, the Aussie has weakened despite an
upbeat budget from the country's government. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/forex-dollar-stabilizes-after-iran-developments-euro-in-focus.html |
BEIJING (Reuters) - China’s Foreign Ministry on Wednesday urged the United States to meet China halfway and said that it does not want trade war but is not scared of one.
Ministry spokeswoman Hua Chunying made the comment at a regular press briefing.
Reporting by Ben Blanchard; Writing by Michael Martina; Editing by Kim Coghill
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-war/china-says-does-not-want-trade-war-but-is-not-scared-of-one-idUSKCN1IV0OE |
LONDON (Reuters) - Sterling trimmed earlier gains after hitting a one-week high against a broadly firm euro on Tuesday as a top central bank official’s upbeat note on the outlook for future interest rate increases was met by some market scepticism.
FILE PHOTO: A British ten pound note is seen in front of a stock graph in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration/File Photo Currency investors were burned by the Bank of England’s decision to keep interest rates on hold last month after signalling a rate hike was on the cards until a few weeks earlier.
That has left funds wary of pushing sterling sharply either way without any firm data to back those moves.
“Markets will take what the Bank of England is saying with a pinch of salt after their strange communication last month,” said Esther Maria Reichelt, an FX strategist at Commerzbank in Frankfurt.
In late afternoon trading, sterling GBP=D3 gave back most of its earlier gains and was broadly flat on the day at $1.3432.
BoE policymaker Gertjan Vlieghe told the Treasury Committee of parliament that policy rates are set to rise 25 to 50 basis points every year over three years, a comment initially interpreted by markets as supportive for the pound GBP=D3 .
“His comments are helping sterling but it is important to remember that everything policymakers say today is conditional on the incoming data and that needs to be kept in mind to correctly assess the policy outlook,” said Viraj Patel, an FX strategist at ING Bank in London.
Against the dollar, sterling first extended gains and rose 0.4 percent to the day’s highs at $1.3492.
It also climbed 0.2 percent to a one-week high against the euro EURGBP=D3 at 87.60 pence but later trimmed some gains.
Interest rate markets were broadly unchanged by the relatively optimistic comments, with the probability of another quarter point rate hike holding at around 90 percent by the end of the year, the same levels as earlier this week.
Gains were capped before important data on the British economy due out this week, including inflation on Wednesday and the gross domestic product figure on Friday.
These will be scrutinised by investors to gauge whether the BoE might tighten monetary policy as early as August.
Tuesday’s rise in the pound came after concerns over the post-divorce relationship Britain negotiates with the European Union weighed heavily on the currency last week.
Adding to the uncertainty, lawmakers from Prime Minister Theresa May’s governing Conservative Party are reported to be preparing for a snap Autumn election amid fears that the Brexit deadlock will become insurmountable.
But the biggest reason for sterling’s recent fall has been a drastic shift in expectations of when the BoE will raise rates.
“Until a solution emerges on the Brexit front, a rate hike is the only things that could support sterling temporarily,” Commerzbank strategists said in a note.
“Without it, sterling remains unattractive.”
Reporting by Saikat Chatterjee; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/bank-of-england-rate-comments-lift-sterling-to-one-week-high-versus-euro-idUSKCN1IN13U |
WASHINGTON (Reuters) - The U.S. Security and Exchange Commission (SEC) on Thursday ordered music mogul and businessman Jay-Z to explain details of the sale of his clothing line to determine whether it violated federal security laws.
Boxing - Ricky Hatton v Manny Pacquiao IBO Light-Welterweight Title - MGM Grand, Las Vegas, United States of America - 3/5/09 Rapper Jay Z watches from ringside Mandatory Credit: Action Images / Andrew Couldridge Livepic The regulator wants to question Shawn “Jay-Z” Carter about the $200 million sale of his Rocawear clothing label in 2007 to the Iconix Brand Group, Inc, the SEC said in a statement.
“The Commission seeks Carter’s testimony to inquire about, among other things, Carter’s joint ventures with Iconix,” the SEC said, adding that it had questions about whether federal securities laws were breached.
“We are aware that the SEC is seeking information on Iconix’s financial reporting. Mr. Carter had no role in that reporting or Iconix’s other actions as a public company,” a representative for Jay-Z said in a statement to CNBC.
“Mr. Carter is private citizen who should not be involved in this matter,” the statement said.
In November, Carter failed to appear after an initial SEC order. In February, the SEC issued a second subpoena for Carter’s testimony. He declined to appear or provide any dates on which he would be available, the SEC statement said.
Jay-Z continued as chief creative officer of the Rocawear brand after the 2007 sale. Iconix also entered a separate joint venture with the rapper as part of the sale to identify brands to be acquired or developed.
Reporting by Katanga Johnson; Editing by Tom Brown
| ashraq/financial-news-articles | https://in.reuters.com/article/us-sec-jayz/u-s-regulator-orders-jay-z-to-testify-on-sale-of-clothing-brand-idINKBN1I4272 |
Trump asked Commerce chief to look into China's ZTE 2:08am IST - 01:10
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits ''an issue of high concern for China.'' Rough Cut (no reporter narration).
President Donald Trump asked Commerce Secretary Wilbur Ross to look into U.S. restrictions placed on Chinese telecommunication company ZTE Corp, a White House spokesman said on Monday, calling the limits "an issue of high concern for China." Rough Cut (no reporter narration). //reut.rs/2rIBYNQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/14/trump-asked-commerce-chief-to-look-into?videoId=426927597 |
LONDON (Reuters) - Oil retreated from its highest level in 3-1/2 years on Tuesday ahead of an announcement by President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran.
Should Trump pull the United States out of a multi-nation agreement on Tehran’s nuclear program, Iranian crude exports might be affected, but analysts said it would also fan the flames of geopolitical tensions in the Middle East, which is home to a third of the world’s daily oil supply.
Brent crude futures LCOc1 were down 69 cents at $75.48 a barrel by 1143 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 fell 74 cents to $69.99 a barrel.
Trump said on Monday that a decision on whether to remain in the Iran nuclear deal or to impose sanctions would be announced at 2:00 p.m. EDT (1800 GMT) on Tuesday, four days earlier than expected.
“Until we get more clarity on Trump’s intentions, we are unlikely to get further upside on crude,” said Virendra Chauhan, oil analyst at Energy Aspects in Singapore.
“If we assume he goes back to 2012 sanctions, we estimate a loss of 0.4 million barrels a day of Iranian supply based on recent Iranian export numbers. Anything larger than this will be bullish,” he added.
Trump is likely to either announce he will not be renewing a waiver on sanctions or will restate his opposition to the nuclear agreement, Barclays Research analysts said in a report.
“The geopolitical consequences of a possible dismantling of the (Iran deal) would likely to play a larger and long-lasting role in pushing oil prices higher than short-term policy uncertainty,” the bank said.
If Trump restores core U.S. sanctions, under U.S. law he must wait at least 180 days before imposing their furthest-reaching measure, which is to target banks of nations that fail to significantly cut their purchases of Iranian oil.
“If all current importers of Iranian crude oil decide to ask for exemptions and thus continue to import Iranian crude they would still need to reduce imports by 20 percent every 180 days,” SEB head of commodity research Bjarne Schieldrop said.
“It will have limited impact on the 2018 balance as it takes time to revive the sanctions. It would hamper investments in Iranian oil resources thus leading to a potentially tighter future oil market. This is probably why we have seen oil prices for longer-dated contracts rise just as much as the front end of the crude oil curve lately.”
Under the deal to limit Iran’s nuclear program, formally known as the Joint Comprehensive Plan of Action, the United States agreed to ease a series of sanctions on Iran and has done so under a string of “waivers” that effectively suspend them.
Oil pumps are seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann Additional reporting by Aaron Sheldrick in TOKYO; Editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil/oil-prices-fall-as-market-awaits-trump-decision-on-iran-idUSKBN1I902D |
May 1(Reuters) - Yamaha Corp
* Says it will retire 5.7 million shares (2.9 percent of outstanding) of its common stock on June 26
Source text in Japanese: goo.gl/83SPG2
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-yamaha-to-retire-treasury-shares/brief-yamaha-to-retire-treasury-shares-idUSL3N1S81HK |
SEOUL (Reuters) - Tipped as one of the few men in the draw capable of beating Rafa Nadal at Roland Garros this year, rising South Korean talent Chung Hyeon was forced to pull out of the French Open with an ankle injury on Wednesday.
FILE PHOTO: Tennis - ATP World Tour - The BMW Open Semifinals - MTTC Iphitos, Munich, Germany - May 5, 2018 South Korea's Chung Hyeon in action during his semi final match against Germany's Alexander Zverev REUTERS/Michael Dalder/File Photo The Australian Open semi-finalist said he had been carrying the problem through the clay season and would need significant time on the sidelines.
“Unfortunately I had to withdraw from Lyon yesterday and now Roland Garros,” the 21-year-old wrote on his Twitter account.
“I have been struggling with an ankle injury during the entire clay season. An MRI scan has revealed that I have build up of fluid in the ankle joint which might require a small procedure and then an extended period of rest.”
Chung gave Asian tennis a lift by reaching the last four at Melbourne Park in January before that campaign came to an end when the bespectacled right-hander retired injured due to blisters against eventual champion Roger Federer.
FILE PHOTO: Tennis - ATP World Tour Masters 1000 - Italian Open - Foro Italico, Rome, Italy - May 20, 2018 Spain's Rafael Nadal in action during the final against Germany's Alexander Zverev REUTERS/Tony Gentile/ File Photo In addition to missing an event to let his blisters heal, Chung skipped a claycourt tournament in Houston and the Barcelona Open last month due to physical ailments.
Rising to a career high of 19th in the world last month, Chung reached the quarter-finals on the hardcourts of Delray Beach, Acapulco, Indian Wells and Miami before making it to the last four on clay at the Munich Open.
Standing 185 cm tall and weighing in at 83kg, he exhibits the same defensive solidity as his idol Novak Djokovic with an athleticism and power that have earned comparisons with the 10-times French Open champion Nadal.
Nicknamed “The Professor” because of his thick glasses, Chung is still adapting to the physical demands of life on the ATP Tour, however, and his all-action style puts a tremendous strain on his body.
Additional reporting by Shrivathsa Sridhar in Bengaluru; Editing by John O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-chung/chung-well-prepared-for-nadal-thanks-to-big-brother-idUSKCN1IO08D |
Revenue of $31.4 million increases 11 percent year-over-year and exceeds guidance
GAAP net loss of $(3.2) million
Adjusted EBITDA of $1.0 million exceeds guidance
RESEARCH TRIANGLE PARK, N.C., May 10, 2018 (GLOBE NEWSWIRE) -- ChannelAdvisor Corporation (NYSE:ECOM), a leading provider of cloud-based e-commerce solutions that enable retailers and branded manufacturers to increase global sales, today announced its financial results for the quarter ended March 31, 2018.
"Our results for the first quarter exceeded our preliminary expectations and were well ahead of our original guidance for the first quarter," said David Spitz, CEO of ChannelAdvisor. "In particular, we saw very strong variable revenue growth largely on the basis of continued strength in GMV on Amazon and the contribution from our expanding network of marketplaces, and we also drove improvements in sales productivity and increasing contributions from our indirect selling channels. We believe we can continue to invest in key growth initiatives while delivering improving profitability over time, and our first quarter results represent good progress against those objectives."
First Quarter 2018 Financial Results
Total revenue was $31.4 million for the first quarter of 2018, an increase of 11 percent compared with total revenue of $28.3 million for the first quarter of 2017.
GAAP net loss was $(3.2) million in the first quarter of 2018 compared with GAAP net loss of $(8.1) million in the first quarter of 2017. GAAP net loss per share was $(0.12) in the first quarter of 2018, based on 26.7 million weighted average shares outstanding, compared with GAAP net loss per share of $(0.31) in the year-ago period, based on 26.1 million weighted average shares then outstanding.
Non-GAAP net loss, which excludes non-cash stock-based compensation in 2018 and 2017 and a one-time charge in 2017 in connection with entering into voluntary disclosure agreements ("VDAs") related to sales tax obligations, was $(0.4) million for the first quarter of 2018 compared with a non-GAAP net loss of $(2.6) million for the first quarter of 2017.
Adjusted EBITDA, a non-GAAP measure, was $1.0 million for the first quarter of 2018 compared with $(0.8) million for the first quarter of 2017. Adjusted EBITDA excludes depreciation, amortization, income tax expense, interest income (expense), stock-based compensation expense and the one-time charge for VDAs related to sales taxes described above.
Cash and cash equivalents at quarter-end totaled $54.7 million, compared with $53.4 million at the end of the fourth quarter of 2017.
Recent Business Highlights
Average revenue per customer, calculated on a trailing twelve-month basis, increased 10 percent to $43,920 for the twelve months ended March 31, 2018, compared with $40,051 for the twelve months ended March 31, 2017.
Fixed subscription fees were 76 percent of total revenue and variable subscription fees were 24 percent of total revenue for the first quarter of 2018. This compares to 78 percent and 22 percent, respectively, for the first quarter of 2017.
Added 15 net new customers during the first quarter of 2018, including new top-tier customer Henweit (HK) Information Technology Co., Ltd., bringing the total customer count at the end of the period to 2,855.
Significantly expanded relationships with Plow & Hearth, Joules, and N Brown Group.
Hosted Catalyst Americas 2018 April 17-19th in San Diego with keynotes by executives from Uber, Retail Prophet, Recode, L2, UnMarketing, and ChannelAdvisor, as well as speakers from Amazon, eBay, FedEx, Dyson, Pitney Bowes, and Shopify, among others.
Announced new platform capabilities to help customers have more control over key marketing, selling and fulfilling practices in their businesses. The latest ChannelAdvisor solutions help position retailers and branded manufacturers to unify and control information on a multichannel e-commerce solution, allowing them greater levels of automation.
Hosted Catalyst Europe 2018 on May 9th in London with keynotes by executives from eBay UK, Amazon EU, Google, and ChannelAdvisor.
Financial Outlook
Based on information available as of today, ChannelAdvisor is issuing the following guidance for the second quarter and full year of 2018:
Second Quarter 2018
Total revenue between $31.2 million and $31.6 million.
Adjusted EBITDA between $(1.3) million and $(0.9) million.
Stock-based compensation expense between $2.5 million and $2.9 million.
Weighted average shares outstanding of 27.2 million.
Full Year 2018
Total revenue between $129.5 million and $131.5 million.
Adjusted EBITDA between $7.2 million and $9.2 million.
Stock-based compensation expense between $11.2 million and $12.2 million.
Weighted average shares outstanding of 27.1 million.
Refer to the "Adjusted EBITDA Guidance Reconciliation" table included with the financial tables at the end of this release for the reconciliation to the most comparable GAAP financial measure.
