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May 4 (Reuters) - Saban Capital Acquisition Corp:
* SABAN CAPITAL ACQUISITION CORP - ON MAY 3, ANNOUNCED THAT FRED GLUCKMAN RESIGNED FROM HIS POSITION AS CO’S EXECUTIVE VICE PRESIDENT AND CFO
* SABAN CAPITAL ACQUISITION CORP - GREG IVANCICH WAS APPOINTED AS COMPANY'S CFO, EFFECTIVE AS OF CLOSE OF BUSINESS ON JUNE 1, 2018 Source text: ( bit.ly/2FIrcfC ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saban-capital-acquisition-announce/brief-saban-capital-acquisition-announced-that-fred-gluckman-resigned-from-his-position-as-executive-vice-president-and-cfo-idUSFWN1SB1FM |
May 31, 2018 / 6:58 AM / Updated 23 minutes ago UPDATE 2-FirstGroup replaces CEO after multiple downgrades Reuters Staff
* FY pretax profit down 5 pct to 197 mln stg
* Sees 2018/19 earnings flat, consensus saw 13 pct rise
* Review of Greyhound business could lead to sale (Adds share price, background, analyst comment,)
By Sarah Young
LONDON, May 31 (Reuters) - British transport company FirstGroup replaced its chief executive after a disappointing performance last year and lowered expectations for this year, wiping 14 percent off its share price.
FirstGroup’s CEO had been under pressure for some time. The company has not paid a dividend since 2013, has rejected two approaches from private equity firms and has been targeted by Canadian activist investor West Face Capital.
The bus and rail operator said Tim O’Toole, CEO since 2010, would be replaced immediately by Wolfhart Hauser, who becomes executive chairman, and Matthew Gregory, who becomes chief operating officer in addition to his role as chief finance officer.
Profit fell 5 percent in its last financial year, hit by a poor performance in its Greyhound bus division in the United States, which the firm said it could now sell. In the current year, it said British rail contracts would bring in less profit.
That meant earnings would be flat for the 12 months to March 31, 2019, undershooting a consensus forecast for profit to grow by 13 percent according to Thomson Reuters data.
Chairman Hauser said O’Toole had not been sacked and said he had not received a request from any shareholder for the CEO to go. “It was the right time after the results for him to make that decision,” Hauser told Reuters on a call.
Shares in the company lost 14 percent to trade down at 96 pence at 0830 GMT. The shares have tumbled 34 percent over the last 12 months. GREYHOUND UP FOR SALE
Investors have had five years of disappointments since the company scrapped its dividend and raised 615 million pounds ($820 million) in a rights issue. The stock is 2 percent lower than in 2013, while Britain’s midcap index has risen 46 percent.
“The CEO’s departure should be viewed as an opportunity to pursue a different approach, although there is a lack of clarity as to what that might be at this stage,” said Liberum analyst Gerald Khoo, who rates the stock a buy.
FirstGroup, which also runs yellow school buses in the United States, blamed the poor performance of Greyhound for the fall in last year’s profit, saying it faced competition from low cost airlines as they added capacity between secondary cities.
The company said it had commissioned an external review of Greyhound which could result in selling the business.
The company’s rail business in Britain will also disappoint this year, as growth at the Trans-Pennine Express (TPE) contract is behind its forecasts.
“New rail franchises were meant to help restore the group’s cash flow profile. TPE recognised now as an onerous contract, with over 100 million pounds of future losses to come, is a material disappointment,” Jefferies analyst Joe Spooner, who has a hold rating on the stock, said. $1 = 0.7499 pounds Reporting by Sarah Young Editing by Paul Sandle and Alistair Smout | ashraq/financial-news-articles | https://www.reuters.com/article/firstgroup-results/update-1-firstgroup-replaces-ceo-could-sell-greyhound-bus-business-idUSL5N1T210K |
Former President and COO of AlliedBarton Security Services, LLC appointed as an independent director of commercial real estate services firm
TORONTO, May 30, 2018 /PRNewswire/ - Mark E. Rose , Chair and CEO of Avison Young , the world's fastest-growing commercial real estate services firm, announced today that Carol J. Johnson has been appointed to its board of directors.
Effective immediately, Johnson becomes the company's first independent director. Her appointment expands the board to nine directors. She will also be a member of the compensation committee of the board.
"We are thrilled to have Carol join Avison Young's board of directors," comments Rose. "Carol has extensive board experience, including as a director of the Federal Reserve Bank of Philadelphia, and she has demonstrated excellence while serving in C-suite and senior executive capacities with leading-edge companies. She has a well-established track record of leading companies through significant growth, enhanced operating efficiency and increased profitability on a large scale."
Rose continues: "Furthermore, Carol's leadership positions have afforded her valuable expertise in addressing issues facing boards today, including global human-capital talent deployment strategy, succession planning, mergers and acquisitions, digital disruption, and physical security and related cybersecurity. We look forward to benefiting from her experience and strategic leadership."
For more than 25 years, Johnson has held increasingly large and complex line profit-loss roles, most recently as President and COO of AlliedBarton Security Services, LLC, where she was responsible for the growth and profit of a $2-billion private corporation. During her tenure with AlliedBarton, she helped guide the company through its sale by Blackstone Group to Wendel Group and the company's subsequent merger with Universal Services.
Prior to joining AlliedBarton, she held senior executive positions with digital-and-print publishing and learning firm The Gale Group; human-capital-related firms Norrell Services, Inc. (now known as Spherion) and Kelly Services, Inc.; and travel management services firms Thomas Cook Travel and Official Airline Guides, Inc. During her career, she has successfully served global brand-name customers in diverse industry verticals, including commercial real estate, defense, aerospace, telecommunications, oil and gas, health care, government, education, retail and distribution.
"Carol has an extensive and diverse background that will benefit the needs of our fast-growing company," notes Avison Young Principal Tod Hughes , who is a member of the board. "We look forward to working with Carol and capitalizing on her operational and account management expertise."
Hughes adds: "Carol's experience developing workforce solutions and creative executive compensation and recruitment strategies will be of tremendous advantage to Avison Young as we continue to open new offices, recruit top talent and provide more flexible employment opportunities and creative – rather than cookie-cutter – rewards programs. Ultimately, she will lend her voice, eyes and ears to Avison Young as we continue to enhance our collaborative culture and place corporate social responsibility and sustainability before profit."
Johnson serves on the board of FTS International, a public company that provides oil and gas well-stimulation services, specializing in high-pressure hydraulic fracturing. In addition, she serves on the board of the Federal Reserve Bank of Philadelphia, as well as on the board of Merakey (formerly known as NHS Human Resources, Inc.), a Philadelphia-based leading not-for-profit provider of education and human services to those in need. She is also on the board and serves as Vice-President of the Union League Club of Philadelphia. Johnson is a director of the National Association of Corporate Directors (NACD) – Philadelphia Chapter, and is a NACD Board Governance Fellow and holds the Cybersecurity Certificate.
"I look forward to serving on Avison Young's board of directors and providing an unbiased and independent perspective as we ensure that the company fulfills its client, corporate and industry responsibilities," says Johnson, who is based in Philadelphia. "I am excited to be associated with an organization that has such a strong leadership team, aspirations and quality focus towards customers and employees while striving to operate a socially responsible enterprise in the global commercial real estate marketplace. I aim to be an agent of positive change to support the company's growth and evolution."
Johnson holds a Master of Business Administration degree in accounting from Loyola University of Chicago and a Bachelor of Science degree in business administration and merchandising from Northern Illinois University.
Over the past nine years, Avison Young has grown from 11 to 84 offices and from 300 to approximately 2,600 real estate professionals in Canada, the U.S., Mexico and Europe.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises approximately 2,600 real estate professionals in 84 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
For further information/comment/photos:
Sherry Quan , Principal, Global Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959
Mark Rose , Chair and CEO, Avison Young: 416.673.4028
www.avisonyoung.com
Avison Young is a 2018 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for seven consecutive years.
Follow Avison Young on Twitter:
For industry news, press releases and market reports: www.twitter.com/avisonyoung
For Avison Young listings and deals: www.twitter.com/AYListingsDeals
Follow Avison Young Bloggers : http://blog.avisonyoung.com
Follow Avison Young on LinkedIn : www.linkedin.com/company/avison-young-commercial-real-estate
Follow Avison Young on YouTube : www.youtube.com/user/AvisonYoungRE
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Editors/Reporters
• Please click on link to view and download photo of Carol Johnson:
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SOURCE Avison Young Commercial Real Estate (BC) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-carol-johnson-joins-avison-youngs-board-of-directors.html |
CNBC's Jim Cramer told investors on Monday that they should hold market declines and rallies to the same standards.
When the market declines, Cramer said, investors tend to think it's happening for a good reason. But when the market is in an upswing, investors tend to be more cautious.
"I hate the hype ... but you have to recognize that the speed of a move tells you nothing about its legitimacy," Cramer said on " Mad Money ." "A slow and steady rally is just as truthful as a rapid decline."
"I think it's a mistake to just assume that every sell-off is legitimate and every rally is bogus," he said. "You'll miss a lot of upside that way."
On Monday, the market continued its eight-day rally , with all major indices trading higher.
Cramer points out a few reasons why this market rally should be taken seriously.
1. Earnings Most companies had better-than-expected earnings and raised their full-year forecasts this quarter, which Cramer said was a good sign.
"The best predictor of a stock's direction" is whether or not the underlying company can beat analysts' earnings estimates and raise its guidance, Cramer said. So far this quarter, companies from Apple to Disney have delivered earnings beats and seen their stocks soar in response.
"When a company beats [the] estimates and also raises its forecast, it is a big deal," the "Mad Money" host said. "If you can't trust a rally based on upside surprises, what can you trust?"
2. Buybacks Companies are using the excess capital from tax reform to buy back stocks. Although this isn't the biggest driver in the market right now, "buybacks can be tabulated and they are tangible tokens of credibility," he said.
The "Mad Money" host liked Citigroup's buyback the most out of any on the market. The big bank will repurchase 7 percent of its shares every year.
While Citi is still lagging behind some of its competitors, "people are always looking to hang their hat on something, so they hang it on buybacks," Cramer said .
3. Mergers Takeovers are huge and becoming the norm , Cramer said, asking investors to consider some recent examples: T-Mobile's bid to buy Sprint , Marathon Petroleum's purchase of Andeavor, Broadcom's attempt to buy Qualcomm , or Qualcomm's deal for NXP Semiconductor .
"The real importance of these deals is that they tell you stocks might be cheaper than you think" because companies with extra cash are recognizing the growth potential in consolidating, Cramer said.
Conclusions Plenty of money managers tend to be wary of rallies because they think stocks go up on "hope," not reality, Cramer said. But while he understood that narrative, he didn't want investors to think that every uptick in the stock market is totally fraudulent, he said.
"I think that'd be a mistake," he said. "Given the stock market's tremendous long-term track record, you know what? I think our bias should really go the other way. Rather than being suspicious of every gain and trusting of every decline, maybe we should be ... more dismissive of declines and maybe give the gains a little more benefit of the doubt."
Disclosure: Cramer's charitable trust owns shares of Apple and Citigroup.
WATCH: Jim Cramer outlines reasons why this market rally should be taken seriously.
show chapters Cramer: 3 reasons why this market rally should be taken seriously 18 Hours Ago | 13:03 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/cramer-3-reasons-why-this-market-rally-should-be-taken-seriously.html |
A daily digest of The Wall Street Journal’s coverage of energy companies, commodity markets and the forces that shape them. Send us tips, suggestions and complaints: [email protected] EXXON PLEDGES TO CUT METHANE EMISSIONS 15% BY 2020 Exxon Mobil Corp. went from being dogged by accusations that it didn’t properly inform investors about the operational risks of WSJ Wealth Adviser Briefing: Optimistic Americans, Rising Bank Profits, Apple's Secret Search Next Stocks to Watch: Apple, GM, GE, 21st Century Fox, Qualcomm, Best Buy, L Brands, Williams-Sonoma | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/24/energy-journal-unlikely-supporter-exxon-pledges-to-fight-climate-change/ |
May 24 (Reuters) - Shareholders of Westfield Corp, an Australian shopping mall giant, voted in favour of a $16 billion takeover offer from Unibail-Rodamco, Westfield Chairman Frank Lowy said on Thursday, closing the biggest takeover offer of an Australian company on record.
This was the final lap for the takeover, having already received the green signal from Unibail’s shareholders, boards of both companies, and Australia’s Foreign Investment Review Board.
