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The S&P 500 traded lower on Friday as tensions between the U.S. and China weighed on investor sentiment while both countries continued negotiations on trade.
The broad index fell 0.2 percent with consumer staples and lagging. The Nasdaq composite also declined 0.2 percent. The Dow Jones industrial average bucked the negative trend, rising 7 points as Boeing and Caterpillar shares rose 2 percent and 1.2 percent, respectively.
On Thursday, the two largest economies in the world began the second round of trade talks. But President Donald Trump told reporters he doubted the negotiations would be successful.
Later, reports emerged saying China would offer the U.S. a $200 billion trade surplus cut. Those reports, however, were quickly denied by a Chinese ministry spokesman on Friday. "This rumor is not true. This I can confirm to you," the spokesman said. "As I understand, the relevant consultations are ongoing and they are constructive."
Brendan McDermid | Getty Images Traders work on the floor of the New York Stock Exchange "All of the news we're getting on trade is incremental, unfortunately," said Art Hogan, chief market strategist at B. Riley FBR. "Unless you're in the room, it's hard to get a feel for how these negotiations are going."
Tensions between the U.S. and China have increased in recent months as both countries have hit each other with tariffs targeting some of their exports.
The major indexes were on track to post slight weekly losses. Entering Friday's session, the Dow was down 0.5 percent, while the S&P 500 and Nasdaq had declined 0.3 percent each. The move lower this week took place after the averages jumped more than 2 percent last week.
Helping push stocks lower this week were higher interest rates. The benchmark 10-year note yield broke above 3.1 percent for the first time since 2011 this week, while the two-year yield traded at its highest level in nearly 10 years. Fears of the Federal Reserve tightening monetary policy faster than expected have pushed investors to sell Treasurys recently.
In corporate news, Nordstrom shares dropped nearly 10 percent after the Seattle-based retailer reported same-store sales that missed analyst expectations . The miss was enough to overshadow better-than-expected revenue and earnings for the first quarter.
Applied Materials also dropped about 8 percent after the company issued guidance that disappointed investors. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/futures-point-to-higher-open-amid-us-china-trade-talks.html |
Week in Review: Warren Buffett buys 75 million shares of Apple 12 Hours Ago Apple earnings beat, Mike Pompeo sworn in as secretary of State, and Tesla slides after Elon Musk's "bonehead" remarks on earnings call. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/week-in-review-warren-buffett-buys-75-million-shares-of-apple.html |
The Missing Macleans By Geoffrey Hoare (1955)
1. Donald and Melinda Maclean moved to Cairo in 1948 after Donald’s spell at the British Embassy in Washington. Geoffrey Hoare, a journalist, was their neighbor. Maclean had been an espionage star in the U.S., feeding Moscow Center with details of the Allied negotiating positions at the Yalta Conference, atomic policy and the Marshall Plan. Now he felt underused by his Russian handlers in Egypt. He ramped up his drinking to the point of collapse: His final act was to wreck the... | ashraq/financial-news-articles | https://www.wsj.com/articles/roland-philipps-1526072843 |
April 30 (Reuters) - JORDAN LOAN GUARANTEE CORPORATION :
* Q1 PROFIT 438,566 DINARS VERSUS 101,685 DINARS YEAR AGO Source: ( bit.ly/2r5TTi7 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordan-loan-guarantee-corp-q1-prof/brief-jordan-loan-guarantee-corp-q1-profit-rises-idUSFWN1S70RF |
May 16, 2018 / 5:33 PM / Updated an hour ago FDA reports inaccuracy in IQVIA opioid sales data Reuters Staff 2 Min Read
(Reuters) - The U.S. Food & Drug Administration said on Wednesday it found inaccuracies in sales data of opioid drug products provided by IQVIA Holdings Inc, a vendor it contracts.
The regulator said IQVIA overestimated past data on prescription opioid fentanyl due to an error in its weight-conversion methods, sending the shares of the company down as much as 10.3 percent to $91.57.
The data showed a more than 20 percent drop in the reported kilogram amount of fentanyl sold in the United States for at least the past five years, compared with what was previously reported, the regulator said.
IQVIA collects data to measure the volume of drugs sold by manufacturers and wholesalers to pharmacies and hospitals.
The FDA uses IQVIA’s drug sales data to assess the scope of prescription opioid use and evaluate trends. It also aids the U.S. Drug Enforcement Administration to estimate future medical need for controlled substances.
FDA Commissioner Scott Gottlieb has asked the company to have a third-party auditor review the quality control measures on IQVIA drug sales data as well as all other products of the company used by the regulator.
The agency also said it will brief members of Congress on IQVIA’s data quality issues and their potential impact on public health.
IQVIA did not immediately respond to requests for comments. Reporting by Mrinalini Krothapalli and Anuron Kumar Mitra; Editing by Arun Koyyur | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fda-iqvia-holdings/fda-finds-inaccuracy-in-iqvia-sales-data-on-some-opioids-idUKKCN1IH2IM |
Jose Ramirez and Michael Brantley homered and drove in two runs apiece, and the Cleveland Indians cruised to a 7-3 win over the visiting Chicago White Sox on Tuesday night at Progressive Field.
Jason Kipnis had a solo home run, and Francisco Lindor and Yonder Alonso drove in one run apiece for the Indians. Cleveland won its fourth game in a row, which is the team’s longest winning streak since early April.
Daniel Palka finished 2-for-4 with a double and a home run to lead the White Sox at the plate. Chicago has lost three straight and five of six.
Indians right-hander Mike Clevinger (4-2) earned his first victory in his past three starts. He limited the White Sox to one run on four hits in 6 2/3 innings. He walked two and struck out seven.
White Sox right-hander Lucas Giolito (3-6) struggled for the second straight outing. He gave up five runs on nine hits in six innings. He walked none and fanned three.
Cleveland set the tone with two runs in the bottom of the first. Ramirez ripped a one-out double to drive in Brantley, and he scored two batters later when Alonso singled to right field.
Tim Anderson singled home Palka to cut the deficit to 2-1 in the second.
In the third, Brantley put the Indians back on top by a pair of runs with a solo shot to center field. That marked his ninth home run of the season, matching his total from all of 2017.
After a run-scoring single by Lindor in the fifth, Ramirez clubbed his team-leading 16th home run to make it 5-1. Ramirez has gone deep twice in his past three contests.
Brantley added his second RBI in the seventh on a single that drove in Roberto Perez.
Kipnis hit a solo shot in the eighth for his third homer of the season.
Palka clubbed a solo homer in the ninth. Trayce Thompson ended the scoring with a bloop hit to drive in Adam Engel.
Cleveland will go for a three-game sweep on Wednesday afternoon. Indians right-hander Corey Kluber (7-2, 2.17 ERA) will square off against White Sox right-hander Reynaldo Lopez (1-3, 2.93).
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-cle-chw-recap/ramirez-brantley-power-indians-past-white-sox-idUSMTZEE5UIOYHXP |
TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Hampton Financial Corporation (“ Hampton ” or the “ Corporation ”) (TSXV:HFC) (TSXV:HFC.PR.A) is pleased to announce a quarterly cash dividend of $0.20 per Class A preferred share, payable on June 1, 2018, to Class A preferred shareholders of record as at the start of business on May 25, 2018.
The Corporation, through its wholly-owned subsidiary, Hampton Securities Limited (“ HSL ”), is actively engaged in family office, wealth management, institutional services and capital markets activities. HSL is a full service investment dealer, regulated by IIROC and registered in Alberta, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Northwest Territories, Ontario and Quebec. The subordinate voting shares, and preferred shares of Hampton are listed on the TSXV under the symbol “HFC” and “HFC.PR.A” respectively.
For more information, please contact:
Joe Pavao
President & Chief Operating Officer
Hampton Financial Corporation
Hampton Securities Limited
(416) 862-7800
The TSX Venture Exchange (“TSXV”) has in no way approved nor disapproved the contents of this press release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release .
Source:Hampton Financial Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-hampton-financial-corporation-announces-quarterly-cash-dividend-on-class-a-preferred-shares.html |
LONDON—Norwegian Air Shuttle ASA has rebuffed a takeover bid by British Airways parent IAG, as the battle for the lucrative trans-Atlantic market intensifies.
International Consolidated Airlines Group, as IAG is formally known, said Friday it had made a takeover offer, after disclosing in April a 4.61% stake in the Scandinavian budget carrier, which at the time was valued at around $41 million.
“We... | ashraq/financial-news-articles | https://www.wsj.com/articles/norwegian-air-rebuffs-takeover-bid-by-ba-parent-1525427322 |
May 30, 2018 / 8:28 PM / a few seconds ago Calvin Klein owner PVH tops first-quarter sales estimates Reuters Staff 1 Min Read
(Reuters) - Apparel maker PVH Corp ( PVH.N ) on Wednesday reported quarterly sales that beat Wall Street estimates, driven by demand for its Calvin Klein and Tommy Hilfiger brands. Logo of Calvin Klein watches is seen at the Baselworld watch and jewellery fair in Basel, Switzerland, March 26, 2018. REUTERS/Arnd Wiegmann
Net income attributable to the company rose to $179.4 million, or $2.29 per shares, in the first quarter ended May 6, from $70.4 million, or 89 cents per share, a year earlier.
Net sales rose 16.4 percent to $2.31 billion, beating analysts’ expectation of $2.28 billion, according to Thomson Reuters I/B/E/S. Reporting by Nivedita Balu in Bengaluru; Editing by Maju Samuel | ashraq/financial-news-articles | https://www.reuters.com/article/us-pvh-results/calvin-klein-owner-pvh-tops-first-quarter-sales-estimates-idUSKCN1IV2Q9 |
May 8, 2018 / 7:27 AM / Updated 2 hours ago Daily Briefing: Trump's decision day on Iran Mark John , Mike Dolan 6 Min Read
LONDON (Reuters) - U.S. President Donald Trump is due to announce at 2 p.m. (1800 GMT) whether he will pull out of an Iran nuclear deal he has previously described as the "worst deal ever negotiated" or work with European allies to toughen it. U.S. President Donald Trump arrives for the launch of first lady Melania Trump's 'Be Best' initiative in the Rose Garden at the White House, May 7, 2018
Trump then has till Saturday to decide whether to extend existing waivers on sanctions related to Iran’s central bank and Iranian oil exports or withdraw and reintroduce them. European allies have sought in recent weeks to address Trump’s concerns over Iran’s ballistic missile programme, terms for monitoring Iranian sites, and “sunset” clauses under which some aspects of the deal expire: we will know in a few hours whether anything they have said was enough to stay Trump’s hand.
Armenia's parliament votes for a second time today to approve opposition leader Nikol Pashinyan as the new prime minister, with the signs that this time it will back him and thus complete what has so far been a remarkable, bloodless transition of power. Unlike past revolutions in the former Soviet orbit - Ukraine notably - Pashinyan has not styled his movement as pro-West and has instead channelled public anger over perceived political cronyism and official corruption.
Hungary's parliament holds its first sitting after the landslide re-election of Viktor Orban today, with the main task to swear in the lawmakers of the new legislature. His new chief of staff, Gergely Gulyas, has given a wide-ranging interview to Reuters , pledging new fiscal stimulus to keep economic growth above 4 percent, and ruling out a Polish-style conflict with European Union authorities over the rule of law.
MARKETS
Despite some trepidation over the expected U.S. government decision on its involvement in the Iran nuclear deal later, world markets are mostly in upbeat mood first thing Tuesday. After a spike above $76 per barrel for the first time since 2014 on Monday, Brent crude oil has eased back somewhat early Tuesday ahead of U.S. President Trump’s tweet on the issue around 1900 London time.
Brent was last trading about $75.60. With London markets returning to work after a holiday on Monday, trading volumes were expected to pick up later – with much focus on the resurgence of the U.S. dollar over recent weeks and especially against emerging market currencies.
Euro/dollar fell below $1.19 for the first time this year on Monday, but has recaptured that level early this morning. German industrial production rose an above-forecast 1 percent in April , offsetting yesterday’s disappointing orders reading for the same month. Germany’s March trade surplus, meantime, came in above forecast and may lift first quarter GDP estimates slightly.
Italian stocks and bonds remained firm as Italy’s President Mattarella is expected by Thursday to announce when the country goes back to the polls to resolve the impasse on forming a new government since the last election in March. Speculation in Rome is that he could announce a caretaker government until new elections in the Autumn.
Wall St stocks ended in the black overnight , with Apple and technology stocks leading the way after Warren Buffett's endorsement and as a bumper earnings season there winds down.
Asia bourses were also in positive territory, with Chinese and Hong Kong stocks up smartly on reports of a resumption of U.S.-China trade talks and buoyant Chinese export and import readings for April that were well above expectations. Tech stocks helped Tokyo higher too, although Seoul and Jakarta were in the red.
U.S. and European stock futures were flat first thing, with a heavy European earnings slate dominating the morning. Ten-year U.S. Treasury yields were flat about 2.95 percent, with eyes on an appearance this morning from Federal Reserve chairman Powell at a conference in Zurich.
— A look at the day ahead from European Economics and Politics Editor Mark John and EMEA markets editor Mike Dolan. The views expressed are their own. — Armenian opposition supporters ride on a truck at Republic Square after protest movement leader Nikol Pashinyan announced a nationwide campaign of civil disobedience in Yerevan, May 2, 2018 | ashraq/financial-news-articles | https://in.reuters.com/article/uk-europe-view-monday/daily-briefing-trumps-decision-day-on-iran-idUKKBN1I90N2 |
May 8 (Reuters) - Wendy’s Co reported lower-than-expected first-quarter sales at its established outlets in North America as the burger chain struggled to attract enough diners in a fiercely competitive restaurant industry.
The company’s same-restaurant sales in North America rose 1.6 percent in the quarter. Analysts on average were expecting same-store sales to rise 1.8 percent, according to research firm Consensus Metrix.
Revenue rose to $380.56 million from $285.82 million, beating analysts’ average estimate of $379.5 million, according to Thomson Reuters I/B/E/S. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/wendys-co-results/wendys-north-america-same-store-sales-miss-estimates-idUSL3N1SF6AQ |
DUBAI, United Arab Emirates--(BUSINESS WIRE)-- Reign Holdings Group Chairman, Samir Salya, has been named one of India’s top businessmen - in a major international poll.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180529005957/en/
Reign Holdings Chairman Samir Salya Named by Forbes Middle East as One of Top Indian Leaders in the Arab World (Photo: Business Wire)
The 43-year-old was chosen as one of the ‘Top 100 Indian leaders in The Arab World’ in Forbes Middle East’s annual round-up.
Mr Salya, who created multi-billion pound construction and real estate company fund, Reign Holdings, appears in the list for the 2 nd time.
The award, which is in its sixth year, recognises the huge contribution being made in the Middle Eastern region by Indian-controlled companies.
Judges ranked candidates across several key business categories; collecting information from questionnaires, annual company reports and government and industry body statistics.
They considered in detail the financial impact of Mr Samir Salya’s Reign Holdings - analysing revenues as well as the age of the business and number of employees.
A Forbes spokesman said: “The Indian community is the most populous expat community in the Gulf, and probably the most successful too.
“Indians today play a significant role in the GCC as they helm businesses that form a backbone of the regional economies. Billionaires of Indian origin, based in the Gulf, have a collective net worth of $26.4 billion.
“Having made their fortunes these top businessmen are now investing heavily, both in the region as well as in India.”
Mr Samir Salya received his award at a glittering ceremony held at Five Palm Jumeirah, Dubai, UAE earlier this month.
He said he was ‘delighted’ to be in such esteemed company, adding: “It’s a real honour to have made the final 100 - and recognition of the great work my teams continue to do in the region and beyond.”
Reign Holdings, which began life in the UK and UAE in 1995, now delivers projects all around the world, and has invested heavily in the Dubai tourism market.
ends
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529005957/en/
Igniyte Limited
Claire Donnelly
Journalist
[email protected]
07538 000271
Source: Reign Holdings | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-reign-holdings-chairman-samir-salya-named-by-forbes-middle-east-as-one-of-the-top-indian-leaders-in-the-arab-world.html |
Dior brings equestrian glamour to the catwalk at French chateau 9:09am EDT - 01:21
Rainy Mexican-inspired rodeo runway showcases leading fashion house's 'cruise' collection at sumptuous Chantilly chateau. Rough cut (no reporter narration).
Rainy Mexican-inspired rodeo runway showcases leading fashion house's 'cruise' collection at sumptuous Chantilly chateau. Rough cut (no reporter narration). //reut.rs/2GQWsK3 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/26/dior-brings-equestrian-glamour-to-the-ca?videoId=430514024 |
MOSCOW, May 18 (Reuters) - Russia’s Energy Minister Alexander Novak will retain his post in the new government, Prime Minister Dmitry Medvedev said on Friday. (Reporting by Polina Devitt Writing by Andrey Ostroukh; Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/russia-government-putin-novak/russias-energy-minister-novak-to-retain-post-in-new-government-pm-idUSR4N1S901B |
21 Hours Ago | 01:17
As the 10-year Treasury yield holds steady around 3 percent, some may wonder whether higher rates are here to stay.
Boris Schlossberg, managing director of foreign exchange strategy at BK Asset Management, said the breakout on the 10-year yield would last. He explained why Wednesday on CNBC's " Trading Nation ."
• The natural pressures of steady growth, tightening monetary policy and rapidly expanding Treasury paper points to higher rates from here.
• Tuesday's Treasury auction for the 3-year note saw the weakest demand since November, with yields hitting a decade-high. Demand at the auction was broadly weak .
• Ultimately, debt markets will no longer sop up U.S. issuance, and that will create a natural pressure on yields. This means the dollar rally should continue, bond prices will fall and equities will need much stronger growth to rise.
Bottom line: After a break above 3 percent, the 10-year Treasury yield is likely headed higher. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/the-bond-yields-big-breakout-is-for-real-heres-why.html |
BALTIMORE, May 9, 2018 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI) announced that its Board of Directors has declared a quarterly cash dividend of $0.18 per share on the Company's Class A and Class B common stock. The dividend is payable on June 15, 2018, to the holders of record at the close of business on June 1, 2018.
Sinclair is one of the largest and most diversified television broadcasting companies in the country. Pro forma for the Tribune acquisition and related station divestitures, the Company will own, operate and/or provide services to 215 television stations in 102 markets. Sinclair is a leading local news provider in the country and operates the greatest number of award-winning news rooms in the industry and is dedicated to impactful journalism with a local focus. The Company has multiple emerging networks, is a producer of live sports content, as well as stations affiliated with all the major networks. Sinclair's content is delivered via multiple-platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net .
View original content with multimedia: http://www.prnewswire.com/news-releases/sinclair-declares-0-18-per-share-quarterly-cash-dividend-300645065.html
SOURCE Sinclair Broadcast Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-sinclair-declares-0-point-18-per-share-quarterly-cash-dividend.html |
May 10, 2018 / 1:35 PM / Updated 3 hours ago UAE's VAT move has gone well, inflation to moderate: IMF official Reuters Staff 3 Min Read
DUBAI (Reuters) - The United Arab Emirates’ introduction of value-added tax has gone smoothly and inflation, having jumped in response, will moderate, the head of the International Monetary Fund’s mission to the country said on Thursday. An employee arranges jewellery in a shop at the Gold Souq in Dubai, United Arab Emirates March 24, 2018. Picture taken March 24, 2018. REUTERS/Christopher Pike
Natalia Tamirisa said the 5 percent VAT rate imposed at the start of this year was a big cultural and administrative shift in a country that has traditionally had minimal taxation.
“Given the challenges, VAT introduction has been well managed and relatively smooth,” she told Reuters after a visit to the UAE for talks with authorities.
Annual consumer price inflation jumped to 4.8 percent in January, the highest since 2015, but dropped back to 3.4 percent in March. Tamirisa said the latest data suggested the impact of the tax would be short-lived, partly because inflation had dropped in areas of the economy not covered by VAT.
Slumping real estate markets in Abu Dhabi and Dubai have pulled down residential rents, which are heavily weighted in consumer price indexes.
Inflation is expected to average 3.5 percent this year, up from 2.0 percent last, but will ultimately settle around 2.5 percent, Tamirisa predicted.
She said the new tax was expected to lift revenues by 1.5 percent of gross domestic product in the long run.
Tamirisa said property market weakness was having a significant economic impact and authorities needed to monitor this carefully. Average rents sank 10.2 percent in Abu Dhabi in 2017 and 5.2 percent in Dubai, according to the central bank.
“There is persistent supply coming into the market so at least for this year, the balance between supply and demand is likely to keep prices soft,” Tamirisa said.
But partly because authorities had taken steps to limit speculation, the weak property prices did not pose a systemic threat to the economy as they did almost a decade ago during the Dubai financial crisis.
Tamirisa said it was too early to assess the impact on the UAE of the U.S. pullout from the Iran nuclear deal, partly because the impact on Iran itself was not yet clear.
The UAE could benefit if Iran found it harder to sell its oil, giving Arab oil producers more room to boost their crude exports at higher prices. But Dubai has close business links with Iran and these could suffer, economists say. Reporting by Andrew Torchia; editing by John Stonestreet | ashraq/financial-news-articles | https://www.reuters.com/article/us-emirates-imf/uaes-vat-move-has-gone-well-inflation-to-moderate-imf-official-idUSKBN1IB1YS |
May 22 (Reuters) -
* WEDDINGWIRE SAYS ENTERED INTO AGREEMENT WHEREBY COMPANY BACKED BY PERMIRA FUNDS WILL INVEST $350 MILLION IN WEDDINGWIRE Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-company-backed-by-permira-funds-to/brief-company-backed-by-permira-funds-to-invest-350-mln-in-weddingwire-idUSFWN1ST0FE |
ATLANTA, May 22, 2018 /PRNewswire/ -- The Home Depot ® , the world's largest home improvement retailer, today announced that Crystal Hanlon, president of its Northern Division, will present at the RBC Capital Markets Consumer and Retail Conference in Boston, Massachusetts. The presentation will begin at 11:20 a.m. ET on May 30, 2018.
The presentation will be webcast live over the internet at http://ir.homedepot.com/events-and-presentations . A link will be displayed under "Events and Presentations." The webcast will be archived and available at the same location until August 28, 2018.
The Home Depot is the world's largest home improvement specialty retailer, with 2,285 retail stores in all 50 states, the District of Columbia, Puerto Rico, U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. In fiscal 2017, The Home Depot had sales of $100.9 billion and earnings of $8.6 billion. The Company employs more than 400,000 associates. The Home Depot's stock is traded on the New York Stock Exchange (NYSE: HD) and is included in the Dow Jones industrial average and Standard & Poor's 500 index.
View original content with multimedia: http://www.prnewswire.com/news-releases/the-home-depot-to-present-at-rbc-capital-markets-consumer-and-retail-conference-300652356.html
SOURCE The Home Depot | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-the-home-depot-to-present-at-rbc-capital-markets-consumer-and-retail-conference.html |
Here's what Warren Buffett has said about Apple over the years 9 Hours Ago Warren Buffett made waves when he first bought Apple shares back in 2016. Here is what he had to say about the company over the years. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/heres-what-warren-buffett-has-said-about-apple-over-the-years.html |
Cramer: 5 reasons the stock market rebounded 10 Hours Ago The stock market rebound on Wednesday was yet another example of panic being replaced by rationality, says "Mad Money" host Jim Cramer. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/cramer-5-reasons-the-stock-market-rebounded.html |
Detroit sheds state government financial oversight 1 Hour Ago CNBC's Brian Sullivan speaks with Gov. Rick Snyder (R-Mich.) on the benefits of shedding government financial oversight for Detroit and the state of the water crisis in Flint, Michigan. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/detroit-sheds-state-government-financial-oversight.html |
Recovery begins after heavy rain pummels N.C. 2:46pm BST - 00:59
Tom Rouse, from Asheville, North Carolina, peruses the flooding in nearby Buncombe County while a family visiting from Tennessee say they'll likely stay another day in Rutherford County, North Carolina, because roads were blocked from trees and flooding. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Tom Rouse, from Asheville, North Carolina, peruses the flooding in nearby Buncombe County while a family visiting from Tennessee say they'll likely stay another day in Rutherford County, North Carolina, because roads were blocked from trees and flooding. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J0f4Nt | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/recovery-begins-after-heavy-rain-pummels?videoId=431923306 |
Barely any bitcoin left in Ark ETFs May 18, 2018
Edgar Su | Reuters
A woman pays for her coffee with cryptocurrency at Ducatus cafe, the first cashless cafe that accepts cryptocurrencies such as Bitcoin, in Singapore December 21, 2017.
Just over a month ago, the ARK Innovation ETF (ARKK) took home ETF.com’s “ETF Of The Year” award for delivering on its purpose of serving up access to disruptive technology in 2017, and doing so really well.
Crucial to that recognition was its unique allocation to bitcoin. For much of the fund’s history, that allocation was relatively stable in number of shares, and hovered between 6 percent and 10 percent of the portfolio, according to FactSet data. Bitcoin often led the list of top holdings in ARKK. Only one other ETF on the market offered parallel access to bitcoin — ARKK’s internet-focused counterpart ARK Web x.0 ETF ( ARKW ).
More from ETF.com: | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/barely-any-bitcoin-left-in-ark-etfs.html/ |
In a bustling factory in Long Island City, New York, just a short subway ride from the tony streets of Manhattan, rows of coveted, red-soled Christian Louboutin shoes sit neatly lined up on metal racks. Workers hunch over tables, repairing and cleaning everything from Gucci fanny-packs to spiked Louboutin sneakers.
For many of those lucky enough to buy Louboutins, after they've plucked the perfect pair from the shelves at Bergdorf Goodman or Barneys and put down their credit card, this unassuming factory in Queens is the next stop.
That's because those iconic ( and trademarked ) lacquered "Chinese Red" soles are so much of what makes a Louboutin a Louboutin, and The Leather Spa is famous for helping to preserve them. Owners turn to The Leather Spa to have their red-painted soles protected or refinished.
"The red sole is a status symbol," David Mesquita, vice president and co-owner of The Leather Spa, tells CNBC Make It . "I'll be honest, even when you watch a TV show, and you see them cross their legs, you're like, 'Wow, cool she has Louboutins on.' I even see women walking down the street even with a pair of jeans and a simple outfit, but when you see that red sole, I think it just triggers an emotion inside you."
CNBC Make It David Mesquita of The Leather Spa in New York City But the red sole does get damaged with wear, Mesquita says.
"People come to us, they ask us if we can put clear coatings or any type of rubber protections. The trick with the rubber is that when you wear it, it stays red," he says of the protective rubber soles that typically cost $46 to $60.
For Louboutins, The Leather Spa offers protective soles in a variety of colors — including a red one matched using a Louboutin shoe as a reference. But since rubber is different than leather, Mesquita says it's "impossible to say the color match is 100 percent."
Mesquita has clients that prefer to have their soles re-painted red, he says, adding that it's around 20 percent of their clientele who opt for re-painting, in which the red is matched 100 percent.
"We first have to completely mask the upper of the shoe for protection. Then gently sand the sole to achieve a nice smooth finish," he explains. "Then, the final step is layers of paint that are applied lightly over the course of four to five applications. We let the shoe dry naturally for an hour or two between applications.
CNBC Make It Refinishing the soles of Louboutins at The Leather Spa "They'll wear it two, three times, it'll get scratched off again, they'll bring it back and have it re-painted red again so that it always looks new when they wear it." The typical cost for re-painting half soles, according to Mesquita, is around $60.
That may sound expensive, but the investment in Louboutin shoes is nothing to sneeze at: They typically start at a little under $700, climbing upwards of nearly $2,000. And seasoned shoppers know that, like with any big investment, it's important to be proactive about protecting the value of the purchase.
"I think it's very important for your investment if you're spending $500, $600 on a pair of shoes, to spend a fraction of the cost to put a little sole on it just to preserve it, to add longevity to the wear," he adds.
Louboutins have become a specialty at The Leather Spa, which has been in operation for over 30 years. It is co-owned by Mesquita and his father, Carlos Mesquita, who operate the repair facility in Long Island City and four locations throughout Manhattan: At the posh Plaza Hotel, Grand Central Terminal, in midtown and downtown. The company offers services ranging from total shoe repairs to shoe shines, and is well-known for extensive leather repair and care.
The Mesquitas have seen decades of shoe trends come and go: In the '80s, Mesquita says it was all about Manolo Blahniks. After that, Jimmy Choos filled the racks in the factory. Now, Mesquita says Louboutins are having a moment, with musicians like Cardi B rapping about the "bloody soles" and stars like Rihanna showing off the brightly painted red bottoms on the red carpet.
Mesquita says that on average, The Leather Spa repairs anywhere between 400 to 1,000 pairs of Louboutins a month, depending on the season. (Using the brand's iconic , Pigalle black patent leather stiletto as an example, priced at $695, that could mean $695,000 worth of shoes or more a month.) The busiest times being between March to June and then again from September to December. The heels hail from all over the world, and customers ship them in from places like Hong Kong, South Africa, France, England Mongolia, Peru, Chile, Columbia and Venezuela.
"We actually even got a pair of Louboutins from Alaska," Mesquita says. "We were questioning ourselves like, 'Where does she wear these?' But hey, good for her."
And recently, "there's been an influx in shoes getting stuck in escalators," Mesquita says, adding that customers will send them pictures of such disasters. "There was a woman from Vegas, and the picture came in at 1 o'clock in the morning, and she was like, 'oh my God I'm freaking out, can you fix this?' And she's emailing us as it happened, when the shoe got stuck in the escalator."