Conference Call Information
What: ChannelAdvisor First Quarter 2018 Financial Results Conference Call When: Thursday, May 10, 2018 Time: 8:00 a.m. ET Live Call: (855) 638-4821, Passcode 1498797, Domestic (704) 288-0612, Passcode 1498797, International Webcast: http://ir.channeladvisor.com (live and replay) Key Financial and Operating Metrics
Average revenue per customer is revenue for a particular period divided by the average monthly number of customers during the period, which is calculated by taking the sum of the number of customers at the end of each month in the period and dividing by the number of months in the period.
Number of customers includes all customers who subscribe to at least one of our solutions.
Non-GAAP Financial Measures
This press release contains the following non-GAAP financial measures: non-GAAP net loss and adjusted EBITDA.
ChannelAdvisor believes that these non-GAAP measures of financial results provide useful information to management and investors relating to ChannelAdvisor’s financial condition and results of operations. The company’s management uses these non-GAAP measures to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
Management of the company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by GAAP to be recorded in the company’s financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with GAAP results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release. ChannelAdvisor urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs.
About ChannelAdvisor
ChannelAdvisor (NYSE:ECOM) is a leading e-commerce cloud platform whose mission is to connect and optimize the world’s commerce. For nearly two decades, ChannelAdvisor has helped retailers and branded manufacturers worldwide improve their online performance by expanding sales channels, connecting with consumers around the world, optimizing their operations for peak performance and providing actionable analytics to improve competitiveness. Thousands of customers depend on ChannelAdvisor to securely power their sales and optimize fulfillment on channels such as Amazon, eBay, Google, Facebook, Walmart and hundreds more. For more information, visit channeladvisor.com .
Cautionary Language Concerning Forward-Looking Statements
This press release contains " " within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our financial outlook and guidance and expectations regarding our growth and that of the e-commerce industry. These are made as of the date of this release and are based on current expectations, estimates, forecasts and projections, as well as the current beliefs and assumptions of management. Forward-looking statements are subject to a number of many of which involve factors or circumstances that are beyond ChannelAdvisor’s control. ChannelAdvisor’s actual results could differ materially from those stated or implied in due to a number of factors, including but not limited to, risks detailed in ChannelAdvisor’s Annual Report on Form 10-K for the year ended December 31, 2017 and its Quarterly Report on Form 10-Q that will be filed for the quarter ended March 31, 2018, as well as other documents that may be filed by the company from time to time with the Securities and Exchange Commission. These documents are available on the ‘SEC Filings’ section of the Investor Relations page of our website at http://ir.channeladvisor.com . In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such : our reliance for a significant portion of our revenue on sales by our customers on the Amazon and eBay marketplaces and through advertisements on Google; our ability to respond to rapid changes in channel technologies or requirements; our ability to compete successfully against current and future competitors, which could include the channels themselves; our reliance in part on a pricing model under which a portion of the subscription fees we receive from customers is variable, based upon the amount of transaction volume that those customers process through our platform; our reliance on non-redundant data centers and cloud computing providers to deliver our SaaS solutions; the potential that the e-commerce market does not grow, or grows more slowly than we expect, particularly on the channels that our solutions support; challenges and risks associated with our increasing international operations; and security or privacy breaches. The included in this press release represent ChannelAdvisor’s views as of the date of this press release. ChannelAdvisor undertakes no obligation to update or revise any , whether as a result of new information, future events or otherwise. Accordingly, these should not be relied upon as representing ChannelAdvisor’s views as of any date subsequent to the date of this press release.
Media Contact:
Ashley Yakopec
ChannelAdvisor Corporation
[email protected]
919-249-9848
Investor Contact:
Garo Toomajanian
ICR, LLC
[email protected]
919-228-2003
ChannelAdvisor Corporation and Subsidiaries Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2018 December 31, 2017 (unaudited) Assets Current assets: Cash and cash equivalents $ 54,749 $ 53,422 Accounts receivable, net of allowance of $566 and $609 as of March 31, 2018 and December 31, 2017, respectively 20,885 27,452 Prepaid expenses and other current assets 17,217 16,462 Total current assets 92,851 97,336 Property and equipment, net 10,019 10,877 Goodwill 23,486 23,486 Intangible assets, net 2,350 2,503 Deferred contract costs, net of current portion
8,163 — Long-term deferred tax assets, net 5,144 5,550 Other assets 1,375 759 Total assets $ 143,388 $ 140,511 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,980 $ 7,243 Accrued expenses 13,800 12,611 Deferred revenue 26,991 27,143 Other current liabilities 4,820 4,477 Total current liabilities 49,591 51,474 Long-term capital leases, net of current portion 302 641 Lease incentive obligation 3,109 3,328 Other long-term liabilities 3,093 3,157 Total liabilities 56,095 58,600 Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 5,000,000 shares authorized, no shares issued and outstanding as of March 31, 2018 and December 31, 2017 — — Common stock, $0.001 par value, 100,000,000 shares authorized, 27,083,887 and 26,601,626 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 27 27 Additional paid-in capital 263,734 262,805 Accumulated other comprehensive loss (680 ) (789 ) Accumulated deficit (175,788 ) (180,132 ) Total stockholders' equity 87,293 81,911 Total liabilities and stockholders' equity $ 143,388 $ 140,511
ChannelAdvisor Corporation and Subsidiaries Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share data) Three Months Ended March 31, 2018 2017 Revenue $ 31,445 $ 28,329 Cost of revenue (1) (2) (3) 7,353 7,696 Gross profit 24,092 20,633 Operating expenses (1) (2): Sales and marketing (3) 14,890 15,185 Research and development 5,902 4,971 General and administrative 6,451 8,530 Total operating expenses 27,243 28,686 Loss from operations (3,151 ) (8,053 ) Other income (expense): Interest income (expense), net 125 28 Other income (expense), net (19 ) 57 Total other income (expense) 106 85 Loss before income taxes (3,045 ) (7,968 ) Income tax expense 112 88 Net loss $ (3,157 ) $ (8,056 ) Net loss per share: Basic and diluted $ (0.12 ) $ (0.31 ) Weighted average common shares outstanding: Basic and diluted 26,739,331 26,056,881 (1) Includes stock-based compensation as follows: Cost of revenue (3) $ 217 $ 327 Sales and marketing (3) 752 746 Research and development 649 568 General and administrative 1,115 1,283 $ 2,733 $ 2,924 (2) Includes depreciation and amortization as follows: Cost of revenue (3) $ 877 $ 1,084 Sales and marketing (3) 220 248 Research and development 98 111 General and administrative 285 290 $ 1,480 $ 1,733 (3) Certain prior period amounts have been reclassified to conform to current period presentation. These reclassifications had no impact on our reported operating loss or net loss for the period.
ChannelAdvisor Corporation and Subsidiaries Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) Three Months Ended March 31, 2018 2017 Cash flows from operating activities Net loss $ (3,157 ) $ (8,056 ) Adjustments to reconcile net loss to cash and cash equivalents provided by operating activities: Depreciation and amortization 1,480 1,733 Bad debt expense 189 (5 ) Stock-based compensation expense 2,733 2,924 Deferred income taxes 105 66 Other items, net (219 ) (221 ) Changes in assets and liabilities: Accounts receivable 6,587 1,661 Prepaid expenses and other assets 1,195 2,348 Deferred contract costs (1,942 ) — Accounts payable and accrued expenses (3,660 ) (1,200 ) Deferred revenue (1,339 ) 1,101 Cash and cash equivalents provided by operating activities 1,972 351 Cash flows from investing activities Purchases of property and equipment (338 ) (360 ) Payment of internal-use software development costs (124 ) (57 ) Cash and cash equivalents used in investing activities (462 ) (417 ) Cash flows from financing activities Repayment of capital leases (330 ) (587 ) Proceeds from exercise of stock options 159 186 Payment of statutory tax withholding related to net-share settlement of restricted stock units (14 ) (1,677 ) Cash and cash equivalents used in financing activities (185 ) (2,078 ) Effect of currency exchange rate changes on cash and cash equivalents 2 110 Net increase (decrease) in cash and cash equivalents 1,327 (2,034 ) Cash and cash equivalents, beginning of period 53,422 65,420 Cash and cash equivalents, end of period $ 54,749 $ 63,386
Reconciliation of GAAP Gross Profit and GAAP Gross Margin to Non-GAAP Gross Profit and Non-GAAP Gross Margin (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Revenue $ 31,445 $ 28,329 Gross profit (GAAP) $ 24,092 $ 20,633 Plus: Stock-based compensation expense 217 327 Gross profit (Non-GAAP) $ 24,309 $ 20,960 Gross margin (GAAP) 76.6 % 72.8 % Gross margin (Non-GAAP) 77.3 % 74.0 %
Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Operating expenses (GAAP) $ 27,243 $ 28,686 Less: Stock-based compensation expense 2,516 2,597 Less: One-time charge for VDAs related to sales taxes — 2,539 Operating expenses (Non-GAAP) $ 24,727 $ 23,550
Reconciliation of GAAP Loss from Operations and GAAP Operating Margin to Non-GAAP Loss from Operations and Non-GAAP Operating Margin (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Revenue $ 31,445 $ 28,329 Loss from operations (GAAP) $ (3,151 ) $ (8,053 ) Plus: Stock-based compensation expense 2,733 2,924 Plus: One-time charge for VDAs related to sales taxes — 2,539 Loss from operations (Non-GAAP) $ (418 ) $ (2,590 ) Operating margin (GAAP) (10.0 )% (28.4 )% Operating margin (Non-GAAP) (1.3 )% (9.1 )%
Reconciliation of GAAP Net Loss to Non-GAAP Net Loss (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Net loss (GAAP) $ (3,157 ) $ (8,056 ) Plus: Stock-based compensation expense 2,733 2,924 Plus: One-time charge for VDAs related to sales taxes — 2,539 Net loss (Non-GAAP) $ (424 ) $ (2,593 )
Reconciliation of Net Loss to Adjusted EBITDA (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Net loss $ (3,157 ) $ (8,056 ) Adjustments: Interest (income) expense, net (125 ) (28 ) Income tax expense 112 88 Depreciation and amortization expense 1,480 1,733 Total adjustments 1,467 1,793 EBITDA (1,690 ) (6,263 ) Stock-based compensation expense 2,733 2,924 One-time charge for VDAs related to sales taxes — 2,539 Adjusted EBITDA $ 1,043 $ (800 )
Free Cash Flow Reconciliation (unaudited; in thousands) Three Months Ended March 31, 2018 2017 Cash provided by operating activities $ 1,972 $ 351 Less: Purchases of property and equipment (338 ) (360 ) Free cash flow $ 1,634 $ (9 )
Adjusted EBITDA Guidance Reconciliation (unaudited; in millions) Second Quarter 2018 Full Year 2018 Low High Low High Net loss (estimate) $ (6.3 ) $ (5.2 ) $ (12.3 ) $ (8.8 ) Adjustments (estimates): Interest (income) expense, net 0.0 (0.1 ) (0.2 ) (0.4 ) Income tax (benefit) expense 0.2 0.1 0.6 0.5 Depreciation and amortization expense 1.9 1.8 6.9 6.7 Total adjustments 2.1 1.8 7.3 6.8 EBITDA (4.2 ) (3.4 ) (5.0 ) (2.0 ) Stock-based compensation expense (estimate) 2.9 2.5 12.2 11.2 Adjusted EBITDA guidance $ (1.3 ) $ (0.9 ) $ 7.2 $ 9.2
Source:ChannelAdvisor Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-channeladvisor-announces-first-quarter-2018-financial-results.html |
FRANKFURT (Reuters) - German solar battery maker sonnen has secured 60 million euros ($71 million) in funds from Shell Ventures and existing shareholders to expand at home and abroad.
Shell Ventures, a unit of the Anglo-Dutch oil major that has been boosting its investments in solar and other renewables, was a lead investor in the latest funding round, sonnen Chief executive Christoph Ostermann told Reuters.
“With this money, we can get started on important investment plans, especially in the United States and Australia,” he said, adding that existing shareholders also contributed extra cash.
“We also want to invest in broadening our sonnen community and our virtual power plant (VPP), and expand our offering of grid-related services,” the sonnen CEO said, adding that the firm aimed to turn a profit in Germany in two years.
The company provides battery storage systems to households with rooftop solar panels and links up home-produced electricity to other solar users in Germany, Europe’s biggest solar market.
The company — which also operates in Italy, France, Australia, Austria, Britain and the United States — provides hardware and software to customers seeking more independence from power markets dominated by big utilities generating most of their electricity from fossil fuels.
So far, sonnen has sold 30,000 batteries worldwide with combined capacity for 210 megawatts. This only equates to a small fossil-fuel power plant but it has potential to expand as storage becomes cheaper and generation becomes less centralized.
The company has teamed up with grid companies to help iron out imbalances in transmission networks by aggregating battery owners to operate as a single “virtual” power plant.
In 2016, sonnen received 76 million euros from investors, including China’s Envision. Ostermann said the 76 million euros plus the latest funding round would cover investment for the next two years.
“It is important for us to have leg room, as we are a growth company and need to develop,” he said.
Other sonnen investors include Germany’s eCapital and MVP, Dutch firm SET Ventures, Czech company Inven Capital, and GE Ventures, a unit of U.S. firm General Electric.
The investment from Shell, which operates in 140 countries, would help sonnen expand into new areas, Ostermann said.
The company boosted turnover by 65 percent to 65 million euros in 2017, outpacing growth in German solar battery sales of 30 percent, Ostermann said, adding that a stock market listing (IPO) was a possibility but was not on the immediate horizon.
Reporting by Vera Eckert; Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sonnen-batteries-funding/german-solar-battery-maker-sonnen-secures-shell-cash-to-expand-idUSKCN1IO0DO |
May 7, 2018 / 5:20 AM / Updated 3 hours ago Nestle and Starbucks strike $7.15 billion coffee licensing deal Lisa Baertlein , Martinne Geller 5 Min Read
LOS ANGELES/LONDON (Reuters) - Swiss-based Nestle, the world’s largest food and beverage company, will pay Starbucks Corp $7.15 billion in cash for exclusive rights to sell the U.S. chain’s packaged coffees and teas around the world, tying a premium brand to Nestle’s global distribution muscle.
The agreement announced on Monday could rev up Starbucks’ roughly $2 billion business selling packaged Starbucks coffee, Teavana tea and other products through grocery stores and other retailers, including in China.
The alliance, which amounts to a licensing arrangement, frees Seattle-based Starbucks to focus on improving its mainstay U.S. cafe business, where traffic growth has stalled amid competition from fast-food chains and upscale coffee houses, while rapidly adding shops in China.
Starbucks will use proceeds to increase planned stock buybacks to $20 billion from $15 billion through fiscal 2020. It said the deal would add to earnings per share by 2021.
The agreement also includes Starbucks-branded capsules for Nestle’s Nespresso and Dolce Gusto single-serve brewers, which should help Nestle curb sales of alternatives from other providers.
Nestle expects the alliance to add to its earnings by 2019. It did not alter share buyback plans.
In addition to the cash payment, Starbucks will receive revenue from product sales and royalties.