Unibail, Europe’s biggest property firm, and Westfield announced the deal in December, looking to create a global leader in a sector that is grappling with the online shopping challenges led by Amazon.
Shares of Westfield had jumped nearly 15 percent on December 13 after the deal was announced.
Westfield shares were down 0.3 percent on Thursday, in line with the broader market’s decline of 0.2 percent. (Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/westfield-ma-unibail-rodamco/westfield-shareholders-approve-unibail-rodamco-16-bln-takeover-offer-idUSL3N1SU6FJ |
3 Hours Ago | 01:52
Years ago, as a guest on NBC's "The Tonight Show," two-time Masters champion golfer Bubba Watson revealed that KITT from "Knight Rider" was his childhood dream car. Maybe that dream is what inspired his recent attempts to revolutionize the golf cart.
On this week's episode of CNBC's " Jay Leno's Garage ," Watson takes a ride with Leno in the famous Firebird and reveals that he has partnered with Oakley to conceive technologies that are, if not quite as advanced as KITT, still fit for science fiction. CNBC | Jay Leno's Garage KITT from "Knight Rider"
"Every year we try to come up with a better way to make a [motorized] vehicle," he says. The latest attempt is the BW-Air, also dubbed "Bubba's Jetpack," made in collaboration with Martin Aircraft. It can fly, reaching heights of 3,000 feet and speeds of just under 50 mph.
The idea is that, between holes, golfers can simply throw their clubs in the back, strap in and take off.
"The biggest advantage I see is the bird's eye view," Watson said in a promotional video when the product was announced in 2016. "It's going to give you perspective that you've been missing."
A few years before the jetpack, Watson and Oakley produced "Bubba's Hover," a golf cart hovercraft, equipped to ride over grass, water and sand without damaging the course. "It's quite scary when you're trying to go through a bunker or over water," Watson tells Leno.
It occurs to Leno that both technologies could really speed up the game. "You could do 18 holes in about 20 minutes," he jokes. CNBC | Jay Leno's Garage The BW1, "Bubba's Hover"
Though Watson made no mention of when his jetpack might hit the market, the Boston Globe estimated that the technology would cost $200,000 once it did, while Science Explorer reported that the price tag could be closer to $250,000.
"Not sure what Bubba will come up with next," says Leno in an aside to viewers. "But I have a feeling you might see a KITT golf cart on the horizon somewhere — with the ... flame throwers and, of course, you got to have turbo boost."
CNBC's " Jay Leno's Garage " airs Thursdays at 10 p.m. ET. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/bubba-watson-shows-off-his-250000-bw-air-golf-cart-jetpack.html |
LOS ANGELES, May 16 (Reuters) - As Hollywood studios unleash their summer blockbusters into theaters, Netflix Inc is trying to give film buffs a reason to stay home.
The streaming service is on track to release at least 86 Netflix original films in 2018, the company told Reuters. That exceeds the scheduled output of the top four traditional studios combined, as well as Netflix's previous record of 61 films last year.
The aggressive strategy is aimed in part at addressing complaints that the service's movie library is stale, an issue likely to be exacerbated by Walt Disney Co's decision to stop supplying Netflix with new films for its U.S. customers in 2019. Buying movies from other studios also has become more expensive as streaming competition has intensified.
Having more of its own films is paying off, Netflix said. The company told Reuters that the 33 Netflix films released so far this year have been watched more than 300 million times by more than 80 million account holders worldwide. That's an average audience of more than 9 million viewers per film.
Executives said the large number of movies is a response to the wide range of tastes they are trying to satisfy, and that data they collect on subscriber viewing habits provides insight that helps them choose movies.
Fifty-five percent of Netflix's 125 million customers live outside the United States, and the company is counting on foreign markets to drive future growth.
"It's art and science," said Ian Bricke, who oversees Netflix's independent film licensing and production. "Our global audience is more and more diverse. We are constantly learning and trying to get smarter."
SPENDING SPREE
The company would not say how much it is spending on its film push, but it has budgeted $8 billion for programming in 2018, a figure that includes original TV series and films as well as content licensed from others.
The heavy spending will lead to negative free cash flow of up to $4 billion this year, the company has said. Investors have so far endorsed the strategy as Netflix subscriber rolls keep booming, sending shares soaring 70 percent this year to $326.13.
The Netflix film slate features everything from low-budget family fare to higher-brow independent dramas such as last year's "Mudbound," which earned four Oscar nominations, and an expensive mobster tale due out next year starring Robert De Niro and Al Pacino.
About one-third of Netflix viewership is for movies, company executives have said, while the rest is for television offerings, including the company's highly acclaimed original series such as "House of Cards" and "Stranger Things."
The critical reception for Netflix original films has been mixed, and some prominent directors balk at the idea of making movies that will be seen mainly on the small screen.
"My entire life has been spent trying to give audiences something in a large, large forum," Steven Spielberg told Reuters. "I love the whole feeling of social interaction outside. You leave your house, you park your car, you go somewhere. Those are the kinds of audiences I like to talk to."
Unlike traditional studios, which have increasingly focused resources on expensive action spectacles and sequels, Netflix is producing and acquiring movies across genres, from teen dramas and romantic comedies to horror flicks and sci-fi adventures.
At least 17 of this year's Netflix films will be in languages other than English, including French, Arabic, Hungarian, Japanese and Russian. Eight or more will be in Spanish.
The company has promised more big-budget films like 2017's Will Smith action flick "Bright," with former Universal Pictures executive Scott Stuber leading that effort.
THE BIG-SCREEN OPTION
Some Netflix films also go to a limited number of theaters. In 2017, Netflix released 33 movies in theaters in 40 cities around the world, Chief Content Officer Ted Sarandos told Reuters, and some played for as long as seven weeks. "Bright" opened in 12 locations while action adventure film "Okja," from South Korean director Bong Joon-ho, was shown in about 50.
Theater screenings help allay concerns of some filmmakers and actors. But the company insists its movies be available to streaming subscribers the same day they debut in theaters, prompting most large theater chains to reject Netflix films.
Some in Hollywood worry their films will get lost in the sheer volume of new Netflix movies.
"I don't yet have clarity on how they are going to make a splash with 80-plus films," said one agent who asked to remain anonymous because of ongoing business with Netflix. "It has led me, in setting up films at Netflix, to question whether that's the right move."
Netflix argues that its trove of viewership data allows it to market films directly to customers most likely to appreciate them, and to pull together a large audience from around the world.
Some big stars and directors have embraced the Netflix model. The company's most ambitious movie gamble to date is "The Irishman," the coming De Niro and Pacino film directed by Martin Scorsese. The movie cost at least $125 million to make, a price tag that others rejected.
De Niro said he was thrilled that Netflix opened its checkbook for the movie, which includes costly special effects to make the actors appear as younger versions of themselves in parts of the film.
"They could afford it and do it properly," De Niro told Reuters. "The main thing is to make the movie the way it should be made."
(Reporting by Lisa Richwine in Los Angeles; Additional reporting by Alicia Powell in New York; Editing by Greg Mitchell and Sue Horton) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/reuters-america-focus-netflixs-next-act-feeding-the-service-with-its-own-movies.html |
May 15, 2018 / 10:12 AM / Updated 30 minutes ago Comcast's all-cash bid could pit Murdoch against Fox shareholders Greg Roumeliotis , Jessica Toonkel 6 Min Read
(Reuters) - Twenty-First Century Fox Inc ( FOXA.O ) Executive Chairman Rupert Murdoch is used to getting his way at the company he built into a media empire. But a challenge to a $52 billion deal he put together six months ago could test his sway with shareholders. FILE PHOTO: The NBC and Comcast logos are displayed on 30 Rockefeller Plaza in midtown Manhattan in New York, U.S., February 27, 2018. REUTERS/Lucas Jackson/File Photo
Several Fox investors told Reuters they would be open to terminating the company’s agreement, inked in December, to sell most of its media assets to Walt Disney Co ( DIS.N ) if Comcast Corp ( CMCSA.O ) follows through on its plan, revealed by Reuters last week, to launch a rival all-cash bid for as much as $60 billion.
Murdoch, Fox’s largest shareholder, will be tough to win over, however. His family trust holds a 17 percent stake in the U.S. TV and movie giant and would face a multi-billion dollar capital gains tax bill if he accepted an all-cash offer from Comcast, tax experts told Reuters.
“If the deal was done exactly the same way, but for cash rather than stock, the tax liability would be mammoth,” said Robert Willens, president of tax and consulting firm Robert Willens LLC. “Gains would be taxed at capital gain rates which, for a New York resident, amounts to about 30 percent.”
The exact tax hit for 87-year-old Murdoch cannot be ascertained because details of his trust are not public. A Fox spokesman declined to comment on behalf of Murdoch on his tax affairs and how they would influence deal considerations.
However, sources close to the deal between Disney and Fox said the financial impact on Murdoch would be big enough for him to prefer an all-stock transaction, which would be non-taxable for all Fox shareholders.
That potentially puts Murdoch, who remains the most powerful voice inside the company, at odds with some Fox shareholders who would be open to abandoning the Disney deal if Comcast’s cash offer was high enough.
“I always prefer cash deals,” said Salvatore Muoio, whose New York-based investment firm S. Muoio & Co owns 26,000 shares of Fox, according to Thomson Reuters data. “The value of a cash deal is certain.” Slideshow (2 Images)
Other Fox investors said their decision would be based on the price that Comcast offered. “I would have to look at the tax dynamic and what it would mean for my taxable clients,” said Mario Gabelli, chairman and CEO of Gamco Investors, whose firm owns 9.6 million shares of Fox.
Fox’s large institutional investors, such as index fund managers BlackRock Inc ( BLK.N ) and Vanguard, do not factor in taxes when choosing between cash and stock deals, because they are not taxed on any income they distribute to shareholders, even though this might affect some of their individual investors.
Fox, Comcast, Disney, BlackRock and Vanguard all declined to comment. MURDOCH V SHAREHOLDERS
Murdoch’s family trust controls 39 percent of Fox due to shares it holds with special voting rights.
However, under the company’s bylaws, those special rights do not apply to a vote on the Disney deal, when the Murdoch trust will only have 17 percent of the vote. That makes it easier for other shareholders to defeat him in the vote, which is expected as early as next month.
Comcast made an all-stock offer for Fox’s assets late last year, before Disney clinched a deal, and is now considering an all-cash offer after the value of its shares declined by 20 percent in the last six months, sources told Reuters last week. Comcast also believes it has capacity to borrow more money, according to sources familiar with the U.S. cable operator’s thinking.
To be sure, Comcast has hurdles to overcome beyond Murdoch’s taxes. Its all-stock bid last November for $34.41 per share was rejected by the board due to antitrust concerns, even though it was higher than Disney’s $29.54 per share offer.
Sources said last week Comcast will make a new offer only if a U.S. judge allows AT&T Inc ( T.N ) to proceed with its planned $85 billion acquisition of Time Warner Inc ( TWX.N ), which has been challenged by the U.S. Department of Justice on antitrust grounds.
Should Comcast’s all-cash bid materialise, some shareholders could argue the Murdoch family should recuse itself from the deal deliberations due to the tax issue, corporate governance experts told Reuters.
“If there was a marked difference on the tax effect on Murdoch compared to other Fox shareholders, that could give rise to a conflict that would make it desirable to use an independent special board committee,” said John Coffee, a law professor and director of Columbia Law School’s Center on Corporate Governance. “Without information on his estate, I can’t tell you if this marked difference exists.”
Rupert Murdoch and his sons James and Lachlan - who are chief executive and executive chairman of Fox, respectively - participated in the negotiations and board deliberations that resulted in the deal with Disney, according to a regulatory filing with the U.S. Securities and Exchange Commission.
Although they wield outsized influence on Fox’s 12-member board because of the voting power of the Murdoch trust, Fox still technically has a majority of independent directors on its board.
The only way Comcast could woo Murdoch is by offering a much higher pre-tax price for the deal compared to Disney, Willens said.
“It is not advisable for a man of Murdoch’s age to engage in a taxable sale of his property,” Willens said. “If he passed away while still owning the property, his heirs would achieve a basis step-up for the property, thus eliminating, forever, any capital gains tax on the appreciation in the assets that accrued during the scions’ lifetime.” Reporting by Greg Roumeliotis and Jessica Toonkel in New York; Additional reporting by Liana B. Baker in New York, Lisa Richwine in Los Angeles and Ross Kerber in Boston; Editing by Bill Rigby | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-fox-m-a-comcast-murdoch/comcasts-all-cash-bid-could-pit-murdoch-against-fox-shareholders-idUKKCN1IG1CS |
BEIJING, May 4 (Reuters) - Oil prices edged up on Friday, extending the previous session’s modest gains as looming geopolitical risks from possible new U.S. sanctions against Iran supported the market.
