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May 10, 2018 / 11:29 AM / Updated 11 minutes ago BRIEF-L Brands Says April Sales Rose 4 Pct To $751.6 Mln Reuters Staff
May 10 (Reuters) - L Brands Inc:
* L BRANDS REPORTS APRIL 2018 SALES AND UPDATES FIRST QUARTER EARNINGS GUIDANCE
* Q1 REVENUE $2.626 BILLION VERSUS I/B/E/S VIEW $2.59 BILLION * APRIL SALES ROSE 4 PERCENT TO $751.6 MILLION
* EXPECTS TO REPORT Q1 EARNINGS PER SHARE AT LOWER END OF ITS PREVIOUS GUIDANCE OF $0.15 TO $0.20
* EXPECTS TO REPORT Q1 EARNINGS PER SHARE AT LOWER END OF ITS PREVIOUS GUIDANCE OF $0.15 TO $0.20
* COMPARABLE SALES FOR Q1 ENDED MAY 5, 2018, INCREASED 3 PERCENT COMPARED TO THIRTEEN WEEKS ENDED MAY 6, 2017
* COMPARABLE SALES FOR FOUR WEEKS ENDED MAY 5, 2018 NEGATIVELY IMPACTED BY EARLIER EASTER HOLIDAY THIS YEAR BY ABOUT 3 PERCENTAGE POINTS * | ashraq/financial-news-articles | https://www.reuters.com/article/brief-l-brands-says-april-sales-rose-4-p/brief-l-brands-says-april-sales-rose-4-pct-to-751-6-mln-idUSASC0A1DP |
May 24, 2018 / 3:50 PM / Updated 44 minutes ago Pochettino signs new five-year contract with Tottenham Reuters Staff 3 Min Read
(Reuters) - Tottenham Hotspur manager Mauricio Pochettino signed a new five-year contract on Thursday that will keep him at the Premier League club until 2023. FILE PHOTO: Wembley Stadium, London, Britain - May 9, 2018 Tottenham manager Mauricio Pochettino Action Images via Reuters/Andrew Couldridge/File Photo
Pochettino, who joined Spurs in 2014, led the club to a third-placed finish in the league this past season, ensuring they would play in the Champions League for a third campaign in a row.
The Argentine’s success at Tottenham has made him one of the most coveted managers in world football and under his leadership Spurs have evolved into a high-pressing team that plays an energetic and attractive brand of football.
The 46-year-old is yet to win a trophy with Spurs, who will move into their new 63,000-seater stadium next season after spending the last campaign playing their home games at Wembley Stadium.
"I am delighted that we have agreed a new, extended contract with Mauricio," Tottenham chairman Daniel Levy said in a statement on the club's website here
“We have been on an extraordinary journey and the times ahead look even more exciting as the club enters the next phase in its history.
“Mauricio has fostered an incredible spirit in the team and has embraced a style of play our fans have loved watching. I know they will welcome this commitment by Mauricio.”
Pochettino said his decision to sign an extension at Spurs had followed extensive talks with Levy over the direction the club would take in future.
The chairman operates a strict wage structure at Tottenham with the club’s salary budget and transfer spending dwarfed by their top-six rivals.
“I am honoured to have signed a new long-term contract as we approach one of the most significant periods in the club’s history and be the manager that will lead this team into our new world-class stadium,” Pochettino said.
“Daniel and I have spoken at length about our aspirations for this football club. We both share the same philosophies to achieve long-term, sustainable success.
“This is a special club - we always strive to be creative in the way we work both on and off the pitch and will continue to stick to our principles in order to achieve the success this club deserves.” Reporting by Simon Jennings in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-tot-pochettino/pochettino-signs-new-five-year-contract-with-tottenham-idUKKCN1IP2SE |
FRANKFURT, May 9 (Reuters) - The following are some of the factors that may move German stocks on Wednesday:
IRAN Both Washington’s European allies and Tehran pledged on Tuesday to uphold the 2015 Iran nuclear deal despite President Donald Trump’s decision to pull the United States out and reimpose sanctions.
SPRINGER NATURE The publisher of science magazines Nature and Scientific American, cancelled its 3.2 billion euro ($3.8 bln) stock market flotation planned for Wednesday on weak investor demand, dealing a heavy blow to Germany’s vibrant IPO season.
VOLKSWAGEN VW’s premium brand Audi on Tuesday said it plans to sell about 800,000 battery-electric and hybrid powered cars in 2025, as it seeks to catch up with electric car rival Tesla TSLA.O and emerge from a damaging emissions-cheating scandal.[nL8N1SF3XE}
DEUTSCHE BANK Deutsche Bank does not plan to cut its U.S. workforce by about 20 percent, it said on Tuesday, denying a Bloomberg report.
HEIDELBERGCEMENT Q1 results due. Operating EBITDA seen down 9 percent at 348 million euros ($412 million). Poll:
DEUTSCHE TELEKOM Q1 results due.
HENKEL Q1 results due. Adjusted EBIT seen down 2 percent at 836 million euros. Poll:
SIEMENS Q2 results due. Industrial profit seen down 16 percent at 2.07 billion euros. Poll:
AAREAL BANK Q1 results due. Pretax profit seen down 8.5 percent at 65 million euros. Poll:
AIRBUS Licenses for Boeing Co and Airbus to sell passenger jets to Iran will be revoked, U.S. Treasury Secretary Steven Mnuchin said on Tuesday after President Donald Trump pulled the United States out of the 2015 Iran nuclear agreement.
BRENNTAG Q1 results due. EBITDA seen up 1.7 percent at 205 million euros. Poll:
FRAPORT Q1 results due. EBITDA seen up 19 percent at 163 million euros. Poll:
NORMA Q1 results due. Adjusted EBITDA seen down 1.1 percent at 44.5 million euros. Poll:
PROSIEBENSAT.1 Q1 results due. Adjusted EBITDA seen up 5 percent at 197 million euros. Poll:
1&1 DRILLISCH Q1 results due.
BECHTLE Q1 results due.
DIALOG SEMICONDUCTOR Q1 results due. EBIT seen up 33 percent at $38.8 million. Poll:
EVOTEC Q1 results due.
JENOPTIK Q1 results due. EBIT seen up 80 percent at 19.8 million euros. Poll:
MEDIGENE Q1 results due.
SLM SOLUTIONS Q1 results due.
SMA SOLAR Full Q1 results due. The group said on March 28 it expected to post quarterly sales of around 180 million euros and EBITDA of around 18 million.
UNITED INTERNET Q1 results due. EBITDA seen up 32 percent at 283 million euros. Poll:
DELIVERY HERO Q1 results due.
SAF HOLLAND Q1 results due.
TUI Q2 results due.
NFON IPO offer period due to end.
ANNUAL GENERAL MEETINGS ADIDAS - 2.60 eur/shr dividend proposed
ALLIANZ - 8 eur/shr dividend proposed
E.ON - 0.30 eur/shr dividend proposed
HEIDELBERGCEMENT - 1.90 eur/shr dividend proposed
VONOVIA - 1.32 eur/shr dividend proposed
DUERR - 2.20 eur/shr dividend proposed
KION - 0.99 eur/shr dividend proposed
WACKER CHEMIE - 4.50 eur/shr dividend proposed
KOENIG & BAUER - 0.90 eur/shr dividend proposed
RATIONAL - 11 eur/shr dividend proposed
VOSSLOH - 1 eur/shr dividend proposed
AUDI - no dividend proposed
EX-DIVIDEND
LUFTHANSA - 0.80 eur/shr dividend
CTS EVENTIM - 0.59 eur/shr dividend
FUCHS PETROLUB - 0.91 eur/shr dividend
RHEINMETALL - 1.70 eur/shr dividend
TALANX - 1.40 eur/shr dividend
TAKKT - 0.55 eur/shr dividend
OVERSEAS STOCK MARKETS Dow Jones unchanged, S&P 500 unchanged, Nasdaq unchanged at close.
Nikkei -0.4 pct, Shanghai stocks +0.1 pct.
Time: 4.41 GMT.
GERMAN ECONOMIC DATA No economic data scheduled.
DIARIES REUTERS TOP NEWS ($1 = 0.8443 euros) (Reporting by Arno Schuetze and Maria Sheahan)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-stocks-factors/german-stocks-factors-to-watch-on-may-9-idUSL8N1SF476 |
The Metropolitan Transportation Authority estimates it will cost $43 billion and take about 15 years to turn around New York City’s struggling subway and bus systems, according to a person familiar with the plan.
That comes in addition to the approximately $50 billion in capital improvements the systems are likely to need over the next 15 years, the person said.
But... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-yorks-subway-bus-overhaul-will-take-15-years-cost-43-billion-1527106797 |
Good morning. The #DeleteFacebook movement may have gotten some attention (if not much momentum, according to Facebook), but have you ever tried to consciously uncouple yourself from Google? Wall Street Journal personal technology columnist David Pierce gave it a shot and was surprised by how many decent alternatives he found outside the world of Google.
Confidence Is a Preference As expected, there was plenty of Fox deal talk during Disney’s second-quarter earnings call Tuesday. Comcast is preparing to crash that party with a possible hostile bid for the key 21st Century Fox assets Disney is planning to snap up. But Disney Chief Executive Robert Iger appeared to brush aside the Comcast threat, telling analysts he is “ confident the assets we’re in the process of acquiring ” will easily fit within Disney once the deal is approved. Fox properties such as its regional sports networks and National Geographic could boost Disney’s streaming services—and, if the Fox deal does go through, Disney would become the majority shareholder for the Hulu streaming service, for which it plans to produce more original programming. The earnings report comes a month after the launch of ESPN Plus, the direct-to-consumer sports-programming play Disney hopes will reverse a decline in traditional ESPN subscribers. Response so far had been “enthusiastic,” Mr. Iger said. Disney announced Tuesday a deal with UFC for exclusive rights to stream 15 live events, which it hopes will bring in more hard-to-reach younger male viewers.
—You Can Go Your Own Way—
One of the key questions surrounding a potential Disney-Fox marriage has been what role 21st Century Fox Chief Executive James Murdoch would take once the deal closes. But he no longer has his eye on the House of Mouse. WSJ’s Keach Hagey and Joe Flint report, citing people familiar with the matter, that James Murdoch is planning to do his own thing and has been exploring several new opportunities, including creating a venture-capital fund to invest in digital and international businesses. Meanwhile, Lachlan Murdoch, James’s older brother, is expected to become chief executive of the remaining Fox company—so-called New Fox, which includes the Fox News cable channel, the Fox broadcast network and Fox Sports 1. (Reminder: 21st Century Fox and The Wall Street Journal publisher News Corp share common ownership. Lachlan Murdoch also serves as News Corp executive co-chairman.)
Musical Chairs At the turn of the year, Mark Zuckerberg said his personal challenge for 2018 was to fix Facebook. The company has stepped up efforts to fight fake news and election interference, and it has been rolling out new user privacy controls over the past few months. Now Facebook is reorganizing its people. As Recode first reported, on Tuesday, the company announced the biggest management reshuffle in its history . One former Facebook executive told the Journal the moves appear to be designed to surround Mr. Zuckerberg with his most trusted allies . There are some key appointments for marketers to pay attention to:
Facebook Chief Product Officer Chris Cox is now in charge of Facebook’s wider “family of apps.” Adam Mosseri, who runs the Facebook news feed, will run product at Instagram. John Hegeman, the Facebook executive who helped create the company’s ad-auction system, will oversee the news feed. Facebook has created a new division called “new platforms and infra,” which will be led by Mike Schroepfer, Facebook’s chief technical officer. Within that group will be a unit devoted to blockchain, led by former Facebook Messenger boss David Marcus. It will be interesting to see whether Facebook applies the technology to advertising. There will also be another “new platforms and infra” group focused on privacy, led by Facebook’s most senior engineering executive, Jay Parikh. Longtime growth executive Javier Olivan is leading a new unit called “central product services,” which includes product engineering for ads, security and growth. I/O Let’s Go Google’s I/O developer conference continues into Wednesday. The big theme of Tuesday was artificial intelligence. Standout announcements included a new feature within Android that encourages users to cut down their screen time , an AI-powered Google News redesign and a “ Pretty Please” setting within Google Assistant that coaxes children to be more polite to their home speakers. On the ads front, it was all about the apps . As AdExchanger reported, there is a new format that lets marketers show their app content within an ad and another that allows users to start playing a game within an ad before opting to download it. And there is more reporting available for developers using “rewarded ads,” which give users digital goods such as extra lives in a game for watching an ad. For publishers, there is a new way to measure in-app ad viewability that helps to reconcile varying methodologies from different measurement partners, which AdExchanger points out will be particularly helpful when selling direct deals that include viewability guarantees.
It’s a Nice Day to Start Again Martin Sorrell isn’t the type to put his feet up or while away his retirement perfecting his golf swing, so when it emerged that there wasn’t a no-compete clause in his WPP contract, many observers assumed the 73-year-old advertising tycoon would get straight back to work. They assumed correctly. Speaking at the Techonomy NYC 18 conference Tuesday, Mr. Sorrell said he plans to “start again,” the Financial Times reports. Mr. Sorrell refused to go into specifics but said that “after being extracted” from WPP, he has a better idea of where there are growth opportunities and where there are challenges in the traditional ad business. The new agency model would be “more agile, more responsive, less layered, less bureaucratic, less heavy” than those of the past. No word on whether Mr. Sorrell is already out raising investment or looking to buy a new shell company, as he did originally with Wire and Plastic Products, but he apparently plans to move quickly. One wonders if he’ll be at the front of the line should WPP plan to make any of those speculated divestments.…
Best of the rest Seventeen of 24 European data protection agencies polled by Reuters said they aren’t yet ready to police the forthcoming GDPR as they don’t have the necessary funding or lack other resources to have the power to enforce it. [ Reuters ]
AT&T said it made payments to a company created by Michael Cohen, President Donald Trump’s personal lawyer, for “insights” into the administration at a time when the telecommunications giant needed government approval for its $85 billion takeover bid for Time Warner. [ WSJ ]
Walmart agreed to take control of India’s largest e-commerce company, Flipkart Group, for $16 billion, giving the retailer an e-commerce foothold in India’s 1.3-billion-person economy as it tries to fend of Amazon.com at home and abroad. [ WSJ ]
A team of journalists from Gizmodo Media Group investigated issues at parent company Univision, tracing back to a private equity buyout finalized in 2007. [ Gizmodo Media Group Special Projects Desk ]
Starbucks is looking to woo afternoon customers with “happy hour” promotions featuring cold beverages, an ad campaign—unusual for a company that usually doesn’t advertise much—and improved service that comes from putting more experienced baristas on to work later in the day. [ WSJ ]
Quartz has joined Concert, the digital ad marketplace created by NBCUniversal and Vox. [ Adweek ]
Australian startup Unlockd has filed a U.K. lawsuit against Google, arguing that when the tech giant threatened to remove Unlockd from the Google Play Store in 2017, it was leveraging its market dominance. Unlockd rewards consumers when they view targeted ads. Google said in a statement that it had explained its concerns to Unlockd and detailed how it could fix the issue, “Despite having agreed at the outset to comply with our product policies, they remain in infringement today.” [ WSJ ]
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Write to Lara O’Reilly at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/cmo-today-disney-upbeat-on-fox-deal-facebook-management-reshuffle-google-i-o-announcements-1525866563 |
Royal wedding: pint-sized edition Thursday, May 24, 2018 - 01:45
Reliving the fairy-tale on a small scale, the glittering royal wedding of Prince Harry and Meghan Markle got reimagined kid-sized, in a Toddlewood photo shoot. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Reliving the fairy-tale on a small scale, the glittering royal wedding of Prince Harry and Meghan Markle got reimagined kid-sized, in a Toddlewood photo shoot. 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/2GNPeX0 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/royal-wedding-pint-sized-edition?videoId=430022200 |
May 30, 2018 / 7:49 PM / Updated 15 minutes ago Texas Governor unveils school safety plan after deadly shooting Gina Cherelus 3 Min Read
(Reuters) - Texas Governor Greg Abbott unveiled a $110 million (82.84 million pounds) programme intended to increase school safety by putting additional trained marshals inside schools and more closely monitoring social media for threats in the aftermath of a deadly school shooting earlier this month. Community members stood in support as students and administrators returned for the first day of class since a deadly mass shooting in Santa Fe, Texas, U.S., May 29, 2018. REUTERS/Pu Ying Huang
The plan was announced nearly two weeks after a 17-year-old armed with a shotgun and pistol killed 10 students and educators at Santa Fe High School in the Houston area.
It followed a shooting at Marjory Stoneman Douglas High School in Parkland, Florida, in February in which 17 people, mostly students, were massacred.
“Everybody in this entire process and everybody in the state of Texas never wants to see another occasion where innocent students are gunned down in their own schools,” Abbott told a news conference in Dallas on Wednesday.
The proposed funding works out to about $20 per student in a state that has about 5.5 million students enrolled in its public schools.
The 40-point plan, which followed meetings last week between Abbott and education and law enforcement officials, calls for enhanced mental health resources for students and new metal detectors for extra security at schools, Abbott said in a statement.
The Texas Democratic Party issued a statement condemning the governor’s plan, claiming that he failed to directly address gun crimes that occur in the United States.
“Nothing in Abbott’s plans address the reality that it is too easy for a weapon to end up in the hands of someone wanting to cause harm,” Texas Democratic Party chair Gilberto Hinojosa said in a statement.
Abbott is an ardent defender of the right to bear arms under the Second Amendment of the U.S. Constitution. Soon after the shooting at Santa Fe High School he said that any proposed legal changes that he would consider to improve school safety would “protect Second Amendment rights.”
His proposals include eliminating a rule that requires some school marshals to store their weapons in a safe while on campus.
Abbott said he would ask lawmakers to consider legislation to allow law enforcement, families, school staff or a district attorney to file a petition seeking the removal of firearms from a potentially dangerous person only after legal due process was provided. Reporting by Gina Cherelus; Editing by Scott Malone | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-texas-shooting-safety/texas-governor-unveils-school-safety-plan-after-deadly-shooting-idUKKCN1IV2MW |
May 4 (Reuters) - Great Eastern Holdings Ltd:
* Q1 GROUP PROFIT ATTRIBUTABLE TO SHAREHOLDERS WAS S$152.9 MILLION VERSUS S$90.8 MILLION
* Q1 NET PREMIUMS S$2,351.9 MILLION VERSUS S$2,629.4 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-great-eastern-holdings-posts-q1-gr/brief-great-eastern-holdings-posts-q1-group-profit-attributable-s152-9-mln-idUSFWN1SA1GZ |
SANTIAGO, May 23 (Reuters) - Chile’s constitutional court said it would not get involved in a dispute between a foreign-backed miner and state-run copper miner Codelco over adjoining lithium deposits in the Maricunga salt flat, according to a court document seen by Reuters on Wednesday.
Salar Blanco, 50 percent-owned by Australia’s Lithium Power International, with smaller stakes held by Canada’s Bearing Lithium, filed suit in March before the court alleging that Codelco was constitutionally barred from mining lithium.
In an accompanying lawsuit before a lower court that has not yet issued a ruling, Salar Blanco also argued that Codelco’s permit overlapped its own and was issued in error.
But the constitutional court on Wednesday declined to weigh in on the dispute. In a written decision, it said it was “the responsibility of the lower-court judge” who is reviewing the case and was not a constitutional issue.
Codelco celebrated the Constitutional Court decision as a victory, saying the decision was “unappealable.”
It was unclear when the lower court might issue a ruling.
Salar Blanco did not immediately respond to a request for comment.
Codelco was granted a permit to operate in Maricunga by Chile’s outgoing center-left government in March, marking the copper giant’s first foray into lithium, one of the world’s hottest commodities and a key ingredient in cellphone, tablet and electric vehicle batteries.
At the same time, regulators granted Salar Blanco a permit to extract about 473,135 tonnes of lithium carbonate over 30 years, also in Maricunga.
The dispute between the two miners is being watched closely by investors and foreign miners anxious to invest in Chile, which is home to half of the world’s lithium reserves.
Maricunga’s 90 square miles (145 square km) make it less than 5 percent the size of the sprawling Salar de Atacama in northern Chile, home to top lithium producers Albemarle and SQM , but Salar Blanco has described it as one of the “highest-grade lithium brine salars globally.” (Reporting by Fabian Cambero; Writing by Aislinn Laing; Editing by Peter Cooney)
| ashraq/financial-news-articles | https://www.reuters.com/article/chile-lithium-maricunga/chile-high-court-declines-to-weigh-in-on-lithium-spat-at-maricunga-idUSL2N1SU2LR |
Nintendo is launching a paid online service for its popular Switch console in September.
The Japanese gaming company unveiled details of the new membership service Monday. It includes access to a library of 20 games from Nintendo's classic NES console, as well as cloud backup for game saves.
An annual subscription will cost users either $3.99 a month, $7.99 every three months or $19.99 for the year. That's cheaper than online services offered by Sony's Playstation and Microsoft's Xbox, which cost $59.99 annually.
The company also announced a family subscription model, which lets up to eight users sign onto one account. An annual family membership will cost $34.99.
Nintendo has mostly shied away from online gaming in the past, focusing its efforts on portable and family-orientated gaming experiences.
The company's latest console, the Switch, has proved to be a major success with gamers. Nintendo sold 15 million units of the Switch in the year ending in March. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/nintendo-is-launching-an-online-service-for-the-switch.html |
JERUSALEM (Reuters) - Jared Kushner, President Donald Trump’s son-in-law and his senior adviser on the Middle East, said on Monday that the United States showed the world it could be trusted by opening its Israeli embassy in Jerusalem.
Israeli Prime Minister Benjamin Netanyahu, Senior White House Advisers Jared Kushner and Ivanka Trump and Israeli President Reuven Rivlin applaud during the dedication ceremony of the new U.S. embassy in Jerusalem, May 14, 2018. REUTERS/Ronen Zvulun “When President Trump makes a promise, he keeps it,” Kushner said at the embassy’s opening ceremony. “Today also demonstrates American leadership. By moving our embassy to Jerusalem, we have shown the world once again that the United States can be trusted,” he said.
“We stand with our friends and our allies, and above all else, we’ve shown that the United States of America will do what’s right,” he said.
Reporting by Ari Rabinovitch, Editing by Ori Lewis
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-embassy-kushner/kushner-israel-embassy-move-shows-the-world-can-trust-the-u-s-idUSKCN1IF1VD |
CANNES, France (Reuters) - “Rafiki”, a girl-meets-girl romance screening at Cannes, is a movie Western viewers would find “quaint”, according to one critic. But it will not be shown in Kenya, where it has been banned.
71st Cannes Film Festival - Photocall for the film "Rafiki" in competition for the category Un Certain Regard – Cannes, France, May 9, 2018. Director Wanuri Kahiu, cast members Sheila Munyiva and Samantha Mugatsia. REUTERS/Jean-Paul Pelissier That is a double-edged sword for director Wanuri Kahiu, who is sad her film will not be seen by the audience she made it for, but knows the publicity is likely to get more people to see it elsewhere in the world.
“There is a saying that when you ban something you make it more popular, but I think that the truth is we are disappointed,” Kahiu told Reuters.
“We made this film for a Kenyan audience, we made this film with Kenyans in it. So the people who made the film and the audience we made it for won’t be able to see it and that’s tragic because nobody else will understand the language and the nuances and the neighborhood the same way a Kenyan audience would.”
“Rafiki”, about two young women who live in the same Nairobi housing estate, is the first Kenyan film in the official selection at the Cannes Film Festival and initially was endorsed by authorities in the east African country, but last month the Kenya Film Classification Board banned it for promoting homosexuality.
Gwilym Mumford of the Guardian called the film a “sweet if rather contrived drama” with some clunky dialogue, but applauded the chemistry between the two leads, adding that “what (it) lacks in originality, it makes up for in its depiction of the giddy flush of first love”.
71st Cannes Film Festival - Photocall for the film "Rafiki" in competition for the category Un Certain Regard – Cannes, France, May 9, 2018. Director Wanuri Kahiu, cast members Sheila Munyiva and Samantha Mugatsia. REUTERS/Stephane Mahe Kahiu said her actresses were “incredibly brave” and one said she was initially unsure about accepting the role in a country, and continent, where homosexuality is still widely taboo.
“I was very hesitant because I literally now was getting into the industry and trying to make a name for myself, and I thought: how would this reflect back on me as an actor and how would people perceive me once the film was done,” Sheila Munyiva, who plays Ziki, told Reuters.
“But they sent me the script and I read it and it was incredibly amazing – all the main characters were women, and they were strong women and they had voices and they were speaking such important things and I felt that it was a privilege for me to do it.”
The Cannes Film Festival runs from May 8 to May 19.
(This version of the story corrects spelling of actress’s surname, Munyiva, in third from last paragraph)
Writing by Robin Pomeroy; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-rafiki/kenyan-filmmaker-says-tragic-that-girl-meets-girl-cannes-movie-banned-at-home-idUSKBN1IB2LF |
SECAUCUS, N.J., May 17, 2018 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), the world's leading provider of diagnostic information services, today announced that Helen I. Torley was elected to serve as a director at the company's 2018 Annual Meeting of Stockholders, expanding the Board of Directors to 10 members.
Dr. Torley has served since 2014 as President, Chief Executive Officer and director of Halozyme Therapeutics, Inc., a biotechnology company focused on developing and commercializing novel cancer therapies that target the tumor microenvironment.
"As the CEO of a biotechnology company, Helen will bring a unique perspective on science and innovation to our Board," said Steve Rusckowski, Chairman, President and CEO, Quest Diagnostics. "Under her leadership at Halozyme, revenues more than quintupled and market value nearly doubled over a four year period. Her deep healthcare experience will strengthen our Board and bolster our efforts to accelerate growth and drive operational excellence."
Daniel C. Stanzione, Ph.D., Lead Independent Director of Quest Diagnostics, added: "As a physician with strong business experience in various healthcare roles and organizations, Helen brings expertise in industry management, strategic planning and operations that will be beneficial to our company. We are delighted that she will serve on our Board."
Prior to joining Halozyme, Dr. Torley served as Executive Vice President and Chief Commercial Officer for Onyx Pharmaceuticals; as Vice President and General Manager of the US Bone Health and Nephrology businesses, as well as in other management positions, at Amgen Inc.; and in various senior management positions at Bristol-Myers Squibb and Sandoz/Novartis; and was in medical practice as a senior registrar in rheumatology at the Royal Infirmary in Glasgow, Scotland.
About Quest Diagnostics
Quest Diagnostics empowers people to take action to improve health outcomes. Derived from the world's largest database of clinical lab results, our diagnostic insights reveal new avenues to identify and treat disease, inspire healthy behaviors and improve health care management. Quest annually serves one in three adult Americans and half the physicians and hospitals in the United States, and our 45,000 employees understand that, in the right hands and with the right context, our diagnostic insights can inspire actions that transform lives. www.QuestDiagnostics.com
View original content with multimedia: http://www.prnewswire.com/news-releases/quest-diagnostics-adds-helen-torley-to-board-of-directors-300650287.html
SOURCE Quest Diagnostics | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-quest-diagnostics-adds-helen-torley-to-board-of-directors.html |
Smartwatches running Google’s Wear OS software could be getting a key new feature later this year that even the Apple Watch still lacks, at least so far.
Among several planned improvements, one in particular could address the big downside to most smartwatches compared to traditional watches. Most smartwatches conserve battery life by keeping the display turned off until a user raises his or her wrist to look at the watch. But the triggering gesture doesn’t always trigger the screen to turn on and users can’t sneak a side glance at their watch to see the time. Even watches with some form of constant display don’t offer the colorful backdrop of a normal display. Traditional watch wearers never face the frustration of seeing a blank or washed-out display.
But this fall, new watches using a forthcoming chipset from Qualcomm will include a feature improving even the “ambient mode” available on some Google powered watches to improve the display, according to Pankaj Kedia, Qualcomm’s senior director of wearables. The feature was especially desired by some of the high fashion watchmakers that have relied on Qualcomm (qcom) and Google (googl) , like Fossil (fosl) , Guess, Movado, and TAG Heuer.
“When you look at the watch today it’s very good when we’re interacting with it, but when you’re not, it’s not as good,” Kedia said in an interview with the web site Wareable. “You will see this new platform, this new architecture, significantly improve the look and feel of the watch whether you’re interacting with it or not.”
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“It needs to look good when I’m looking at it or when I’m not looking at it,” he added. “It cannot be static when I’m not looking at it. It cannot be black and white when I’m not looking at it.”
The new Qualcomm chips will also enable longer battery life, thinner designs, and connections via LTE mobile networks, Kedia said. Unlike its previous two smartwatch chipsets, which were modified from chips designed for phones, the newest version was designed “from the ground up” for watches, Kedia said. Qualcomm hasn’t updated its smartwatch chipset since it released the Snapdragon Wear 2100 more than two years ago.
Google hasn’t said much about forthcoming versions of its watch software, which used to be called Android Wear OS. Attendees at last week’s Google I/O developer conference said smartwatches on display running the next version of Wear OS had only minor tweaks compared to current models.
While no smartwatch has met the sale expectations set by Wall Street a few years ago, watches relying on Google and Qualcomm have particularly struggled . Apple says sales of its watches have been booming , though analysts say sales in the third year of the device are still well below what they predicted at the 2015 debut. Fitbit (fit) , Garmin (grmn) , and others are also trying to crack the smartwatch market with proprietary designs that don’t rely on Google, though they have also yet to catch on in a big way.
Apple (aapl) is also expected to release an updated, fourth-generation smartwatch this fall, but few details have yet leaked about it.
( Update: This story was updated on May 14 to correct that the new chips would improve ambient mode .) | ashraq/financial-news-articles | http://fortune.com/2018/05/14/google-wear-os-smartwatch-qualcomm/?iid=recirc_f500landing-zone2 |
May 4, 2018 / 12:29 AM / Updated 42 minutes ago Trading in Samsung Electronics shares surges after stock split Joyce Lee 3 Min Read
SEOUL (Reuters) - Shares in Samsung Electronics Co Ltd ( 005930.KS ) dipped slightly on Friday but trading activity surged after a 50:1 stock split aimed at making it easier for retail investors to buy into the South Korean technology giant. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo
The shares were trading at 52,200 won ($48.50), down 1.5 percent from the basis price of 53,000 won per share, which Korea Exchange said was calculated by dividing the shares' last pre-split closing price by 50. The benchmark KOSPI .KS11 was down 0.6 percent.
Analysts said trading volumes jumped as more investors traded, and attributed the slightly weaker share price to broad concerns about slowing memory chip market conditions since Samsung Electronics share trading was halted after April 27.
“I bought 10 shares in Samsung Electronics. After I return from my military service hopefully it’ll be worth enough money to buy a car,” said Kim Tae-sik, a college student.
Retail investors also commented on social media and investor forums, with one saying that “the Samsung Electronics trading screen is like a madhouse,” while others debated whether to buy now or wait.
As of 0120 GMT, turnover for Samsung shares amounted to 1.08 trillion won ($1.00 billion), accounting for 27 percent of the main board’s KOSPI total turnover. Samsung accounted for an average of 8 percent of total turnover in the one month before the split, according to Thomson Reuters data.
Shares in the global leader in semiconductors, televisions and smartphones traded at 2.65 million won ($2,467.48) each prior to the split, putting them out of reach of retail investors.
Once known as the “emperor stock” for its high price, South Korean media renamed the shares the “people’s stock” after the split.
Analysts said Samsung’s recent efforts to boost shareholder returns would encourage retail investors to take a larger portion of the company than they had previously.
Samsung had 70 trillion won ($65 billion) in net cash at the end of March and is giving out yearly dividends of 9.6 trillion won as part of a three-year shareholder return policy for 2018-2020.
By dispersing shares among a greater number of investors, the split also could help owner family members and affiliate companies, the controlling shareholders, fend off attempts by other shareholders to have a greater say over the company’s affairs, analysts said.
“In the case of Samsung Electronics, whose affiliates control about a 20 percent stake, and only 15 percent stakes have voting rights, the stock split is meaningful,” said Lee Seung-woo, analyst at Eugene Investment & Securities.
Samsung Electronics accounted for around 20 percent of the main KOSPI .KS11 index's market capitalisation as of early Friday.