“This global coffee alliance will bring the Starbucks experience to the homes of millions more around the world through the reach and reputation of Nestle,” said Starbucks Chief Executive Kevin Johnson, calling the arrangement a brand amplifier.
“That would have taken a lot of capital and years to build outside the U.S.,” John Culver, Starbucks’ group president for international and channel development, said on a conference call with analysts.
Nestle CEO Mark Schneider has made coffee a strategic priority as he tries to convince uneasy shareholders, including activist Third Point, that he can boost the sprawling group’s performance.
“This is all about growth,” Schneider told analysts.
He said he expects the alliance to boost Nestle in North America and benefit Starbucks in China, which is Nestle’s second largest market.
Analysts agreed that the alliance could strengthen Nestle’s position as the world’s biggest coffee company in a fast-changing landscape. Rival JAB Holdings, a private investment firm of Europe’s billionaire Reimann family, narrowed the gap with Nestle with a recent series of acquisitions, including Peet’s Coffee & Tea and Keurig Green Mountain. Packages of Starbucks coffee for sale are seen displayed at a Starbucks coffee shop in New York City, New York, U.S., May 4, 2018. REUTERS/Mike Segar
In January, Nestle sold its U.S. confectionery business to Ferrero. It had been losing ground in the United States confectionery sector as rivals moved towards healthier products.
Nestle, which will take on about 500 Starbucks employees, will not buy any industrial assets as part of the deal.
Shares in Nestle rose about 1.6 percent in Switzerland, while Starbucks shares slipped 0.4 to close at $57.45 in U.S. trading. RICHER BREW
Coffee is popular with younger customers who have grown up with Starbucks and are willing to pay for exotic beans and specialty drinks that translate into richer profit margins than mainstream packaged food.
The agreement will strengthen Nestle’s position in the United States, where ranks fifth with less than 5 percent of the market. Market leader Starbucks has a 14 percent share, according to Euromonitor International.
Other big players are growing as well, including Italy’s Lavazza, which is now the world’s No. 3.
Nestle CEO Schneider last year identified coffee as an area for investment. It bought Texas-based Chameleon Cold-Brew in November and took a majority stake in Blue Bottle Coffee, a small upscale cafe chain, in September. Starbucks, which in April reported a global drop in quarterly traffic to its established cafes, has been streamlining its business. It sold its Tazo tea brand to Unilever for $384 million and closed underperforming Teavana retail stores.
Starbucks plans to open 1,000 upscale Starbucks Reserve stores and a handful of Roastery coffee emporiums to take on high-end coffee rivals such as Intelligentsia Coffee & Tea and Blue Bottle.
Starbucks has long farmed out retail distribution of its packaged products, but the partnerships have not always been smooth.
Privately held Acosta Inc picked up that U.S. business in 2011 after Starbucks cited brand mismanagement and ended a 12-year relationship with Kraft Foods. FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo
The partnership with Kraft had been due to end in 2014, but Starbucks sought an early exit. It was later forced by an arbitrator to pay $2.76 billion to Kraft, which by then had split with the payment going to Mondelez International.
Nestle is no stranger to partnering with rivals through licensing deals or joint ventures, having reached arrangements with General Mills’ and Hershey, among others. Additional reporting by John Miller, Richa Naidu, Marcy Nicholson and Svea A. Herbst; Editing by Louise Heavens and Bill Berkrot | ashraq/financial-news-articles | https://uk.reuters.com/article/us-starbucks-m-a-nestle/nestle-to-pay-7-15-billion-to-starbucks-in-coffee-tie-up-idUKKBN1I80CG |
May 11 (Reuters) - Nucor Corp:
* NUCOR ANNOUNCES PLANS TO BUILD GALVANIZING LINE AT ARKANSAS SHEET MILL
* NUCOR CORP - NEW GALVANIZING LINE IS A $240 MILLION INVESTMENT WITH AN ANNUAL CAPACITY OF APPROXIMATELY 500,000 TONS
* NUCOR CORP - NEW GALVANIZING LINE IS EXPECTED TO BE OPERATIONAL IN FIRST HALF OF 2021
* NUCOR CORP - ALSO EVALUATING BUILDING ADDITIONAL GALVANIZING LINES AT ITS OTHER SHEET MILLS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nucor-announces-plans-to-build-gal/brief-nucor-announces-plans-to-build-galvanizing-line-at-arkansas-sheet-mill-idUSFWN1SI0X0 |
ONTARIO, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Kiwa Bio-Tech Products Group Corp. (OTCQB:KWBT) (“Kiwa Bio-Tech” or the “Company”), a leading agricultural biotechnology company that develops and manufactures microbial fertilizers for use in the multi-billion agricultural industry reported its financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Results
Revenue of $8,755,106 up 100% compared to the same period in 2017. Operating Income of $657,308 up 241% compared to a loss of $466,884 in the same period in 2017.
Strategic development
The Company expanded into Yangling China (Shaanxi) Pilot Free Trade Zone, the only free trade zone in China with a special focus on agricultural development. The Company also benefits from the policy support, agricultural technology innovation, mature agricultural industry system and international platform. Kiwa Bio-Tech is dedicated to completing the Three-Part Marketing Model including establishing retail outlet stores, promoting fertilizer products, and repurchasing the agricultural products which use Kiwa Bio-Tech’s fertilizer. As of this date, the Company has established 4 retail outlet stores in Shaanxi Province which distribute the Company’s fertilizer products. The Company is expanding its eco-friendly microbial fertilizer products and smart-soil restoration technologies into the $4.8 billion Soil Restoration Market and $130 billion Traditional Chinese Medicine Planting Market. The Company is continuing to establish cooperative relationships with insurance companies to develop agricultural insurance provided to farmers.
Yvonne Wang, Chairman and Chief Executive Officer (CEO) of Kiwa Bio-Tech, stated, “We have started this year with a solid performance in the first quarter. The demand for eco-friendly microbial fertilizer remains strong in the principal crop planting areas in China. We believe the first quarter result improvement is an important indicator of the progress we are making toward achieving our profitability targets and long-term goals. We are excited by the opportunities our strategic plan presents for the remainder of fiscal year 2018 and thereafter. We will continue to concentrate on the development and distribution of high-efficiency fertilizer products and development of markets for soil restoration.”
Form 10-Q
For further information, please see the Company's Quarterly Report on Form 10-Q at www.sec.gov , which the Company filed on May 14, 2018.
About Kiwa Bio-Tech Products Group Corp.
Leader in Eco-friendly Agricultural Industry Chain
Kiwa Bio-Tech Products Group Corp. (KWBT) is a publicly traded company with corporate headquarters in the United States. The company develops, manufacture, markets and distributes innovative and environmentally safe bio-technological products for agriculture. Kiwa’s focus is to positively impact the environment by reducing the amount of chemicals that are being used by agricultural growers in China.
KWBT’s products are covered by patent protection and are designed to enhance the quality of human life by increasing the value and productivity of agricultural crops.
For more information on Kiwa Bio-Tech Products Group Corporation or its bio-fertilizer products and smart soil remediation technology, please refer to the Company’s website at www.kiwabiotech.com or the Company filings with the United States Securities and Exchange Commission at www.sec.gov .
Forward-Looking Statements
This press release contains information that constitutes made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any such involve risk and uncertainties that could cause actual results to differ materially from any future results described by the . Risk factors that could contribute to such differences include those matters more fully disclosed in the Company’s reports filed with the U.S. Securities and Exchange Commission. The forward-looking information provided herein represents the Company’s estimates as of the date of the press release, and subsequent events and developments may cause the Company’s estimates to change. The Company's actual results may differ materially from those anticipated in the depending on a number of risk factors including, but not limited to, the following: general economic, business and environment conditions, development, shipment, market acceptance, additional competition from existing and new competitors, changes in technology, the execution of its ten-year growth plan, the foreign exchange risk amid the unexpected announcements by the PRC government and various other factors beyond the Company's control. Kiwa Bio-Tech Products Group Corp. specifically disclaims any obligation to update the forward-looking information in the future. Therefore, this forward-looking information should not be relied upon as representing the Company’s estimates of its future financial performance as of any date subsequent to the date of this press release.
Contact:
Kiwa Bio-Tech Products Group Corporation
Molly Han
Investor & Media Relations
Tel: 909-456-8828
[email protected]
KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(LOSS)
(Unaudited)
Three Months Ended
March 31, 2018
2017 (As Restated) Revenue $ 8,755,106 $ - Cost of goods sold (6,309,209 ) - Gross Profit 2,445,897 - Operating expenses Research and development expenses 39,313 36,291 Selling expenses 184,337 36,286 General and administrative expenses 1,564,939 394,307 Total operating expenses 1,788,589 466,884 Operating Income (Loss) 657,308 (466,884 ) Other income/(expense), net Change in fair value of derivative liabilities 129,938 - Interest expense (155,363 ) (61,793 ) Other income/(expense) (906 ) - Foreign exchange loss (38,032 ) - Total other income/(expense), net (64,363 ) (61,793 ) Income (loss) from continuing operations before income taxes 592,945 (528,677 ) (Provision) benefit for income taxes Current (539,341 ) (219,356 ) Deferred - 270,747 Total (provision) benefit for income taxes (539,341 ) 51,391 Income (loss) from continuing operations 53,604 (477,286 ) Loss from discontinued operations, net of taxes - (14,220 ) Net Income (loss) 53,604 (491,506 ) Other comprehensive income (loss) Foreign currency translation adjustment 499,306 (35,271 ) Total comprehensive income (loss) $ 552,910 $ (526,777 ) Earnings (loss) per share - Basic: Income (loss) from continuing operations $ 0.00 $ (0.05 ) Discontinued operations - (0.00 ) Net Income (loss) $ 0.00 (0.05 ) Earnings per share – Diluted: Income (loss) from continuing operations $ 0.00 $ (0.05 ) Discontinued operations - (0.00 ) Net Income (loss) $ 0.00 $ (0.05 ) Weighted average number of common shares outstanding - basic 15,919,632 9,073,759 Weighted average number of common shares outstanding - diluted 15,919,632 9,073,759 KIWA BIO-TECH PRODUCTS GROUP CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March 31, 2018 2017 (As Restated) Cash flows from continuing operating activities: Net income (loss) $ 53,604 $ (491,506 ) Loss from discontinued operations, net of taxes - 14,220 Net Income (loss) from continuing operations 53,604 (477,286 ) Adjustments to reconcile net income (loss) to net cash used in continuing operating activities: Depreciation 19,564 9,466 Accrued interest 155,363 61,793 Stock compensation for consulting fee 588,535 157,050 Gain on derivative liabilities (129,938 ) - Deferred income tax - (51,391 ) Changes in continuing operating assets and liabilities: Accounts receivable 5,513 (2,641,137 ) Prepaid expenses (19,369 ) (12,017 ) Rent deposit and other receivables (531,677 ) (1,059,210 ) Advance to suppliers 6,760,357 1,756,189 Due from related party – non-trade 19,467 - Due from related party – trade - 205,850 Inventory (10,636,800 ) - Deferred cost of goods sold 4,702 (2,067,680 ) Deferred tax assets - (270,747 ) Accounts payable 1,584,721 7,813 Salary payable 77,004 29,303 Taxes payable 530,147 218,724 Advances from customers 33,943 - Other payables and accruals 315,130 (40,951 ) Deferred revenue (5,513 ) 3,150,667 Net cash used in continuing operating activities (1,175,247 ) (1,023,564 ) Net cash used in discontinued operations - - Net cash used in operating activities (1,175,247 ) (1,023,564 ) Cash flows from investing activities: Purchase of property, plant and equipment (1,935 ) - Net cash used in investing activities (1,935 ) - Cash flows from financing activities: Borrowings from related parties, net 99,267 27,000 Proceeds from sale of common stock - 1,000,000 Proceeds from convertible notes - 145,165 Net cash provided by financing activities 99,267 1,172,165 Effect of exchange rate change 56,144 (21,969 ) Cash and cash equivalents: Net (decrease) increase (1,021,771 ) 126,632 Balance at beginning of period 1,083,539 13,469 Balance at end of period $ 61,768 $ 140,101 Non-cash financing activities: Issuance of common stock for consulting services $ 1,760,000 $ - Issuance of common stock for financing related services $ - $ 85,400 Supplemental Disclosures of Cash flow Information: Cash paid for interest $ - $ - Cash paid for income taxes $ - $ -
Source: Kiwa Bio-Tech Products Group Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-kiwa-bio-tech-products-group-corp-reports-100-percent-increase-in-revenues-for-q1-2018.html |
This equity strategist is upbeat on China 6 Hours Ago Clive McDonnell of Standard Chartered Private Bank says the ZTE tweet by President Donald Trump may be a signal that a trade deal between the U.S. and China is close. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/this-equity-strategist-is-upbeat-on-china.html |
Updated 9 minutes ago BRIEF-Kingstone Announces Q1 Loss Per Share $0.25 Kingstone Companies Inc:
* KINGSTONE ANNOUNCES 2018 FIRST QUARTER FINANCIAL RESULTS AND 2019 GUIDANCE * Q1 LOSS PER SHARE $0.25
* QTRLY NET PREMIUMS EARNED INCREASED 39.5% TO $22.8 MILLION
* QTRLY NET INVESTMENT INCOME INCREASED 61.3% TO $1.4 MILLION
* COMPANY’S BOOK VALUE PER SHARE AT MARCH 31, 2018 WAS $8.27, A DECREASE OF 0.2% COMPARED TO $8.29 AT MARCH 31, 2017 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-kingstone-announces-q1-loss-per-sh/brief-kingstone-announces-q1-loss-per-share-0-25-idUSASC0A14T |
Trade pressure on farmers has helped fuel the latest talks between U.S. and China aimed at lifting tariffs on soybeans, hogs and more. Here, an American farmer and a steelworker explain how tariffs are impacting their livelihoods. | ashraq/financial-news-articles | http://live.wsj.com/video/what-the-us-china-trade-war-means-for-workers-on-the-ground/A7690590-4180-4F6E-801D-844FBCE0E284.html |
A few weeks ago, I attempted to sit through Samsung’s live-streamed Galaxy S9 smartphone launch event. Keyword: attempted. I nearly fell asleep at my desk.
Forgive me for not being bowled over by a camera with a mechanical aperture. (Translation: slightly better shots in the dark.) Or the augmented reality emoji. (Translation: Cartoon-you will impress your friends for about 15 seconds.) Or the relocated fingerprint sensor, which is exactly what it sounds like.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/we-were-promised-mind-blowing-personal-tech-whats-the-hold-up-1525356604 |
May 18, 2018 / 5:28 PM / Updated 27 minutes ago Jennifer Aniston to star in same-sex White House comedy film Reuters Staff 1 Min Read
LOS ANGELES (Reuters) - Jennifer Aniston will portray the first female - and first gay - U.S. president in a comedy film for Netflix, the streaming service said on Friday. FILE PHOTO: Actress Jennifer Aniston arrives to attend a dinner organized by French luxury group Louis Vuitton for the launching of new leather accessories in Paris, France, April 11, 2017. REUTERS/Gonzalo Fuentes
American stand-up comedian Tig Notaro will play Aniston’s wife in the film and she is also co-writing the script for the film, called “First Ladies.”