U.S. West Texas Intermediate (WTI) crude futures added 3 cents to $68.46 per barrel by 0040 GMT.
Brent crude oil futures were at $73.67 per barrel, up 5 cents, or 0.1 percent, from their last close.
Iran’s foreign minister said on Thursday U.S. demands to change its 2015 nuclear agreement with world powers were unacceptable, as a deadline set by President Donald Trump for Europeans to “fix” the deal loomed.
“Current prices reflect a premium for Iran uncertainties. Investors are worried about supplies after Iran took a tough stance in its response to the United States,” Wang Xiao, Head of Crude Research with Guotai Junan Futures said, adding that prices may fall if expectations of new sanctions ease.
European powers still want to hand Trump a plan to save the Iran nuclear deal next week, but they have also started work on protecting EU-Iranian business ties if the U.S. president makes good on a threat to withdraw, six sources told Reuters.
Markets will remain skittish as the May 12 deadline to rectify the deal approaches, ANZ Research said in note.
Iran resumed its role as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear program.
Aside from security concerns, growing U.S. crude supplies are capping price gains.
West Texas Intermediate crude for delivery in Midland slid for a fouth day on Thursday to hit their lowest in more than three-and-a-half years. WTI at Midland WTC-WTM traded as much as $14 a barrel below benchmark futures.
Surging production in the Permian basin has continued to outpace pipeline capacity, while local refining issues have exacerbated oversupply in the region, dealers told Reuters.
Multi-year low spot market prices followed U.S. government data that showed a 6.2-million-barrel jump in crude inventories last week.
The United States now produces more crude oil than top exporter Saudi Arabia.
Reporting by Meng Meng and Henning Gloystein; editing by Richard Pullin
Our | ashraq/financial-news-articles | https://www.reuters.com/article/global-oil/oil-prices-inch-up-on-iran-sanction-worries-idUSL3N1SB03O |
May 23, 2018 / 4:55 PM / Updated 34 minutes ago English Domestic One-Day Competition of between Surrey and Gloucestershire on Wednesday at London, England Surrey win by 6 wickets Gloucestershire 1st innings Chris Dent c Scott Borthwick b Jade Dernbach 14 George Hankins c Jason Roy b Sam Curran 3 Benny Howell c Rikki Clarke b Scott Borthwick 60 Gareth Roderick b Rikki Clarke 27 Ian Cockbain c Ollie Pope b Scott Borthwick 16 Jack Taylor c Scott Borthwick b Sam Curran 54 Ryan Higgins Not Out 81 Tom Smith Not Out 18 Extras 0b 2lb 2nb 0pen 5w 9 Total (50.0 overs) 282-6 4 Hankins, 2-37 Dent, 3-95 Roderick, 4-114 Howell, 5-131 Cockbain, 6-241 Taylor Did Not Bat : Miles, Taylor, Liddle Jade Dernbach 9 0 57 1 6.33 2w 1nb Sam Curran 9 0 60 2 6.67 2w Rikki Clarke 9 0 44 1 4.89 Gareth Batty 10 0 48 0 4.80 1w Will Jacks 5 0 20 0 4.00 Scott Borthwick 8 0 51 2 6.38 Surrey 1st innings Jason Roy c Matt Taylor b Craig Miles 0 Will Jacks c George Hankins b Chris Liddle 121 Dean Elgar b Benny Howell 50 Rory Burns c Chris Liddle b Ryan Higgins 37 Ben Foakes Not Out 50 Ollie Pope Not Out 17 Extras 0b 4lb 2nb 0pen 5w 11 Total (45.4 overs) 286-4 0 Roy, 2-158 Elgar, 3-185 Jacks, 4-242 Burns Did Not Bat : Curran, Borthwick, Clarke, Batty, Dernbach Craig Miles 8 1 58 1 7.25 1w Matt Taylor 5.4 0 38 0 6.71 Ryan Higgins 7 0 38 1 5.43 1w 1nb Chris Liddle 6 0 51 1 8.50 1w Tom Smith 9 0 65 0 7.22 Benny Howell 10 0 32 1 3.20 2w Umpire Michael Gough Umpire Russell Warren Home Scorer Philip Makepeace Away Scorer Adrian Bull | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5N6XO1WB |
CHINA'S SHANGHAI CRUDE FUTURES RISE TO RECORD DOLLAR-LEVEL OF OVER $72.50/BBL AS GLOBAL MARKETS ON EDGE OVER VENEZUELA, IRAN WORRIES | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/reuters-america-chinas-shanghai-crude-futures-rise-to-record-dollar-level-of-over-72-point-50bbl-as-global-markets-on-edge-over-venezuela.html |
Multiple ZGN-1061 abstracts accepted for presentation at upcoming American Diabetes Association (ADA) Scientific Sessions
ZGN-1061 Phase 1 SAD / MAD data published in Diabetes, Obesity and Metabolism
BOSTON, May 08, 2018 (GLOBE NEWSWIRE) -- Zafgen, Inc. (Nasdaq:ZFGN), a clinical-stage biopharmaceutical company leveraging its proprietary knowledge of MetAP2 systems biology to develop novel therapies for patients affected by a range of metabolic diseases, today reported its first quarter 2018 financial results.
“Zafgen is building significant momentum across our pipeline in 2018, following intense foundational scientific work in 2017. The positive interim clinical data from our ongoing Phase 2 proof-of-concept trial with ZGN-1061, as well as the initiation of IND enabling studies with ZGN-1258, demonstrate important progress across our two most advanced programs,” said Jeffrey Hatfield, Chief Executive Officer. “Our team has also produced multiple journal publications and scientific conference presentations outlining our scientific progress recently, with the opportunity to present more at the upcoming ADA Scientific Sessions. Additionally, we look forward to announcing full topline data from our Phase 2 ZGN-1061 proof-of-concept trial mid-year 2018 and initiating a Phase 1 clinical trial for ZGN-1258 by year end.”
Recent Corporate and Clinical Highlights
ZGN-1061
In the first quarter of 2018, Zafgen announced positive interim data from the ongoing Phase 2 proof-of-concept trial of ZGN-1061 in type 2 diabetes, including clinically and statistically significant efficacy and a favorable safety profile compared to placebo. Topline data from this ongoing clinical trial is expected mid-year 2018.
Based on the positive efficacy, safety and tolerability data from this interim analysis, Zafgen has opted to explore the higher end of ZGN-1061’s target engagement range by adding a 1.8 mg dose cohort to the clinical trial. Results from this additional cohort are expected to be announced in early 2019.
Zafgen reports today that the American Diabetes Association has accepted three ZGN-1061 abstracts for presentation at the 78 th Annual Scientific Sessions which begin June 22, 2018. These include:
• ZGN-1061 Phase 2 proof-of-concept trial update
• ZGN-1061 and GLP-1 effects, alone and in combination, on A1C and weight in diet-induced obesity (DIO) rats, a standard model for diabetes and obesity
• ZGN-1061 effects on metabolic parameters, hepatic pathology and non-alcoholic fatty liver disease activity score (NAS) in DIO-NASH mice
ZGN-1061 data were recently highlighted in two significant publications in peer reviewed journals:
• ZGN-1061 SAD / MAD data were published in Diabetes, Obesity and Metabolism
• ZGN-1061 mechanism of safety differentiation published in the Journal of Pharmacology and Experimental Therapeutics
ZGN-1258
In the first quarter of 2018, Zafgen advanced ZGN-1258 into IND enabling studies, focusing on Prader-Willi syndrome (PWS) as an initial indication. The Company unveiled plans to return to the rare metabolic disease space and initially focus on PWS in January 2018. A Phase 1 clinical trial for ZGN-1258 is expected to begin in the fourth quarter of 2018. Zafgen also plans to launch a global PWS natural history study mid-year 2018 to provide important context for the ZGN-1258 clinical program.
Pipeline
Zafgen continues to leverage its novel, proprietary MetAP2 biology platform to identify an orally dosed development candidate for liver specific metabolic conditions such as NASH by year end 2018. Zafgen presented early data from this program recently, at the annual NASH Summit conference in April.
First Quarter 2018 Financial Results
“Zafgen is well positioned to support multiple potential value creating milestones in 2018 as we continue to progress ZGN-1061 towards a Phase 2 topline data readout mid-year and continues to advance ZGN-1258 towards the clinic later this year,” said Patricia Allen, Chief Financial Officer. “With a cash, cash equivalents and marketable securities balance of $89 million at March 31, 2018, we expect our cash runway to extend into the second half of 2019.”
Cash, Cash Equivalents and Marketable Securities
As of March 31, 2018, the Company had cash, cash equivalents and marketable securities totaling $89.1 million.
Net Loss
The Company reported a net loss for the first quarter of 2018 of $16.0 million, or $0.58 per share, compared to a net loss of $13.0 million, or $0.48 per share, for the first quarter of 2017.
The weighted average common shares (basic and diluted) outstanding used to compute net loss per share were 27,541,594 for the first quarter of 2018 compared to 27,350,673 for the same quarter of 2017.
Research and Development Expenses
Research and development expenses for the first quarter of 2018 were $12.4 million compared to $9.7 million for the first quarter of 2017. The increase in research and development expenses compared to the prior year period was primarily due to increased costs related to ZGN-1258 as the program advances through IND enabling studies and an increase in discovery and screening of new MetAP2 inhibitors. The increase was partially offset by an overall decrease in spend related to the ZGN-1061 program, which had decreased nonclinical and manufacturing costs, partially offset by increased clinical trial costs, as compared to the prior year period.
General and Administrative Expenses
General and administrative expenses for the first quarter of 2018 were $3.3 million, compared to $3.6 million for the first quarter of 2017. The decrease in general and administrative expenses as compared to the prior year period was primarily due to a decrease in non-cash stock-based compensation expense as well as a decrease in professional fees.
2018 Financial Guidance
The Company expects that its cash, cash equivalents and marketable securities balance will be greater than $40 million as of December 31, 2018.
Conference Call Information
Zafgen will host an investor conference call today, May 8, 2018 at 4:30 p.m., Eastern Time, to discuss the Company's first quarter 2018 results as well as other forward-looking information about Zafgen's business. Investors and other interested parties may participate by dialing (844) 824-7428 in the United States or (973) 500-2177 outside the United States and referencing conference ID number 6639039. The call will also be webcast live on the Company's website at https://zafgen.gcs-web.com/events-and-presentations . A replay of this conference call will be available beginning at 7:30 p.m. ET on May 8, 2018 through May 15, 2018 by dialing (855) 859-2056 in the United States or (404) 537-3406 outside the United States. To access the replay please provide Conference ID number 6639039.
About Zafgen
Zafgen (Nasdaq:ZFGN) is a clinical-stage biopharmaceutical company leveraging its proprietary knowledge of MetAP2 systems biology to develop novel therapies for patients affected by a range of complex metabolic diseases. Zafgen has pioneered the study of MetAP2 inhibitors in both common and rare metabolic disorders, and its current disease areas of focus are type 2 diabetes, Prader-Willi syndrome and liver diseases. The Company’s lead product candidate is ZGN-1061, a MetAP2 inhibitor in Phase 2 clinical development with unique properties that maximize impact on metabolic parameters relevant to the treatment of type 2 diabetes and other related metabolic disorders. In 2018, Zafgen plans to file an investigational new drug (IND) application with the U.S. FDA and initiate Phase 1 clinical trials for ZGN-1258, its new molecule for the treatment of Prader-Willi syndrome and potential other rare and serious forms of obesity. Learn more at www.zafgen.com .