($1 = 1,076.2000 won) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-samsung-elec-stocks/samsung-electronics-shares-open-at-53000-won-each-after-501-stock-split-idUKKBN1I500F |
May 3 (Reuters) - Salesforce.com Inc:
* SALESFORCE SAYS SALESFORCE VENTURES HAS LAUNCHED CANADA TRAILBLAZER FUND, A $100 MILLION FUND, TO INVEST IN CANADIAN STARTUPS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-salesforce-says-salesforce-venture/brief-salesforce-says-salesforce-ventures-has-launched-canada-trailblazer-fund-a-100-mln-fund-to-invest-in-canadian-startups-idUSFWN1SA0KZ |
Picasso painting sells for $115 million at Rockefeller auction 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/picasso-painting-sells-for-115-million-at-rockefeller-auction.html |
BERLIN (Reuters) - Leading politicians from Chancellor Angela Merkel’s conservatives want to pass a resolution at a meeting this week to reject any pooling of debts in Europe and any fiscal policy without national parliamentary controls, Handelsblatt reported.
German Chancellor Angela Merkel speaks during the celebrations of the 70th anniversary of the Women's Union in Frankfurt, Germany, May 5, 2018. REUTERS/Ralph Orlowski The daily business newspaper, citing sources from the conservative bloc’s parliamentary leadership, said the senior politicians also oppose European Commission plans for a European finance minister.
The group includes the parliamentary leaders of the conservative bloc in the Bundestag, the European Parliament as well as from Germany’s 16 states, Handelsblatt reported.
Merkel will join them on Monday for a meeting in Frankfurt.
The report highlights the resistance among Merkel’s conservatives to any euro zone reforms that could see more German taxpayers’ money being used to fund other member states.
The conservatives are nervous about European Union reform after bleeding support to the anti-euro Alternative for Germany (AfD) party at national elections last September.
Last month, Merkel called for a spirit of compromise on reforming the euro zone at a meeting with French President Emmanuel Macron, who pressed for solidarity among members of the currency union.
Writing by Paul Carrel; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-eurozone-germany/merkel-allies-reject-idea-of-european-finance-minister-handelsblatt-idUSKBN1I70V3 |
SOFIA (Reuters) - Three brown bear cubs stare forlornly through the bars of a cage as they prepare for a journey though the borderlands of Bulgaria.
Three bear cubs who were found by the Bulgarian authorities in the wild and rescued at the Dancing Bears Park are pictured inside a bus near Belitsa, Bulgaria, May 23, 2018, before their relocation to a bear orphan station in Greece. REUTERS/Stoyan Nenov Three months old and still unnamed, they were found by rangers in late April, seemingly abandoned, in the southwestern Rhodope Mountains.
Efforts to track down their mother proved unsuccessful, and they were eventually taken to Four Paws, an animal foundation that has nursed them back to health with milk and flour.
At around 800 strong, Bulgaria’s brown bear population is concentrated in its central and southwestern mountains and among the most stable in Europe. But the species, which is protected, remains on the endangered list.
One of the three bear cubs who were found by the Bulgarian authorities in the wild and rescued at the Dancing Bears Park is pictured inside a bus near Belitsa, Bulgaria, May 23, 2018, before their relocation to a bear orphan station in Greece. REUTERS/Stoyan Nenov “Our experience shows that in more than 90 percent of the cases in which little bears are found in the wild, the mother has been chased or shot by poachers,” said Dimitar Ivanov, the manager of the rescue center that Four Paws runs jointly with the Brigitte Bardot Foundation.
The foundation hopes to return the three cubs to the wild in Bulgaria, but first they must be transported by van to a specialist rescue center in Greece, where it is hoped they will learn the skills they will need to survive.
“They will spend around a year there,” said foundation spokesman Yavor Gechev.
Reporting by Angel Krasimirov; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-bulgaria-environment-bears/call-of-bulgarias-wild-beckons-for-orphan-bears-idUSKCN1IO2Q8 |
PARIS (AP) — French President Emmanuel Macron is taking on Facebook CEO Mark Zuckerberg and other internet giants at a Paris meeting to discuss tax and data protection and how they could use their global influence for the public good.
Macron on Wednesday welcomed Zuckerberg and the leaders of dozens of other tech companies, including Microsoft, Uber, and IBM, at a conference named "Tech for Good" meant to address things like workers' rights, data privacy and tech literacy.
The meeting comes as Facebook, Google and other online giants are increasingly seen by the public as predators that abuse personal data, avoid taxes and stifle competition.
"There is no free lunch!" Macron joked to express his expectations of "frank and direct" discussions.
He said tech giants could not just be "free riding" without taking into account the common good. He called on them to help improve "social situations, inequalities, climate change."
Zuckerberg came to Paris after facing tough questions Tuesday from European Union lawmakers in Brussels, where he apologized for the way the social network has been used to produce fake news and interfere in elections. But the Facebook founder also frustrated the lawmakers as the testimony's setup allowed him to respond to a list of questions as he sought fit.
Macron sees himself as uniquely placed to both understand and influence the tech world. France's youngest president, Macron has championed startups and aggressively wooed technology investors.
But Macron is also one of Europe's most vocal critics of tax schemes used by companies like Facebook that deprive governments of billions of euros a year in potential revenue. And Macron has defended an aggressive new European data protection law that comes into effect this week. The so-called GDPR regulation will give Europeans more control over what companies can do with what they post, search and click.
Several companies took advantage of the meeting to announce new initiatives.
Microsoft said it would extend the EU principles to its clients worldwide. Google committed $100 million over the next five years to support nonprofit projects, like training in digital technologies. Uber said it will finance insurance to better protect its European drivers in case of accidents at work, serious illness, hospitalization and maternity leave. And IBM announced the creation of 1,400 new jobs by 2020 in France.
Aides to Macron acknowledged companies like Facebook have become more influential than governments. The aides insisted that Macron isn't trying to kiss up to such companies or let them whitewash their reputations through philanthropic gifts.
The aides spoke only on condition of anonymity as they were not authorized to be publicly named.
Privacy and taxes are among issues Macron was raising with Zuckerberg and the other tech executives in one-on-one meetings and a mass lunch Wednesday in the presidential palace with philanthropists and politicians.
Macron, Zuckerberg and others are then expected to attend the Vivatech gadget show in Paris on Thursday.
At Tuesday's hearing in the European Parliament in Brussels, Zuckerberg said Facebook "didn't take a broad enough view of our responsibilities," adding: "That was a mistake, and I'm sorry for it."
But lawmakers left frustrated. Liberal leader Guy Verhofstadt asked whether Zuckerberg wanted to be remembered as "a genius who created a digital monster that is destroying our democracies and our societies." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/the-associated-press-frances-macron-takes-on-facebooks-zuckerberg-in-tech-push.html |
Good afternoon from the WSJ City desks in London. WSJ City is the app that delivers concise, smart news on business and finance for mobile. Download for iPhone or Android. Here’s essential reading on today’s developments. MUST READS FROM WSJ CITY Oil prices fell and US stocks swung between small gains and losses ahead of President Donald Trump’s […]
Brexit & Beyond: European Firms Plot Strategy Ahead of Trump Iran Decision Next Citigroup Shares Jump Nearly 4% After Investor ValueAct Reveals Stake | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/08/wsj-city-pm-investors-multinationals-and-allies-await-trumps-iran-decision-the-silver-lining-of-a-global-trade-slowdown-newsletter-draft/ |
May 4, 2018 / 7:01 AM / in 6 hours Norway's $1 trillion fund says high return is key objective Reuters Staff 2 Min Read
OSLO (Reuters) - Norway’s $1 trillion sovereign wealth fund, the world’s largest, continues to seek high returns regardless of its other objectives, its chief executive told an annual hearing in parliament on Friday. FILE PHOTO - Norwegian sovereign wealth fund (SWF) CEO Yngve Slyngstad attends a working session during the One Planet Summit at the Seine Musicale center in Boulogne-Billancourt, near Paris, France, December 12, 2017. REUTERS/Gonzalo Fuentes
The fund invests the revenue of Norway’s oil and gas production into stocks, bonds and real estate abroad.
“We manage the financial wealth of future generations in a controlled, efficient, responsible and transparent manner. But we will never lose sight of the fact that the objective is a high return,” CEO Yngve Slyngstad said.
In 2017, the government raised its target for the fund’s equity portfolio to 70 percent of assets from 62.5 percent, while cutting back on investments in fixed income securities.
The fund, managed by a unit of the central bank, should thus boost its returns, Norges Bank Governor Oeystein Olsen told the parliamentary hearing, while reiterating earlier statements that the value of investments was likely to fluctuate.
“Based on historical experience, it can be assumed that equities will make substantial contributions to returns over time. At the same time, we must be prepared to deal with volatility in the fund’s value in the coming years,” he added.
Finance Minister Siv Jensen repeated her view that the fund should refrain from investing in unlisted shares, except for companies that have presented plans to list in the near future. Reporting by Terje Solsvik, editing by Camilla Knudsen/David Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-norway-swf/norways-1-trillion-fund-says-high-return-is-key-objective-idUSKBN1I50KG |
SURABAYA, Indonesia (Reuters) - Indonesia’s police chief said a suicide attack outside a police building in Surabaya on Monday, which wounded officers and civilians, was carried out by a family of five that included an eight-year-old child.
Police aim their weapons at a man who was being searched by other police officers following an explosion at nearby police headquarters in Surabaya, Indonesia May 14, 2018 in this photo taken by Antara Foto. Antara Foto/ Didik Suhartono / via REUTERS The family, riding on two motorbikes, blew themselves up at a checkpoint outside the police station, Police Chief Tito Karnavian told a news conference. The young child survived and is now recovering, he said.
On Sunday, a family of Islamist militants killed 13 people in suicide attacks on three churches in Surabaya.
Reporting by Kanupriya Kapoor and Jakarta bureau; Writing by Ed Davies; Editing by Paul Tait
| ashraq/financial-news-articles | https://in.reuters.com/article/indonesia-bomb-churches-attacks/indonesia-says-new-suicide-attack-also-involved-family-child-idINKCN1IF0GM |
May 9, 2018 / 11:16 AM / Updated 9 minutes ago BRIEF-Plug Power Posts Quarterly Loss Per Share $0.09 Reuters Staff
May 9 (Reuters) - Plug Power Inc: * PLUG POWER INC QUARTERLY LOSS PER SHARE $0.09
* PLUG POWER INC QUARTERLY GROSS REVENUE $29.1 MILLION VERSUS $15.2 MILLION
* PLUG POWER INC QUARTERLY NET REVENUE $27.2 MILLION VERSUS $15.2 MILLION
* PLUG POWER INC SAYS FORECASTING SALES IN Q2 2018 OF $37 MILLION TO $41 MILLION WHICH WILL REPRESENT GROWTH OF 60% TO 80% OVER PRIOR YEAR
* PLUG POWER INC SEES 2018 REVENUE IN RANGE OF $155 MILLION TO $180 MILLION Source text: [ bit.ly/2I6OzkU ] Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-plug-power-posts-quarterly-loss-pe/brief-plug-power-posts-quarterly-loss-per-share-0-09-idUSFWN1SG0TH |
BIRMINGHAM, Ala., May 3, 2018 /PRNewswire/ -- ProAssurance Corporation (NYSE: PRA) reports the following results for the three months ended March 31, 2018:
Consolidated Income Statement Highlights ($ in thousands, except per share data)
Three Months Ended March 31
2018
2017
% Change
Revenues
Gross premiums written*
$
243,010
$
231,345
5.0
%
Net premiums written
$
215,132
$
204,227
5.3
%
Net premiums earned
$
187,159
$
182,903
2.3
%
Net investment income
$
22,027
$
23,186
(5.0)
%
Equity in earnings (loss) of unconsolidated subsidiaries
$
1,640
$
1,808
(9.3)
%
Net realized investment gains (losses)
$
(12,517)
$
13,280
(194.3)
%
Other income*
$
2,723
$
1,821
49.5
%
Total revenues*
$
201,032
$
222,998
(9.9)
%
Expenses
Net losses and loss adjustment expenses*
$
129,786
$
119,151
8.9
%
Underwriting, policy acquisition and operating expenses*
$
57,360
$
57,108
0.4
%
Total expenses*
$
192,598
$
182,767
5.4
%
Income tax expense (benefit)
$
(3,422)
$
(1,224)
(179.6)
%
Net income
$
11,856
$
41,455
(71.4)
%
Non-GAAP operating income
$
21,487
$
33,401
(35.7)
%
Weighted average number of common shares
outstanding
Diluted
53,682
53,535
0.3
%
Earnings per share
Net income per diluted share
$
0.22
$
0.77
(71.4)
%
Non-GAAP operating income per diluted share
$
0.40
$
0.62
(35.5)
%
* Consolidated totals include inter-segment eliminations. The eliminations affect individual line items only and have no effect on net income.
See Note 12 of the Notes to Condensed Consolidated Financial Statements in the March 31, 2018 Form 10-Q for amounts by line item.
Consolidated Key Ratios
Three Months Ended March 31
2018
2017
Current accident year loss ratio
81.5
%
80.9
%
Effect of prior accident years' reserve development
(12.2)
%
(15.8)
%
Net loss ratio
69.3
%
65.1
%
Expense ratio
30.6
%
31.2
%
Combined ratio
99.9
%
96.3
%
Operating ratio
88.1
%
83.6
%
Return on equity *
3.0
%
9.1
%
* Quarterly computations of ROE are annualized
Management Commentary
"The trends that we noted in our year-end 2017 earnings release continue to drive our results as we enter 2018. We continue to be encouraged by our ability to grow premiums and maintain strong retention in our Specialty P&C and Workers' Compensation segments. Specifically, within our Specialty P&C segment, our retention is increasing, as is our pricing on renewing business. This reinforces our belief that the value of ProAssurance is becoming more important in the face of a possible market change due to increased industry concern about upward trends in losses. The workers' compensation market remains highly competitive, however our differentiated products and disciplined business strategy are allowing us to add new business and retain existing policyholders at rates we believe meet our long-term return expectations. While there have been short-term challenges in our Lloyd's segment operations, we continue to believe the investment we are making is the foundation for future success, and will provide us with a window into additional opportunities outside Lloyd's itself," said W. Stancil Starnes, Chairman and Chief Executive Officer of ProAssurance.
First Quarter 2018 Highlights
Consolidated gross premiums written were $11.7 million higher than the year-ago quarter, primarily due to higher premiums in our Workers' Compensation and Specialty P&C segments. In our Worker's Compensation segment, gross premiums written were $91.3 million, $7.1 million higher than in the first quarter of 2017. Gross premiums written in our Specialty P&C segment were $140.5 million, $3.7 million higher than in the year-ago quarter. Premiums written in our Lloyd's segment were $12.4 million, approximately $350,000 less than in the first quarter of 2017. Net premiums earned were $187.2 million in the first quarter of 2018, a $4.3 million increase over the same quarter in 2017. Net premiums earned increased $3.2 million and $3.1 million in our Specialty P&C and Workers' Compensation segments, respectively. Net premiums earned in our Lloyd's Syndicate segment decreased $2.1 million, reflecting the effect of a revision in our reinsurance agreements at the beginning of 2017. Our coordinated sales & marketing programs produced $8.8 million of business in the first quarter of 2018 vs $7.7 million in the first quarter of 2017. Net favorable development was $22.8 million in the quarter, as compared to $28.8 million in the year-ago period. There was net favorable development in all operating segments: $20.6 million in Specialty P&C, $1.9 million in Workers' Compensation and approximately $330,000 in our Lloyd's segment. The consolidated underwriting expense ratio was 0.6 points lower than the same period last year primarily due to lower share-based compensation expenses in our Corporate segment. Our net realized investment losses were $12.5 million in the first quarter of 2018, compared to net realized investment gains of $13.3 million in 2017, which primarily reflected mark-to-market adjustments in our equity trading portfolio. Our consolidated net investment result for the first quarter of 2018 was $23.7 million, a quarter-over-quarter decrease of $1.3 million due to reduced earnings from our fixed income portfolio, primarily reflecting lower average investment balances.
Non-GAAP Financial Measures
Non-GAAP operating income is a financial measure that is widely used to evaluate performance within the insurance sector. In calculating Non-GAAP operating income, we have excluded the after-tax effects of the items listed in the following table that do not reflect normal operating results. We believe Non-GAAP operating income presents a useful view of the performance of our insurance operations; however, it should be considered in conjunction with net income computed in accordance with GAAP. The table on the following page reconciles net income to Non-GAAP operating income:
Reconciliation of Net Income to Non-GAAP Operating Income (in thousands, except per share data)
Three Months Ended March 31
2018
2017
Net income
$
11,856
$
41,455
Items excluded in the calculation of Non-GAAP operating income:
Net realized investment (gains) losses
12,517
(13,280)
Net realized gains (losses) attributable to SPCs which no profit/loss is retained (1)
(410)
824
Guaranty fund assessments (recoupments)
84
65
Pre-tax effect of exclusions
12,191
(12,391)
Tax effect (2)
(2,560)
4,337
After-tax effect of exclusions
9,631
(8,054)
Non-GAAP operating income
$
21,487
$
33,401
Per diluted common share:
Net income
$
0.22
$
0.77
Effect of exclusions
0.18
(0.15)
Non-GAAP operating income per diluted common share
$
0.40
$
0.62
(1) Net realized investment gains (losses) on investments related to our SPCs are recognized in the earnings of our Corporate segment and the portion of earnings related to the gain or loss, net of our participation, is distributed back to the cells through our SPC dividend expense (income). To be consistent with our exclusion of net realized investment gains (losses) recognized in earnings, we are excluding the portion of net realized investment gains (losses) that is included in SPC dividend expense (income).
(2) 21% and 35% are the annual expected incremental tax rates for the three months ended March 31, 2018 and 2017, respectively, associated with the taxable or tax deductible items listed above. The effective tax rate for each period was applied to these items in calculating net income. See further discussion under the heading "Taxes" in the Executive Summary of Operations section of our 2018 Form 10-Q filed on May 3, 2018.
Balance Sheet Highlights (in thousands, except per share data)
March 31, 2018
December 31, 2017
Total investments
$
3,498,645
$
3,686,528
Total assets
$
4,678,924
$
4,929,197
Total liabilities
$
3,109,755
$
3,334,402
Common shares (par value $0.01)
$
630
$
628
Retained earnings
$
1,614,344
$
1,614,186
Treasury shares
$
(418,009)
$
(418,007)
Shareholders' equity
$
1,569,169
$
1,594,795
Book value per share
$
29.28
$
29.83
Capital Management
We have not repurchased any shares of our stock in 2018 and did not repurchase any shares in 2017. As of April 30, 2018, approximately $110 million remains available in our Board-authorized stock repurchase program. In March 2018, our Board of Directors declared a regular dividend of $0.31 per share, which was paid in April 2018. This dividend continues our demonstrated commitment to effective capital management and value creation for shareholders, having returned more than $2.0 billion to shareholders in the form of regular and special dividends in the almost eleven years the current management team has been in place.
Conference Call Information
ProAssurance management will discuss the results and the Company's strategic direction on a conference call at 10:00 a.m. ET on Friday, May 4, 2018. Investors may dial (888) 349-0134 (US), (855) 669-9657 (Canada) (toll free) or (412) 317-5145; no access code is required. We will webcast the call at Investor.ProAssurance.com . A replay will be available by telephone through at least July 31, 2018 at (877) 344-7529 (US), (855) 669-9658 (Canada) (both toll-free), or (412) 317-0088, using access code 10119093. A replay also will be available for one year on our website, Investor.ProAssurance.com . We also will make the replay and other information about ProAssurance available on a free subscription basis through Investor.ProAssurance.com or through Apple's iTunes. Investors may follow @PRA_Investors on Twitter to be notified of the latest financial news about ProAssurance.
About ProAssurance
ProAssurance Corporation is an industry-leading specialty insurer with extensive expertise in healthcare professional liability, products liability for medical technology and life sciences, legal professional liability, and workers' compensation insurance. The Company is recognized as one of the top performing insurance companies in America by virtue of our inclusion in the Ward's 50 for eleven straight years. ProAssurance Group is rated "A+" (Superior) by A.M. Best; ProAssurance and its operating subsidiaries are rated "A" (Strong) by Fitch Ratings. For the latest on ProAssurance and its industry-leading suite of products and services, cutting edge risk management and practice enhancement programs, follow @ProAssurance on Twitter or LinkedIn. ProAssurance's YouTube channel regularly presents thought provoking, insightful videos that communicate effective practice management, patient safety and risk management strategies.
SEGMENT RESULTS
Specialty P&C Segment ($ in thousands)
Three Months Ended March 31
2018
2017
% Change
Gross premiums written
$
140,520
$
136,858
2.7
%
Net premiums written
$
121,966
$
117,297
4.0
%
Net premiums earned
$
116,276
$
113,058
2.8
%
Total revenues
$
117,532
$
114,256
2.9
%
Net losses and loss adjustment expenses
$
84,585
$
74,994
12.8
%
Underwriting, policy acquisition and operating expenses
$
28,276
$
25,977
8.9
%
Segregated portfolio cell dividend expense (income)
$
(30)
$
(28)
(7.1)
%
Total expenses
$
112,831
$
100,943
11.8
%
Segment operating results
$
4,701
$
13,313
(64.7)
%
Specialty P&C Segment Key Ratios
Three Months Ended March 31
2018
2017
Current accident year loss ratio
90.4
%
88.7
%
Effect of prior accident years' reserve development
(17.7)
%
(22.4)
%
Net loss ratio
72.7
%
66.3
%
Underwriting expense ratio
24.3
%
23.0
%
Combined ratio
97.0
%
89.3
%
Gross premiums written were $3.7 million higher than in the first quarter of 2017, driven by a $2.9 million increase in healthcare facilities business, primarily resulting from one large entity which increased their coverage by consolidating certain policies that were not previously insured by us. Physicians written premium increased $500,000 quarter-over-quarter, which includes an increase in premiums assumed in which we participate on a quota share basis.
We added $10.2 million of new business in the quarter, including $5.0 million of new physician business, $2.1 million of new healthcare facilities business and $1.4 million in our other healthcare providers line, including a policy written for a multi-state dental group policy, our largest dental policy to date. This compares to total new business of $10.2 million, new physician business of $6.4 million and new healthcare facilities business of $1.0 million in the first quarter of 2017. Much of this new business added in the first quarter of 2018, including the large dental policy, is the result of broker-driven submissions, which highlights the success of our broker-outreach initiatives.
Our premium retention rate in physician professional liability, the largest line in this segment, was 91% in the quarter, 1.0% higher than in the first quarter of 2017. Renewal pricing on physician business, the largest source of revenue in this segment, increased 1.0% quarter-over-quarter, and renewal pricing in the largely broker-driven healthcare facilities line was 3.4% higher, quarter-over-quarter. Every other line of business in this segment also produced higher renewal pricing.
The current accident year net loss ratio for the first quarter of 2018 was 1.7 points higher than the prior year's first quarter, driven by both higher premiums earned as well as increased loss expectations in our excess and surplus lines business in the current period. These upward pressures were somewhat offset by the impact of the revision to our quota share reinsurance agreement with Syndicate 1729, in which we are retaining more premium at a lower loss ratio as compared to the total book of business in this segment. Net favorable loss development in the first quarter of 2018 was $20.6 million, as compared to $25.3 million in the year-ago quarter.
Our underwriting expense ratio was 1.3 points higher, quarter-over-quarter, due to higher acquisition costs, primarily commission expense, partially offset by an increase in net premiums earned as compared to 2017.
Workers' Compensation Segment ($ in thousands)
Three Months Ended March 31
2018
2017
% Change
Gross premiums written
$
91,349
$
84,230
8.5
%
Net premiums written
$
81,325
$
75,570
7.6
%
Net premiums earned
$
58,407
$
55,283
5.7
%
Total revenues
$
58,773
$
55,428
6.0
%
Net losses and loss adjustment expenses
$
36,715
$
34,650
6.0
%
Underwriting, policy acquisition and operating expenses
$
17,333
$
16,691
3.8
%
Segregated portfolio cell dividend expense (income)
$
1,894
$
1,174
61.3
%
Total expenses
$
55,942
$
52,515
6.5
%
Segment operating results
$
2,831
$
2,913
(2.8)
%
Workers' Compensation Segment Key Ratios
Three Months Ended March 31
2018
2017
Current accident year loss ratio
66.1
%
67.0
%
Effect of prior accident years' reserve development
(3.2)
%
(4.3)
%
Net loss ratio
62.9
%
62.7
%
Underwriting expense ratio
29.7
%
30.2
%
Combined ratio
92.6
%
92.9
%
Our Workers' Compensation segment operating results were $2.8 million for the quarter, consistent with the $2.9 million in the first quarter of 2017, despite a quarter-over-quarter decrease of approximately $700,000 related to our equity-owned Segregated Portfolio Cell (SPC) results. The decrease reflects the impact of SPC equity-owned investment results during the quarter. The SPC equity-owned underwriting results were consistent quarter over quarter.
Gross premiums written increased 8.5% compared to the first quarter of 2017, driven by growth in new business writings, partially offset by renewal rate decreases of 2.6% in a very competitive workers' compensation pricing market. The quarter over quarter increase in gross premiums written was driven by the Great Falls Insurance Company renewal rights transaction and consistent production results across our operating regions. For the first quarter of 2018, premium retention was 86%, and we retained 9 of the 10 alternative market programs that were available for renewal. Audit premium totaled $1.3 million in 2018 compared to $1.2 million in 2017.
New business increased to $16.6 million for the quarter, compared to $14.0 million in the first quarter of 2017, driven by new business of $3.7 million from the Great Falls transaction.
The 2018 net loss ratio of 62.9% for the quarter was consistent with the net loss ratio of 62.7% in the first quarter of 2017, which reflected more favorable trends in claims closing patterns, partially offset by severity-related claim activity. Prior year net favorable loss reserve development totaled $1.9 million for the quarter compared to $2.4 million in the first quarter of 2017, and included approximately $400,000 in both periods related to the amortization of purchase accounting fair value adjustments.
The decrease in the 2018 underwriting expense ratio primarily reflected the increase in net premiums earned and the continued effective management of operating expenses.
Lloyd's Syndicate Segment ($ in thousands)
Three Months Ended March 31
2018
2017
% Change
Gross premiums written
$
12,361
$
12,713
(2.8)
%
Net premiums written
$
11,841
$
11,360
4.2
%
Net premiums earned
$
12,476
$
14,562
(14.3)
%
Net investment income
$
751
$
372
101.9
%
Other gains (losses)
$
277
$
418
(33.7)
%
Total revenues
$
13,504
$
15,352
(12.0)
%
Net losses and loss adjustment
expenses
$
8,486
$
9,507
(10.7)
%
Underwriting, policy acquisition and
operating expenses
$
7,246
$
6,211
16.7
%
Total expenses
$
15,732
$
15,718
0.1
%
Total income tax expense (benefit)
$
6
$
(7)
185.7
%
Segment operating results
$
(2,234)
$
(359)
(522.3)
%
Lloyd's Syndicate Segment Key Ratios
Three Months Ended
March 31
2018
2017
Current accident year loss ratio
70.7
%
72.9
%
Effect of prior accident years' reserve development
(2.7)
%
(7.6)
%
Net loss ratio
68.0
%
65.3
%
Underwriting expense ratio
58.1
%
42.7
%
Results of our Lloyd's Syndicate segment, which currently represents our 58% participation in the results of Lloyd's Syndicate 1729, are generally reported on a one-quarter lag, except in those quarters where we believe investors will benefit from knowing the projected effects of a material event occurring during the quarter. Additionally, results associated with the majority of investment assets solely allocated to Syndicate operations and certain U.S. paid administrative expenses are, and have been, reported currently for each period.
Effective January 1, 2018, we increased our participation in the operating results of Syndicate 1729 from 58% to 62% and, as previously reported, began our 100% participation in the operating results of Syndicate 6131. However, due to the quarter delay, these changes will not be reflected in our Lloyd's Syndicate segment results until the second quarter of 2018. As such, results reported this quarter reflect only our 58% participation in Syndicate 1729.
Gross premiums written were $12.4 million in 2018's first quarter, a decrease of approximately $350,000 compared to the first quarter of 2017. Net premiums earned declined 14.3% to $12.5 million as a result of an increase in ceded premiums earned which reflected earnings pattern of premiums ceded under certain external reinsurance contracts which were revised in 2017.
The net loss ratio increased quarter-over-quarter by 2.7 points, driven by a decrease in net premiums earned, as discussed above and, to a lesser extent, a decrease in net favorable prior year development as a result of higher ultimate loss estimates on previous years of account.
Underwriting and operating expenses were approximately $1.0 million higher quarter-over-quarter, primarily due to increased staffing to address the anticipated growth in Syndicate 1729 operations and operational expenses associated with the establishment of Syndicate 6131, a newly formed special purpose arrangement (SPA), focusing on contingency and specialty property business that is underwriting on a quota share basis with Syndicate 1729.
Syndicate 1729's maximum underwriting capacity for 2018 is approximately $185.0 million, which excludes approximately $11.2 million dedicated to Syndicate 6131 for which ProAssurance is the sole capital provider. The capital we are providing for Syndicate 6131 comes from capital we have already committed to the Lloyd's segment. We support our commitment with investment securities deposited with Lloyd's which had a fair value of approximately $123.9 million at March 31, 2018.
Corporate Segment ($ in thousands)
Three Months Ended March 31
2018
2017
% Change
Net investment income
$
21,276
$
22,814
(6.7)
%
Equity in earnings (loss) of unconsolidated subsidiaries
$
1,640
$
1,808
(9.3)
%
Net realized investment gains (losses)
$
(12,463)
$
13,253
(194.0)
%
Total revenues
$
11,396
$
38,048
(70.0)
%
Operating expenses
$
4,678
$
8,315
(43.7)
%
Segregated portfolio cell dividend expense (income)*
$
(117)
$
1,229
(109.5)
%
Interest expense
$
3,705
$
4,133
(10.4)
%
Income tax expense (benefit)
$
(3,428)
$
(1,217)
(181.7)
%
Segment operating results
$
6,558
$
25,588
(74.4)
%
* Represents the investment results attributable to the SPCs at our Cayman Islands reinsurance subsidiaries.
The quarter-over-quarter decrease in operating results in our Corporate segment resulted from a $25.7 million swing from $13.3 million of net realized investment gains in 2017 to net realized investment losses of $12.5 million in 2018. Earnings from unconsolidated subsidiaries decreased approximately $170,000 due to an increase in partnership operating losses related to our tax credit partnerships as compared to the same period of 2017, almost entirely offset by an increase in our allocable portion of earnings from our investments in LPs/LLCs. Partially offsetting these declines was a quarter-over-quarter reduction in operating expenses, primarily due to a reduction in share-based compensation expense.
Our projected annual effective tax rates for 2018 and 2017 were a benefit of 2.4% (the result of both the lower statutory federal tax rate and our ability to utilize tax credits in the current period and the previous period through carryback provisions of the tax law) and an expense of 4.8% as of March 31, 2018 and 2017, respectively. Our effective tax rates for the 2018 and 2017 three-month periods were benefits of 40.6% and 3.0%, respectively, which differs from the projected annual effective tax rates due to certain discrete items which reduced our projected annual effective tax rates by 38.2% and 7.8% for the 2018 and 2017 three-month periods, respectively. In the current quarter, the most significant discrete item that decreased our effective tax rate was the treatment of net realized investment losses in the first quarter of 2018. Our calculation of our projected annual effective tax rate during interim periods has historically included an estimate of annual net realized investment gains and losses based on year-to-date results. Due to the recent volatility in the securities markets, we believe that projections for changes in net realized investment gains and losses during the year cannot be reliably estimated and could cause a significant distortion in the projected annual effective tax rate. Therefore, beginning in the first quarter of 2018, net realized investment gains and losses are treated as discrete items and reflected in the effective tax rate in the period in which they are included in income. This treatment of net realized investment losses of $12.5 million for the three months ended March 31, 2018 accounted for 34.7% of the 38.2% reduction in the projected annual effective tax rate due to discrete items.