TWEET
Mesquita even has customers who only own Louboutins, he says. "We have a particular customer who flies in from Dubai, and she always brings us a suitcase, and they're all brand new Louboutins. We do the little rubber soles...she's always in town for about a week, so she brings them in when she arrives, we do all the little protection shields for her, wrap them back up in her suitcase, she picks them up and flies back home."
CNBC Make It Louboutins For its work, The Leather Spa has received the stamp of approval from Christian Louboutin himself, and is a preferred vendor of the designer. On the Christian Louboutin website , under "Product Care," the brand states "red lacquer on our soles will wear off with the use of the shoes," and recommends customers consult with a leather care professional for specific advice. The Leather Spa is listed by Louboutin as a suggested shoe and leather specialist, and Mesquita describes his company as "basically like a service center" for Louboutins. Every couple of months, the company comes to check out The Leather Spa facility.
"They're just here to see what we're doing, how we're doing it, how we're working with their materials, how we're storing the shoes, how we're handling the shoes," Mesquita explains. "Because if they're recommending us, they want to be sure that they have the right provider servicing their goods.
"To be honest, it's not nerve-racking, because I know everything here is spick and span, you can you can eat off the floor," he adds.
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show chapters Why Jerry Seinfeld's former personal chef left cooking to create a fashion company for the hospitality industry 8:29 AM ET Thu, 7 Sept 2017 | 01:00 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/the-leather-spa-protects-red-soles-on-louboutin-shoes.html |
May 25, 2018 / 4:07 PM / Updated 17 minutes ago UPDATE 1-Sri Lanka accepts $1 bln, 8-yr syndicated loan from China Dev Bank Reuters Staff
(Adds details, byline)
By Shihar Aneez
COLOMBO, May 25 (Reuters) - Sri Lanka has accepted an eight-year China Development Bank $1 billion syndicated loan to repay loans maturing this year, two top Finance Ministry officials bank was chosen from among four bidding for the loan, which the government plans to use towards repaying other loans, one official told Reuters.
“All three others had three-year tenure and only China Development Bank had a bid for an eight-year tenure. The effective rate of return is around 5.3 percent,” the official said.
“It was a good offer. The loan has a three-year grace period. Then in the next five years, the government will be repaying $100 million biannually.”
Another ministry official confirmed the deal.
The new borrowing comes after Sri Lanka raised a record $2.5 billion via two tranches of sovereign bonds last month.
The government is also preparing to refinance big debts that fall due up to 2022, with the start this year of repayments on expensive infrastructure foreign loans.
The government has blamed “colossal borrowing” by the previous government for the spike in debt servicing.
Finance Minister Mangala Samaraweera said last week the debt crisis would further worsen next year, when $4.3 billion has to be paid for debt servicing in 2019. Some 77 percent of the next year repayments are for debts obtained by the previous government, he said.
Sri Lanka, which has a $87 billion economy, expects foreign currency outflows of $6.35 billion in the next 12 months including loans, securities, and deposits, compared with the current $9.1 billion in foreign exchange reserves, according to the latest official central bank data.
The cabinet has approved plans to borrow some $5 billion in 2018 to refinance the debts due this year.
The island nation plans overall net foreign borrowing of 300 billion Sri Lankan rupees ($1.90 billion) this year, 9.1 percent lower than 2017, budget data showed. ($1 = 157.9000 Sri Lankan rupees) (Reporting by Shihar Aneez Editing by Jacqueline Wong and Alison Williams) | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-china-loan/update-1-sri-lanka-accepts-1-bln-8-yr-syndicated-loan-from-china-dev-bank-idUSL3N1SW3QE |
May 9 (Reuters) - CALIBER HOME LOANS:
* CALIBER HOME LOANS ANNOUNCES PRICING OF TERM NOTES SECURED BY GINNIE MAE MSRS AND ESS
* CALIBER HOME LOANS SAYS PRICED PRIVATE OFFERING OF SECURED TERM NOTES OF $325 MILLION TO BE ISSUED BY UNIT
* CALIBER HOME LOANS - SECURED TERM NOTES WILL MATURE ON MAY 25, 2023 Source text for Eikon: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-caliber-home-loans-announces-prici/brief-caliber-home-loans-announces-pricing-of-term-notes-secured-by-ginnie-mae-msrs-and-ess-idUSASC0A0Z5 |
May 30, 2018 / 4:17 AM / Updated 2 hours ago Vietnam court upholds key decision in country's biggest-ever fraud case -victim's lawyer Reuters Staff 2 Min Read
HANOI, May 30 (Reuters) - A Vietnamese court has upheld a key judgement in the country’s biggest-ever fraud case, a lawyer for one of the victims told Reuters, in a trial that has spotlighted Vietnam’s ability to tackle financial crime at a time when foreign banks are heeding government calls to invest.
The Ho Chi Minh City People’s High Court ruled on Wednesday to uphold a judgment that the central perpetrator of a 4.9 trillion dong ($215 million) theft is responsible for returning some of the stolen money, rather than the individual’s employer at the time, state-controlled VietinBank.
The ruling comes as financial firms such as investment banks and global buyout funds flock to Vietnam, hoping to capitalise on a period of privatisation and capital-raising deals in the fast-growing emerging Southeast Asian economy.
The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia’s Berjaya Corporation Bhd - also confirmed Wednesday’s verdict.
Josephine Yei told Reuters earlier that if the ruling was upheld, she had little hope of recouping her bank’s $10 million from the perpetrator, who was sentenced to life imprisonment.
VietinBank, formally Vietnam Joint Stock Commercial Bank for Industry and Trade, did not respond to an emailed request for comment. A VietinBank lawyer said the bank had instructed its lawyers not to comment.
Majority owner State Bank of Vietnam - the country’s central bank - could not provide immediate comment. (Reporting by James Pearson Editing by Christopher Cushing) | ashraq/financial-news-articles | https://www.reuters.com/article/vietnam-malaysia-fraud/vietnam-court-upholds-key-decision-in-countrys-biggest-ever-fraud-case-victims-lawyer-idUSL3N1T11UD |
This is the web version of the WSJ’s daily economic newsletter. You can sign up for daily delivery here. Good morning. In today’s issue, inflation hits the Fed’s 2% target, President Donald Trump gives trading partners another month’s reprieve from steel and aluminum tariffs, small towns lure workers with cash, and Italian politicians give up trying to […]
Real Time Economics: A Crucial Week for Trade | Antitrust Test | King Dollar Returns | ashraq/financial-news-articles | https://blogs.wsj.com/economics/2018/05/01/real-time-economics-is-inflation-peaking-tariff-reprieve-italian-uncertainty/ |
SALT LAKE CITY and FORT LEE, N.J., CleanSpark, Inc. (OTC: CLSK), a microgrid company with advanced engineering, software and controls for innovative distributed energy resource management systems, and Pioneer Power Solutions, Inc. (NASDAQ: PPSI), a company engaged in the manufacture, sale and service of electrical transmission, distribution and on-site power generation equipment today announced that the two companies have signed a definitive agreement wherein CleanSpark will acquire substantially all of the assets and operations of Pioneer's wholly owned subsidiary, Pioneer Custom Electrical Products (Pioneer CEP).
As consideration for the assets, CleanSpark will provide Pioneer with the following:
7,000,000 shares of CleanSpark common stock; a 5-year warrant to purchase 1,000,000 shares of CleanSpark common stock at an exercise price of $1.60 per share; a 5-year warrant to purchase 1,000,000 shares of CleanSpark common stock at an exercise price of $2.00 per share; an 18-month promissory note equal to the net carrying value of the current assets and liabilities as of the date of closing; and An equipment lease agreement that provides for the lease of equipment from Pioneer to CleanSpark;
Closing is anticipated to occur on or before June 30, 2018.
Pioneer CEP is a designer and manufacturer of highly engineered custom electrical equipment, including, but not limited to high and medium voltage switchgear, automatic transfer switches, low and medium voltage control systems, switchboards and panelboards. Since January of 2016, Pioneer CEP has delivered in excess of $32 million in products and currently has a contracted backlog in excess of $5.6 million. The combined companies have more than $40 million in outstanding contract proposals issued for fulfillment prior to the end of 2019.
"With the acquisition of Pioneer CEP, we've secured a specialized, vendor agnostic hardware solution, which, when coupled to our proprietary adaptive controls platform, allows for a simplified business development model, ease of deployment and opportunity for rapid growth," stated Matt Schultz, CleanSpark's Chief Executive Officer. "Traditional 'hardware only' solutions will now have locally controlled, AI honed, cloud-based insights to improve energy-security, cyber-security and economic optimization."
Nathan Mazurek, Pioneer's Chairman and Chief Executive Officer, said, "The planned sale of our switchgear business is an important part of our strategy to simplify our portfolio, reduce costs and focus on our core transformer business. Our switchgear segment and its successful penetration of new and rapidly expanding markets such as distributed generation and energy storage, has created an exciting strategic opportunity. We are committed to creating shareholder value and we believe our company is better positioned for improved performance with a more simplified offering. At the same time and in our view, the potential for growth and continued profitability of the switchgear business are enhanced by aligning its assets and capabilities with an advanced energy solutions provider such as CleanSpark. Through an equity position in CleanSpark, Pioneer shareholders will have the opportunity to benefit from the future success of this business as part of a growing company with a more synergistic offering."
Pioneer is exploring various options with respect to the CleanSpark shares and warrants, including distributing them to its shareholders at an appropriate time, as determined by its board.
Pioneer CEP was established with a particular focus on meeting the custom manufacturing and quick shipment needs of its diverse distributor clientele and their customers. Pioneer CEP traces its origins back to 1910 as Pico Metal and Pico Electric. Pioneer CEP has decades of experience in custom metal fabrication, switchboard and panelboard manufacturing in the Southern California market. Pioneer has built a team of industry veterans from well-established manufacturers having a combined design and manufacturing experience of over 100 years.
Located in the heart of Southern California, a cleantech and independent power generation hub, in a modern, 40,000 sq/ft facility in Santa Fe Springs, Pioneer CEP is easily accessible to all Southern California and Western US customers to fulfill their urgent project needs. Pioneer CEP is a UL Listed manufacturer of highly engineered custom electrical equipment, including, but not limited to high and medium voltage switchgear, automatic transfer switches, low and medium voltage control systems, switchboards and panelboards using electrical components from major manufacturers, such as General Electric and Siemens. In addition, Pioneer CEP integrates its equipment with products and systems manufactured by major electrical equipment manufacturers, including, but not limited to, ABB, Rockwell Automation, Southern California Edison, Southern California Gas Company and Eaton Corporation.
CleanSpark is a San Diego based technology company whose services offer clarity, control, and surety for Distributed Energy Resource (DER) and Microgrid solutions. CleanSpark's patented suite of technology and services enable large power users to meet their objectives for utility cost savings, greenhouse gas reductions, and energy security by actively managing their power generation and energy storage resources while also unlocking revenue potential via tenant power sales and/or energy market participation. CleanSpark's patented approach is technology agnostic, integrating a multitude of DER technologies, which provides for maximum return on new and legacy investments for each unique site. CleanSpark's proprietary Microgrid Value Stream Optimizer (µVSO) modeling engine provides a bankable financial proforma with turnkey execution through its increasing ecosystem of reputable partners, and then automates the operation of the system to deliver upon each customer's primary objective with CleanSpark's mPulse Software and Control Suite.
mPulse seamlessly integrates with existing and new DERs while remaining flexible to expand in the future. A unique feature of mPulse is its ability to learn energy usage patterns and dynamically adopt efficient modes of operation to ensure customers reap the highest financial returns. By actively coordinating electric loads, self-generation, and energy storage, mPulse is able to significantly lower utility costs in the near and long term automatically. Regardless of rate structure changes, Clients experience no disruption to their normal operations, nor do they need to change behaviors to achieve energy reduction and savings. Integrated in mPulse deployments are additional layers of cyber-security and energy security for critical loads in the event of grid disturbances. All this makes it easy for commercial and industrial operations to quickly turn proven technologies into moneymaking microgrids that replace total grid dependence.
About Pioneer Power Solutions, Inc.
Pioneer Power Solutions, Inc. manufactures, sells and services a broad range of specialty electrical transmission, distribution and on-site power generation equipment for applications in the utility, industrial, commercial and backup power markets. Pioneer's principal products and services include custom-engineered electrical transformers, low and medium voltage switchgear and engine-generator sets and controls, complemented by a national field-service organization to maintain and repair power generation assets. Pioneer is headquartered in Fort Lee, New Jersey and operates from 13 additional locations in the U.S., Canada and Mexico for manufacturing, centralized distribution, engineering, sales, service and administration. To learn more about Pioneer, please visit its website at www.pioneerpowersolutions.com .
About CleanSpark, Inc.
CleanSpark provides advanced energy software and control technology that enables a plug-and-play enterprise solution to modern energy challenges. Our services consist of intelligent energy monitoring and controls, microgrid design and engineering, microgrid consulting services, and turn-key microgrid implementation services. CleanSpark's software allows energy users to obtain resiliency and economic optimization. Our software is uniquely capable of enabling a microgrid to be scaled to the user's specific needs and can be widely implemented across commercial, industrial, military and municipal deployment. For more information on CleanSpark, please visit http://www.cleanspark.com .
Information about Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties outside of our control that can make such statements untrue, including, but not limited to, the asset purchase transaction not being timely completed, if completed at all; prior to the completion of the asset purchase transaction, Pioneer's or CleanSpark's respective businesses experiencing disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships with employees, business partners or governmental entities; and the parties being unable to successfully implement integration strategies or realize the anticipated benefits of the acquisition, including the possibility that the expected synergies and cost reductions from the proposed acquisition will not be realized or will not be realized within the expected time period. In addition, other factors that could cause actual results to differ materially are discussed in our respective filings with the SEC. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov . We undertake no obligation to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise.
Contact – CleanSpark Investor Relations:
S. Matthew Schultz
Chief Executive Officer
(801) 244-4405
[email protected]
Pioneer Power Solutions Investor Relations
Brett Maas, Managing Partner
Hayden IR
(646) 536-7331
[email protected]
: releases/cleanspark-to-accelerate-deployments-by-acquiring-pioneer-custom-electrical-products-business-300644200.html
SOURCE CleanSpark, Inc.; Pioneer Power Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-cleanspark-to-accelerate-deployments-by-acquiring-pioneer-custom-electrical-products-business.html |
As regulators crack down on initial coin offerings, venture firm Morgan Creek Blockchain Capital is going forward with its own offering.
But it’s of a different kind.
The asset manager announced that it had turned the paper shares of Raleigh, N.C.-based cloud storage firm Anexio security tokens. Anexio is hoping to raise $40 million by offering those Ethereum-based tokens, representing equity, to accredited investors.
T okenization, its supporters say, removes the middleman advisor or banker from a transaction, allowing a company to sell shares more cheaply, with less regulatory paperwork, and more quickly.
In the longer-term, tokenization can also prevent trades that fail to comply with the law, says Morgan Creek Partner Anthony Pompliano.
“Once all assets are tokenized, then we believe the entire financial system will be more efficient and compliant,” he said.
Broadly speaking, a company seeking to sell shares in its own firm must register with the Securities and Exchange Commission, or sell its securities solely to accredited investors—those with a net worth above $1 million or income of more than $200,000 annually. Companies would be unable to violate those regulations if their equity was tokenized, said Pompliano, because those tokens could be coded so that it would be impossible to transfer them to a non-accredited investor’s account.
Morgan Creek is currently working to tokenize other assets, though Pompliano declined to specify which ones. And there could be a broad swath of potential candidates. Assets including artwork, wine, and real estate can be tokenized.
“Morgan Creek is focused on tokenization because that’s where we believe there is less hype and more sustainable value being created,” said Pompliano.
That comes amid uncertainty about how ICOs, a fundraising method in which issuers sell cryptocurrency rather than shares, will be regulated. SEC Chairman Jay Clayton has said that every ICO he’s seen is a security, and therefore subject to more onerous securities law, though some in the ICO space argue otherwise.
With the tokenization of an existing company however, Pompliano thinks the level of uncertainty is much lower. The tokens created are unarguably securities, and therefore subject to securities law.
Despite all its potential benefits—tracking share ownership, lower fees, faster equity transactions—the infrastructure to actually support a market to buy and sell equity tokens following the initial sale is limited. Token exchange tZero, for instance, has launched a prototype market, but it has yet to open it to the public. Another security token platform, Templum, said it executed its first trade by an investor in January. Though how many investors are on that exchange is still unclear.
But Pompliano is betting on the longer game. He thinks security token exchanges will gain momentum, even setting a timeline of 12 months.
“The is the very beginning.” he said.
“Our plan is to tokenize the world. Every single asset is going to go onto the blockchain,” Pompliano said, pointing to the technology underlying cryptocurrencies that often manifests as a ledger of transactions .
| ashraq/financial-news-articles | http://fortune.com/2018/05/18/ico-coin-cryptocurrency-tokenization/ |
GREENWICH, Conn.--(BUSINESS WIRE)-- Eagle Point Credit Company Inc. (the “Company”) (NYSE:ECC, ECCA, ECCB, ECCX, ECCY, ECCZ) today announced financial results for the quarter ended March 31, 2018, net asset value (“NAV”) as of March 31, 2018 and certain portfolio activity through May 11, 2018.
FIRST QUARTER 2018 HIGHLIGHTS
Net investment income (“NII”) and realized capital gains of $0.50 per weighted average common share 1 . NAV per common share of $16.65 as of March 31, 2018. First quarter 2018 GAAP net income (inclusive of unrealized mark-to-market losses) of $8.1 million, or $0.39 per weighted average common share. Weighted average effective yield of the Company’s collateralized loan obligation (“CLO”) equity portfolio was 14.54% as of March 31, 2018. Deployed $41.1 million in net capital and received $22.7 million in cash distributions from the Company’s investment portfolio in the first quarter of 2018. 4 of the Company’s CLO investments were reset during the first quarter of 2018. Completed an underwritten public offering of 2,242,500 shares of common stock (including full exercise of the underwriters’ overallotment option) at a premium to NAV resulting in net proceeds to the Company of approximately $38.8 million.
SUBSEQUENT EVENTS
NAV per common share estimated to be between $16.71 and $16.81 as of April 30, 2018. Deployed $15.8 million in net capital from April 1, 2018 through May 11, 2018; received cash distributions from the Company’s investment portfolio of $28.8 million over the same period. The Company completed an underwritten public offering of $67.3 million in aggregate principal amount of 6.6875% notes due 2028 (ECCX), including a partial exercise of the underwriters’ overallotment option, resulting in net proceeds to the Company of approximately $64.9 million. In April 2018, the Company announced it will redeem 100% of its 7.00% notes due 2020 (ECCZ), or $60.0 million aggregate principal amount, on May 24, 2018.
“We continued to actively manage the Company’s portfolio, prudently deploying capital while also opportunistically selling certain investments and realizing gains,” said Thomas Majewski, Chief Executive Officer. “During the quarter, we deployed $91.6 million into new investments and reset 4 of the Company’s CLO investments, lengthening the reinvestment periods in each transaction. Our focus remains on the long term and seeking to lock in lower cost CLO debt for a longer duration.”
“Our NII and realized capital gains per share increased slightly from the prior quarter to $0.50 per common share and our CLO equity portfolio’s weighted average effective yield increased versus the prior quarter,” noted Mr. Majewski. “We have also been active in managing the Company’s balance sheet. In January, we completed a common stock offering with net proceeds of $38.8 million. That stock was sold at a premium to NAV, which increases NAV for all shareholders, and much of that capital has already been deployed into new investments.”
“Subsequent to quarter end, we took advantage of strong market conditions and looked to effectively refinance our 7% ECCZ unsecured notes by completing a new notes offering,” added Mr. Majewski. “The new unsecured notes (ECCX) have a fixed coupon of 6.6875%, 31.25 basis points lower than the ECCZ notes they are replacing and represent our lowest cost of debt at the Company to date. Importantly, the ECCX notes have a ten-year maturity compared to the less than three years remaining on the life of the ECCZ notes. As a result of the issuance and announced redemption of the ECCZ notes, the pro-forma weighted average maturity on the Company’s outstanding notes and preferred stock is now just over eight years, with the nearest maturity being a little over four years away. Importantly, all of the Company’s financing is fixed rate, providing us added certainty in a rising rate environment.”
FIRST QUARTER 2018 RESULTS
The Company’s NII and realized capital gains for the quarter ended March 31, 2018 was $0.50 per weighted average common share. This compared to $0.49 per weighted average common share for the quarter ended December 31, 2017, and $0.60 per weighted average common share for the quarter ended March 31, 2017.
For the quarter ended March 31, 2018, the Company recorded GAAP net income of $8.1 million, or $0.39 per weighted average common share. Net income was comprised of total investment income of $17.0 million and net realized capital gains on investments of $1.8 million, offset by total expenses of $8.5 million and net unrealized depreciation (or unrealized mark-to-market loss on investments) of $2.2 million.
NAV as of March 31, 2018 was $355.2 million, or $16.65 per common share, which is $0.12 per common share lower than the Company’s NAV as of December 31, 2017, and $0.48 per common share lower than the Company’s NAV as of March 31, 2017.
During the quarter ended March 31, 2018, the Company deployed $91.6 million in gross capital and $41.1 million in net capital. The weighted average effective yield of new CLO equity investments made by the Company during the quarter, which includes a provision for credit losses, was 17.37% as measured at the time of investment. Additionally, during the quarter, the Company received $50.5 million of proceeds from the sale of investments and converted 1 of its existing loan accumulation facilities into a new CLO.
During the quarter ended March 31, 2018, the Company received $22.7 million of cash distributions from its investment portfolio, or $1.10 per weighted average common share, including amounts received from called investments. Excluding proceeds from called investments, the Company received cash distributions of $1.04 per weighted average common share during the quarter.
During the quarter ended March 31, 2018, 4 of the Company’s CLO investments were reset, bringing the total number of such CLO equity positions that were refinanced or reset since January 1, 2017 to 26 and 10, respectively.
As of March 31, 2018, the weighted average effective yield on the Company’s CLO equity portfolio was 14.54%, an increase from 14.42% as of December 31, 2017. As of March 31, 2017, that measure stood at 16.21%.
Pursuant to the Company’s “at-the-market” offering program under which the Company may issue shares of common stock and 7.75% Series B Term Preferred Stock due 2026 (“Series B Term Preferred Stock”), the Company sold 295,969 shares of common stock at a premium to NAV during the first quarter for total net proceeds to the Company of approximately $5.2 million.
PORTFOLIO STATUS
As of March 31, 2018 on a look-through basis, and based on the most recent CLO trustee reports received by such date, the Company had indirect exposure to approximately 1,295 unique corporate obligors. The largest look-through obligor represented 0.98% of the Company’s CLO equity and loan accumulation facility portfolio. The top-ten largest look-through obligors together represented 6.28% of the Company’s CLO equity and loan accumulation facility portfolio. The look-through weighted average spread of the loans underlying the Company’s CLO equity and related investments was 3.59% as of March 2018.
As of March 31, 2018, the Company had debt and preferred securities outstanding which totaled approximately 35% of its total assets (less current liabilities). Over the long term, management expects the Company to operate under current market conditions generally with leverage within a range of 25% to 35% of total assets. Based on applicable market conditions at any given time, or should significant opportunities present themselves, the Company may incur leverage outside of this range, subject to applicable regulatory limits.
SECOND QUARTER 2018 PORTFOLIO ACTIVITY THROUGH MAY 11, 2018 AND OTHER UPDATES
From April 1, 2018 through May 11, 2018, the Company received $28.8 million of cash distributions from its investment portfolio, or $1.35 per weighted average common share, including amounts received from called investments. Excluding proceeds from called investments, the Company received cash distributions of $0.99 per weighted average common share for the same period. As of May 11, 2018, some of the Company’s investments had not yet reached their payment date for the quarter. Also from April 1, 2018 through May 11, 2018, the Company deployed $15.8 million in net capital. From April 1, 2018 through May 11, 2018, 1 of the Company’s CLO investments was reset.
As of May 11, 2018, the Company has approximately $16.7 million of cash available for investment.
As previously published on the Company’s website, management’s estimate of the Company’s range of NAV per common share as of April 30, 2018 was $16.71 to $16.81.
PREVIOUSLY DECLARED DISTRIBUTIONS AND ADDITIONAL UPDATES
The Company paid a monthly distribution of $0.20 per common share on April 30, 2018 to stockholders of record as of April 12, 2018. Additionally, and as previously announced, the Company declared distributions of $0.20 per share of common stock payable on May 31, 2018 and June 29, 2018, to stockholders of record as of May 11, 2018 and June 12, 2018, respectively.
The Company paid distributions of $0.161459 per share of the Company’s 7.75% Series A Term Preferred Stock (NYSE: ECCA) and Series B Term Preferred Stock (NYSE: ECCB) on April 30, 2018, to stockholders of record as of April 12, 2018. The distributions represented a 7.75% annualized rate, based on the $25 liquidation preference per share for each series of preferred stock. Additionally, and as previously announced, the Company declared distributions of $0.161459 per share on each series of preferred stock, payable on each of May 31, 2018 and June 29, 2018, to stockholders of record as of May 11, 2018 and June 12, 2018, respectively.
As one of the requirements for the Company to maintain its ability to be taxed as a “regulated investment company” (which it has elected to be), the Company is generally required to pay distributions to holders of its common stock in an amount equal to substantially all of the Company’s taxable income within one year of the end of its tax year, which is November 30. The Company currently estimates its taxable income for the tax year ended November 30, 2017 to be slightly below the Company’s overall distributions on its shares of common stock for the applicable year, in large part due to the impact of accelerating certain tax deductions within the Company’s CLOs in conjunction with refinancing and resetting certain CLOs in the Company’s investment portfolio during such period. As such, the Company does not currently expect to pay a special distribution for the tax year ended November 30, 2017.
For periods subsequent to the quarter ended March 31, 2018, the Company is changing its accounting policy related to newly issued debt securities and preferred stock by electing to recognize debt issuance costs in the period in which such costs are incurred. For prior periods, when issuing debt securities or preferred stock, the Company amortized such expenses over the stated maturity of the security. For securities issued beginning in the quarter ending June 30, 2018, the Company will now take a one-time upfront charge of such expenses. For the quarter ending June 30, 2018, management estimates the non-recurring cost relating to the issuance of the ECCX notes and the acceleration of unamortized issuance costs associated with the redemption of the ECCZ notes during the quarter will impact NII and realized gains/losses for the quarter by approximately $0.20 per common share.
CONFERENCE CALL
The Company will host a conference call at 10:00 a.m. (Eastern Time) today to discuss the Company’s financial results for the quarter ended March 31, 2018, as well as a portfolio update.
All interested parties may participate in the conference call by dialing (833) 231-8253 (domestic) or (647) 689-4099 (international), and entering Conference ID 2160819 approximately 10 to 15 minutes prior to the call. A live webcast will also be available on the Company’s website ( www.eaglepointcreditcompany.com ) – please go to the Investor Relations section at least 15 minutes prior to the call to register, download and install any necessary audio software.
An archived replay of the call will be available shortly afterwards until June 18, 2018. To hear the replay, please dial (800) 585-8367 (domestic) or (416) 621-4642 (international). For the replay, enter conference ID 2160819.
ADDITIONAL INFORMATION
The Company has made available on its website, www.eaglepointcreditcompany.com (in the financial statements and reports section) its unaudited consolidated financial statements as of and for the period ended March 31, 2018. The Company has also filed this report with the Securities and Exchange Commission. The Company also published on its website (in the investor presentations and portfolio information section) an investor presentation which contains additional information about the Company and its portfolio as of and for the quarter ended March 31, 2018.
ABOUT EAGLE POINT CREDIT COMPANY
The Company is a non-diversified, closed-end management investment company. The Company’s investment objectives are to generate high current income and capital appreciation primarily through investment in equity and junior debt tranches of collateralized loan obligations. The Company is externally managed and advised by Eagle Point Credit Management LLC.
The Company makes certain unaudited portfolio information available each month on its website in addition to making certain other unaudited financial information available on its website ( www.eaglepointcreditcompany.com ). This information includes (1) an estimated range of the Company’s net investment income (“NII”) and realized capital gains or losses per weighted average share of common stock for each calendar quarter end, generally made available within the first fifteen days after the applicable calendar month end, (2) an estimated range of the Company’s NAV per share of common stock for the prior month end and certain additional portfolio-level information, generally made available within the first fifteen days after the applicable calendar month end, and (3) during the latter part of each month, an updated estimate of NAV, if applicable, and, with respect to each calendar quarter end, an updated estimate of the Company’s NII and realized capital gains or losses for the applicable quarter, if available.
FORWARD-LOOKING STATEMENTS
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”). The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
FURTHER INFORMATION REGARDING ESTIMATED TAX AND PROSPECTIVE FINANCIAL INFORMATION
The (1) estimates of the Company’s taxable income and distributions for the tax year ended November 30, 2017 and (2) projection of the estimated impact of the Company’s recognition of debt securities and preferred stock issuance costs reflects management’s judgment as of the date of this press release of conditions currently existing and that it expects to exist with respect to the tax year ended November 30, 2017 and the redemption of the ECCZ notes, as applicable. The estimates regarding taxable income are based on taxable income reported to date and assumptions relating to the underlying tax characteristics of income and other items as reported to the Company. Although the Company considers its assumptions to be reasonable as of the date of this press release, such assumptions are subject to a wide variety of significant uncertainties that could cause actual results to differ materially from those contained in the estimates, including risks and uncertainties relating to the completeness and accuracy of information reported or received by the Company from underlying investments, and those described in the notes to the Company’s audited consolidated financial statements for the fiscal year ended December 31, 2017 and the Company’s unaudited consolidated financial statements for the fiscal quarter ended March 31, 2018. Accordingly, there can be no assurance that actual results will not differ materially from those presented in the estimates.