Safe Harbor Statement
Various statements in this release concerning Zafgen's future expectations, plans and prospects, including without limitation, Zafgen's expectations regarding the use of ZGN-1258, ZGN-1061 and other second-generation MetAP2 inhibitors as treatments for metabolic diseases including Prader-Willi syndrome, type 2 diabetes and obesity and Zafgen's expectations with respect to the timing and success of its nonclinical studies and clinical trials of ZGN-1258, ZGN-1061 and its other product candidates, Zafgen’s expected cash, cash equivalents and marketable securities balance as of December 31, 2018, and Zafgen’s expectations regarding the length of its cash runway, may constitute forward-looking statements for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, Zafgen's ability to successfully demonstrate the efficacy and safety of ZGN-1258, ZGN-1061 and its other product candidates and to differentiate ZGN-1258, ZGN-1061 and its other product candidates from first generation MetAP2 inhibitors, such as beloranib, the nonclinical and clinical results for ZGN-1258, ZGN-1061 and its other product candidates, which may not support further development and marketing approval, actions of regulatory agencies, which may affect the initiation, timing and progress of nonclinical studies and clinical trials of its product candidates, Zafgen's ability to obtain, maintain and protect its intellectual property, Zafgen's ability to enforce its patents against infringers and defend its patent portfolio against challenges from third parties, competition from others developing products for similar uses, Zafgen’s ability to manage operating expenses, Zafgen's ability to obtain additional funding to support its business activities and establish and maintain strategic business alliances and new business initiatives when needed, Zafgen's dependence on third parties for development, manufacture, marketing, sales and distribution of product candidates, and unexpected expenditures, as well as those risks more fully discussed in the section entitled "Risk Factors" in Zafgen's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as well as discussions of potential risks, uncertainties, and other important factors in Zafgen's subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Zafgen's views only as of today and should not be relied upon as representing its views as of any subsequent date. Zafgen explicitly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Media/Investor Relations Contacts :
Zafgen, Inc.
Patricia Allen
Chief Financial Officer
617-648-9792
Media
Krystle Gibbs
Ten Bridge Communications
[email protected]
508-479-6358
Investors
John Woolford
Westwicke Partners
[email protected]
443-213-0506
ZAFGEN, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share data) (Unaudited) Three Months Ended March 31, 2018 2017 Revenue $ - $ - Operating expenses: Research and development 12,433 9,677 General and administrative 3,269 3,588 Total operating expenses 15,702 13,265 Loss from operations (15,702 ) (13,265 ) Other income (expense): Interest income 267 227 Interest expense (458 ) (73 ) Foreign currency transaction gains (losses), net (63 ) 100 Total other income (expense), net (254 ) 254 Net loss $ (15,956 ) $ (13,011 ) Net loss per share , basic and diluted $ (0.58 ) $ (0.48 ) Weighted average common shares outstanding, basic and diluted 27,541,594 27,350,673
ZAFGEN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) (Unaudited) March 31, December 31, 2018 2017 Assets Current assets: Cash and cash equivalents $ 45,731 $ 40,777 Marketable securities 43,339 61,275 Tax incentive receivable 932 946 Prepaid expenses and other current assets 1,420 1,927 Total current assets 91,422 104,925 Tax incentive receivable 581 - Property and equipment, net 479 528 Other assets 132 57 Total assets $ 92,614 $ 105,510 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,796 $ 3,020 Accrued expenses 3,661 4,273 Total current liabilities 7,457 7,293 Notes payable, long-term 20,160 20,000 Total liabilities 27,617 27,293 Stockholders' equity: Preferred stock; $0.001 par value per share; 5,000,000 shares authorized as of March 31, 2018 and December 31, 2017; no shares issued and outstanding as of March 31, 2018 and December 31, 2017 - - Common stock, $0.001 par value per share; 115,000,000 shares authorized as of March 31, 2018 and December 31, 2017; 27,558,883 and 27,489,457 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively 28 27 Additional paid-in capital 370,551 367,825 Accumulated deficit (305,533 ) (289,577 ) Accumulated other comprehensive loss (49 ) (58 ) Total stockholders' equity 64,997 78,217 Total liabilities and stockholders' equity $ 92,614 $ 105,510
Source:Zafgen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-zafgen-reports-first-quarter-2018-operating-and-financial-results.html |
JASPER, Ind., May 08, 2018 (GLOBE NEWSWIRE) -- Kimball International, Inc. (NASDAQ:KBAL) today announced that Bob Schneider has informed the Board of Directors of his plans to retire on October 31, 2018, after four years as CEO. At that time, Mr. Schneider intends to step down as Chairman of the Board but will remain a member of the Board of Directors to provide continuity during the transition, for a time period not to exceed the remainder of his current term which ends in 2020.
Bob Schneider
The Board has established a CEO search committee, composed of independent directors, which has retained a leading executive search firm to help identify and evaluate internal and external candidates to lead Kimball International into the future.
Pat Connolly, Lead Independent Director of the Board, commented, “On behalf of the entire Board, I would like to thank Bob for his over thirty years of service to the Company, and his outstanding leadership as CEO and Chairman for the last four years. Bob expertly guided Kimball International through the difficult work of becoming a single class public company, while leading us to a remarkable financial turnaround. Bob's decisive leadership, personal style, and unwavering focus led to results that exceeded both our and our shareholders' expectations.”
“The past four years have been a tremendous honor and pleasure to lead our Company in the journey to improved health and profitability, to the point where we are now ready for the next phase of growth,” stated Mr. Schneider. “I’ve always had an aspiration to retire early to allow ample time to pursue personal interests and travel. Upon becoming CEO and Chairman of the Board in 2014, I wanted to see Kimball International make the transition to a single class public company and to see the Company regain its health before considering retirement. With the support of the Board and the dedicated employees of our Company, we accomplished both within three years. Since the spin-off of the Electronics business, my focus has been on two main goals: establishing strong governance practices as a single class public company and improving the financial health of Kimball International. Our governance is excellent, and we’ve made great strides in strengthening our brands, building our team and fostering our continuous improvement culture, resulting in significant improvement in profitability and shareowner value over this period. In fiscal year 2017, we reached a higher level of return on capital than any of our public competitors. Achieving these goals prompted me last fall to begin thinking more definitively about retiring and talking with our Board about possible timing. I believe it is now time to pass the baton to the next leader of Kimball International, who will strategically lead the Company to even greater success,” noted Mr. Schneider.
“Additionally, I believe it is good governance for a CEO who is also the Chairman of the Board to step down as Chairman upon retirement, and I intend to do so in October. At that time, the Board will select a new Chairman. I believe it is also good governance to step down from the Board of Directors after a short transition period. We have a talented group of employees and an experienced and dedicated management team, which will enable a smooth transition. In addition, our Board of Directors is accomplished and engaged, and I am confident they will select a talented and visionary CEO focused on growing shareowner value and continuing our culture of strong ethics and enduring Guiding Principles,” concluded Mr. Schneider.
About Kimball International, Inc.
Kimball International, Inc. creates design driven, innovative furnishings sold through our family of brands: Kimball, National, and Kimball Hospitality. Our diverse portfolio offers solutions for the workplace, learning, healing, and hospitality environments. Dedicated to our Guiding Principles, our values and integrity are evidenced by public recognition as a highly trusted company and an employer of choice. “We Build Success” by establishing long-term relationships with customers, employees, suppliers, shareowners and the communities in which we operate. To learn more about Kimball International, Inc. (NASDAQ:KBAL), visit www.kimballinternational.com.
Contact:
Lonnie Nicholson
[email protected]
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/f64bc72a-f57b-4332-8e6d-e114e0e78bf9
Source:Kimball International, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-kimball-international-ceo-to-retire.html |
May 21, 2018 / 8:49 AM / Updated 5 hours ago Bereaved father weeps for lost baby at London's Grenfell fire inquiry Estelle Shirbon 5 Min Read
LONDON (Reuters) - Survivors of London’s deadly Grenfell Tower fire wept on Monday as they listened to a bereaved father pay tribute to his baby son and heard a recording of another victim making his last phone call from the burning building. FILE PHOTO: Workers stand inside the burnt out remains of the Grenfell tower in London, Britain, October 16, 2017. REUTERS/Hannah Mckay/File Photo
Those were among many heartbreaking moments on the first day of oral hearings at a public inquiry into the blaze, which killed 71 people in the social housing block on the night of June 14, 2017.
The fire led to a national outpouring of angst over whether poor quality social housing and neglect by the authorities of an ethnically diverse community had played a part in the tragedy.
The public inquiry, which will last many months, aims to establish the causes of the disaster, but first it has invited the bereaved to talk about their loved ones and show pictures or videos if they wish.
Marcio Gomes, an IT worker who fled from the 21st floor through thick, poisonous fumes with his heavily pregnant wife Andreia and their two daughters, went first with an emotional tribute to his son Logan, who was stillborn in hospital hours after the escape.
“I held my son in my arms, hoping it was all a bad dream, wishing, praying for a miracle, that he would open his eyes, move, make a sound,” Gomes said, crying, his wife by his side.
Andreia, a clothes shop supervisor, was in an induced coma being treated for cyanide poisoning from the fire at the moment of Logan’s birth. He had been due to be born on Aug. 21, 2017.
Family photographs flashed up on a screen, including an ultrasound scan image of Logan in his mother’s womb, and images of him just after his birth. Marcio and Andreia Gomes, parents of Logan Gomes, arrive for a commemoration hearing at the opening of the inquiry into the Grenfell Tower disaster, in London, Britain May 21, 2018. REUTERS/Henry Nicholls “WE ARE NOW LEAVING THIS WORLD”
The inquiry also heard a recording of Afghan immigrant Mohamed Saber Neda phoning a relative as the fire raged.
“Goodbye. We are now leaving this world, goodbye. I hope I haven’t disappointed you. Goodbye to all,” Neda was heard saying in a calm voice.
Neda’s brother, wife and son Farhad paid moving tributes to the 56-year-old who ran his own chauffeur business and supported Farhad through engineering studies and countless taekwondo tournaments. Farhad’s medals were lost in the fire.
The family of another victim, 56-year-old Denis Murphy, described him as a devoted family man and fanatical fan of Chelsea soccer club, drawing tearful smiles as they talked about his playful disagreements with his son, who supported Tottenham.
Murphy’s sister Anne-Marie said the only material thing left from Denis’s apartment inside Grenfell Tower was a handful of coins. “They are so poignant to us as he would give you his last pennies if you ever needed them,” she said. Slideshow (4 Images)
The inquiry also heard a tribute to fine art photographer Khadija Saye, who died in the fire aged 24 with her mother Mary Mendy, 52, an immigrant from Gambia in West Africa.
Saye had just broken through in the art world with an exhibition of self-portraits at the prestigious Venice Biennale, where three buyers had bid for her work. STILL IN EMERGENCY HOUSING
Other Grenfell relatives and friends, lawyers and journalists in the hearing room wept as they watched and listened to one harrowing moment after another.
The commemoration hearings are expected to last nine days. The hearings into the circumstances of the fire will start on June 4.
Separately, the police are conducting a criminal investigation which could result in charges against organisations or individuals involved in the construction, maintenance or refurbishment of the tower.
While the official death toll from the fire is 71, the inquiry will commemorate 72 people as it is including Maria del Pilar Burton, a resident of the tower who died in January, having never left hospital since she escaped from the fire.
Critics have accused the local authority in Kensington and Chelsea of being too slow to rehouse the survivors and help them rebuild their lives.
As of Monday, 139 out of the 210 Grenfell households in need of a new home had moved into temporary or permanent properties. The remainder were still in other forms of housing, including 15 households still in what is classed as emergency accommodation. Editing by Andrew Heavens and Richard Balmforth | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-fire-inquiry/inquiry-into-londons-grenfell-fire-to-hear-bereaved-speak-of-lost-loved-ones-idUKKCN1IM0SN |
Reports progress in immuno-oncology and neurology programs
SKOKIE, Ill--(BUSINESS WIRE)-- Exicure, Inc., the pioneer in gene regulatory and immunotherapeutic drugs utilizing three-dimensional, spherical nucleic acid (SNA™) constructs, today reported financial results for the first quarter ended March 31, 2018, and provided an update on corporate progress.
“Exicure continues to drive forward our SNA technology through ongoing clinical development. In the fourth quarter of 2017, we launched a Phase 1 clinical trial of AST-008, our TLR9 agonist developed for immuno-oncology applications. We expect to report results from this trial in the third quarter of 2018,” said Dr. David Giljohann, Chief Executive Officer of Exicure. “We are also expanding our efforts in neurology, where pre-clinical results have suggested our spherical nucleic acid platform has advantages over existing technology. We look forward to presenting animal data later this summer.”