Caution Regarding Forward-Looking Statements
Statements in this news release that are not historical fact or that convey our view of future business, events or trends are specifically identified as . Forward-looking statements are based upon our estimates and anticipation of future events and highlight significant risks, assumptions and uncertainties that could cause actual results to vary materially from our expected results. We expressly claim the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, for any in this news release. Forward-looking statements represent our outlook only as of the date of this news release. Except as required by law or regulation, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Forward-looking statements are generally identified by words such as, but not limited to, "anticipate," "believe," "estimate," "expect," "hope," "hopeful," "intend," "likely," "may," "optimistic," "possible," "potential," "preliminary," "project," "should," "will," and other analogous expressions. When we address topics such as liquidity and capital requirements, the value of our investments, return on equity, financial ratios, net income, premiums, losses and loss reserves, premium rates and retention of current business, competition and market conditions, the expansion of product lines, the development or acquisition of business in new geographical areas, the availability of acceptable reinsurance, actions by regulators and rating agencies, court actions, legislative actions, payment or performance of obligations under indebtedness, payment of dividends, and other similar matters, we are making .
These are subject to significant risks, assumptions, and uncertainties, including, among other things, the following factors that could affect the actual outcome of future events:
changes in general economic conditions, including the impact of inflation or deflation and unemployment; our ability to maintain our dividend payments; regulatory, legislative and judicial actions or decisions that could affect our business plans or operations; the enactment or repeal of tort reforms; formation or dissolution of state-sponsored insurance entities providing coverages now offered by ProAssurance which could remove or add sizable numbers of insureds from or to the private insurance market; changes in the interest and tax rate environment; resolution of uncertain tax matters and changes in tax laws, including the impact of the TCJA; changes in U.S. laws or government regulations regarding financial markets or market activity that may affect the U.S. economy and our business; changes in the ability of the U.S. government to meet its obligations that may affect the U.S. economy and our business; performance of financial markets affecting the fair value of our investments or making it difficult to determine the value of our investments; changes in requirements or accounting policies and practices that may be adopted by our regulatory agencies, the FASB, the SEC, the PCAOB or the NYSE that may affect our business; changes in laws or government regulations affecting the financial services industry, the property and casualty insurance industry or particular insurance lines underwritten by our subsidiaries; the effect on our insureds, particularly the insurance needs of our insureds, and our loss costs, of changes in the healthcare delivery system and/or changes in the U.S. political climate that may affect healthcare policy or our business; consolidation of our insureds into or under larger entities which may be insured by competitors, or may not have a risk profile that meets our underwriting criteria or which may not use external providers for insuring or otherwise managing substantial portions of their liability risk; uncertainties inherent in the estimate of our loss and loss adjustment expense reserve and reinsurance recoverable; changes in the availability, cost, quality or collectability of insurance/reinsurance; the results of litigation, including pre- or post-trial motions, trials and/or appeals we undertake; effects on our claims costs from mass tort litigation that are different from that anticipated by us; allegations of bad faith which may arise from our handling of any particular claim, including failure to settle; loss or consolidation of independent agents, agencies, brokers or brokerage firms; changes in our organization, compensation and benefit plans; changes in the business or competitive environment may limit the effectiveness of our business strategy and impact our revenues; our ability to retain and recruit senior management; the availability, integrity and security of our technology infrastructure or that of our third-party providers of technology infrastructure, including any susceptibility to cyber-attacks which might result in a loss of information or operating capability; the impact of a catastrophic event, as it relates to both our operations and our insured risks; the impact of acts of terrorism and acts of war; the effects of terrorism-related insurance legislation and laws; guaranty funds and other state assessments; our ability to achieve continued growth through expansion into new markets or through acquisitions or business combinations; changes to the ratings assigned by rating agencies to our insurance subsidiaries, individually or as a group; provisions in our charter documents, Delaware law and state insurance laws may impede attempts to replace or remove management or may impede a takeover; state insurance restrictions may prohibit assets held by our insurance subsidiaries, including cash and investment securities, from being used for general corporate purposes; taxing authorities can take exception to our tax positions and cause us to incur significant amounts of legal and accounting costs and, if our defense is not successful, additional tax costs, including interest and penalties; and expected benefits from completed and proposed acquisitions may not be achieved or may be delayed longer than expected due to business disruption; loss of customers, employees or key agents; increased operating costs or inability to achieve cost savings; and assumption of greater than expected liabilities, among other reasons.
Additional risks, assumptions and uncertainties that could arise from our membership in the Lloyd's market and our participation in Lloyd's Syndicates include, but are not limited to, the following:
members of Lloyd's are subject to levies by the Council of Lloyd's based on a percentage of the member's underwriting capacity, currently a maximum of 3%, but can be increased by Lloyd's; Syndicate operating results can be affected by decisions made by the Council of Lloyd's which the management of Syndicate 1729 and Syndicate 6131 have little ability to control, such as a decision to not approve the business plan of Syndicate 1729 or Syndicate 6131, or a decision to increase the capital required to continue operations, and by our obligation to pay levies to Lloyd's; Lloyd's insurance and reinsurance relationships and distribution channels could be disrupted or Lloyd's trading licenses could be revoked making it more difficult for a Lloyd's Syndicate to distribute and market its products; rating agencies could downgrade their ratings of Lloyd's as a whole; and Syndicate 1729 and Syndicate 6131 operations are dependent on a small, specialized management team and the loss of their services could adversely affect the Syndicate's business. The inability to identify, hire and retain other highly qualified personnel in the future, could adversely affect the quality and profitability of Syndicate 1729's or Syndicate 6131's business.
Our results may differ materially from those we expect and discuss in any . The principal risk factors that may cause these differences are described in "Item 1A, Risk Factors" in our Form 10-K and other documents we file Commission, such as our current reports on Form 8-K, and our regular reports on Form 10-Q. We caution readers not to place undue reliance on any such , which are based upon conditions existing only as of the date made, and advise readers that these factors could affect our financial performance and could cause actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. Except as required by law or regulations, we do not undertake and specifically decline any obligation to publicly release the result of any revisions that may be made to any to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
View original content with multimedia: http://www.prnewswire.com/news-releases/proassurance-reports-results-for-first-quarter-2018-300642413.html
SOURCE ProAssurance Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-proassurance-reports-results-for-first-quarter-2018.html |
May 23 (Reuters) - Revlon Inc:
* REVLON - NAMED DEBRA G. PERELMAN PRESIDENT & CEO, EFFECTIVE IMMEDIATELY
* REVLON NAMES DEBRA PERELMAN PRESIDENT AND CHIEF EXECUTIVE OFFICER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-revlon-says-appoints-debra-perelma/brief-revlon-says-appoints-debra-perelman-president-ceo-idUSL5N1SU4HA |
May 11, 2018 / 4:56 AM / Updated 4 hours ago Indonesia evacuates residents, shuts airport after Java volcano erupts Reuters Staff 1 Min Read
JAKARTA (Reuters) - Indonesian authorities ordered people living near a volcano to leave their homes on Friday and a major city closed its airport after the 5,500 metre (18,000 ft) peak sent a column of steam and ash into the sky. Merapi Volcano spewing smoke and ash in Boyolali, Central Java, Indonesia May 11, 2018, in this still image obtained from a video by social media. Instagram @Febriacs/via REUTERS
The Mount Merapi volcano on densely populated Java island is one of the most active in Indonesia and a series of eruptions in 2010 killed more than 350 people.
A disaster mitigation agency told residents living within a 5 km (3 mile) radius of the mountain to move to shelters, agency spokesman Sutopo Purwo Nugroho said in a statement.
He said that 120 people who had been hiking up Merapi were safe. Slideshow (2 Images)
The airport in Yogyakarta, the nearest big city to the volcano, shut because of the threat from the ash, the state-owned aviation agency AirNav said in a statement.
The disaster agency described Merapi’s latest eruption as phreatic, which means magma heats up ground water and vapour is released under pressure.
The alert status on Merapi had not be raised, it said. Reporting by Jessica Damiana; Writing by Ed Davies; Editing by Robert Birsel | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-indonesia-volcano/indonesia-evacuates-residents-shuts-airport-after-java-volcano-erupts-idUKKBN1IC0CC |
May 22, 2018 / 12:39 PM / in 2 minutes Lowe's names J.C. Penney's Marvin Ellison as CEO Reuters Staff 1 Min Read
May 22 (Reuters) - Home improvement chain Lowe’s Cos Inc said on Tuesday Chief Executive Officer of department store chain J.C. Penney Co Inc Marvin Ellison would replace Robert Niblock as its CEO.
Ellison will take charge on July 2, the company said. Niblock had said in March that he will retire from Lowe’s. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/lowes-ceo/lowes-names-j-c-penneys-marvin-ellison-as-ceo-idUSL3N1ST43O |
LINCOLN, Neb., May 8, 2018 /PRNewswire/ -- Nelnet (NYSE: NNI) today reported GAAP net income of $113.9 million, or $2.78 per share, for the first quarter of 2018, compared with GAAP net income of $50.0 million, or $1.18 per share, for the same period a year ago.
Net income, excluding derivative market value and foreign currency transaction adjustments, was $68.3 million, or $1.67 per share, for the first quarter of 2018, compared with $52.2 million, or $1.23 per share, for the same period in 2017. For additional information on these non-GAAP metrics, including reconciliations to GAAP net income, see "Non-GAAP Performance Measures" below.
Several factors increased GAAP net income for the three months ended March 31, 2018, as compared with the same period in 2017:
The company's effective tax rate decreased to 24.0 percent from 36.5 percent due to the Tax Cuts and Jobs Act, effective January 1, 2018; The contribution to net income from the acquisition of Great Lakes on February 7, 2018; Gains recognized by the company from real estate and other investment activities; and Larger gains due to changes in the fair values of derivative instruments that do not qualify for hedge accounting.
These factors were partially offset by the increase in expenses for the continued build-out of the company's ALLO fiber communications network in Lincoln, Nebraska.
"This quarter comes with mixed emotions. We mourned the passing of one of our founders this last month," said Jeff Noordhoek, chief executive officer of Nelnet. "Steve 'Butter' Butterfield was our current vice chairman and served as co-CEO until 2007. He was a close friend and mentor to us all. In his role as vice chairman and a major shareholder, Steve would get excited when we reported earnings. I can imagine that Butter is smiling from heaven over this quarter's earnings."
Nelnet operates four primary business segments, earning interest income on student loans in its Asset Generation and Management segment, and fee-based revenue in its Loan Servicing and Systems, Education Technology, Services, and Payment Processing (formally known as Tuition Payment Processing and Campus Commerce), and Communications segments.
Asset Generation and Management
For the first quarter of 2018, Nelnet reported net interest income of $67.3 million, compared with $76.9 million for the same period a year ago. The company maintains an overall risk management strategy that incorporates the use of derivative instruments to reduce the economic effect of interest rate volatility. Derivative settlements for each applicable period should be evaluated with the company's net interest income. The company recognized income from derivative settlements of $6.8 million during the first quarter of 2018, compared to an expense from derivative settlements of $1.4 million for the same period in 2017.
The company's average balance of loans decreased to $21.9 billion for the first quarter of 2018, compared with $24.8 billion for the same period in 2017. Core loan spread increased to 1.29 percent for the quarter ended March 31, 2018, compared with 1.23 percent for the same period in 2017.
Year to date, through May 8, 2018, the company has purchased $2.44 billion in federally insured student loans, including $584.6 million during the three months ended March 31, 2018.
Loan Servicing and Systems
On February 7, 2018, the company completed its acquisition of Great Lakes Educational Loan Services, Inc. (Great Lakes) from Great Lakes Higher Education Corporation. The company paid $150.0 million in cash for 100 percent of the stock of Great Lakes. Beginning February 7, 2018, the operating results of Great Lakes are included in the company's Loan Servicing and Systems segment.
Revenue from the Loan Servicing and Systems segment was $100.1 million for the first quarter of 2018, including $43.5 million of revenue contributed by Great Lakes, compared with $54.2 million for the same period in 2017. In February 2018, Great Lakes recognized revenue of $4.6 million ($3.5 million after tax, or $0.09 per share) in deconversion fees related to a private education loan servicing customer leaving its servicing platform.
As of March 31, 2018, the company was servicing $470.8 billion in government-owned, Federal Family Education Loan (FFEL) Program, private education, and consumer loans, including $255.1 billion as a result of the acquisition of Great Lakes.
Nelnet Servicing, LLC (Nelnet Servicing) and Great Lakes are two of the organizations that have student loan servicing contracts awarded by the U.S. Department of Education (Department) to provide servicing for loans owned by the Department. As of March 31, 2018, Nelnet Servicing was servicing $176.6 billion of student loans for 5.8 million borrowers under its contract, and Great Lakes was servicing $242.1 billion of student loans for 7.5 million borrowers under its contract. These contracts are currently scheduled to expire on June 19, 2019.
On February 20, 2018, the Department's Office of Federal Student Aid released information regarding the new federal student loan servicing procurement process. The contract solicitation process is divided into two phases. The company responded to Phase One on April 17, 2018.
Education Technology, Services, and Payment Processing
For the first quarter of 2018, revenue from the Education Technology, Services, and Payment Processing segment was $60.2 million, an increase of $4.2 million, or 7 percent, from the same period in 2017, which prior period revenues were restated, without any impact on prior period net income, in connection with the implementation of a new revenue recognition accounting standard effective January 1, 2018. The increase in revenue was primarily driven by growth in managed tuition payment plans, campus commerce customer transactions and payments volume, and new school customers.
This segment is subject to seasonal fluctuations. Based on the timing of when revenue is recognized and when expenses are incurred, revenue and operating margin are higher in the first quarter as compared to the remainder of the year.
Communications
Revenue from ALLO Communications was $9.2 million for the first quarter of 2018, compared with $5.1 million for the same period in 2017. The number of households served as of March 31, 2018, was 23,541, an increase of 13,017, or more than 100 percent, from the number of households served as of March 31, 2017.
For the first quarter of 2018, ALLO recognized a net loss of $7.0 million, compared with a net loss of $2.8 million for the same period in 2017. The company anticipates this operating segment will be dilutive to consolidated earnings as it continues to build its network in Lincoln, Nebraska and other communities, due to large upfront capital expenditures and associated depreciation and upfront customer acquisition costs. ALLO's management uses earnings (loss) before interest, income taxes, depreciation, and amortization (EBITDA) to eliminate certain non-cash and non-operating items in order to consistently measure performance from period to period. For the first quarter of 2018, ALLO had negative EBITDA of $1.8 million, compared with negative EBITDA of $1.7 million for the same period in 2017. For additional information on this non-GAAP metric, including a reconciliation to ALLO's GAAP net loss, see "Non-GAAP Performance Measures" below.
ALLO incurred capital expenditures of $17.9 million in the first quarter of 2018. The company currently anticipates total network expenditures for the remainder of 2018 will be approximately $65 million; however, the amount of capital expenditures could change based on customer demand for ALLO's services. The number of residential households passed, which represents the estimated number of single residence homes, apartments, and condominiums that ALLO already serves, and those in which ALLO has the capacity to connect to its network distribution system without further material extensions to the transmission lines (but have not been connected), increased to 84,475 as of March 31, 2018, compared with 71,426 as of December 31, 2017.
Other Income
Other income for the three months ended March 31, 2018 included unrealized gains of $6.7 million ($5.1 million after tax, or $0.12 per share) related to the change in fair value of certain equity securities, and a realized gain of $1.7 million ($1.3 million after tax, or $0.03 per share) related to the sale of a real estate investment.
Liquidity and Capital Activities
For the first quarter of 2018, the company generated $58.0 million in net cash from operating activities. In addition, as of March 31, 2018, the company had a total of $151.4 million in cash and available-for-sale investments, consisting primarily of student loan asset-backed securities. The company also has a $350.0 million unsecured line of credit that has a maturity date of December 12, 2021. As of March 31, 2018 and May 8, 2018, $150.0 million and $190.0 million, respectively, were outstanding on the line of credit and $200.0 million and $160.0 million, respectively, were available for future use.
During the three months ended March 31, 2018, the company repurchased a total of 222,174 shares of Class A common stock for $11.4 million ($51.39 per share). The majority of these repurchases were made pursuant to a trading plan adopted by the company in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
The company paid cash dividends of $6.5 million, or $0.16 per share, during the first quarter of 2018.
The company intends to use its liquidity position to capitalize on market opportunities, including: FFEL Program, private education, and consumer loan acquisitions; strategic acquisitions and investments; expansion of ALLO's communications network; and capital management initiatives, including stock repurchases, debt repurchases, and dividend distributions. The timing and size of these opportunities will vary and will have a direct impact on the company's cash and investment balances.
Board of Directors Declares Second Quarter Dividend
The Nelnet Board of Directors declared a second quarter cash dividend on the company's outstanding shares of Class A common stock and Class B common stock of $0.16 per share. The dividend will be paid on June 15, 2018 to shareholders of record at the close of business on June 1, 2018.
Non-GAAP Performance Measures
The company prepares its financial statements and presents its financial results in accordance with GAAP. However, it also provides additional non-GAAP financial information related to specific items management believes to be important in the evaluation of its operating results and performance. A reconciliation of the company's GAAP net income to net income, excluding derivative market value and foreign currency transaction adjustments, and a discussion of why the company believes providing this additional information is useful to investors, is provided below.
Three months ended March 31,
2018
2017
(dollars in thousands, except share data)
GAAP net income attributable to Nelnet, Inc.
$
113,925
50,026
Realized and unrealized derivative market value adjustments
(60,033)
(1,238)
Unrealized foreign currency transaction adjustments
—
4,690
Net tax effect
14,408
(1,312)
Net income, excluding derivative market value and foreign currency transaction adjustments
$
68,300
52,166
Earnings per share:
GAAP net income attributable to Nelnet, Inc.
$
2.78
1.18
Realized and unrealized derivative market value adjustments
(1.46)
(0.03)
Unrealized foreign currency transaction adjustments
—
0.11
Net tax effect
0.35
(0.03)
Net income, excluding derivative market value and foreign currency transaction adjustments
$
1.67
1.23
"Derivative market value and foreign currency transaction adjustments" include (i) both the realized portion of gains and losses (corresponding to variation margin received or paid on derivative instruments that are settled daily at a central clearinghouse) and the unrealized portion of gains and losses that are caused by changes in fair values of derivatives that do not qualify for "hedge treatment" under GAAP; and (ii) the unrealized foreign currency transaction gains or losses caused by the re-measurement of the company's Euro-denominated bonds to U.S. dollars. In October 2017, the company remarketed its Euro-denominated bonds to denominate those bonds in U.S. dollars. "Derivative market value and foreign currency transaction adjustments" does not include "derivative settlements" that represent the cash paid or received during the current period to settle with derivative instrument counterparties the economic effect of the company's derivative instruments based on their contractual terms. The tax effects in the preceding table are calculated by multiplying the realized and unrealized derivative market value adjustments and unrealized foreign currency transaction adjustments by the applicable statutory income tax rate.
The company believes these point-in-time estimates of asset and liability values related to its derivative instruments and Euro-denominated bonds that are or were subject to interest and currency rate fluctuations are or were subject to volatility, primarily due to timing and market factors beyond the control of management, and affect the period-to-period comparability of the results of operations. Accordingly, the company's management utilizes operating results excluding these items for comparability purposes when making decisions regarding the company's performance and in presentations with credit rating agencies, lenders, and investors. Consequently, the company reports this non-GAAP information because the company believes that it provides additional information regarding operational and performance indicators that are closely assessed by management. There is no comprehensive, authoritative guidance for the presentation of such non-GAAP information, which is only meant to supplement GAAP results by providing additional information that management utilizes to assess performance.
A reconciliation of ALLO's GAAP net loss to earnings (loss) before net interest expense, income taxes, depreciation, and amortization (EBITDA), is provided below.
Three months ended March 31,
2018
2017
(dollars in thousands)
Net loss
$
(7,040)
(2,821)
Net interest expense
2,508
711
Income tax benefit
(2,223)
(1,730)
Depreciation and amortization
4,921
2,135
Earnings (loss) before interest, income taxes, depreciation, and amortization (EBITDA)
$
(1,834)
(1,705)
EBITDA is a supplemental non-GAAP performance measure that is frequently used in capital-intensive industries such as telecommunications. ALLO's management uses EBITDA to compare ALLO's performance to that of its competitors and to eliminate certain non-cash and non-operating items in order to consistently measure performance from period to period. EBITDA excludes interest and income taxes because these items are associated with a company's particular capitalization and tax structures. EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. The company reports EBITDA for ALLO because the company believes that it provides useful additional information for investors regarding a key metric used by management to assess ALLO's performance. There are limitations to using EBITDA as a performance measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from ALLO's calculations. In addition, EBITDA should not be considered a substitute for other measures of financial performance, such as net income or any other performance measures derived in accordance with GAAP.
Forward-Looking and Cautionary Statements
This press release contains within the meaning of federal securities laws. The words "anticipate," "continue," "expect," "future," "intend," "scheduled," "will," and similar expressions, as well as statements in future tense, are intended to identify . These statements are based on management's current expectations as of the date of this release and are subject to known and unknown risks and uncertainties that may cause actual results or performance to those expressed or implied by the . Such risks include, but are not limited to: risks related to the company's student loan portfolio, such as interest rate basis and repricing risk and changes in levels of student loan repayment or default rates; the use of derivatives to manage exposure to interest rate fluctuations; the uncertain nature of the expected benefits from the acquisition of Great Lakes on February 7, 2018 and the ability to successfully integrate technology, shared services, and other activities and successfully maintain and increase allocated volumes of student loans serviced under existing and any future servicing contracts with the Department; risks to the company related to the Department's initiative to procure new contracts for federal student loan servicing, including the risk that the company on a post-Great Lakes acquisition basis may not be awarded a contract; risks related to the development by the company and Great Lakes of a new student loan servicing platform, including risks as to whether the expected benefits from the new platform will be realized; the uncertain nature of expected benefits from FFEL Program, private education, and consumer loan purchases and initiatives to purchase additional FFEL Program, private education, and consumer loans; financing and liquidity risks, including risks of changes in the securitization and other financing markets for student loans; risks and uncertainties from changes in the educational credit and services marketplace resulting from changes in applicable laws, regulations, and government programs and budgets, such as the expected decline over time in FFEL Program loan interest income and fee-based revenues due to the discontinuation of FFEL Program loan originations in 2010 and the resulting initiatives by the company to adjust to a post-FFEL Program environment; the uncertain nature of the expected benefits from the acquisition of ALLO on December 31, 2015, and the ability to successfully integrate its communications operations and successfully expand its fiber network in existing service areas and additional communities and manage related construction risks; risks and uncertainties related to initiatives to pursue additional strategic investments and acquisitions, including investments and acquisitions that are intended to diversify the company both within and outside of its historical core education-related businesses; and changes in general economic and credit market conditions.
For more information, see the "Risk Factors" sections and other cautionary discussions of risks and uncertainties included in documents filed or furnished by the company with the Securities and Exchange Commission, including the cautionary information about contained in the company's supplemental financial information for the first quarter ended March 31, 2018. All in this release are as of the date of this release. Although the company may voluntarily update or revise its from time to time to reflect actual results or changes in the company's expectations, the company disclaims any commitment to do so except as required by securities laws.
Consolidated Statements of Income
(Dollars in thousands, except share data)
(unaudited)
Three months ended
March 31,
2018
December 31,
2017
March 31,
2017
Interest income:
Loan interest
$
197,723
193,556
181,207
Investment interest
5,134
3,080
2,617
Total interest income
202,857
196,636
183,824
Interest expense:
Interest on bonds and notes payable
135,550
123,401
106,899
Net interest income
67,307
73,235
76,925
Less provision for loan losses
4,000
3,750
1,000
Net interest income after provision for loan losses
63,307
69,485
75,925
Other income:
Loan servicing and systems revenue
100,141
55,921
54,229
Education technology, services, and payment processing revenue
60,221
43,326
56,024
Communications revenue
9,189
8,122
5,106
Other income
18,198
7,952
12,632
Gain (loss) from debt repurchases, net
359
(2,635)
4,980
Derivative market value and foreign currency transaction adjustments and derivative settlements, net
66,799
7,014
(4,830)
Total other income
254,907
119,700
128,141
Cost of services:
Cost to provide education technology, services, and payment processing services
13,683
11,223
12,790
Cost to provide communications services
3,717
3,160
1,954
Total cost of services
17,400
14,383
14,744
Operating expenses:
Salaries and benefits
96,643
81,201
71,863
Depreciation and amortization
18,457
11,854
8,598
Loan servicing fees
3,136
3,064
6,025
Other expenses
33,417
38,455
26,161
Total operating expenses
151,653
134,574
112,647
Income before income taxes
149,161
40,228
76,675
Income tax (expense) benefit
(35,976)
5,486
(28,755)
Net income
113,185
45,714
47,920
Net loss attributable to noncontrolling interests
740
2,386
2,106
Net income attributable to Nelnet, Inc.
$
113,925
48,100
50,026
Earnings per common share:
Net income attributable to Nelnet, Inc. shareholders - basic and diluted
$
2.78
1.17
1.18
Weighted average common shares outstanding - basic and diluted
40,950,528
41,012,731
42,291,857
Condensed Consolidated Balance Sheets
(Dollars in thousands)
(unaudited)
As of
As of
As of
March 31, 2018
December 31, 2017
March 31, 2017
Assets:
Loans receivable, net
$
21,562,030
21,814,507
24,003,386
Cash, cash equivalents, investments, and notes receivable
327,712
307,290
381,978
Restricted cash
855,986
875,314
881,334
Goodwill and intangible assets, net
265,648
177,186
192,746
Other assets
887,026
790,138
681,776
Total assets
$
23,898,402
23,964,435
26,141,220
Liabilities:
Bonds and notes payable
$
21,227,349
21,356,573
23,594,516
Other liabilities
425,827
442,475
419,037
Total liabilities
21,653,176
21,799,048
24,013,553
Equity:
Total Nelnet, Inc. shareholders' equity
2,235,753
2,149,529
2,108,187
Noncontrolling interests
9,473
15,858
19,480
Total equity
2,245,226
2,165,387
2,127,667
Total liabilities and equity
$
23,898,402
23,964,435
26,141,220
(code #: nnif)
View original content: http://www.prnewswire.com/news-releases/nelnet-reports-first-quarter-2018-results-300644898.html
SOURCE Nelnet | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-nelnet-reports-first-quarter-2018-results.html |
LOUISVILLE, Ky., May 16, 2018 /PRNewswire/ -- US WorldMeds today announced that the US Food and Drug Administration (FDA) approved LUCEMYRA (lofexidine) for mitigation of opioid withdrawal symptoms to facilitate abrupt opioid discontinuation in adults. The FDA reviewed LUCEMYRA under Priority Review, which is granted to submissions for medications that would provide significant improvements in the safety or effectiveness of the treatment, diagnosis or prevention of serious conditions.
Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8314851-us-world-meds-lucemyra-fda-approval/
LUCEMYRA suppresses the neurochemical surge that produces the acute and painful symptoms of opioid withdrawal. These symptoms may include aches/pains, muscle spasms/twitching, stomach cramps, muscular tension, heart pounding, insomnia/problems sleeping, feelings of coldness, runny eyes, yawning and feeling sick.
"LUCEMYRA offers new hope to people who want to discontinue opioid use and are struggling with the agonizing symptoms of opioid withdrawal," said P. Breckinridge Jones, chief executive officer and founder of US WorldMeds. "We are humbled to bring to market the first and only non-opioid treatment for the mitigation of withdrawal symptoms – and are grateful for the urgency demonstrated by the FDA in rapidly reviewing and approving this important treatment."
The FDA's approval of LUCEMYRA is supported by two randomized, double-blind, placebo-controlled clinical trials, an open-label study and clinical pharmacology studies with concomitant administration of either methadone, buprenorphine or naltrexone. The product's development also involved a grant from and close collaboration with the National Institute on Drug Abuse, part of the National Institutes of Health.
Data show that compared to placebo, participants treated with LUCEMYRA experienced less severe withdrawal symptoms and were significantly more likely to complete a seven-day opioid discontinuation treatment. Reported adverse side effects include low blood pressure or symptoms such as lightheadedness, slow heart rate, dizziness, sleepiness, feeling faint at rest or when standing up, and dry mouth.
LUCEMYRA is not an opioid drug and is not a treatment for opioid use disorder (sometimes known as opioid addiction). For people who have been diagnosed with opioid use disorder, withdrawal management alone, with or without LUCEMYRA, is not recommended; LUCEMYRA should be used as part of a long-term treatment plan created by a healthcare provider.
"LUCEMYRA presents an important new tool to help people make it successfully through withdrawal, which is very often critical for linking to ongoing continuing care and next steps in treatment for opioid dependence or addiction," said Marc Fishman, MD, medical director, Maryland Treatment Centers and assistant professor, Johns Hopkins University School of Medicine.
LUCEMYRA is usually administered in three 0.18 mg tablets taken orally four times daily at five- to six-hour intervals during the period of peak withdrawal symptoms (generally five to seven days following last use of opioids); total treatment may continue for up to 14 days. LUCEMYRA should be discontinued with gradual dose reduction over two to four days.
LUCEMYRA is expected to be commercially available in the United States in August 2018.
Indications
LUCEMYRA is indicated for mitigation of opioid withdrawal symptoms to facilitate abrupt opioid discontinuation in adults.
Important Safety Information for Patients
LUCEMYRA will not stop you from craving opioids. LUCEMYRA is not an opioid and will not produce the effects seen when taking opioids. LUCEMYRA may lessen the severity of symptoms, but it may not completely prevent them.
After a period of not using opioids, you may be more sensitive to the effects of lower amounts of opioids. Taking opioids in amounts that you used before stopping opioid use, whether with or without LUCEMYRA, can lead to overdose and death. It is important that you, your family, and the people closest to you are aware of this increased risk of overdose.
Alcohol, barbiturates, and benzodiazepines should be used with caution while taking LUCEMYRA as serious side effects may occur.
Tell your healthcare provider if you have ever been diagnosed with kidney disease or liver disease.
LUCEMYRA may cause low blood pressure or slower heart rate. Tell your healthcare provider if you have ever been diagnosed with low blood pressure, slow heart rate, any other cardiac abnormality (including prior diagnosis or family history of long QT syndrome), or if you have had a heart attack.
Tell your healthcare provider about all medications you are taking. LUCEMYRA should be used with caution with any medications that decrease pulse or blood pressure.
Watch for signs of a drop in your blood pressure or heart rate, including dizziness, lightheadedness, or feelings of faintness either when sitting or if you quickly stand up. If you experience these symptoms, call your healthcare provider and do not take your next dose of LUCEMYRA until you have talked to your healthcare provider.
It is important to stay hydrated while taking LUCEMYRA during opioid discontinuation or withdrawal.
The most common side effects seen with LUCEMYRA are low blood pressure or symptoms such as lightheadedness, slow heart rate, dizziness, sleepiness, and dry mouth.
Talk to your healthcare provider before taking other medications for individual symptoms of withdrawal (such as pain relievers, sleep aids, or medications for upset stomach). Your healthcare provider will tell you whether it is safe to take LUCEMYRA with other medications you may be prescribed during opioid discontinuation (such as buprenorphine/naloxone, methadone, naltrexone).
LUCEMYRA should not be stopped abruptly. Consult your healthcare provider before stopping or reducing your LUCEMYRA dose.
To report SUSPECTED ADVERSE REACTIONS or product complaints, contact US WorldMeds at 1-833-LUCEMYRA or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch .
Please click here to access the U.S. Prescribing Information.
About LUCEMYRA ( lofexidine)
LUCEMYRA (lofexidine), an oral tablet, is a central alpha 2-adrenergic agonist that reduces the release of norepinephrine to suppress the neurochemical surge that produces opioid withdrawal. It is indicated for mitigation of opioid withdrawal symptoms to facilitate abrupt opioid discontinuation in adults. In clinical trials, LUCEMYRA significantly reduced the severity of withdrawal symptoms compared to placebo as reported by patients experiencing opioid withdrawal. LUCEMYRA is usually administered in three 0.18 mg tablets taken orally four times daily at five- to six-hour intervals during the period of peak withdrawal symptoms (generally five to seven days following last use of opioids); total treatment may continue for up to 14 days. LUCEMYRA should be discontinued with gradual dose reduction over two to four days.
About Opioid Withdrawal
Opioids lower norepinephrine, a brain chemical that supports vital functions like respiration and consciousness. With continued opioid use, the brain establishes a new equilibrium by increasing compensatory norepinephrine production in order to maintain normal functioning. When opioids are removed, or the dose significantly reduced, the brain's increased norepinephrine levels are no longer offset by the presence of the opioids. This results in a norepinephrine surge that produces the acute and painful symptoms of withdrawal.