The projection of the estimated impact of the Company’s recognition of debt securities and preferred stock issuance costs was not prepared with a view toward complying with the guidelines established by the American Institute of Certified Public Accountants and Financial Accounting Standards Board, as modified by Regulation S-X under the Securities Act of 1933, as amended, with respect to prospective financial information. Rather such estimate, and the estimate of the Company’s taxable income for the tax year ended November 30, 2017, was prepared on a reasonable basis and reflects the best currently available estimates and judgment of Company management. However, this estimate is not fact and readers of this press release should not rely upon this information or place undue reliance on such estimate.
Neither the Company’s independent registered public accounting firm nor any other independent accountants has compiled, examined or performed any procedures with respect to estimated information contained herein, or expressed any opinion or assurance with respect to the estimated information or its achievability, and accordingly each assumes no responsibility for, and disclaims any association with, the estimates.
1 “Per weighted average common share” data are on a weighted average basis based on the average daily number of shares of common stock outstanding for the period and “per common share” refers to per share of the Company’s common stock.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005386/en/
Investor and Media Relations:
ICR
203-340-8510
[email protected]
www.eaglepointcreditcompany.com
Source: Eagle Point Credit Company Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-eagle-point-credit-company-inc-announces-first-quarter-2018-financial-results.html |
Delta CEO on new plans for airline travel 40 Mins Ago Delta CEO Edward Bastian discusses the company's new $2 billion plans for Delta airlines including re-designing LAX terminals, improving the customer experience, and training employees. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/delta-ceo-airline.html |
Blackstone Group backed off a controversial bet on home builder Hovnanian Enterprises Inc. following an admonishment from U.S. regulators, ending a standoff with other investors that shook confidence in the multitrillion-dollar credit derivatives market.
Blackstone’s GSO Capital Partners LP said Wednesday it was abandoning a complicated plan to collect payments from investors that wrote insurance-like contracts guaranteeing full payment on Hovnanian’s debts.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/blackstone-stands-down-on-hovnanian-swaps-wager-1527722945 |
EditorsNote: Editor’s: Changes Pham’s hit to left field, not right field, in third to last graf
Jack Flaherty pitched six strong innings Saturday as the visiting St. Louis Cardinals broke a three-game losing streak with a 4-1 win over the Pittsburgh Pirates.
The win also halted a six-game losing streak for the Cardinals at PNC Park.
The teams, who meet again next weekend for four games in St. Louis, will decide this series Sunday after splitting the first two games.
Flaherty (2-1) allowed one run and four hits, with four strikeouts and two walks. He has picked up his first two major league wins in his past two starts as he helps fill the void with starter Adam Wainwright (elbow) out.
Bud Norris pitched a perfect ninth to improve to 10-for-10 in save opportunities.
Pirates starter Trevor Williams (5-3) lasted just four innings, giving up four runs and seven hits, with three strikeouts and no walks. He is 2-3 with three no-decisions after winning his first three starts.
The teams traded solo homers in the first.
Matt Carpenter led off the game with a shot to right, his fifth homer, for a 1-0 St. Louis lead.
Starling Marte, fresh off the disabled list (right oblique strain), clobbered a two-out pitch 447 feet over both bullpens in center to tie it.
The Cardinals took a 2-1 lead in the third. Yairo Munoz led off with a base hit, Flaherty sacrificed him to second and Jose Martinez drove him in with a two-out single.
In the fourth, Tommy Pham opened with a double down the line in left. Marcell Ozuna’s single put runners at the corners. After Jedd Gyorko popped out in foul territory, Williams hit Dexter Fowler to load the bases.
St. Louis reported that Fowler, who writhed in pain after being hit on the right knee and left the game, had X-rays and was deemed day-to-day. Harrison Bader pinch-ran in his place.
Pham scored on Francisco Pena’s fly ball to make it 3-1, and Munoz singled in Ozuna for a 4-1 St. Louis advantage.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-pit-stl-recap/flahertys-strong-start-leads-cardinals-past-pirates-idUSMTZEE5RCZ5MWD |
May 2 (Reuters) - T-BULL SA:
* REPORTED ON MONDAY FY NET PROFIT OF 5.1 MILLION ZLOTYS VERSUS 5.0 MILLION ZLOTYS YEAR AGO
* FY REVENUE 14.3 MILLION ZLOTYS VERSUS 13.6 MILLION ZLOTYS YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91Z9 |
Discussing the 'momentum' of reforms in China 4 Hours Ago The trade dispute with the U.S. is distracting attention away from "some very meaningful reforms" in China, says Philip Saunders of Investec Asset Management. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/discussing-the-momentum-of-reforms-in-china.html |
Fortnite Is Coming to Android This Summer The game 'Fortnite' by Epic Games. Courtesy of Epic Games By Chris Morris 12:01 PM EDT
Look on just about any platform and you’ll see someone playing Fortnite – unless they’re on an Android phone or tablet.
That’s set to change this summer as developer Epic Games says the industry’s biggest game will hit mobile devices using Google’s operating system in the coming months—though it’s still being a bit coy on the details.
“ Fortnite is coming to Android!,” the company said in a blog post. “We are targeting this summer for the release. We know many of you are excited for this release, and we promise that when we have more information to share, you’ll hear it from us first.”
Fortnite is already available to iPhone and iPad owners via the Fortnite: Battle Royale app, but has been a mobile exclusive to those systems since early April.
Beyond the expansion into Android, mobile versions of Fortnite will soon add voice chat, something that has been exclusive to PC and console players previously. As with the gameplay, voice chat will be a cross platform function.
“We know that communication is key when you’re squadding up for that Victory Royale, so we’re working to bring voice chat to mobile,” the team wrote. “On top of that, you’ll be able to chat with your teammates regardless of platform!”
Fortnite has been a cash bonanza for Epic (and its part-owner, Tencent ). Some parents have expressed frustration, though, as kids have played seemingly endlessly.
It’s not just kids, though. Red Sox pitcher David Price says his addiction to the game resulted in carpal tunnel syndrome, which made him unable to play for a period of time, frustrating team owners, who had signed him to a $30 million contract. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/18/when-is-fortnite-coming-to-android/ |
May 21, 2018 / 8:48 PM / Updated 4 minutes ago Former Uber engineer sues company alleging sexual harassment: law firm Reuters Staff 1 Min Read
(Reuters) - A former software engineer at Uber Technologies Inc [UBER.UL] sued the ride-hailing service on Monday, claiming that she was subjected to sexual harassment during her employment but that her complaints were ignored, the law firm representing the plaintiff said. FILE PHOTO: The Uber logo is displayed on a screen during the Women In The World Summit in New York City, U.S., April 12, 2018. REUTERS/Brendan McDermid/File Photo
The law firm, Outten & Golden, said in a statement that Ingrid Avendano, who worked at Uber from 2014 to 2017, believes Uber displayed an “entrenched disregard” for the rights of female employees, and retaliated against her by denying her promotions and raises and giving her negative performance reviews.
Avendano filed her complaint with the California Superior Court in San Francisco, the law firm said. A copy of the complaint was not immediately available. Uber did not immediately respond to a request for comment. Reporting by Jonathan Stempel in New York | ashraq/financial-news-articles | https://www.reuters.com/article/us-uber-lawsuit/former-uber-engineer-sues-company-alleging-sexual-harassment-law-firm-idUSKCN1IM2A8 |
For most people, money conversations aren't very easy or comfortable. "I don't think older generations had this tendency to talk to their kids about money. I don't think older generations even talked about money among themselves," personal finance expert Farnoosh Torabi tells CNBC Make It . "It was this very taboo topic. And I think we're still experiencing that, but to a lesser degree today."
That said, the earlier you have these hard conversations and instill smart money habits in your kids, she says, the better off they'll be.
It's less about having your kids memorize definitions of personal finance concepts like compound interest and tax-deferred retirement plans; what's important is allowing them the "freedom to explore money and ask questions and to be curious," says Torabi, who is a mother of two and Chase Slate's financial education ambassador .
If your kids are raised to believe that talking about money is inappropriate or impolite, "that later shows up in life and can be really damaging," she adds. "Because then they won't ask questions when they really need to. They won't ask for the raise. They won't ask about the fine print. They won't ask about other things that really could impact their financial well-being."
Jenny Anderson | Getty Images Farnoosh Torabi, host of the award-winning podcast "So Money" Everyone's parenting style is different and there are multiple ways to approach this tricky topic, but here are a few tips on when and how to start talking to your kids about money.
Age 3 to 4: Model smart behaviors As early as age three, you can start laying a solid foundation by modeling smart money habits, says Torabi: "My son's not even four years old yet, but he does see that we collect coins in a jar in the living room. He does see that when I go to the grocery store, we don't get everything. He wants stuff and I say, 'No, we have to put that back on the shelf because you already have that at home.'
"So he's not learning what a credit score is at this age, but I hope that he's understanding that life is not about having it all — it's about trade offs and making choices."
For Torabi, it's also important that her kids understand the importance of respecting money: "So with coins, it's not something that we put in the trash. It's actually something that we keep because it has value. And we put it in our living room, which is an important place for the family to gather, and then once every six months or so, we'll redeem the coins to get gift cards or cash. That is something that, at his age, he can grasp."
Age 5 to 11: Encourage questions and introduce values Kindergarten is typically when kids start to become curious about money, says Torabi: "What's happening is they're going to school and they're seeing other kids and they're seeing what they bring into school: the kinds of lunches that they have and the clothes that they're wearing and the houses that they're living in when they go on play dates.
"They start to see the different economies at play and they start to get curious about why people are different in that way."
As a result, they're going to have a lot of questions, including some uncomfortable ones, like "How much do you make?" Try not to get defensive. "When your kid asks you an uncomfortable question about anything, your response shouldn't be, 'Don't ask me that' or, 'I don't know.' It should be, 'Why are you curious? What brings this up?'"
Their motivation for asking matters, Torabi says: "It may not be that they want to know what you're making because they're just being nosy, but maybe somebody said something really hurtful at school. Or maybe they want to follow in your footsteps and they're naturally curious. It's more important to get to the why of their questions."
show chapters Elon Musk's brother says this is how you raise entrepreneurial kids 12:11 PM ET Mon, 17 April 2017 | 01:02 If your kids show signs of being curious about money, use it as an opportunity to start talking about what your family values are and why your life may look different than somebody else's.
Involve them in as many transactions as you can, says Torabi: "You have to find those teachable moments," which may be as simple as sticking to your list in the grocery store: "What's that's really teaching your kid is that you're prioritizing what you want and you're not living above your means."
The more you include them in your shopping experiences, the more they'll start to pick up on the importance of saving, prioritizing and delaying gratification.
Age 12 to 15: Introduce simple money concepts When your kids start to earn an allowance or make their own money, you'll want to introduce the concept of banking, says Torabi. This is also a good time to open their first checking account, teach them how to track their spending online and explain what it means to pay themselves first.
"Once kids start to earn their own money, with that comes a lot of pride, and it's a good moment to get in there and talk about the best way to manage it," says Torabi. "Sometimes it's hard to hear money advice from your parents, but you can frame it like: 'One thing I wish I had done when I was your age is save a little bit of every paycheck.'"
The important concept to bring home at this age is that there are a lot of different ways to use the money they earn, Torabi adds: "It's not just to spend on movie tickets. You can spend it, save it, invest it, lend it or donate it. And knowing that, they'll start to really leverage their freedom."
show chapters Thirteen things mentally strong parents don't do 12:57 PM ET Fri, 6 Oct 2017 | 02:14 Age 16: Introduce the concept of credit Starting in high school, "you definitely you want to have a credit conversation with them because they are approaching college," says Torabi. "And they'll be able to grasp concepts like compound interest and interest rates."
A credit card shouldn't necessarily be the first form of payment they use, she notes: "Test them out with a debit card to see how they do and then graduate them to a credit card." You may want to add them as an authorized user on your credit card before helping them open their own.
"Being an authorized user on a parents credit card is a great way to quickly establish credit," says Torabi. Plus, your kid doesn't have to do anything to reap the benefits: "As long as they're an authorized user and the family is spending responsibly with the card, that credit behavior gets reported on every person's credit report that is tied to that card, whether you were the one spending or not. ... The caveat to that is, it only works if everyone is spending responsibly."
As with every money concept you introduce to your kids, "start with training wheels," Torabi says. "Being an authorized user is a good way to teach your kid about what a credit card is, why we use them and why it's important to pay bills on time."
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Don't miss: 14 money lessons rich parents teach their kids
show chapters Cut your kids off as soon as you possibly can, says Suze Orman 1:11 PM ET Mon, 31 July 2017 | 00:54 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/farnoosh-torabi-when-and-how-to-talk-to-your-kids-about-money.html |
May 2 (Reuters) - Deutsche Lufthansa AG:
* SAYS A380 EXCEEDS EXPECTIONS IN MUNICH * SAYS SEES SEES POTENTIAL FOR FURTHER GROWTH IN MUNICH, ESPECIALLY WITH LONG-HAUL ROUTES Source text: here Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lufthansa-says-sees-potential-for/brief-lufthansa-says-sees-potential-for-further-growth-at-munich-idUSFWN1S90KX |
Post-Market Wrap: May 22, 2018 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/22/post-market-wrap-may-22-2018.html |
MONTREAL, May 04, 2018 (GLOBE NEWSWIRE) -- Gildan Activewear Inc. (TSX:GIL) (NYSE:GIL) today announced that the twelve nominees proposed as directors in its management proxy circular dated March 7, 2018 were elected as directors of the Company by a majority of the votes cast by the shareholders present in person or represented by proxy at its annual meeting of shareholders held on May 3, 2018 in Montréal. The voting results are detailed below:
NOMINEES FOR WITHHELD Number % Number % William D. Anderson 168,668,643 99.61 658,107 0.39 Donald C. Berg 168,219,424 99.35 1,107,326 0.65 Maryse Bertrand 169,294,884 99.98 31,866 0.02 Marcello (Marc) Caira 169,278,538 99.97 48,212 0.03 Glenn J. Chamandy 169,290,500 99.98 36,250 0.02 Shirley E. Cunningham 167,574,217 98.96 1,752,533 1.04 Russell Goodman 167,348,097 98.83 1,978,653 1.17 George Heller 168,617,512 99.58 709,238 0.42 Charles M. Herington 168,841,132 99.71 485,618 0.29 Craig A. Leavitt 169,293,068 99.98 33,682 0.02 Anne Martin-Vachon 168,870,298 99.73 456,452 0.27 Gonzalo F. Valdes-Fauli 164,322,695 97.04 5,004,055 2.96 About Gildan
Gildan is a leading manufacturer of everyday basic apparel which markets its products in North America, Europe, Asia-Pacific, and Latin America, under a diversified portfolio of Company-owned brands, including Gildan®, American Apparel®, Comfort Colors®, Gildan® Hammer™, Gold Toe®, Anvil®, Alstyle®, Secret®, Silks®, Kushyfoot®, Secret Silky®, Therapy Plus™, Peds® and MediPeds®, and under the Under Armour® brand through a sock licensing agreement providing exclusive distribution rights in the United States and Canada. Our product offering includes activewear, underwear, socks, hosiery, and legwear products sold to a broad range of customers, including wholesale distributors, screenprinters or embellishers, as well as to retailers that sell to consumers through their physical stores and/or e-commerce platforms. In addition, we sell directly to consumers through our own direct-to-consumer platforms.
Gildan owns and operates vertically integrated, large-scale manufacturing facilities which are primarily located in Central America, the Caribbean Basin, North America, and Bangladesh. With over 50,000 employees worldwide Gildan operates with a strong commitment to industry-leading labour and environmental practices throughout its supply chain in accordance with its comprehensive Genuine Responsibility™ program embedded in the Company's long-term business strategy. More information about the Company and its corporate citizenship practices and initiatives can be found at www.gildancorp.com and www.genuinegildan.com , respectively.
Investor inquiries: Media inquiries: Sophie Argiriou Garry Bell Vice President, Investor Communications Vice President, Corporate Communications and Marketing (514) 343-8815 (514) 744-8600 [email protected] [email protected]
Source: Les Vêtements deSport Gildan Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-gildan-activewear-reports-on-shareholdersa-voting-results-for-the-election-of-directors.html |
CINCINNATI & HONOLULU--(BUSINESS WIRE)-- Cincinnati Bell Inc. (NYSE: CBB) (the “Company”) announced that it has received unanimous approval from the Hawaiʻi Public Utilities Commission (“PUC” or the “Commission”) with respect to its pending acquisition of Honolulu-based Hawaiian Telcom (NASDAQ: HCOM), the leading integrated communications provider serving Hawaiʻi and the state’s fiber-centric technology leader. In approving the merger, the Commission concludes that net benefits will result from the transaction.
“We greatly appreciate the support of the Hawaiʻi PUC and are pleased that the Commission has acknowledged that our combination with Hawaiian Telcom is expected to bring benefits to Hawaiʻi consumers as we continue to invest in next-generation fiber,” said Leigh Fox, President and Chief Executive Officer of Cincinnati Bell. “This marks a key milestone as we work to create a stronger communications and technology company that builds upon the complementary strengths of Cincinnati Bell and Hawaiian Telcom, allowing us to deliver more competitive products and services to customers.”
The combination, previously announced on July 10, 2017, will accelerate Cincinnati Bell’s overarching strategy to create a diversified and balanced revenue mix by expanding the Company’s high-speed, high-bandwidth fiber optic network while building a complementary IT solutions and cloud services business. By leveraging Hawaiian Telcom’s local knowledge and continuing to invest in its deep fiber infrastructure, the combined company will be well-positioned to capitalize on the growing demand for strategic fiber offerings.
Hawaiʻi PUC approval satisfies one of the conditions for the closing of the transaction. The pending acquisition has already cleared the Hart-Scott-Rodino Act review period, and has been overwhelmingly approved by Hawaiian Telcom shareholders. In addition, the Hawaiʻi Department of Commerce and Consumer Affairs’ Cable Television Division has conditionally approved the transfer of control of Hawaiian Telcom’s cable franchise to Cincinnati Bell.
With approval from the Hawaiʻi PUC, the transaction is expected to close following completion of the Federal Communications Commission’s review and other remaining customary closing conditions.
About Cincinnati Bell
With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE: CBB) provides integrated communications solutions – including local and long distance voice, data, high-speed Internet and video – that keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world. In addition, enterprise customers across the United States and Canada rely on CBTS and OnX, wholly-owned subsidiaries, for efficient, scalable office communications systems and end-to-end IT solutions. For more information, please visit www.cincinnatibell.com .
About Hawaiian Telcom
Hawaiian Telcom (NASDAQ: HCOM), headquartered in Honolulu, is Hawai'i’s Technology Leader, providing integrated communications, broadband, data center and entertainment solutions for business and residential customers. With roots in Hawai'i beginning in 1883, the Company offers a full range of services including Internet, video, voice, wireless, data network solutions and security, colocation, and managed and cloud services supported by the reach and reliability of its next generation fiber network and a 24/7 state-of-the-art network operations center. With employees statewide sharing a commitment to innovation and a passion for delivering superior service, Hawaiian Telcom provides an Always On SM customer experience. For more information, visit hawaiiantel.com .
Cautionary Statement Concerning Forward-Looking Statements
This press release may contain “forward-looking” statements, as defined in federal securities laws including the Private Securities Litigation Reform Act of 1995, which are based on our current expectations, estimates, forecasts and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are . Actual results may differ materially from those expressed in any . The following important factors, among other things, could cause or contribute to actual results being materially and adversely different from those described or implied by such including, but not limited to: those discussed in this release; we operate in highly competitive industries, and customers may not continue to purchase products or services, which would result in reduced revenue and loss of market share; we may be unable to grow our revenues and cash flows despite the initiatives we have implemented; failure to anticipate the need for and introduce new products and services or to compete with new technologies may compromise our success in the telecommunications industry; our access lines, which generate a significant portion of our cash flows and profits, are decreasing in number and if we continue to experience access line losses similar to the past several years, our revenues, earnings and cash flows from operations may be adversely impacted; our failure to meet performance standards under our agreements could result in customers terminating their relationships with us or customers being entitled to receive financial compensation, which would lead to reduced revenues and/or increased costs; we generate a substantial portion of our revenue by serving a limited geographic area; a large customer accounts for a significant portion of our revenues and accounts receivable and the loss or significant reduction in business from this customer would cause operating revenues to decline and could negatively impact profitability and cash flows; maintaining our telecommunications networks requires significant capital expenditures, and our inability or failure to maintain our telecommunications networks could have a material impact on our market share and ability to generate revenue; increases in broadband usage may cause network capacity limitations, resulting in service disruptions or reduced capacity for customers; we may be liable for material that content providers distribute on our networks; cyber attacks or other breaches of network or other information technology security could have an adverse effect on our business; natural disasters, terrorists acts or acts of war could cause damage to our infrastructure and result in significant disruptions to our operations; the regulation of our businesses by federal and state authorities may, among other things, place us at a competitive disadvantage, restrict our ability to price our products and services and threaten our operating licenses; we depend on a number of third party providers, and the loss of, or problems with, one or more of these providers may impede our growth or cause us to lose customers; a failure of back-office information technology systems could adversely affect our results of operations and financial condition; if we fail to extend or renegotiate our collective bargaining agreements with our labor union when they expire or if our unionized employees were to engage in a strike or other work stoppage, our business and operating results could be materially harmed; the loss of any of the senior management team or attrition among key sales associates could adversely affect our business, financial condition, results of operations and cash flows; our debt could limit our ability to fund operations, raise additional capital, and fulfill our obligations, which, in turn, would have a material adverse effect on our businesses and prospects generally; our indebtedness imposes significant restrictions on us; we depend on our loans and credit facilities to provide for our short-term financing requirements in excess of amounts generated by operations, and the availability of those funds may be reduced or limited; the servicing of our indebtedness is dependent on our ability to generate cash, which could be impacted by many factors beyond our control; we depend on the receipt of dividends or other intercompany transfers from our subsidiaries and investments; the trading price of our common shares may be volatile, and the value of an investment in our common shares may decline; the uncertain economic environment, including uncertainty in the U.S. and world securities markets, could impact our business and financial condition; our future cash flows could be adversely affected if it is unable to fully realize our deferred tax assets; adverse changes in the value of assets or obligations associated with our employee benefit plans could negatively impact shareowners’ deficit and liquidity; third parties may claim that we are infringing upon their intellectual property, and we could suffer significant litigation or licensing expenses or be prevented from selling products; third parties may infringe upon our intellectual property, and we may expend significant resources enforcing our rights or suffer competitive injury; we could be subject to a significant amount of litigation, which could require us to pay significant damages or settlements; we could incur significant costs resulting from complying with, or potential violations of, environmental, health and human safety laws; the timing and likelihood of completing the merger with Hawaiian Telcom, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the transaction; the possibility that competing offers or acquisition proposals for Hawaiian Telcom will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the possibility that the expected synergies and value creation from the proposed transaction involving Hawaiian Telcom will not be realized or will not be realized within the expected time period; the risk that the businesses of the Company and Hawaiian Telcom and other acquired companies will not be integrated successfully; disruption from the proposed transaction involving Hawaiian Telcom making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred; and the possibility that the proposed transaction involving Hawaiian Telcom does not close, including due to the failure to satisfy the closing conditions and the other risks and uncertainties detailed in our filings with the SEC, including our Form 10-K report, Form 10-Q reports and Form 8-K reports, as well as Hawaiian Telcom’s filings with the SEC, including its Form 10-K reports, Form 10-Q reports and Form 8-K reports.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180504005852/en/
Cincinnati Bell Inc.
Investor contact:
Josh Duckworth, +1 513-397-2292
[email protected]
or
Media contact:
Josh Pichler, +1 513-565-0310
[email protected]
or
Hawaiian Telcom
Investor contact:
Ngoc Nguyen, +1 808-546-3475
[email protected]
or
Media contact:
Su Shin, +1 808-546-2344
[email protected]
Source: Cincinnati Bell Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/business-wire-cincinnati-bell-hawaiian-telcom-merger-receives-hawaiei-puc-approval.html |
Evans recognized for her contributions to community anchor institutions and formal and informal education
WASHINGTON--(BUSINESS WIRE)-- Internet2 today announced that Sherilyn Shiotsu Evans , senior vice president and chief operating officer at CENIC , is this year’s winner of the Richard Rose Award . The award honors educators or technologists who have made demonstrable impacts on the formal and informal education community by extending advanced networking, content, and services to community anchors nationwide.
In her current role, Evans oversees CENIC's internal operations, both technical and non-technical, and represents the organization externally to the global advanced networking community. She joined CENIC in 2000, initially providing leadership to the Digital California Project, which extended broadband connectivity to K-12 schools in California. Prior to joining CENIC, Evans enjoyed a successful 20-year career at the University of California, serving on the IT management team at the UC Office of the President.
CENIC President and CEO Louis Fox recalls first working with Evans on the Pacific Lighthouse project in the late 1990s. “Sherilyn's idea was to take advantage of cultural repositories, often stored at universities, of video and audio recordings, photographs, and other media that could be digitized, organized, and shared with a broad education audience,” said Fox. “The appetite for this information among our institutions was remarkable. Several teachers were engaged to create curriculum materials for social studies classes at middle and high schools. We then extended this model into science and technology with similar organizations like the Exploratorium and the Pacific Science Center.”
Evan’s lifetime of leadership and accomplishment in support of community anchor institutions is unprecedented in its breadth and depth. Her outreach work extends beyond K-20 institutions to rural communities in California, Washington, Montana, and British Columbia.
The Rose Award is named in honor of Richard Rose, who was an early leader in the national Internet2 K-20 Initiative, now the Internet2 Community Anchor Program. It is given annually based on criteria such as commitment to the mission and vision of the Internet2 Community Anchor Program, recognized innovation in the community, and leadership and mentoring qualities.
About Internet2
Internet2’s core infrastructure components include the nation’s largest and fastest research and education network that was built to deliver advanced, customized services that are accessed and secured by the community-developed trust and identity framework.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508005590/en/
Internet2
Sara Aly
[email protected]
Source: Internet2 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-internet2-names-sherilyn-shiotsu-evans-of-cenic-winner-of-2018-richard-rose-award.html |
LONDON (Reuters) - Chinese internet giant Tencent signed a trade deal with Britain to work with its cultural industries, deepening cooperation between the two countries and setting the stage for its own further international expansion.
Tencent said the initial focus of the Memorandum of Understanding (MoU) it has agreed with the UK Department of International Trade would be on film, video games and fashion, which it will bring to its large domestic audiences in China.
It will cover digital, cultural and creative projects with the BBC, British Fashion Council, Visit Britain, the country’s tourist promotion board, and technical publisher Springer Nature, known for titles such as Nature and Scientific American.
Tencent, China’s second most valuable company, runs the country’s biggest social network, music and gaming systems.
Its billion user-strong WeChat messaging app sits at the heart of China’s booming internet economy, yet the company remains largely unknown to Westerners outside of technology or financial circles.
Financial terms were not disclosed. Britain’s Secretary of State for International Trade Liam Fox and Tencent Senior Executive Vice President Seng Yee Lau announced the deal at an event in London on Wednesday.
“The next few years offer a golden opportunity for the UK to work with companies such as Tencent to drive innovation and shape the future of global trade,” Fox said at the ceremony. “We look forward to turning this ambition into a reality.
Lau told Reuters in an interview the British government trade deal gives Tencent a “landing pad” into Europe, starting with its planned creative industry partnerships while also leading to further commercial and investment prospects in time.
“BUBBLING WITH IDEAS” “This is a land bubbling with ideas, its traditions offer appealing cultural content. It is a land of opportunities”.
So far, Tencent’s international expansion strategy has consisted of making it easier for Chinese tourists to use its services when traveling overseas, rather than creating localized versions of its apps for non-Chinese audiences, said Raj Rajgopal, president of digital strategy consultant Virtusa.
The popularity of Tencent’s WeChat app stems from how it melds messaging, social networking, e-commerce, media and gaming features in one place that a billion Chinese consumers use on their smartphones from morning to night.
Outside of China, Tencent has made scores of international investments in ecommerce, payments and gaming firms. Its biggest move in Europe has been to acquire majority control of Finnish mobile games site Supercell in an $8.6 billion deal in 2016.
In 2017, Tencent Video, a Netflix-like streaming video service in China, jointly produced the blockbuster nature documentary “Blue Planet 2” with the BBC. It has reached more than 220 million viewers worldwide since it was first broadcast.
The MoU features a three-year deal between the BBC and Tencent Penguin Pictures for joint production, content development, commercial licensing, promotion and distribution of documentary films.
Working with Visit Britain, Tencent plans to create a new version of its “QQ Speed” racing game for mobile phone users with British characters, costumes and music. It also will work with Oxford University to host games and courses designed to promote the development of the e-sports industry, it said.
Tencent said it will become the exclusive strategic partner of the British Fashion Council working with fashion designers, supplying technology and hosting fashion events online.
In an earlier Britain-China trade deal announced in late 2017, Tencent said it was working with the Royal Opera House on joint performances and technology ( bit.ly/2k9tQCs ).