Corporate Progress
Launched Phase 1 clinical trial of AST-008 , a TLR9 agonist for immuno-oncology applications. Received authorization from Medicines and Healthcare products Regulatory Agency (MHRA) in the United Kingdom to conduct a Phase 1 clinical trial of AST-008 in the United Kingdom and began dosing healthy subjects during the fourth quarter of 2017. Our current plan anticipates preparing and commencing a Phase 1b/2 clinical trial for AST-008 late this year. Began dosing patients in the Phase 1 clinical trial of XCUR17 in early April 2018. This trial is designed to test safety and efficacy of the drug. Twenty-five patients will be enrolled and dosed over a period of 26 days. We expect trial data during the third quarter of this year. Generated pre-clinical data utilizing an SNA designed to stimulate the production of SMN2 mRNA for application in spinal muscular atrophy (SMA) . These data suggest that the SNA design may potentially have superior pharmacodynamics properties compared to other nucleic acid therapeutic designs. We are currently collecting in vivo data in SMA mouse models. Informed by our sponsoring market maker that FINRA has cleared our Form 211 . This important step in our path toward trading on the OTCQB has been completed. We are now addressing final administrative items and expect to announce beginning of trading in the near future. Strengthened management team with the appointment of Matthias Schroff as Chief Operating Officer . Dr. Schroff brings to Exicure a proven track record in clinical development and deep experience in the immuno-oncology, RNAi and gene expression, and TLR9 biology.
Pipeline Updates
AST-008 : AST-008 is an SNA consisting of toll-like receptor 9, or TLR9 agonists designed for immuno-oncology applications. The Phase 1 clinical trial of AST-008 evaluates the safety, tolerability, pharmacokinetics, and pharmacodynamics of AST-008 by subcutaneous administration in healthy volunteers. Our current plan anticipates preparing and commencing a Phase 1b/2 clinical trial for AST-008 late this year. The Company ultimately plans to clinically advance AST-008 in combination with checkpoint inhibitors.
XCUR17 : XCUR17 is an antisense SNA that targets the mRNA encoding IL-17RA, a protein that is considered essential in the initiation and maintenance of psoriasis. Our Phase 1 trial of XCUR17 is a microplaque study in patients with mild to moderate psoriasis.
AST-005 : AST-005 is an SNA containing TNF antisense oligonucleotides and is intended to be applied in a gel to psoriatic lesions. AST-005 is the subject of our collaboration with Purdue Pharma L.P. Purdue Pharma has notified Exicure it has declined to exercise its option to develop AST-005 at this time, but that it also intends to retain rights relating to the TNF target, and Purdue reserves its right to continue joint development, with Exicure, of new anti-TNF drug candidates and to retain its exclusivity and other rights to AST-005.
First Quarter 2018 Financial Results and Financial Guidance
Cash Position : As of March 31, 2018, Exicure had cash and cash equivalents of $21.1 million compared to $25.8 million as of December 31, 2017.
Research and Development (R&D) Expenses : Research and development expenses were $3.3 million for the quarter ended March 31, 2018, compared to $3.5 million for the quarter ended March 31, 2017. The decrease in research and development expense of $0.2 million was primarily due to a net decrease in costs related to our clinical development programs of $0.6 million, partially offset by higher employee-related expenses of $0.2 million and higher platform and discovery-related expense of $0.2 million.
General and Administrative (G&A) Expenses : General and administrative expenses were $2.0 million for the quarter ended March 31, 2018, compared to $1.4 million for the quarter ended March 31, 2017. The increase in general and administrative expenses of $0.6 million was primarily due to higher legal costs associated with preparation and filing of form S-1 to register the shares of common stock sold last year in connection with our merger and private placement. Also contributing to the increase versus the prior quarter were expenses associated with being a public company and salary increases and new hires.
Net Loss : Net loss was $5.5 million for the quarter ended March 31, 2018, compared to net loss of $2.7 million for the quarter ended March 31, 2017. The $2.9 million increase in net loss is due principally to a $2.4 million decrease in non-cash collaboration revenue in addition to the net increase in operating expenses of $0.4 million discussed above. The quarter ended March 31, 2017 included $2.4 million of collaboration revenue which represented the amortization of deferred revenue associated with the upfront cash payment of $10.0 million received in December of 2016 connected with the Purdue collaboration. On January 1, 2018, we adopted ASC 606 and recorded any remaining unamortized deferred revenue under the Purdue collaboration to the beginning balance of accumulated deficit at January 1, 2018.
Cash Runway Guidance : Exicure believes that, based on its current operating plans and estimates of expenses, as of the date of this press release, its existing cash and cash equivalents as of March 31, 2018, will be sufficient to meet its anticipated cash requirements through March 31, 2019.
About Exicure, Inc.
Exicure, Inc. is a clinical stage biotechnology company developing a new class of immunomodulatory and gene regulating drugs against validated targets. Exicure's proprietary 3-dimensional, spherical nucleic acid (SNA™) architecture unlocks the potential of therapeutic oligonucleotides in a wide range of cells and tissues. Exicure's lead programs address inflammatory diseases, genetic disorders and oncology. Exicure is based outside of Chicago, IL. www.exicuretx.com
Forward Looking Statements
This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company, cash requirements and runway, the Company’s technology, potential therapies, clinical and regulatory objectives and other matters. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: unexpected costs, charges or expenses that reduce cash runway; that Exicure’s pre-clinical programs do not advance into the clinic or result in approved products on a timely or cost effective basis or at all; regulatory developments; and the ability of Exicure to protect its intellectual property rights. Exicure’s pipeline programs are in various stages of pre-clinical and clinical development, and the process by which such pre-clinical or clinical therapeutic candidates could potentially lead to an approved therapeutic is long and subject to significant risks and uncertainties. Risks facing the Company and its programs are set forth in the Company’s filings with the SEC. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
EXICURE, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
March 31,
2018
December 31,
2017 ASSETS Current assets: Cash and cash equivalents $ 21,124 $ 25,764 Unbilled revenue receivable 5 13 Receivable from related party 21 17 Prepaid expenses and other assets 1,897 1,844 Total current assets 23,047 27,638 Property and equipment, net 1,275 1,317 Other noncurrent assets 32 32 Total assets $ 24,354 $ 28,987 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt $ 776 $ — Accounts payable 974 1,049 Accrued expenses and other current liabilities 1,265 1,273 Current portion of deferred revenue — 1,034 Total current liabilities 3,015 3,356 Long-term debt, net 4,103 4,855 Common stock warrant liability 651 523 Other noncurrent liabilities 277 278 Total liabilities $ 8,046 $ 9,012 Stockholders’ equity: Common stock, $0.0001 par value per share; 200,000,000 shares authorized, 39,454,821 issued and outstanding, March 31, 2018; 39,300,823 shares issued and outstanding, December 31, 2017 4 4 Additional paid-in capital 54,394 53,586 Accumulated deficit (38,090 ) (33,615 ) Total stockholders' equity 16,308 19,975 Total liabilities and stockholders’ equity $ 24,354 $ 28,987 EXICURE, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
Three Months Ended,
March 31,
2018 2017 Revenue: Collaboration revenue $ 36 $ 2,432 Total revenue 36 2,432 Operating expenses: Research and development expense 3,275 3,488 General and administrative expense 2,045 1,426 Total operating expenses 5,320 4,914 Operating loss (5,284 ) (2,482 ) Other income (expense), net: Interest expense (161 ) (204 ) Other income (loss), net (64 ) 34 Total other income (loss), net (225 ) (170 ) Net loss $ (5,509 ) $ (2,652 ) Basic and diluted loss per common share $ (0.14 ) $ (15.62 ) Basic and diluted weighted-average common shares outstanding 39,357,289 169,794
//www.businesswire.com/news/home/20180515006650/en/
MacDougall Biomedical Communications
Karen Sharma, 781-235-3060
[email protected]
or
The Del Mar Consulting Group, Inc.
Robert B. Prag, 858-794-9500
President
[email protected]
Source: Exicure, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-exicure-inc-reports-first-quarter-2018-financial-results-and-reviews-corporate-progress.html |
PLYMOUTH MEETING, Pa., Inovio Pharmaceuticals, Inc. (NASDAQ:INO) today announced that it has bolstered its efforts to attract partnerships and collaborations and increase non-dilutive funding with the hiring of an accomplished business development leader and the promotion of a key R&D leader.
Mr. Shawn D. Bridy joins Inovio as Vice President of Business Development reporting to Dr. J. Joseph Kim, President & CEO. Mr. Bridy has more than 20 years of business development & licensing, commercial strategy, and transaction experience in the life sciences industry. He previously held strategic business development roles at large pharma companies and smaller biotechs including GSK, Elan, BTG plc and Immunome. Most recently he was Managing Director of Bridy Advisors, a top-tier strategic and operational advisory company. Mr. Bridy has an MA in Biology and an MBA in Finance from Villanova University.
Inovio has also promoted Dr. Kate E. Broderick, Ph.D., to Vice President, Preclinical Research & Development reporting to Dr. Laurent Humeau, Senior Vice President, R&D. In her new position, Dr. Broderick will continue to spearhead Inovio’s efforts to secure non-dilutive strategic R&D funding opportunities to support the research and clinical testing of Inovio’s candidate vaccines. Dr. Broderick has previously led Inovio’s efforts to receive numerous grants from the U.S. National Institutes of Health and Department of Defense as well from other government and non-governmental organizations. She recently led Inovio’s efforts to secure a $56 million funding from the Coalition for Epidemic Preparedness Innovations (CEPI) to evaluate DNA vaccine candidates for Lassa fever and MERS through Phase 2 clinical testing. She will also be responsible for the oversight of a diverse preclinical R&D team encompassing discovery and development research, as well as operations, research DNA manufacturing and next-generation device development. She earned her Ph.D. at the University of Glasgow, Scotland.
Dr. Broderick recently participated in World Health Organization (WHO) advisory panel in Geneva on “Product Development & Programmatic Considerations for Nucleic Acid-based Vaccines,” where she highlighted Inovio’s emerging infectious disease vaccine portfolio, which includes the company’s vaccine for Ebola.
Dr. J. Joseph Kim, Inovio’s President & CEO, said, “While we have a strong record of performance in attracting commercial partners such as MedImmune/AstraZeneca, Genentech/Roche and Regeneron and have secured significant non-dilutive funding in the past several years, hiring and promoting these two business and scientific leaders will accelerate and expand those efforts going forward. Kate and Shawn will play important roles in the growth of Inovio as we partner assets and secure funding to support the advancement of Inovio’s immunotherapies and vaccines.”
About Inovio Pharmaceuticals, Inc.
Inovio is a late-stage biotechnology company focused on the discovery, development, and commercialization of DNA immunotherapies that transform the treatment of cancer and infectious diseases. Inovio’s proprietary platform technology, ASPIRE, applies next-generation antigen sequencing and DNA delivery to activate potent immune responses to targeted diseases. The technology functions exclusively in vivo, and has been demonstrated to consistently activate robust and fully functional T cell and antibody responses against targeted cancers and pathogens. Inovio is the only immunotherapy company that has reported generating T cells whose killing capacity correlates with relevant clinical outcomes. Inovio’s most advanced clinical program, VGX-3100, is in Phase 3 for the treatment of HPV-related cervical precancer. Also in development are Phase 2 immuno-oncology programs targeting head and neck cancer, bladder cancer, and glioblastoma, as well as platform development programs in hepatitis B, Zika, Ebola, MERS, and HIV. Partners and collaborators include MedImmune, Regeneron, Roche/Genentech, ApolloBio Corporation, The Wistar Institute, University of Pennsylvania, the Parker Institute for Cancer Immunotherapy, CEPI, DARPA, GeneOne Life Science, Plumbline Life Sciences, Drexel University, NIH, HIV Vaccines Trial Network, National Cancer Institute, U.S. Military HIV Research Program, and Laval University. For more information, visit www.inovio.com .
This press release contains certain relating to our business, including our plans to develop electroporation-based drug and gene delivery technologies and DNA vaccines, our expectations regarding our research and development programs, including the planned initiation and conduct of clinical trials and the availability and timing of data from those trials, and our plans and expectations regarding partnerships. Actual events or results may differ from the expectations set forth herein as a result of a number of factors, including uncertainties inherent in pre-clinical studies, clinical trials and product development programs, the availability of funding to support continuing research and studies in an effort to prove safety and efficacy of electroporation technology as a delivery mechanism or develop viable DNA vaccines, our ability to support our pipeline of SynCon® active immunotherapy and vaccine products, the ability of our collaborators to attain development and commercial milestones for products we license and product sales that will enable us to receive future payments and royalties, the adequacy of our capital resources, the availability or potential availability of alternative therapies or treatments for the conditions targeted by us or our collaborators, including alternatives that may be more efficacious or cost effective than any therapy or treatment that we and our collaborators hope to develop, issues involving product liability, issues involving patents and whether they or licenses to them will provide us with meaningful protection from others using the covered technologies, whether such proprietary rights are enforceable or defensible or infringe or allegedly infringe on rights of others or can withstand claims of invalidity and whether we can finance or devote other significant resources that may be necessary to prosecute, protect or defend them, the level of corporate expenditures, assessments of our technology by potential corporate or other partners or collaborators, capital market conditions, the impact of government healthcare proposals and other factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2017, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and other regulatory filings we make from time to time. There can be no assurance that any product candidate in our pipeline will be successfully developed, manufactured or commercialized, that final results of clinical trials will be supportive of regulatory approvals required to market licensed products, or that any of the forward-looking information provided herein will be proven accurate. Forward-looking statements speak only as of the date of this release, and we undertake no obligation to update or revise these statements, except as may be required by law.