About US WorldMeds
US WorldMeds is a specialty pharmaceutical company whose treatment options are making a difference in the lives of the patients and communities it serves. US WorldMeds takes an agile and personal approach to pharmaceuticals – pioneering research and product development in therapeutic areas that desperately need new solutions. Headquartered in Louisville, Kentucky, US WorldMeds has global presence and more than 15 years of experience in the development, licensure and commercialization of unique products. For more information about US WorldMeds, visit http://www.usworldmeds.com/ . Follow us on Twitter , LinkedIn and on Facebook .
References
1. LUCEMYRA™ [Prescribing Information]. Louisville, KY: US WorldMeds, LLC; 2018.
USWM-LUC015-0418
Media Inquiries:
Brittany Horowitz
[email protected]
Phone: 646-229-0213
U.S. Medical Inquiries
1-888-900-USWM (8796)
View original content: http://www.prnewswire.com/news-releases/fda-approves-us-worldmeds-lucemyra-lofexidine-after-priority-review-for-the-management-of-opioid-withdrawal-symptoms-300649939.html
SOURCE US WorldMeds, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-fda-approves-us-worldmeds-lucemyraa-lofexidine-after-priority-review-for-the-management-of-opioid-withdrawal-symptoms.html |
May 8, 2018 / 7:12 AM / Updated 3 hours ago UK regulator probes SSE, Npower merger due to price concerns Sabina Zawadzki 4 Min Read
LONDON (Reuters) - British regulators have launched an in-depth investigation into the tie-up between the retail power unit of SSE Plc and Npower, owned by Germany’s Innogy, saying it may reduce competition and increase prices for some households. FILE PHOTO: An SSE vehicle is parked outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne
The merger would create Britain’s second-largest retail power provider and reduce the “Big Six” dominating the market to five companies when they are already facing political scrutiny for their tariffs and pressure from smaller rivals.
It also comes as German energy giants RWE and E.ON plan to carve up Innogy. The deal would make E.ON, another of the “Big Six”, the parent company of Npower. Analysts have said that may complicate the SSE-Npower merger.
The Competition and Markets Authority (CMA) warned at the end of April it would launch a deeper probe, which typically lasts 24 weeks and can be extended, unless the two companies propose solutions that would lift its concerns.
“SSE and Npower did not offer measures to address the CMA’s concerns, and so it has referred the merger for a more in-depth, Phase 2 investigation,” the regulator said in a statement. “The deadline for the final report is Oct. 22.”
Combined, SSE and Npower would have 11.5 million customers, making the new company second only to Centrica’s British Gas, which has more than 14 million customer accounts. FILE PHOTO: A sign hangs outside the building of electricity provider npower in Solihull, Britain, March 7, 2016. REUTERS/Darren Staples/File Photo INDUSTRY UNDER FIRE
Even before the announcement of the merger last November, the industry had faced criticism as household bills doubled over the past decade despite years of market liberalisation that was meant to make energy more affordable.
Last month, the influential Business, Energy and Industrial Strategy Committee of lawmakers said the deal could damage competition and would reduce consumer choices. They had already called the energy market “broken”.
On Tuesday, however, the two parent companies disagreed. FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne/File Photo
“We did not put forward measures to address the CMA’s concerns because we firmly believe this merger will be good for competition as it stands,” Innogy said in an emailed statement.
“It will create an independent, customer-focused company, offering customers a more efficient, improved service - and bring benefits to the wider market as well.”
SSE said it was on track to complete the formation and listing of the new company in the last quarter of 2018 or first quarter of 2019 despite the investigation.
“A Phase 2 referral is a well-established process for transactions of this nature and we remain confident that the proposed merger will deliver benefits for customers and the energy market as a whole,” SSE Chief Executive Alistair Phillips-Davies said in a statement.
The British market is dominated by British Gas, SSE, Iberdrola’s Scottish Power, Npower, E.ON [EON.UL] and EDF Energy, which account for about 80 percent of the retail electricity market.
But those six companies held 95 percent of the market share just three years ago and have shed customers to much smaller rivals; increasing pressure on their revenues.
Additionally, the government plans to impose price caps on the most common tariff from these companies, the standard variable tariff, by the winter of this year to tackle what Prime Minister Theresa May called “rip-off” prices. Reporting by Sabina Zawadzki; additional reporting by Tom Kaeckenhoff in FRANKFURT; editing by Louise Heavens/Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sse-innogy-cma/britains-competition-refers-sse-npower-deal-for-in-depth-investigation-idUKKBN1I90LZ |
COPPELL, Texas, May 9, 2018 /PRNewswire/ -- Caliber Home Loans, Inc. ("Caliber" or "the Company"), the nation's fourth largest nonbank residential mortgage originator with approximately $44 billion in 2017 originations and a servicing portfolio in excess of $130 billion, has priced a private offering of secured term notes in an aggregate principal amount of $325 million to be issued by the Company's subsidiary, CHL GMSR ISSUER TRUST (the "Trust").
Notably, this structure is the first Ginnie Mae Mortgage Servicing Right (MSR) - backed term note issuance to include a subordinate class, which provides Caliber access to additional financing for MSR portfolio growth not previously available within the industry. The issued notes are floating rate and carry the lowest cost of funds to date for Ginnie Mae MSR - backed term notes.
The secured term notes will mature on May 25, 2023, and are collateralized by Ginnie Mae MSRs and excess servicing spread (ESS) evidenced by participation certificates, which are sold to the Trust by Caliber under a master repurchase agreement. This funding is the final step in Caliber's balance sheet restructuring. As a result of this process, Caliber now partners with multiple partners and facilities that expand the Company's MSR financing capacity by over 30 percent, lower MSR secured interest expense by over 300bps and extend duration by an average of three years.
"We appreciate the support from our capital providers and Ginnie Mae on this issuance," said Caliber CEO Sanjiv Das. "Caliber remains focused on responsibly expanding its Retail and Servicing platforms and driving innovative industry thought leadership. This transaction will allow us to continue to address the financing needs of homeowners across the country and demonstrates that there is robust investor appetite for financing MSRs serviced by Caliber Home Loans. Securing financing from a broad group of capital market investors provides us with term capital that will be used for immediate growth in loan originations in addition to reducing costs relative to our existing financing."
About Caliber Home Loans, Inc.
Caliber Home Loans, Inc. (NMLS ID# 15622) is a privately-held financial services company with headquarters in Coppell, TX. The company is an approved Seller/Servicer for both Fannie Mae and Freddie Mac, an approved issuer for Ginnie Mae and is an approved originator and servicer for FHA, VA and the USDA. The company carries multiple servicer ratings from Standard & Poor's, Moody's, Fitch and DBRS. To learn more about Caliber, visit www.caliberhomeloans.com .
Media Contact
Rob Cushman
SVP, Marketing and Corporate Communications
[email protected]
469-912-3253
View original content: http://www.prnewswire.com/news-releases/caliber-home-loans-announces-pricing-of-term-notes-secured-by-ginnie-mae-msrs-and-ess-300645014.html
SOURCE Caliber Home Loans, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-caliber-home-loans-announces-pricing-of-term-notes-secured-by-ginnie-mae-msrs-and-ess.html |
May 16, 2018 / 1:59 PM / in 2 minutes Trump tweets: China has 'much to give' in trade negotiations Reuters Staff 3 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said in tweets on Wednesday that “nothing has happened” with China’s ZTE Corp ( 000063.SZ ) and that Beijing has “much to give” Washington on trade, denying suggestions that his administration was “folding” in negotiations with Beijing. FILE PHOTO: U.S. President Donald Trump waves to the news media after returning on Marine One after visiting first lady Melania Trump at Walter Reed National Military Medical Center from the South Lawn of the White House in Washington, U.S., May 15, 2018. REUTERS/Leah Millis
Trump on Monday had defended his decision to revisit penalties on ZTE for flouting U.S. sanctions on trade with Iran, in part by saying it was reflective of the larger trade deal the United States is negotiating with China.
“Nothing has happened with ZTE except as it pertains to the larger trade deal,” Trump said on Twitter.
“We have not seen China’s demands yet, which should be few in that previous U.S. Administrations have done so poorly in negotiating. The U.S. has very little to give, because it has given so much over the years. China has much to give!”
The Trump administration has yet to reveal any details of trade talks expected this week between a delegation led by China’s Vice Premier Liu He, the top economic adviser to President Xi Jinping, and senior Trump administration officials.
Liu is due on Capitol Hill on Wednesday afternoon for meetings with members of the trade-focused House Ways and Means Committee as well as with Senate Finance Committee Chairman Orrin Hatch, congressional aides said.
U.S. lawmakers on Tuesday rejected any plan by Trump to ease restrictions on ZTE, calling the telecommunications firm a security threat and vowing not to abandon a Commerce Department ruling that bans sales of American components and software to the company for violating terms of a sanctions settlement deal.
The ban has caused ZTE to cease operations, and Trump on Sunday tweeted that he had instructed the U.S. Commerce Department to take steps that would restore ZTE’s ability to operate.
A group of 33 Democratic senators signed a letter urging Trump to instead focus on strategies to change China’s trade practices, such as eliminating market-distorting subsidies and forced technology transfers.
“Offering to trade American sanctions enforcement to promote jobs in China is plainly a bad deal for American workers and for the security of all Americans,” wrote the senators, led by Senate Democratic Leader Chuck Schumer. “America’s policies toward China should put American workers, farmers and businesses first, not China’s.”
Trump tweeted on Wednesday: “There has been no folding as the media would love people to believe, the meetings haven’t even started yet!” Reporting by Doina Chiacu and David Lawder; Editing by Chizu Nomiyama and Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte/trump-says-china-has-much-to-give-in-trade-negotiations-twitter-idUSKCN1IH1VX |
May 3, 2018 / 11:01 AM / Updated 2 hours ago Private equity firm KKR opts to become C-Corp after U.S. tax reform Joshua Franklin 4 Min Read
NEW YORK (Reuters) - Private equity firm KKR & Co LP ( KKR.N ) said on Thursday it would convert from a partnership to a corporation after U.S. tax reform made the tax hit less painful, a move that it hopes will boost its share price by attracting more investors. FILE PHOTO - CEO of Kohlberg Kravis Roberts & Co (KKR) Henry Kravis (C) departs after meeting India's Prime Minister Narendra Modi at a breakfast in the Manhattan borough of New York September 29, 2014. REUTERS/Carlo Allegri
It is the biggest shake-up in KKR’s structure since the firm went public 12 years ago, making it the second alternative asset manager to change its tax status, following Ares Management LP ( ARES.N ) earlier this year.
KKR’s market capitalization, at almost $18 billion, is more than three times that of Ares. Its conversion will provide a serious test case for peers Apollo Global Management LLC ( APO.N ), Carlyle Group LP ( CG.O ) and Blackstone Group LP ( BX.N ) as to whether the higher tax burden is offset by the market attributing a higher valuation to the stock.
“Our stock has been too challenging to buy and too challenging to own, so many investors go elsewhere,” Co-President and Co-Chief Operating Officer Scott Nuttall said on an investor call.
KKR shares were up 3.8 percent at $22.33 in afternoon trading on the New York Stock Exchange.
KKR hopes the change to a C-Corp, which is effective July 1, will attract new shareholders by enabling investors such as mutual funds and index trackers to buy the stock.
Passive investors, which are becoming more important as they manage even more money, are restricted by their mandates from acquiring KKR stock under its partnership structure.
The indices for which KKR expects to be eligible will result in at least 20 million shares of demand in its stock, said Craig Larson, the firm’s head of investor relations.
Private equity firms pay corporate taxes under the partnership structure on the management fees charged to investors, but are mostly shielded from paying these taxes on performance fees.
Under the so-called C-Corp structure, KKR will pay corporate taxes on all revenue. However, the additional tax burden has become less severe after the headline U.S. corporate tax rate was lowered to 21 percent from 35 percent.
Analysts had earlier flagged KKR and Ares as the two private equity firms most likely to convert to C-Corps as the tax hit is less severe because the firms’ earnings rely less on the performance fees that are affected by the C-Corp change.
“Absent material equity valuation improvements for Ares and KKR, we expect further conversions of Fitch-rated alternative investment managers to be decreasingly likely, given that the remaining managers generally have more incentive income which would not benefit from the lower tax rate,” said Meghan Neenan, head of North American Non-Bank Financial Institutions at Fitch.
Apollo also reported first-quarter earnings on Thursday. Its co-founder and senior managing director, Josh Harris, said the firm is still mulling the C-Corp conversion.
“Others going first is helpful. We have to see what happens over time,” Harris said on an earnings call. BEATING ANALYSTS’ EXPECTATIONS
KKR said it expected to pay an annualized dividend of 50 cents per common share as a corporation for the third quarter.
KKR also said its first-quarter earnings per share fell by a less-than-expected 35 percent year-on-year, the latest private equity firm to feel the brunt of turbulent financial markets.
KKR’s economic net income per share came in at 42 cents in the first quarter, ahead of analysts’ expectations for 11 cents, according to Thomson Reuters I/B/E/S.
Economic net income reflects the mark-to-market valuation gains or losses on KKR’s portfolio.
Blackstone and Carlyle have also reported a fall in first-quarter earnings, albeit less than analysts had feared.
KKR’s assets under management totaled $176 billion at the end of March, up from $168 billion at the end of 2017. Reporting by Joshua Franklin in New York; Editing by Leslie Adler and Dan Grebler | ashraq/financial-news-articles | https://www.reuters.com/article/us-kkr-results/private-equity-firm-kkr-to-convert-to-a-corporation-after-u-s-tax-reform-idUSKBN1I4164 |
Jim Cramer blasts analysts over Nvidia revenues criticism 16 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/jim-cramer-blasts-analysts-over-nvidia-revenues-criticism.html |
VANCOUVER, May 10, 2018 /PRNewswire/ - Northern Vertex Mining Corp. (TSX.V:NEE) (OTC Nasdaq Intl.:NHVCF) (the "Company" or "Northern Vertex") is pleased to announce the appointment of William (Bill) Martinich to the position of General Manager at the Company's 100% owned Moss Gold Mine, located near the city of Bullhead, NW Arizona, USA.
Mr. Martinich is a dedicated mining professional with over 20 years of experience in open pit gold production predominately in the Western region of the United States. Most recently he was Mine Manager at New Gold's Mesquite Mine in California and before that he was Mine Manager at Taseko Mines' Gibraltar Mine in British Columbia. Preceding his employment at Taseko, Mr. Martinich spent 16 years with Barrick Gold and Placer Dome, where he worked in various roles including Mine Operations Superintendent at the Goldstrike Mine (Barrick) and Mine Operations and Maintenance Superintendent at the Cortez Mine (Barrick/Placer Dome). Mr. Martinich holds a Bachelor of Science Degree Mine Engineering from Montana Tech in Butte, Montana.
Ken Berry, President & CEO stated: "As we advance toward commercial production, we are delighted to recognize Bill's exemplary job of assembling a top-quality operation team for Northern Vertex. During the transition from Construction to Commissioning at the Moss Mine, Bill has proven his leadership and implemented a culture of teamwork and success. Bill's extensive experience in large and medium open pit mining operations, along with his proven record of building strong and effective operating teams, further enhances the depth and expertise of the Northern Vertex Team."
About Northern Vertex
Northern Vertex Mining Corp. is an exploration and mining company focused on the reactivation of its 100% owned Moss Mine Gold/Silver Project located in NW Arizona, USA. The Company's management comprises an experienced management team with a strong background in all aspects of acquisition, exploration, development, operations and financing of mining projects worldwide. The Company is focused on working effectively and respectfully with our stakeholders in the vicinity of the historical Moss Mine and enhancing the capacity of the local communities in the area.
ON BEHALF OF THE BOARD OF NORTHERN VERTEX
"Kenneth Berry"
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
The information in this news release has been prepared as at April 26, 2018. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms, and include, without restriction, statements regarding the completion of the Private Placement and the proposed use of the proceeds of the financing.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based More particularly, this release contains statements concerning the closing of the second tranche of the Private Placement and the anticipated use of the proceeds of the financing. There can be no assurance that the second tranche of the Private Placement will complete within the anticipated timelines or complete as contemplated or at all, or that the proceeds of the financing will be used as anticipated. US investors should be aware that mining terminology used for Canadian mineral project reporting purposes differs significantly from US terminology.
View original content: http://www.prnewswire.com/news-releases/northern-vertex-appoints-bill-martinich-general-manager-300646095.html
SOURCE Northern Vertex Mining Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-northern-vertex-appoints-bill-martinich-general-manager.html |
May 3 (Reuters) - Jones Soda Co:
* Q1 LOSS PER SHARE $0.01 * Q1 REVENUE $2.8 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jones-soda-reports-q1-loss-per-sha/brief-jones-soda-reports-q1-loss-per-share-of-0-01-idUSASC09ZOV |
May 11 (Reuters) - Oracle Corp:
* ORACLE NAMES CHARLES W. MOORMAN IV AND WILLIAM G. PARRETT TO THE BOARD OF DIRECTORS
* ORACLE CORP - INCREASES SIZE OF BOARD TO 14 DIRECTORS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oracle-names-charles-moorman-and-w/brief-oracle-names-charles-moorman-and-william-parrett-to-the-board-of-directors-idUSASC0A1TV |
COLOMBES, France--(BUSINESS WIRE)-- Regulatory News:
In accordance with applicable regulations, Arkema (Paris:AKE) announces having carried out the following share buyback transactions in accordance with Article 5 §2 of Regulation (EU) No 596/2014 from 30 April to 04 May 2018
Name of the issuer Issuer identifier code Day of the transaction Financial instrument identifier code Total daily volume (number of shares) Weighted average price of daily acquisition Market identifier code ARKEMA 9695000EHMS84KKP2785 2018.05.04 FR0010313833 13000
105.775
XPAR TOTAL
13,000
105.775
Detailed information can be found on the Group Arkema website: https://www.arkema.com/en/investor-relations/arkema-share/share-buybacks/2017/
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005820/en/
Arkema
Source: Arkema | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-arkemaadisclosure-of-trading-in-own-shares-from-30-april-to-04-may-2018.html |
Kenyan police examine burst dam after dozens die Friday, May 11, 2018 - 00:59
Kenya's chief prosecutor has ordered police to investigate a dam-burst on a farm in the Rift Valley after dozens died. At least 44 people were killed when the reservoir burst its banks, and many are still missing. ▲ Hide
Kenya's chief prosecutor has ordered police to investigate a dam-burst on a farm in the Rift Valley after dozens died. At least 44 people were killed when the reservoir burst its banks, and many are still missing. //reut.rs/2KTw6Kv | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/11/kenyan-police-examine-burst-dam-after-do?videoId=425900535 |
GENEVA (Reuters) - The United States is threatening the World Trade Organization with “three hard blows”, including taking the system of judicial appointments hostage, China’s Ambassador to the WTO, Zhang Xiangchen, told its membership on Tuesday.
Zhang said it was “dangerous and devastating” that the United States was challenging the WTO’s fundamental guiding principles by blocking new judges, by imposing global tariffs on steel and aluminum, and by threatening China with a separate $50 billion package of tariffs.
Reporting by Tom Miles; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-wto-china/china-accuses-us-of-hostage-taking-at-the-wto-idUSKBN1I924A |
LOS ANGELES (Reuters) - Plates, teaspoons, mugs and anything with pictures of Prince Harry and Meghan Markle are flying off the shelves in Los Angeles as the city’s own California girl prepares to marry into Britain’s royal family.
At Ye Olde Kings Head gift shop, next to a traditional British pub in the beach city of Santa Monica, demand for memorabilia has far exceeded expectations.
“It’s absolutely unbelievable,” said store manager Dympna Madeley, who moved to California from the English manufacturing town of Luton 23 years ago.
“We brought stuff in and thought we might not sell it, you know, and it was gone in the first week. We were like ‘oh my God,’ so we bought more, then we bought more. It’s like amazing ... really overwhelming,” she said.
Madeley said British and Americans alike were snapping up souvenirs ahead of the May 19 wedding in England.
In the small store, life size cardboard cut-outs of Markle and Harry stand amid Union Jack flags, commemorative plates and teacups.
Royal-themed teaspoons, coasters, key rings and shopping bags are displayed among British favorites like Marmite, PG Tips tea bags and Cadbury chocolate.
Markle’s California connections have added to the fascination - she was born and raised in Los Angeles.
Holly Gottlieb, 28, a recent transplant from London, said, “My colleagues are all American. They love it way more than I.”
Reporting by Reuters Television
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-la-british/royal-wedding-souvenirs-sell-like-hot-cakes-in-los-angeles-idUSKCN1IE0GB |
May 10 (Reuters) - Noodles & Co:
* Q1 LOSS PER SHARE $0.09 * Q1 REVENUE $110.5 MILLION VERSUS I/B/E/S VIEW $107.8 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.03 — THOMSON REUTERS I/B/E/S
* QTRLY COMPARABLE RESTAURANT SALES DECREASED 0.2% SYSTEM-WIDE
* QTRLY COMPARABLE RESTAURANT SALES DECREASED 0.3% FOR COMPANY-OWNED RESTAURANTS
* QTRLY COMPARABLE RESTAURANT SALES INCREASED 0.9% FOR FRANCHISE RESTAURANTS
* COMPANY IS REITERATING TARGETS RELATED TO ITS 2018 PERFORMANCE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-noodles-company-q1-loss-per-share/brief-noodles-company-q1-loss-per-share-0-09-idUSASC0A1KC |
LONDON (Reuters) - It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia’s desired level of $80 a barrel.
Brent crude futures reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014. [O/R]
A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are beginning to talk again about oil prices returning to $100 per barrel and more.
To view a graphic on Global oil supply and demand reach balance, click: reut.rs/2rFZGez
Renewed U.S. sanctions on Iran that could seriously hamper the country’s oil exports, along with involuntary output declines in big producers such as Venezuela, Mexico and Angola have contributed to the bounce in the price.
Led by Saudi Arabia, the Organization of the Petroleum Exporting Countries and 10 of its partners including top producer Russia have cut their crude output by a joint 1.8 million barrels a day since January 2017.
The oil price has risen by $50 since hitting a 13-year low of $27 a barrel in January 2016 and has gained 50 percent in the last 12 months alone, reflecting both concern over geopolitics and confidence in a more favorable balance between supply and demand.
The premium of the benchmark Brent crude futures contract is at its largest in years over those for delivery further ahead, reflecting investors’ and traders’ belief that supply will fall short of demand for some time to come.
Saudi Arabia is said to favor an oil price of around $80, or even $100 a barrel, as it gears up to float part of state oil company ARAMCO.
To view a graphic on Investors prepare for crude oil supply to shrink, click: reut.rs/2rJiKsk
But OPEC and its cohorts may end up being victims of their own success. The International Energy Agency on Wednesday warned global demand growth will almost inevitably slow given how much the oil price has risen. [IEA/M]
To view a graphic on Non-OPEC supply vs global demand growth in 2018, click: reut.rs/2Imrf71
Meanwhile, the rise in the U.S. dollar since the start of the year may curb the purchasing power of major importing nations to buy crude, especially since many, such as India and Indonesia, no longer offer drivers such as generous fuel subsidies.
OPEC also has a headache in the form of rival supply from outside its club, namely from the United States, which is on course to become the largest producer in the world by the end of this year, with output set to top 11 million bpd.
OPEC’s supply cuts have been swamped by the increase in U.S. output, led by production from shale fields and this, along with the higher price, has made the major forecasting agencies — the IEA, OPEC itself and the U.S. Energy Information Administration — far more cautious.
So while $80 might be Saudi Arabia’s purported magic number, its spell might prove short-lived.
To view a graphic on OPEC vs US oil output, click: reut.rs/2IjSYFf
Reporting by Amanda Cooper; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-oil-barrels/graphic-500-days-and-a-billion-barrels-of-lost-oil-pushes-crude-to-80-idUSKCN1II1QD |
May 4, 2018 / 8:53 AM / in 16 minutes IAG, Pearson lead FTSE 100 rebound while HSBC drags Reuters Staff
(For a live blog on European stocks, type LIVE/ in an Eikon news window)
* FTSE 100 up 0.4 pct
* On track for sixth week of gains
* Pearson rises after results indicate turnaround on track
* British Airways owner IAG flies after results
By Helen Reid
LONDON, May 4 (Reuters) - Britain’s leading stock index climbed at the end of a heavy earnings week as strong results from British Airways owner IAG sent the stock flying, while HSBC joined French banking peers in reporting weaker profits and suffering share price falls.
Strong earnings from IAG and Pearson, along with rising commodities stocks, buoyed Britain’s FTSE 100 up 0.4 percent, while financials were a drag as heavyweight HSBC fell 3.3 percent.
The index has risen sharply in recent weeks, though it is still underperforming European peers. It’s up 9.7 percent since it hit 15-month lows at the end of March, and was on track for its sixth straight week of gains.
British Airways owner IAG led the FTSE, up 5.1 percent and near a four-month high after reporting a 75 percent jump in quarterly profit.
The airline did not comment on the group’s potential takeover of low-cost competitor Norwegian Air.
This led the Norwegian airline to slump more than 10 percent. IAG wrote in an investor presentation that it had had contact with the Norwegian board regarding a possible offer, without reaching an agreement.
IAG peer easyJet also rose 1.9 percent, among the top FTSE 100 gainers, with Wizz Air up 3.3 percent on the mid-cap index.
HSBC was the standout faller on the FTSE, down 2.5 percent after results disappointed investors with an unexpected 4 percent drop in first-quarter pre-tax profit.
A share buyback was not sufficient to cheer investors.
“The share buyback of $2 billion is earlier, but also lower than expected,” said Charlie Huggins, manager of an income fund at Hargreaves Lansdown.
“An improvement in returns well beyond our own and consensus expectations is required to justify the current share price,” said Shore Capital analysts.
Shares in education publishing company Pearson rose 4.6 percent after the firm said it was on track to return to profit growth this year.
The stock rose to its highest since September 2016 on the latest sign the company’s turnaround was on track.
“While the full year guidance has been reiterated, we highlight that Q1 is not representative for Pearson and the group’s profits are largely weighted towards the second half,” said Liberum analysts, who have a “sell” rating on the stock.
Oil majors BP and Royal Dutch Shell cemented the FTSE’s gains as oil prices held near recent highs on tight supplies and tensions over possible new U.S. sanctions against Iran.
Dixons Carphone shares jumped 6.1 percent to the top of the FTSE 250 after RBC analysts increased their estimates and price target on the stock.
“We think electricals trends are robust helped by strong sales of TVs and connected home devices, while the mobile sector remains tough but is no worse,” they wrote in a note. Reporting by Helen Reid; Editing by Elaine Hardcastle | ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks/iag-pearson-lead-ftse-100-rebound-while-hsbc-drags-idUSL8N1SB2KS |
SAN DIEGO--(BUSINESS WIRE)-- DJO (“DJO” or the “Company”), a leading global provider of medical technologies designed to get and keep people moving, today announced the appointment of W. Mark Dorris as President of Bracing and Supports, DJO’s largest business unit.
Mr. Dorris is a seasoned executive with more than 30 years of experience in the healthcare industry, most recently serving as the President of Zimmer Surgical for seven years, where he significantly grew revenue and operating profit. Prior to Zimmer, Mr. Dorris was the President of Medegen Medical Products, a private equity portfolio business of Nautic Partners, where he oversaw all functional areas and execution of an aggressive acquisition strategy. He has held positions of increasing responsibility in sales and marketing, including Vice President, Marketing at Tyco Healthcare during his 15 years there. Mr. Dorris began his career in sales at Johnson & Johnson.
Mr. Dorris received a Bachelor of Science in Business Management from Western Kentucky University.
“I’m confident that Mark’s history of commercial success, operational excellence and keen understanding of the orthopedic space will significantly accelerate the performance of our BAS business,” said Brady Shirley, DJO’s President and Chief Executive Officer.
“I couldn’t be more excited to join DJO at this pivotal point in the Company’s growth trajectory,” said Mr. Dorris. “DJO’s Bracing & Supports business continues to expand market and mind share with its flagship brands of DonJoy ® and Exos ® . With the recent introduction of the cloud-based X4™ Smart Brace with Motion Intelligence™, and a robust innovation pipeline, DJO understands the power of blending technology, quality and results to ensure our customers’ around the world get and keep moving.”
About DJO
DJO is a leading global provider of medical technologies designed to get and keep people moving. The Company’s products address the continuum of patient care from injury prevention to rehabilitation, enabling people to regain or maintain their natural motion. Its products are used by orthopaedic surgeons, primary care physicians, pain management specialists, physical therapists, podiatrists, chiropractors, athletic trainers and other healthcare professionals. In addition, many of the Company’s medical devices and related accessories are used by athletes and patients for injury prevention and at-home physical therapy treatment. The Company’s product lines include rigid and soft orthopaedic bracing, hot and cold therapy, bone growth stimulators, vascular therapy systems and compression garments, therapeutic shoes and inserts, electrical stimulators used for pain management and physical therapy products. The Company’s surgical division offers a comprehensive suite of reconstructive joint products for the hip, knee and shoulder. DJO’s products are marketed under a portfolio of brands including Aircast®, Chattanooga, CMF™, Compex®, DonJoy®, ProCare®, DJO® Surgical, Dr. Comfort® and Exos™. For additional information on the Company, please visit www.DJOglobal.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006207/en/
DJO Media Contact:
Brittany Knudson
Sr. Director, Marketing Communications
760.734.5628
[email protected]
or
DJO Investor Contact:
David Smith
SVP, Treasurer and Investor Relations
760.734.3075
[email protected]
Source: DJO | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-djo-announces-appointment-of-mark-dorris-as-president-bracing-and-supports.html |
Aperitif? Why young people are drinking less 5:49pm BST - 01:42 Wed, 07 Jun, 2017 - (2:38) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Advertise with Us | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/29/aperitif-why-young-people-are-drinking-l?videoId=431465587 |
May 3 (Reuters) - NZX Ltd:
* IN APRIL CASH MARKET TRADING TOTAL TRADES 241,716 * APRIL TOTAL VALUE TRADED NZ$2.6 BILLION, DOWN 22.5 PERCENT
* APRIL DAILY AVERAGE TRADES 12,722 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nzx-ltd-posts-april-cash-market-to/brief-nzx-ltd-posts-april-cash-market-total-trades-of-241716-idUSFWN1S919Y |
MILAN (Reuters) - Ferrari boss Sergio Marchionne, who has warned that his glamour team could walk away from Formula One after 2020, said on Thursday he was encouraged by a “change in attitude” from the sport’s owners as they map out F1’s future.
Formula One - F1 - Italian Grand Prix 2017 - Monza, Italy - September 3, 2017 Ferrari president Sergio Marchionne arrives before the race REUTERS/Max Rossi Speaking to analysts in a post-results conference call, the chairman saw a basis for ‘meaningful discussions’ and hoped everything could be resolved by the end of the year.
“I’m encouraged by the change in the attitude that we are seeing from Liberty in terms of the extent of the changes that they’re forecasting in 2021,” he said.
“Probably the biggest indication has been the recognition of the fact that the engine regulations need to reflect sort of the nature of the sport. And we can’t really dumb down engine development just to accommodate new entries, right?
“So the stuff that’s on the table now is potentially workable as a system. The economics are not,” he added. “I think that’s something that we need to go back to Liberty with.”
Commercial rights holders Liberty Media, who took over Formula One in January last year, want to implement a cost cap, improve the racing and have a fairer distribution of revenues to level the playing field.
They also want engines to remain hybrid and road relevant, with the rules making the sport attractive for any new entrants.
MEANINGFUL DISCUSSIONS Ferrari, the oldest and most successful team, receive special payments to reflect their status.
Critics say the current V6 turbo hybrid engines are too complicated, quiet and costly and need to be simpler, cheaper and noisier.
Marchionne has warned in the past against standardization, which he has compared to the U.S. stock car racing series NASCAR.
“I think we now have enough of a basis to try start having meaningful discussions. And hopefully, we’ll get it all resolved by the end of this year one way or the other,” said the chairman.
Marchionne said budget cap discussions were “more encompassing in nature than just dealing with engine development” but he could see value in removing some of the costs associated with aerodynamic development.
“The important thing for us... is that we don’t touch the nature of the technical development of the powertrains because that is at the heart of what Ferrari does for a living,” he emphasized.
“I think we need to continue to work with Liberty with the commercial rights holders and with the (governing) FIA to try and bring about a sensible equilibrium. If we can’t, as I said before, we’ll just pull out.
“But we’re not there today. I think we owe the sport a phenomenal effort to try and bring about closure of these items. We’ll try and get that done before the end of this year.”