No date was scheduled for its release.
“When Beverly and Kasey Nicholson move into the White House, they’ll prove that behind every great woman... is another great woman,” Netflix said in a statement.
The announcement was the latest in a series of high profile projects for Aniston, 49, whose career has consisted mostly of romantic comedy films since the end of the sitcom “Friends” in 2004.
She also is working on her first TV show since “Friends” as the co-star and an executive producer of a drama series for Apple Inc. about the lives of people working on a morning television show. Reporting by Jill Serjeant; Editing by Bill Trott | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-film-jennifer-aniston/jennifer-aniston-to-star-in-same-sex-white-house-comedy-film-idUKKCN1IJ2CM |
May 10, 2018 / 12:14 PM / Updated 25 minutes ago Vietnam arrests oil refinery executives amid corruption crackdown Reuters Staff 2 Min Read
HANOI (Reuters) - Police in Vietnam arrested the chairman and the chief accountant of Binh Son Refining and Petrochemical Co. Ltd. on suspicion of embezzlement on Thursday as the communist-led government widens a crackdown on corruption.
Nguyen Hoai Giang, chairman, and Pham Xuan Quang, chief accountant, were accused of “abusing power to appropriate property”, the Ministry of Public Security said in a statement.
Binh Son Refining and Petrochemical is a unit of the state-run Vietnam Oil and Gas Group and the operator of the Southeast Asian country’s first oil refinery, Dung Quat.
The ministry said in the statement it was widening the investigation into the case. It did not elaborate.
Giang, Quang and their lawyers were not immediately available for comment.
The 130,000-barrel-a-day Dung Quat refinery in the central province of Quang Ngai became operational in 2009, meeting around one-third of Vietnam’s demand for refined petroleum products.
In January, the government raised $245 million by selling a 7.79 percent stake in Binh Son Refining and Petrochemical in an initial public offering.
Indian Oil Corp applied to be the refinery’s strategic investor in February.
Thursday’s arrests come amid a corruption crackdown in Vietnam that has seen several senior government officials and executives of state-owned enterprises arrested and jailed.
According to Vietnam’s penal code, anyone found guilty of abusing power to appropriate property may face life in prison.
Earlier this year, Vietnam jailed former Politburo member Dinh La Thang for 31 years for financial irregularities at Vietnam Oil and Gas Group.
Thang, 57, who denied any wrongdoing at his trial, is the highest-level politician to have been jailed in Vietnam for decades. Reporting by Khanh Vu; Editing by James Pearson and Nick Macfie | ashraq/financial-news-articles | https://www.reuters.com/article/us-vietnam-security-corruption/vietnam-arrests-oil-refinery-executives-amid-corruption-crackdown-idUSKBN1IB1P7 |
Glencore PLC:
* CFTC ORDERS GLENCORE AGRICULTURE B.V. AND GLENCORE LTD. TO PAY A $2 MILLION PENALTY FOR EXCEEDING COTTON FUTURES POSITION LIMITS, TRANSACTING ILLEGAL EFPS, AND SUBMITTING INACCURATE FORM 304S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rpt-cftc-orders-glencore-agricultu/brief-rpt-cftc-orders-glencore-agriculture-b-v-and-glencore-ltd-to-pay-a-2-million-penalty-for-exceeding-cotton-futures-position-limits-transacting-illegal-efps-and-submitting-inaccurate-form-304s-idUSL1N1S7175 |
CALGARY, Alberta, Harvest Operations Corp. (“Harvest” or the “Company”) is pleased to announce that it has closed its offering of U.S.$397.5 million senior unsecured notes due 2023 with a coupon rate of 4.2 % (the “Notes”).
Title of Security Rule 144A
CUSIP and ISIN Numbers Regulation S
CUSIP and ISIN Numbers Aggregate Principal Amount Outstanding 4.2% Senior Notes due 2023 CUSIP: 41754W AS0
ISIN: US41754WAS08 CUSIP: C42970 AG5
ISIN: USC42970AG50 $ 397,500,000 Approval from the Singapore Exchange Securities Trading Limited (the “Singapore Exchange”) for the listing and quotation of the Notes on the Singapore Exchange has been received.
In addition, as previously disclosed, Harvest has also received a commitment from an affiliate of SMBC Nikko Securities America, Inc. to provide a five-year term loan facility in an aggregate principal amount of up to CAD$300 million (the “New Term Loan”). Harvest currently expects the New Term Loan to close on or about May 11, 2018.
Harvest intends to use the net proceeds of the Notes offering and New Term Loan to repay in full Harvest’s outstanding approximately U.S.$630 million aggregate principal amount of 2 1/8 % Senior Notes due May 14, 2018.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the Act. The offering was made solely by means of a private placement either to qualified institutional buyers pursuant to Rule 144A under the Act, or to certain persons outside of the United States pursuant to Regulation S under the Act. This press release is neither an offer to sell nor a solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale of any security in any jurisdiction in which such offering, solicitation or sale would be unlawful.
The Singapore Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained herein. Approval from, admission to the Official List of, and the listing and quotation of the Notes on, the Singapore Exchange are not to be taken as an indication of the merits of Harvest, KNOC or the Notes.
HARVEST CORPORATE PROFILE
Harvest is a wholly-owned subsidiary of Korea National Oil Corporation ("KNOC"). Harvest is a significant operator in Canada's energy industry offering stakeholders exposure to exploration, development and production of crude oil and natural gas (Upstream) and an oil sands project under construction and development in northern Alberta (BlackGold).
KNOC is a state owned oil and gas company engaged in the exploration and production of oil and gas along with storing petroleum resources. KNOC will fully establish itself as a global government-run petroleum company by applying ethical, sustainable and environment-friendly management and by taking corporate social responsibility seriously at all times. For more information on KNOC, please visit their website at www.knoc.co.kr/ENG/main.jsp .
ADVISORY
Certain information in this press release contains forward-looking information that involves risk and uncertainty. Forward-looking statements in this press release may include, but are not limited to, the expected use of proceeds. For this purpose, any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements often contain terms such as "may", "will", "should", "anticipate", "expects" and similar expressions. Such risks and uncertainties in respect of such forward-looking information include, but are not limited to, risks associated with: imprecision of reserve estimates; conventional oil and natural gas operations; the volatility in commodity prices and currency exchange rates; risks associated with realizing the value of acquisitions; general economic, market and business conditions; changes in environmental legislation and regulations; the availability of sufficient capital from internal and external sources; and, such other risks and uncertainties described from time to time in Harvest's regulatory reports and filings made with securities regulators.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Harvest assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
FOR FURTHER INFORMATION PLEASE CONTACT:
Harvest Operations Corp.
INVESTOR & MEDIA CONTACT:
Greg Foofat, Manager Investor Relations & Corporate Communications
Harvest Operations Corp.
Toll Free Investor Mailbox: (866) 666-1178
Email: [email protected]
Harvest Operations Corp.
1500, 700 – 2nd Street S.W.
Calgary, AB Canada T2P 2W1
Website: www.harvestoperations.com
Source:Harvest Operations Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-harvestaoperations-corp-announces-closing-of-u-s-397-point-5-milliona4-point-2-percent-senior-note-offering.html |
May 30, 2018 / 7:39 AM / Updated 8 minutes ago Sorrell plots comeback with new listed company after WPP exit Kate Holton 4 Min Read
(Reuters) - Martin Sorrell is staging a comeback just six weeks after he was ousted from WPP ( WPP.L ), using the same formula as in the 1980s when he transformed a little-known shell company into the world’s biggest advertising group. FILE PHOTO: Sir Martin Sorrell, then chairman and CEO of advertising company WPP, attends a conference at the Cannes Lions Festival in Cannes, France, June 23, 2017. REUTERS/Eric Gaillard/File Photo
One of Britain’s best known businessmen, Sorrell said he would invest 40 million pounds ($53 million) of his own money into Derriston Capital ( DERR.L ) while institutional investors have pledged 150 million pounds to buy marketing companies.
The London-listed group will be renamed S4 Capital, in reference to four generations of Sorrell’s family, while he will become executive chairman.
Its next moves are likely to be closely watched in an industry facing questions over whether the ad guru’s model is still the best way to deliver adverts, marketing, research data and media buying in a digital world.
WPP and its peers have struggled in recent years as major consumer goods groups such as Unilever trimmed spending on marketing and took some services in house, while consultancies such as Accenture have stepped up competition and Facebook and Google dominate the online ad market.
“S4 Capital is a company that aims to build a multi-national communication services business focused on growth,” the 73-year-old said. “There are significant opportunities for development in technology, data and content.” FILE PHOTO: Martin Sorrell attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 17, 2017. REUTERS/Ruben Sprich/File Photo
The new company, which has raised 51 million pounds through Sorrell and institutional investors including Lombard Odier, Miton, a Rothschild investment unit, Schroders and Toscafund, is in early talks over a number of potential acquisitions.
The group is looking to buy assets in the faster growing part of the industry such as technology and data which can be used to maximize the effectiveness of advertising, while markets such as India could also be of interest. TRIED AND TESTED
Taking charge of a listed shell company repeats the tactic Sorrell used in the 1980s when he took a stake in Wire and Plastics Products, a maker of shopping baskets, and used it as a vehicle to buy some of the most famous advertising agencies such as JWT and Ogilvy & Mather.
Derriston Capital is a little-known two-year-old listed shell company set up to invest in medical technology.
Over 30 years Sorrell built WPP into a company with 200,000 staff in 112 countries by adding market research groups, media buyers, and public relations firms such as Finsbury.
Worth 16 billion pounds, WPP returned millions to shareholders, including its CEO, and dominated the industry for decades. According to Thomson Reuters data, Sorrell is still the eighth biggest investor in WPP, with a 1.4 percent stake.
Sorrell had vowed to break down the barriers at WPP to make it easier for clients to get all the services they needed from a small team, rather than from a range of people among the more than 400 agencies it owned.
Starting again should make it easier to mould a business more aligned to the needs of today.
WPP competes with U.S. groups Omnicom ( OMC.N ) and IPG ( IPG.N ), France’s Publicis ( PUBP.PA ) and Japan’s Dentsu, while thousands of small independent companies provide everything from ads for mobile phones to creative work and data analytics.
Sorrell quit WPP after the board opened an investigation into an allegation of personal misconduct.
The company has not given any details and Sorrell has denied any wrongdoing. He told staff he had stepped down because the disruption was putting too much pressure on the business. Reporting by Kate Holton; editing by Sarah Young and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-derriston-sorrell/ad-man-sorrell-makes-comeback-from-wpp-blow-with-tested-tactic-idUKKCN1IV0RR |
Bernard Arnault , France's richest person and the chief executive and chair of luxury group LVMH , has called Meghan Markle's royal wedding dress "absolutely marvelous."
But he is predisposed to praise the bridal gown because his company owns fashion house Givenchy, which made the dress for Meghan, Duchess of Sussex, who married Prince Harry on Saturday. It was designed by the label's artistic director, Clare Waight Keller.
"I think the dress is marvelous and I think also it fits perfectly what the new princess represents: modernity, diversity and a sense of understated elegance and the result was absolutely marvelous," he told CNBC's Karen Tso at the Viva Tech conference in Paris on Thursday.
show chapters Meghan Markle's wedding dress suited the modernity she represents: LVMH CEO 7 Hours Ago | 04:40 More than 29 million Americans watched the royal wedding at Windsor Castle in England last Saturday, according to Nielsen data , with 15 channels airing the ceremony. The measure is the number of people who tuned in when it started at midday local time (7 a.m. EST) and finished at 1:15 p.m.
The fashion house was founded by Hubert de Givenchy in 1952 and its designs have been worn by famous names including Grace Kelly and former First Lady Jackie Kennedy.
Asked whether Givenchy saw a "Gucci effect," or a big moment on social media, Arnault said: "I think Givenchy is a symbol of elegance since Hubert de Givenchy. You know, Hubert was friends with Audrey Hepburn so it's understated elegance and it's an elegance which is timeless.
"So it lasts for a long time… We try to stay for the long run."
Alexi Lubomirski | The Royal Family The official wedding family photo of the royal family from the wedding of Prince Harry and Duchess of Sussex, Meghan Markle. Arnault clashed with rival Francois-Henri Pinault, who runs French luxury group Kering , at the turn of the millennium. Both were bidding for ownership of Gucci, with Pinault winning the battle, but it is the LVMH-owned Louis Vuitton label that is the world's largest luxury brand by revenues.
Luxury groups, like many companies, want to make sure they are using cutting-edge technology to reach shoppers. LVMH is running an innovation award program at Viva Tech, with the winner given the chance to meet with personnel at the luxury group. It also led the latest funding round for fashion search engine and data company Lyst, it was announced Thursday, according to an emailed statement.
- CNBC's Sarah Berger contributed to this article.
show chapters Macron's election means that people now want to come and work in France: LVMH 7 Hours Ago | 00:45 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/heres-what-frances-richest-man-thinks-of-the-royal-wedding-dress-and-he-should-know-as-his-company-made-it.html |
For immediate release
15 May 2018
Serabi Gold plc
("Serabi" or the "Company")
Notice of Annual General Meeting and Special Meeting (1)
Proposed capital reorganisation
The Company announces that its Annual General Meeting will be held on Thursday 14 June 2018, at the offices of Farrer & Co. LLP, 20/23 Lincoln's Inn Fields London WC2A 3LH England at 3.30 pm. The Company has published the formal notice of the meeting (the "Notice") on its website which can be accessed using the following link https://bit.ly/2wBJMGZ . Proxy voting forms are being posted to all shareholders providing details of how to access the Notice and instructions for voting. A copy of the Notice together with proxy voting forms and a copy of the 2017 Annual Report is being posted to all shareholders who are required to receive or have formally requested to receive these documents.
Included in the business that the Board is requesting shareholders to consider at this Annual General Meeting is the proposed capital reorganisation comprising a consolidation of the Company's existing Ordinary Shares on the basis of 20 existing Ordinary Shares of 0.5 pence each for one New Ordinary Share of 10 pence each (the " Capital Reorganisation "). Further details on the proposed Capital Reorganisation are set out in Appendix 2 of this announcement together with a timetable of expected principal events in Appendix 3 and statistics relating to the Capital Reorganisation in Appendix 4.
Copies of the 2017 Annual Report are available from the Company's website at www.serabigold.com .
The Notice contains a letter from the Chairman of the Company, Mr Mel Williams, which is set out below in Appendix 1.
(1) Certain resolutions to be proposed at the meeting will be special resolutions requiring approval of more than 75% of the votes cast. Under Canadian National Instrument 54-101, the meeting therefore also constitutes a Special Meeting.