FILE PHOTO: A sign of Tencent is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016. REUTERS/Aly Song/File Photo Reporting by Eric Auchard in London, editing by Louise Heavens, William Maclean
| ashraq/financial-news-articles | https://www.reuters.com/article/us-tencent-holdings-britain/chinas-tencent-signs-broad-cultural-deal-with-britain-idUSKBN1IA0RG |
May 9 (Reuters) - United Fire Group Inc:
* UNITED FIRE GROUP, INC. REPORTS FIRST QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $1.80 INCLUDING ITEMS * Q1 EARNINGS PER SHARE VIEW $0.83 — THOMSON REUTERS I/B/E/S
* UNITED FIRE GROUP-Q1 NET INVESTMENT INCOME WAS $26.2 MILLION, INCREASE OF 4.5 PERCENT , COMPARED TO NET INVESTMENT INCOME OF $25.0 MILLION FOR SAME PERIOD IN 2017 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-fire-group-q1-adj-operating/brief-united-fire-group-q1-adj-operating-earnings-per-share-1-00-idUSASC0A0WL |
May 2 (Reuters) - Golden Minerals Co:
* Q1 LOSS PER SHARE $0.01 * Q1 REVENUE $1.6 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-golden-minerals-q1-loss-per-share/brief-golden-minerals-q1-loss-per-share-0-01-idUSASC09Z99 |
May 17, 2018 / 8:00 AM / Updated 26 minutes ago Dutch lawmaker Wilders appeals discrimination conviction Toby Sterling 2 Min Read
AMSTERDAM (Reuters) - Dutch anti-Islam politician Geert Wilders began his appeal on Thursday against a conviction for inciting discrimination, accusing prosecutors of trying to destroy his right to free speech. Dutch far-right politician Geert Wilders of the PVV party attends a news conference during a European far-right leaders meeting in Prague, Czech Republic December 16, 2017. REUTERS/David W Cerny
Wilders, whose party finished second place in an election last year, is the leader of the opposition in the Netherlands and one of the leading figures in Europe’s far right.
“What the Islamists haven’t been able to do to me, the prosecutors are trying to do anyway: destroy freedom of expression,” Wilders said on Twitter before the start of Thursday’s hearing, held in a special high-security courtroom near Amsterdam’s Schiphol airport.
He is appealing his 2016 conviction for inciting discrimination, over a campaign rally at which he asked supporters whether they wanted more or fewer Moroccans in the country. When they chanted “Fewer! Fewer!” he replied: “We’re going to take care of that.”
Prosecutors are also appealing his acquittal over separate charges of inciting hatred. Prosecutors have sought a fine of 5,000 euros and no jail time.
Article 1 of the Dutch constitution forbids discrimination on any grounds. Wilders says he has never called for violence and the number of Moroccans in the country could be reduced by legal means. He was previously acquitted of hate speech in 2011.
The appeals hearings run through June 6, with a verdict expected a month later.
Wilders has lived in safe houses under 24-hour guard since 2004 to protect him from Islamist militants who threaten to kill him. He says Islam is a fascist ideology, and has called for halting immigration from Muslim countries, shutting mosques and banning the Koran. Editing by Anthony Deutsch and Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-wilders-discrimination/dutch-lawmaker-wilders-appeals-discrimination-conviction-idUKKCN1II0V3 |
SHENZHEN, China, 500.com Limited (NYSE: WBAI) ("500.com" or the "Company"), a leading online sports lottery service provider in China, today announced that it will release its financial results for the first quarter ended March 31, 2018 before the open of U.S. markets on Thursday, May 10, 2018.
About 500.com Limited
500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.
Safe Harbor Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "target," "going forward," "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For more information, please contact:
500.com Limited
[email protected]
Christensen
In China
Mr. Christian Arnell
Phone: +86-10-5900-1548
E-mail: [email protected]
In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]
releases/500com-limited-to-report-first-quarter-2018-financial-results-on-may-10-2018-300643445.html
SOURCE 500.com Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-500-com-limited-to-report-first-quarter-2018-financial-results-on-may-10-2018.html |
(Updates and edits item first filed late on Thursday)
May 11 (Reuters) - Electric carmaker Tesla Inc has seen a number of its vehicles catch fire in the last five years. The latest incident involves a 2014 Tesla Model S crashing and immediately igniting, resulting in the death of two teenagers.
Following a series of fires in 2013, Tesla began outfitting new cars with a triple underbody shield to bring the risk of fire down to "virtually zero," according to a March 2014 blog https://medium.com/zteslamotors/tesla-adds-titanium-underbody-shield-and-aluminu m - d e f l e c t o r - p l a t e s - t o - m o d e l - s - 5 4 4 f 3 5 9 6 5 a 0 d post written by Chief Executive Elon Musk.
Here is a list of incidents of Tesla vehicles catching fire since 2013:
October 1, 2013 - A Tesla Model S caught fire near Seattle, after the car collided with a large piece of metal debris on the road that punched a hole through the protective armor plating. The driver was not injured. (https://reut.rs/2KPmDE4)
October 2013 - A Tesla car crashed through a concrete wall and hit a tree, catching fire in Merida, Mexico. The driver was not injured. (https://reut.rs/2KPmDE4)
November 2013 - A Tesla Model S caught fire after the electric car ran over a tow hitch that hit the undercarriage of the vehicle, in Smyrna, Tennessee. The driver was not injured. (https://reut.rs/2KPmDE4)
February 2014 - A Tesla Model S caught fire in Toronto, Canada, with the fire originating in the engine area. There were no injuries. ( https://cnb.cx/2jL0UAC )
March 2014 - Following the fires, Tesla cars were outfitted with a triple underbody shield to bring the risk of fire down to "virtually zero", following the car fires of 2013, Elon Musk said in a blog post on March 28, 2014. ( https://bit.ly/Zc93lA )
July 2014 - A stolen Tesla Model S crashed into several vehicles and split in half after striking a light pole in West Hollywood, catching fire and leaving the driver in a critical condition, two officers hospitalized and half of the car wedged in a synagogue. ( https://bit.ly/2G4cWxO )
June 2015 - A 2013 Tesla plunged off a cliff along Malibu Canyon Road, and caught fire killing the 53-year-old driver. ( https://bit.ly/2KMpxJz )
August 2016 - A Tesla electric car caught fire during a promotional tour in southwest France. No one was injured in the incident. ( https://dailym.ai/2Kb7qvQ )
November 2016 - A Tesla vehicle crashed into a tree and burst into flames in Indianapolis, killing the driver and the passenger. ( https://dailym.ai/2G3JMPr )
March 2017 - A Tesla Model S caught fire at the Jinqiao Supercharger Station in Shanghai, China. No one was harmed in the incident. ( https://bit.ly/2wtZbsP )
August 2017 - A Tesla vehicle went off road in Lake Forest, California and crashed into a home, igniting a garage fire. The driver in the Tesla was taken to a hospital with non-life threatening injuries. ( https://bit.ly/2I8f7GN )
October 2017 - A Tesla Model S caught fire in Austria, after the driver crashed into a concrete barrier at the side of the road. The driver survived the crash. ( https://dailym.ai/2l2AMoy )
March 2018 - A Tesla Model X crashed and caught fire near Mountain View, California. The crash involved two other cars resulting in the death of the 38-year-old Tesla driver at a nearby hospital shortly after the crash.
May 2018 - A 2014 Tesla Model S drove off the road and hit a concrete wall in Fort Lauderdale, Florida, immediately catching fire killing two teenagers and injuring another. (Reporting by Sanjana Shivdas; Editing by Shounak Dasgupta and Sriraj Kalluvila) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-factbox-tesla-car-fire-incidents-since-2013.html |
PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)-- CSS Industries, Inc. (NYSE: CSS) will report its fiscal 2018 full year and fourth quarter results through an earnings release issued after 4:15 p.m. ET on May 31, 2018. The Company will hold a conference call for investors on June 1, 2018 at 8:30 a.m. ET. The call can be accessed in the following ways:
By telephone: For both "listen-only" participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (844) 458-8735, and for international callers, the dial-in number is (647) 253-8639. The conference ID for all callers is 7998592. By webcast: http://www.cssindustries.com/investor-relations . The webcast will be archived for those unable to participate live.
About CSS Industries, Inc.
CSS is a creative consumer products company, focused on the craft, celebrations and seasonal categories. For these design-driven categories, we engage in the creative development, manufacture, procurement, distribution and sale of our products with an omni-channel approach focused primarily on mass market retailers. In the seasonal category, we focus on gift packaging items such as ribbon, bows, greeting cards, wrapping paper, bags, boxes, tags and gift card holders, in addition to specific holiday-themed decorations, accessories, and activities, such as Easter egg dyes and novelties and Valentine’s Day classroom exchange cards. For the celebrations category, our core products include items designed to celebrate certain life events or special occasions, such as weddings, birthdays, anniversaries, graduations, or the birth of a child, as well as stickers, memory books and stationery. Our core products within the craft category include ribbons, trims, buttons, sewing patterns, knitting needles, needle arts and kids crafts. In keeping with our corporate mission, all of our products are designed to help make life memorable.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006297/en/
CSS Industries, Inc.
John Roselli
Chief Financial Officer
610-729-3750
Source: CSS Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-css-industries-to-report-fiscal-2018-full-year-and-fourth-quarter-results-on-may-31-2018.html |
MONACO (Reuters) - Ferrari were cast into the spotlight at the Monaco Grand Prix on Thursday after Formula One rivals questioned the legality of the energy recovery system on the Italian team’s car and the governing body was reported to be investigating.
Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 24, 2018 Ferrari's Kimi Raikkonen during practice REUTERS/Benoit Tessier The sport’s official website (www.formula1.com) said the governing International Automobile Federation (FIA) had asked Ferrari to “run an extra piece of hardware” so they could monitor the system.
“This weekend, the FIA will monitor the system in operation before analyzing data and making any judgments,” it added.
The website added that, while there was no evidence of the sport’s most successful team breaking the rules, rivals had expressed concern Ferrari might be boosting energy flow beyond the permitted limit.
The web page was later amended to say the FIA had “reportedly asked” Ferrari and that “reports suggest” the governing body would monitor the system.
Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 24, 2018 Ferrari's Sebastian Vettel during practice REUTERS/Benoit Tessier The FIA would not confirm an investigation was under way and a Ferrari spokesman said the team did not comment on media speculation.
Niki Lauda, the retired triple world champion who is now non-executive chairman of Ferrari’s main rivals Mercedes, said last week that the FIA needed to investigate.
“Any race in which grey areas remain grey can be a lost race. The FIA has to clarify these unanswered questions by the race in Monte Carlo,” the Austrian told Germany’s Bild am Sonntag newspaper.
Slideshow (3 Images) Mercedes team boss Toto Wolff and Red Bull’s Christian Horner were asked about the rumors in a scheduled news conference after Thursday’s first practice in Monaco.
“We have legality topics come up regularly. Some are more controversial but it’s the daily business of the FIA to check what the teams do,” said Wolff.
“It is the obligation of the teams to comply with the regulations and this is an ongoing process...and as far as I understand this is a process that’s taking place as we speak and we will see what the outcome is.”
Horner expressed confidence in the FIA’s ability to “measure, administer and look at the car that’s presented for scrutineering and during a grand prix weekend.”
Ferrari’s four-times world champion Sebastian Vettel, who is 17 points behind Mercedes’ Lewis Hamilton after five races but won in Monaco last year, said such speculation was to be expected.
“It’s normal that every now and then you have something popping up,” he told reporters. “This time for us...but in four weeks’ time it will be for someone else.
“Ultimately I think it’s the FIA’s job to look after it and I think we trust them as much as the other teams trust them.”
Reporting by Alan Baldwin, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-monaco-ferrari/motor-racing-ferrari-probed-over-energy-recovery-system-idUSKCN1IP3AS |
* Rising crude, copper prices provide support
* Argentine peso dips despite IMF “high access stand-by” request
* Malaysia ringgit could face weakness on shock election result
By Karin Strohecker
LONDON, May 10 (Reuters) - Emerging market equities extended gains and some currencies bounced on Thursday as a tepid dollar and rising oil prices offset tensions over Iran’s nuclear deal, while Malaysia’s surprise election outcome reverberated through Asian markets.
MSCI’s emerging market index rose 0.7 percent in its fourth straight day of gains, lifted by solid gains in Asia. IT stocks across developing markets jumped 1.4 percent in the slipstream of gains by developed peers.
Adding to the momentum were higher oil and copper prices. The former hit more multi-year highs as markets adjusted to the prospects of renewed U.S. sanctions against major crude exporter Iran.
Following a bruising few days, some emerging currencies made the most of the dollar taking a breather.
“While oil remains on its upward drive - not least because of the increased tension in the Middle East with apparent attacks between Israel and Syria/Iran - some dollar and U.S. Treasury calming (is) leaving emerging market FX mixed,” Simon Quijano-Evans, emerging markets strategist at Legal & General Investment Management, wrote in a note to clients.
South Africa’s rand and Mexico’s peso strengthened around 0.5 percent, while China’s yuan also edged higher.
Turkey’s lira edged 0.2 percent higher after investors digested the outcome of an emergency meeting between President Tayyip Erdogan and members of the government’s economic team. Policymakers agreed to take measures to ease interest rates at the gathering in a move unlikely to assuage investor concerns about double-digit inflation.
But there was no let-up on the horizon for Argentina, with the peso weakening 0.5 percent after Buenos Aires said it would request a “high access stand-by” financing arrangement from the International Monetary Fund (IMF) to calm volatile financial markets.
Turning to the IMF is a politically risky move for business-friendly President Mauricio Macri, who was elected in late 2015 after 12 years of leftist government. Many Argentines blame the IMF for imposing policies on Argentina that led to a deep financial crisis in 2001 and 2002.
Meanwhile a shock election victory by Malaysia’s nonagenarian opposition leader saw the ringgit dip in offshore trading with non-deliverable currency forwards pointing to more weakness ahead while the country’s credit default swaps hit the highest level in at least a year.
Former Prime Minister Mahatir Mohamad’s possible return to power is set to raise concerns among investors over the economic outlook, including his likely plans to scrap goods and services taxes which would hit government revenues. Ratings agency Moody’s said the result left the country in uncharted territory and could be credit negative.
Malaysia’s central bank kept its key interest rate unchanged at a scheduled meeting, citing lower inflation and steady economic growth opposition.
For GRAPHIC on emerging market FX performance 2018, see tmsnrt.rs/2e7eoml For GRAPHIC on MSCI emerging index performance 2018, see tmsnrt.rs/2dZbdP5
For TOP NEWS across emerging markets
For CENTRAL EUROPE market report, see
For TURKISH market report, see
For RUSSIAN market report, see
Reporting and graphics by Karin Strohecker Editing by Andrew Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/emerging-markets/emerging-markets-tepid-dollar-strong-commodities-lift-emerging-stocks-idUSL8N1SH2EK |
* 2017/18 net loss 247.2 bln yen vs market view 222 bln yen loss
* Does not forecast profit number but sees 2018/19 profit (Adds comment on outlook, background)
TOKYO, May 15 (Reuters) - Smartphone screen maker Japan Display Inc reported an annual net loss of about $2.25 billion, its biggest, highlighting the Apple Inc supplier’s struggle to regain competitiveness against Asian rivals.
Japan Display said on Tuesday it lost a net 247.2 billion yen ($2.25 billion) in the year through March. That was nearly eight times the 31.7 billion yen loss a year earlier and steeper than the market’s average forecast for a 222 billion yen loss, according to Thomson Reuters data.
It was its fourth straight year of losses, as growing competition from Asian rivals aggravated the impact of slower demand from smartphone makers.
The company did not give a standard forecast for the current fiscal year, although it did say it was aiming to return to profit in the current year with sales growing around 10 to 20 percent. Markets, however, forecast a loss of 15 billion yen.
The company’s troubles stem in part from its delayed adoption of organic light-emitting diode (OLED) screens that cost the display maker orders from Apple.
The U.S. tech giant, which has accounted for over half of Japan Display’s sales, opted for OLED screens in its latest high-end iPhone X and bought them from Samsung Electronics Co Ltd.
Japan Display has said it wants to start mass-producing OLED screens to better compete with Samsung, and that it needs a partner who can help finance that effort. Analysts have said it will need more than 200 billion yen to launch a mass production line for OLED screens.
It said in April that it would raise $518 million through a new share issue and an asset sale, but the move is widely seen as a stop-gap measure and the company is still seeking a capital partner.
Japan Display was formed in 2012 by combining the LCD businesses of Hitachi Ltd, Toshiba Corp and Sony Corp in a deal brokered by the state-backed Innovation Network Corp of Japan (INCJ), its biggest investor. ($1 = 109.8600 yen) (Reporting by Ritsuko Ando; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-display-results/update-1-japan-displays-annual-net-loss-jumps-nearly-eight-fold-to-2-3-bln-idUSL3N1SM32D |
May 31, 2018 / 12:21 PM / Updated 14 minutes ago Exclusive: China's free trade talks with Sri Lanka hit major hurdles Shihar Aneez 4 Min Read
COLOMBO (Reuters) - Talks between China and Sri Lanka for a free trade agreement have hit major hurdles, mainly because Beijing will not agree to Colombo’s demand for a review of the deal after 10 years, Sri Lanka’s top negotiator said.
China has invested billions of dollars building ports and roads and power stations in the Indian Ocean island nation just off the southern toe of India as part of its Belt and Road Initiative to increase its trade and other connections across Asia and beyond.
But concerns have grown in recent months that such investments can drive the country of 21 million people deeper into debt and undermine its sovereignty, prompting greater scrutiny of deals with China.
China’s exports to Sri Lanka dwarf the trade that goes in the other direction, leaving Colombo with a big deficit with Beijing.
Sri Lanka’s chief trade negotiator K.J. Weerasinghe said this week that Colombo was insisting on a right to review the free trade pact after ten years, but China was not ready to agree that.
Ministerial level discussions about an agreement have not been held since March last year. Lower-level discussions between officials have made little progress, according to Weerasinghe.
“The talks have come to a standstill. China wants to remove the review clause,” Weerasinghe told Reuters. Beijing was opposed to such an option because it wanted longer-term stability, he said.
China’s commerce ministry did not respond to Reuters requests for comment.
The review clause that Sri Lanka wants would allow it to change some of the deal terms if they were hurting the island nation’s local businesses. ANOTHER CONTENTIOUS ISSUE
Weerasinghe said another point of contention was that China wanted zero tariffs on 90 percent of goods the two countries sold to each other as soon as an agreement is signed while Colombo would rather it started with zero tariffs on only half of the products concerned and expanded gradually over 20 years.
China has been pushing for free trade pacts with countries in the region and last year sealed an agreement with the Maldives that drew criticism from opposition political groups in the tropical islands’ nation. They said it had been rushed through parliament with less than an hour of debate.
Sri Lanka has previously said it wanted more time to negotiate the free trade deal with China as it is concerned about the economic impact of a rushed deal on its economy.
Sri Lanka imported $4.2 billion worth of Chinese goods in 2016, mostly raw materials for garments, machines and electronics, metals, transport equipment and chemicals. Its exports to the world’s second largest economy were just $211 million the same year, which included textiles, tea and vegetables, footwear and rubber.
The 2017 figures for China trade have still not been released by the Sri Lankan authorities.
The trade deficit with China accounted for nearly half of the nation’s total deficit in 2016, adding pressure on the country’s current account deficit, central bank data showed.
Sri Lanka’s foreign debt rose nearly 17 percent to 4.72 trillion rupees ($30 billion) last year, a fifth of that coming from loans from China to finance the massive construction programme across the island.
Colombo is separately negotiating a trade pact with India, but that is also moving slowly because Sri Lankan businesses fear they will face competition from a flood of cheap goods made by Indian firms. Reporting by Shihar Aneez; Editing by Sanjeev Miglani and Martin Howell | ashraq/financial-news-articles | https://in.reuters.com/article/uk-sri-lanka-china-trade/exclusive-chinas-free-trade-talks-with-sri-lanka-hit-major-hurdles-idINKCN1IW1G8 |
Trump asked Commerce chief to look into China's ZTE 1:58am BST - 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/2KZESqk | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/14/trump-asked-commerce-chief-to-look-into?videoId=426927597 |
INDIANAPOLIS, May 3, 2018 /PRNewswire/ -- On Thursday, May 10, 2018, Emmis Communications (Nasdaq: EMMS) will host a conference call to discuss fourth-quarter and full-year results. Emmis Chairman/Chief Executive Officer Jeff Smulyan and EVP/CFO/Treasurer Ryan Hornaday will host the call.
After opening comments, Smulyan and Hornaday will respond to questions submitted via email to [email protected] .
To access the earnings call, please dial in at 1-517-623-4891.
DATE/TIME: Thursday, May 10, 2018
Eastern
9 a.m.
Central
8 a.m.
Mountain
7 a.m.
Pacific
6 a.m.
CALL NAME/PASSCODE: Emmis
MODERATORS: Jeff Smulyan, Ryan Hornaday
PLEASE NOTE: To facilitate call entry, we recommend that you place your call five minutes before the scheduled start time.
CALL PLAYBACK: A digital playback of the call will be available until 6 p.m. Eastern on Thursday, May 17 by dialing 402.220.9775.
View original content: http://www.prnewswire.com/news-releases/emmis-announces-fourth-quarter-and-full-year-earnings-call-300642626.html
SOURCE Emmis Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-emmis-announces-fourth-quarter-and-full-year-earnings-call.html |
May 24, 2018 / 4:54 PM / Updated 16 minutes ago EU nears deal on banking capital rules, risk of delay over Italy Francesco Guarascio 3 Min Read
BRUSSELS, May 24 (Reuters) - European Union finance ministers are likely to agree on Friday to new banking capital rules in a major step toward enhancing EU financial stability, but the deal could be delayed because Italy’s political crisis, EU officials said.
The potential delay could be seen as a first sign of how Italy’s prolonged crisis and its emerging eurosceptic government could further slow the bloc’s already sluggish reform process.
An agreement on the banking reform would come after 18 months of heated debates among the 28 EU governments on how to apply new global bank capital rules that overhauled financial regulations after the 2007-2009 global crisis.
Countries have battled for months over the level of capital buffers that banks should hold against risk of failure and the powers of the EU agency for troubled banks, the Single Resolution Board, to enforce these capital requirements.
But the major hurdles have now been cleared and a deal could be finalised on Friday when EU finance ministers gather in Brussels for a regular meeting, three European officials said.
Germany and France, the two main economies of the euro zone, are ready to back the main elements of a compromise put forward by the Bulgarian presidency of the EU, officials said.
The deal would give the SRB a clearer mandate in setting banks’ capital buffers, known as Minimum Requirement for own funds and Eligible Liabilities (MREL).
But the finalisation of the agreement could be postponed because Italy, the euro zone’s third largest economy, might not be able to endorse the deal, as the country is in the process of forming a government, one EU official said.
An agreement on the banking package requires a qualified majority of EU member states and could be sealed even if Italy opposed it. But, given the importance of the proposals, the Bulgarian presidency could opt for a postponement of the vote, as it did at a meeting in March to wait for the swearing-in of the new German government.
The possible delay would however highlight EU discomfort at dealing with a new Italian government of the anti-establishment 5-Star and the far-right League dedicated to a high-spending programme that calls into question crucial fiscal and banking rules of the European Union.
The decision on whether sealing or delaying the deal will be made on Friday after a public debate among EU finance ministers, a spokeswoman for the EU’s current Bulgarian presidency said. (Reporting by Francesco Guarascio Editing by Mark Heinrich) | ashraq/financial-news-articles | https://www.reuters.com/article/eu-banks-regulation/eu-nears-deal-on-banking-capital-rules-risk-of-delay-over-italy-idUSL5N1SV6UL |
May 1 (Reuters) - Southside Bancshares Inc:
* SOUTHSIDE BANCSHARES INC QUARTERLY EARNINGS PER SHARE $0.46
* SOUTHSIDE BANCSHARES SAYS NET INTEREST INCOME INCREASED $8.9 MILLION TO $44.1 MILLION FOR THREE MONTHS ENDED MARCH 31 - SEC FILING Source text: ( bit.ly/2w1yefO ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-southside-bancshares-reports-quart/brief-southside-bancshares-reports-quarterly-earnings-per-share-0-46-idUSFWN1S806E |
May 14, 2018 / 8:24 AM / Updated 8 minutes ago The U.S. is opening an embassy in Jerusalem. Why is there a furore? Stephen Farrell 7 Min Read
JERUSALEM (Reuters) - The United States opens its embassy in Jerusalem on Monday, a move that has delighted Israel and infuriated Palestinians.
The opening ceremony is at a U.S. consular building in the Arnona neighbourhood. It will house an interim embassy for the ambassador and a small staff until a larger site is found.
The compound cuts across the 1949 Armistice Line that separated West Jerusalem from No Man’s Land, which Israel captured in the 1967 Six Day War and has held under occupation ever since.
The embassy move follows U.S. President Donald Trump’s decision last December to break with decades of U.S. policy and recognise Jerusalem as the capital of Israel.
Israel’s Prime Minister Benjamin Netanyahu welcomed the decision, saying it reflected that “the Jewish people have had a capital for 3,000 years, and that it is called Jerusalem.”
But the move upset the Arab world and Western allies. Palestinian President Mahmoud Abbas called it a “slap in the face” and said the United States can no longer be regarded as an honest broker in any peace talks with Israel.
Trump said his administration has a peace proposal in the works and that by recognising Jerusalem as the capital of America’s closest ally he had “taken Jerusalem, the toughest part of the negotiation, off the table.”
WHY DID TRUMP RECOGNISE JERUSALEM AS ISRAEL’S CAPITAL AND ANNOUNCE THE EMBASSY WILL BE MOVED THERE?
There has long been pressure from pro-Israel politicians in Washington to move the U.S. Embassy from Tel Aviv to Jerusalem, and Trump made it a promise of his 2016 election campaign.
Vice-President Mike Pence and David Friedman, the ambassador to Israel appointed by Trump, are thought to have pushed hard for both recognition and embassy relocation.
The decision was popular with many conservative and evangelical Christians who voted for Trump and Pence.
Trump acted under a 1995 law that requires the United States to move its embassy to Jerusalem. But Bill Clinton, George W. Bush and Barack Obama consistently signed waivers.
Announcing his decision on Dec. 6, Trump cited the Jerusalem Embassy Act and suggested his predecessors had “lacked courage.” He said: “They failed to deliver. Today, I am delivering.”
WHY DOES JERUSALEM PLAY SUCH AN IMPORTANT ROLE IN THE MIDDLE EAST CONFLICT?
Religion, politics and history.
Jerusalem is a city sacred to Judaism, Christianity and Islam, and each religion has sites of great significance there. Jerusalem has been fought over for millennia by its inhabitants, and by regional powers and invaders including the Egyptians, Babylonians, Romans, early Muslim rulers, Crusaders, Ottomans, the British Empire and by the modern states of Israel and its Arab neighbours.
Israel’s government regards Jerusalem as the eternal and indivisible capital of the country, although that is not recognised internationally. Palestinians say East Jerusalem must be the capital of a future Palestinian state. Jews call the city Jerusalem, or Yerushalayim, and Arabs call it Al-Quds (“The Holy”).
At the heart of Jerusalem’s Old City is the hill known to Jews as Har ha-Bayit, or Temple Mount, and to Muslims as al-Haram al-Sharif, or The Noble Sanctuary. It was home to the Jewish temples of antiquity but all that remains above ground is a restraining wall for the foundations built by Herod the Great. Known as the Western Wall, this is a sacred place of prayer for Jews. FILE PHOTO - A worker is seen inside the new U.S. embassy compound during preparations for its opening ceremony, in Jerusalem, May 13, 2018. REUTERS/Ronen Zvulun
Within yards of the wall are two Muslim holy places, the Dome of the Rock and the Al-Aqsa Mosque, which was built in the 8th century. Muslims regard the site as the third holiest in Islam, after Mecca and Medina. The city is also a pilgrimage site for Christians, who revere it as the place where they believe Jesus Christ preached, died and was resurrected. WHAT IS THE CITY’S MODERN HISTORY AND STATUS?
In 1947, the United Nations General Assembly decided the then British-ruled Palestine should be partitioned into an Arab state and a Jewish state. But it recognised that Jerusalem had special status and proposed international rule for the city, along with nearby Bethlehem, as a ‘corpus separatum’ to be administered by the United Nations.
That never happened. When British rule ended in 1948, Jordanian forces occupied the Old City and Arab East Jerusalem. Israel captured East Jerusalem from Jordan in the 1967 Middle East war and annexed it in a move not recognised internationally.
In 1980 the Israeli parliament passed a law declaring the “complete and united” city of Jerusalem to be the capital of Israel. But the United Nations regards East Jerusalem as occupied, and the city’s status as disputed until resolved by negotiations between Israel and the Palestinians. The king of Jordan retains a role in ensuring the upkeep of the Muslim holy places. DOES ANY OTHER COUNTRY HAVE AN EMBASSY IN JERUSALEM?
Guatemala will move its embassy from Tel Aviv to Jerusalem on May 16 and Paraguay later this month.
Netanyahu said in April “at least half a dozen” countries were now “seriously discussing” following the U.S. lead. He did not identify them.
In December, 128 countries voted in a non-binding U.N. General Assembly resolution calling on the United States to drop its recognition of Jerusalem as Israel’s capital. Nine voted against, 35 abstained and 21 did not cast a vote.
WHAT IS LIKELY TO HAPPEN NEXT? HAS JERUSALEM BEEN A FLASHPOINT BEFORE?