Reporting by Agnieszka Flak, writing by Alan Baldwin, editing by Christian Radnedge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-ferrari-marchionne/ferraris-marchionne-encouraged-by-f1-engine-proposals-idUSKBN1I42FE |
(Adds details of release, background)
OTTAWA, May 22 (Reuters) - Canadian wholesale trade jumped by 1.1 percent in March, the largest month-on-month rise for five months, thanks largely to strength in the motor vehicle and parts subsector, Statistics Canada said on Tuesday.
The increase - greater than the 0.6 percent advance forecast by analysts in a Reuters poll - was the largest since the 2.0 percent gain seen in October 2017. Statscan revised February’s decline to 0.4 percent from an initial drop of 0.8 percent.
Sales though only rose in Ontario - the most populous of Canada’s 10 provinces - and Saskatchewan in the west. Wholesale trade grew in four out of seven sectors in March, accounting for 49 percent of wholesale trade.
Removing the effects of price changes, sales volumes rose 0.8 percent from February.
After three consecutive monthly falls, the motor vehicles and parts subsector posted a 5.0 percent gain on the back of motor vehicles sales, which rose to a near record high.
Sales in the building materials and supplies subsector increased by 3.4 percent to a record high while the food, beverage and tobacco subsector saw trade drop by 1.4 percent, the second consecutive dip.
Reporting by David Ljunggren Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-economy-wholesale/update-1-canada-wholesale-trade-jumps-1-1-pct-in-march-on-autos-parts-idUSL2N1SP1G0 |
LONDON (Reuters) - Prime Minister Theresa May on Tuesday warned Turkish President Tayyip Erdogan not to go too far in his crackdown on those believed to be behind a failed 2016 coup attempt, speaking after a meeting in London marked by human rights protests.
Turkish President Tayyip Erdogan meets with Britain's Prime Minister Theresa May at 10 Downing Street in London, Britain May 15, 2018. Kayhan Ozer/Presidential Palace/Handout via REUTERS Rights campaigners have accused May of turning a blind eye to human rights abuses in pursuit of trade deals after Brexit. In Turkey’s case they point to the jailing tens of thousands of people after the attempted coup. Erdogan’s government has said its actions are necessary to combat the threat it faces.
May said Britain’s relationship with Turkey was indispensable, praising the impact of security cooperation and the prospect of close post-Brexit trade ties.
But she added a diplomatic warning on the need for restraint.
“It is right that those who sought to overthrow the democratically elected government are brought to justice,” May said, speaking alongside Erdogan in her Downing Street office following their meeting.
“But it is also important that in the defense of democracy, which has been facing extraordinary pressures from the failed coup, instability across the border from Syria and from Kurdish terrorism, Turkey does not lose sight of the values it is seeking to defend.”
British Prime Minister Theresa May speaks as she takes part in a news conference with Turkey's President Recep Tayyip Erdogan, after their meeting at 10 Downing Street in London, Britain, May 15, 2018. Matt Dunham/Pool via REUTERS She said she had underlined the need for Turkey to uphold democratic values and its human rights obligations.
Erdogan’s visit is part of May’s charm offensive to shore up relations with countries outside the European Union as Britain prepares to leave the bloc and secure at least the promise of future trade deals to bolster her all but stalled Brexit plans.
Erdogan, the most popular - and divisive - politician in recent Turkish history, has ruled for 15 years, overseeing a period of sharp economic growth and a widespread crackdown against his opponents. Last month he declared snap elections for June 24, bringing the polls forward by more than a year.
Erdogan deflected a question from a British journalist about his country’s ability to hold a free and fair election. He said those arrested in Turkey were being processed by the judiciary.
Slideshow (15 Images) PROTESTS Just hours before the leaders were due to meet, around 100 protesters waved banners outside May’s office depicting Erdogan as a puppet master with blood on his hands. Another said “tamam”, or enough.
About 20 meters away, separated by barriers and a police cordon, a similar number waved Turkish flags in the direction of the anti-Erdogan protesters, chanted and played loud music.
The two sides briefly scuffled.
Last year, May secured a commitment for Britain and Turkey to work on post-Brexit trade.
Speaking on Tuesday, Erdogan welcomed a transition deal agreed between London and the EU to ease Britain’s departure from the bloc. He said the two leaders had agreed trade could be increased to $20 billion annually, up from the 2017 level of around £16 billion.
Ties between the EU and Turkey are increasingly strained, with Brussels saying that Erdogan is leading his country away from the path to membership, while some Turkish officials say they feel betrayed by some of the bloc’s leaders.
Reporting by William James, additional reporting by Elizabeth Piper; Editing by Raissa Kasolowsky and Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-turkey/despite-protests-britain-hopes-to-foster-good-ties-with-turkey-idUSKCN1IG1YU |
May 7 (Reuters) - Fintech Select Ltd:
* FINTECH SELECT - PLANS TO LAUNCH INTERAC FUNDING FEATURE & PAYOUT MODULE THROUGH PARTNERSHIP WITH A PAYMENT SERVICE PROVIDER | ashraq/financial-news-articles | https://www.reuters.com/article/brief-fintech-select-says-plans-to-launc/brief-fintech-select-says-plans-to-launch-interac-funding-feature-payout-module-through-partnership-with-a-payment-service-provider-idUSFWN1SE0CW |
The Midday Rundown: May 18, 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/2018/05/18/the-midday-rundown-may-18-2018.html |
May 22, 2018 / 11:13 AM / Updated 9 hours ago Gender, guns, partisan infighting define state nominating contests Letitia Stein 4 Min Read
(Reuters) - Voters in several states are casting ballots on Tuesday for candidates who could make U.S. political history. FILE PHOTO: Stacey Abrams, running for the Democratic primary for Georgia's 2018 governor's race, speaks at a Young Democrats of Cobb County meeting as she campaigns in Cobb County, Georgia, U.S. on November 16, 2017. REUTERS/Chris Aluka Berry/File Photo
The contest for an open governor’s seat in Georgia could set up a Democratic bid to elect the first African-American female governor in the United States.
In Texas and Kentucky, voters will decide how many women advance to the November midterm elections for the House of Representatives, where Democrats need to wrest 23 seats from Republicans to gain control. Arkansas is also holding elections.
The following are some key races to watch: GEORGIA
In Republican-dominated Georgia, Democratic gubernatorial candidate Stacey Abrams is testing divergent strategies within her party.
Abrams seeks to mobilize black voters - a strongly Democratic demographic group that often skips off-year elections - as well as white progressives to become the country’s first black female governor.
Democratic primary competitor Stacey Evans, who is white, thinks Democrats cannot win back the governor’s mansion in the Southern state without also persuading white moderate voters who can swing between parties.
Abrams has been leading in local media polls, and the historic nature of her bid should be a primary advantage, said Charles Bullock, a political science professor at the University of Georgia.
“There is going to be an awfully strong pull among African-American women, who are going to be the plurality in that electorate, to vote for Stacey Abrams,” he said.
In the crowded Republican primary, gun rights has emerged as a key issue.
Lieutenant Governor L.S. “Casey” Cagle, the frontrunner in a five-way race, won the National Rifle Association’s endorsement. One of his opponents, Secretary of State Brian Kemp, underscored his own support for gun rights in an ad where he points a shotgun at a teenager courting his daughter. TEXAS
Several candidates competing in districts which Democrats aim to flip to reclaim the U.S. Congress will emerge from runoff contests that showcase the record numbers of women running this year.
The races also have been emblematic of a “Democratic civil war that is taking place across the country,” between the party establishment and progressive activists, according to Rice University political science professor Mark Jones.
The Democratic Congressional Campaign Committee earlier this year dumped opposition research on Laura Moser, a progressive favorite running in Houston’s affluent suburbs. Yet she proceeded to a runoff against lawyer Lizzie Fletcher, backed by establishment groups, to challenge Republican U.S. Representative John Culberson.
In southwest Texas, Iraq war veteran Gina Ortiz Jones has establishment support against teacher Rick Trevino to try to unseat Republican Congressman Will Hurd. KENTUCKY
In a U.S. House seat that Democrats hope to put into play, Lexington Mayor Jim Gray is opposing a former Marine fighter pilot, Amy McGrath, for the party’s nomination.
The winner will face U.S. Representative Andy Barr, the Republican incumbent, in November. Reporting by Letitia Stein in Detroit; editing by Colleen Jenkins and G Crosse | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election/gender-guns-partisan-infighting-define-state-nominating-contests-idUSKCN1IN1D6 |
Rolling Stone Keith Richards says America has to ‘get rid’ of Donald Trump Lucy Handley • May 15, 2018 The Rolling Stones' guitarist Keith Richards has called for the U.S. to "get rid of" President Donald Trump. The British musician, who has lived in Connecticut for decades, recalled Tuesday that the last time he became angry was in 1989 — in a row concerning Trump when the band was on the road for its "Steel Wheels" tour. "(Donald Trump) was the promoter for us in Atlantic City and we got to Atlantic City and (it was billed as) Donald Trump presents… the Rolling Stones (was written) in miniature," he told BBC Radio 4's "Today" program. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/rolling-stone-keith-richards-america-has-to-get-rid-of-donald-trump.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
KELOWNA, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- FISSION URANIUM CORP. (" Fission " or the “ Corporation ") (TSX:FCU) (OTCQX:FCUUF) (FRANKFURT:2FU) today announced that Jianhua Xing has resigned as a member of the board of directors of the Corporation (the “ Board ”), effective immediately. The Corporation also announced today that Deshao Chen has been appointed to the Board, effective immediately.
CGN Mining Company Limited (“ CGN Mining ”) is entitled, pursuant to a subscription agreement with the Corporation dated January 11, 2016, to nominate up to two directors to the Board in accordance with the terms of the subscription agreement. Jianhua Xing acted as one such nominee. CGN Mining has nominated Deshao to replace Jianhua Xing.
Mr. Chen has 22 years working experience in the financial field. He currently serves as the Executive Director and CFO of CGN Mining, which is focused on the development and trading of natural uranium resources for use by nuclear energy companies. Prior to his current role, Mr. Chen held senior roles with CGNPC-URC and Ling Ao Nuclear Power Corporation. Mr. Chen holds a B.E. from Anhui University of Finance and Economics and a Master of Accounting from Xiamen University.
About Fission Uranium
Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Fission's common shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."
ON BEHALF OF THE BOARD
“ Dev Randhawa ”
Dev Randhawa, Chairman and CEO
Investor Relations
TF:877-868-8140
[email protected]
www.fissionuranium.com
Source:Fission Uranium Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-fission-announces-changes-to-the-board-of-directors.html |
Samsung Samsung Phones Will Now Let You Video Chat Doctors in the UK A camera and fingerprint reader sit on the rear casing of Galaxy S9 smartphones as they stand on display during a Samsung Electronics Co. 'Unpacked' launch event in London, U.K., on Thursday, Feb. 22, 2018. The South Korea-based technology giant is banking on new features such as augmented reality-based emojis, camera upgrades, and stereo speakers in a form-factor similar to last year's model in order to take on Apple Inc.'s iPhone X. Photographer: Chris J. Ratcliffe/Bloomberg via Getty Images Chris J. Ratcliffe — Bloomberg via Getty Images By Monica Rodriguez 2:44 PM EDT
Samsung is making trips to the doctor feel slightly less ominous through a new AI-powered feature that will allow UK users to video chat medical professionals without ever having to leave their homes.
According to a recent report by Financial Times , Samsung phones will soon hit the shelves pre-installed with the feature. The medical consultation technology would be provided by Babylon , a health startup company primarily known for its partnership with the UK’s “GP at Hand,” a program launched earlier this year that is similarly designed to help users book their doctor appointments through video calls. Samsung is paying Babylon for a license fee to use their technology, and additionally will share some of the profits with the new company.
Like GP at Hand, Samsung’s technology will not only allow users to virtually arrange medical consultations, but also to check their symptoms through an internal health app.
But, the technology comes at a cost. Access to the feature will cost £50 (US $67) a year or £25 (US $33) for a one-time consultation.
Although, for now, Samsung’s new health feature is exclusive to users in the UK, Financial Times says that the idea of it expanding to customers worldwide is certainly not out of the question. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/samsung-uk-video-chat-doctors/ |
May 15 (Reuters) -
* APPALOOSA LP DISSOLVES SHARE STAKE IN APPLE INC - SEC FILING
* APPALOOSA LP - CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source for the quarter ended Mar 31, 2018: bit.ly/2L1NsVL Source for the quarter ended Dec 31, 2017: bit.ly/2C1OUWP
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-appaloosa-dissolves-share-stake-in/brief-appaloosa-dissolves-share-stake-in-apple-inc-idUSFWN1SM1EC |
May 13, 2018 / 7:51 PM / in 8 minutes Mariners' Cano leaves game with fracture right hand Reuters Staff 1 Min Read
Seattle Mariners second baseman Robinson Cano fractured the fifth metacarpal bone in his right hand when he was hit by a fastball in the third inning against the Detroit Tigers on Sunday. May 13, 2018; Detroit, MI, USA; Seattle Mariners second baseman Robinson Cano (22) talks to designated hitter Nelson Cruz (23) with a cast on his hand in the dugout during the fifth inning against the Detroit Tigers at Comerica Park. Mandatory Credit: Rick Osentoski-USA TODAY Sports
Cano was hit on the back of the hand near the pinky finger by an inside fastball from Tigers left-hander starter Blaine Hardy.
He was attended to by a trainer and left the game, replaced in the lineup by Andrew Romine.
It was not immediately known how much time Cano will miss. Slideshow (2 Images)
Cano has appeared in an MLB-best 2,035 games since his major-league debut in May 2005. He went on the 10-day disabled list in May 2017 due to a strained right quad muscle.
Cano is batting .287 with four home runs and 23 RBIs this season. He hit a three-run home run Saturday in the second game of the doubleheader against the Tigers.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-sea-cano-injury/mariners-cano-leaves-game-with-fracture-right-hand-idUSKCN1IE10Q |
May 27, 2018 / 1:18 PM / Updated an hour ago Kyrgios out of Roland Garros with elbow injury Reuters Staff 1 Min Read
(Reuters) - Australia’s Nick Kyrgios pulled out of the French Open after failing to shake off a persistent elbow injury that has troubled him in the past few weeks, the 23-year-old announced on Sunday. FILE PHOTO - Davis Cup - Semi-Finals - Belgium vs Australia - Palais 12, Brussels, Belgium - September 17, 2017 Australia's Nick Kyrgios in action during his match against Belgium's David Goffin REUTERS/Yves Herman
“Unfortunately I have to withdraw from this year’s French Open,” the world number 23 wrote in a message on Twitter.
“Having consulted with my team and medical experts it is deemed too risky for me to step out and potentially play five sets on clay especially as I have not played a singles match in nearly two months.
“I’ve worked hard to be ready and desperately wanted to play Roland Garros, which is very special to me but I literally ran out of time.”
Kyrgios was scheduled to take on compatriot Bernard Tomic in the opening round on Monday. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-frenchopen-kyrgios/kyrgios-out-of-roland-garros-with-elbow-injury-idUKKCN1IS0FL |
* Three draft bills are part of Petroleum Industry Bill (PIB) * Drafts set out tax, royalty rates for oil, gas firms * Would create funds for communities hit by operations * President would have power to award petroleum licences (Adds details of bills) By Paul Carsten and Alexis Akwagyiram ABUJA, May 10 (Reuters) - Nigeria's government plans to create a powerful energy regulator with broad oversight of the oil and gas sector, according to draft versions of sweeping reforms known collectively as the Petroleum Industry Bill (PIB). The draft laws, posted on the Nigerian legislature's website on April 30, are the versions intended for the Senate, the upper house of parliament. The PIB aims to improve transparency, attract investors, stimulate growth and increase government revenues. After being debated for well over a decade, the unwieldly and contentious legislation was broken into sections to help it pass into law. The governance part of the bill was passed by both houses of parliament in January. However, that section has not yet been signed into law by President Muhammadu Buhari, who is also Nigeria's oil minister. The inability to pass the law and uncertainty around taxation has stunted investment in the west African nation, particularly in deep-water oil and gas fields. The three PIB sections yet to be passed address fiscal and administrative issues and local communities affected by the oil industry. On Tuesday, Senate President Bukola Saraki told Reuters Nigeria's parliament aims to pass the long-delayed PIB by the end of July. The administrative bill largely deals with the scope of the Nigerian Petroleum Regulatory Commission, which would be the main body regulating the oil and gas sector in the country. The commission would have the power to grant, amend and revoke licences for all kinds of activity in the industry, from exploration and drilling to distribution and sales. It would also make public all those licences, permits and authorisations, as well as the details of interests or shares held. The bill sets the time limits for various kinds of licences: three years for an exploration licence, 25 years for onshore petroleum licences and 30 years for deep offshore. The draft seeks to put an end to Nigeria's subsidies for petroleum products, with a "short transition towards full market pricing", within a year of the bill being signed into law. "The President may direct the Commission to negotiate and award Petroleum Licences to qualified investors outside of the bidding process," the draft also said. The fiscal bill sets out the rates of tax and royalties for various oil and gas enterprises, as well as various breaks such as upstream gas operations receiving a tax-free period of five years from the start of production. For profits from: Assessable tax (%) Onshore crude 65 Shallow water crude 50 Onshore natural gas 30 Shallow water natural gas 30 Deep offshore upstream crude 40 Deep offshore upstream gas 30 Tranches of production Royalty rate (barrels per day) (%) Onshore areas: First 2,500 2.5 Next 7,500 7.5 Next 10,000 15.0 Above 20,000 20.0 Shallow water areas: First 10,000 5.0 Next 10,000 10.0 Next 10,000 15.0 Above 30,000 20.0 Deep water areas: First 50,000 5.0 Next 50,000 7.5 Above 100,000 10.0 Additional tax will also be charged when crude prices exceed $60 a barrel, the draft said. The third draft section of the PIB addresses communities that host or are affected by oil and gas sector work. For decades, communities in the Niger Delta oil heartland have complained that spills and pollution have destroyed their land and killed off wildlife. RIghts group Amnesty International accused international oil majors Royal Dutch Shell PLC and Eni SpA in March of negligence when addressing spills in Nigeria. Other oil majors such as Exxon Mobil Corp, Total SA and Chevron Corp also operate in Nigeria. The draft bill seeks to address some of those concerns by making companies whose operations are in or near communities set up a trust, with a fund, for the benefit of those people. Failure to do so would result in the suspension of their licence, the draft said. Companies would have to contribute 2.5 percent of annual operating expenditure for work in that area into the trust's fund, which would then be used to improve infrastructure, job creation, education and health facilities. (Reporting by Paul Carsten and Alexis Akwagyiram Additional reporting by Camillus Eboh Editing by Adrian Croft)
| ashraq/financial-news-articles | https://www.reuters.com/article/nigeria-oil/update-1-nigeria-draft-oil-reforms-seek-to-establish-powerful-industry-regulator-idUSL8N1SH5LV |
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Najib Razak said on Thursday he accepted “the verdict of the people” after his ruling coalition failed to secure a simple majority in a general election for the first time ever.
Malaysia's outgoing Prime Minister Najib Razak speaks at a news conference following the general election in Kuala Lumpur, Malaysia, May 10, 2018. REUTERS/Athit Perawongmetha “I and my friends accept the verdict of the people and Barisan Nasional is committed to respecting the principles of parliamentary democracy,” Najib said, referring to the ruling coalition.
He said the next prime minister would be decided by Malaysia’s king as no single party won a simple majority.
An opposition coalition led by former veteran prime minister Mahathir Mohamad won the most seats in Wednesday’s vote in a stunning defeat for Barisan Nasional, which has ruled since Malaysia’s independence from Britain, nearly 60 years ago.
Reporting by Joseph Sipalan; Editing by Robert Birsel
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-election-najib/malaysias-najib-says-will-accept-verdict-of-people-leaves-decision-on-pm-to-king-idUSKBN1IB0CN |
U.S. may soon recognise Israel's hold on Golan 8:35pm IST - 01:49
Israel is pressing the Trump administration to recognise its sovereignty over the occupied Golan Heights, an Israeli cabinet minister said on Wednesday, predicting U.S. assent could come within months. ▲ Hide Transcript ▶ View Transcript
Israel is pressing the Trump administration to recognise its sovereignty over the occupied Golan Heights, an Israeli cabinet minister said on Wednesday, predicting U.S. assent could come within months. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IHjjNO | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/24/us-may-soon-recognise-israels-hold-on-go?videoId=429919987 |
(Reuters) - The Malaysian ringgit fell to a four-month low on its first day of trade following Mahathir Mohamad’s stunning win in the country’s general election last week. The ringgit weakened as much as 0.9 percent to 3.985 versus the dollar on Monday, as traders came to grips with the election defeat of the coalition that had ruled the country for six decades. [nL3N1SK08Z]
FILE PHOTO: A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/File Photo The Malaysian stock exchange last week extended trading holidays to Thursday and Friday after the government declared them public holidays following the election results.
Reporting by Chris Thomas and Ambar Warrick in Bengaluru; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-malaysia-forex/malaysian-ringgit-hits-four-month-low-on-market-re-opening-after-mahathirs-shock-election-win-idUSKCN1IF049 |
May 15, 2018 / 2:29 PM / in 17 minutes Czech cola maker Kofola seeks acquisitions, or exit, in Poland Reuters Staff 3 Min Read
PRAGUE, May 15 (Reuters) - Czech soft drinks maker Kofola Ceskoslovensko is ready to quit the tough Polish market unless it can find an acquisition in the coming months to expand its portfolio, the company said on Tuesday.
The group is 68 percent controlled by the Greek-Czech Samaras family who resurrected the communist-era cola brand Kofola in the 1990s and has since expanded around central Europe with juices, water and other drinks.
But it has had trouble making progress in Poland, a soft drinks market worth more than 5 billion euros ($5.9 billion), according to a KPMG study.
Kofola’s sales in Poland fell by 26 percent to 1.3 billion crowns ($60.2 million) in 2017 — accounting for 17 percent of group revenue.
“Our brands are not sufficient for building a strong position on the demanding Polish market,” Kofola said in its first-quarter earnings report released on Tuesday.
In the last year, Kofola has cut staff and concentrated production at one plant in Poland while also striking a distribution deal for Nestle’s Nestea.
While it said it was focussing on acquisitions, it also is looking at plans to put its Polish unit HOOP Polska up for sale in a possible tender.
“We still believe the Polish market is very interesting for Kofola... We are focusing on acquisitions,” Chief Financial Officer Daniel Burys said. “Probably we will start with activities on this divestment option in the next month.”
On a conference call, company executives said a potential divestment could negatively impact its dividend next year depending on the valuation of the Polish business.
But any sales was likely not to impact core earnings before interest, tax, depreciation and amortisation (EBITDA), Burys said, as the Polish unit was loss-making last year.
He reiterated Kofola’s outlook for EBITDA to exceed 1 billion crowns in 2018.
In the coming months, Kofola is also likely to lift its free float, with the second biggest shareholder - CED Group, which is a subsidiary of private equity group Enterprise Investors - aiming for a private placement. ($1 = 21.5890 Czech crowns) ($1 = 0.8445 euros) (Reporting by Jason Hovet Editing by Keith Weir) | ashraq/financial-news-articles | https://www.reuters.com/article/kofola-poland/czech-cola-maker-kofola-seeks-acquisitions-or-exit-in-poland-idUSL5N1SM79H |
Reasonable people can disagree whether sports gambling should be legal. But everyone who favors individual liberty should agree with the Supreme Court’s 7-2 decision on Monday in Murphy v. NCAA that the Constitution prevents Congress from giving orders to state legislatures.
Cultural mores regarding gambling have changed over the past century, and one of the last remaining taboos is against gambling on sports contests due to the opportunity for corrupting the competition. As more states legalized gambling, Congress in 1992... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-issue-is-liberty-not-gambling-1526338622 |
May 7 (Reuters) - China Overseas Land & Investment Ltd :
* APRIL CONTRACTED PROPERTY SALES HK$20.154 BILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-overseas-land-investment-pos/brief-china-overseas-land-investment-posts-april-contracted-property-sales-of-hk20-15-billion-idUSFWN1SE0GH |
May 29, 2018 / 1:12 PM / Updated 21 minutes ago Hungary aims to criminalise aiding illegal migration in 'Stop Soros' bill Krisztina Than 4 Min Read
BUDAPEST (Reuters) - Individuals or groups who help migrants not entitled to protection to submit requests for asylum or who help illegal migrants to gain status to stay in Hungary will be liable to jail under a new bill submitted to parliament on Tuesday. The Hungarian Parliament building is seen in Budapest, Hungary, May 29, 2018. REUTERS/Bernadett Szabo
In a separate bill, the government proposed amending the constitution to state that an “alien population” could not be settled in Hungary and foreign citizens could live in Hungary only if permitted by the national authorities.
It also said that foreigners who sought to enter Hungary via a third country in which they were not directly exposed to persecution would not be entitled to asylum. Related Coverage U.N. urges Hungary to scrap bill taking aim at refugees, NGOs
The proposed legislation, which was immediately condemned by the U.N. refugee agency, is part of right-wing Prime Minister Viktor Orban government’s campaign against the EU’s migration policies and against George Soros, a Hungarian-born U.S. financier known for funding liberal causes. The Hungarian Parliament building is seen in Budapest, Hungary, May 29, 2018. REUTERS/Bernadett Szabo
The text of the legislation, known as the “Stop Soros” bill and posted on parliament’s website said: “Those who provide financial means ... or conduct this organisational activity (for illegal immigration) on a regular basis will be punishable with up to one year in prison.”
“We need an action plan to defend Hungary and this is the STOP Soros package of bills,” the interior ministry said in a comment accompanying the legislation.
It said there were international and also Hungarian organisations helping the entry of illegal migrants to Hungary, adding: “Sanctioning these is justified.” It did not name any groups. Slideshow (3 Images)
The U.N. refugee agency UNHCR quickly responded, urging Hungary to scrap the draft law restricting non-governmental organisations, saying it would deprive refugees and asylum-seekers of vital services and encourage “rising xenophobic attitudes”.
“UNHCR is seriously concerned that these proposals, if passed, would deprive people who are forced to flee their homes of critical aid and services, and further inflame tense public discourse and rising xenophobic attitudes,” the U.N. High Commissioner for Refugees said in a statement in Geneva.
The new “Stop Soros” bill no longer contains a 25 percent tax that its previous version in February wanted to impose on foreign donations to non-governmental organisations that back migration.
The proposed constitutional amendment submitted on Tuesday would also provide legal basis for the setting-up of new administrative courts and a high court to deal with lawsuits concerning the public sector, flagged by the Justice Minister earlier this month.
In power since 2010, Orban has increased his control over the media and has campaigned on a platform of fierce hostility to immigration for years — policies that have put him at odds with the European Union, which funds Hungary with billions of euros a year.
Soros was publicly vilified during Orban’s campaign for April elections which Orban won in a landslide, securing a third straight term in office. His anti-immigration stance is particularly popular with voters in rural Hungary.
He has accused Soros and the NGOs funding him of plotting to undermine Hungary’s Christian culture by flooding it with immigrants, an allegation which Soros has repeatedly denied. Reporting by Krisztina Than; Additional reporting by Stephanie Nebehay in Geneva; Editing by Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hungary-soros-law/hungary-says-will-penalise-ngos-that-aid-illegal-immigration-idUKKCN1IU1LJ |
Name Change Reflects Company’s Focus on Late-Stage Oncology Drug Development
Appointments of Senior Medical Advisor and Vice President of Regulatory Affairs Strengthen Leadership Team as Company Prepares for Phase 3 Three-month NMIBC Data
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Eleven Biotherapeutics, Inc. (Nasdaq: EBIO), a late-stage clinical company developing next-generation antibody-drug conjugate (ADC) therapies for the treatment of cancer, today announced that the company is changing its name to Sesen Bio, Inc. Sesen Bio will trade under the new Nasdaq ticker symbol “SESN,” effective on May 17, 2018. The former ticker symbol “EBIO” will remain effective through the market close on May 16, 2018. The new website for Sesen Bio is www.sesenbio.com .
Additionally, the company announced the appointments of Hagop Youssoufian, M.Sc., M.D. as senior medical advisor and Madhu Anant M.Sc., Ph.D., RAC as vice president of regulatory affairs.
“Over the last several years, we have undergone an incredible transformation as a company, and our new name, Sesen Bio, reinforces this evolution and our focused commitment to oncology drug development. Sesen, an ancient symbol of the lotus flower, represents life and our mission to bring forward medicines that will improve and preserve the lives of those with devastating cancers,” said Stephen Hurly, president and chief executive officer of Sesen Bio. “The additions of Dr. Youssoufian and Dr. Anant further strengthen our leadership team and drug development capabilities as we work to bring our lead asset, Vicinium™, through Phase 3 development for high-grade non-muscle invasive bladder cancer and advance regulatory interactions. 2018 is set to be a significant year for Sesen Bio, as we are well on our way to achieving our vision and bettering the lives of people in need.”
Dr. Youssoufian joins Sesen Bio as senior medical advisor with more than 25 years of physician and drug development experience. He has spent over a decade serving as a consultant to more than 100 biotech companies and investment funds, acting in various roles including chief medical officer, clinical monitor and regulatory officer. In his career, Dr. Youssoufian has led a successful U.S. Food and Drug Administration advisory committee meeting and worked on numerous approved treatments, including Sprycel ® , Taxotere ® , Erbitux ® , Cyramza ® and Lartruvo ® . Prior to Sesen Bio, Dr. Youssoufian served as chief medical officer for Bind Therapeutics, where he was responsible for all clinical and regulatory programs, including interactions with key opinion leaders, investors and analysts; executive vice president of research and development for Progenics Pharmaceuticals; president of research and development and chief medical officer for Ziopharm Oncology; and chief medical officer at ImClone-Lilly. Dr. Youssoufian earned his M.D. and M.Sc. from the University of Massachusetts Medical School. He is a medical oncologist and geneticist and an elected member of the American Society for Clinical Investigation.
Dr. Anant brings more than 35 years of experience to her role as vice president of regulatory affairs at Sesen Bio. Prior to joining Sesen Bio, she served as the vice president, global regulatory affairs, hospital products for Mallinckrodt Pharmaceuticals where she was responsible for all regulatory activities including, strategy, health authority liaisons and regulatory pathways for development of products. Prior to Mallinckrodt, Dr. Anant served as an independent consultant in numerous roles including, head of regulatory affairs and lead strategist in regulatory affairs, clinical development and medical affairs. Earlier, she served as director, global regulatory sciences, geographic optimization for Bristol-Myers Squibb. There, she led the global regulatory strategies for geographic optimization of mature brands in the cardiovascular, metabolic, anti-infective and oncology therapeutic areas. Dr. Anant earned her Ph.D. from the International University for Professional Studies and her M.Sc. from the Institute of Science in Nagpur, India.
About Vicinium™
Vicinium™, also known as VB4-845, is Sesen Bio’s lead product candidate and is a next-generation antibody-drug conjugate (ADC), developed using the company’s proprietary Targeted Protein Therapeutics platform, for the treatment of high-grade non-muscle invasive bladder cancer (NMIBC). Vicinium is comprised of a recombinant fusion protein that targets epithelial cell adhesion molecule (EpCAM) antigens on the surface of tumor cells to deliver a potent protein payload, Pseudomonas Exotoxin A (ETA). Vicinium is constructed with a stable, genetically engineered peptide linker to ensure the payload remains attached until it is internalized by the cancer cell, which is believed to decrease the risk of toxicity to healthy tissues, thereby improving its safety. In prior clinical studies conducted by Sesen Bio, EpCAM has been shown to be overexpressed in NMIBC cells with minimal to no EpCAM expression observed on normal bladder cells. Sesen Bio is currently conducting the Phase 3 VISTA Trial, designed to support the registration of Vicinium for the treatment of high-grade NMIBC in patients who have previously received two courses of bacillus Calmette-Guérin (BCG) and whose disease is now BCG-unresponsive. Three-month data from the ongoing trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Additionally, Sesen Bio believes that Vicinium’s cancer cell-killing properties promote an anti-tumor immune response that may potentially combine well with immuno-oncology drugs, such as checkpoint inhibitors. The activity of Vicinium in BCG-unresponsive NMIBC is also being explored at the US National Cancer Institute in combination with AstraZeneca’s immune checkpoint inhibitor durvalumab.