CONTACTS:
Investors: Ben Matone, Inovio, 484-362-0076, [email protected]
Media: Jeff Richardson, Inovio, 267-440-4211, [email protected]
Source:Inovio Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-inovio-boosts-leadership-focused-on-partnership-and-grant-funding-by-appointing-two-new-vps-for-business-development-and-rd.html |
Home / NEWS / Olympics: Tokyo Games golf venue admits first female members after criticism Olympics: Tokyo Games golf venue admits first female members after criticism 46 mins ago NEWS , tokyo
TOKYO, Japan (Reuters) – The club scheduled to stage the golf tournament during the 2020 Tokyo Games has granted three women full memberships after being warned that it could be stripped as an Olympic host if it does not change its discriminatory policy. People play golf at Kasumigaseki Country Club in Kawagoe, Saitama Prefecture, Japan, January 25, 2017. REUTERS/Oh Hyun
The exclusive Kasumigaseki Country Club scrapped its male-only membership in March 2017 after the International Olympic Committee (IOC) stated it would find another venue if the policy remained in place.
The club said on Friday that it had granted three women equal membership rights as their male counterparts for the first time in four decades.
“This May is the first time we have accepted full membership after changing our rules,” club general manager Hiroshi Imaizumi said.
Until the rule change, Kasumigaseki allowed women to play at the course but they were not allowed to become full members or play on certain Sundays, unlike male members.
The Saitama venue is scheduled to host both men’s and women’s tournaments in July and August 2020.
Tokyo 2020 organizers said they were delighted with the change in policy.
“We appreciate the significant efforts the club’s leadership and members made last year to amend the club’s membership policy in keeping with the spirit of the Olympic charter,” said Tokyo 2020 spokesman Masa Takaya.
“The club is an outstanding venue with excellent courses and we are pleased it will be hosting the world’s top-tier golfers for the Olympic Games.”
Golf was re-introduced to the Olympic program for the 2016 Rio Games after a 112-year absence.
Several notable golf clubs have changed their policies to allow female members in recent years.
In 2014, the Royal and Ancient Golf Club of St Andrews decided to allow women to join following 260 years of exclusion, after Augusta National, home of the U.S. Masters, had ended its men-only membership two years earlier.
Earlier this year, Muirfield voted to admit women members, scrapping a policy that led to the historic Scottish links course being stripped of its eligibility to host the British Open. Reporting by Jack Tarrant, editing by Pritha Sarkar | ashraq/financial-news-articles | https://www.reuters.com/article/us-olympics-2020-golf/olympics-tokyo-games-golf-venue-admits-first-female-members-after-criticism-idUSKBN1IC1D8/ |
May 9 (Reuters) - Ameren Corp:
* Q1 EARNINGS PER SHARE $0.62 * Q1 EARNINGS PER SHARE VIEW $0.58 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 EARNINGS PER SHARE $2.95 TO $3.15 * GUIDANCE RANGE FOR 2018 AFFIRMED AT $2.95 TO $3.15 PER DILUTED SHARE
* QTRLY TOTAL OPERATING REVENUES $1,585 MILLION VERSUS $1,515 MILLION
* FY2018 EARNINGS PER SHARE VIEW $3.03 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ameren-announces-q1-earnings-per-s/brief-ameren-announces-q1-earnings-per-share-0-62-idUSASC0A0YC |
Reblog Jim Farley joined Ford Motor Co. when print ads and 30-second television spots were the way to sell an automobile. A decade later, the world’s digital transformation has the No. 2 U.S. car maker rethinking how it allocates its $4 billion-plus advertising budget, and how much can be cut. As president of global markets, and Ford’s No. 2 person, Mr. Farley has a sprawling mandate, from overseeing driverless cars to shepherding sales in dozens of countries. | ashraq/financial-news-articles | https://www.wsj.com/articles/behind-fords-new-approach-to-advertising-1526868840?ru=yahoo?mod=yahoo_itp&yptr=yahoo |
U.S., North Korea enter second day of talks 4:34pm IST - 02:05
U.S. Secretary of State Mike Pompeo and top North Korean official Kim Yong Chol entered a second day of meetings in New York as they try to settle nuclear weapons disagreements and set up a summit between their two leaders.
U.S. Secretary of State Mike Pompeo and top North Korean official Kim Yong Chol entered a second day of meetings in New York as they try to settle nuclear weapons disagreements and set up a summit between their two leaders. //reut.rs/2LcpaHV | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/31/us-north-korea-enter-second-day-of-talks?videoId=431888933 |
CALGARY, Alberta, May 10, 2018 (GLOBE NEWSWIRE) -- Tamarack Valley Energy Ltd. (“ Tamarack ” or the “ Company ”) (TSX:TVE) is pleased to announce its financial and operating results for the three months ended March 31, 2018. Selected financial and operational information is outlined below and should be read in conjunction with Tamarack’s unaudited condensed consolidated interim financial statements (“Financial Statements”) for the three months ended March 31, 2018 and related management’s discussion and analysis (“MD&A”) which are available on SEDAR at www.sedar.com and on Tamarack’s website at www.tamarackvalley.ca.
Q1 2018 Financial and Operating Highlights
Achieved record corporate production in Q1/18 of 23,532 boe/d, up 3% over Q4/17 of 22,807 boe/d and up 32% over Q1/17 volumes of 17,796 boe/d.
Oil and natural gas liquids (“NGL”) weighting was 63% in Q1/18 compared to 57% in the same period of 2017, representing an increase of 11%, which positively contributed to the Company’s stronger netbacks year-over-year.
Total adjusted operating field netbacks (previously referred to as “adjusted funds flow”; see Non-IFRS Measures) increased 81% to $58.5 million in Q1/18 ($0.26/share basic and $0.25/share diluted), from $32.4 million in Q1/17 ($0.15/share basic and diluted).
Maintained healthy net debt to annualized Q1/18 adjusted operating field netback ratio of 0.8 times at the end of Q1/18, compared to 1.3 times at the end of Q1/17.
Operating netbacks of $30.11/boe in Q1/18 increased by 31% over Q1/17 primarily due to the 11% increase in oil and NGL weighting, and the 18% increase in the combined average realized prices for oil and NGL.
Net production and transportation expenses in Q1/18 were 6% lower at $10.76/boe compared to $11.42/boe in Q1/17.
Invested $69.6 million on drilling, completing and equipping nine (9.0 net) Cardium oil wells, 29 (28.0 net) Viking oil wells and five (4.7 net) Redwater oil wells. The Company also completed and brought on production 15 (14.4 net) Viking oil wells that were drilled in late Q4/17 and drilled eight (8.0 net) Viking oil wells that will be brought on production in the second quarter of 2018.
Executing on the Company’s strategy of continuing to add high quality drilling inventory, closed one tuck-in acquisition totaling $2.5 million in the Wilson Creek area of Alberta, adding 18 boe/d and 3.3 (2.1 net) sections of undeveloped land. The Company drilled two Cardium wells on these lands in Q1/18.
Tamarack maintained the $290 million borrowing base on its revolving credit facility (the “Facility”). The Company’s syndicate of lenders provided an option to increase the borrowing base during the formal annual review period, which is expected to be completed by the end of May 2018.
Financial & Operating Results
Three months ended
March 31,
2018 2017 % change ($ thousands, except per share) Total Revenue 98,736 62,870 57 Adjusted operating field netback 1 58,545 32,356 81 Per share – basic 1 $ 0.26 $ 0.15 73 Per share – diluted 1 $ 0.25 $ 0.15 67 Net income (loss) 3,294 2,290 44 Per share – basic $ 0.01 $ 0.01 – Per share – diluted $ 0.01 $ 0.01 – Net debt 1 (186,732 ) (165,561 ) 13 Capital Expenditures 2 69,630 63,721 9 Weighted average shares outstanding (thousands) Basic 228,621 217,655 5 Diluted 231,713 219,679 5 Share Trading (thousands, except share price) High $ 3.09 $ 3.59 (14 ) Low $ 2.31 $ 2.60 (11 ) Trading volume (thousands) 30,945 80,868 (62 ) Average daily production Light oil (bbls/d) 13,239 7,891 68 Heavy oil (bbls/d) 299 484 (38 ) NGLs (bbls/d) 1,347 1,779 (24 ) Natural gas (mcf/d) 51,879 45,852 13 Total (boe/d) 23,532 17,796 32 Average sale prices Light oil ($/bbl) 67.92 63.02 8 Heavy oil ($/bbl) 45.23 44.64 1 NGLs ($/bbl) 45.14 26.46 71 Natural gas ($/mcf) 2.25 2.89 (22 ) Total ($/boe) 46.62 39.25 19 Operating netback ($/Boe) 1 Average realized sales 46.62 39.25 19 Royalty expenses (5.16 ) (4.15 ) 24 Production expenses (10.76 ) (11.42 ) (6 ) Operating field netback ($/Boe) 1 30.70 23.68 30 Realized commodity hedging gain (loss) (0.59 ) (0.77 ) 23 Operating netback 1 30.11 22.91 31 Adjusted operating field netback ($/Boe) 1 27.64 20.20 37
Notes:
(1) Adjusted operating field netback, net debt and operating netback do not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other issuers. See “ Oil and Gas Metrics ” and “ Non-IFRS Measures ”. (2) Capital expenditures include exploration and development expenditures, but exclude asset acquisitions and dispositions.
First Quarter Review
Tamarack demonstrated another strong quarter with positive momentum and results coming from each of its core areas: the Cardium light oil play at Wilson Creek/Alder Flats; the Viking oil play across Alberta and Saskatchewan; and the Barons Sand oil play at Penny. The first quarter is typically one of Tamarack’s most active operational periods which attracts a higher proportion of capital expenditures, and 2018 proved consistent with historical trends.
Successful Operational Execution
During the first quarter of 2018, the Company drilled, completed and equipped nine (9.0 net) Cardium oil wells, 29 (28.0 net) Viking oil wells, five (4.7 net) Redwater oil wells and completed and brought on production 15 (14.4 net) Viking oil wells that were drilled in late Q4/17. Due to the prolonged winter, Tamarack elected to drill two additional Cardium wells, the first of which spud on March 28, 2018, that are expected to be completed later in Q2/18. In addition to the two wells drilled late in Q1/18, the Company has numerous wells expected to come on production in Q2/18 after spring breakup which will positively impact volumes in that period, including two Cardium wells drilled and completed during Q1, along with eight (8.0 net) Viking oil wells that were drilled late in Q1/18. In addition, Tamarack expects to spud the first of three wells at Penny later in Q2/18.
First quarter production of 23,532 boe/d was slightly above the upper end of Tamarack’s first half guidance range of 22,750 to 23,250 boe/d with an oil and NGL weighting of 63%. During the first quarter, new wells in Veteran came on stream at higher rates than expected causing higher operating pressures in the gathering system and production from older legacy wells being backed out. The Company completed the second phase of the Veteran oil battery expansion on March 21, 2018, slightly ahead of schedule and on budget, which brought capacity up to 10,000 bbls of oil per day. With completion of the Veteran gas plant recommissioning expected in late Q2/18, volume constraints are expected to be addressed and operating costs will be reduced as solution gas can be processed by Tamarack rather than third parties. During the first quarter, the Company invested $72.4 million in capital expenditures and property acquisitions (net of dispositions), funded approximately 81% by Tamarack’s $58.5 million adjusted operating field netback (previously referred to as “adjusted funds flow”; see Non-IFRS Measures) generated in the period.