Enquiries:
Serabi Gold plc Michael Hodgson Tel: +44 (0)20 7246 6830 Chief Executive Mobile: +44 (0)7799 473621 Clive Line Tel: +44 (0)20 7246 6830 Finance Director Mobile: +44 (0)7710 151692 Email: [email protected] Website: www.serabigold.com Beaumont Cornish Limited
Nominated Adviser Roland Cornish Tel: +44 (0)20 7628 3396 Michael Cornish Tel: +44 (0)20 7628 3396 Peel Hunt LLP
UK Broker Ross Allister Tel: +44 (0)20 7418 9000 James Bavister Tel: +44 (0)20 7418 9000 Blytheweigh
Public Relations Tim Blythe Tel: +44 (0)20 7138 3204 Camilla Horsfall Tel: +44 (0)20 7138 3224 Copies of this announcement are available from the Company's website at www.serabigold.com .
Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this announcement.
Appendix 1
The letter from the Chairman of the Company included in the Notice is reproduced below (without material adjustment or amendment):
"Dear Shareholder
This document provides the formal notice (the " Notice ") of the 2018 Annual General Meeting and Special Meeting of the Company to be held at the offices of Farrer & Co LLP, 20/23 Lincoln's Inn Fields, London WC2A 3LH, England on 14 June 2018 at 3.30pm (London time) (the " Meeting "). This document also includes additional information that the Company as a "reporting issuer" in Canada is required to make available pursuant to the requirements of National Instrument 51-102 - Continuous Disclosure Obligations (" NI 51-102 ") of the Canadian Securities Administrators.
Background
The matters being considered at the 2018 Annual General Meeting and Special Meeting set out in the Notice are for the most part, items that are routinely considered at such meetings. As the Company has previously advised, 2018 is expected to be a year where the Company will make significant progress towards it ambitions of becoming a 100,000 ounce per year gold producer. Both the Palito and Sao Chico Gold Mines are now in a steady state with gold production again expected to be approximately 40,000 ounces for the year. Management are progressing the permitting process for the Coringa project acquired at the end of 2017 and in addition, using the funds raised from two share placings raising gross proceeds of approximately US$24 million in aggregate, the Company is embarking on exploration to expand the resource base at Sao Chico and Palito.
The Company is well funded to significantly advance its immediate growth plans and it is possible that exploration at Palito and Sao Chico could provide greater expansion opportunities than are currently planned for. Meanwhile the Board remains keen to look at other opportunities within Brazil where Serabi's management can add value and enhance the project for the benefit of Sarabi's shareholders.
The Board believes that opportunities to advance the development and growth of the Company may arise over the next twelve months and for this reason is requesting Shareholders to authorise the Board to issue new shares to allow the Company to pursue and commit to these opportunities quickly as and when
they arise.
The Board is also conscious that the current capital structure of the Company is not viewed as ideal by many investors particularly those based in North America. The Board considers that to provide the Company with the widest access to investors and future capital it is therefore essential to address this issue and is therefore proposing the Capital Reorganisation, which will include a one for 20 share consolidation. No action will be required by shareholders with holdings through the UK share register in electronic form and for those shareholders with their holdings in certificated form, current certificates will cease to be valid and new certificates will be despatched. Shareholders holding their Ordinary Shares through the Canadian share register will be required to exchange the certificates representing their Ordinary Shares for certificates representing the New Ordinary Shares and should refer to the Management Information Circular for instructions. Further information regarding the Capital Reorganisation is set out in the Management Information Circular. Shareholder approval is required for the Capital Reorganisation.
Recommendation
The Directors consider that the resolutions set out in the Notice being put to the Annual General Meeting and Special Meeting are in the best interests of the Company and its Shareholders and are most likely to promote the success of the Company for the benefit of the Shareholders as a whole.
Accordingly, the Directors unanimously recommend that Shareholders vote in favour of the proposed resolutions as they intend to do in respect of their own holdings, where relevant, amounting to an aggregate of 25,246,920 Ordinary Shares, representing approximately 2.53 per cent of the Company's Ordinary Shares in issue as of the date of this Circular
Yours faithfully
(Signed) "Melvyn Williams"
Melvyn Williams
Non-executive Chairman"
Appendix 2
Further details on the Capital Reorganisation
The further details on the Capital Reorganisation as set out in the Notice is reproduced below (without material adjustment or amendment):
1. Background to and reasons for the proposed Capital Reorganisation
The Company currently has in issue 998,602,989 Ordinary Shares of 0.5 pence each and following the completion of the Placing which is expected to occur at 8:00 am on 15 May 2018 will have in issue 1,175,281,434 Ordinary Shares of 0.5 pence each. The Directors consider that the current capital structure of the Company (in terms of price per share and number of shares in issue) is not favourably viewed by investors and in particular is a significant deterrent to those based in North America. The Directors are informed that the current capital structure is restricting the liquidity of the Company's Ordinary Shares. The Directors believe that the Capital Reorganisation will eliminate current barriers to trading, as well as making the Company's Ordinary Shares a more attractive investment for institutional and retail investors, particularly in the North American market, thereby widening the pool of capital available to the Company in the future.
The Capital Reorganisation requires the passing of Resolution 7, which is an ordinary resolution that seeks authority for the Company to undertake a consolidation of its existing Ordinary Shares.
Consolidation
Every 20 Ordinary Shares of 0.5 pence each (the " Existing Ordinary Shares ") will be consolidated into one Ordinary Share of 10 pence each (the " New Ordinary Shares ").
In anticipation of the Resolutions being passed by the Shareholders, the Company will immediately prior to the Meeting, issue such number of additional Ordinary Shares as will result in the total number of Ordinary Shares in issue being exactly divisible by 20. Assuming no Ordinary Shares other than the Placing Shares are issued between the date of this document and immediately before the Meeting, this will result in 6 additional Ordinary Shares being issued and will create 58,764,072 New Ordinary Shares. Application will be made for the New Ordinary Shares to be admitted to trading on AIM and dealings in the New Ordinary Shares are expected to commence on 20 June 2018.
Those 6 additional Ordinary Shares would be issued to the Company Secretary. Since these additional shares will represent only a fraction of a New Ordinary Share, that fraction will be sold pursuant to the arrangement for fractional entitlements as set out below.
As all of the Existing Ordinary Shares are proposed to be consolidated, the proportion of issued Ordinary Shares held by each Shareholder immediately before and immediately after the proposed consolidation will remain relatively unchanged. The effect of this is such that your shareholding will be rounded down to the nearest whole New Ordinary Share upon the consolidation.
In the event the number of Existing Ordinary Shares registered to a Shareholder is not exactly divisible by 20, the consolidation will generate an entitlement to a fraction of a New Ordinary Share. Such fractional entitlements will be aggregated and sold on the open market (see further explanation regarding fractional entitlements below).
Accordingly, following implementation of the Capital Reorganisation, any Shareholder who has a fractional entitlement to any New Ordinary Shares, will not have a proportionate shareholding of New Ordinary Shares exactly equal to their proportionate holding of Existing Ordinary Shares.
Any Shareholders holding fewer than 20 Existing Ordinary Shares will cease to be a Shareholder following implementation of the Capital Reorganisation. The minimum threshold to receive New Ordinary Shares will be 20 Existing Ordinary Shares.
Fractional entitlements to New Ordinary Shares
As set out above, the Capital Reorganisation will give rise to fractional entitlements to a New Ordinary Share where any holding is not exactly divisible by 20. No certificates regarding fractional entitlements will be issued. Instead, any New Ordinary Shares in respect of which there are fractional entitlements will be aggregated and sold in the market for the best price reasonably obtainable on behalf of the Shareholders entitled to them (the "Fractional Shareholders" ).
The Company is required to distribute the proceeds of sale of the aggregated fractional entitlements in due proportion to the Fractional Shareholders in accordance with article 11.2 of the Articles. However, article 11.2 also provides that in the event that the net proceeds of sale due to a Shareholder amount to less than £3.00, the Directors may determine to retain such proceeds for the benefit of the Company. Given the current price of the Existing Ordinary Shares, the Company anticipates that the net proceeds of sale attribute to each Fractional Shareholder will be less than £3.00. The Directors therefore anticipate that, as a result of the disproportionate costs, it would not be in the best interests of the Company to distribute such proceeds of sale and those proceeds will instead be retained for the benefit of the Company.
For the avoidance of doubt, the Company is only responsible for dealing with fractions arising on registered holdings. For Shareholders whose Ordinary Shares are held in the nominee accounts of stockbrokers, banks or other parties , the effect of the Capital Reorganisation on their individual shareholdings will be administered by the stockbroker, bank or nominee in whose account the relevant shares are held. The effect is expected to be the same as for shareholding registered in beneficial names, however, it is the stockbroker's, bank's or nominee's responsibility to deal with fractions arising within their customer accounts, and not the Company's.
Appendix 3
Expected Timetable of Principal Events
Publication of this document 15 May 2018 Latest time and date for receipt of Forms of Proxy 3.30 p.m. on 12 June 2018 General Meeting 3.30 p.m. on 14 June 2018 Latest time and date for dealings in Existing Ordinary Shares 4.00 p.m. (BST) on 19 June 2018 Record time for the Capital Reorganisation 6.00 p.m. (BST) on 19 June 2018 Admission effective and commencement of dealings in the New Ordinary Shares 8.00 a.m. (BST) on 20 June 2018 CREST accounts credited with the New Ordinary Shares 20 June 2018 Listing on TSX effective and commencement of dealings in the New Ordinary Shares 8.00 a.m. (Eastern Time) on 20 June 2018 CDS accounts credited with the New Ordinary Shares 20 June 2018 Despatch of definitive certificates to UK shareholders for New Ordinary Shares (in certificated form) Not later than 4 July 2018 Appendix 4
Statistics Relating to the Capital Reorganisation
Existing Ordinary Shares in issue at the date of this document 998,602,989 Enlarged Share Capital following completion of the Placing (expected to occur at 8:00 am on 15 May 2018) 1,175,281,434 Conversion ratio of Existing Ordinary Shares to New Ordinary Shares 20 Existing Ordinary Shares to
1 New Ordinary Share Total expected number of New Ordinary Shares in issue following the Capital Reorganisation (Note 1) 58,764,072 ISIN code for the New Ordinary Shares GB00BG5NDX91 SEDOL for the New Ordinary Shares BG5NDX9 Note 1: Based on completion of the Placing
ENDS
Source:Serabi Gold plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-serabi-gold-plc-notice-of-annual-general-meeting-and-special-meeting-proposed-capital-reorganisation.html |
KUALA LUMPUR, May 10 (Reuters) - Malaysia’s national stock exchange Bursa Malaysia along with its subsidiaries will be closed on Thursday and Friday, the exchange said in a statement on Thursday morning.
The announcement came in conjunction with the special public holidays announced after Malaysia’s opposition alliance won the general elections on Thursday in a shock victory.
Bursa said it will resume operations on Monday.
Reporting by Emily Chow Editing by Leslie Adler
| ashraq/financial-news-articles | https://www.reuters.com/article/malaysia-bursa-malaysia/malaysias-national-stock-exchange-to-close-on-thursday-and-friday-idUSL3N1SG6OC |
EasyJet sees profits soaring after rivals falter Tuesday, May 15, 2018 - 01:16
British low-cost airline easyJet expects profits to rise more than 30 percent this year as it benefits from strong travel demand and the collapse of some smaller rivals. As Lea Jakobiak reports, looking to build on that momentum, new CEO Johan Lundgren also said on Tuesday he would expand the company's holiday business, loyalty scheme and business offering.
British low-cost airline easyJet expects profits to rise more than 30 percent this year as it benefits from strong travel demand and the collapse of some smaller rivals. As Lea Jakobiak reports, looking to build on that momentum, new CEO Johan Lundgren also said on Tuesday he would expand the company's holiday business, loyalty scheme and business offering. //reut.rs/2rKM0hB | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/15/easyjet-sees-profits-soaring-after-rival?videoId=427122557 |
– Delivers 9% net sales growth over Q1 2017 –
OAKLAND, Calif.--(BUSINESS WIRE)-- e.l.f. Beauty (NYSE: ELF) today announced results for the three-month period ended March 31, 2018.
“We are pleased with our start to 2018 with a 9% increase in net sales,” stated Tarang Amin, Chairman and Chief Executive Officer. "Highlights for the quarter included our full-chain rollout at Ulta Beauty, our most successful Beautyscape influencer program and product collaborations to date, and expanding our operations advantage to our first U.S. manufacturing partner.”
Three months ended March 31, 2018 results
Net sales increased 9%, or $5.3 million from the first quarter of 2017, to $65.9 million, primarily driven by growth in leading national retailers largely attributable to the benefit of shelf space acquired in 2017 and the addition of store locations at Ulta Beauty. Gross margin decreased from 63% to 61% in the first quarter of 2018, primarily as a result of unfavorable movements in foreign exchange rates, customer mix and freight, partially offset by margin accretive innovation.
Selling, general and administrative expenses (“SG&A”) were $36.2 million, or 55% of net sales, compared to $33.0 million, or 54% of net sales in the first quarter of 2017. SG&A includes $4.6 million of costs and expenses that are non-cash or that management does not believe are reflective of the Company’s ongoing operations. Adjusted SG&A, excluding these costs and expenses, was $31.7 million, or 48% of net sales, compared to $29.4 million, or 49% of net sales in the same period in fiscal 2017.
The provision for income taxes was $0.4 million during the three months ended March 31, 2018 and included discrete tax expense of $0.2 million related to stock option exercises and vesting of restricted stock. This is as compared to a provision for income taxes of $0.1 million during the three months ended March 31, 2017, which included a benefit from stock option exercises of $0.8 million. The increase in income tax expense was partially offset by a reduction in our U.S. federal statutory rate from 35% to 21% as a result of the tax reform laws effective as of the beginning of 2018.
On a GAAP basis, net income was $0.7 million, or $0.01 per diluted share, based on a weighted-average share count of 49.3 million shares. This compares to net income of $2.2 million, or $0.04 per diluted share, based on a weighted-average share count of 49.5 million shares in the first quarter of 2017.
Adjusted EBITDA (EBITDA excluding the items identified in the reconciliation table below) increased 3% to $11.9 million compared to adjusted EBITDA of $11.7 million in the first quarter of 2017.
Adjusted net income (net income excluding the items identified in the reconciliation table below) was unchanged in the first quarter of 2018, at $5.5 million, or $0.11 per diluted share, based on a weighted-average diluted share count of 49.3 million. This is as compared to a weighted-average diluted share count 49.5 million in the same quarter of 2017. Beginning in the first quarter of 2018, the Company excluded the impact of amortization of acquired intangible assets, net of the related tax effect, from both current and prior period adjusted net income.
Balance sheet
At March 31, 2018, the Company had $10.5 million in cash, as compared to $10.1 million as of December 31, 2017. Inventory at March 31, 2018 totaled $61.7 million, compared to $62.7 million on December 31, 2017 and $76.9 million on March 31, 2017. At March 31, 2018, long-term debt totaled $145.7 million, as compared to $147.7 million as of December 31, 2017.