About Sesen Bio
Sesen Bio, Inc. is a late-stage clinical company advancing next-generation antibody-drug conjugate therapies for the treatment of cancer based on the company’s Targeted Protein Therapeutics platform. The company’s lead program, Vicinium™, also known as VB4-845, is currently in a Phase 3 registration trial, the VISTA Trial, for the treatment of high-grade non-muscle invasive bladder cancer. Three-month results from the VISTA Trial are planned for presentation at the 2018 American Urological Association Annual Meeting on May 21, 2018, with 12-month data anticipated in mid-2019. Vicinium incorporates a tumor-targeting antibody fragment and a protein cytotoxic payload into a single protein molecule designed to selectively and effectively kill cancer cells while sparing healthy cells. For more information, please visit the company’s website at www.sesenbio.com .
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans and prospects for the Company, the Company’s strategy, future operations, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties inherent in the initiation and conduct of clinical trials, our ability to successfully develop our product candidates and complete our planned clinical programs, our ability to obtain marketing approvals for our product candidates, expectations regarding our ongoing clinical trials, availability and timing of data from clinical trials, whether interim results from a clinical trial will be predictive of the final results of the trial or results of early clinical studies will be indicative of the results of future studies, the adequacy of any clinical models, expectations regarding regulatory approvals; our ability to obtain additional capital to continue to fund operations and other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
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Source: Sesen Bio, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-eleven-biotherapeutics-announces-corporate-name-change-to-sesen-bio.html |
CNBC Interview with Sir Richard Branson, Founder, Virgin Group & Chairman, Virgin Hyperloop One and Sultan Ahmed Bin Sulayem, Group Chairman & CEO, DP World Published 11:29 AM ET Sun, 29 April 2018 CNBC.com
Below is the transcript of an interview with CNBC's Middle East anchor, Hadley Gamble and Sir Richard Branson, Founder, Virgin Group & Chairman, Virgin Hyperloop One and Sultan Ahmed Bin Sulayem, Group Chairman & CEO, DP World
Hadley: Sultan, Richard thank you so much for joining CNBC. Now you have just had a very exciting announcement DP World Cargo speed Sultan, what is DP World Cargo Speed?
Sultan: It is the future of cargo basically. The idea is how do we move cargo with air speed at the price of land speed or land transportation, this is the ultimate and this is the future and DP World as an enabler of trade we are concerned all the time about how do we move things faster, more efficiently and become enablers in logistics for the intermodal trade and then we are adding another intermodal method which is the cargo speed. 2
Hadley: Sir Richard, when you think about what is happening in the transportation space globally there are a lot of worries about potential trade wars about the rhetoric between world leaders what is something that you think could move a cloud into that space?
Branson: Well I do think that the Virgin Hyperloop can play a big role. I mean the reason I became Chairman and Sultan and the others they asked if I would you know come out and be Chairman of this company which actually I haven't been Chairman of a company for some time and I have let other people do it was because I found this ridiculously exciting I think that if we can build Virgin hyperloops in quite a number of different countries connecting countries and maybe Saudi to the Emirates or India to Pakistan or wherever, that will bring the world much closer and when you are talking about the pods going at about 6, 7, 800 miles an hour, both with people and with cargo that is tremenduously exciting it means that people can avoid the misery of sitting in traffic jams for 2 hours going one way and 2 hours going another way they can jump in a pod and from a freight point of view, it is fantastically exciting which is why you know we are doing this announcement today.
Hadley: Talk to me a little bit about what this means going forward. In terms of that speed, the timeline for putting this all together because what you are trying to do as well isn't it is keep up with the changing nature of consumers right. But if you have to put this on a timeline which is years to get this done and billions to spend, isn't there the fear or the worry that you will have a changed consumer by the time you get it all done?
Branson: Well we are going to be breaking ground in India in months. We are going to be breaking ground in other countries which we will be announcing in months so I think we are talking 2 to 3 years away. We are not talking about many years away and my children and my grandchildren are going to want the same things as I'm going to want. They are going to want to be able to get to places quickly they are not going to want to sit in traffic jams and they are going to want their Amazon packages that come from America now and so think these things can happen quite quickly.
Sultan: Well the cargo speed or even the passenger speed is really selling time. That is what we are selling. We are selling time people don't want to stay in place. Another interesting thing I think is the construction of this is non-invasive when you come in a city because if you build a train, you have to build a bridge on top of it. But this is a simple construction. A tube that everything can go under or over and people wouldn't even notice the high speed train is going through because this is using magnetic cushion which means there is no friction, there is no noise and things can be moving from one place to another. And it is environmentally friendly, there is no emission. And imagine just how many tonnes and tonnes carbon monoxide you are going to save by people using this light of speed. So you talk to me about anywhere in the world actually today and instead of days will be maximum from end to end and anywhere in the world, 48 hours. So from China to Europe could be 10 to 12 hours. This is basically light of speed at affordable prices when you compare technology. ] Hadley: Talk to me a little bit about the security. How do you plan to secure the Hyperloop because this is something that oil pipeline space, people who are worried about security concerns particularly across the region, what are you planning to do to keep this secure?
Sultan: I believe this is no different than having a train but this is actually better security because nobody can put anything in it because in a tube once the door is closed, nothing can come in and it is very easy to scan and to make sure that whatever goes in there, is safe. But once it is closed, the door, it is like an airplane. So I believe security wise security wise this will be much more secure than train or trucks or anything and also when you talk about smuggling the problem with the train is that it enters cities it has to stop in case something has been added or brought in or smuggled in this will go through borders faster, easier and more secure.
Branson: And you don't need passports when you go through borders because nobody is getting off. I'll just give you a quick taste of what is going to happen if you say take 2 airports let's say they are 70km apart from each other and you connect them with a Virgin hyperloop you know so you arrive at one airport and your connection is 70 miles away from the other airport. It is going to take you 6 minutes to get straight there. No customs, no passports and then the pod you can get in the JFK pod, it will go straight to the JFK gate, with your baggage which will then go straight on the plane. Another pod will go straight to another gate, the cargo will go straight to the plane, so you don't then have the 2 hours since you are going through the airpod and all the misery that that causes so you know it is a futuristic world that we are talking about, a really exciting futuristic world.
Hadley: And you saying this will make things actually more secure?
Branson: Much more secure.
Sultan: Absolutely. And so in reality, one of the biggest I think headache for people is really going through airports and the waiting and the long time it takes and the security it is a nightmare to go through before. But as Richard has explained you basically enjoy as if you are flying a private plane. Because you can go from wherever you are in the city, in your pod and this pod will go to each gate this is a game changer on the air transportation which will make it much easier for the passengers and the airport company. Because airport companies would be increasing the number of people flying with airplanes that carry 540 passengers, there is a limit to how much they can expand. This is a solution to a problem that is coming to become difficult.
Hadley: So there are a lot of hyperloop technologies floating around. What makes this one different?
Branson: Let me say why I became Chairman of this particular company. And whether we actually keep the name hyperloop is something we are questioning because I think this company is way ahead of all the others. The reason I joined is because there is a brilliant person called Josh Giegel who is the engineer the genius behind it who got 200 engineers together and they have created something completely unique something that goes faster than anybody else, something that we believe will be a lot safer than anybody else and they are way ahead of anybody else. So we are proud to put the Virgin brand on it and you know we have to…the proof will be in the pudding and i think that we will get the main contracts, we will deliver fantastic service and I think Virgin Hyperloop will build that around the world.
Sultan: The interesting thing for us when we started is really how advanced the technology developed since we started. For example in the beginning the idea was when we looked at first that containers would be traveling and then passenger so they'll have a loop for passenger a loop for cargo. Now we're developed in such a way that actually the same loop the same path will carry a pod with passengers will carry another pod with cargo. This is if you think about it just like the airlines, the airline carries passengers and the airline carries cargo. This is really very appealing to us as people in the cargo business not necessarily we're going to have pods for cargo this loop is coming anyway. That is efficiency and cost effective when you're building something only for cargo can be cargo as well as passenger. Now this is very interesting for us. The other thing is also why we've been studying this from the cargo side we were faced with an interesting challenge. How do you put a container every six seconds in a loop? Which Hyperloop technology is good at putting the loop but to put it from the ship in six seconds is a different thing. And it took us a year and a half as DP World to come up with an idea that we learned a new technology created by us at DP World to allow us to do that which is a by product of joining the technology with Hyperloop. So now today we can be 500 percent more efficient in a terminal. And that idea is being going to be implemented in our terminal. So this is something we learned from the challenge of having to put every 6 seconds apart. The beauty of this technology also is that trains do stop in stations. But this one no pod stops if there is a divergent to an airport, all of them are continue and the one to divert will just go and everybody will continue in their way. And that is the beauty of the console the technology people Josh and his team are very bright people that come up with ideas advanced so I don't care really who says oh I have an idea of hyperloop. Maybe it's an idea seven years old but I am sure it is not the idea that we have today where we have invested a lot of money and we develop and perfect it.
Hadley: You mentioned that you had thought about potentially changing the Hyperloop name. Is that because you think that branding and brand allegiance is changing with the changing consumer. I mean is brand allegiance essentially dead in some ways?
Branson: I think that the Virgin brand is quite a strong brand and it's been around for 50 years. And I think that's the key differentiator perhaps than than that with the other Hyperloop brands. But you know I personally feel that this particular concept has got so many so many different factors from the others the technology which we obviously can't reveal. But you know it is so exciting that it deserves it most likely deserves a new brand a new name. And it's something which we're seriously going to consider and maybe we'll be doing another interview a few weeks time.
Hadley: Fantastic. Talk me through a little bit about why Dubai. Why do you find Dubai so particularly exciting when it comes to brand awareness and the ability to be creative and different?
Branson: Dubai are open to new things. I mean they want to be the first the first in the world with anything exciting and new. And there's nothing more exciting than Virgin Hyperloop. So we're a marriage made in heaven. And you know the fact that the ruler of Dubai is coming here to the QE2 today says a lot about this man Sultan. Also I think it says a lot about the whole concept and how excited Dubai are about what the Virgin hyperloop is working on and doing.
Hadley: Sultan give me a little bit about.. You've had the interest in bringing the QE2 here which is an icon of really British past but also obviously you're very interested in technology and moving the story forward as well. How do you how do you kind of bring both to the fore?
Sultan: Well this ship has a lot of history and Dubai is a Maritime Center. And so it is really something we are proud of that we have acquired this vessel and brought it back to its original condition we haven't had anything else and we are patching through it a maritime museum. People will learn about advances in maritime so that is something important for us to preserve our heritage and to contribute to preserve the Maritime Heritage worldwide. As far as technology and Hyperloop I think Dubai existence came out of innovation to be honest with you. Dubai is a small place we have a very small coastline we don't have a lot of land that is why you see people building high rises in Dubai. It is not by choice. It is a necessity we have no way of going horizontally. Development of Dubai as a maritime city today the Port of Dubai is one of the most important. Jebel Ali Port in Dubai today handles 50 percent containers for the whole state say 50 million. And Jebel Ali alone is 50 something million containers. When we started to develop our logistical reach around the world and rebuild a fantastic company acquiring XX company which is P&O which is a maritime icon. Not only did we take it as a small company but we expand it. So from 25 terminal we have 78. So the network of ports around the world the logistic ability and reach combined with this new technology is going to be what will make us survive in the future.
Branson: Sorry I was just going to say I think what Sultan has done then with the QE 2 is as a somebody was born in Britain has a British accent. It's nothing short of miraculous. I mean it's wonderful that to bring a ship that has so much history back alive again. As a musing aside I was once crossed the Atlantic on a boat and we sank. I was in a rubber dinghy radioing for help and I was told that the QE 2 was coming to my rescue. And I never, never got there but I never got there in fact the banana boat got there first. So this is my first time on the QE2 but it very nearly meant a lot to me as well.
Hadley: So Richard you're sort of the barometer for what's cool in terms of what's cool to invest in, in terms of what's the next big thing what's coming next?
Branson: Oh well obviously we know we like to be. We like to do cutting edge cutting edge things. And as you may have seen about 10 days ago we had a very successful flight of our spaceship in the next three or four weeks we'll have a hopefully another very successful flight of our spaceship. And then you know where we're on the cusp of the cusp of fulfilling our dream which has taken 13 years. I mean we're you know we're willing to invest in the long term. There we've had eight hundred engineers working for you know for 13 years on this project. But you know we hope that in the not too distant future to be starting to send people into space. I'm sure that some people might. Sultan of course is going to sign off on the go. But. But the lovely thing is that a lot of people want to go to space. I think that you know we've also got something called Virgin orbits which is going to put bigger satellites around the earth and connect the four billion people who are not connected. So there's an awful lot of exciting things going on out there and you know Virgin likes to be part of part of these exciting exciting developments
Hadley: Sultan when you look at the future distribution the future of transportation. What do you see next on the horizon?
Sultan: Well let me tell you. Today, our vision is evolving and unless we are able to adapt to the evolution we will be missed. One of the reason we got interested in Hyperloop is I noticed three years ago when I first heard that they were talking about city to city there is no port in between. That scared me. That's to me that's disruptive to us. And so we looked at it but today the business is changing. For example you look at Uber as an example it is passenger with a driver and nobody in between cargo will have the same. So we have expanded our role as a port operator. Our role today traditionally is from the key to the gate. Now our role is from the factory floor to the consumer door. We have to be involved in that. We're not going to buy trucks, we are not going to buy planes but we're going to make sure we are involved. So we invested in logistics huge logistics operation in India. Both campaigns we have huge logistics in Peru and other areas to make sure that we connect everybody and not only that we are investing in technology and blockchain. And many think that today it's going to be very critical. We are very proud that Richard joined because he believes in technology not only he believe he practice technology. He is attempting space travel. So it's a good fit of somebody who knows and he has the knowledge and he believes in it because you cannot succeed in something unless you really believe in it and I think it is a good marriage for both of us to make sure this company becomes one of the main intermodal both for passenger and cargo
Hadley: Finally gentlemen before I let you go I want to ask you. We've been talking about the future of technology. We've been talking about the exciting innovations that are coming on the horizon. What's something that keeps you up at night. Is it geopolitics. Is it how the world is changing is it climate change?
Sultan: Let me tell you. You were asking before about trade wards and if you look today I was in China Hainan where this year there was some tension between U.S. and China and the Chinese president in the speech committed to reduce the custom duty to open China more. A few days ago the Koreans for the first time started to agree to a peaceful relation. So I believe that trade war is out of the past. I think I know whether Richard agrees with me or not but when you look at Trump people think he's a champion of trade war. He is is it his view is he wants to see fair trade. He doesn't believe free trade is answer. He says I open my market. I expect others to open their market if you close your market. Then I will retaliate. And I think what happened at the end of the day is everybody is committed to open their markets. Everybody will benefit when everybody opens their market. That is I think what's happening. But what keeps us awake in my view for me is technology. What tends to come in technology that we haven't thought of that will disrupt our business. This is what keeps us on our toes, that we have to be proactive. We have to watch. We have to see. We have attempt. We have to learn. You know we have to try and unless we do that we could be facing a problem in technology that we cannot fix.
Hadley: Do you agree?
Branson: Yes I think I agree with all that. I mean what keeps me awake I think we have a couple of organizations. One called The Elders and another one called Carbon War Room and another one called the B team that all are working on climate change issues. And you know it was magnificent that 192 nations signed up at Paris. But to get to carbon neutrality by 2050 we've got to work really hard to get there. And you know obviously something like Virgin Hyperloop which is carbon neutral. And we'll be using this sun to power it and battery to power it will play its part. It will take a lot of lorries off the road. You know for freight it'll take an awful lot of cars off the road so. So it's up to us entrepreneurs to come up with entrepreneurial ways of getting on top of these problems.
Hadley: Gentlemen, we'll have to leave it there. Thanks so much for joining CNBC. More From CNBC News Releases | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/29/cnbc-interview-with-sir-richard-branson-founder-virgin-group-chairman-virgin-hyperloop-one-and-sultan-ahmed-bin-sulayem-group-chairman-ceo-dp-world.html |
May 1, 2018 / 11:45 PM / Updated 7 hours ago Tiger Woods will use new irons at Wells Fargo this week Reuters Staff 3 Min Read
(Reuters) - Tiger Woods will use a new set of irons at this week’s Wells Fargo Championship in North Carolina, the 14-times major winner announced on Tuesday. Tiger Woods of the U.S. looks out from under a tree before hitting on the second fairway during final round play of the 2018 Masters golf tournament at the Augusta National Golf Club in Augusta, Georgia, U.S. April 8, 2018. REUTERS/Lucy Nicholson
Woods has been trying out the TaylorMade clubs for a while, and has decided the time is right to put them to the test in the heat of competition.
“Phase 1 of irons development ... is complete. Looking forward to teeing it up this week,” he said on Twitter ahead of Thursday’s first round in Charlotte.
The news comes more than a year after Woods signed with TaylorMade, and after a disappointing performance last month at the U.S. Masters.
Woods struggled with his irons on the way to finishing tied for 32nd.
“I felt I hit it well enough off the tee to do some things, but I hit my irons awful for the week,” he said after his final round at Augusta National.
Woods, in his seventh start of the year after a successful spinal fusion, will be joined at Quail Hollow by a strong field that also features Rory McIlroy, Justin Thomas and Masters champion Patrick Reed.
McIlroy and Thomas have fond memories of Quail Hollow. McIlroy recorded his first PGA Tour win there in 2010, while Thomas more recently made his major breakthrough at the PGA Championship.
The course set-up this week will be more forgiving than it was when Thomas won last August, with more grass around the greens expected to offer better lies for chip shots.
“It was really tough to chip around the greens (at the PGA) because it was so tight,” said defending champion Brian Harman, who won last year’s Wells Fargo at a different venue.
While Woods will consume most attention, fans with an eye on the future could do worse than watch Joaquin Niemann.
The 19-year-old from Chile finished sixth in his professional debut at the Texas Open two weeks ago.
“It gave me a lot of confidence,” said Niemann, who reckons his ability with the driver should hold him in good stead this week.
“Hitting fairways is one of my best parts of my game. I just need to hit fairways because the course is really long. You don’t want to hit five-irons from the rough.” Reporting by Andrew Both in Cary, North Carolina; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-golf-wellsfargo/tiger-woods-will-use-new-irons-at-wells-fargo-this-week-idUKKBN1I24LW |
(Repeats May 29 story with no changes to text)
* CEO Marchionne to present strategy to 2022 on Friday
* Expected to outline new plans for electric and hybrid cars
* CEO also expected to address profitability in Europe
* Marchionne due to step down in early 2019
By Agnieszka Flak and Pamela Barbaglia
MILAN/LONDON, May 29 (Reuters) - Fiat Chrysler (FCA) boss Sergio Marchionne is expected to outline new plans for electric and hybrid cars in a strategy presentation on Friday, aiming to ensure the world’s seventh-largest carmaker remains in the race in the absence of a merger.
The 65-year-old will present FCA’s strategy to 2022, his final contribution to the company he turned around and multiplied in value through 14 years of canny dealmaking.
After failing to secure a tie-up he said was necessary to manage the costs of producing cleaner vehicles, Marchionne needs to show the group can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries around his succession abound.
Marchionne had long refused to jump on the electrification bandwagon, saying he would only do so if selling battery-powered cars could be done at a profit. He even urged customers not to buy FCA’s Fiat 500e, its only battery-powered model, because he was losing money on each sold.
But Tesla’s success and the need to comply with tougher emissions rules have forced Marchionne to commit to what he calls “most painful” spending.
“FCA is way behind rivals in terms of hybrid and electric vehicles and they need to hit the accelerator to convince investors they can close that gap,” said Andrea Pastorelli, a fund manager at 8a+ Investimenti.
Germany’s Volkswagen, Daimler, BMW and U.S. rivals GM and Ford have committed to spending billions of euros each in coming years to try produce profitable cars powered by cleaner fuels.
FCA needs to present a clear roadmap, just like Volvo Cars, which ditched diesel from its best-selling XC60 SUV, launched a new electric brand and pledged to shift all brands to hybrid by 2019, a banking source close to FCA said, noting: “The tech divide determines winners and losers in the industry”.
Marchionne has already said half of the wider FCA fleet will incorporate some elements of electrification by 2022, while luxury marque Maserati will spearhead FCA’s electrification drive by making all new models due after 2019 electric.
But its plans remain vaguer and less advanced than most big rivals and some investors wonder about the capital required to make vehicles compliant, and what share of spending can go to electrification given FCA’s numerous demands.
AMBITIOUS TARGETS While Marchionne, described by Bernstein analyst Max Warburton as “God’s personal gift to auto sector investors”, has an impressive track record of creating shareholder value through spin-offs, he has been less successful at delivering a string of ambitious turnaround plans.
Profitability in Europe is only gradually recovering, FCA has yet to make any significant inroads in China and Alfa Romeo - which along with Jeep and Maserati was the focus of the last strategy launched in 2014 - has yet to turn a profit.
The market ridiculed Marchionne’s forecast for eight new Alfa Romeos and 400,000 annual sales by 2018. Only two models have hit the road so far as focus shifted to fixing FCA’s finances.
But investors take reassurance from what Marchionne achieved in North America, which now makes three-fourths of profits.
FCA retooled some U.S. plants to boost output of lucrative SUVs and trucks, while ending production of unprofitable sedans.
The move got FCA close to erasing the margin gap with its larger U.S. rivals and set it on course to erase debt this year.
Marchionne has set in motion a similar shift in Europe, where Italian plants are being revamped to produce Alfas, Jeeps and Maseratis, while output of some Fiats is being shifted to lower-cost locations elsewhere or discontinued.
This should boost profitability and prevent layoffs that would have been difficult to justify in Italy particularly with populist political parties in the driving seat.
Marchionne multiplied Fiat’s value 11 times since he took charge in June 2004, including by spinning off tractor firm CNH Industrial and supercar brand Ferrari.
The pending spin-off of parts maker Magneti Marelli will further up the figure, raising expectations of more deals to come.
Marchionne has ruled out separating the Jeep brand, saying he had to worry “about the stump that’s left behind”. He also poured cold water on the idea of a Maserati or Alfa spin-off, saying the two needed to become self-sustainable first.
But the doubling in FCA’s stock in the last 12 months suggests many still bet on Marchionne doing a final major rejig before he hands over to an internal successor next year.
“Partnerships, a merger, spin-offs and other value accretive deals make up more than 40 percent of the FCA investment case,” said Michele Pedroni, a fund manager at Decalia Asset Management.
FCA declined comment on Friday’s presentation.
Additional reporting by Joe White in Detroit Editing by David Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/fiatchrysler-strategy-preview/rpt-fiat-chrysler-investors-want-electric-road-map-in-ceos-swan-song-idUSL5N1T0698 |
May 1, 2018 / 5:12 PM / Updated 27 minutes ago BRIEF-Mercedes-Benz USA Reports April Sales Of 27,207 Units, Up 1 Pct Reuters Staff 1 Min Read
May 1 (Reuters) - MERCEDES-BENZ USA:
* SAYS REPORTED APRIL SALES OF 27,207 UNITS, UP 1 PERCENT FROM SAME TIME PERIOD LAST YEAR Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mercedes-benz-usa-reports-april-sa/brief-mercedes-benz-usa-reports-april-sales-of-27207-units-up-1-pct-idUSFWN1S80AN |
May 2 (Reuters) -
* QIAGEN NV SAYS Q1 REVENUE ROSE 12 PERCENT TO $343.6 MILLION VERSUS AVERAGE. F’CAST FOR $339 MILLION IN REUTERS POLL
* QIAGEN NV SAYS Q1 ADJUSTED EPS $0.26 VERSUS $0.24 POLL F’CAST
* QIAGEN NV SAYS Q1 ADJUSTED NET INCOME $59.6 MILLION VERSUS $55.8 MILLION POLL F’CAST
* QIAGEN NV SAYS REAFFIRMS 2018 OUTLOOK FOR GROWTH IN NET SALES AND ADJUSTED EPS
* QIAGEN NV SAYS EXPECTS SALES GROWTH OF ROUGHLY 5-6 PERCENT AT CER IN Q2
* QIAGEN NV SAYS PROGRESSING TO ACHIEVE 2020 MID-TERM GROWTH TARGETS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-qiagen-reports-q1-adjusted-eps-026/brief-qiagen-reports-q1-adjusted-eps-0-26-idUSB8N1MM03L |
May 2 (Reuters) - PHILIPS LIGHTING NV:
* PHILIPS LIGHTING STARTS SHARE REPURCHASE PROGRAM OF UP TO 1.5 MILLION SHARES TO COVER PERFORMANCE SHARE PLANS
* PROGRAM WILL START ON MAY 2, 2018 AND IS EXPECTED TO BE COMPLETED WITHIN THE SECOND QUARTER
* REPURCHASE PROGRAM REPRESENTS A TOTAL VALUE OF APPROXIMATELY EUR 38 MILLION
* REPURCHASE PROGRAM TO COVER OBLIGATIONS FROM ITS LONG-TERM INCENTIVE PERFORMANCE SHARE PLAN Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-philips-lighting-starts-share-repu/brief-philips-lighting-starts-share-repurchase-program-idUSFWN1S908I |
May 10, 2018 / 3:03 AM / Updated 43 minutes ago Upbeat Trump welcomes U.S. prisoners released by North Korea Roberta Rampton , David Brunnstrom 6 Min Read
JOINT BASE ANDREWS, Md./WASHINGTON (Reuters) - President Donald Trump welcomed three Americans who had been held prisoner in North Korea back home on Thursday, thanking its leader Kim Jong Un for their release and sounding upbeat about a planned U.S.-North Korea summit.
The former prisoners, freed after U.S. Secretary of State Mike Pompeo travelled to Pyongyang for a second meeting with Kim in less than six weeks, landed at around 2:40 a.m. (0640 GMT) at Joint Base Andrews near Washington.
Trump and his wife, Melania, boarded the plane for about five minutes before the three men stepped out, shaking hands with the president and waving to media and military personnel.
“Frankly, we didn’t think it was going to happen and it did,” Trump said after thanking Kim for releasing the men.
“We’re starting off on a new footing. This is a wonderful thing that he released the folks early.”
Trump said he believed Kim wanted to bring North Korea “into the real world” and had high hopes for their planned meeting, which would be the first between a serving U.S. president and a North Korean leader.
“I think we have a very good chance of doing something very meaningful,” Trump said. “My proudest achievement will be - this is part of it - when we denuclearize that entire peninsula.”
Trump and Kim engaged in a bellicose exchange of rhetoric last year over North Korea’s development of nuclear missiles capable of reaching the United States. Tensions began to ease, coinciding with the North’s participation in the Winter Olympics in South Korea in February.
There has been no sign that Pompeo’s visit has cleared up the central question of whether North Korea will be willing to bargain away weapons its ruling family has long seen as crucial to its survival.
However, the release of the three men marked a dramatic victory for Trump’s embattled White House at a time when his foreign policy is under withering criticism after Tuesday’s U.S. withdrawal from the Iran nuclear deal.
His administration has also been under fire for ethics violations and a chaotic turnover of personnel, as well as a federal investigation of whether the Trump campaign colluded with Russia to sway the 2016 presidential election. Related Coverage Trump welcomes back Americans freed by North Korea
MADE-FOR-TV MOMENT
The arrival of the released prisoners in the dead of night created a made-for-TV moment for Trump, a former reality television host.
“I think you probably broke the all-time-in-history television rating for three o’clock in the morning,” Trump joked to cameras.
Details of the planned Trump-Kim summit have yet to be announced, but a U.S. official, speaking on condition of anonymity, said Singapore had emerged as the likeliest location.
Trump said it would be held in a few weeks and details would be announced within three days.
The three former prisoners were Korean-American missionary Kim Dong-chul, detained in 2015 and sentenced in 2016 to 10 years’ hard labour; Kim Sang-duk, also known as Tony Kim, who taught for a month at the foreign-funded Pyongyang University of Science and Technology (PUST) before he was arrested in 2017; and Kim Hak-song, who also taught at PUST and was detained last year.
They appeared to be in good health but were taken to Walter Reed National Military Medical Center in nearby Maryland for further medical evaluation.
“I was treated in many different ways, but overall I had to do much labour and when I became ill I received some treatment,” Kim Dong-chul said via a translator.
The trio thanked Trump and other officials for bringing them home. “We thank God, and all our families and friends who prayed for us and for our return,” they said in a statement released as their plane made a stop in Alaska. U.S.President Donald Trump speaks to the media as he meets the three Americans released from detention in North Korea upon their arrival at Joint Base Andrews, Maryland, U.S., May 10, 2018. REUTERS/Jonathan Ernst
Until now, the only American released by North Korea during Trump’s presidency was Otto Warmbier, a 22-year-old university student who returned home in a coma last summer after 17 months in prison and died days later. His death escalated U.S.-North Korea tensions.
Trump said he wanted to pay his “warmest respects” to Warmbier’s parents.
North Korean state media said the three were arrested either for subversion or “hostile acts” against the government. A North Korean official told Pompeo that Kim had granted the three “amnesty,” a senior U.S. official said. ‘NO CLARITY’
The release appeared to signal an effort by Kim to improve the mood for the summit and followed a recent pledge to suspend missile tests and shut a nuclear bomb test site.
Trump has credited his “maximum pressure” campaign for drawing North Korea to the table and vowed to keep sanctions in place until Pyongyang takes concrete steps to denuclearize.
But former spy chief Kim Yong Chul, director of North Korea’s United Front Department, said in a toast to Pompeo over lunch in Pyongyang: “We have perfected our nuclear capability. It is our policy to concentrate all efforts into economic progress ... This is not the result of sanctions that have been imposed from outside.”
Bonnie Glaser, an Asia expert at Center for Strategic and International Studies, said that while the release of the detainees was not an explicit precondition for a Trump-Kim meeting, the North Koreans understood that they had to do it for any progress to be made.
“The North Koreans have still said nothing to indicate that they are willing to give up their nuclear weapons” she said.
“We have no clarity about Kim’s intentions.”
Vice President Mike Pence echoed that caution, even while praising Kim for making moves towards peace. Slideshow (17 Images)
“What Kim Jong Un has said publicly and in discussions is that he is prepared to negotiate to achieve complete denuclearization of the Korean Peninsula,” Pence told the CBS “This Morning” programme on Thursday. “Those words are important, but we’ll see what they mean.” Additional reporting by Steve Holland in WASHINGTON; Haejin Choi and Christine Kim in SEOUL; Brendan O'Brien in Milwaukee; Writing by Lincoln Feast; Editing by Nick Macfie and John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-usa-prisoners/singapore-likely-summit-venue-after-north-korea-releases-prisoners-u-s-official-idUKKBN1IB0AI |
May 4 (Reuters) - LINK MOBILITY GROUP ASA:
* LINK MOBILITY PARTNERS WITH LOOP AI LABS TO INTRODUCE THE NEXT GENERATION
* HAS ENTERED INTO AN AGREEMENT WITH SAN FRANCISCO BASED LOOP AI LABS
* ENTERED INTO AN AGREEMENT WITH SAN FRANCISCO BASED LOOP AI LABS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-link-mobility-partners-with-loop-a/brief-link-mobility-partners-with-loop-ai-labs-idUSFWN1SB09T |
CHICAGO, May 11, 2018 /PRNewswire/ -- JLL Income Property Trust, an institutionally managed, daily valued perpetual life REIT (NASDAQ: ZIPTAX ; ZIPTMX ; ZIPIAX ; ZIPIMX ) will hold a public earnings call on Friday, May 18, 2018 at 10:00 AM CDT to review first quarter 2018 operating and financial results. Allan Swaringen, President and CEO of JLL Income Property Trust, and Gregg Falk, Chief Financial Officer will present an overview of recent economic events that directly influence the business of the Company and commercial real estate markets, along with a detailed review of the financial performance and more noteworthy accomplishments of the quarter and year to date.
Date: Friday, May 18, 2018
Time: 10:00 AM CDT
Dial-in Number (Toll Free): 1-877-407-9205
Dial-in Number (International): 201-689-8054
Replay Number (Toll Free): 1-877-481-4010
Replay ID: 27130
The teleconference replay will be available until May 25, 2018 at 10:00 AM CDT. An audio replay will be posted to the Investor Relations section of the JLL Income Property Trust website at www.jllipt.com within 24 hours of the call.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that gives investors access to a growing portfolio of commercial real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.
For more information on JLL Income Property Trust, please visit our website at www.jllipt.com .