Revenue for the quarter increased 57% over Q1/17 primarily due to increased production volumes and realized oil and NGL prices, while revenue increased 3% over Q4/17. Increased production volumes, a higher oil and NGL weighting and a reduction in operating costs positively contributed to Tamarack’s operating netback which averaged $30.11/boe in Q1/18, representing a 31% increase compared to Q1/17. As a result of increased production volumes from the Veteran area, where operating costs are lower than the corporate average, overall production and transportation expenses per boe were lower in the quarter compared to Q1/17. Tamarack has further allocated capital to incremental projects designed to support the ongoing management of increased production at facilities controlled by the Company and to further reduce the associated operating costs. The first of the two phases of the battery expansion at Veteran in Q3/17 positively contributed to the overall reduction in operating costs while the second phase, which was finalized in Q1/18, will increase emulsion processing capacity that will also reduce operating costs. Tamarack has allocated initial costs to reactivate the Veteran gas plant which will address current curtailment issues and accommodate the Company’s expected production growth through 2018.
Strengthening Commodity Environment
WTI crude oil markets remained strong during the first quarter of 2018 and into May showed continued growth, reaching two-year highs that surpassed US$70.00/bbl. The average first quarter WTI price of US$62.91/bbl was 14% higher than the average fourth quarter price of US$55.39/bbl. With significant improvements in the WTI markets, despite widening Edmonton Par / WTI differentials, Tamarack’s realized Q1/18 light oil price increased 4% to $67.92/bbl from $65.08/bbl in Q4/17.
The Company’s realized natural gas prices increased 19% to $2.25/mcf in the first quarter of 2018 compared to $1.89/mcf in the previous quarter. This was slightly less than the AECO daily benchmark price increase of 23% however, still a premium to the AECO daily index for the first quarter of 2018, reflecting Tamarack’s efforts to reduce exposure to the persistently weak local Alberta gas market. As previously announced, effective April 1, 2018, approximately 40% of Tamarack’s natural gas production receives pricing from various markets that have historically outperformed AECO, including Malin (16%), Chicago (8%), Dawn (8%) and Mich Con (8%). Tamarack has committed to continue to proactively take steps to mitigate gas price weakness by reducing exposure to the AECO pricing hub in concert with increasing its oil and NGL weighting.
Outlook
Tamarack intends to continue building on the operational momentum realized in the first four months of 2018 with a robust Q2/Q3 2018 drilling program which anticipates the drilling, completing and equipping of 8.5 net Cardium oil wells, 39.4 net Alberta Viking oil wells, 7.6 net Saskatchewan Viking oil wells and 3 Penny oil wells.
In response to the current low natural gas price environment, the Company has shut-in approximately 400 boe/d of natural gas production. As Tamarack is currently ahead of production guidance, the Company anticipates the shut- in gas will not affect the original 2018 production forecast.
For the full year 2018, Tamarack is targeting 10-15% debt-adjusted production per share growth over 2017 with increased liquids weighting and higher netbacks, while maintaining net debt to annualized Q4/18 total adjusted field operating netback ratio of less than one times.
In the interest of preserving and enhancing shareholder value, the Company recently implemented a normal course issuer bid (“NCIB”) through the facilities of the Toronto Stock Exchange and alternate trading platforms. Tamarack believes that its share price is undervalued at times and accordingly, will make use of excess total adjusted operating field netbacks (see Non-IFRS Measures) to purchase shares through the NCIB program. As of May 9, 2018, the Company spent $836,827 to purchase and cancel 243,500 outstanding common shares under the NCIB. In addition to utilizing excess total adjusted operating field netbacks for the NCIB, Tamarack intends to continue supplementing its attractive asset base by completing tuck-in acquisitions within core areas where the Company has a low-cost operating advantage. These actions, along with increased production volumes and a higher weighting of oil and NGL in the production mix, demonstrate the value and benefit of the Company’s unique returns- based growth model.
The Company also announces the retirement of Mr. Dean Setoguchi from the Company’s board of directors. Mr. Setoguchi served on the Board of Tamarack since the business combination and reorganization was completed in June, 2010. Tamarack’s board and management team would like to thank Mr. Setoguchi for his numerous contributions to the Company as a Director and Chairman of the Audit Committee and wish him all the best in his future endeavors.
2018 Guidance
The Company’s 2018 guidance is reiterated below:
Tamarack expects first half average production to be within the upper end of the original guidance range of 22,750 to 23,250 boe/d. The original $195-205 million capital budget for 2018 remains unchanged with approximately 50% expected to be spent during the first half of 2018. The Company may elect to accelerate capital into Q2/18 from Q3 if spring break-up ends early.
Tamarack’s key 2018 guidance is summarized in the following table:
2018 Guidance Average annual production (boe/d) 22,500 - 23,500 Liquids weighting (%) ~64 - 66 Exit production (boe/d) 24,000 - 24,500 Liquids weighting (%) ~65 - 67 Annual capital expenditure range ($millions) $195 to $205 Year end 2018 net debt(1) to Q4 annualized adjusted operating field netback(2) ratio (including hedges) <1.0 times Liquidity on existing credit facilities ($millions) ~$100 2018 price assumptions: WTI ($US/bbl) $56.75 Edmonton Par ($CDN/bbl) $64.60 AECO ($CDN/GJ) $1.65 Canadian/US dollar exchange rate $0.79
(1) Refer to definition of net debt under “Non-IFRS Measures” (2) Refer to definition of adjusted operating field netback under “Non-IFRS Measures”
About Tamarack Valley Energy Ltd.
Tamarack is an oil and gas exploration and production company committed to long-term growth and the identification, evaluation and operation of resource plays in the Western Canadian Sedimentary Basin. Tamarack’s strategic direction is focused on two key principles – targeting repeatable and relatively predictable plays that provide long-life reserves, and using a rigorous, proven modeling process to carefully manage risk and identify opportunities. The Company has an extensive inventory of low-risk, oil development drilling locations focused primarily in the Cardium and Viking fairways in Alberta that are economic over a range of oil and natural gas prices. With this type of portfolio and an experienced and committed management team, Tamarack intends to continue delivering on its strategy to maximize shareholder returns while managing its balance sheet.
Abbreviations
bbls barrels bbls/d barrels per day boe barrels of oil equivalent boe/d barrels of oil equivalent per day Mboe thousands barrels of oil equivalent mcf thousand cubic feet GJ gigajoule MMcf million cubic feet Mbbls thousand barrels mcf/d thousand cubic feet per day WTI West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma for the crude oil standard grade AECO the natural gas storage facility located at Suffield, Alberta connected to TransCanada’s Alberta System IFRS International Financial Reporting Standards as issued by the International Accounting Standards Board Oil and Gas Advisories
Unit Cost Calculation. For the purpose of calculating unit costs, natural gas volumes have been converted to a barrel of oil equivalent using six thousand cubic feet equal to one barrel unless otherwise stated. A boe conversion ratio of 6:1 is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms with Canadian Securities Administrators’ National Instrument 51–101 Standards of Disclosure for Oil and Gas Activities . Boe may be misleading, particularly if used in isolation.
Oil and Gas Metrics. This press release contains metrics commonly used in the oil and natural gas industry, such as operating field netback and operating netback.
“ Operating field netback ” equals total petroleum and natural gas sales less royalties and operating costs calculated on a boe basis.
“ Operating netback ” is the operating field netback with realized gains and losses on commodity derivative contracts on a boe basis. These terms have been calculated by management and do not have a standardized meaning and may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Tamarack’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.
Forward-Looking Information
This press release contains certain forward-looking information (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “plan”, “continue”, “intend”, “ongoing”, “estimate”, “expect”, “may”, “should”, or similar words suggesting future outcomes. More particularly, this press release contains statements concerning: Tamarack’s business strategy, objectives, strength and focus; an increase in netbacks; the ability of the Company to achieve drilling success consistent with management’s expectations; strategies to minimize exposure to Alberta gas market fluctuations, including hedging and diversifying gas sales; drilling plans including the timing of drilling; the reactivation of the Veteran gas plant; the NCIB; the payout of wells and the timing thereof; tuck-in acquisitions in Tamarack’s core areas: oil and natural gas production levels, including the impact of shut-in gas thereon; the availability, terms, use and renewal of the Facility; timing and level of 2018 capital expenditures; 2018 exit debt; forecast 2018 annual production range and liquid weighting percentage; 2018 production guidance; 2018 drilling program; and shareholder returns. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Tamarack relating to prevailing commodity prices, the availability of drilling rigs and other oilfield services, the cost of such oilfield services, the timing of past operations and activities in the planned areas of focus, the drilling, completion and tie-in of wells being completed as planned, the performance of new and existing wells, the application of existing drilling and fracturing techniques, the continued availability of capital and skilled personnel, the ability to maintain or grow the banking facilities and the accuracy of Tamarack’s geological interpretation of its drilling and land opportunities. Although management considers these assumptions to be reasonable based on information currently available to it, undue reliance should not be placed on the forward-looking statements because Tamarack can give no assurances that they may prove to be correct.
By their very nature, forward-looking statements are subject to certain risks and uncertainties (both general and specific) that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures); commodity prices; the uncertainty of estimates and projections relating to production, cash generation, costs and expenses; health, safety, litigation and environmental risks; and access to capital. Due to the nature of the oil and natural gas industry, drilling plans and operational activities may be delayed or modified to react to market conditions, results of past operations, regulatory approvals or availability of services causing results to be delayed. Please refer to Tamarack’s annual information form for the year ended December 31, 2017 (the “AIF”) for additional risk factors relating to Tamarack. The AIF can be accessed either on Tamarack’s website at www.tamarackvalley.ca or under the Company’s profile on www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about Tamarack’s prospective results of operations, production, net debt, debt adjusted production per share, net debt to adjusted operating field netback ratio, adjusted operating field netback, operating netbacks, operating costs, capital expenditures and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs and the assumption outlined in the Non-IFRS Measures section below. FOFI contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about Tamarack’s anticipated future business operations. Tamarack disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
Non-IFRS Measures
Certain financial measures referred to in this press release, such as net debt, adjusted funds flow, net debt to annualized adjusted operating field netback, cash flow, adjusted operating field netbacks and net debt to adjusted operating field netback ratio are not prescribed by IFRS. Tamarack uses these measures to help evaluate its financial and operating performance as well as its liquidity and leverage. These non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.
“Net debt” is calculated as long-term debt plus working capital surplus or deficit adjusted for risk management contracts.
“Total adjusted operating field netback” is calculated as net income or loss before taxes and adding back items including: transaction costs; and deducting non-cash items including: stock-based compensation; accretion expense on decommissioning obligations; depletion, depreciation and amortization; and impairment; unrealized gain or loss on financial instruments; and gain or loss on dispositions.
“Adjusted funds flow” is calculated based on cash flows from operating activities before changes in non- cash working capital, transaction costs and abandonment expenditures are incurred.
“Net debt to annualized adjusted operating field netback ratio” is calculated as net debt divided by annualized adjusted operating field netback for the most recent quarter.
“Debt-adjusted production per share” represents the Tamarack’s production per share after adjusting for debt.
“Cash flow” is determined as gross oil, natural gas and natural gas liquids revenues including realized gains on commodity risk management contracts, less the following: royalties, operating costs, transportation costs, general and administrative costs and finance expenses. Please refer to the MD&A for additional information relating to non-IFRS measures. The MD&A can be accessed either on Tamarack’s website at www.tamarackvalley.ca or under the Company’s profile on www.sedar.com.
For additional information, please contact:
Brian Schmidt
President & CEO
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
www.tamarackvalley.ca
Ron Hozjan
VP Finance & CFO
Tamarack Valley Energy Ltd.
Phone: 403.263.4440
Source: Tamarack Valley Energy Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-tamarack-valley-energy-ltd-announces-successful-2018-first-quarter-results-with-record-production.html |
May 14, 2018 / 8:21 PM / Updated an hour ago Prince Harry asks for respect for fiancee's father after wedding report Reuters Staff 1 Min Read
LONDON (Reuters) - Britain’s Prince Harry and his U.S. fiancee Meghan Markle asked for understanding and respect for the actress’ father following a report he would not attend the couple’s wedding on Saturday, his office said on Monday. FILE PHOTO: Britain's Prince Harry and his fiancee Meghan Markle attend the Dawn Service at Wellington Arch to commemorate Anzac Day in London, Britain, April 25, 2018. REUTERS/Toby Melville/Pool
“This is a deeply personal moment for Ms Markle in the days before her wedding,” Kensington Palace said in a statement. “She and Prince Harry ask again for understanding and respect to be extended to Mr. Markle in this difficult situation.”