Company outlook
The Company reaffirmed its outlook for 2018:
Fiscal 2018 Outlook (Approx.)
Fiscal 2017 Actual
% Change Net sales $ 286-291 million $ 270 million 6-8% Adjusted EBITDA $ 65-66.5 million $ 62 million 6-8% Adjusted net income $ 30-31 million $ 32 million (a) (1)-(4)% Adjusted diluted EPS $ 0.59-0.61 $ 0.64 (a) (5)-(8)% Fully diluted shares outstanding 51.4 million 49.4 million — (a) The Company's 2018 adjusted net income and adjusted diluted EPS guidance excludes amortization of acquired intangible assets. The Company began excluding these items from its adjusted net income and adjusted diluted EPS metrics beginning with the first quarter of fiscal 2018. Fiscal 2017 adjusted net income includes $4.4 million in amortization of acquired intangible assets (net of the related tax effect).
First quarter 2018 conference call
The Company will hold a conference call today, May 9, 2018, at 4:30 p.m. ET to discuss the Company’s first quarter 2018 results. Investors and analysts interested in participating in the call are invited to dial approximately ten minutes prior to the start of the call. The U.S. toll free dial-in for the conference call is (877) 407-3982 and the international dial-in number is (201) 493-6780. The also be webcast live at: http://investor.elfcosmetics.com/ and remain available for 90 days. A telephone replay of this call will be available at 7:30 p.m. ET on May 9, 2018, until 11:59 p.m. ET on May 16, 2018, and can be accessed by dialing the U.S. toll free dial-in, (844) 512-2921 or the international dial-in, (412) 317-6671, and entering replay pin number 13679040.
About e.l.f. Beauty
e.l.f. makes luxurious beauty accessible for all. Established in 2004 as an e-commerce business ( www.elfcosmetics.com ), e.l.f. has become a true multi-channel brand through its e.l.f. stores and national distribution at Target, Walmart, Ulta Beauty and other leading retailers. By engaging young, diverse beauty enthusiasts with high-quality, prestige-inspired cosmetic and skin care products at extraordinary value, e.l.f. has become one of the fastest growing beauty companies in the United States.
For more information about e.l.f. Beauty, visit the Company’s website at http://www.elfcosmetics.com .
Note regarding non-GAAP financial measures
This press release includes references to non-GAAP measures, including adjusted SG&A, EBITDA, adjusted EBITDA, adjusted net income and adjusted diluted EPS. The Company presents these non-GAAP measures because its management uses them as supplemental measures in assessing its operating performance, and believes they are helpful to investors, securities analysts and other interested parties in evaluating the Company’s performance. The non-GAAP measures included in this press release are not measurements of financial performance under GAAP and they should not be considered as alternatives to measures of performance derived in accordance with GAAP. In addition, these non-GAAP measures should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. These non-GAAP measures have limitations as analytical tools, and you should not consider such measures either in isolation or as substitutes for analyzing the Company’s results as reported under GAAP. The Company’s definitions and calculations of these non-GAAP measures are not necessarily comparable to other similarly titled measures used by other companies due to different methods of calculation. Adjusted EBITDA excludes costs related to “restructuring” of operations, stock-based compensation, retail store pre-opening costs and other non-cash and non-recurring costs. Adjusted net income excludes costs related to “restructuring” of operations, stock-based compensation, retail store pre-opening costs, other non-cash and non-recurring costs, amortization of acquired intangible assets and the tax impact of the foregoing adjustments. With respect to the Company’s expectations under “Company Outlook” above, the Company is not able to provide a quantitative reconciliation of the adjusted EBITDA, adjusted net income, and adjusted diluted EPS guidance non-GAAP measures to the corresponding net income and diluted EPS GAAP measures without unreasonable efforts. The Company cannot provide meaningful estimates of the non-recurring charges and credits excluded from these non-GAAP measures due to the forward-looking nature of these estimates and their inherent variability and uncertainty. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
Forward-looking statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including those statements relating to the Company’s outlook for 2018 under “Company Outlook” above. These forward-looking statements are based on management's current expectations, estimates, forecasts, projections, beliefs and assumptions and are not guarantees of future performance. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, actual results and the timing of selected events may differ materially from those expectations. Factors that could cause actual results to differ materially from those in the forward-looking statements include, among other things, the risks and uncertainties that are described in the Company's most recent Annual Report on Form 10-K, as updated from time to time in the Company's SEC filings, including the Company's most recent Quarterly Report on Form 10-Q, as well as the Company’s ability to grow net sales and adjusted EBITDA as anticipated; the Company’s ability to effectively compete with other beauty companies; the Company’s ability to successfully introduce new products; the Company’s ability to attract new retail customers and/or expand business with its existing retail customers; the loss of any of the Company’s key retail customers or if the general business performance of its key retail customers declines; and the Company’s ability to effectively manage its SG&A and other company expenses. Potential investors are urged to consider these factors carefully in evaluating the forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.
e.l.f. Beauty, Inc. and subsidiaries
Condensed consolidated statements of operations and comprehensive income
(unaudited)
(in thousands, except share and per share data)
Three months ended March 31, 2018 2017 Net sales $ 65,920 $ 60,574 Cost of sales 25,712 22,346 Gross profit 40,208 38,228 Selling, general and administrative expenses 36,234 33,005 Operating income 3,974 5,223 Other expense, net (888 ) (799 ) Interest expense, net (1,963 ) (2,156 ) Income before provision for income taxes 1,123 2,268 Income tax provision (433 ) (108 ) Net income $ 690 $ 2,160 Comprehensive income $ 690 $ 2,160 Net income per share: Basic $ 0.01 $ 0.05 Diluted $ 0.01 $ 0.04 Weighted average shares outstanding: Basic 46,435,560 44,099,338 Diluted 49,302,771 49,477,874 e.l.f. Beauty, Inc. and subsidiaries
Condensed consolidated balance sheets
(unaudited)
(in thousands, except share and per share data)
March 31, 2018
December 31, 2017 March 31, 2017
Assets Current assets: Cash $ 10,474 $ 10,059 $ 5,376 Accounts receivable, net 31,779 44,634 29,135 Inventories 61,728 62,679 76,904 Prepaid expenses and other current assets 6,639 6,272 4,084 Total current assets 110,620 123,644 115,499 Property and equipment, net 18,694 18,037 16,277 Intangible assets, net 104,129 105,882 111,144 Goodwill 157,264 157,264 157,264 Investments 2,875 2,875 — Other assets 10,109 9,542 1,187 Total assets $ 403,691 $ 417,244 $ 401,371 Liabilities and stockholders' equity Current liabilities: Current portion of long-term debt and capital lease obligations $ 8,652 $ 8,646 $ 23,656 Accounts payable 17,054 26,776 19,861 Accrued expenses and other current liabilities 8,888 15,939 16,423 Total current liabilities 34,594 51,361 59,940 Long-term debt and capital lease obligations 145,708 147,702 154,186 Deferred tax liabilities 22,058 21,341 34,384 Other long-term liabilities 2,981 2,977 3,213 Total liabilities 205,341 223,381 251,723 Commitments and contingencies Stockholders' equity: Common stock, par value of $0.01 per share; 250,000,000 shares authorized as of March 31, 2018, December 31, 2017 and March 31, 2017; 47,425,139, 46,617,830 and 45,655,937 shares issued and outstanding as of March 31, 2018, December 31, 2017 and March 31, 2017, respectively 465 463 454 Additional paid-in capital 724,221 720,372 707,480 Accumulated deficit (526,336 ) (526,972 ) (558,286 ) Total stockholders' equity 198,350 193,863 $ 149,648 Total liabilities and stockholders' equity $ 403,691 $ 417,244 $ 401,371 e.l.f. Beauty, Inc. and subsidiaries
Condensed consolidated statements of cash flows
(unaudited)
(in thousands)
Three months ended March 31, 2018 2017 Cash flows from operating activities: Net income $ 690 $ 2,160 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 4,288 3,659 Stock-based compensation expense 3,640 2,404 Amortization of debt issuance costs and discount on debt 199 202 Deferred income taxes 735 (35 ) Other, net 142 330 Changes in operating assets and liabilities: Accounts receivable 12,771 8,480 Inventories 951 (7,496 ) Prepaid expenses and other assets (1,498 ) (304 ) Accounts payable and accrued expenses (16,891 ) (31,449 ) Other liabilities 3 6 Net cash provided by (used in) operating activities 5,030 (22,043 ) Cash flows from investing activities: Purchase of property and equipment (2,667 ) (676 ) Net cash used in investing activities (2,667 ) (676 ) Cash flows from financing activities: Proceeds from revolving line of credit 2,000 15,000 Repayment of revolving line of credit (2,000 ) — Repayment of long term debt (2,063 ) (2,063 ) Cash received from issuance of common stock 212 146 Deferred offering costs paid — (193 ) Other, net (97 ) (90 ) Net cash provided by (used in) financing activities (1,948 ) 12,800 Net increase (decrease) in cash 415 (9,919 ) Cash - beginning of period 10,059 15,295 Cash - end of period $ 10,474 $ 5,376 e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP net income to non-GAAP adjusted EBITDA
(unaudited)
(in thousands)
Three months ended March 31, 2018 2017 Net income $ 690 $ 2,160 Interest expense, net 1,963 2,156 Income tax provision 433 108 Depreciation and amortization 4,288 3,659 EBITDA $ 7,374 $ 8,083 Costs related to "restructuring" of operations (a) — 6 Stock-based compensation 3,640 2,404 Pre-opening costs (b) 35 42 Other non-cash and non-recurring costs (c) 894 1,116 Adjusted EBITDA $ 11,943 $ 11,651 (a) Represents costs associated with the restructuring of the Company’s operations, including the transition of the Company’s New Jersey warehouse and distribution center in 2016. (b) Represents costs associated with e.l.f. stores incurred prior to the store opening, including legal-related costs, rent and occupancy expenses, marketing and other store operating supply expenses. (c) Represents various non-cash or non-recurring costs including costs related to secondary offering of common stock, costs related to certain transformational information technology projects, and third-party costs related to M&A due diligence. e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP SG&A to non-GAAP adjusted SG&A
(unaudited)
(in thousands)
Three months ended March 31,
2018 2017 Selling, general, and administrative expenses $ 36,234 $ 33,005 Costs related to "restructuring" of operations (a) — (6 ) Stock-based compensation (3,640 ) (2,404 ) Pre-opening costs (b) (35 ) (42 ) Other non-cash and non-recurring costs (c) (894 ) (1,116 ) Adjusted selling, general, and administrative expenses $ 31,665 $ 29,437 (a) Represents costs associated with the restructuring of the Company’s operations, including the transition of the Company’s New Jersey warehouse and distribution center in 2016. (b) Represents costs associated with e.l.f. stores incurred prior to the store opening, including legal-related costs, rent and occupancy expenses, marketing and other store operating supply expenses. (c) Represents various non-cash or non-recurring costs including costs related to secondary offering of common stock, costs related to certain transformational information technology projects, and third-party costs related to M&A due diligence. e.l.f. Beauty, Inc. and subsidiaries
Reconciliation of GAAP net income to non-GAAP adjusted net income
(unaudited)
(in thousands, except share and per share data)
Three months ended March 31, 2018 2017 Net income $ 690 $ 2,160 Costs related to "restructuring" of operations (a) — 6 Stock-based compensation 3,640 2,404 Pre-opening costs (b) 35 42 Other non-cash and non-recurring costs (c) 894 1,116 Amortization of acquired intangible assets (d) 1,754 1,859 Tax Impact (e) (1,562 ) (2,093 ) Adjusted net income (f) $ 5,451 $ 5,494 Weighted average number of shares outstanding - diluted 49,302,771 49,477,874 Adjusted diluted earnings per share $ 0.11 $ 0.11 (a) Represents costs associated with the restructuring of the Company’s operations, including the transition of the Company’s New Jersey warehouse and distribution center in 2016. (b) Represents costs associated with e.l.f. stores incurred prior to the store opening, including legal-related costs, rent and occupancy expenses, marketing and other store operating supply expenses. (c) Represents various non-cash or non-recurring costs including costs related to a secondary offering of common stock, costs related to certain transformational information technology projects, and third-party costs related to M&A due diligence. (d) Represents amortization expense of acquired intangible assets consisting of customer relationships and favorable leases. (e) Represents the tax impact of the above adjustments. (f) Adjusted net income for the three months ended March 31, 2017, as previously reported, was $4.4 million. The difference of approximately $1.1 million relates to amortization of acquired intangible assets, net of tax. The Company's 2018 adjusted net income and adjusted diluted EPS guidance excludes amortization of acquired intangible assets. As such, prior year results have been adjusted to reflect a similar basis of presentation.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006381/en/
Investor Relations:
ICR, Inc.
Investors:
Allison Malkin, 203-682-8200
or
Media:
Brittany Rae Fraser, 646-277-1231
Source: e.l.f. Beauty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-e-l-f-beauty-announces-first-quarter-2018-results.html |
SINGAPORE/NEW YORK/NEW DELHI (Reuters) - Saudi oil producer Aramco’s trading arm has begun supplying U.S. condensate, an ultra-light crude oil, to the United Arab Emirates (UAE), four people with direct knowledge of the matter said on Monday, underlining the giant firm’s global ambitions.
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 The sale marks Aramco Trading Company’s (ATC) first U.S. crude spot trade, the people said, with ATC tapping Aramco’s Motiva Enterprises [MOTIV.UL] unit in the United States as a supply source for two shipments to the UAE.
Aramco sells almost all its crude under long-term contracts, but decided last year to trade in non-Saudi crude in the short-term spot market.
For the UAE trades, a first shipment of 1 million barrels (bbl) of U.S. condensate aboard the tanker ‘Astra’ was unloaded at Ruwais on May 12, according to the sources and shipping data on Thomson Reuters Eikon. All the sources declined to be identified because they were not authorized to speak to media.
Motiva has also chartered the tanker ‘South Sea’ to ship about 1 million bbl of condensate from the U.S. Gulf to Ruwais in May for about $2 million, one U.S.-based shipping source said. Both vessels are ‘Suezmax’ tankers, with capacities from 120,000-200,000 deadweight tonnes, named after the Suez Canal as they are able to transit the canal fully laden.
As of May 12, the ‘South Sea’ was docked at Corpus Christi in Texas, shipping data on Thomson Reuters Eikon showed.
Motiva, which operates a 603,000-barrel-per-day refinery at Port Arthur, Texas, and ATC did not respond to requests for comment.
NEW STRATEGY While the shipments from the United States are a first, the move fits into a strategy outlined by Aramco executives last month.
“ATC has started supplying some condensate from West to the East. It started only a few weeks back, slowly, but we will have to make sure that there is an economic sense for us for crude trading,” Saudi Aramco Chief Executive Officer Amin Nasser told Reuters, speaking on the sidelines of a conference in April.