About JLL Income Property Trust (NASDAQ: ZIPTAX ; ZIPTMX ; ZIPIAX ; ZIPIMX )
Jones Lang LaSalle Income Property Trust, Inc. is a daily valued perpetual life real estate investment trust (REIT) that owns and manages a diversified portfolio of high quality, income-producing office, retail, industrial and apartment properties located primarily in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com .
About LaSalle Investment Management
LaSalle Investment Management, Inc., a member of the JLL group and advisor to JLL Income Property Trust, is one of the world's leading global real estate investment managers with nearly 700 employees in 17 countries worldwide and approximately $58 billion of assets under management of private and public property equity and debt investments. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, endowments and private individuals from across the globe. For more information, visit www.lasalle.com .
Forward Looking Statements and Future Results
This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results.
Contact: Matt Schuler
Date: May 11, 2018
Telephone: +1 312 897 4192
Email : [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/jll-income-property-trust-announces-q1-2018-earnings-call-300647088.html
SOURCE JLL Income Property Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-jll-income-property-trust-announces-q1-2018-earnings-call.html |
TEL AVIV, May 3 (Reuters) - Israel’s heavily indebted Teva Pharmaceutical Industries reported a smaller than-expected drop in first-quarter net profit on Thursday and raised its forecast for full-year earnings.
The world’s largest generic drugmaker said it earned 94 cents per share excluding one-time items in the January-March period, down from $1.06 a year earlier. Revenue fell 10 percent to $5.1 billion.
Analysts had forecast Teva would earn 67 cents a share ex-items on revenue of $4.8 billion, according to Thomson Reuters I/B/E/S.
For the full year it raised its adjusted EPS outlook to $2.40-2.65 from $2.25-2.50. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/teva-pharm-ind-results/teva-pharm-q1-profit-down-less-than-forecast-raises-2018-outlook-idUSL8N1SA29V |
1 Hour Ago Breaking News
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The White House is set to field reporters' questions Monday, in the wake of a media blitz from former New York mayor Rudy Giuliani , a recent addition to President Donald Trump 's legal team.
Giuliani gave a streak of media interviews beginning Wednesday and continuing through Sunday on a weekend morning show. In a lengthy interview on Fox News Wednesday night, Giuliani revealed that Trump had repaid his lawyer, Michael Cohen, for a $130,000 payment made to porn star Stormy Daniels as part of a nondisclosure pact barring her from discussing an alleged affair with Trump.
"Funneled through a law firm, and the president repaid it," Giuliani told talk show host Sean Hannity .
Trump had denied knowledge of the payment when asked about it in April. Cohen has previously said that "neither the Trump Organization nor the Trump campaign" was involved in the transaction.
During the previous press briefing on Thursday, White House press secretary Sarah Huckabee Sanders said Giuliani's remarks about the repayment were "information that the president didn't know at the time but eventually learned."
Sanders said at the Thursday briefing she found about the reimbursement the night before. "The first awareness I had was during an interview last night," Sanders said.
Trump acknowledged Cohen's reimbursement in a trio of tweets the day after Giuliani spoke with Hannity. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/watch-white-house-takes-questions-following-rudy-giuliani-media-blitz.html |
Fortress' Wes Edens on Brightline rail project 1 Hour Ago Wes Edens, Fortress Investment Group, discusses Brightline, the private passenger rail project in Florida, as well as the sale of Fortress to Softbank. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/fortress-wes-edens-on-brightline-rail-project.html |
May 21, 2018 / 11:00 PM / Updated an hour ago Australia's Healthscope rejects takeover bids in strategy to spur better deal Paulina Duran 4 Min Read
SYDNEY (Reuters) - Australian hospital group Healthscope Ltd ( HSO.AX ) rejected two takeover approaches on Tuesday and said it will instead explore selling its properties, in what analysts called a risky move that could invite a more favorable takeover bid. FILE PHOTO: A sign indicates the entrance to the Healthscope-owned Sydney Clinic in Sydney's eastern suburbs May 25, 2010. REUTERS/Tim Wimborne/File Photo
The Melbourne-based company also lowered its full-year earnings estimates and said it will sell its Asian pathology business after receiving a number of approaches.
The bids come less than four years since the country’s second-biggest private hospital operator went public. During that time, the firm has issued at least two profit warnings as Australians increasingly opted for public health services, pushing its shares below their initial public offering price.
Healthscope said both $3 billion-plus offers, from Canada’s Brookfield Asset Management ( BAMa.TO ) and jointly from local private equity firm BGH Capital and 14 percent shareholder AustralianSuper, were conditional and undervalued the firm.
“The Directors have carefully considered each proposal and concluded that neither proposal adequately reflects the long-term value of Healthscope, nor its underlying assets nor future potential,” said Chairman Paula Dwyer.
Healthscope shares fell as much as 7 percent at market open, but recovered somewhat to 3.2 percent lower in afternoon trade. The stock has risen 21 percent since BGH-AustralianSuper bid $3.1 billion for the hospital operator on April 26.
Brookfield this month offered $3.3 billion with terms that essentially prevented AustralianSuper from voting against it.
Spokesmen for both Brookfield and the BGH-AustralianSuper consortium declined to comment.
“In our view the Board will require a less conditional ... bid before it will open the books,” J.P. Morgan analysts said in a research note to clients.
Healthscope said it plans a strategic review of its hospital property portfolio and would look at the merits of a sale-and-leaseback transaction to unlock value for shareholders.
“While this is not without risk given the challenging operating conditions, with multiple bids and three interested parties, we suspect it will prove successful.”
However, the value of the property would then be considered as debt, J.P. Morgan analysts said.
“We are also cautious a sale and lease back will materially increase the fixed cost leverage altering the risk profile of what is traditionally considered a defensive business,” the analysts said.
Healthscope also lowered its forecast range for fiscal 2018 core earnings from hospital operations to A$340 million to A$345 million ($258 million to $262 million), versus A$359.4 million in 2017. It previously indicated 2018 earnings would be broadly similar to 2017.
The firm has been suffering from a decline in patients since local media reported about private health insurers withholding payouts to policyholders, prompting more patients to opt for public healthcare.
On Tuesday, Healthscope also said it targeted core earnings growth of at least 10 percent from hospital operations in 2019. Reporting by Paulina Duran; Additional reporting by Ambar Warrick and Byron Kaye; Editing by Muralikumar Anantharaman and Christopher Cushing | ashraq/financial-news-articles | https://uk.reuters.com/article/us-healthscope-ltd-m-a/australias-healthscope-denies-access-to-brookfield-bgh-capital-idUKKCN1IM2HB |
May 24, 2018 / 7:51 PM / Updated 27 minutes ago Movie producer Weinstein to surrender on sex assault charges - media reports Reuters Staff 3 Min Read
NEW YORK (Reuters) - Harvey Weinstein, who went from one of Hollywood’s most powerful film producers to being disgraced by accusations of sexual assault by scores of women, is expected to surrender to police and face charges in New York on Friday morning, the New York Times reported. FILE PHOTO: Harvey Weinstein, co-chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo
Weinstein’s spokesman Juda Engelmayer and Weinstein’s lawyer Benjamin Brafman both declined to comment on the report, which cited two unidentified law enforcement officials.
The New York Daily News and NBC News also reported Weinstein was expected to be arrested and charged following a months-long investigation, including by the Manhattan district attorney’s office.
More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co of sexual misconduct, including rape. The allegations, first reported by the New York Times and the New Yorker last year, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment.
Weinstein has denied having non-consensual sex with anyone.
Weinstein will be charged over an allegation by at least one accuser, Lucia Evans, a former aspiring actress who told the New Yorker that Weinstein forced her to give him oral sex in 2004, the Times and Daily News reported. The exact nature of the charges being brought by the Manhattan District Attorney’s office was unclear on Thursday afternoon.
The New York Police Department and the Manhattan district attorney’s office declined to confirm the news reports.
Entertainment industry heavyweights have distanced themselves from Weinstein, once one of Hollywood’s most powerful men, since the accusations became public. The board of the Weinstein Co fired him, the company itself filed for bankruptcy in March. In 2017, he was expelled from the Academy of Motion Pictures Arts and Sciences, which presents the Oscars.
A former fixture in the most elite entertainment circles of Manhattan and Los Angeles, Weinstein has since been seen spending time in Scottsdale, Arizona, where the New York Times said he had been seeking treatment for sex addiction.
Actor Ashley Judd last month sued Weinstein, saying that he cost her a part in 1998 for the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied.
Other prominent actors who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek.
Brafman, Weinstein’s lawyer, is known for representing high-profile criminal defendants, including pop star Michael Jackson and Martin Shkreli, the former drug company executive.
In 2011, Brafman represented Dominique Strauss-Kahn, the former head of the International Monetary Fund, over charges, which were eventually dropped, that he sexually assaulted a New York City hotel maid. Reporting by Jonathan Allen, Dan Trotta, Karen Freifeld and Peter Szekely in New York and Jill Serjeant in Los Angeles; editing by Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-harvey-weinstein/ex-hollywood-executive-weinstein-to-surrender-on-sex-assault-charges-nyt-idUKKCN1IP3G6 |
Jay-Z is a no-show in federal court Jay-Z did not appear in court on Tuesday after being subpoenaed by the SEC on Thursday. The SEC is investigating his involvement with the Iconix Brand Group, which is being investigated for potential violations of federal securities laws related to financial reporting. The rapper has been subpoenaed twice previously. 1 Hour Ago | 00:59
Jay-Z was ordered to appear in court on Tuesday to testify in an investigation into the Iconix Brand Group but the rapper did not appear.
U.S. District Judge Paul Gardephe, who is handling the case, expressed his frustration with Jay-Z whose real name is Shawn Carter, saying, "This testimony has been delayed for five months and I do not intend to tolerate any more delays."
A subpoena for Jay-Z's testimony was initially issued in November and again in February, but he has not offered the Securities and Exchange Commission any dates for a court appearance according to an SEC filing Thursday. show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/jay-z-is-a-no-show-in-federal-court.html |
2 Hours Ago | 06:12
China's HNA Group and SkyBridge Capital have formed a joint venture so former Trump White House communications director Anthony Scaramucci's firm can tap into the Chinese market.
"HNA and the SkyBridge team, we worked very hard over the weekend to craft a joint venture," Scaramucci said Tuesday on CNBC's " Halftime Report ." We'll "use their great brand to grow in China, increase SkyBridge's growth, and so forth."
Scaramucci is returning to his investment firm SkyBridge Capital as co-managing partner. On Monday, news broke that HNA is withdrawing its offer to acquire the fund company.
"Frankly we see China as a huge growth opportunity as business people, and we're very excited to get a foot on the ground in China," Scaramucci added. He said the joint venture falls outside the purview of the Committee on Foreign Investment in the United States.
The committee's increased scrutiny of foreign acquisitions led to delays in closing HNA's deal to purchase Scaramucci's ownership in SkyBridge last year. The move came as the investor was preparing to join the White House as communications director, a position he held for only 10 days. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/scaramuccis-skybridge-forming-joint-venture-with-hna-to-tap-chinese-market.html |
May 10 (Reuters) - Connecticut Water Service Inc:
* CONNECTICUT WATER SERVICE INC - CASH DIVIDEND ON COMMON SHARES WAS INCREASED TO $0.3125 PER QUARTER FROM $0.2975 PER COMMON SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-connecticut-water-service-cash-div/brief-connecticut-water-service-cash-dividend-on-common-shares-increased-to-0-3125-per-quarter-idUSFWN1SH1PW |
Trading Nation: Gold shines 1 Hour Ago Mark Tepper, Strategic Wealth Partners, and Stacey Gilbert, Susquehanna, discuss the trade in gold with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trading-nation-gold-shines.html |
May 30, 2018 / 12:49 PM / Updated 8 minutes ago AirAsia shares tumble as India probe threatens IPO plans Jamie Freed , Liz Lee 5 Min Read
SINGAPORE/KUALA LUMPUR (Reuters) - AirAsia Group Bhd ( AIRA.KL ) shares plunged on Wednesday after federal police in India filed a case against the airline accusing it of corruption - a probe that threatens to delay its India unit’s IPO plans and international expansion. Tony Fernandes, CEO of AirAsia, holds a media event in Bangkok, Thailand May 15, 2018. REUTERS/Soe Zeya Tun
The case, also filed against Chief Executive Tony Fernandes and unit AirAsia India, is a fresh blow to the airline’s embattled leader, who has been under fire for supporting Malaysia’s former prime minister and is being investigated over the cancellation of flights during the general election period.
“The (India) investigations could be long-drawn and will de-rail AirAsia India’s plans to launch international flights from next year and defer its IPO targets too,” said Corrine Png, CEO of Singapore-based transport research firm Crucial Perspective.
India’s Central Bureau of Investigation (CBI) accused the airline, some of its employees and third parties of violating foreign direct investment rules while obtaining its license to fly, and of bribing government officials in an attempt to get regulations relaxed to allow AirAsia India to fly international routes.
The CBI said it had searched five AirAsia locations in Delhi, Mumbai and Bangalore, seizing certain documents.
Shares in Asia’s biggest budget airline slid as much as 10.6 percent to a one-year low on Wednesday. Since the Malaysian general election on May 9, they have shed about 20 percent, giving AirAsia a market value of roughly $2.5 billion.
AirAsia shares closed down nearly 7 percent, while the broader Malaysian market was down more than 3 percent. FILE PHOTO: AirAsia planes sit on the tarmac at Kuala Lumpur International Airport, Malaysia August 28, 2016. REUTERS/Edgar Su/File Photo
The sharp fall in the airline’s share price triggered a query from Malaysia’s stock exchange.
AirAsia, in response, said it denied all the accusations, which it called “baseless and motivated by considerations that as yet remain unknown”, and said it would defend itself to the fullest extent of law.
“Legal action to protect AirAsia and its interests against these allegations will be taken against any person who is known to have maliciously and frivolously instigated, and or smeared the good reputation of individuals and shareholders of AAIL (AirAsia India Ltd),” it said in a statement to the exchange.
AirAsia India, a venture with India’s Tata Sons conglomerate, said in a statement on Tuesday it refuted any allegations of wrongdoing and was co-operating with all regulators and agencies “to present the correct facts”.
On Twitter, Fernandes did not directly address the accusations but complained about media who reported without fact-checking. A majority shareholder in English soccer team Queens Park Rangers, he also tweeted video of himself playing a virtual reality soccer game. He did not respond to a Reuters request for comment. INDIA PLANS
The flamboyant CEO, who co-founded AirAsia in 2001 with two aircraft, announced plans for an IPO for the India unit in January, part of a series of strategic moves to monetize assets.
AirAsia India had 14 planes at end-2017, and has plans to expand its fleet to 60 over the next five years. Under Indian rules, it can launch international flights once it has 20 planes.
Png said AirAsia India’s expansion had been too aggressive, resulting in losses doubling in the quarter ended March 31.
“This raises the possibility that AirAsia Group will need to inject more capital into AirAsia India, which may not sit well with AirAsia Group’s investors,” she said.
AirAsia last week reported a record quarterly profit of 1.14 billion ringgit ($286 million), due in large part to the sale of a ground handling services unit.
Since the Malaysian general election earlier this month, Fernandes has apologized for endorsing former prime minister Najib Razak in the election, saying he buckled under government pressure.
Malaysian police are investigating Fernandes at the request of regulatory body, the Malaysian Aviation Committee, which has denied Fernandes’ accusations that it ordered the airline to cancel 120 flights during the election period.
Fewer flights would have made it more difficult for Malaysians abroad to fly home to vote.
($1 = 3.9900 ringgit) Reporting by Jamie Freed in Singapore, Rozanna Latiff and Liz Lee in Kuala Lumpur; Editing by Edwina Gibbs and Alex Richardson | ashraq/financial-news-articles | https://www.reuters.com/article/us-airasia-india/airasia-shares-tumble-as-india-probe-threatens-ipo-plans-idUSKCN1IV1M5 |
May 17, 2018 / 12:45 PM / Updated an hour ago U.S. aid chief calls on Myanmar to end violence against Rohingya Serajul Quadir 2 Min Read
DHAKA (Reuters) - The U.S. government’s aid chief called on Thursday on Myanmar to end violence against members of the Rohingya Muslim minority and to provide humanitarian workers and media unhindered access to the country.
Mark Green, administrator of the United States Agency for International Development (USAID), visited Rohingya refugee camps on a three-day visit to Bangladesh this week.
The United States would provide $44 million in additional aid to help meet the needs of Rohingya refugees in Bangladesh, he told reports in Dhaka, before travelling on to Myanmar, which is also known as Burma.
“Today, I will fly to Burma and will ask them to end the violence and will also ask them to allow media access,” Green said.
“This humanitarian crisis is a global challenge and our government along with the international community will work together to support Bangladesh,” he said.
According to U.N. officials, nearly 700,000 Rohingya have fled into Bangladesh from Buddhist-majority Myanmar’s Rakhine State to escape a military crackdown since August, launched in response to Rohingya insurgent attacks.
Refugees have told of numerous incidents of murder, rape and arson by Myanmar troops and Buddhist vigilantes, which the United Nations has likened to “ethnic cleansing”.
Myanmar has denied nearly all of the allegations, saying its security forces have been waging a legitimate counter-insurgency operation against Rohingya “terrorists”.
Green, who is due to meet Myanmar government officials in the capital, Naypyitaw, said he would ask for “free and unhindered humanitarian access throughout the country” as well as access for media to travel freely.
U.S. President Donald Trump this month assured Bangladesh of U.S. support in dealing with the Myanmar Rohingya refugee crisis. Reporting By Serajul Quadir; Writing by Euan Rocha | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-myanmar-rohingya-bangladesh-usa/u-s-aid-chief-calls-on-myanmar-to-end-violence-against-rohingya-idUKKCN1II1S9 |
Regarding your editorial “Judge to Mueller: Show Me the Mandate” (May 5): It is a mistake to limit Judge T.S. Ellis’s demand for the unredacted (Rod Rosenstein) original mandate as the focus of the judge’s rationale. By now we all know that there was no original predicate crime. Robert Mueller tried to find one and went back 11 years with Paul Manafort to find a crime not predicated by the mandate. The original mandate won’t support that nor should it. But Mr. Rosenstein, as needed, apparently expanded the mandate ex post facto or secretly (or both). Judge Ellis would regard that as “unfettered” and impermissible. Other... | ashraq/financial-news-articles | https://www.wsj.com/articles/judge-elliss-demand-raises-bar-for-mueller-1525975694 |
May 2 (Reuters) - U.S. independent refiner HollyFrontier Corp posted a quarterly profit on Wednesday, compared to a year-ago loss, as its refining margins rose.
Net income attributable to company shareholders was $268.1 million, or $1.50 per share, in the first quarter ended March 31, compared to a loss of $45.5 million, or 26 cents per share, a year earlier. ( bit.ly/2jlPSBK )
The year-ago quarter included integration costs related to the acquisition of Petro-Canada Lubricants and other charges. The Dallas-based company’s sales and other revenue rose to $4.13 billion from $3.08 billion. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Shounak Dasgupta)
| ashraq/financial-news-articles | https://www.reuters.com/article/hoolyfrontier-results/hollyfrontier-posts-first-quarter-profit-idUSL3N1S93AK |
May 10, 2018 / 1:14 PM / Updated 38 minutes ago No relief yet for emerging currencies against dollar Karin Strohecker , Sujata Rao 4 Min Read
LONDON (Reuters) - Emerging currencies are suffering their sixth straight week of losses against the resurgent dollar but options markets appear to indicate there is going to be no relief for some of them in the short-term. FILE PHOTO: Bank notes of different currencies, including Euro, U.S. Dollar, Turkish Lira or Brazilian Reais, are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. Picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration
Turkey and Argentina are squarely at the centre of the rout, with the latter now seeking assistance from the International Monetary Fund. Turkish President Tayyip Erdogan on Wednesday convened an emergency meeting with economic advisors to discuss the battered lira.
Investors picking through the debris are trying to predict where emerging currencies will be heading next. Below are three charts showing the possible pressure points: 1/ TURN UP THE VOL
One-month implied volatility, a gauge of expected swings in a currency, has crept up across many key emerging currencies. Worst hit is Turkey where “vol” has surged above 15 — beyond levels hit during the May 2013 sell-off that has come to be known as the taper tantrum.
This effectively predicts a swing of some 15 percent in the lira, which is undermined by a large current account deficit, high inflation and overly loose monetary policy.
“The nicest period for emerging markets FX is behind us,” said Andreas Koenig, head of global FX for Amundi Asset Management.
“We see the Goldilocks situation going away and it is a good reason for higher volatility, and higher volatility is always in a bit of a risk-off environment.”
Implied vol has also risen on other vulnerable emerging currencies such as South Africa’s rand, while Indonesia’s implied volatility is at its highest in more than a year.
On most other emerging currencies, however, vol remains lower than during February’s equity shakeout. Some analysts attributed this to a belief among investors that the dollar’s rally could soon run out of steam.
“Other than Turkey, if you look at implied vols in other EMs it’s fairly relaxed. To me it indicates people are sceptical about the potential for much more dollar appreciation,” said Peter Kinsella, a strategist at the Commonwealth Bank of Australia.
Graphic: Select EM currencies implied volatility - reut.rs/2wqFkuv 2/ UP UP AND AWAY FOR DOLLAR SHORTS?
Emerging currencies indexes scaled peak after peak for much of the first quarter but since mid-April the direction of travel has been south.
The main reason is investors taking off bets on a weaker dollar. These “short” positions had built up to a record high by end-March, according to the U.S. Commodity Futures Trading Commission (CFTC) and are now being unwound.
“A first negative feedback loop has kicked in,” Holger Schmieding at Berenberg wrote in a note to clients.
“As investors shy away from some risks, the more vulnerable emerging markets are feeling the pinch from higher U.S. interest rates and a stronger U.S. dollar.”
Graphic: Dollar shorts vs EM longs - reut.rs/2ItqUOY 3/ REVERSE GEAR
CFTC data shows short-dollar bets still remain sizeable, and are likely to be unwound further. As a result, the bias is still for dollar strength against emerging currencies, options show.
One-month risk reversals, a gauge of demand for options on a currency rising or falling against the dollar, are up sharply for both Turkey’s lira and Indonesia’s rupiah over the past 10 days.
They remain off February levels, however, and reversals on other currencies such as Brazil’s real and the Russian rouble have barely budged.
Amundi’s Koenig sees no evidence yet of a huge exodus from emerging equities or debt, but said investors’ first move usually is to hedge currency exposure. That would lead to a greater bias for dollar buying.
“After collecting EM assets and risks for years, investors are starting to reduce those risks. I would say it has further to go,” Koenig added.
Graphic: Risk reversals - reut.rs/2rvtPx9 Reporting and graphics by Sujata Rao and Karin Strohecker, Additional reporting by Tommy Wilkes, Writing by Karin Strohecker, Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-emerging-currency/no-relief-yet-for-emerging-currencies-against-dollar-idUKKBN1IB1VQ |
DUBLIN, May 8, 2018 /PRNewswire/ -- Theravance Biopharma, Inc. ("Theravance Biopharma" or the "Company") (NASDAQ: TBPH) today reported financial results for the first quarter ended March 31, 2018. Revenue for the first quarter of 2018 was $8.3 million. The Company's first quarter operating loss was $65.0 million or $51.0 million excluding share-based compensation expense. Cash, cash equivalents, and marketable securities totaled $435.5 million as of March 31, 2018 and includes the $100 million upfront payment associated with the global development and commercialization agreement with Janssen Biotech, Inc. (Janssen) for TD-1473.
Rick E Winningham, Chairman and Chief Executive Officer, commented: "We are very pleased with our achievements in the first quarter of 2018, led by our global collaboration with Janssen for the development and commercialization of TD-1473 in inflammatory intestinal diseases. As we look to the remainder of 2018, we are enhancing our focus on the most important strategic priorities for the Company, which are those programs where we think there is the greatest opportunity to create transformational medicines. For revefenacin, our commercial readiness activities are underway in anticipation of approval in the US for COPD later this year. With TD-1473 for ulcerative colitis and Crohn's disease and TD-9855 for neurogenic orthostatic hypotension, we are advancing two highly differentiated assets through mid-stage development. In research, we are preparing to progress a novel inhaled JAK inhibitor for serious respiratory diseases into the clinic. These assets, combined with our strong balance sheet and emerging cash flows from our economic interest in Trelegy Ellipta, position us to advance all segments of our business – from research to commercial – with the goal of creating transformational medicines."
Program Updates
Trelegy Ellipta (first once-daily single inhaler triple therapy for chronic obstructive pulmonary disease (COPD)) 1 : GSK reported first quarter 2018 net sales of $14.6 million; Theravance Biopharma entitled to approximately 5.5% to 8.5% of worldwide net sales of the product U.S. Food and Drug Administration (FDA) approved an expanded indication of Trelegy Ellipta for treatment of a broader population of COPD patients with airflow limitation or who have experienced an acute worsening of respiratory symptoms Expanded indication based on the positive results of the landmark 10,355 patient IMPACT study, which was recently published in the New England Journal of Medicine Boxed warning removed from Trelegy Ellipta prescribing information Velusetrag (TD-5108; 5-HT4 agonist): Collaboration partner Alfasigma S.p.A. (Alfasigma), which funded majority of Phase 2 gastroparesis program costs, has exercised its option to develop and commercialize velusetrag Alfasigma opt-in decision results in $10 million payment to Company and right to receive future potential development, regulatory and sales milestone payments and royalties Theravance Biopharma has elected not to pursue further development of velusetrag, based on the Company's planned pipeline investments and in light of the current FDA requirement that a chronically administered gastroparesis product in this class complete a large Phase 3 safety study Global rights to develop, manufacture and commercialize velusetrag will transfer to Alfasigma, under the terms of the existing collaboration agreement Revefenacin (TD-4208, nebulized long-acting muscarinic antagonist (LAMA)): Mid-cycle review meeting with FDA is complete FDA reiterated no Advisory Committee meeting planned for revefenacin Prescription Drug User Fee Act (PDUFA) date remains on track as November 13, 2018
Anticipated Near-Term Milestones and Events
TD-1473 (intestinally restricted pan-Janus kinase (JAK) inhibitor): Initiations of Phase 2 induction study in Crohn's disease and Phase 2b/3 induction and maintenance study in ulcerative colitis planned in the second half of 2018 TD-9855 (norepinephrine serotonin reuptake inhibitor (NSRI)): Data from exploratory Phase 2a study in patients with symptomatic neurogenic orthostatic hypotension (nOH) by end of July 2018 Revefenacin (TD-4208, nebulized long-acting muscarinic antagonist (LAMA)): Potential regulatory approval in the US for COPD, with assigned PDUFA date of November 13, 2018 Novel inhaled JAK inhibitor: Progression into first-in-human studies in late 2018 or early 2019 Trelegy Ellipta 1 : Potential label expansion in EU expected in 2018, supported by submission of IMPACT data to European Medicines Agency; completion of Phase 3 CAPTAIN study in asthma patients expected in early 2019
Notes:
1 As reported by Glaxo Group Limited or one of its affiliates (GSK); reported sales converted to USD; economic interest related to Trelegy Ellipta (the combination of fluticasone furoate, umeclidinium, and vilanterol, (FF/UMEC/VI), jointly developed by GSK and Innoviva, Inc.) entitles Company to upward tiering payments equal to approximately 5.5% to 8.5% on worldwide net sales of the product
First Quarter Financial Results
Revenue
Revenue for the first quarter of 2018 was $8.3 million, comprised of revenue from collaborative arrangements and US net product sales of VIBATIV ® . This represents an increase of $5.2 million over the same period in 2017. The increase is primarily related to revenue recognized from the non-refundable, upfront payment associated with the global development and commercialization agreement with Janssen for TD-1473, which will be recognized over the course of the TD-1473 Phase 2 program.
Research and Development (R&D) Expenses
R&D expenses for the first quarter of 2018 were $47.8 million, compared to $40.6 million in the same period in 2017. The increase is primarily due to an increase in employee-related costs, share-based compensation and allocated expenses. First quarter R&D expenses include non-cash share-based compensation of $6.6 million.
Selling, General and Administrative (SG&A) Expenses
SG&A expenses for the first quarter of 2018 were $24.7 million, compared to $20.8 million in the same period in 2017. The increase is primarily due to higher expenses in G&A related to external-related expenses, employee-related costs, and share-based compensation. First quarter SG&A expenses include non-cash share-based compensation of $7.4 million.
Cash, Cash Equivalents and Marketable Securities
Cash, cash equivalents and marketable securities, excluding restricted cash, totaled $435.5 million as of March 31, 2018. This amount includes the $100 million upfront payment associated with the global development and commercialization agreement with Janssen and excludes $10.0 million payment from Alfasigma associated with exercise of its option for velusetrag.
2018 Financial Guidance
The Company's guidance on operating loss excluding non-cash share-based compensation for the full year of 2018 remains unchanged at $180.0 to $200.0 million. The actual amount could be above or below this forecast as a result of a variety of factors impacting the business, including the amount of revenue recognized in 2018 related to the global collaboration agreement with Janssen (currently expected to be less than $25 million), the timing and cost of clinical studies associated with Company's key programs, and net product sales of VIBATIV ® . The Company's financial guidance for 2018 does not include income related to Trelegy Ellipta.
Conference Call and Live Webcast Today at 5:00 pm ET
Theravance Biopharma will hold a conference call and live webcast accompanied by slides today at 5:00 pm ET. To participate in the live call by telephone, please dial (855) 296-9648 from the US, or (920) 663-6266 for international callers, and use the confirmation code 5379419. Those interested in listening to the conference call live via the internet may do so by visiting Theravance Biopharma's website at www.theravance.com , under the Investor Relations section, Presentations and Events. Please go to the website 15 minutes prior to the start of the call to register, download, and install any necessary audio software.
A replay of the conference call will be available on Theravance Biopharma's website for 30 days through June 7, 2018. An audio replay will also be available through 8:00 pm ET on May 15, 2018 by dialing (855) 859-2056 from the U.S., or (404) 537-3406 for international callers, and then entering confirmation code 5379419.
About Theravance Biopharma
Theravance Biopharma, Inc. ("Theravance Biopharma") is a diversified biopharmaceutical company with the core purpose of creating medicines that help improve the lives of patients suffering from serious illness.
In our relentless pursuit of this objective, we strive to apply insight and innovation at each stage of our business, including research, development and commercialization, and utilize both internal capabilities and those of partners around the world. Our research efforts are focused in the areas of inflammation and immunology. Our research goal is to design localized medicines that target diseased tissues, without systemic exposure, in order to maximize patient benefit and minimize risk. These efforts leverage years of experience in developing localized medicines for the lungs to treat respiratory disease. The first potential medicine to emerge from our research focus on immunology and localized treatments is an oral, intestinally restricted pan-Janus kinase (JAK) inhibitor, currently in development to treat a range of inflammatory intestinal diseases. Our pipeline of internally discovered product candidates will continue to evolve with the goal of creating transformational medicines to address the significant needs of patients.
In addition, we have an economic interest in future payments that may be made by Glaxo Group or one of its affiliates (GSK) pursuant to its agreements with Innoviva, Inc. relating to certain programs, including Trelegy Ellipta.
For more information, please visit www.theravance.com .
THERAVANCE ® , the Cross/Star logo, and VIBATIV ® are registered trademarks of the Theravance Biopharma group of companies. Trademarks, trade names or service marks of other companies appearing on this press release are the property of their respective owners.