Since the announcement there has been tension, with Palestinian protests in Jerusalem, Gaza and the West Bank. More than 40 Palestinians have been killed by Israeli troops in Gaza during a six-week border protest.
That protest culminates on May 15, a day Palestinians traditionally lament homes and land lost as Israel was created in 1948, given extra significance this year because it falls on the day after the U.S. Embassy move.
Although clashes between Palestinian protesters and Israeli forces have not been on the scale of the first and second Palestinian intifadas in 1987-1993 and 2000-2005, violence has erupted before over matters of sovereignty and religion.
In 1969 an Australian Messianic Christian tried to burn down the Al-Aqsa Mosque, causing damage. So charged was the Middle East’s political climate - just two years after the Six Day War - there was fury across the Arab world.
In 2000, Israeli politician Ariel Sharon, then opposition leader, led a group of Israeli lawmakers onto the Temple Mount/al-Haram al-Sharif complex. Palestinians protested and there were clashes that quickly escalated into the second Palestinian uprising, known as the Al-Aqsa Intifada.
Deadly confrontations took place last July after Israel installed metal detectors at the entrance to the complex after the killing of two Israeli policemen by Arab-Israeli gunmen. Slideshow (9 Images)
Arab leaders across the Middle East have warned that a unilateral American move could lead to turmoil and hamper U.S. efforts to restart long-stalled Israeli-Palestinian peace talks.
(For graphic, click tmsnrt.rs/2wtlDCi ) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-usa-embassy-explainer/the-u-s-is-opening-an-embassy-in-jerusalem-why-is-there-a-furore-idUKKCN1IF0VG |
JERUSALEM (Reuters) - U.S.-based software company Verint Systems ( VRNT.O ) is in talks to merge its security division with Israeli cyber surveillance firm NSO Group in a deal worth about $1 billion, a source close to the negotiations said on Monday.
The transaction, if completed, would create one of the world’s largest cyber companies. NSO would remain an independent company as a new division within Verint, said the source, who spoke on condition of anonymity.
The source also said the deal would likely be signed in the coming days.
NSO declined to comment while Verint was not available outside U.S. business hours. The talks were first reported by the Wall Street Journal.
NSO is best known as a suppliers of mobile surveillance tools to governments and law enforcement agencies. The company, founded in 2009 by Omri Lavie and Shalev Hulio, was in the spotlight last year amid allegations the Mexican government has used its Pegasus mobile spyware to target private citizens.
The WSJ reported that under the proposed deal, Verint has offered to pay private equity firm Francisco Partners, which is NSO’s controlling shareholder, with its own stock and assumed debt.
The newspaper said Francisco Partners, which paid $120 million to buy a majority stake in NSO in 2014, would become the largest shareholder in Verint if the deal is completed.
Israeli media reported last July that Blackstone Group ( BX.N ) was in talks to buy part of NSO but sources told Reuters that the U.S. private equity firm pulled out of those discussions a month later.
Verint shares have risen more than 5 percent this year and closed at $44.05 on Friday, valuing the company at $2.82 billion.
Reporting by Steven Scheer; Additional reporting by Ismail Shakil in Bengaluru; Editing by Jeffrey Heller and Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-verint-systems-nso-m-a/verint-in-talks-to-merge-with-israels-nso-group-at-1-billion-value-source-idUSKCN1IT0PT |
DALLAS, May 14, 2018 (GLOBE NEWSWIRE) -- Dougherty’s Pharmacy, Inc. (OTCQB:MYDP) (“Dougherty’s” or the “Company”) (formerly Ascendant Solutions, Inc.) today announced its results for the first quarter of fiscal 2018.
Highlights
Gross profit margin for the first quarter 2018 was 27.2%. The generic dispensing rate for the first quarter 2018 was 85.5%. The Campus at Legacy West in Plano, Texas (“Legacy”) store opened February 6, 2018.
For the first quarter ended March 31, 2018, the Company reported a consolidated net loss of $266,000, or $0.01 per share, compared to net loss of $168,000, or $0.01 per share, for the same period of 2017. The increase in the Company’s net loss for the first quarter 2018 compared to the same quarter in 2017 was attributable to lower gross profit dollars.
The Company reported first quarter consolidated earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of $96,000, compared to consolidated earnings EBITDA of $211,000 in the same period of 2017. (See tables below for a reconciliation of net loss to EBITDA on a GAAP basis.)
Key measures used by the Company’s management to evaluate business performance include revenue, gross profit, selling, general and administrative expense (“SG&A”) and EBITDA. EBITDA is calculated as net income before deducting interest, taxes, depreciation and amortization. EBITDA is a non-GAAP measure that Company’s management considers to best present the results of ongoing operations and is useful when comparing the performance between different reporting periods.
Pharmacy Operations
The Company’s subsidiary, Dougherty’s Holdings, Inc. (“DHI”), which owns and operates multiple Dougherty’s Pharmacies, reported EBITDA of $204,000 for the first quarter ended March 31, 2018, compared to $364,000 in 2017, a decrease of 44.0 percent.
DHI’s same stores reported a sales decline of $487,000 or 4.9 percent for the 2018 quarter when compared to prior year. Total script count for same store sales declined by 5.8 percent for Q1 2018 when compared to prior year. Same store sales includes $19,000 of revenues and 460 scripts filled for the Legacy store via concierge service from its pharmacy on Campbell Road, which will continue until the Legacy store receives its pharmacy license. Front end sales at the Legacy store were $11,000. The same store sales decline for the quarter ended March 31, 2018 is primarily attributable to the transition to other pharmacy providers of prescriptions filled for certain long-term care facilities and under certain third party payor benefit plans that changed effective January 2018. The initial focus of the Managing Director of Business Development appointed during the first quarter of 2018 is to recoup these prescriptions.
Total store sales for the quarter ended March 31, 2017 included net revenues and scripts of $124,000 and 1,664, respectively, from the Humble, Texas pharmacy, sold on May 6, 2017.
Total store gross margin percent for the first quarter 2018 declined slightly to 27.2% as compared to 27.7% for the same period in 2017 due to an increase in third party payor fees that began increasing at the beginning of 2017. Total third party fees for the first quarter 2018 increased $35,000 as compared to the same period in 2017.
Same store, Legacy and Humble SG&A was a net decrease of $19,000, or 0.9 percent, for the quarter ended March 31, 2018 as compared to the same period in 2017.
The following chart summarizes DHI’s pharmacy operations, along with DHI’s pharmacy operations overhead. Same store sales compare results for pharmacies held for over one year. Acquisition or new store and disposition store sales will be reported separately from same store sales. There were no acquisition store sales to report in 2017 or 2018.
Pharmacy Operations Financial Summary
(000’s omitted, except script count, unaudited)
First Quarter 2018 2017 Same Store Sales: Revenue $ 9,444 (1 ) $ 9,931 Gross margin percentage 27.2 % 27.7 % SG&A 2,111 2,067 EBITDA 456 680 Generic dispensing rate 85.5 % 84.2 % Script count 103,098 (2 ) 109,481 Legacy store opened: Revenue-front end $ 11 $ - Gross margin percentage 28.2 % - SG&A 28 - EBITDA 10 - Humble Disposed Operations: Revenue $ - $ 124 Gross margin percentage - 32.0 % SG&A 7 98 EBITDA (7 ) (58 ) Script count - 1,664 Pharmacy Operations Overhead: SG&A 255 258 Total Pharmacy Operations: Revenue $ 9,455 $ 10,055 Gross margin percentage 27.2 % 27.7 % SG&A 2,401 2,423 EBITDA 204 364 Generic dispensing rate 85.5 % 84.2 % Script count 103,098 111,145 (1) Includes $19 filled via concierge for Legacy (2) Includes 460 filled via concierge for Legacy Pharmacy Operations Overhead
The Company’s pharmacy overhead division reported SG&A of $255,000 for the first quarter of 2018 compared to $258,000 in 2017. The decrease of $3,000 is attributable to salary and payroll related cost savings from the resignation of the President during the fourth quarter of 2017 offset by the addition of the Managing Director of Business Development during the first quarter of 2018 and the transfer of the Director of Retail Operations to this division.
Corporate Overhead related to being Public
The Company’s corporate overhead division reported negative EBITDA of ($108,000) for the first quarter of 2018 compared to ($153,000) in 2017. The decrease of $45,000 is attributable to salary and payroll related cost savings from the resignation of the President and Chief Financial Officer during the first quarter of 2018 and the reversal of non-cash stock compensation expense related to revalued vested restricted stock units.
Management Comments
Jim Leslie, Chairman of the Board and Interim President and CFO of Dougherty’s, commented, “During the 2018 first quarter, the ongoing industry-wide dilemma surrounding the transparency of the Pharmacy Benefit Manager (PBM) pricing model continued to impact profitability of our stores and other independent pharmacies across the United States. The independent pharmacy community has been experiencing these issues for quite some time and is currently working on solutions to rectify the situation. When compared to the challenging reimbursement environment, the brand-to-generic conversion trend within our industry has had a smaller impact on our business. We expect these pricing pressures to continue in the near term, but we are stepping up efforts to offset the impact by increasing our focus on improving sales, streamlining operations and enhancing the efficiency of Dougherty’s pharmacy operations.
“Over the past quarter, we have been diligently working on a number of initiatives to improve the profitability of our pharmacies. We have increased our efforts to improve our long-term care and compounding businesses, as we believe these divisions dramatically set us apart from our competitors and provide solid opportunity for growth. We have also enhanced our service capabilities throughout the organization and are implementing initiatives to improve the front-end profitability of our stores through realignment of retail product offerings. We are confident that over time our growth strategies will result in improved profitability and enhance Dougherty’s valuation.”
Select Balance Sheet Items and Book Value per Share
(000's omitted, except per share amounts, unaudited)
March 31 December 31 2018 2017 Cash $ 363 $ 389 Accounts Receivable, net 1,991 2,024 Inventory, net 3,518 3,562 Prepaid expenses and other 209 267 Total Current Assets 6,081 6,242 Long Term Receivable 448 448 Property and Equipment, net 1,046 1,045 Intangible Assets, net 2,724 2,892 Equity Method Investments - - Deferred Tax Asset 2,000 2,000 Total Assets $ 12,299 $ 12,627 Accounts Payable $ 3,017 $ 3,123 Accrued Liabilities 583 429 Notes Payable, Short-Term 708 813 Revolving credit facility 3,975 3,831 Total Current Liabilities 8,283 8,196 Notes Payable, Long-Term 2,661 2,801 Total Liabilities 10,944 10,997 Stockholders' Equity 1,355 1,630 Total Liabilities and Equity $ 12,299 $ 12,627 Common Shares Outstanding 23,087,164 22,973,310 Book Value per Share $ 0.06 $ 0.07 Select Income Statement Items
(000's omitted, unaudited)
Three Months Ended March 31, 2018 2017 Revenue $ 9,455 $ 10,055 Cost of Sales 6,887 7,268 Gross Profit 2,568 2,787 SG&A 2,509 2,576 Other income 37 - EBITDA 96 211 Depreciation & Amortization (242 ) (266 ) Interest (110 ) (102 ) Taxes (10 ) (11 ) Net loss $ (266 ) $ (168 ) About Dougherty’s Pharmacy, Inc.
Dougherty’s Pharmacy, Inc. is a value-oriented investment firm focused on successfully acquiring, managing and growing community-based pharmacies in the Southwest Region. Dougherty’s currently has approximately $48 million in net operating loss carryforwards which can be used to shelter future income, thus enhancing free cash flow or debt service capabilities. Interested investors can access financials and stock trading information for Dougherty’s at OTCMarkets.com or at www.doughertys.com .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions, including future events such as expectations for the Company receiving its pharmacy licensure for its new location as well as its expectations for revenue generation from this new pharmacy location. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions. Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.
Contact: Geralyn DeBusk or Tom Carey Halliburton Investor Relations 972-458-8000
Source:Dougherty's Pharmacy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-doughertyas-pharmacy-inc-reports-2018-first-quarter-earnings.html |
As reports of sexual harassment and misconduct in the workplace continue, there has been an increased focus on the role of human resources . At the Weinstein Company, the HR department was considered "weak ," while at Vice, a former employee said that she fell out of favor with the company after reporting sexual harassment to HR.
But HR pros say that this increased focus on their teams is misplaced. Instead, many argue that HR departments are simply a reflection of a company's culture — HR can only flex as much muscle as company leaders will allow.
In other words, the real power and responsibility rests with those at the top.
"[#MeToo] is all of our issue, it's society's issue. But in the workplace it is not HR's issue," says Patty McCord, former chief talent officer at Netflix . "Particularly, it's management's issue."
Chelsea Guglielmino | FilmMagic | Getty Images Take Back The Workplace March And #MeToo Survivors March & Rally on November 12, 2017 in Hollywood, California. Yet HR is often touted as a confidential recourse for employees who are mistreated, which is why many find it troubling that women who have experienced sexual harassment at work say they felt discouraged from speaking with HR personnel because they feared retaliation. In fact, a study shows that 75 percent of employees face retaliation when they speak up.
Still, McCord emphasizes that employees should be able to talk to anyone in management and get the same result they'd receive from HR. "That's not an HR problem, that's a cultural problem," she tells CNBC Make It . "You either tolerate that s---t or you don't. Period. End of story."
Denise Young Smith, who previously served as Apple 's head of worldwide human resources and is now an executive-in-residence at Cornell Tech, has a similar take. While HR is one of the levers of recourse employees have within an organization, she says, employees should also feel comfortable speaking with any leader, all the way up to the CEO of the company.
"Everyone owns the responsibility for a culture that is intolerant of these kinds of behaviors," says Smith. "You must implement processes, and levers and a culture of trust."
That's where leaders come in, she says. Company heads establish the organization's core values, the business environment and set the course for what's acceptable in the workplace.
As employers rethink their company culture in light of recent sexual harassment allegations, it's critical that they treat the work environment as a core business strategy, not just as an issue over on the HR side, says Tina Tchen, the lawyer spearheading the Time's Up Legal Defense Fund and Michelle Obama 's former chief of staff.
show chapters Kate Hudson: I’m angry there aren’t enough women on boards 7:05 AM ET Fri, 20 April 2018 | 02:11 "These are core corporate governance issues," she tells CNBC Make It . The "tone" must start at the very top and flow through the entire organization.
Like McCord and Smith, Tchen says that this "business imperative" must stem from a company's executives, investors and board members, rather than an organization's employee relations team. "Most successful business strategies on getting companies ahead are those that are invested in and led by the top," says the attorney. "This business strategy is no different."
Most important, she notes that HR teams must also feel empowered by company leaders to effectively do their job and act as champions for employees.
"[HR] needs to sit in a place within the organization where it has the power and the accountability to management, not to hold down any unhappy employees, but to do fair and impartial investigations of employee complaints," says Tchen.
Like this story? Like CNBC Make It on Facebook .
Don't miss: Time's Up top lawyer: 'We're alot of years away from gender equality'
show chapters 6 ways to convince someone the gender pay gap is real 4:45 PM ET Tue, 10 April 2018 | 03:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/hr-pros-from-apple-netflix-the-c-suite-needs-to-address-metoo.html |
May 29, 2018 / 2:03 PM / Updated 23 minutes ago EU proposes more spending on Italy, other southern states, less in east Francesco Guarascio 3 Min Read
BRUSSELS (Reuters) - The European Commission proposed on Tuesday spending more European Union money on Italy and other southern members hit by the economic and migrant crises, while spending less in the former communist countries of central Europe. FILE PHOTO: European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium, May 2, 2018. REUTERS/Francois Lenoir
The proposal on the 2021-2027 budget, which details plans announced a month ago, comes as Italy faces snap elections, which polls show could further strengthen eurosceptic parties.
The budget, the first since Britain voted to leave the EU, would increase to 1.1 trillion euros (958 billion pounds) from 1 trillion euros in the current seven-year period. A third of spending would be allocated to the “cohesion policy”, which helps reduce the gap between rich and poor regions of the bloc.
The commission proposed a new methodology to distribute funds that takes into account unemployment levels and the reception of migrants, and not just economic output as previously.
This will result in a reduction of regional funds for eastern countries because they have grown faster in recent years and have overcome the global financial crisis better than others in the EU.
“The natural consequence of getting richer is a gradual decrease in cohesion policy support. This is a fact and in the end is a good sign,” the EU commissioner for regional policy Corina Cretu said.
Southern states, who are still struggling to fully recover from the crisis, will instead see an increase in cohesion funds.
In an overall draft budget of 373 billion euros for cohesion between 2021 and 2027, 72.7 billions would be allocated to Poland, the highest share among EU states. But that represents a reduction from the 82.1 billion euros committed to Warsaw in the current seven-year budget period.
Polish Prime Minister Mateusz Morawiecki said later on Tuesday that his government would oppose the commission’s proposal.
Hungary would also see its regional funds drop to 20.2 billion from 23 billion [ here ].
EU funds for Italy’s poorest regions would increase to 43.4 billion euros from 35.1 billion. Spain will see an increase of cohesion funds to 38.3 billion euros from 31.2 billion and Greece to 21.6 billion from 17.3 billion.
Greece, Italy and Spain face double-digit unemployment, while jobless rates are below 5 percent of the workforce in Poland, Hungary and the Czech Republic [ here ].
Italy and Greece are also the bloc’s main first-arrival countries for migrants and refugees from the Middle East and Africa. Eastern countries, led by Poland and Hungary, have refused to host refugees under an EU relocation plan.
The Commission will publish in the coming days and weeks other detailed proposals on future expenditures on security, research and other budget headings. Reporting by Francesco Guarascio, additional reporting by Marcin Goettig in Warsaw; editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eu-budget-funds/eu-unveils-plans-to-boost-spending-on-italy-crisis-hit-states-idUKKCN1IU1RF |
VANCOUVER, B.C., May 01, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) (OTCBB:VRRCF), the " Company ", or “ VR ”, is pleased to announce the acquisition of the Kraut property, to expand its epithermal gold exploration strategy within the southern part of the Walker Lane belt in west-central Nevada.
Figure 1. Location of Kraut and Danbo mineral properties, VR Resources Ltd., Nye County, Nevada.
As shown on Figure 1 , the Kraut property is located approximately 5 kilometres northwest of the Company’s Danbo property in Nye County, Nevada. Kraut and Danbo are located in the southern part of the Monitor Range, approximately 50 kilometres northeast of Tonopah. Cost effective exploration is afforded by road access from Highway 82, with actively used historic ranch and mine roads throughout both properties.
The Kraut Property consists of 6 mineral claims in one contiguous block covering 124 acres (50 hectares). The broad terms of the proposed acquisition include:
Agreement to acquire a 100% interest in the Kraut property (“the acquisition”) from Nevada Select Royalty, Inc. (“Nevada Select”), a wholly owned subsidiary of Ely Gold & Minerals Inc. (“Ely Gold”) (TSX-V: ELY, OTC: ELYGF), pursuant to a binding acquisition agreement dated April 27, 2018; An initial payment of USD$10,000 and the issuance of 50,000 common shares in the capital of VR to Ely Gold on closing of the Acquisition (“the Closing”); An additional payment of USD$50,000 and issuance of 50,000 common shares in the capital of VR to Ely Gold upon commencement by VR of a diamond drill program on the property; The acquisition agreement includes a defined Area of Interest extending from the existing claims; Nevada Select will be granted a Net Smelter Returns royalty of 2% on Closing, and; Closing is subject to acceptance by the TSX Venture Exchange.
The Company intends to commence surface exploration at Kraut early this summer. The work will be a natural extension of its work at Danbo during the past two years. There are accounts of periodic historic exploration at Kraut in the late 1950’s, early 1980’s and early 1990’s, including some shallow air-track drilling. The Company will leverage an improved understanding of the nearby Round Mountain gold deposit since that time, and recent innovations in exploration technologies for Tertiary epithermal gold systems in general in the Walker Lane Belt in Nevada in order to evaluate the large area of alteration and surface gold geochemistry evident at Kraut.
Commenting on the news today, VR’s CEO Dr. Gunning stated: “ While the Company gears up for its upcoming follow-up drill program at Bonita, we are excited about the opportunity this acquisition provides to apply our exploration experience at Danbo to the large alteration system at Kraut. The drill permitting process is underway at Danbo, and we will look forward to providing details on summer exploration at Kraut when plans are in place. ”
Please see the Company’s website at www.vrr.ca for more complete information on the Danbo property. Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and reviewed on behalf of the Company by Dr. Michael Gunning P.Geo., a non-independent Qualified Person.
About VR Resources
VR is a new listing in the junior exploration space (TSX.V:VRR) (Frankfurt:5VR) (OTCBB:VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring for large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy , which is currently focused on three core properties, namely Bonita, Junction and Danbo. VR owns its exploration assets outright, and will evaluate new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning” | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-vr-resources-acquires-new-ground-to-expand-its-epithermal-gold-exploration-strategy-around-its-danbo-property-nevada.html |
April 30 (Reuters) - AL TAJAMOUAT FOR TOURISTIC PROJECTS COMPANY:
* Q1 PROFIT 863,040 DINARS VERSUS 989,292 DINARS YEAR AGO Source: ( bit.ly/2w0R06X ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-al-tajamouat-for-touristic-project/brief-al-tajamouat-for-touristic-projects-q1-profit-falls-idUSFWN1S7155 |
May 3 (Reuters) - Chongqing Landai Powertrain Corp Ltd :
* SAYS IT SCRAPS ASSET RESTRUCTURING, SHARE TRADE TO RESUME ON MAY 4 Source text in Chinese: bit.ly/2rg3jr8 (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chongqing-landai-powertrain-scraps/brief-chongqing-landai-powertrain-scraps-asset-restructuring-share-trade-to-resume-idUSH9N1S403H |
Shohei Ohtani struck out nine over 7 2/3 innings, allowing two runs, as the host Los Angeles Angels snapped the Tampa Bay Rays’ six-game winning streak and avoided a four-game sweep with a 5-2 win Sunday.
May 20, 2018; Anaheim, CA, USA; Los Angeles Angels starting pitcher Shohei Ohtani (17) delivers a pitch in he fifth inning against the Tampa Bay Rays at Angel Stadium of Anaheim. Mandatory Credit: Kirby Lee-USA TODAY Sports Ohtani (4-1) allowed six hits and walked one. Martin Maldonado hit a solo homer, his second, and had two RBIs, Zack Cozart added two RBIs and Luis Valbuena had one for Los Angeles, which snapped its season-high five-game skid.
Johnny Field clubbed a solo blast for his fourth homer of the year and Denard Span also had an RBI for Tampa Bay, which couldn’t build on its major league-leading win streak.
For the second straight day, Tampa Bay started reliever Sergio Romo. He pitched 1 1/3 hitless innings with two walks and three strikeouts. Matt Andriese (1-2) followed Romo and gave up two unearned runs on no hits and two walks while striking out one.
Braves 10, Marlins 9
Dansby Swanson’s two-run single with the bases loaded in the ninth inning capped a six-run rally and gave Atlanta a wild win over Miami at SunTrust Park.
Swanson had been 0-for-8 since returning from the disabled list on Saturday. He drove a 2-2 pitch from reliever Tayron Guerrero (0-2) into the left field corner to bring home Tyler Flowers and Kurt Suzuki with the tying and winning runs.
Swanson struck out to start the inning, but the Braves began to peck away against reliever Brad Ziegler. Ronald Acuna Jr. drove in a run with a sacrifice fly, Freddie Freeman’s hustle on an infield single plated another, and Nick Markakis drove in a run with a single to center field. Miami brought in Guerrero, who walked Flowers and surrendered an RBI hit to Suzuki. He walked Johan Camargo to load the bases with two outs, setting up Swanson’s game-winning heroics.
Cubs 6, Reds 1
Kyle Schwarber, Javier Baez and Ben Zobrist homered to back the strong pitching of Yu Darvish, sending Chicago past host Cincinnati.
Darvish (1-3) allowed a first-inning run, but then shut out the Reds over the next five innings as the Cubs won three games of the four-game series, which included a split of a day-night double-header on Saturday.
After Scott Schebler’s infield hit had given the Reds a 1-0 lead in the first, the Cubs responded immediately against Reds starter Tyler Mahle (3-6) with back-to-back homers by Schwarber and Baez after Ian Happ had walked to lead off the top of the second. Zobrist increased the lead to 4-1 in the fifth.
Cardinals 5, Phillies 1
Rookie Tyler O’Neill hit his second major league home run, one day after his first, and fellow rookie Jack Flaherty struck out 13 over 7 2/3 innings for his first major league victory as host St. Louis knocked off Philadelphia to split a four-game series at Busch Stadium.
O’Neill, starting in left field as the Cardinals gave a day off to struggling Marcell Ozuna, led off the bottom of the sixth inning with a home run to center field off Phillies starter Aaron Nola (6-2), who had given up only three home runs in 58 2/3 innings before Sunday and saw his winning streak halted at five games.
Flaherty (1-1), who recently returned to the rotation with the injury to Adam Wainwright, gave up just two hits, one of them Rhys Hoskins’ sixth home run of the season. He walked just one while throwing 120 pitches.
Red Sox 5, Orioles 0
J.D. Martinez blasted two home runs and finished with three RBIs to supplement a strong start by Eduardo Rodriguez as Boston silenced visiting Baltimore.
May 20, 2018; Anaheim, CA, USA; Los Angeles Angels third baseman Zack Cozart (7) follows through on a run scoring sacrifice fly in the fifth inning as Tampa Bay Rays catcher Wilson Ramos (40) and home plate umpire Jeff Nelson (45) watch at Angel Stadium of Anaheim. Mandatory Credit: Kirby Lee-USA TODAY Sports It was the first multi-homer game with the Red Sox for Martinez (2-for-4), who tied teammate Mookie Betts for the major league lead with 15 home runs. Andrew Benintendi went 3-for-5 and slugged a two-run shot as Boston won three of four in the series.
Rodriguez (4-1) claimed the victory, striking out seven over 5 2/3 scoreless innings while allowing nine hits and walking none. Baltimore starter David Hess (1-1) was charged with five runs on eight hits and two walks with four strikeouts in 4 2/3 innings. Adam Jones went 3-for-4 for the Orioles, who lost for the 15th time in 16 road games.
Mariners 3, Tigers 2 (11 innings)
Jean Segura singled in the winning run in the bottom of the 11th inning as host Seattle rallied to defeat Detroit, spoiling an outstanding start by Francisco Liriano.
Dee Gordon led off 11th by grounding a single into right field off right-hander Buck Farmer (0-3). Gordon stole second base, his American League-leading 16th of the season, and Segura grounded a single to right field.
Nick Vincent (2-1) pitched a scoreless inning of relief for the victory. Lirinao allowed one hit in eight scoreless innings. He walked three and struck out five, but the Mariners tied it in the bottom of the ninth on Mitch Haniger’s two-run homer off closer Shane Greene.
Mets 4, Diamondbacks 1
Asdrubal Cabrera and Amed Rosario homered on consecutive pitches in the seventh inning as New York completed a three-game sweep of Arizona at Citi Field.
The sweep for the Mets is their first at Citi Field since September 2016. The Diamondbacks have lost four straight and 10 of 11.
Arizona left-hander Jorge De La Rosa (0-2) retired the first two batters he faced in the seventh, but Tomas Nido singled and Cabrera, pinch-hitting for starting pitcher Noah Syndergaard (4-1), smacked his third career pinch-hit homer. Rosario, who homered for the Mets’ first run in the sixth, followed by completing his first two-homer day as a major leaguer.
Giants 9, Rockies 5
Brandon Belt and Nick Hundley hit back-to-back homers in the seventh inning to give host San Francisco the lead for good over Colorado at AT&T Park.
With their second straight win, the Giants salvaged a split of the four-game series and kept the Rockies from moving into first place in the National League West.
Gorkys Hernandez, who began the Giants’ comeback with a two-run homer in the fifth, led off the seventh by singling against Bryan Shaw (1-2). Evan Longoria drew a one-out walk, after which left-hander Jake McGee entered to face the left-handed-hitting Belt. But Belt beat the percentages by homering on a 1-0 pitch for his first round-tripper against a southpaw this season.
White Sox 3, Rangers 0
Welington Castillo had two hits and a homer and right-hander Reynaldo Lopez pitched eight scoreless innings to help Chicago win its first series since late April with the win over Texas at Guaranteed Rate Field.
Leury Garcia had two hits and drove in two runs and Lopez (1-3) gave up two hits and retired 17 of the last 19 he faced in his longest career outing. It was his first victory since Sept. 22, 2017. Lopez struck out eight and did not allow a hit after Carlos Perez opened the third inning with a double
Texas left-hander Mike Minor (3-3) gave up six hits and three runs in five innings, with a season-high nine strikeouts.
Twins 3, Brewers 1
Slideshow (14 Images) Logan Morrison’s two-run single in the eighth inning put Minnesota ahead for good in an interleague victory over visiting Milwaukee.
Morrison came within feet of a grand slam as his single with the bases loaded, off Brewers reliever Boone Logan, was high off the right field wall. A sharp rebound prevented him from extra bases.
The go-ahead hit came after Logan intentionally walked Eduardo Escobar. All three Twins baserunners aboard when Logan delivered his hit reached via walk, two against Logan and one against reliever Taylor Williams (0-2), who took the loss.
Padres 8, Pirates 5
San Diego rode a four-run ninth inning to its third straight win against host Pittsburgh.
The Pirates took a 5-4 lead in the eighth, but in the ninth, Jose Pirela and Christian Villanueva opened with singles against Pittsburgh closer Felipe Vazquez (2-1). Pinch hitter Cory Spangenberg reached and Pirela scored for a 5-5 tie on shortstop Jordy Mercer’s throwing error.