Nasser said ATC had been focusing on crude oil processing arrangements at refineries with spare capacity, which are mainly located in Europe.
But more ATC trades with U.S. oil are set to follow. Motiva is still looking for ships to move U.S. oil to the East, the shipping source said, as price differentials between U.S. crude CLc1 and international crude LCOc1 make such trades profitable.
Earlier this month, ATC was also one of the successful bidders in a tender issued by the Abu Dhabi National Oil Company (ADNOC) to buy condensate for delivery in July to September, the sources said.
ADNOC bought 6.5 million barrels of condensate in the tender with the bulk of the supplies coming from the United States, a source familiar with the matter said.
Abdulla Salem Al Dhaheri, Director, Marketing Sales & Trading at ADNOC, told Reuters: “By tendering our condensate we are able to diversify our supply and achieve better commercial value. For example, we are able to take advantage of arbitrage cargoes from long distances that have delivered ADNOC more value and higher returns.”
He added that ADNOC now buys condensate from various suppliers.
ADNOC started importing U.S. oil in the second half of last year after a diplomatic row with Qatar.
ATC is also looking to extend its trading operations in Asia.
ATC’s CEO Ibrahim al-Buainain told Reuters last month it plans to handle crude in Asia through its Singapore office in the third quarter of this year, and aims to boost its volumes for trading crude and refined products globally to 6 million barrels per day (bpd) by 2020, up from negligible amounts currently.
Buainain said his company mostly handles third-party crude and has traded “very small” Saudi crude volumes in processing deals in return for refined products.
Reporting by Devika Krishna Kumar in NEW YORK, Nidhi Verma in NEW DELHI, Florence Tan in SINGAPORE and Rania El Gamal in DUBAI; Additional reporting by Jessica Jaganathan in SINGAPORE; Editing by Kenneth Maxwell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-aramco-emirates-usa-exclusive/exclusive-saudi-aramco-trading-arm-atc-sells-first-u-s-oil-to-united-arab-emirates-sources-idUSKCN1IF14T |
House Majority Leader Kevin McCarthy believes a bipartisan deal to shield young immigrants from deportation could hurt Republicans in November, according to Politico .
"If you want to depress [GOP voter] intensity, this is the No. 1 way to do it," the California Republican told colleagues in a closed meeting on Wednesday, the news outlet reported late Thursday.
McCarthy's stance has set him apart from House Speaker Paul Ryan , the Wisconsin Republican whom McCarthy wants to succeed as the top House Republican. Ryan wants to pass protections for the young undocumented immigrants before he leaves Congress at the end of his term in January, Politico said. McCarthy in part faces a tough political dynamic because he could need conservatives' support to win a bid for speaker.
show chapters Ryan endorses Kevin McCarthy as House Speaker 4:05 PM ET Fri, 13 April 2018 | 01:11 Republicans aim to hold on to their House majority in November's midterm elections. Democrats need to gain 23 seats to take control of the chamber.
Spokespeople for both McCarthy and Ryan did not immediately respond to requests for comment.
Both men have opposed an effort by centrist House Republicans to force a vote on immigration. Twenty House Republicans have signed a so-called discharge petition, which would require a series of immigration votes if several more Republicans and all Democrats get behind it. Democrats are expected to support the effort.
Ryan and McCarthy met with President Donald Trump this week, and Ryan floated the idea of reopening negotiations on an immigration deal, Politico reported, citing several sources briefed on the meeting. Bipartisan negotiations flamed out earlier this year as Trump and conservative Republicans could not find common ground with Democrats and moderate GOP lawmakers on several demands. Democrats accused Trump of shifting in his demands throughout the talks.
Trump did not appear interested in starting up talks again when he met with Ryan and McCarthy, according to Politico.
Republican leaders are telling lawmakers who support the effort to force an immigration vote that they will bring immigration bills to the House floor next month, Politico separately reported .
Read the full Politico report here. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/mccarthy-thinks-daca-immigration-deal-would-deter-gop-midterm-voters.html |
SAN DIEGO, May 08, 2018 (GLOBE NEWSWIRE) -- Daré Bioscience, Inc. (NASDAQ:DARE), a clinical-stage, women’s biopharmaceutical company, today announced it has appointed Mr. Fair to the newly created position of Chief Business Officer. Mr. Fair’s role will include business and corporate development, partnering, and strategic planning. Mr. Fair was formerly the President and COO of Evofem Inc.
“John’s deep understanding of the women’s health business, coupled with his substantial experience at the most senior levels in business development and planning will serve Daré well during our next phase of corporate development, where we seek to establish global alliances for our portfolio,” said Sabrina Martucci Johnson, CEO of Daré Bioscience. “We are looking forward to John’s leadership in establishing partnerships for Daré as we look toward advancing our products through clinical development.”
Mr. Fair has over twenty years of experience in the biopharmaceutical industry in business and corporate development roles. Most recently, Mr. Fair was President and COO of Evofem Inc., a late-stage, specialty pharmaceutical company focused on women’s reproductive health. He was part of the management team that secured a global license to the Nestorone® one-year contraceptive vaginal ring, successfully divested the OTC women’s hygiene franchise and closed series C and D funding. Prior to joining Evofem, Mr. Fair held senior-level roles at WomanCare Global, a UK based global women’s health entity. During his tenure he was part of the management team that collaborated with FHI 360 to commercialize Sino-implant (II) in select regions and secured donor funding from the US Agency for International Development (USAID).
Mr. Fair holds a master’s degree from the University of Pennsylvania, Perelman School of Medicine and a BA from Rider University.
About Daré Bioscience
Daré Bioscience is a clinical-stage biopharmaceutical company committed to the advancement of innovative products for women’s reproductive health that address clear therapeutic gaps. The Company is driven by a mission to identify, develop and bring to market a diverse portfolio of novel and differentiated therapies that expand treatment options, improve outcomes and facilitate convenience for women, primarily in the areas of contraception, vaginal health, sexual health and fertility. Daré currently has two product candidates in clinical development. The first is Ovaprene, a non-hormonal monthly contraceptive ring intended to provide protection over multiple weeks between menses. The second is SST-6007 (5% Topical Sildenafil Citrate Cream), a potential treatment for Female Sexual Arousal Disorder. SST-6007 incorporates sildenafil, the same active ingredient in Viagra ® , in a proprietary cream formulation that is specifically designed to locally increase blood flow to the vulvar-vaginal tissue in women, leading to a potential improvement in genital arousal response and overall sexual experience. Daré has also entered into an agreement to acquire PT-101, a vaginal tamoxifen tablet, as a potential treatment for vulvar and vaginal atrophy in the hormone-receptor-positive breast cancer population, which includes estrogen receptor-positive (ER-positive) and progesterone receptor-positive (PR-positive) breast cancer. PT-101 incorporates the active ingredient tamoxifen, which is currently approved by the FDA in an oral form as a treatment for hormone-receptor-positive breast cancer. Daré’s preclinical portfolio includes a novel intravaginal ring technology platform that was developed by Dr. Robert Langer from the Massachusetts Institute of Technology and Dr. William Crowley from Massachusetts General Hospital and Harvard Medical School, including three preclinical candidates. Portfolio expansion opportunities include Daré’s option to enter into a license agreement for ORB-204 and ORB-214, preclinical stage injectable etonogestrel contraceptives with target 6- and 12-month durations.
Contacts:
Investors on behalf of Daré Bioscience, Inc.:
Ami Bavishi
Burns McClellan
[email protected]
212-213-0006
OR
Media on behalf of Daré Bioscience, Inc.:
Amanda Guisbond
Canale Communications
[email protected]
781-405-8775
Source: Daré Bioscience
Source:Dare Bioscience, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-dara-bioscience-inc-expands-leadership-team-appointing-john-fair-to-chief-business-officer.html |
WASHINGTON—U.S. industries pumped out more goods in April to meet growing demand from consumers and businesses, another sign the economy is gaining momentum.
Industrial output—reflecting everything produced by factories, mines and utilities—rose a seasonally adjusted 0.7% in April from a month earlier, the Federal Reserve said Wednesday. That marked the third straight month of higher production. Production increased broadly across all sectors and has risen 3.5% over the past year.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-industrial-production-rose-0-7-in-april-1526476685 |
CARACAS, Venezuela—The people in this city’s largest slum had plenty of reasons to reject Venezuelan President Nicolás Maduro in Sunday’s election: hyperinflation, a collapse in public services, shortages of medicines.
But Angie Chong, a pro-government activist, embodied for Petare residents of one very big reason to cast their ballot for Mr. Maduro: hunger. She and a team of “patrollers”—many of them the same people who distribute boxes and bags of state food aid in the slum each month—went door-to-door after dawn, rousing... | ashraq/financial-news-articles | https://www.wsj.com/articles/in-venezuela-election-maduro-loyalists-try-to-boost-turnout-1526845311 |
May 3 (Reuters) -
* BLOCK TRADE- COVESTRO AG: BOOKRUNNER SAYS REVISED PRICING GUIDANCE OF €75.26-€75.70; BOOKS ARE COVERED WITHIN THAT RANGE
* BLOCK TRADE- COVESTRO AG: BOOKRUNNER SAYS BOOKS WILL CLOSE AT 7PM UK TIME
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-block-trade-covestro-ag-bookrunner/brief-block-trade-covestro-ag-bookrunner-says-revised-pricing-guidance-of-75-26-75-70-idUSFWN1SA1BM |
May 3 (Reuters) - Mercer International Inc:
* MERCER INTERNATIONAL INC REPORTS RECORD FIRST QUARTER RESULTS AND ANNOUNCES QUARTERLY CASH DIVIDEND OF $0.125
* Q1 REVENUE ROSE 52 PERCENT TO $367.9 MILLION * MERCER - LUMBER MARKETS REMAINED STRONG IN EUROPE AND U.S. IN Q1
* MERCER INTERNATIONAL - EXPECT LUMBER MARKETS TO REMAIN STEADY IN NEAR TERM
* Q1 EARNINGS PER SHARE VIEW $0.67, REVENUE VIEW $336.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mercer-international-reports-q1-ea/brief-mercer-international-reports-q1-earnings-per-share-0-39-idUSASC09ZRT |
May 18, 2018 / 8:33 AM / Updated 42 minutes ago Countries should be prevented from following U.S. on Israel embassy, Turkey says Reuters Staff 2 Min Read
ISTANBUL (Reuters) - Turkey called on Muslim countries to stop other nations from following the United States and opening embassies in Jerusalem, as it opened a meeting in Istanbul on Friday. A demonstrator places a flyer on an improvised memorial with the names of Palestinians killed during clashes with Israeli troops on the Gaza-Israel border, during a protest demanding the freedom and dignity of Palestine, in the Manhattan borough of New York City, New York, U.S., May 16, 2018. REUTERS/Eduardo Munoz
Turkish President Tayyip Erdogan called the summit of the 57-member Organisation of Islamic Cooperation (OIC), after Israeli forces killed dozens of protesters in Gaza this week. The Palestinian protesters were demonstrating against the opening of the U.S. Embassy in Jerusalem.
“In the final declaration, we will emphasise the status of the Palestine issue for our community, and that we will not allow changing the status of the historic city,” Turkish Foreign Minister Mevlut Cavusoglu said in an opening address.
“We must prevent other countries from following the U.S. example.”
Iranian Foreign Minister Mohammad Javad Zarif also said that Islamic countries needed to coordinate with other states.
“Israel’s recent crimes in Palestine and the relocation of the U.S. Embassy to Jerusalem need serious coordination between Islamic countries and the international community,” Zarif told Iran state television after arriving in Istanbul.
Turkey has been one of the most vocal critics of the U.S. move and the violence in Gaza, with the government declaring three days of mourning for those killed. Erdogan has described the actions of the Israeli forces as a “genocide” and Israel as a “terrorist state”.
The events in Gaza have also sparked a diplomatic row between Turkey and Israel, with both countries expelling each other’s senior diplomats this week.
The plight of Palestinians resonates with many Turks including with the nationalist and religious voters who form the base of support for Erdogan, who is running for re-election next month.
U.N. human rights chief Zeid Ra’ad al-Hussein on Friday said Israel has systematically deprived Palestinians of their human rights, with 1.9 million in Gaza “caged in a toxic slum from birth to death”. Reporting by Tuvan Gumrukcu and Parisa Hafezi; Writing by David Dolan; Editing by Daren Butler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-muslims-turkey/other-countries-should-not-be-able-to-follow-u-s-suit-on-israel-embassy-turkey-says-idUKKCN1IJ0U2 |
Mnuchin says having good conversations in China Published 18 Hours Ago Reuters Jason Lee | Reuters 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.
U.S. Treasury Secretary Steve Mnuchin said on Friday a trade delegation he is leading in China has been having very good conversations.
He made the comments to reporters as he left his Beijing hotel for the second and likely final day of trade talks in China.
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 worth of Chinese exports.
The discussions, led by 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.
As Mnuchin arrived, President Donald 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 Chinese President Xi Jinping might meet again next, though both will likely attend some of the same multilateral summits this year, including those of the G-20 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.
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.
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.
—CNBC contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/mnuchin-leads-us-trade-delegation-in-beijing-china.html |
CEO Daily China Tactics, CBS Control, PayPal and iZettle: CEO Daily for May 18, 2018 President Donald Trump holds up a signed presidential memorandum targeting China's economic aggression in the White House in Washington, D.C. on March 22, 2018. Andrew Harrer—Bloomberg/Getty Images 6:33 AM EDT
Good morning.
As I reported earlier this week , fears of a trade war with China are one of the greatest economic threats that Fortune 500 CEOs see on the horizon these days. But here’s an interesting tidbit from our survey: a majority of those CEOs actually support Trump’s tough tactics with the Chinese.
Words matter in a case like this, so let me tell you the precise question we asked:
Which of the following better represents your view of the administration’s trade initiative toward China, even if neither is perfectly right:
1. I favor the Trump administration’s trade action with China. We have allowed the Chinese to violate global trade norms for too long.
2. I oppose the Trump administration’s trade action with China, on the grounds that it is likely to hurt U.S. consumers and businesses more than help them.
Of the 76 Fortune 500 CEOs who answered that question, 53% chose the first statement, supporting Trump.
The president said yesterday that he doubted the talks with the Chinese would be successful: “The reason I doubt it is because China has become very spoiled….they always got 100% of whatever they wanted from the United States.” That public statement, however, was likely part of the president’s negotiating strategy, and probably aimed at the delegation that was in Washington negotiating yesterday. Other administration officials are more hopeful about the outlook, arguing that the Chinese have more to lose from a trade fight than the U.S. does.
Citing U.S. officials, reports yesterday indicated the Chinese delegation already has agreed to cut $200 billion from its bilateral trade balance with the U.S.—no small concession. However, China has now denied it made this offer .