This press release contains and the conference call will contain certain "forward-looking" statements as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans, objectives, expectations and future events. Theravance Biopharma intends such to be covered by the safe harbor provisions for contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Examples of such statements include statements relating to: the Company's strategies, plans and objectives, the Company's regulatory strategies and timing of clinical studies (including the data therefrom), the potential characteristics, benefits and mechanisms of action of the Company's product and product candidates, the Company's expectations for product candidates through development, potential regulatory approval and commercialization (including their potential as components of combination therapies and their differentiation from other products or potential products), product sales and the Company's expectations for its 2018 operating loss, excluding share-based compensation. These statements are based on the current estimates and assumptions of the management of Theravance Biopharma as of the date of the press release and the conference call and are subject to risks, uncertainties, changes in circumstances, assumptions and other factors that may cause the actual results of Theravance Biopharma to be materially different from those reflected in the . Important factors that could cause actual results to differ materially from those indicated by such include, among others, risks related to: delays or difficulties in commencing, enrolling or completing clinical studies, the potential that results from clinical or non-clinical studies indicate the Company's product candidates are unsafe or ineffective (including when our product candidates are studied in combination with other compounds), risks that product candidates do not obtain approval from regulatory authorities, the feasibility of undertaking future clinical trials for our product candidates based on policies and feedback from regulatory authorities, dependence on third parties to conduct clinical studies, delays or failure to achieve and maintain regulatory approvals for product candidates, risks of collaborating with or relying on third parties to discover, develop, manufacture and commercialize products, and risks associated with establishing and maintaining sales, marketing and distribution capabilities with appropriate technical expertise and supporting infrastructure. Other risks affecting Theravance Biopharma are described under the heading "Risk Factors" contained in Theravance Biopharma's Form 10-K filed Commission (SEC) on February 28, 2018 and Theravance Biopharma's other filings with the SEC. In addition to the risks described above and in Theravance Biopharma's filings with the SEC, other unknown or unpredictable factors also could affect Theravance Biopharma's results. No can be guaranteed and actual results may differ materially from such statements. Given these uncertainties, you should not place undue reliance on these . Theravance Biopharma assumes its on account of new information, future events or otherwise, except as required by law.
Contact Information:
Alexander Dobbin
Head of Investor Relations
650-808-4045
[email protected]
THERAVANCE BIOPHARMA, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended March 31,
2018
2017
(Unaudited)
Revenue:
Product sales
$
3,679
$
3,050
Revenue from collaborative arrangements
4,640
37
Total revenue
8,319
3,087
Costs and expenses:
Cost of goods sold
826
565
Research and development (1)
47,765
40,565
Selling, general and administrative (1)
24,704
20,786
Total costs and expenses
73,295
61,916
Loss from operations
(64,976)
(58,829)
Interest expense
(2,137)
(2,137)
Interest and other income
2,170
1,030
Loss before income taxes
(64,943)
(59,936)
Provision for income taxes
144
5,383
Net loss
$
(65,087)
$
(65,319)
Net loss per share:
Basic and diluted net loss per share
$
(1.22)
$
(1.27)
Shares used to compute basic and diluted net loss per share
53,256
51,617
(1)
Amounts include share-based compensation expense as follows:
Three Months Ended March 31,
(In thousands)
2018
2017
Research and development
$
6,559
$
5,101
Selling, general and administrative
7,439
5,168
Total share-based compensation expense
$
13,998
$
10,269
THERAVANCE BIOPHARMA, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
December 31,
2018
2017
Assets
(Unaudited)
(1)
Current assets:
Cash and cash equivalents and short-term marketable securities
$
418,531
$
348,566
Receivables from collaborative arrangements
2,845
7,109
Prepaid taxes
926
291
Other prepaid and current assets
7,299
5,953
Inventories
17,217
16,830
Property and equipment, net
10,329
10,157
Long-term marketable securities
16,999
41,587
Tax receivable
3,324
8,191
Restricted cash
833
833
Other assets
1,805
1,883
Total assets
$
480,108
$
441,400
Liabilities and Shareholders' Equity
Current liabilities
105,179
62,552
Long-term liabilities
311,522
263,670
Shareholders' equity
63,407
115,178
Total liabilities and shareholders' equity
$
480,108
$
441,400 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-theravance-biopharma-inc-reports-first-quarter-2018-financial-results-and-provides-business-update.html |
May 15, 2018 / 7:57 AM / Updated 20 minutes ago Turkey detains 54 suspected Islamic State members: police Reuters Staff 1 Min Read
ISTANBUL (Reuters) - Turkish authorities have detained 54 suspected Islamic State members in Istanbul who were believed to be preparing to travel to conflict zones in Syria, police said on Tuesday.
All of those detained were foreign nationals, it said, without giving details on when the detentions took place.
Islamic State has carried out numerous bombings across Turkey in recent years, including an attack on a nightclub in Istanbul in which 39 people were killed and a bombing in the city’s historic heart that killed 12.
Turkish operations against Islamic State suspects intensified at the end of last year on the anniversary of the nightclub shooting. Reporting by Ali Kucukgocmen; Editing by Dominic Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-turkey-security-islamic-state/turkey-detains-54-suspected-islamic-state-members-police-idUSKCN1IG0XM |
HONG KONG, May 14 (Reuters) - Foxconn Industrial Internet Co Ltd, an internet and industrial-focused unit of Taiwan’s Foxconn , filed an application on Monday for an initial public offering in Shanghai to raise capital to upgrade production and for 5G related projects.
The unit, which makes electronic devices, cloud service equipment and industrial robots, plans to issue up to 1.97 billion A-shares, or 10 percent of its enlarged issued share capital, at a price to be determined, the preliminary prospectus showed.
It gave no dollar value on the amount to be raised.
The Foxconn unit, which serves clients including Amazon , Apple, Cisco, Dell, Huawei and Lenovo, said the proceeds would be used to fund eight projects.
These include cloud computing, data centre and communication network at a total cost of 27.3 billion yuan. ($4.31 billion).
Foxconn Industrial Internet posted a net profit of 15.9 billion yuan in 2017, compared with 14.4 billion yuan in a year ago period. ($1 = 6.3333 Chinese yuan renminbi) (Reporting by Twinnie Siu; editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/foxconn-ipo/foxconns-unit-plans-shanghai-ipo-raising-capital-to-upgrade-production-projects-idUSL3N1SL081 |
18 Hours Ago | 02:04
A few days ago, the U.S.-North Korea summit was clouded in "will-they-or-won't-they" uncertainty. Entering a new week, however, the latest developments indicate a resurrected sense of optimism as Seoul looks to insert itself into the picture.
South Korean President Moon Jae-in could join President Donald Trump and Kim Jong Un for their anticipated June 12 meeting in Singapore, Yonhap News reported early on Monday . The news comes after Trump and Kim, over the weekend, resumed efforts to salvage negotiations after they were officially canceled by the U.S. president .
After calling off the dialogue last Thursday, Trump on Friday suggested the meeting could still take place on the originally scheduled date in a sudden reversal widely believed to have undermined Washington's diplomatic credibility.
Further indicating the summit was now back on track, White House and Pyongyang officials met in the border village separating the two Koreas on Sunday while a U.S. delegation departed for Singapore to work out logistics for the June event .
"Despite the sudden pause in the rush toward a summit, all sides will most likely try to reschedule the meeting," analysts at the Council on Foreign Relations said in a recent note.
Both countries, in addition to South Korea, have vested interests in making the meeting happen next month or at a later date, according to strategists.
"All these parties want a draw-down of tensions and a changed relationship between Pyongyang and the other parties," said Andray Abrahamian, a fellow at foreign policy institute Pacific Forum.
In fact, many theorized that Trump's cancellation was simply a bargaining tactic.
It was "a pre-negotiation walkout and what it does is stress test the other side in terms of who wants what more," explained Jasper Kim, a professor at Seoul-based Ewha Womans University.
Pyongyang responded by saying it was ready to meet with the U.S. at any time, which, according to Kim, told Trump that the North Koreans "want to talk and actually, they want to talk very badly — that's basically to the advantage of the U.S."
Moon's desire to join the historic summit could be a sign that South Korea is the most eager for talks to take place. Kevin Lamarque | Reuters President Donald Trump gestures as he welcomes South Korea's President Moon Jae-In in the Oval Office of the White House in Washington, U.S., May 22, 2018.
Moon is playing the role of mediator "given the reality that inter-Korean reconciliation, and ultimately peace on the Korean Peninsula, cannot be achieved unless the United States and North Korea strike a deal on denuclearization," the Council on Foreign Relations analysts said.
Trump, meanwhile, wants to secure a foreign policy win for his administration while Kim possesses multiple motives that include security guarantees, relief from Washington's sanctions and a status boost that accompanies such a high-profile summit, they continued.
But even with the added presence of Moon, any discussions between the U.S. and the North would be complicated by different understandings of the term "denuclearization."
The White House wants the reclusive regime to take significant steps toward relinquishing nuclear weapons before relaxing any sanctions. Pyongyang, however, prefers a gradual process of disarmament that goes hand-in-hand with U.S. economic and security concessions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/south-korea-may-join-us-north-korea-summit-in-singapore.html |
May 17, 2018 / 5:20 PM / Updated 31 minutes ago Russia's Gazprom raises 600 million euro loan from Credit Agricole Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian gas giant Gazprom said on Thursday it had raised a 600 million euro ($708 million) loan from France’s Credit Agricole CIB. FILE PHOTO: The logo of Russian gas giant Gazprom is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin
The five-year loan is the first financing raised by Gazprom since its head Alexei Miller was added to a U.S. sanctions blacklist in early April. Reporting by Maxim Rodionov, editing by Alexander Smith | ashraq/financial-news-articles | https://www.reuters.com/article/us-gazprom-loan/russias-gazprom-raises-600-million-euro-loan-from-credit-agricole-idUSKCN1II2J6 |
- Declares dividend of $0.4220 per Class A common share for second quarter 2018 -
SAN FRANCISCO, May 10, 2018 /PRNewswire/ -- Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ & TSX: PEGI) today announced its financial results for the 2018 first quarter.
Highlights
(Figures reported below are for the first quarter of fiscal 2017, unless otherwise noted)
Proportional gigawatt hours ("GWh") sold of 2,127 GWh, up 4% Net cash provided by operating activities of $27.8 million Cash available for distribution ("CAFD") of $43.1 million, and on track to meet full year guidance (1) Net loss of $12.6 million Adjusted EBITDA of $104.2 million Revenue of $111.7 million, up 11% Declared a second quarter dividend of $0.4220 per Class A common share or $1.688 on an annualized basis, subsequent to the end of the period, unchanged from the previous quarter's dividend Acquired 206 megawatts ("MW") of owned capacity in five Japanese projects which represents the Company's entry into Japan, one of the most robust renewables markets in the world Invested $27 million in Pattern Energy Group 2 LP's ("Pattern Development 2.0") acquisition of the majority interest in Green Power Investments ("GPI") and the Japanese development pipeline from Pattern Energy Group LP ("Pattern Development 1.0") Commenced commercial operations at two projects, the 33 MW Ohorayama Wind power facility in Japan and, subsequent to the end of the period, the 143 MW Mont Sainte-Marguerite Wind power facility in Quebec which Pattern Energy has agreed to acquire with closing expected in the coming weeks
"Our solid performance in Q1 puts us right on track for our targeted CAFD (1) for the year and is the result of our portfolio continuing to operate at the top end of the industry," said Mike Garland, President and CEO of Pattern Energy. "In addition, we were able to successfully acquire five assets in Japan, one of the best renewable markets in the world, that form a strong platform to grow our business there and to improve the value of the projects over time. The Company is in an excellent position to make further acquisitions without raising any common equity, allowing us to grow our CAFD per share."
(1)
The forward looking measure of 2018 full year cash available for distribution (CAFD) is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at CAFD. A description of the adjustments to determine CAFD can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Key Metrics, of Pattern Energy's 2018 Quarterly Report on Form 10-Q for the period
Financial and Operating Results
Pattern Energy sold 2,126,662 megawatt hours ("MWh") of electricity on a proportional basis in the first quarter of 2018 compared to 2,038,159 MWh sold in the same period last year. The 4% increase was primarily due to volume increases as a result of acquisitions in 2017 and 2018 and favorable wind at projects in Canada partially offset by unfavorable wind and curtailment primarily at projects in the Texas market and at Santa Isabel. Production for the quarter was 7% below the long-term average forecast for the period.
Net cash provided by operating activities was $27.8 million for the first quarter of 2018 compared to $43.8 million for the same period last year. The $15.9 million decrease was primarily due to a $12.6 million increase in transmission and projects costs primarily due to acquisitions in 2017 and 2018, a $10.0 million increase in interest payments and a $2.9 million decrease in distributions from unconsolidated investments. These decreases in net cash provided by operating activities were partially offset by a $10.8 million increase in revenue.
Cash available for distribution was $43.1 million for the first quarter of 2018, compared to $45.1 million for the same period last year. The $2.1 million decrease was primarily due to a $12.6 million increase in transmission and projects costs primarily due to acquisitions in 2017 and 2018, a $3.9 million increase in interest expense (excluding amortization of financing costs and debt discount/premium), a $6.5 million increase in distributions to noncontrolling interests, a $3.5 million increase in principal payments of project-level debt and a $0.9 million decrease in distributions from unconsolidated investments. These decreases in cash available for distribution were partially offset by increases of $20.2 million in revenue (excluding unrealized loss on energy derivative and amortization of PPAs), $2.5 million in release of restricted cash and $4.3 million in cash from other, primarily related to a $3.4 million project reserve funding requirement made in the first quarter 2017.
Net loss was $12.6 million in the first quarter of 2018, compared to a net income of $2.5 million for the same period last year. The change of $15.2 million was primarily attributable to increases of $24.3 million in cost of revenues due to the acquisitions in 2017 and 2018 and $2.0 million in tax provision. This change was partially offset a $10.8 million increase in revenue primarily due to acquisitions in 2017 and 2018 and the settlement of business interruption insurance related to our Santa Isabel project and a decrease of $0.5 million in other expense.
Adjusted EBITDA was $104.2 million for the first quarter of 2018 compared to $98.2 million for the same period last year. The $6.0 million increase in the quarterly period was primarily due to a $20.2 million increase in revenue (excluding unrealized loss on energy derivative and amortization of PPAs) primarily attributable to volume increases as a result of the 2017 and 2018 acquisitions and an insurance settlement for Santa Isabel partially offset by lower electricity sales as a result of changing prices, unfavorable wind and curtailment primarily at projects in the Texas market and at Santa Isabel. This increase was partially offset by increases of $5.5 million in project expenses, $7.1 million in transmission costs and $0.8 million in transaction costs primarily related to the Japan acquisition.
2018 Financial Guidance
Pattern Energy is re-confirming its targeted annual cash available for distribution (2) for 2018 within a range of $151 million to $181 million, representing an increase of 14% compared to cash available for distribution in 2017.
(2)
The forward looking measure of 2018 full year cash available for distribution (CAFD) is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at CAFD. A description of the adjustments to determine CAFD can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Key Metrics, of Pattern Energy's 2018 Quarterly Report on Form 10-Q for the period
Quarterly Dividend
Pattern Energy declared a dividend for the second quarter 2018, payable on July 31, 2018, to holders of record on June 29, 2018 in the amount of $0.4220 per Class A common share, which represents $1.688 on an annualized basis. The amount of the second quarter 2018 dividend is unchanged from the first quarter 2018 dividend.
Project Acquisitions
During the first quarter of 2018, Pattern Energy acquired 206 MW of owned interest in five projects in operation or under construction located in Japan from Pattern Development 1.0 and GPI. The portfolio consists of two operating solar projects (Futtsu and Kanagi), two operating wind projects (Otsuki and Ohorayama, which commenced commercial operation during the quarter) and one wind project under construction (Tsugaru), each of which possess a 20-year power purchase agreement.
Pattern Energy acquired the 84 MW portfolio of Futtsu, Kanagi, Otsuki and Ohorayama for a cash purchase price of $131.5 million (3) , which represents approximately a 10.1x multiple of the five-year average CAFD (4) .
Pattern Energy acquired the 122 MW Tsugaru project at the start of construction, once fully financed on a non-recourse basis, for a total cash consideration of $194.0 million (3) , which represents a 9.3x multiple of the five-year average CAFD (4) starting with the first full year of operations in 2021.
Pattern Energy has agreed to acquire a 51% interest in the 143 MW Mont Sainte-Marguerite project, located in the Chaudière-Appalaches region south of Québec City. The project commenced commercial operations in the first quarter of 2018. The project has a 25-year power purchase agreement with Hydro-Québec, which has an AA-/Aa2 credit rating.
Pattern Energy will acquire its 51% interest in Mont Sainte-Marguerite for a total investment of approximately $40 million (5) , which represents approximately a 10x multiple of the five-year average CAFD (4) . The acquisition is expected to close in the coming weeks, with the recent the commencement of commercial operations and subject to customary closing conditions. It will be funded at the time of closing using available liquidity.
(3)
Based on a Japanese yen to USD exchange rate of ¥110.
(4)
The forward looking measure of five-year average annual purchase price multiple of CAFD contribution from each of the five Japanese projects and Mont Sainte-Marguerite project is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort primarily because of the uncertainties involved in estimating forward-looking changes in working capital balances which are added to earnings to arrive at cash provided by operations and subtracted therefrom to arrive at CAFD. A description of the adjustments to determine CAFD can be found within Item 2, Management's Discussion and Analysis of Financial Condition and Results of Operations - Key Metrics, of Pattern Energy's 2018 Quarterly Report on Form 10-Q for the period
(5)
Based on a CAD to USD exchange rate of $1.27.
Acquisition Pipeline
Pattern Development 1.0 and Pattern Development 2.0 (together, the Pattern Development Companies) have a pipeline of development projects totaling more than 10 GW. Pattern Energy has a Right of First Offer ("ROFO") on the pipeline of acquisition opportunities from the Pattern Development Companies. The identified ROFO list stands at 935 MW of potential owned capacity and and represents a portion of the pipeline of development projects of the Pattern Development Companies, which are subject to Pattern Energy's ROFO. Since its IPO, Pattern Energy has purchased, or agreed to purchase, 1,564 MW from Pattern Development 1.0 and in aggregate grown the identified ROFO list from 746 MW to more than 2 GW.
Below is a summary of the identified ROFO projects that Pattern Energy has the right to purchase from the Pattern Development Companies in connection with its respective purchase rights:
Capacity (MW)
Identified
ROFO Projects
Status
Location
Construction
Start (1)
Commercial
Operations (2)
Contract
Type
Rated (3)
Pattern
Development-
Owned (4)
Pattern Development 1.0 Projects
Conejo Solar (5)
Operational
Chile
2015
2016
PPA
104
104
Belle River
Operational
Ontario
2016
2017
PPA
100
43
El Cabo
Operational
New Mexico
2016
2017
PPA
298
125
North Kent
Operational
Ontario
2017
2018
PPA
100
35
Henvey Inlet
In construction
Ontario
2017
2019
PPA
300
150
Pattern Development 2.0 Projects
Stillwater Big Sky
In construction
Montana
2017
2018
PPA
79
67
Crazy Mountain
Late stage development
Montana
2017
2019
PPA
80
68
Grady
Late stage development
New Mexico
2018
2019
PPA
220
188
Sumita
Late stage development
Japan
2019
2021
PPA
100
55
Ishikari
Late stage development
Japan
2019
2022
PPA
100
100
1,481
935
(1)
Represents year of actual or anticipated commencement of construction.
(2)
Represents year of actual or anticipated commencement of commercial operations.
(3)
Rated capacity represents the maximum electricity generating capacity of a project in MW. As a result of weather and other conditions, a project or a turbine will not operate at its rated capacity at all times and the amount of electricity generated will be less than its rated capacity. The amount of electricity generated may vary based on a variety of factors.
(4)
Pattern Development-Owned capacity represents the maximum, or rated, electricity generating capacity of the project in MW multiplied by Pattern Development 1.0's or Pattern Development 2.0's percentage ownership interest in the distributable cash flow of the project.
(5)
From time to time, the Company conducts strategic reviews of its markets. The Company has been conducting a strategic review of the market, growth, and opportunities in Chile. In the event the Company believes it can utilize funds that have already been invested in Chile or funds that might otherwise be invested in Chile in a more productive manner elsewhere that could generate a higher return on investment, it may decide to exit Chile for other opportunities with greater potential. In addition, Pattern Development 1.0 is also concurrently exploring strategic alternatives for its assets in Chile.
Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations
The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net income (loss) to Adjusted EBITDA, respectively, for the periods presented (in thousands):
Three months ended March 31,
2018
2017
Net cash provided by operating activities (1)
$
27,824
$
43,752
Changes in operating assets and liabilities
28,576
13,423
Network upgrade reimbursement
282
317
Release of restricted cash
2,488
—
Operations and maintenance capital expenditures
(261)
(146)
Distributions from unconsolidated investments (2)
6,281
4,205
Other
860
(3,432)
Less:
Distributions to noncontrolling interests
(9,187)
(2,647)
Principal payments paid from operating cash flows
(13,803)
(10,326)
Cash available for distribution
$
43,060
$
45,146
(1)
Included in net cash provided by operating activities for the three months ended March 31, 2017 is the portion of distributions from unconsolidated investments paid from cumulative earnings representing the return on investment.
(2)
Distributions from unconsolidated investments includes project cash flow transferred to the project's distribution account in March 2018 and received subsequently in April 2018.
Three months ended March 31,
2018
2017
Net income (loss)
$
(12,620)
$
2,539
Plus:
Interest expense, net of interest income
25,110
22,061
Tax provision
6,784
4,775
Depreciation, amortization and accretion
62,650
47,227
EBITDA
81,924
76,602
Unrealized loss on energy derivative (1)
11,047
2,358
(Gain) loss on derivatives
(5,660)
648
Other
—
312
Plus, proportionate share from unconsolidated investments:
Interest expense, net of interest income
9,468
9,340
Depreciation, amortization and accretion
8,768
8,454
(Gain) loss on derivatives
(1,335)
484
Adjusted EBITDA
$
104,212
$
98,198
(1)
Amount is included in electricity sales on the consolidated statements of operations.
Conference Call and Webcast
Pattern Energy will host a conference call and webcast to discuss these results at 10:30 a.m. Eastern Time on Thursday, May 10, 2018. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 5748379. The replay recording will be available until 11:59 p.m. Eastern Time, May 31, 2018.
A live webcast of the conference call will be also available on the events page in the investor section of Pattern Energy's website at www.patternenergy.com . An archived webcast will be available for one year.
About Pattern Energy
Pattern Energy Group Inc. (Pattern Energy) is an independent power company listed on the NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 25 wind and solar power facilities, including one project it has agreed to acquire, with a total owned interest of 2,942 MW in the United States, Canada, Japan and Chile that use proven, best-in-class technology. Pattern Energy's wind and solar power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com .
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability to achieve the 2018 cash available for distribution target; the ability to achieve the five year average annual CAFD generated by the Japan projects and Mont Sainte-Marguerite; the ability of the Japan assets to form a strong platform to grow the Company's business and improve the value of the projects; the ability to make further acquisitions without raising any common equity capital; the timing of the consummation of the acquisition of the Mont Sainte-Marguerite project; and the ability of the Company to consummate additional acquisitions from the iROFO list. represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.
Contacts:
Media Relations
Matt Dallas
917-363-1333
[email protected]
Investor Relations
Ross Marshall
416-526-1563
[email protected]
Pattern Energy Group Inc.
Consolidated Balance Sheets
(In thousands of U.S. Dollars, except share data)
(Unaudited)
March 31,
December 31,
2018
2017
Assets
Current assets:
Cash and cash equivalents
$
162,144
$
116,753
Restricted cash
8,698
9,065
Funds deposited by counterparty
17,744
29,780
Trade receivables
62,895
54,900
Derivative assets, current
15,747
19,445
Prepaid expenses
17,707
17,847
Deferred financing costs, current, net of accumulated amortization of $2,111 and $2,580 as of March 31, 2018 and December 31, 2017, respectively
1,230
1,415
Other current assets
28,948
21,105
Total current assets
315,113
270,310
Restricted cash
9,524
12,162
Major equipment advances
38,452
—
Property, plant and equipment, net
4,340,973
3,965,121
Unconsolidated investments
347,831
311,223
Derivative assets
13,779
9,628
Deferred financing costs
8,046
7,784
Net deferred tax assets
7,215
6,349
Finite-lived intangible assets, net
235,952
136,048
Goodwill
60,302
—
Other assets
44,455
22,906
Total assets
$
5,421,642
$
4,741,531
Liabilities and equity
Current liabilities:
Accounts payable and other accrued liabilities
$
39,468
$
53,615
Accrued construction coss
2,045
1,369
Counterparty deposit liability
17,744
29,780
Accrued interest
7,529
16,460
Dividends payable
42,041
41,387
Derivative liabilities, current
5,685
8,409
Revolving credit facility
248,000
—
Current portion of long-term debt, net
61,191
51,996
Contingent liabilities, current
21,708
2,592
Other current liabilities
15,525
11,426
Total current liabilities
460,936
217,034
Long-term debt, net
2,128,063
1,878,735
Derivative liabilities
28,425
20,972
Net deferred tax liabilities
130,257
56,491
Finite-lived intangible liability, net
59,579
51,194
Contingent liabilities
168,183
62,398
Other long-term liabilities
151,430
106,565
Total liabilities
3,126,873
2,393,389
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value per share: 500,000,000 shares authorized; 98,096,760 and 97,860,048 shares outstanding as of March 31, 2018 and December 31, 2017, respectively
983
980
Additional paid-in capital
1,218,077
1,234,846
Accumulated income (loss)
—
(112,175)
Accumulated other comprehensive loss
(26,810)
(25,691)
Treasury stock, at cost; 177,909 and 157,812 shares of Class A common stock as of March 31, 2018 and December 31, 2017, respectively
(3,884)
(3,511)
Total equity before noncontrolling interest
1,188,366
1,094,449
Noncontrolling interest
1,106,403
1,253,693
Total equity
2,294,769
2,348,142
Total liabilities and equity
$
5,421,642
$
4,741,531
Pattern Energy Group Inc.
Consolidated Statements of Operations
(In thousands of U.S. dollars, except per share data)
(Unaudited)
Three months ended March 31,
2018
2017
Revenue:
Electricity sales
$
102,147
$
98,434
Other revenue
9,512
2,399
Total revenue
111,659
100,833
Cost of revenue:
Project expense
34,562
29,100
Transmission costs
7,190
70
Depreciation, amortization and accretion
55,452
43,740
Total cost of revenue
97,204
72,910
Gross profit
14,455
27,923
Operating expenses:
General and administrative
10,706
11,124
Related party general and administrative
4,068
3,426
Total operating expenses
14,774
14,550
Operating income (loss)
(319)
13,373
Other expense:
Interest expense
(25,444)
(22,555)
Gain (loss) on derivatives
5,660
(648)
Earnings in unconsolidated investments, net
18,212
16,876
Net loss on transactions
(1,098)
(312)
Other income (expense), net
(2,847)
580
Total other expense
(5,517)
(6,059)
Net income (loss) before income tax
(5,836)
7,314
Tax provision
6,784
4,775
Net income (loss)
(12,620)
2,539
Net loss attributable to noncontrolling interest
(148,542)
(3,114)
Net income attributable to Pattern Energy
$
135,922
$
5,653
Weighted-average number of common shares outstanding
Basic
97,428,388
87,062,612
Diluted
105,564,491
87,131,280
Earnings per share attributable to Pattern Energy
Class A common stock:
Basic
$
1.39
$
0.06
Diluted
$
1.32
$
0.06
Dividends declared per Class A common share
$
0.42
$
0.41
Pattern Energy Group Inc.
Consolidated Statements of Cash Flows
(In thousands of U.S. dollars)
(Unaudited)
Three months ended March 31,
2018
2017
Operating activities
Net income (loss)
$
(12,620)
$
2,539
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and accretion
55,451
43,740
Amortization of financing costs
1,249
1,858
Amortization of debt discount/premium, net
1,227
1,102
Amortization of power purchase agreements, net
1,422
736
Loss on derivatives
3,655
2,350
Stock-based compensation
1,051
985
Deferred taxes
6,647
4,693
Earnings in unconsolidated investments, net
(18,212)
(16,876)
Distributions from unconsolidated investments
13,548
16,487
Other reconciling items
2,982
(439)
Changes in operating assets and liabilities:
Funds deposited by counterparty
12,036
1,658
Trade receivables
(5,742)
(8,432)
Prepaid expenses
2,193
946
Other current assets
62
(4,083)
Other assets (non-current)
(1,346)
2,992
Accounts payable and other accrued liabilities
(18,716)
(4,418)
Counterparty deposit liability
(12,036)
(1,658)
Accrued interest
(9,144)
(2,725)
Other current liabilities
72
(975)
Long-term liabilities
3,904
3,272
Contingent liabilities
(87)
—
Derivatives
228
—
Net cash provided by operating activities
27,824
43,752
Investing activities
Cash paid for acquisitions, net of cash and restricted cash acquired
(157,543)
(275)
Capital expenditures
(61,282)
(1,328)
Distributions from unconsolidated investments
—
4,205
Other assets
(16,720)
83
Investment in Pattern Development 2.0
(35,156)
—
Net cash provided by (used in) investing activities
(270,701)
2,685
Financing activities
Dividends paid
(41,358)
(35,522)
Capital distributions - noncontrolling interest
(9,187)
(2,647)
Payment for financing fees
(5,448)
(5,025)
Proceeds from revolving credit facility
283,000
—
Repayment of revolving credit facility
(35,000)
(180,000)
Proceeds from long-term debt
113,116
350,000
Repayment of long-term debt
(19,166)
(10,326)
Repayment of note payable - related party
(909)
—
Other financing activities
826
(2,003)
Net cash provided by financing activities
285,874
114,477
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(611)
—
Net change in cash, cash equivalents and restricted cash
42,386
160,914
Cash, cash equivalents and restricted cash at beginning of period
137,980
109,371
Cash, cash equivalents and restricted cash at end of period
$
180,366
$
270,285
Supplemental disclosures
Cash payments for income taxes
$
60
$
247
Cash payments for interest expense
$
32,617
$
22,607
Business combination:
Assets acquired, net of cash and restricted cash acquired
$
627,241
$
—
Liabilities assumed
352,570
—
Less: Noncontrolling interests
11,113
—
Net assets acquired, net of cash and restricted cash acquired
$
263,558
$
—
Schedule of non-cash activities
Change in property, plant and equipment
$
122,161
$
956
Accrual of dividends
$
45
$
—
Accrual of deferred financing costs
$
—
$
1,640
View original content with multimedia: http://www.prnewswire.com/news-releases/pattern-energy-reports-first-quarter-2018-financial-results-300646168.html
SOURCE Pattern Energy Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-pattern-energy-reports-first-quarter-2018-financial-results.html |
MOSCOW (Reuters) - Armenian interim Prime Minister Karen Karapetyan said on Tuesday he was stepping down, after parliament elected opposition leader Nikol Pashinyan to the role.
Pashinyan was elected as Armenia’s new prime minister on Tuesday, capping a peaceful revolution driven by weeks of mass protests against corruption and cronyism in the ex-Soviet republic.
Reporting by Hasmik Mkrtchyan; Editing by Polina Ivanova
| ashraq/financial-news-articles | https://www.reuters.com/article/us-armenia-politics-resignation/armenias-interim-pm-karapetyan-says-stepping-down-idUSKBN1I912X |
May 29, 2018 / 11:40 AM / Updated 26 minutes ago UPDATE 1-India's Fortis Healthcare launches new bidding process Reuters Staff 2 Min Read
(Adds details, background)
BENGALURU, May 29 (Reuters) - India’s cash-strapped Fortis Healthcare Ltd laid out plans on Tuesday for a fresh bidding process, after it became the subject of a bidding war by suitors seeking to cash in on an expected boom in India’s private healthcare market.
Five local and overseas suitors became engaged in a race to either take over or buy a stake in Fortis Healthcare, forcing them to revise their initial offers.
On Tuesday, Fortis invited three of those suitors to participate in a new bidding process - the Hero-Burman group, a consortium of TPG and Manipal Health Enterprises, and Malaysia’s IHH Healthcare Bhd - as well as any other parties interested in bidding.
Fortis’s board earlier this month approved an investment offer for 18 billion rupees ($265 million) from the Hero Enterprise Investment Office and the Burman Family Office consortium, but shareholders were lukewarm to the plan which waived due diligence. The planned stake size was not disclosed.
Bidders in the new round should submit their offers by June 14, with a minimum investment of 15 billion rupees by way of preferential allotment. They were given 10 days to conduct financial and legal due diligence.
The bids should also provide a plan for funding Fortis’s acquisition of RHT Health Trust’s Indian assets, agreed in November, and options to private equity investors to exit Fortis’s unit SRL Ltd.
Spokespersons for IHH, Hero-Burman and Manipal all declined to comment.
Standard Chartered Bank and Arpwood Capital are acting as financial advisors to Fortis, while Cyril Amarchand Mangaldas and Vaish Associates are legal advisors. ($1 = 67.8700 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru, additional reporting by Zeba Siddiqui; Editing by Sherry Jacob-Phillips and Susan Fenton) | ashraq/financial-news-articles | https://www.reuters.com/article/fortis-health-ma-bidding/update-1-indias-fortis-healthcare-launches-new-bidding-process-idUSL3N1T03KN |
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