Freddy Galvis’ bunt single brought home pinch runner Franchy Cordero for the go-ahead run. After a double steal, A.J. Ellis hit a two-run single to make it 8-5.
Athletics 9, Blue Jays 2
Marcus Semien had a two-run home run and three RBIs, Daniel Mengden pitched seven scoreless innings and visiting Oakland defeated Toronto to complete a four-game sweep.
The Athletics took advantage of four Toronto errors and other miscues to score five unearned runs.
Oakland finished a 10-game road trip 7-3 to move three games over .500 for the first time this season at 25-22. The Blue Jays fell to three games below .500 for the first time this season at 22-25.
Astros 3, Indians 1
Lance McCullers carried a perfect game into the sixth inning and Brian McCann snapped a scoreless tie with a home run in the seventh as Houston claimed the rubber match of its weekend series with Cleveland at Minute Maid Park.
McCullers (6-2) breezed before Indians second baseman Jason Kipnis led off the sixth with a single to right field, completing his first five frames on 57 pitches. He leaned on his third pitch, a changeup, in his last outing but found his primary weapon against Cleveland, wielding his knuckle curveball to positive results while recording six strikeouts through three innings.
The Astros fashioned a rally on McCullers’ behalf in the bottom of the seventh, with Yuli Gurriel recording his second hard-hit ball off Indians right-hander Carlos Carrasco (5-3) to open the inning. Two batters later, Brian McCann followed the Gurriel single with a home run to the back of the Astros’ bullpen in right-center field, his fourth dinger of the season, finally ending the stalemate.
Dodgers 7, Nationals 2
Yasmani Grandal, Enrique Hernandez and Yasiel Puig all homered as Los Angeles defeated Washington at Nationals Park.
Left-hander Alex Wood (1-4) went six innings and gave up two runs on three hits and even helped on offense with his first career stolen base. Josh Fields got the final four outs for this second save.
Washington right-hander Stephen Strasburg (5-4) allowed just five hits in 6 2/3 innings — but two of them were homers and gave the Dodgers three runs.
Yankees 10, Royals 1
Sonny Gray retired the first 14 hitters and pitched eight outstanding innings while Tyler Austin hit a pair of two-run homers as New York beat Kansas City at Kauffman Stadium.
Gray (3-3) scattered four hits, struck out five and issued one walk. He threw 92 pitches and recorded first-pitch strikes on 22 hitters.
Gray did not allow a baserunner until Hunter Dozier blooped a single to center field with two outs in the fourth inning. He allowed two more baserunners when he opened the seventh by hitting Jorge Soler with a pitch and then Mike Moustakas singled.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb/major-league-baseball-ohtani-angels-end-rays-winning-streak-idUSKCN1IM0WS |
sources@
* Qualcomm to meet regulators before Wilbur Ross arrives -sources
* Qualcomm had productive talks with SAMR on Friday -sources
* Qualcomm is now preparing a new submission to SAMR -sources (Adds to say Qualcomm, NXP could not be reached for comment in 9th paragraph)
BEIJING, May 27 (Reuters) - Qualcomm Inc is expecting to meet this week in Beijing with China's antitrust regulators in a final push to secure clearance for its proposed $44 billion acquisition of NXP Semiconductors NV, three sources told Reuters.
The acquisition has been caught in the crosshairs of rising U.S.-China trade tensions, with sources saying an approval would depend on the progress of broader bilateral talks. The deal has got a nod from eight of the nine required global regulators, with Chinese clearance the only one pending.
Qualcomm is likely to meet Chinese regulators before U.S. Commerce Secretary Wilbur Ross arrives in China on Saturday, the sources briefed on Qualcomm's discussions said.
A Qualcomm team and officials from the State Administration for Market Regulation (SAMR) met in Beijing on Friday and had "productive" talks, the sources said.
The San Diego-based firm is now "cautiously optimistic" the deal will go forward, one of the sources said, amid recent indications of a thaw in U.S.-China trade tensions that has seen both sides propose tens of billions of dollars in tariffs.
On Friday, the Trump administration said it had reached a deal that would put ZTE Corp back in business after the Chinese telecommunications company pays a $1.3 billion fine and makes management changes.
Resolving the ZTE sales ban has been of chief importance to China's leadership. The firm was banned in April from buying U.S. technology components for seven years after breaking an agreement it reached for violating U.S. sanctions against Iran and North Korea.
"It feels as though it's getting close to the end," said the source quoted above.
Qualcomm did not immediately reply to an email from Reuters seeking comment on Sunday, while calls to NXP went unanswered outside regular business hours.
NEW SUBMISSION
Qualcomm is now preparing a new submission to SAMR aimed at providing final guarantees and assurances, the sources said.
China's market regulator did not immediately respond to a faxed request for comment outside of business hours.
While there are no explicit ties between ZTE's problems, Sino-U.S. trade tensions and Qualcomm-NXP merger clearance, there are "perceived linkages" and the timing of current discussions is "not coincidental," two of the sources said.
"The degree to which the two sides are moving to resolve trade tensions clearly has an impact," one source said.
Qualcomm in recent weeks has moved to restart discussions that have stalled since the end of last year.
The company in April was forced to refile its China anti-trust application to clear the NXP deal, after talks reached a dead end.
Cristiano Amon, Qualcomm's president, was in China last week, attending a big data industry expo in the southwest province of Guizhou.
Earlier this month, China's anti-trust regulator approved Qualcomm's investment with a unit of state-owned Datang Telecom Technology Co. to design, package and test smartphone chipsets, one year after the joint venture was announced. (Reporting By Matthew Miller; Additional reporting by Michael Martina and Elias Glenn; Editing by Himani Sarkar) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/reuters-america-update-1-qualcomm-to-meet-china-regulators-in-push-to-clear-44-bln-nxp-deal-sources.html |
May 27, 2018 / 6:03 AM / Updated 7 hours ago Australian teams' streak against New Zealand ends at one as conference tightens Reuters Staff 3 Min Read
WELLINGTON (Reuters) - Australian teams’ supremacy over New Zealand opposition in Super Rugby might not have lasted more than one game but New South Wales Waratahs coach Daryl Gibson was convinced his side were tracking the right way as the playoffs loomed more sharply into focus.
The Waratahs ended a 40-game, and more than two-year, losing streak by Australian sides against New Zealand teams when they beat a 14-man Otago Highlanders 41-12 in Sydney last week.
Gibson’s team were, however, unable to extend that beyond one game when they suffered a 39-27 loss to the Waikato Chiefs on Saturday but the coach said there were positives to take from the loss.
“We’re close... we’re competing,” Gibson said. “(But) there’s plenty there to work on.”
The Waratahs have proved over the last three weeks they are the best team in Australia, when they get it right, but they still have plenty to work on.
They raced out to a 29-0 lead two weeks ago against defending champion Canterbury Crusaders before losing 31-29.
They established a 14-0 lead against the Chiefs before the home side rallied and secured a bonus-point win with a late Damian McKenzie try.
That try denied the Waratahs a bonus point for finishing within seven of the home side, which could be crucial in the overall playoffs picture.
The Waratahs lead the Australian conference on 31 points, but just have a one-point lead over the Melbourne Rebels, who thrashed an under-strength Sunwolves 40-13 on Friday.
“In the context of our season, it was really important that we got those five points,” Rebels coach Dave Wessels said of the bonus-point victory courtesy of a hat-trick of tries to Marika Koroibete and two to fellow winger Jack Maddocks.
“We are going to enjoy (the) win because it has brought some confidence back into the group.”
Confidence will be essential for both teams in the final part of the season.
Each of the three conference winners are guaranteed a playoff spot, but with the remaining five positions based on overall points, the chance of two Australian sides making it are still up in the air.
Four of New Zealand’s teams and two in the South African conference - the Lions (40) and Jaguares (34) - have more points than both the Waratahs and Rebels. The Sharks (28) could also still sneak in as the eighth-qualifier.
The Waratahs’ final four games are against Australian conference teams, including a crucial clash against the Rebels in Melbourne after the June international break.
The Rebels, however, have a tougher run in with two games against New Zealand’s Auckland Blues at Eden Park next Saturday and the Highlanders in Dunedin in the final round. Reporting by Greg Stutchbury; Editing by Sudipto Ganguly | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-waratahs/australian-teams-streak-against-new-zealand-ends-at-one-as-conference-tightens-idUKKCN1IS03Z |
Reports Revenue of $223 Million, Net Loss of ($2) Million and Adjusted EBITDA of $33 Million
Advertising Revenue Increases 20% Over First Quarter 2017
SAN FRANCISCO--(BUSINESS WIRE)-- Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today posted its financial results for the first quarter ended March 31, 2018 in the Q1’18 Letter to Shareholders on its Investor Relations website at www.yelp-ir.com .
“We had a great start to 2018, accelerating advertising revenue growth and attracting a record number of new advertisers in the first quarter,” said Jeremy Stoppelman, Yelp’s co-founder and chief executive officer. “The expansion of our non-term advertising product is showing promising results and we are raising our full-year revenue and adjusted EBITDA outlook. We are excited to issue our inaugural Shareholder Letter in which we've outlined our strategy and financial results.”
Quarterly Conference Call
Yelp will host a live Q&A session today at 2:00 p.m. PT to discuss the first quarter 2018 financial results. The webcast of the Q&A can be accessed on the Yelp Investor Relations website at www.yelp-ir.com . A replay of the webcast will be available at the same website until May 18, 2018.
About Yelp
Yelp Inc. ( www.yelp.com ) connects people with great local businesses. With unmatched local business information, photos and review content, Yelp provides a platform for consumers to discover, interact and transact with local businesses of all sizes. Yelp was founded in San Francisco in July 2004.
Yelp intends to make future announcements of material financial and other information through its Investor Relations website. Yelp will also, from time to time, disclose this information through press releases, filings with the Securities and Exchange Commission, conference calls or webcasts, as required by applicable law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006026/en/
Yelp Inc.
Ron Clark, 415-568-3243
[email protected]
Source: Yelp Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-yelp-reports-first-quarter-2018-financial-results.html |
May 7 (Reuters) - Shenwan Hongyuan Group Co Ltd:
* SAYS BROKERAGE UNITS' NET PROFIT AT 449.8 MILLION YUAN ($70.68 million) IN APRIL Source text for Eikon: bit.ly/2rrhGZ9 ($1 = 6.3640 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-shenwan-hongyuan-says-brokerage-un/brief-shenwan-hongyuan-says-brokerage-units-net-profit-at-449-8-mln-yuan-in-april-idUSH9N1S901E |
(Reuters) - Rory McIlroy is hoping a return to a familiar hunting ground this week at Quail Hollow for the Wells Fargo Championship in North Carolina will allow him a chance to bounce back from a near-miss at last month’s U.S. Masters.
Rory McIlroy of Northern Ireland looks back at the green while hitting out from amid the azaleas on the 13th hole during the Masters golf tournament at Augusta. REUTERS/Mike Segar A return to an old stomping ground could not come at a better time for McIlroy in his first start since he finished in a share of fifth place at Augusta National where he went out in the final pairing eyeing the final leg of the career grand slam.
The 28-year-old Northern Irishman claimed his maiden PGA Tour victory at Quail Hollow in 2010 and has posted top-10 finishes in six of his eight starts at the venue, including a second triumph in 2015.
“It’s always nice to come back to a golf course and an event where you’ve played well before and you’ve have some really good memories and luckily this week is one of those weeks for me,” McIlroy told reporters.
“I’ve always enjoyed the golf course, through the different variations of it, from 2010 all the way up until now.”
McIlroy, the only two-times winner of the Wells Fargo Championship, will tee off in Thursday’s opening round alongside Englishman Paul Casey and American James Hahn.
The four-times major champion said the Quail Hollow course sets up perfectly for his style of play and caters to his strengths with plenty of mid and long iron shots.
“I’ve played it well and it’s one of those golf courses that sets up well for me, it fits my eye. I feel like I can play my game around here and that served me pretty well over the years,” said McIlroy.
“So hopefully this week is another good week and the start of a pretty busy stretch for me so I am looking forward to kicking that off in a positive fashion.”
McIlroy began the final round of the Masters alone in second place and three shots behind eventual champion Patrick Reed but after a disappointing day finished six shots back.
Since failing on what was his fourth shot at a career grand slam, McIlroy took time off to decompress and only resumed practising over the last 10 days.
While he acknowledged there may be rust in his game he is eager to get back to competition.
“Felt like going into the few weeks leading up to Augusta I was playing well, obviously got myself in the final group but didn’t play quite so well on the last day,” McIlroy said.
“But the game is feeling good and hopefully I can play my way into the tournament this week and hopefully play my way into contention on the weekend.”
Reporting by Frank Pingue in Toronto, editing by Ed Osmond
| ashraq/financial-news-articles | https://www.reuters.com/article/us-golf-wellsfargo-mcilroy/mcilroy-hopes-to-put-masters-letdown-behind-him-at-quail-hollow-idUSKBN1I32WF |
WASHINGTON (Reuters) - The U.S. Federal Communications Commission said on Friday it was referring reports that a website flaw could have allowed the location of mobile phone customers to be tracked to its enforcement bureau to investigate.
FILE PHOTO: The Federal Communications Commission (FCC) logo is seen before the FCC Net Neutrality hearing in Washington, U.S., February 26, 2015. REUTERS/Yuri Gripas/File Photo A security researcher said earlier this week that California-based LocationSmart data could have been used to track AT&T Inc ( T.N ), Verizon Communications Inc ( VZ.N ), Sprint Corp ( S.N ) and T-Mobile US ( TMUS.O ) consumers without consent within a few hundred yards of their location.
Senator Ron Wyden, a Democrat, on Friday urged the FCC to investigate, saying on Twitter a “hacker could have used this site to know when you were in your house so they would know when to rob it. A predator could have tracked your child’s cell phone to know when they were alone.”
Researcher Robert Xiao at Carnegie Mellon said a flaw in a demo tool from LocationSmart could have been used to track anyone.
LocationSmart spokeswoman Brenda Schafer said Friday the vulnerability “has been resolved and the demo has been disabled.”
Prior to Xiao’s efforts that included locating up to two dozen users, Schafer said the company believes no one else exploited the vulnerability. The company is committed to “continuous improvement of its information privacy and security measures,” she said.
Last week, the New York Times reported that the former sheriff of Mississippi County, Missouri used Securus Technologies to track mobile phones, including those of other officers, without court orders, citing charges filed against him. Several published reports suggested Securus is getting its data through an intermediary of LocationSmart.
Verizon spokesman Rich Young said Friday the company has “taken steps to ensure that Securus can no longer access location information about Verizon Wireless customers.” He added the company has “initiated a review of this entire issue.”
AT&T spokesman Mike Balmoris said the company does not “permit sharing of location information without customer consent or a demand from law enforcement. If we learn that a vendor does not adhere to our policy we will take appropriate action.”
Sprint, Securus and T-Mobile did not immediately comment.
Wyden said last week that Securus, a major provider of correctional-facility telephone services, is purchasing real-time location information from carriers and providing information “via a self-service web portal for nothing more than the legal equivalent of a pinky promise.”
Wyden wrote all four major mobile carriers, saying the practice “exposes millions of Americans to potential abuse and unchecked surveillance by the government.”
Reporting by David Shepardson; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-mobile-privacy/fcc-investigating-reports-website-flaw-exposed-mobile-phone-locations-idUSKCN1IJ2F0 |
Current market fears sparked by Italy's political drama 56 Mins Ago Sam Stovall, CFRA chief investment strategist; Jeff Korzenik, Fifth Third Private Bank chief investment officer, and Joseph LaVorgna, Natixis chief economist, provide insight to current market jitters and where they are seeing investment opportunities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/current-market-fears-sparked-by-italys-political-drama.html |
1 COMMENTS Convergys Corp. CVG 12.64% is in talks with several parties interested in the call-center operator, according to people familiar with the matter, as the company looks for a buyer that could help it bulk up at a time of rapid change in the industry.
The Cincinnati-based company, which has a market value just over $2 billion, kicked off a sales process after its chief executive, Andrea Ayers, decided to step down and is deep into discussions with a number of parties, according to the people familiar with the matter. The potential buyers include both industry rivals and private-equity firms, the people said.
There is no guarantee there will be any deal and Convergys could instead choose to continue as an independent company and replace Ms. Ayers, one of the people said. Convergys announced in January that Ms. Ayers would step down after nearly 30 years with the company, including more than five as CEO.
Convergys shares surged nearly 13% to close at $25.30 after The Wall Street Journal reported the sales process.
Convergys operates 136 call centers in which employees interact with clients’ customers on the phone and, increasingly, via other means like chat and interactive voice response. Once part of Cincinnati Bell Inc . CBB 0.30% , the company had about 110,000 employees in 33 countries as of the end of March.
It reported this week that revenue in the first quarter fell 10% on a constant-currency basis to $674 million as key customers like AT&T Inc. reduce their business with the company.
Convergys has been buffeted, like rivals, by a shift toward automation of customer-service functions and by consolidation among customers.
That has helped trigger a wave of consolidation in the industry as companies seek scale to cut costs and invest more to transform their businesses. German media giant Bertelsmann SE in January said it was considering a sale of its call-center business, which handles customer service for clients including Facebook Inc. The business has struggled to grow in part because of a drop-off in business with key accounts. France’s Teleperformance SE bought LanguageLine Solutions Inc., a provider of translation services, for about $1.5 billion in 2016.
Convergys bought Stream Global Services Inc. for more than $800 million in 2014 as part of an effort to push more into so-called business-process outsourcing, which involves functions like sales and tech support.
Activist hedge fund Elliott Management Corp., which sometimes pushes companies to sell themselves, earlier this year disclosed a roughly 4.9% stake in Convergys. It hasn’t said anything publicly about its intentions.
Write to Dana Cimilluca at [email protected] and Cara Lombardo at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/convergys-is-in-talks-with-several-potential-buyers-1526064861 |
To make room for its new “Canova’s George Washington” exhibit, the Frick Collection had to borrow space from two galleries normally devoted to its permanent collection, featuring works by Whistler and Renoir. Otherwise, the museum, the former home of industrialist Henry Clay Frick on Manhattan’s Upper East Side, has no space for such shows.
But a $160 million upgrade and expansion plan announced last month should put an end to such trade-offs.
... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/the-frick-collection-looks-to-expand-1526592680 |
Actor and director Ben Affleck is putting his summer camp-meets-plantation-style compound on a rural Georgia island on the market for $8.9 million.
In recent years, Mr. Affleck has used the home as a vacation getaway, staying in the main house when he is in town, according to the listing agent, Dicky Mopper of Engel & Völkers Savannah.
The... | ashraq/financial-news-articles | https://www.wsj.com/articles/ben-affleck-lists-private-georgia-compound-for-8-9-million-1527690804 |
By Valentina Zarya 7:57 AM EDT Good morning, Broadsheet readers! Female Founders Fund gets more cash to invest in women, women at Visa are having a big talk with their CEO, and the Eric Schneiderman situation raises an important question. Have a lovely Thursday.
EVERYONE'S TALKING
• Time’s Up for domestic violence . In an editorial for USA Today published yesterday, Joanne Lipman—that publication’s former editor-in-chief and current chief content officer of Gannett—argues that the next phase of the #MeToo movement should focus on domestic violence. “We know you aren’t supposed to harass women at work. But is it still OK to keep your job if you’re assaulting them at home?” she asks. To readers of this newsletter, the answer is (hopefully) an obvious “no.” Yet the non-apology of New York Attorney General Eric Schneiderman for allegedly assaulting four women reveals that this is still a gray area for many. “While these allegations are unrelated to my professional conduct or the operations of my office,” Schneiderman said, he would stepping down because the charges “will effectively prevent me from leading the office’s work.”
Lipman argues that the AG “seems oblivious that his private conduct should have any bearing on his professional standing—even if, as is alleged, his behavior is at odds with everything he stands for. This is, after all, the man who as a state senator in 2010 introduced a domestic-violence bill making strangulation to the point of unconsciousness a violent felony. Yet among the accusations from the four women are choking—in addition to beating, spitting on them, and threatening them.”
He’s not alone in this. Successful men can and have behaved horrifically to women in their private lives with no repercussions—or consequences that come only after decades of violent behavior. (But seriously, why is R. Kelly still performing ? Why was Bill Cosby doing standup until just a few months ago ?) In Lipman’s words, “We’re past due for a reckoning on the home front, not just at the office. No more looking the other way for star performers who engage in abusive behavior at home. To those men, here’s a message: Time’s Up.”
USA Today
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• Female Founders Fund 2.0 . Female Founders Fund, a venture capital firm that invests only in start-ups with at least one woman founder, has closed a $27 million second fund. F3 is also partnering with female entrepreneurs—including Melinda Gates, Birchbox co-founder and First Round partner Hayley Barna, and Girls Who Code founder Reshma Saujani—who will help support its portfolio.
Fast Company
• No heads roll at NBC . NBC News said it has found no evidence that its executives received complaints about sexual misconduct involving Matt Lauer until a female employee reported the former Today show co-host to HR in November—at which time he was promptly fired. The investigation was led by the company’s own general counsel, a decision that has been widely criticized.
Bloomberg
• Egregious etiquette. The Huffington Post reports that Town & Country disinvited Monica Lewinsky from its annual philanthropic summit because Bill Clinton was attending. “Please don’t invite me to an event (esp one about social change) and — then after I’ve accepted — uninvite me because Bill Clinton then decided to attend/was invited,” she tweeted. “It’s 2018. Emily Post would def not approve.” (Clinton said he did not know about Lewinsky being disinvited.)
Huffington Post
• Thanks, Mr. President! Rachel Crooks, one of the women who has accused President Trump of sexual harassment, won her primary bid for a seat in the Ohio state legislature. Crooks says she decided to run in part because of her run-in with the president. On her campaign website , she explains that the experience has shaped her, led her to push for “honesty and integrity” and to work to “bring about positive change.”
Fortune
MOVERS AND SHAKERS: Apple’s retail chief Angela Ahrendts is joining Ralph Lauren’s board of directors. Pandora and Facebook vet Sarah Wagener has joined DoorDash as chief people officer.
IN CASE YOU MISSED IT
• More Visa-bility? In a meeting today, several senior female executives at Visa are expected to tell the company’s CEO, Alfred Kelly, that they aren’t being given enough opportunities to advance. The meeting is the outcome of an internal survey of Visa employees last year that found female SVPs were less satisfied with their jobs than their male counterparts.
Wall Street Journal
• Nortman’s secret weapon . Upfront Ventures partner Kara Nortman—who has been a founder, an executive, and a venture capitalist during her career—tells Term Sheet writer Polina Marinova that she regularly consults with a 21-year-old tech entrepreneur to better understand the Gen Z demographic, a relationship that evolved from the VC wanting to help the younger woman. “At some point, I realized I was learning more from her than she was from me. It constantly reminds me not to be ageist or industry-ist.”
Fortune
• Incel’s not an insult . This Politico story digs into the history of the term “incel,” which you heard in relation to the man who killed 10 people by plowing a van through a busy sidewalk in Toronto last month. It has been co-opted by misogynistic men, but the word itself—which means involuntarily celibate—was actually thought up by a woman, who coined it because “The concept of being a lonely virgin is not a nice identity.” Her intention in creating an incel community was to bring people together: “Finding a more friendly term helped people say, ‘Hey, I belong to a group. I’m not alone.’ And by belonging to a group, people can help each other.”
Politico
• Listen up. Bloomberg has launched a new podcast, The Pay Check , which will look at the reasons behind gender pay disparity and its persistence, as well as the human toll of getting paid less for the same work.
Bloomberg
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I just assumed that we were a little more forward-thinking than that. And that we wouldn’t be making these decisions based on gender. - Stephanie Labbé, an Olympic medallist who qualified for a Canadian men’s soccer team—before the league rejected her because she is a woman | ashraq/financial-news-articles | http://fortune.com/2018/05/10/matt-lauer-rose-mcgowan-visa/ |
May 8 (Reuters) - TrueCar Inc:
* TRUECAR REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.01
* Q1 LOSS PER SHARE $0.09 * Q1 REVENUE $81.1 MILLION VERSUS I/B/E/S VIEW $81.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.01 — THOMSON REUTERS I/B/E/S
* SEES Q2 REVENUES ARE EXPECTED TO BE IN RANGE OF $87 MILLION TO $89 MILLION
* SEES Q2 ADJUSTED EBITDA IS EXPECTED TO BE IN RANGE OF $8 MILLION TO $9 MILLION
* SEES Q2 UNITS ARE EXPECTED TO BE IN RANGE OF 243,000 TO 248,000
* SEES FULL YEAR UNITS ARE EXPECTED TO BE IN RANGE OF 1,030,000 TO 1,050,000
* SEES FULL YEAR REVENUES ARE EXPECTED TO BE IN RANGE OF $360 MILLION TO $365 MILLION
* SEES FULL YEAR ADJUSTED EBITDA IS EXPECTED TO BE IN RANGE OF $36 MILLION TO $40 MILLION
* FY2018 REVENUE VIEW $362.1 MILLION — THOMSON REUTERS I/B/E/S
* Q2 REVENUE VIEW $90.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-truecar-reports-q1-loss-per-share/brief-truecar-reports-q1-loss-per-share-of-0-09-idUSASC0A0NU |
May 3, 2018 / 1:22 PM / in 20 minutes BRIEF-Osisko Reports Qtrly Earnings Per Share $0.01 Reuters Staff
May 3 (Reuters) - Osisko Gold Royalties Ltd: * OSISKO REPORTS FIRST QUARTER 2018 RESULTS
* OSISKO GOLD ROYALTIES LTD - QTRLY EARNINGS PER SHARE $0.01
* OSISKO GOLD ROYALTIES - IN QUARTER, EARNED 20,036 GOLD EQUIVALENT OUNCES, IN-LINE WITH 2018 ANNUAL GUIDANCE OF 77,500 GEOS TO 82,500 GEOS
* OSISKO GOLD ROYALTIES LTD - QTRLY REVENUE $125.6 MILLION
* OSISKO GOLD ROYALTIES LTD - ALL AMOUNTS EXPRESSED CANADIAN DOLLARS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-osisko-reports-qtrly-earnings-per/brief-osisko-reports-qtrly-earnings-per-share-0-01-idUSASC09ZKV |
TEL AVIV—Militants in Gaza fired more than two dozen mortar shells into Israel early Tuesday, setting off sirens in several towns along the border and ramping up tensions after weeks of deadly clashes on the fence there.
Israeli military officials said the Iron Dome defense system intercepted most of the 28 projectiles, in what appeared to be the biggest barrage out of the Palestinian territory since the 50-day war in 2014.
A... | ashraq/financial-news-articles | https://www.wsj.com/articles/gaza-militants-fire-mortars-into-israel-1527591761 |
May 9 (Reuters) - Intrinsyc Technologies Corp:
* INTRINSYC TECHNOLOGIES CORP - Q1 REVENUE OF US$6.1 MILLION , UP 35% OVER SAME PERIOD IN PRIOR YEAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-intrinsyc-technologies-q1-revenue/brief-intrinsyc-technologies-q1-revenue-of-6-1-mln-up-35-pct-idUSFWN1SG1LL |
* Court's five conservatives carry the day, liberals dissent
* Trump administration backed employers in the case
* Ruling is latest in a series of pro-business decisions (Adds reaction from company CEO, civil rights lawyers)
WASHINGTON, May 21 (Reuters) - The U.S. Supreme Court delivered a blow to the rights of workers on Monday by allowing companies to require them to sign away their ability to bring class-action claims against management, agreements already in place for about 25 million employees.
The justices, in a 5-4 ruling with the court's conservatives in the majority, endorsed the legality of the growing practice by companies to compel workers to sign arbitration agreements waiving their right to bring class-action claims on various disputes, primarily over wages and hours.
The ruling could apply more broadly to discrimination claims but the court did not explicitly address that issue.
Growing numbers of employers have demanded that their workers sign waivers, guarding against the rising number of class-action claims brought by workers on wage issues. Class-action litigation can result in large damages awards by juries and is harder for businesses to fight than cases brought by individual plaintiffs.
Republican President Donald Trump's administration last year reversed the government's stance in the case, siding with the companies after Democratic former President Barack Obama's administration had supported a U.S. National Labor Relations Board decision invalidating such employment agreements.
The ruling is the latest in a series of pro-business decisions issued by the conservative-majority Supreme Court in recent years that have curbed class-action claims of various types and endorsed the practice of arbitration to resolve contractual disputes. Companies have said that arbitration is quicker and cheaper than litigation in court.
Justice Neil Gorsuch, Trump's appointee to the court, wrote the ruling and was joined by the four other conservative justices. Gorsuch wrote that federal arbitration law does not conflict with the National Labor Relations Act, which outlines the right of workers to act collectively.
"The policy may be debatable but the law is clear: Congress has instructed that arbitration agreements like those before us must be enforced as written," Gorsuch wrote.
Workers have fought back against the waivers, arguing that the cost of pursuing their cases individually in arbitration is prohibitively expensive.
Writing in dissent on behalf of the court's four liberals, Justice Ruth Bader Ginsburg called the ruling "egregiously wrong" and urged Congress to take action to protect workers' rights.
'TAKE IT OR LEAVE IT'
"The court today holds enforceable these arm-twisted, take-it-or-leave-it contracts -- including the provisions requiring employees to litigate wages and hours claims only one-by-one. Federal labor law does not countenance such isolation of employees," Ginsburg said in a statement she read in court.