The Chinese trade talks will continue in Washington today. Other news below. Alan Murray Top News
China Sorghum Probe
Although Chinese officials are denying that they offered the U.S. a $200 billion cut in its trade balance, they have definitely made one big move to mollify the Americans: Beijing has dropped its anti-dumping probe into sorghum imports from the U.S. The Chinese commerce ministry says its high new tariffs on American sorghum hurt consumers and are not in the public interest. However, it will only make a final ruling on the continuation of the 178.6% tariffs after further investigation. BBC
CBS Control
CBS said yesterday that its board voted to remove voting control from Shari Redstone and her family. However, the Redstone family’s National Amusements says the vote—in which 11 of the 14 board members not affiliated with National Amusements supported the proposal—fell short of what’s needed to loosen the controlling shareholder’s grip on CBS. That’s because National Amusements had a day earlier amended CBS’s bylaws to say the dilution of voting power could only take place with 90% of board members’ approval. Wall Street Journal .
PayPal and iZettle
PayPal is buying the Swedish payments processor iZettle for $2.2 billion in an all-cash deal. Assuming the deal clears in Q3 as planned, it’s PayPal’s biggest-ever purchase. Like Square, iZettle provides point-of-sale apps and card-readers for small businesses. PayPal has been trying to move forward in this area too, and now it’s getting a big boost, particularly in Europe and Mexico, where iZettle has an established presence. TechCrunch
Italian Deal
Italy’s populist Five Star Movement and far-right League have finally struck a deal on their common coalition platform. Five Star members will need to vote online on the deal today. On the EU front, there’s a lot of rolling back here—no mention of a referendum on the euro nor EU membership, no plans to ask the ECB for debt cancellation, and support for the goals of the Maastricht Treaty. The platform also includes a universal basic income, a dual-rate flat tax, and the possible relaunch of national airline Alitalia. Financial Times Advertisement Around the Water Cooler
Fiat Swerves
Fiat—a company known for making affordable cars for the masses—is reportedly planning to kill off budget models such as the Punto and Mito, in order to instead focus on higher-end cars. According to Bloomberg, the Italian automaker will retool plants in Turin and near Naples to make Maseratis and Jeeps, and production of the Fiat Panda will move to Poland. Bloomberg
U.S. vs EU
European leaders need to keep trying to find common ground with the White House despite their growing tensions, according to World Economic Forum president Borge Brende. Those tensions relate to the U.S. withdrawal from the Iran nuclear deal—President Trump’s administration now wants European companies to cut ties with Iran, too—and trade. “There is not enough cooperation and dialogue in the world today,” Brende lamented. CNBC
Racism Reviews
After a New York lawyer was shown in a viral video making a racist rant against restaurant workers speaking Spanish, his law firm has been inundated with negative Yelp reviews. Aaron Schlossberg’s company now has just one star on the rating service, which has intervened saying its policy for newsmaking businesses is to remove posts “that appear to be motivated more by the news coverage itself than the reviewer’s personal consumer experience with the business.” Fortune
Bitcoin Energy
Does the Bitcoin network consume as much energy as Ireland does? A Dutch researcher named Alex de Vries says yes, but Stanford lecturer Jonathan Koomey is skeptical. “For two decades, people have been eager to overestimate electricity use by computing,” Koomey told NBC. “My concern is that we simply don’t have adequate data to come to the strong conclusions that he’s coming to.” NBC
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/china-trade-sorghum-paypal-izettle-cbs-redstone-ceo-daily-for-may-18-2018/ |
May 8, 2018 / 9:40 AM / Updated 3 minutes ago Turkey's Erdogan: Need majority in parliament for constitutional changes Reuters Staff 1 Min Read
ANKARA (Reuters) - Turkish President Tayyip Erdogan on Tuesday said his ruling AK Party needed a parliamentary majority after next month’s snap elections to make constitutional changes until the new executive presidential system becomes fully functional. Turkish President Tayyip Erdogan speaks at his ruling AK Party's Istanbul congress, Turkey May 6, 2018. REUTERS/Osman Orsal
“Aside from presidential decrees, there will be a need to make several legal changes, implement new regulations or even constitutional changes until the new system is fully functional,” Erdogan told lawmakers in parliament.
Turks will head to polls on June 24 for snap parliamentary and presidential elections, which will herald the switch to a powerful executive presidency narrowly approved in a referendum last year and championed by Erdogan. Reporting by Tuvan Gumrukcu and Ece Toksabay; Editing by David Dolan | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-election/turkeys-erdogan-need-majority-in-parliament-for-constitutional-changes-idUSKBN1I910I |
DUBLIN, Ohio, May 14, 2018 /PRNewswire/ -- Community Choice Financial Inc. ("CCFI") filed its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 with the Securities and Exchange Commission on Monday, May 14, 2018. CCFI will host a conference call on Tuesday, May 15, 2018 at 2:00 p.m. (ET) to discuss the results for the quarter. CCFI will make this call available for replay for three months starting approximately two hours after the call has ended. The conference call can be replayed in its entirety by dialing (855) 859-2056 (toll free) or (404) 537-3406 (international) and enter conference ID "6478649".
Financials are publicly available at www.sec.gov
Conference Call Dial-In Information:
International Direct:
+1 (937) 203-2407
U.S. Toll Free:
+1 (877) 497-9564
Conference ID:
6478649
About Community Choice Financial Inc.
Community Choice Financial Inc. is a leading retailer of financial services to unbanked and underbanked consumers through a network of 483 retail storefronts across 12 states and are licensed to deliver similar financial services over the internet in 30 states. CCFI focuses on providing consumers with a wide range of convenient financial products and services to help them manage their day-to-day financial needs including consumer loans, check cashing, prepaid debit cards, money transfers, bill payments, and money orders. Please visit www.ccfi.com for more information.
Forward-Looking Statements and Information:
Certain in this release may constitute "forward-looking statements" within the meaning of federal securities laws. All statements in this release other than those relating to our historical information or current condition are forward-looking statements. For example, any statements regarding our future financial performance (including, but not limited to, CCFI's ability to execute its long-term strategy and to manage operational efficiencies across its national footprint), our business strategy, and expected developments in our industry are forward-looking statements. Although we believe that the current views and expectations reflected in these forward-looking statements are reasonable, those views and expectations and the related statements are inherently subject to risks, uncertainties, and other factors, many of which are not under our control and may not even be predictable. Therefore, actual results could differ materially from our expectations as of today and any future results, performance, or achievements expressed directly or impliedly by the forward-looking statements.
Investor Relations: [email protected] or (888) 513-9395.
View original content: http://www.prnewswire.com/news-releases/community-choice-financial-inc-schedules-first-quarter-2018-earnings-release-300648000.html
SOURCE Community Choice Financial Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-community-choice-financial-inc-schedules-first-quarter-2018-earnings-release.html |
VANCOUVER, British Columbia, May 29, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Trius Investments Inc.
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : TRU Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 9:30 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--tru.html |
ATHENS (Reuters) - Greece concluded on Wednesday the sale of a 5 percent stake in its biggest telecoms operator OTE ( OTEr.AT ) to Germany’s Deutsche Telekom ( DTEGn.DE ) for 284 million euros, ($329.50 million) the privatizations agency said.
The sale was agreed under Greece’s third international bailout.
Deutsche previously held a 40 percent stake in OTE, a former national monopoly. Following the deal its holding in the firm will stand at 45 percent.
Reporting by Angeliki Koutantou
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-greece-privatisation-ote/greece-sells-stake-in-telecoms-operator-ote-to-deutsche-telekom-idUSKCN1IV13F |
May 22, 2018 / 5:22 PM / Updated an hour ago Spain boss Lopetegui signs new deal through to 2020 Reuters Staff 1 Min Read
MADRID (Reuters) - Spain coach Julen Lopetegui has signed a two-year contract extension in a show of faith from the Spanish Football Federation (RFEF) before a ball is kicked at next month’s World Cup. Soccer Football - FIFA World Cup - Spain Coach Julen Lopetegui Press Conference - Headquarters of Telefonica, Madrid, Spain - May 21, 2018 Spain coach Julen Lopetegui during the press conference REUTERS/Susana Vera
The RFEF announced on Tuesday the extension to Lopetegui’s deal, which was due to expire after the tournament in Russia.
Since taking over from Vicente del Bosque in 2016, Lopetegui has gone 18 games unbeaten.
“We were hoping for this renewal, we know how football is and it came naturally and I was ready for it,” said Lopetegui, who named his 23-man World Cup squad on Monday.
“I want to thank the RFEF for their confidence in me and my team. We’re going into this with the utmost desire and responsibility ahead of the World Cup.”
Spain, who won the World Cup in 2010, will face Portugal, Morocco and Iran in Group B in Russia. Reporting by Joseph Cassinelli; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-esp-lopetegui/spain-boss-lopetegui-signs-new-deal-through-to-2020-idUKKCN1IN2HH |
BERLIN (Reuters) - Investment advisory firm Hermes EOS on Wednesday called on Volkswagen ( VOWG_p.DE ) investors to vote against the election of supervisory board members at the annual shareholder meeting on Thursday.
FILE PHOTO: A car with the Volkswagen VW logo badge is seen on display at the North American International Auto Show in Detroit, Michigan, U.S., January 16, 2018. REUTERS/Jonathan Ernst/File Photo The proposed re-election of board member Wolfgang Porsche and the election of Marianne Heiss would contradict a move towards more independent representation on the 20-member controlling panel and undermine corporate governance principles, Hermes, which represents large institutional investors, said in a written statement.
Heiss has been nominated by Volkswagen (VW) to replace Annika Falkengren, a Swedish banker who has switched jobs, while Porsche, chairman of VW’s majority stakeholder Porsche SE ( PSHG_p.DE ), is seeking a new term on the VW board.
Reporting by Andreas Cremer; Editing by Tom Sims
| ashraq/financial-news-articles | https://www.reuters.com/article/us-volkswagen-agm/hermes-urges-volkswagen-investors-to-oppose-board-nominees-idUSKBN1I30X6 |
VANCOUVER, British Columbia, May 15, 2018 (GLOBE NEWSWIRE) -- Qu Biologics Inc., a biopharmaceutical company developing Site Specific Immunomodulators (SSIs), a novel platform of immunotherapies designed to restore innate immune function, is pleased to announce the addition of four members to Qu’s Scientific Advisory Board (SAB), consisting of world leading experts in the fields of innate immunity, immunotherapy, oncology, infectious diseases and inflammatory bowel disease. The addition of these pioneering scientists will accelerate the broader application of the company’s cutting-edge approach for the treatment of immune pathologies.
Qu welcomes the following leading scientists to Qu’s SAB:
Professor Mihai Netea (Radboud University, Netherlands)
Professor Netea is the founder of the paradigm-shifting new field of “trained innate immunity” and is considered one of the foremost scientists in the field of inflammation research. His work is considered ground-breaking in understanding how the innate immune system is trained through its experience with microbes, and this new awareness is paving the way for the development of novel ways of treating immune-related diseases through innate immune regulation.
Professor Dieter Kabelitz (Institute of Immunology, University of Kiel, Germany)
Professor Kabelitz is an internationally prominent clinician scientist and immunologist with over 360 peer-reviewed articles. He specializes in the study of innate lymphocytes and their role in controlling cancer and infections. Professor Kabelitz has served as the President of the German Society of Immunology and is a long-standing council member of the International Union of Immunological Societies.
Professor Rafick-Pierre Sekaly (Case Western Reserve University, USA)
Professor Sekaly is an immunologist that has pioneered the use of systems immunology approaches to understand the mechanisms triggered by vaccines and immune based therapies which lead to protection from infection and disease progression in chronic infectious diseases and in cancer. He was a prominent scientist at Universite de Montreal and McGill where he received significant funding to establish collaborative research networks to improve cures and vaccines. He was recruited in 2014 to Case Western Reserve University where he holds the Richard J. Fasenmyer Professor of Immunopathogenesis.
Professor Bruce Vallance (Child and Family Research Institute, University of British Columbia, Canada)
Professor Vallance is an internationally acclaimed scientist in the field of gastroenterology and inflammation of the gastrointestinal tract. As a leading expert on the molecular pathogenesis of inflammatory bowel disease, he serves as a scientific advisor for Crohn’s and Colitis Canada. Professor Vallance has previously collaborated with Qu to investigate how SSI treatment improves inflammatory bowel disease at the mucosal level, using specialized animal models of the disease similar to that seen in humans.
“We are very pleased that Drs. Netea, Kabelitz, Sekaly and Vallance have joined Qu’s Scientific Advisory Board and are excited about working with these leading scientists in the field of innate immunity to fulfill the broad promise of Qu’s novel platform,” said Dr. Hal Gunn, Qu’s founder and CEO. Dr. Shirin Kalyan, Qu Biologics’ Director of Scientific Innovation, added, “Qu’s approach to treating chronic immune related diseases is very different from current therapies that treat the end result of the disease. The recent paradigm-shifting understanding of how innate immune function is trained through exposure to microbial stimulation provides an important means to reprogram innate immune function to direct its capacity to overcome pathology. This is the basis of Qu’s patents and the mechanism of action of Qu’s first-in-class immunotherapy platform. Qu’s Scientific Advisory Board, comprised of leading scientists in this emerging field of trained innate immunity , recognize the significant potential of this approach to treat a broad range of immune related diseases.” Dr. Hal Gunn, added, “Most current immunotherapy treatments treat the end result of disease by skewing the immune response to one extreme or the other. Qu SSI’s aim to restore healthy immune function and balance. Qu’s new Scientific Advisory Board has the necessary forward-looking expertise to guide the optimal acceleration of Qu’s novel platform to improve health outcomes for these challenging diseases. We are very pleased to be working with this excellent team.”
For more information about Qu Biologics and the science behind SSIs, please visit www.qubiologics.com .
About Qu Biologics
Qu Biologics is a clinical stage biotechnology company developing Site Specific Immunomodulators (SSI), a novel class of immunotherapies designed to stimulate an innate immune response in targeted organs to reverse the chronic inflammation underlying many important diseases including inflammatory bowel disease, cancer, inflammatory lung disease and arthritis. Qu has completed three Phase 2 studies in Crohn’s disease, ulcerative colitis and lung cancer.
Backed by a prestigious group of scientific advisors and board members, Qu Biologics is led by a management team that includes co-founder and CEO Dr. Hal Gunn, a physician and expert on the body’s immune response to chronic disease; and Chief Medical Officer Dr. Simon Sutcliffe, former CEO of the BC Cancer Agency and a distinguished clinician, scientist and leader in cancer control in Canada and internationally.
For more information regarding this press release, contact:
Hal Gunn, MD
CEO
Qu Biologics Inc.
Phone: 604.734.1450
Email: [email protected]
Qu Biologics Inc. cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Qu Biologics’ forward-looking statements due to the risks and uncertainties inherent in Qu Biologics’ business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Qu Biologics does not assume any obligation to update any forward-looking statements except as required by law.
Source: Qu Biologics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-leading-edge-scientists-in-innate-immunity-join-qu-biologicsa-scientific-advisory-board.html |
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