Ginsburg said she does not believe the ruling would apply to claims alleging discrimination on the basis of race, gender, religion or national origin that are covered by Title VII of the landmark federal Civil Rights Act.
Civil rights advocates are not so sure.
"Today's decision will make it easier for employers to escape liability for widespread discrimination and harassment. No American should be forced to sign away their right to invoke the meaningful protections afforded by our nation's critical civil rights laws," said Kristen Clarke, president of the Lawyers' Committee for Civil Rights Under Law.
The ruling came in the biggest business case of the court's current term, which began in October runs through the end of June.
The three consolidated cases decided by the court involved professional services firm Ernst & Young LLP, gas station operator Murphy Oil USA Inc and healthcare software company Epic Systems Corporation.
"When it comes to grievances regarding wages and hours, we believe individual arbitration agreements strike that reasonable balance and are pleased with the court's decision in support of this," Epic CEO Judy Faulkner said in a statement.
Celine McNicholas, director of labor law and policy at the liberal-leaning nonprofit Economic Policy Institute, said the ruling undermined labor law and workers' rights.
"It is essential to both our democracy and a fair economy that workers have the right to engage in collective action," McNicholas added.
The NLRB argued that the waivers violate federal labor law and let companies evade their responsibilities under workplace statutes. The NLRB in 2012 said for the first time that such waivers were invalid. At the time it had a Democratic majority.
About one in four private-sector non-union employees have signed arbitration agreements that include class-action waivers, according to the Economic Policy Institute.
One U.S. law firm, Ogletree Deakins, seized on the ruling by launching a new service that it said would help employers create arbitration agreements containing class-action waivers for employees in less than five minutes.
(Reporting by Lawrence Hurley; Editing by Will Dunham) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/reuters-america-update-4-u-s-top-court-backs-companies-over-worker-class-action-claims.html |
LONDON (Reuters) - Sterling held close to 3-1/2 month lows on Wednesday after Brexit-related news knocked the pound and as traders readied for data on the construction sector for any sign of an April rebound after weakness in the first quarter.
FILE PHOTO: Pound coins are seen in front of displayed stock graph in this picture illustration taken June 9, 2017. REUTERS/Dado Ruvic/Illustration With the dollar rallying and a weak manufacturing survey published on Tuesday, sterling tumbled to its worst level since mid-January, extending a bruising fortnight for the pound in which it has fallen by around 7 cents because of a sudden collapse in expectations of an interest rate rise in May.
Media reports that senior British lawmakers that back Brexit have demanded that Prime Minister Theresa May drops a proposal for a customs partnership with the European Union once it leaves the bloc reignited concerns about a lack of British political unity about Brexit talks and undermined the pound.
“The pound has been under relentless downward pressure. The upturn in Brexit uncertainty surrounding the Customs Union debate is not helping,” MUFG analysts said in a note.
Sterling rose 0.1 percent to $1.3630 against the dollar after earlier falling to $1.3581 in Asian trading.
But against the euro sterling fell 0.2 percent to 88.24 pence per euro, its weakest since mid-March.
Attention now turns to a monthly business survey for Britain’s construction sector, due at 0830 GMT.
“The construction PMI is usually the least interesting of the three indices, but given the weakness of Q1 GDP, the focus on the strength of the rebound in Q2 and the impact of the weather on both, this month’s data is more interesting than usual,” said RBC’s chief currencies strategist Adam Cole.
On Thursday, the survey for Britain’s vital services sector will be published.
Expectations of a Bank of England rate hike have fallen sharply in recent weeks as weaker-than-expected data makes the case for immediate tightening of monetary policy much harder.
Reporting by Tommy Wilkes; Editing by Alison Williams
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-britain-sterling/sterling-hovers-near-3-1-2-month-lows-ahead-of-construction-survey-idUSKBN1I30UM |
Pedestrian deaths on the rise — here's why 9 Hours Ago CNBC's Phil LeBeau reports on a new study from Insurance Institute for Highway Safety on pedestrian fatalities. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/pedestrian-deaths-on-the-rise-due-to-several-factors.html |
May 3 (Reuters) - BanBao Co Ltd:
* SAYS IT PLANS TO RAISE UP TO 675 MILLION YUAN ($106.34 million) IN SHARE PRIVATE PLACEMENT TO FUND ACQUISITION, PROJECT Source text in Chinese: bit.ly/2waO5ZC ($1 = 6.3476 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-banbao-to-raise-up-to-675-mln-yuan/brief-banbao-to-raise-up-to-675-mln-yuan-in-share-private-placement-to-fund-acquisition-project-idUSH9N1S5020 |
(Adds futures, company news items)
May 24 (Reuters) - Britain’s FTSE futures were up 0.1 percent ahead of the cash market open on Thursday.
* KINGFISHER: Kingfisher, Europe’s second-largest home improvement retailer, said on Thursday sales in its latest quarter were dented by February and March’s unusually adverse weather which kept shoppers at home.
* TATE & LYLE: British food ingredients firm Tate & Lyle on Thursday reported higher annual profits, helped by gains in all its business units and lower costs.
* CAPITAL & COUNTIES: British property developer Capital & Counties Properties said on Thursday it was considering a possible demerger, creating two separately-listed businesses based around its two landmark estates of Covent Garden and Earls Court.
* INTERTEK: British testing company Intertek Group reported a 4.4 percent rise in revenue at constant currency in the first four months of the year, helped by growth in its products division and contributions from recent acquisitions.
* GO-AHEAD GROUP: British bus and train company Go-Ahead Group upgraded its annual forecasts on Thursday, saying that improved efficiency measures on its Southeastern rail contract would boost profit in the year.
* UNITED UTILITIES: British water utility United Utilities Group Plc on Thursday posted a 3.6 percent rise in full-year profit, buoyed by lower costs and regulatory changes over how utilities charge their customers.
* PARAGON BANKING: British mortgage lender Paragon Banking Group said its first-half underlying profit rose 4.7 percent to 73.4 million pounds, driven by strong buy-to-let lending volumes.
* WIZZ AIR: Budget airline Wizz Air posted a 22 percent rise in annual profit and guided that profit would grow by at least 13 percent in its current financial year, as its cheap ticket prices continued to stimulate the market in eastern Europe.
* BRITISH INFLATION: British inflation fell unexpectedly in April, according to data that prompted fresh questions about when the Bank of England would next raise interest rates and pushed sterling to its lowest level against the dollar this year.
* BARCLAYS: Barclays Plc is not actively exploring a potential merger with rivals, two sources close to the bank said, as speculation mounts about how the British lender plans to defend itself against activist investor Edward Bramson.
* PADDY POWER BETFAIR: Paddy Power Betfair, has agreed to merge its U.S. business with fantasy sports company FanDuel to target the U.S. sports betting market that is set to open up in the coming years, the Irish bookmaker said on Wednesday.
* MARKS & SPENCER: Marks & Spencer is modernising rapidly to survive and has finally found a strategy that will deliver the profitable, growing business craved by investors, the British retailer said on Wednesday.
* OIL: Oil prices fell on Thursday on expectations that OPEC members will step up production in the face of worries over supply from both Venezuela and Iran.
* EX-DIVS: Bunzl Plc, Carnival Plc, DCC Plc, Imperial Brands Plc, WM Morrison Supermarkets Plc and Whitbread Plc will trade without entitlement to their latest dividend pay-out on Thursday, trimming 3.2 points off the FTSE 100 according to Reuters calculations.
* The UK blue chip index closed 1.1 percent lower at 7,788.44 on Wednesday, as oil majors and commodity-related stocks fell but well-received results made Marks & Spencer a bright spot.
* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets
TODAY’S UK PAPERS > Financial Times
> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Radhika Rukmangadhan in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-may-24-idUSL3N1SV2Z6 |
(Adds Quote: s, background)
GENEVA, May 14 (Reuters) - The World Health Organization has been given the go-ahead by officials in the Democratic Republic of Congo to import and use an experimental Ebola vaccine in the country, WHO Director-General Tedros Adhanom Ghebreyesus said on Monday.
“We have agreement, registration, plus import permit, everything formally agreed already,” Tedros told reporters. “All is ready now to really use it.”
Vaccinations could begin by next Monday, he said.
The vaccine, developed by Merck in 2016, has proven safe and effective in human trials, but it is still experimental as it does not yet have a licence. It must be kept at -60 to -80 degrees Celsius (-76°F to -112°F), creating huge logistical challenges.
The shot, which was tested in Guinea in 2015 at the end of a vast Ebola outbreak in West Africa, is designed for use in a so-called “ring vaccination” approach.
This would mean that when a new Ebola case is diagnosed, all people who might have been in recent contact with them are traced and vaccinated to try and prevent the disease’s spread.
The WHO said earlier on Monday that the Democratic Republic of Congo had reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths.
It said 393 people who identified as contacts of Ebola patients were being followed up.
Tedros travelled to Congo over the weekend and flew to the remote area, still only accessible by motorbike or helicopter, where the deadly haemorrhagic disease has broken out.
“Being there is very, very important. If a general cannot be with its troops in the front line it’s not a general,” he said.
“And the second thing is, associated with Ebola there is stigma. We have to go and show that that should really stop. And if there is risk, my life is not better than anyone.”
He praised the Congolese government, including President Joseph Kabila whom he met during his trip. Information about the outbreak in Bikoro, Iboko and Wangata in Equateur province was still limited, the WHO said, but at present the outbreak does not meet the criteria for declaring a “public health event of international concern”, which would trigger the formation of an emergency WHO committee. (Reporting by Tom Miles in Geneva, Additional reporting by Kate Kelland in London, Editing by Catherine Evans)
| ashraq/financial-news-articles | https://www.reuters.com/article/health-ebola-who/update-1-who-gets-approval-to-use-ebola-vaccine-in-democratic-republic-of-congo-idUSL5N1SL554 |
Billionaire Ben Navarro, one of four known bidders for the Carolina Panthers, reached out to NFL legend Peyton Manning about joining his ownership group, according to a report from the Charlotte Observer.
Oct 8, 2017; Indianapolis, IN, USA; Indianapolis Colts former quarterback Peyton Manning waives to the crowd at the halftime ceremony where his jersey was retired and he was inducted into the Colts Ring of Honor at Lucas Oil Stadium. Thomas J. Russo-USA TODAY Sports Manning is mulling Navarro’s offer to become a limited partner, according to the report. The 42-year-old former quarterback’s future has been a subject of interest this offseason, as he reportedly turned down Fox’s offer to be the network’s game analyst for “Thursday Night Football.”
Manning was also courted by ESPN for their “Monday Night Football” opening, which has since gone to former Dallas Cowboys tight end Jason Witten, but the five-time NFL MVP is believed to be more interested in an opportunity involving ownership or working in the front office of an NFL team than a TV job.
Manning is estimated to have retired from the NFL with $400 million in total earnings, including endorsements, according to Forbes.
Navarro, from Charleston, S.C., and CEO of Sherman Financial Group, is said to be the leading bidder for the Panthers at $2.6 billion, according to the New York Times. The other bidders include hedge fund manager and Pittsburgh Steelers part-owner David Tepper, Canadian steel company CEO Alan Kestenbaum and e-commerce entrepreneur Michael Rubin.
The Observer reported last month that a vote to approve the sale of the Panthers could take place during league meetings May 21-23.
Panthers owner Jerry Richardson, 81, announced in December he was selling the team he brought into the NFL as an expansion franchise in 1995. His decision came in the aftermath of a Sports Illustrated story alleging workplace sexual and racial misconduct.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-car-navarro-manning/report-peyton-manning-mulling-offer-to-join-panthers-bidder-idUSKBN1IB2R5 |
First quarter production volumes averaged 16.8 MBoe per day, above high end of guidance
Enhanced completion wells continue to outperform type curve First quarter GAAP net income of $13.9 million, or $0.68 per diluted share; adjusted net income (1) of $21.8 million, or $1.07 per diluted share; adjusted EBITDAX (1) of $29.7 million
(1) Non-GAAP measures, see attached Reconciliation Schedules
DENVER, May 08, 2018 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE:BCEI) (the "Company" or "Bonanza Creek") today announces its first quarter 2018 financial results and operating outlook and has posted an updated investor presentation on its corporate website.
Eric Greager, President and Chief Executive Officer, commented, "I am excited to be part of the Bonanza Creek team and believe that the first quarter marked a solid start to the year. Our team has made great progress in driving better well results through the application of higher-intensity completions. I look forward to continuing our innovation in this area and applying these techniques across our acreage position. I am also pleased with Bonanza’s differentiated midstream capabilities and the demonstrated value that they provide to our operations. I believe that 2018 will be a pivotal year for our company and shareholders."
First Quarter 2018 Results
During the first quarter of 2018, the Company reported average daily production of 16.8 MBoe per day, which exceeded the high end of the Company's guidance range of 16.0 – 16.6 MBoe per day. Production outperformance for the quarter was a result of strong new well completions and consistently low line pressures on the Company's Rocky Mountain Infrastructure system ("RMI").The Company's first quarter production decreased by 5% when compared to the first quarter of 2017 due to minimal drilling and completion activity throughout the first half of 2017. Product mix for the first quarter of 2018 was 59% oil, 17% NGLs, and 24% natural gas.
Net revenue for the first quarter of 2018 was $64.2 million, compared to $52.6 million for the first quarter of 2017. The increase in first quarter 2018 net revenue compared to 2017 was a result of increased commodity pricing, greater oil-weighted production, and the adoption of ASC 606, which requires revenues to be reported on a gross basis and no longer net of certain gathering, transportation, and processing charges. The net effect of these changes in presentation increased revenues and related gathering, transportation, and processing line items for the quarter ended March 31, 2018, by $2.3 million, and had no effect on net income. Please see additional disclosure on the adoption of this revenue recognition standard in note 3 of the Company's 10-Q filed on May 8, 2018. Crude oil accounted for approximately 81% of total revenue. Differentials for the Company's Rocky Mountain oil production during the quarter averaged approximately $5.68 per Bbl off of NYMEX WTI. Corporate average realized prices for the first quarter of 2018 are presented below.
Average Realized Prices Three Months Ended March 31, 2018 Oil (per Bbl) 57.89 Gas (per Mcf) 2.78 NGL (per Bbl) 23.33 Boe (Per Boe) 42.27 Lease operating expense ("LOE") for the first quarter of 2018 was $10.5 million, or $6.93 per Boe, a 5% increase in total LOE compared to $9.9 million, or $6.28 per Boe, in the first quarter of 2017. Gas plant and midstream operating expense for the first quarter of 2018 was $3.6 million, or $2.39 per Boe, a 34% increase in total gas plant and midstream operating expense compared to $2.7 million, or $1.71 per Boe, in the first quarter of 2017. Absolute and per-unit LOE and gas plant and midstream operating expenses increased during the first quarter of 2018 primarily as a result of implementation costs from compressor swaps that occurred during the quarter. The Company accelerated its transition to an efficient fleet, which is expected to reduce compressor costs and help ensure low gathering system pressures going forward. These reduced costs, along with increased production, are expected to drive down per-unit LOE metrics each quarter for the remainder of 2018.
Below is a breakout of the Company's regional LOE and gas plant and midstream operating expense for the first quarter of 2018.
Three Months Ended March 31, 2018 Rocky Mountain Mid-Continent Total Company ($M) ($/Boe) ($M) ($/Boe) ($M) ($/Boe) Lease operating expense $ 7,424 $ 6.00 $ 3,035 $ 11.15 $ 10,459 $ 6.93 Gas plant and midstream operating expense $ 2,368 $ 1.92 $ 1,245 $ 4.57 3,613 $ 2.39 Total $ 9,792 $ 7.92 $ 4,280 $ 15.72 $ 14,072 $ 9.32 The Company's general and administrative ("G&A") expense was $9.5 million for the first quarter of 2018, a 21% decrease from the first quarter of 2017. The decrease is primarily due to reduced advisory fees and cost reduction initiatives that were implemented since the Company's restructuring, including the previously announced reduction in force, which occurred in August of 2017.
Reported net income for the first quarter of 2018 was $13.9 million, or $0.68 per diluted share, compared to a net loss of $94.3 million, or $1.91 per diluted share, for the first quarter of 2017. The net loss in 2017 was driven by reorganization items of $89.0 million. Adjusted net income for the first quarter of 2018 was $21.8 million, or $1.07 per diluted share, compared to adjusted net income of $0.8 million, or $0.02 per diluted share, for the first quarter of 2017. The increase in adjusted net income over the prior year was driven by improved cost structure, greater oil-weighted production, and an increase in commodity prices over the prior period.
Adjusted EBITDAX for the first quarter of 2018 was $29.7 million, a 9% increase compared to $27.3 million for the first quarter of 2017.
Adjusted net income (loss) and adjusted EBITDAX are non-GAAP financial measures. Please refer to the respective reconciliations in the schedules at the end of this release for additional information about these measures.
The table below summarizes the Company's annual results as compared to previously provided guidance.
Guidance vs Actual Summary 1Q18 Guidance 1Q18 Actual Production (MBoe/d) 16.0 - 16.6 16.8 Annual Guidance YTD Actual Lease operating expense ($/Boe) $5.00 - $6.00 $ 6.93 Gas plant and midstream operating expense ($/Boe) $1.40 - $1.80 $ 2.39 Cash G&A ($MM)* $32 - $34 $ 9 Production taxes (% of pre-derivative realization) 7% - 8% 8 % CAPEX ($MM) $280 - $320 $ 52 * Cash G&A guidance is a non-GAAP measure that is exclusive of the Company's stock based compensation. The Company does not guide to GAAP G&A expense as it has excessive uncertainty due to the stock based compensation portion of GAAP G&A. Please refer to the non-GAAP disclosure at the end of this release for information regarding cash G&A. The Company reported quarterly production above the high end of guidance in the first quarter. The Company's lease operating expense and gas plant and midstream operating expense for the first quarter were above the Company's expectation due to the aforementioned accelerated compressor swap program, which resulted in moderately higher per Boe metrics. The Company expects its per-unit operating costs to reduce throughout the year as production volumes increase and system efficiencies are utilized.
Production, Capital, and Expense Outlook
The Company is updating its 2018 annual guidance and providing second quarter 2018 production guidance. Annual operating cost and CAPEX guidance ranges remain unchanged from the previously provided guidance ranges with the exception of recurring cash G&A, which has been updated to reflect compensation for the Company's newly-appointed CEO. Below is a table summarizing the Company's production, capital, and expense guidance for the remainder of 2018.
Guidance Summary Three Months Ended
June 30, 2018 Twelve Months Ended
December 31, 2018 Production (MBoe/d) 18.0 – 18.6 17.7 – 18.7 LOE ($/Boe) $5.00 – $6.00 Midstream expense ($/Boe) $1.40 – $1.80 Recurring cash G&A* ($MM) $33 – $35 Production taxes (% of pre-derivative realization) 7% – 8% Total CAPEX ($MM) $280 – $320 * Recurring Cash G&A is a non-GAAP measure that excludes the Company's stock based compensation. The Company does not guide to GAAP G&A expense as it has excessive uncertainty due to the stock based compensation portion of GAAP G&A. Operational Highlights
During the first quarter of 2018, the Company spud 18 gross (12.6 net) operated wells, seven of which were extended reach lateral ("XRL") wells, and completed 8 gross (6.5 net) operated wells, all of which were standard reach lateral ("SRL") wells.
The Company is providing initial well results for the three XRL wells on its J21 and T21 pads, which were completed in the second half of 2017 on the Company's central acreage. These two pads had a combined well count of five wells, two SRLs and three XRLs. The three XRL wells have average cumulative production of 8.6 MBoe per 1,000 feet of lateral after 156 days of production and are outperforming the Company's legacy central XRL type curve by approximately 35%. The average projected three-stream EUR for these XRL wells is approximately 680 MBoe. The Company is encouraged by these results, as they are the first XRL results the Company has obtained using the enhanced stimulation and controlled flow-back programs.
At the beginning of 2018, the Company turned online its eight-SRL F26 pad on its western legacy acreage. Results from these wells have been encouraging and are exceeding the Company's legacy west SRL type curve by 40%. These eight SRL wells have average cumulative production of 6.5 MBoe per 1,000 feet of lateral after 78 days of production. The wells on this pad still have increasing daily production rates, and as such the Company is waiting for the rates to peak before determining an EUR.
The Company has provided updated production results for these wells along with updated production data from its other enhanced completion wells in its May Investor Presentation, which is available on the Company's website.
Financial Highlights
As of the end of the first quarter, the Company had liquidity of $182.5 million, which included cash on hand of $5.8 million and $176.7 million of borrowing capacity under its credit facility. The Company has no outstanding term debt and had $15.0 million outstanding on its credit facility. The Company's balance sheet strength allows it to be flexible, patient and selective in its investment decisions, and the opportunity to participate in growth opportunities.
Commodity Derivative Position
The Company's current hedge position is summarized in the table below and reflects additional hedges the Company entered into through May 8, 2018.
Crude Oil
(NYMEX WTI) Natural Gas
(NYMEX Henry Hub) Bbls/day Weighted Avg.
Price per Bbl MMBtu/day Weighted Avg.
Price per MMBTU 2Q18 Cashless Collar 2,000 $42.00/$52.50 6,259 $2.75/$3.38 Swap 3,835 55.03 — — 3Q18 Cashless Collar 2,000 $43.00/$53.50 7,600 $2.75/$3.31 Swap 5,000 57.87 — — 4Q18 Cashless Collar 2,000 $43.00/$53.50 6,600 $2.75/$3.37 Swap 5,000 58.07 — — 1Q19 Cashless Collar 2,000 $43.00/$54.53 7,600 $2.75/$3.22 Swap 4,000 58.16 — — 2Q19 Cashless Collar 1,330 $44.01/$54.79 2,505 $2.75/$3.22 Swap 4,500 58.32 — — 3Q19 Swap 3,000 55.00 — — 4Q19 Swap 3,000 55.00 — — Conference Call Information
The Company will host a conference call to discuss these financial and operating results on May 9, 2018 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). A webcast of the live event, as well as a replay, will be available on the Investor Relations section of the Company’s website at www.bonanzacrk.com . Dial-in information for the conference call is included below.
Type Phone Number Passcode Live Participant 877-793-4362 6175978 Replay 855-859-2056 6175978 About Bonanza Creek Energy, Inc.
Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company’s assets and operations are concentrated primarily in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell formations, and in southern Arkansas, focused on oily Cotton Valley sands. The Company’s common shares are listed for trading on the NYSE under the symbol: “BCEI.” For more information about the Company, please visit www.bonanzacrk.com . Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words “will,” “potential,” “believe,” “estimate,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “plan,” “predict,” “project,” “profile,” “model” or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding development and completion expectations and strategy; decreasing operating and capital costs; impact of the Company's reorganization; and updated 2018 guidance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: changes in natural gas, oil and NGL prices; general economic conditions, including the performance of financial markets and interest rates; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; ability to acquire adequate supplies of water; risks related to derivative instruments; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining capacity constraints. Further information on such assumptions, risks and uncertainties is available in the Company’s SEC filings. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2017, filed on March 15, 2018, and other filings submitted by us to the Securities Exchange Commission. The Company’s SEC filings are available on the Company’s website at www.bonanzacrk.com and on the SEC’s website at www.sec.gov . All of the forward-looking statements made in this press release are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, including guidance, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information, please contact:
Scott Fenoglio
SVP - Finance and Planning
720-225-6667
[email protected]
Schedule 1: Statement of Operations
(in thousands, expect for per share amounts, unaudited)
Successor Predecessor Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Operating net revenues: Oil and gas sales $ 64,193 $ 52,559 Operating expenses: Lease operating expense 10,459 9,925 Gas plant and midstream operating expense 3,613 2,705 Gathering, transportation and processing 2,338 — Severance and ad valorem taxes 5,233 4,319 Exploration 29 3,407 Depreciation, depletion and amortization 7,508 21,212 Abandonment and impairment of unproved properties 2,502 — Unused commitments 21 993 General and administrative (including $1,008 and $1,725, respectively, of stock-based compensation) 9,533 12,094 Total operating expenses 41,236 54,655 Income (loss) from operations 22,957 (2,096 ) Other income (expense): Derivative loss (8,742 ) — Interest expense (357 ) (4,568 ) Reorganization items, net — (89,003 ) Other income 12 1,391 Total other expense (9,087 ) (92,180 ) Income (loss) from operations before taxes 13,870 (94,276 ) Income tax benefit (expense) — — Net income (loss) $ 13,870 $ (94,276 ) Comprehensive income (loss) $ 13,870 $ (94,276 ) Basic net income (loss) per common share $ 0.68 $ (1.91 ) Diluted net income (loss) per common share $ 0.68 $ (1.91 ) Basic weighted-average common shares outstanding 20,454 49,452 Diluted weighted-average common shares outstanding 20,470 49,452 The Predecessor Company followed the two-class method when computing the basic and diluted net income (loss) per share, which allocates earnings between common shareholders and unvested participating securities. The Successor Company follows the treasury stock method to compute basic and diluted net income (loss) per share. Please refer to Note 12 – Earnings per Share in the Form 10-Q, for a detailed calculation.
Schedule 2: Statement of Cash Flows
(in thousands, unaudited)
Successor Predecessor Three Months Ended March 31, 2018 Three Months Ended March 31, 2017 Cash flows from operating activities: Net income (loss) $ 13,870 $ (94,276 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation, depletion and amortization 7,508 21,212 Non-cash reorganization items — 57,341 Abandonment and impairment of unproved properties 2,502 — Well abandonment costs and dry hole expense — 2,701 Stock-based compensation 1,008 1,725 Derivative loss 8,742 — Derivative cash settlements (4,312 ) — Other 172 383 Changes in current assets and liabilities: Accounts receivable (15,758 ) (3,814 ) Prepaid expenses and other assets 3,402 (536 ) Accounts payable and accrued liabilities (566 ) 31,092 Settlement of asset retirement obligations (665 ) (176 ) Net cash provided by operating activities 15,903 15,652 Cash flows from investing activities: Acquisition of oil and gas properties (98 ) (439 ) Exploration and development of oil and gas properties (37,664 ) (3,425 ) Proceeds from sale of oil and gas properties 20 — Additions to property and equipment - non oil and gas (103 ) (201 ) Net cash used in investing activities (37,845 ) (4,065 ) Cash flows from financing activities: Proceeds from credit facility 15,000 — Payment of employee tax withholdings in exchange for the return of common stock — (335 ) Net cash provided by (used in) financing activities 15,000 (335 ) Net change in cash, cash equivalents and restricted cash (6,942 ) 11,252 Cash, cash equivalents and restricted cash: Beginning of period $ 12,782 80,747 End of period $ 5,840 $ 91,999 Schedule 3: Condensed Consolidated Balance Sheets
(in thousands, unaudited) Successor March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 5,761 $ 12,711 Accounts receivable: Oil and gas sales 37,781 28,549 Joint interest and other 10,357 3,831 Prepaid expenses and other 3,153 6,555 Inventory of oilfield equipment 1,308 1,019 Derivative assets 126 488 Total current assets 58,486 53,153 Property and equipment ( successful efforts method): Proved properties 495,141 555,341 Less: accumulated depreciation, depletion and amortization (21,401 ) (17,032 ) Total proved properties, net 473,740 538,309 Unproved properties 181,193 183,843 Wells in progress 68,735 47,224 Oil and gas properties held for sale, net of accumulated depreciation, depletion and amortization of $2,583 in 2018 82,504 — Other property and equipment, net of accumulated depreciation of $2,482 in 2018 and $2,224 in 2017 4,551 4,706 Total property and equipment, net 810,723 774,082 Long-term derivative assets 56 6 Other noncurrent assets 3,142 3,130 Total assets $ 872,407 $ 830,371 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable and accrued expenses $ 69,148 $ 62,129 Oil and gas revenue distribution payable 18,481 15,667 Derivative liability 15,427 11,423 Total current liabilities 103,056 89,219 Long-term liabilities: Credit facility 15,000 — Ad valorem taxes 15,435 11,584 Long-term derivative liability 3,086 2,972 Asset retirement obligations for oil and gas properties 26,939 38,262 Asset retirement obligations for oil and gas properties held for sale 5,679 — Total liabilities 169,195 142,037 Stockholders’ equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none outstanding — — Common stock, $.01 par value, 225,000,000 shares authorized, 20,453,619 and 20,453,549 issued and outstanding in 2018 and 2017, respectively 4,286 4,286 Additional paid-in capital 690,076 689,068 Retained earnings (deficit) 8,850 (5,020 ) Total stockholders’ equity 703,212 688,334 Total liabilities and stockholders’ equity $ 872,407 $ 830,371 Schedule 4: Volumes and Realized Prices (Before and After the Effect of Commodity Hedges)
(unaudited)
Three Months Ended March 31, 2018 2017 Wellhead Volumes and Prices Crude Oil and Condensate Sales Volumes (Bbl/d) Rocky Mountains 8,281 7,197 Mid-Continent 1,667 1,934 Total 9,948 9,131 Crude Oil and Condensate Realized Prices ($/Bbl) Rocky Mountains $ 57.01 $ 47.80 Mid-Continent $ 62.34 $ 51.55 Composite $ 57.89 $ 48.59 Composite (after derivatives) $ 52.86 $ 48.59 Natural Gas Liquids Sales Volumes (Bbl/d) Rocky Mountains 2,415 3,290 Mid-Continent 447 490 Total 2,862 3,780 Natural Gas Liquids Realized Prices ($/Bbl) Rocky Mountains $ 22.33 $ 15.72 Mid-Continent $ 28.73 $ 25.65 Composite $ 23.33 $ 17.01 Composite (after derivatives) $ 23.33 $ 17.01 Natural Gas Sales Volumes (Mcf/d) Rocky Mountains 18,257 21,435 Mid-Continent 5,467 6,433 Total 23,724 27,868 Natural Gas Realized Prices ($/Mcf) Rocky Mountains $ 2.64 $ 2.57 Mid-Continent $ 3.25 $ 3.24 Composite $ 2.78 $ 2.73 Composite (after derivatives) $ 2.87 $ 2.73 Crude Oil Equivalent Sales Volumes (Boe/d) Rocky Mountains 13,739 14,060 Mid-Continent 3,025 3,496 Total 16,764 17,556 Crude Oil Equivalent Sales Prices ($/Boe) Rocky Mountains $ 41.79 $ 32.07 Mid-Continent $ 44.48 $ 38.07 Composite $ 42.27 $ 33.26 Composite (after derivatives) $ 39.42 $ 33.26 Total Sales Volumes (MBoe) 1,508.8 1,580.0 Schedule 5: Per unit operating margins
(unaudited)
Three Months Ended March 31, 2018 2017 Percent Change Production Oil (MBbl) 895 822 9 % Gas (MMcf) 2,135 2,508 (15 )% NGL (MBbl) 258 340 (24 )% Equivalent (MBoe) 1,509 1,580 (5 )% Realized pricing (before derivatives) Oil ($/Bbl) $ 57.89 $ 48.59 19 % Gas ($/Mcf) $ 2.78 $ 2.73 2 % NGL ($/Bbl) $ 23.33 $ 17.01 37 % Equivalent ($/Boe) $ 42.27 $ 33.26 27 % Per Unit Costs ($/Boe) Realized price (before derivatives) $ 42.27 $ 33.26 27 % Lease operating expense 6.93 6.28 10 % Gathering, transportation and processing 1.55 — — % Gas plant and midstream operating expense 2.39 1.71 40 % Severance and ad valorem 3.47 2.73 27 % Cash general and administrative 5.65 6.56 (14 )% Total cash operating costs $ 19.99 $ 17.28 16
% Cash operating margin (before derivatives) $ 22.28 $ 15.98 39 % Derivative cash settlements (2.85 ) — — % Cash operating margin (after derivatives) $ 19.43 $ 15.98 22
% Non-cash items Non-cash general and administrative $ 0.67 $ 1.09 (39 )% Schedule 6: Adjusted Net Income (Loss)
(in thousands, except per share amounts, unaudited)
Adjusted net income (loss) is a supplemental non-GAAP financial measure that is used by management to present recurring profitability that is more comparable between periods by excluding items that are non-recurring in nature or items which are not easily estimable. Management believes adjusted net income (loss) provides external users of the Company's consolidated financial statements such as industry analysts, investors, creditors, and rating agencies with additional information to assist in their analysis of the Company. The Company defines adjusted net income (loss) as net income (loss) after adjusting first for (1) the impact of certain non-cash items and one-time transactions and then (2) the non-cash and one time items’ impact on taxes based on a tax rate that approximates the Company's effective tax rate in each period. Adjusted net income (loss) is not a measure of net income (loss) as determined by GAAP.
The following table presents a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of adjusted net income (loss).
Three Months Ended March 31, 2018 2017 Net income (loss) $ 13,870 $ (94,276 ) Adjustments to net income (loss): Derivative loss 8,742 — Derivative cash settlements (4,312 ) — Abandonment and impairment of unproved properties 2,502 — Exploratory dry hole expense — 2,701 Unused commitments 21 993 Stock-based compensation (1) 1,008 1,725 Reorganization items, net — 89,003 Pre-petition advisory fees (1) — 683 Total adjustments before taxes 7,961 95,105 Income tax effect — — Total adjustments after taxes $ 7,961 $ 95,105 Adjusted net income (loss) $ 21,831 $ 829
Adjusted net income (loss) per diluted share (2) $ 1.07 $ 0.02
Diluted weighted-average common shares outstanding (2) 20,470 49,452 (1) Included as a portion of general and administrative expense in the consolidated statements of operations. (2) For the three-month period ended March 31, 2018, the Company used the Successor's diluted weighted average share count to calculate adjusted net income per diluted share. Schedule 7: Adjusted EBITDAX
(in thousands, unaudited)
Adjusted EBITDAX is a supplemental non-GAAP financial measure that is used by management to provide a metric of the Company's ability to internally generate funds for exploration and development of oil and gas properties. The metric excludes items which are non-recurring in nature and/or items which are not reasonably estimable. Management believes adjusted EBITDAX provides external users of the Company’s consolidated financial statements such as industry analysts, investors, lenders, and rating agencies with additional information to assist in their analysis of the Company. The Company defines Adjusted EBITDAX as earnings before interest expense, income taxes, depreciation, depletion, amortization, impairment, exploration expenses and other similar non-cash and non-recurring charges. Adjusted EBITDAX is not a measure of net income (loss) or cash flows as determined by GAAP.
The following table presents a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measure of Adjusted EBITDAX.
Three Months Ended March 31, 2018 2017 Net income (loss) $ 13,870 $ (94,276 ) Exploration 29 3,407 Depreciation, depletion and amortization 7,508 21,212 Abandonment and impairment of unproved properties 2,502 — Unused commitments 21 993 Stock-based compensation (1) 1,008 1,725 Interest expense 357 4,568 Derivative loss 8,742 — Derivative cash settlements (4,312 ) — Pre-petition advisory fees (1) — 683 Reorganization items, net — 89,003 Income tax effect — — Adjusted EBITDAX $ 29,725 $ 27,315 (1) Included as a portion of general and administrative expense on the consolidated statements of operations. Schedule 8: Cash G&A
(in thousands, unaudited)
Cash G&A is a supplemental non-GAAP financial measure that is used by management to provide only the cash portion of its G&A expense, which can be used to evaluate cost management and operating efficiency on a comparable basis from period to period. Management believes cash G&A provides external users of the Company’s consolidated financial statements such as industry analysts, investors, lenders, and rating agencies with additional information to assist in their analysis of the Company. The Company defines cash G&A as GAAP general and administrative expense exclusive of the Company's stock based compensation and one-time charges, such as severance costs and advisor fees. The Company refers to cash G&A to provide typical cash G&A costs that are planned for in a given period. Cash G&A is not a fully inclusive measure of general and administrative expense as determined by GAAP.
The following table presents a reconciliation of the GAAP financial measure of general and administrative expense to the non-GAAP financial measure of cash G&A.
Three Months Ended March 31, 2018 2017 General and administrative $ 9,533 $ 12,094 Stock-based compensation (1,008 ) (1,725 ) Cash G&A $ 8,525 $ 10,369
Source:Bonanza Creek Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-bonanza-creek-energy-announcesafirst-quarter-2018-financial-results-and-operational-update.html |
64 COMMENTS What began as a single opioid lawsuit in Ohio is now the only such case that matters. Every significant opioid lawsuit in the U.S. has been lumped together into a giant case before one federal judge in Cleveland who has declared his extraordinary ambition to “solve” the crisis in 2018.
Judge Dan Polster is bringing before him all the major companies involved, including drug manufacturers like Purdue Pharma, distributors like McKesson and retailers like CVS. Other parties swept into Cleveland—some of which haven’t even sued yet—include the Justice Department, several Native American tribes, more than 40 states, and hundreds of counties, cities and people. New cases will continue to be added.
The judge has made clear that he doesn’t plan to bring hundreds of cases to trial. Instead he wants a policy solution: a comprehensive settlement that covers everyone involved in the opioid crisis, even those who never filed any lawsuit.
Yes, this kind of arrangement is legal. It is also increasingly common. Multidistrict litigation cases, or MDLs, have become the court system’s tool of choice for handling high-profile harm caused by national companies. MDLs have been deployed in recent years to address the NFL’s concussions, General Motors ’s ignition-switch woes, and BP’s oil spill. A ruling is expected any day on whether the Facebook privacy breaches will become an MDL too.
One reason for the rising popularity of MDLs is that a series of Supreme Court rulings over the past two decades have made it more difficult to bring class-action lawsuits. MDLs provide an alternative. Instead of consolidating plaintiffs into a “class” so they can file a single lawsuit, a slew of similar plaintiffs from different jurisdictions file separately. MDLs allow those cases to be grouped together before a court and resolved simultaneously. Some MDLs even bundle class actions together into a single megalitigation.
To some observers, this arrangement seems lawless or even undemocratic. Judges presiding over MDLs are not bound by special rules. They often have a cowboy-on-the-frontier mentality, trying single-handedly to address cases involving intractable problems and enormous numbers of actors. MDL defendants may insist on reaching a “global settlement”—one that covers all the cases against them, even those not actually before the MDL court. That gives the judge an unusual amount of leverage.
Illustration: Grant Robertson Unlike class actions, MDLs do not even aim toward trial. The law that authorizes them says they may resolve only pretrial issues. The original idea was that individual cases would return home for trial after the MDL. But today the process is resolved in MDL court 97% of the time. Pretrial issues are usually not subject to review by higher courts, giving the MDL judge still more power.
Judge Polster captured the scope of his ambitions in a January hearing on the opioid cases: “What I’m interested in doing is not just moving money around, because this is an ongoing crisis. What we’ve got to do is dramatically reduce the number of the pills that are out there and make sure that the pills that are out there are being used properly. . . . We don’t need a lot of briefs and we don’t need trials. . . . None of those are going to solve what we’ve got.”
Is a federal courtroom, presided over by a single judge, a better forum for making policy than 50 state legislatures or Congress? Judge Polster said courts have to step up because legislators have not done enough. Moreover, many plaintiffs in cases like the opioid and Facebook matters might never have access to justice without a way to aggregate their claims. Trying so many similar suits individually would take forever, and many lawyers would not even take on their cases.
Judge Polster has been unusually open about his desire to arrive at a settlement, but almost all MDL judges get creative. Cases become big MDLs because they involve an intractable mess of issues—in this case, differing state laws and a range of defendants and harms. That complexity is often what makes them unsuitable as class actions in the Supreme Court’s view.
MDL judges can use unconventional processes to drive settlements. That freedom may bring needed relief to plaintiffs, but it also creates risks. A judge has more potential leeway to abuse power. And the MDL bar is a small, specialized group of lawyers; some worry the chummy relationships among counsel may lead to quick settlement for fees rather than zealous advocacy for results, especially because everyone knows the cases are not going to trial.
The special process for consolidating similar cases from different jurisdictions was set up by Congress in 1968 to accommodate a rash of antitrust litigation against electrical-equipment manufacturers. But the centrality of this process to modern litigation tends to shock even experienced lawyers. On the federal docket, 39% of open cases are part of one MDL or another.
The staggering scale of the opioid proceedings now underway in Cleveland demonstrates that America’s federal system for civil litigation is in some respects outdated. It was built before the modern national economy and is designed to process small numbers of claims in individual states. Today, companies aim products at the U.S. market as a whole, meaning parallel harms can be inflicted on different kinds of parties from Anchorage to Orlando.
The MDL has emerged as an unorthodox mechanism to overcome the court system’s anachronisms. If it makes the public uncomfortable, Congress or the courts can formalize new rules for the presiding judges, or else rethink civil litigation to align with the realities of the modern business world. Otherwise single judges, crafting their own rules, will continue to be tasked with resolving some of the most vexing conflicts in America.
Ms. Gluck is a professor of law and faculty director of the Solomon Center for Health Law and Policy at Yale Law School. | ashraq/financial-news-articles | https://www.wsj.com/articles/can-a-judge-solve-the-opioid-crisis-1525731873 |
LONDON (Reuters) - British Labour opposition leader Jeremy Corbyn attacked the government’s Brexit plans on Thursday, saying its future customs proposals would undermine an open border on the island of Ireland that “is a symbol of peace”.
Britain's Labour Party leader Jeremy Corbyn addresses a rally, part of the TUC's ‘A New Deal for Working People’ campaign, in central London, Britain, May 12, 2018. REUTERS/Toby Melville In a speech at Northern Ireland’s Queen’s University, he also called for all parties to revive the spirit of the Good Friday peace agreement to deliver economic justice and prosperity in Northern Ireland.
In his first major visit to the British province since becoming leader in 2015, he said Labour would not support any Brexit deal that includes a return to a hard border with the Republic of Ireland, which some fear could inflame violence.
Corbyn said Labour’s proposal for a new, comprehensive UK-EU customs union, with a British say on future trade deals and arrangements, coupled with a new, strong relationship with the EU single market would prevent communities being divided.
“The British government is making a mess of these negotiations. Week after week it becomes clearer and clearer that they are too divided to make the right choices and too weak to get a good Brexit deal,” he said.
“The Conservative government talks about how technology could avoid a hard border under their plans, and how new systems can provide checks and collect tariffs. But even if that were true, it misses the point,” he said, adding that an open border showed two communities living together after years of conflict.
“Driven by the free-market fantasists within their ranks, the reckless Conservative approach to Brexit is a very real threat to jobs and living standards here in Northern Ireland, and risks undermining and destabilising the cooperation and relative harmony of recent years,” Corbyn added.
Prime Minister Theresa May has said Britain will leave the EU customs union after Brexit although the government has agreed to propose to the bloc a backstop plan that would apply its external tariffs beyond December 2020.
EU officials warn time is running out to seal a Brexit deal this year because there has been not enough progress in the negotiations in recent months, most importantly on how to avoid the hard border or physical controls on the border between the Irish Republic and Northern Ireland.
Corbyn evoked the spirit of the 1998 agreement that largely ended 30 years of sectarian conflict in Northern Ireland in which over 3,000 people died.
Part of the 1998 agreement was the establishment of a power-sharing devolved government at Stormont which collapsed in January 2017.
Corbyn appealed for renewed efforts to revive it.
“We must step up to find a creative solution, in the spirit of the Good Friday agreement, that avoids a return to direct Westminster rule and lays the ground for further progress for all communities,” he said.
Reporting by Stephen Addison and Elizabeth Piper; editing by Alistair Smout
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-nireland-corbyn/rediscover-good-friday-accord-spirit-corbyn-urges-northern-ireland-idUSKCN1IO3H7 |
SANTA CLARA, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Adesto Technologies (NASDAQ:IOTS), a leading provider of innovative application-specific semiconductors for the IoT era, announced it has acquired Dublin-based S3 Semiconductors , a global supplier of mixed-signal and RF application specific integrated circuits (ASICs) and an extensive library of design IP. The transaction is valued at approximately $35 million, with an additional earn-out provision based on certain milestones to the end of calendar year 2019.
Highlights of expected benefits of the transaction include :
Expands Adesto’s portfolio of products and technologies with analog, mixed-signal, and RF solutions and IP Accelerates revenue and customer growth in communications and industrial IoT with immediate cross-selling opportunities and nominal customer overlap Increases dollar content potential for IoT edge nodes S3 Semiconductors is a highly-valued design partner of Arm Holdings Adds high-value embedded systems expertise and mixed-signal engineering team Immediately accretive to gross margin and adjusted EBITDA
“Building on our leadership position in IoT memories, today we take a meaningful step in becoming a supplier of a broad range of innovative semiconductor products and solutions for the IoT markets,” said Narbeh Derhacobian, CEO of Adesto. “S3 Semiconductors has a proven track record of designing and delivering differentiated ASIC products, and an extensive IP portfolio developed by a talented team of design engineers over many years. Through this acquisition, we are significantly expanding our customer base and SAM with a broader product portfolio and comprehensive systems expertise to deliver a complete solution to our customers.”
Dermot Barry, vice president and general manager of S3 Semiconductors, commented, “Over the years, S3 Semiconductors has built a first-class team that is focused on creating complex, high-quality custom products. Joining forces with Adesto gives us access to a broader sales channel with a diversified group of top-tier customers who will benefit from our ability to deliver highly optimized ASICs with unrivaled cost economies. Moreover, the combined company is well-positioned to gain increasing traction in IoT to drive toward the next phase of innovation and growth.”
S3 Semiconductors will become a business unit of Adesto and will continue to operate under its current operating model across existing global sites, including its four design centers in Dublin, Cork, Prague and Lisbon.
Adesto financed the transaction with existing cash and a new credit facility in the amount of $35 million. Concurrent with the close of the new credit facility, Adesto terminated its former credit facility with Western Alliance Bank, which included paying off an outstanding term loan with a principal amount owed of $12 million.
ROTH Capital is serving as financial advisor and placement agent to Adesto, and Menalto Advisors is serving as financial advisor to S3 Group.
Conference Call and Slide Presentation Information
Adesto will today Wednesday, May 9, 2018 at 2:00 p.m. Pacific Time (5:00pm Eastern Time) in conjunction with the Company’s first quarter 2018 earnings conference call. The call will be broadcast live over the Internet and as an archived webcast with a slide presentation that can be accessed by all interested parties in the Investor section of Adesto’s website at http://www.adestotech.com . Investors and analysts may also join the live call by dialing 1-844-419-1786 and providing confirmation code 6975696. International callers may join the teleconference by dialing +1-216-562-0473 using the same confirmation code.
A telephone replay of the conference call will be available approximately two hours after the conference call until Wednesday, May 16, 2018 at midnight Pacific Time. The replay dial-in number is 1-855-859-2056 and the passcode is 6975696. International callers should dial +1-404-537-3406 and use the same passcode.
About Adesto Technologies
Adesto Technologies (NASDAQ:IOTS) is a leading provider of innovative application-specific semiconductors for the IoT era. The company’s technology is used by more than 2,000 customers worldwide who are creating differentiated solutions across industrial, consumer, medical and communications markets. With its growing portfolio of high-value technologies, Adesto is helping its customers usher in the era of the Internet of Things. See: www.adestotech.com .
Follow Adesto on Twitter .
About S3 Semiconductors
S3 Semiconductors designs advanced mixed-signal chips and manage every aspect of supplying production devices to its customers using some of the world’s most advanced semiconductor production facilities. With more than 20 years’ experience designing advanced analog and digital circuitry for hundreds of customers in every major region, S3 Semiconductors delivers a new breed of design-centric semiconductor supplier capable of optimizing its designs for every customer, yet achieving cost economies not thought possible with custom chips designs until now. S3 Semiconductors has its headquarters in Dublin, Ireland, with offices in Cork, the US, Portugal, the Czech Republic, along with representatives worldwide. Visit www.s3semi.com .
Forward looking Statements
Comments in this press release contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to the Quote: s in this release regarding the acquisition of S3 Semiconductors and the expected benefits to Adesto, S3 Semiconductors and their respective customers and investors from completing the acquisition are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause our actual results to differ materially, including that the businesses of the Company and S3 Semiconductors may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; the risk that sales of S3 Semiconductors’ products will not be as high as anticipated; the expected growth opportunities, increase in dollar content potential for IoT nodes, sales channel improvements or cost savings from the acquisition may not be fully realized or may take longer to realize than expected; customer losses and business disruption following the acquisition, including adverse effects on relationships with former employees of S3 Semiconductors, may be greater than expected; and the risk that the Company may incur unanticipated or unknown losses or liabilities in connection with the acquisition. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements include our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; market adoption of our CBRAM-based products; our limited operating history; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our end markets; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; and developments in the economy and financial markets.
For a detailed discussion of these and other risk factors, please refer to the Company’s filings with the Securities and Exchange Commission, including the Quarterly Report on Form 10-K for the period ended December 31, 2017, filed with the SEC on March 13, 2018, which are available on our investor relations Web site ( ir.adestotech.com ) and on the SEC’s Web site ( www.sec.gov ).
All information provided in this release and in the attachments is as of May 9, 2018, and stockholders of Adesto are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. Adesto does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after this May 9, 2018 press release, or to reflect the occurrence of unanticipated events.
Adesto Technologies and the Adesto logo are trademarks of Adesto Technologies in the United States and other regions. All other trademarks are property of their respective owners.
Adesto Technologies Media Contact:
Jen Bernier-Santarini
+1 650-336-4222
[email protected]
Adesto Technologies Investor Relations:
Leanne K. Sievers
Shelton Group
949-224-3874
[email protected]
Source:Adesto Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-adesto-announces-acquisition-of-s3-semiconductors.html |
PLYMOUTH, Mich., May 3, 2018 /PRNewswire/ -- Adient (NYSE: ADNT), a global leader in automotive seating, today announced second quarter earnings.
Q2 GAAP net income and EPS diluted of $(168) million and $(1.80), respectively; GAAP results reflect a net $279 million non-cash goodwill impairment charge related to ADNT's SS&M segment Q2 Adjusted-EBIT and Adjusted-EBITDA of $252 million and $363 million, respectively Q2 Adjusted-EPS diluted of $1.85 Cash and cash equivalents of $353 million at March 31, 2018 Gross debt and net debt of $3,678 million and $3,325 million, respectively, at March 31, 2018
For complete details and to see reconciliations of non-GAAP measures to their most directly comparable GAAP measures, click here to download the full press release, or visit the events section of the Adient investor website at www.investors.adient.com/events-and-presentations/events .
Investor analyst conference call:
Adient's Chairman and Chief Executive Officer, R. Bruce McDonald, and Executive Vice President and Chief Financial Officer, Jeff Stafeil, will host a conference call today at 8:30 a.m. Eastern to discuss the results. To participate by telephone, please dial 800-779-1454 (U.S.) or 312-470-7220 (international) 15 minutes prior to the start time of the call and ask to be connected to the Adient conference call. The conference passcode is ADIENT.
About Adient:
Adient is a global leader in automotive seating. With 85,000 employees operating in 238 manufacturing/assembly plants in 34 countries worldwide, we produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design all the way to engineering and manufacturing – and into more than 25 million vehicles every year. For more information on Adient, please visit adient.com .
Cautionary Statement Regarding Forward-Looking Statements:
Adient plc has made statements in this document that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this document other than statements of historical fact are statements that are, or could be, deemed " " within the meaning of the Private Securities Litigation Reform Act of 1995. In this document, statements regarding Adient's future financial position, sales, costs, earnings, cash flows, other measures of results of operations, capital expenditures or debt levels and plans, objectives, outlook, targets, guidance or goals are . Words such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "should," "forecast," "project" or "plan" or terms of similar meaning are also generally intended to identify . Adient cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Adient's control, that could cause Adient's actual results to those expressed or implied by such , including, among others, risks related to: the impact of tax reform legislation through the Tax Cuts and Jobs Act, uncertainties in U.S. administrative policy regarding trade agreements and international trade relations, the ability of Adient to meet debt service requirements, the ability and terms of financing, general economic and business conditions, the strength of the U.S. or other economies, automotive vehicle production levels, mix and schedules, energy and commodity prices, the availability of raw materials and component products, currency exchange rates, the ability of Adient to effectively integrate the Futuris business, and cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Adient's business is included in the section entitled "Risk Factors" in Adient's Annual Report on Form 10-K for the fiscal year ended September 30, 2017 filed with the SEC on November 22, 2017 ("FY17 Form 10-K") and quarterly reports on Form 10-Q filed with the SEC, available at www.sec.gov . Potential investors and others should consider these factors in evaluating the and should not place undue reliance on such statements. The included in this document are made only as of the date of this document, unless otherwise specified, and, except as required by law, Adient assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this document.
In addition, this document includes certain projections provided by Adient with respect to the anticipated future performance of Adient's businesses. Such projections reflect various assumptions of Adient's management concerning the future performance of Adient's businesses, which may or may not prove to be correct. The actual results may vary from the anticipated results and such variations may be material. Adient does not undertake any obligation to update the projections to reflect events or circumstances or changes in expectations after the date of this document or to reflect the occurrence of subsequent events. No representations or warranties are made as to the accuracy or reasonableness of such assumptions or the projections based thereon
ADNT-FN
View original content with multimedia: http://www.prnewswire.com/news-releases/adient-reports-second-quarter-2018-financial-results-300641974.html
SOURCE Adient | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-adient-reports-second-quarter-2018-financial-results.html |
May 30, 2018 / 10:56 AM / Updated 12 minutes ago Bank of Montreal's quarterly earnings beat market expectations Reuters Staff 1 Min Read
TORONTO, May 30 (Reuters) - Bank of Montreal on Wednesday reported second quarter results which were ahead of market expectations, helped by strong performances at its retail and wealth management businesses in Canada and the United States.
Canada’s fourth biggest lender said earnings per share, excluding exceptional items, rose by 15 percent to C$2.20 in the quarter to March 31. Analysts had on average forecast earnings of C$2.12 per share, according to Thomson Reuters I/B/E/S data. (Reporting by Matt Scuffham; editing by David Evans) | ashraq/financial-news-articles | https://www.reuters.com/article/bmo-results/bank-of-montreals-quarterly-earnings-beat-market-expectations-idUSL5N1T13DK |
May 30, 2018 / 8:02 AM / Updated 14 minutes ago US, EU can still talk trade after tariffs, U.S. envoy says Philip Blenkinsop , Michel Rose 4 Min Read
PARIS (Reuters) - The United States and European Union could still negotiate a trade deal even if Washington imposes import tariffs on EU steel and aluminium, U.S. Commerce Secretary Wilbur Ross said on Wednesday. U.S. Commerce Secretary Wilbur Ross, a member of the U.S. trade delegation to China, returns to a hotel in Beijing, China May 3, 2018. REUTERS/Jason Lee
EU leaders agreed earlier in May to open discussions about market access for U.S. products, but only if Washington grants the EU a permanent exemption from tariffs. The EU now has a temporary exemption, which expires on Friday.
“There can be negotiations with or without tariffs in place. There are plenty of tariffs the EU has on us. It’s not that we can’t talk just because there’s tariffs,” Ross told a panel at the Paris-based Organization for Economic Cooperation and Development (OECD).
The U.S. envoy said that China was a good case in point, having agreed to negotiate with the United States despite U.S. tariffs on certain Chinese exports going into effect in March.
“China has not used that as an excuse not to negotiate,” he said. “It’s only the EU that is insisting we can’t negotiate if there are tariffs.”
He did not say whether the United States goes ahead and slaps tariffs on EU metals. European Trade Commissioner Cecilia Malmstrom said on Tuesday she expected some sort of U.S. measure to limit EU exports.
A French presidential adviser said “nothing very positive” had come out of recent efforts to stop the U.S. tariffs, adding: “If that’s the American decision, the European response will be firm,” mentioning counter-measures on selected U.S. products.
Ross, who was due to talk to Malmstrom later on Wednesday, said the EU had shown limited interest in serious trade negotiations with the United States until a threat of tariffs. TTIP DEAL OFF
The 28-member bloc shelved talks towards an ambitious EU-U.S. trade deal known as TTIP after Donald Trump’s presidential election victory in 2016.
Dutch Trade Minister Sigrid Kaag, on the same panel, said EU countries agreed that U.S. trade measures designed to protect national security simply should not apply to them and they did not feel they should negotiate, even if China did.
Kaag added that a 1962 trade law allowing protection for U.S. producers on national security grounds that Donald Trump has invoked belongs to a different era.
Ross also denied claims that U.S. tariffs would harm its own steel-consuming industries. The price of a can of soup would rise just a fraction of a cent and car prices would go up by less than 1 percent, he said.
“The sky has not fallen on the United States since we put the tariffs on. It hasn’t fallen and it won’t,” he said, adding that about 20 steel or aluminium facilities had opened or reopened since the tariffs were first announced.
Ross also took aim at the World Trade Organization, where Washington has blocked appointments to its appeals chamber, effectively engineering a crisis in the system of settling global disputes.
Any dispute mechanism that takes multiple years to settle cases is “no good”, he said, labelling a 14-year case over subsidies for aircraft Airbus “a joke”.
Talk of just tweaking the WTO, as EU countries have suggested, is wrong, he said.
“The problem is that people have begun in many multilateral organisations to substitute conversation for action. We don’t think just raising issues is adequate,” Ross said. Reporting by Philip Blenkinsop and Michel Rose, editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trade-eu/u-s-eu-could-still-talk-trade-with-tariffs-in-place-ross-idUKKCN1IV0U5 |
Reblog The leaders of the world’s biggest car companies are heading to the White House on Friday, and it may be their last chance to prevent a head-on collision between the Trump administration and the state of California. The administration wants to cut back dramatically on Obama-era emissions regulations, which are supported by California and other states. The White House, along with environmental and transportation regulators, are bringing in chief executives from General Motors Co., Ford Motor Co. and Fiat Chrysler Automobiles NV, as well as other car company representatives, to forge a common stance over fuel-economy requirements. | ashraq/financial-news-articles | https://www.wsj.com/articles/trump-administration-irked-with-car-makers-on-fuel-economy-policy-1525964401?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
May 24, 2018 / 3:53 PM Deutsche Bank mistakenly transferred $24 billion in 2014 Reuters Staff 1 Min Read
FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) erroneously transferred 21 billion euros ($24.62 billion) to Macquarie ( MQG.AX ) in 2014, a spokesman said on Thursday, the latest such error to come to light. FILE PHOTO: The headquarters of Germany's Deutsche Bank is photographed early evening in Frankfurt, Germany, January 26, 2016. REUTERS/Kai Pfaffenbach/File Photo
The transfer was a human error and not related to faulty technology, said a person familiar with the matter. It was corrected within a few hours and didn’t result in any financial damages.
Bloomberg News first reported the mistake.
In March, Deutsche Bank transferred 28 billion euros ($33 billion) instead of 28 billion yen ($257 million) to its own account at the derivative exchange Eurex. Reporting by Hans Seidenstuecker; Writing by Tom Sims; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-transfer/deutsche-bank-mistakenly-transferred-24-billion-in-2014-idUSKCN1IP2TE |
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