Earlier U.S. celebrity website TMZ said that Thomas Markle would not be attending the glittering ceremony this weekend after it was reported he had staged photographs for a paparazzi photographer.
A Kensington Palace spokeswoman declined to comment on the report or to confirm whether Markle’s father would be at the ceremony to walk her down the aisle as planned. Reporting by Michael Holden; Editing by William Schomberg | ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-royals-wedding-statement/prince-harry-asks-for-respect-for-fiancees-father-after-wedding-report-idINKCN1IF2TP |
BERLIN (Reuters) - As Europe’s biggest exporter to the United States and with more than 1 million German jobs at stake, Germany is desperate to avoid a European Union trade war with the United States.
German Chancellor Angela Merkel looks at a liquid crystal window, as she visits the Merck Innovation Center during the celebrations for the 350th anniversary of German pharmaceuticals company Merck in Darmstadt, Germany, May 3 ,2018. REUTERS/Kai Pfaffenbach In the run-up to a June 1 deadline for U.S. President Donald Trump to impose steel and aluminum tariffs on the EU, Berlin is urging its European partners to show some flexibility and pursue a broad trade deal that benefits both sides.
But that puts Germany at odds with European peers such as France. Paris, the other half of the motor driving European integration, resents Germany’s big trade surplus and wants a tougher EU stance against the U.S. tariffs.
“There is a great danger of slipping into a trade war that way,” Holger Bingmann, president of Germany’s BGA foreign trade association, told Reuters.
Mindful of data from the German-American Chambers of Industry and Commerce that shows more than 1 million German jobs are directly or indirectly dependent on exports to the United States, he cautioned against EU threats of counter tariffs.
“That way, the Europeans would only embrace the logic of protectionists,” he said.
The European Commission has said the EU will set duties on 2.8 billion euros ($3.36 billion) of U.S. exports, including peanut butter and denim jeans, if its metals exports to the United States, worth 6.4 billion euros, are subject to tariffs.
Berlin is pushing the idea of an agreement to lower tariffs across a broad spectrum of products, especially in manufacturing.
“We can negotiate again ... but we should talk about all industrial tariffs,” said a senior German official.
A French official said there must first be a permanent and unconditional exemption for the EU from the steel and aluminum tariffs, adding: “That’s the prerequisite for any other option.”
Such differences risk driving EU countries apart, weakening their bargaining position with Trump - playing into his hands as he tries to make U.S. businesses more competitive globally.
German Economy Minister Peter Altmaier said on Wednesday that finding a common stance with France and formulating an offer to the United States were “equally difficult”.
So far, Germany and France’s differences have largely been hidden behind the EU position that Washington must give it a permanent exemption from the steel an aluminum tariffs.
But as the June 1 deadline nears, EU trade ministers must resolve their differences quickly to give European Trade Commissioner Cecilia Malmstrom a clear mandate for negotiations with the U.S. administration.
“BUILD BETTER CARS” Concerned that a tit-for-tat escalation of tariffs could affect them next, German carmakers are trying to mitigate their exposure to any trade war.
BMW has quietly stopped exporting its X3 offroader from the United States to China, retooling its factory in Shenyang, China to produce the X3 model locally. The X3 is now also produced at a plant in Rosslyn, South Africa.
But any switch from one factory to another is costly, takes months to plan and implement, and is taken with a long-term view, BMW board member Peter Schwarzenbauer said.
FILE PHOTO: A worker of German steel manufacturer Salzgitter AG stands in front of a furnace at a plant in Salzgitter, Germany, March 1, 2018. REUTERS/Fabian Bimmer/File Photo “We have to make decisions, like about factories in Spartanburg (South Carolina) or factories in Mexico, which are based on a horizon of 20 to 30 years,” he told Reuters in March.
“If we were to change our strategy whenever a tweet comes out, we would get crazy,” he added.
Tensions around the car sector have been stoked on both sides of the Atlantic.
In January 2017, when he was president-elect, Trump complained there were many Mercedes-Benz luxury cars visible on New York streets and threatened to impose a border tax of 35 percent on vehicles imported to the United States.
Sigmar Gabriel, then Germany’s economy minister, replied that the United States should “build better cars”.
Gabriel’s comments reflect the pride Germans feel in the quality products their country exports, a post-war success that has helped them regain respect and recognition abroad.
SURPLUS TENSION Yet the surpluses this success has brought are a bone of contention that affect Germany’s relations with its peers.
France has complained for years about Germany’s current account surplus — a measure of the flow of goods, services and investments — which was the world’s largest for the second year running in 2017.
The head of the International Monetary Fund said in January the build-up of large current account surpluses in countries such as Germany was partly responsible for the rise of protectionism elsewhere.
France wants Germany to steer its surplus towards economically weaker southern Europe and raise domestic investment to reduce the surplus.
So too does the IMF and the United States, hoping that an increase in investment would stimulate domestic demand in Germany and help boost imports from its trading partners.
German Finance Minister Olaf Scholz presented government finance plans on Wednesday that showed investment rising this year and next, before decreasing through to 2022 to below the 2017 level.
German Chancellor Angela Merkel discussed trade with Trump in Washington last week but there was no sign of a breakthrough.
In 2017, German exports to the United States reached 112 billion euros, more than twice the next biggest EU country, Britain, according to the Eurostat statistics office.
“Germany’s problem is a lack of realism with respect to its own fragile strategic situation,” said Jan Techau, a director at The German Marshall Fund of the United States, a think tank.
FILE PHOTO: Steel rolls are seen at the Volkswagen plant in Emden, Germany March 9, 2018. REUTERS/Fabian Bimmer/File Photo He said Berlin also showed a lack of awareness of the consequences of its economic policies and failed to realize “its own strategic long-term interests are largely similar to those of the U.S.”
($1 = 0.8335 euros)
Additional reporting by Edward Taylor in Frankfurt and by Jean-Baptiste Vey in Paris, Editing in Timothy Heritage
| ashraq/financial-news-articles | https://in.reuters.com/article/us-germany-usa-trade-analysis/exposed-and-dependent-germany-desperate-to-avoid-trade-war-idINKBN1I51WS |
First Quarter Revenue and Operating Income Exceed Guidance
Retail Revenue Increased 13.7% to $43.0 Million
Company Reiterates Full Year 2018 Revenue and Operating Income Guidance
VANCOUVER, Wash.--(BUSINESS WIRE)-- Nautilus, Inc. (NYSE: NLS) today reported its unaudited operating results for the first three months ended March 31, 2018.
Q1 2018 Highlights
All comparisons relate to the first quarter of 2017 unless otherwise indicated:
Revenues: Total revenue increased 1.4% to $114.8 million compared to prior year of $113.3 million and guidance range of $110.0 to $113.0 million. Direct segment sales decreased 4.7% to $71.2 million primarily from the expected decline in TreadClimber ® sales, partially offset by growth of new products, including the Bowflex HVT ® product. Retail segment sales increased 13.7% to $43.0 million, reflecting strong growth across a variety of product lines, as well as growth in specialty and commercial customers. Gross Margins: Total company gross margins decreased by 320 basis points to 51.3% primarily due to a reduction in Direct gross margins, coupled with a shift in segment revenue mix from Direct to Retail. Direct margins decreased by 250 basis points due to a shift in product mix to lower margin HVT ® products and treadmills. Retail margins decreased by 80 basis points due to increased product costs. Operating income decreased 15.7% to $10.7 million compared to prior year of $12.7 million due to the decline in gross margin and added investments in key strategic initiatives. Income from continuing operations for the first quarter of 2018 was $8.1 million, or $0.27 per diluted share, compared to income from continuing operations of $8.2 million, or $0.26 per diluted share in the prior year quarter. EBITDA from continuing operations decreased 11.8% to $13.1 million compared to $14.9 million in the prior year period. At March 31, 2018, cash and marketable securities increased to $92.7 million and debt decreased to $44.0 million, compared to $85.2 million and $48.0 million, respectively, at December 31, 2017. Repurchased $2.7 million of stock in the open market as part of previously announced stock repurchase program.
Bruce M. Cazenave, Chief Executive Officer, stated, “First quarter 2018 revenue and operating income exceeded the guidance range we provided and were driven by solid momentum in our Retail segment. The Retail segment achieved 14% growth in the first quarter as we experienced broad based sales growth across existing and recently introduced products with several key partners and improved performance in the specialty retail channel. As anticipated, we experienced a decline in the Direct segment revenues due to the phase-down of the mature TreadClimber ® product line but are well positioned to return to growth in this segment beginning the third quarter of 2018. New products introduced during the middle of last year such as the Bowflex Results Series™ and HVT ® products continued to meaningfully contribute during the first quarter, and we are on track to launch additional Direct and Retail segment products later this year. The introduction of the Commercial Max Trainer ® product at the recent IHRSA show has been extremely well received, and we look forward to the anticipated uplift in Octane sales when the product starts shipping during the third quarter of this year.”
Mr. Cazenave continued, “Implementation of the multi-faceted 2018 plan we described in previous communications is proceeding as planned and on schedule. This includes systems integration, consolidation of warehousing facilities, supply base realignment and restructuring of our international sales and support teams. Progress in developing our new digital technology platform is also advancing as planned. These initiatives are anticipated to enhance and support our growth initiatives, including new product introductions and improved margins, going forward. Based on our first quarter results, planned rollout of new offerings and operational improvements, we are well positioned to return to full year top line growth in 2018, and reaffirm our full year guidance range on revenue and operating income.”
For further information, see “Results of Operations Information” attached hereto.
Segment Results
Net sales for the Direct segment were $71.2 million in the first quarter of 2018, a decrease of 4.7% over the comparable period last year as the expected decline in TreadClimber ® sales, coupled with a decline in Max Trainer ® sales, was partially offset by the growth of new products, including the Bowflex Results Series™ treadmills and ellipticals. Operating income for the Direct segment was $11.3 million for the first quarter of 2018, compared to $15.3 million in the first quarter of last year. Operating income was negatively impacted by the decline in gross margins and lower media returns, partially offset by a decrease in consumer financing fees. Gross margin for the Direct segment declined by 250 basis points resulting from a shift in product mix to lower margin HVT ® products and treadmills.
Net sales for the Retail segment were $43.0 million in the first quarter of 2018, an increase of 13.7% when compared to $37.8 million in the first quarter last year. The increase reflected robust growth across a variety of product lines and sales growth with specialty and commercial customers. Operating income for the Retail segment was $3.9 million for the first quarter of 2018 compared to $2.2 million in the first quarter of last year. The increase in Retail segment operating income was primarily due to the higher net sales, coupled with the non-recurrence of a $1.2 million reserve recorded in the same period of the prior year. Retail segment gross margin was 31.2% in the first quarter of 2018, compared to 32.0% in the same quarter of the prior year, reflecting increased product costs due to unfavorable changes in foreign currency exchange rates.
Royalty revenue in the first quarter 2018 was $0.6 million, compared to $0.7 million for the same quarter of last year. The reduction in royalty revenue reflects the renegotiation of a certain license.
For further information, see “Segment Information” attached hereto.
Balance Sheet
As of March 31, 2018, the Company had cash and marketable securities of $92.7 million and debt of $44.0 million, compared to cash and marketable securities of $85.2 million and debt of $48.0 million at year end 2017. During the first quarter, the Company purchased $2.7 million of stock in the open market as part of its previously announced stock repurchase program. Working capital of $93.6 million as of March 31, 2018 was $2.4 million higher than the 2017 year-end balance of $91.1 million. Inventory as of March 31, 2018 was $37.7 million, compared to $53.4 million as of December 31, 2017 and $34.3 million at the end of the first quarter last year.
For further information, see “Balance Sheet Information” attached hereto.
Conference Call
Nautilus will host a conference call to discuss the Company’s operating results for the first quarter ended March 31, 2018 at 4:30 p.m. ET (1:30 p.m. PT) on Monday, May 7, 2018. The call will be broadcast live over the Internet hosted at http://www.nautilusinc.com/events and will be archived online within one hour after completion of the call. In addition, listeners may call (888) 394-8218 in North America and international listeners may call (323) 701-0225. Participants from the Company will include Bruce M. Cazenave, Chief Executive Officer, Sid Nayar, Chief Financial Officer, and William B. McMahon, Chief Operating Officer.
A telephonic playback will be available from 7:30 p.m. ET, May 7, 2018, through 11:59 p.m. ET, May 21, 2018. Participants can dial (844) 512-2921 in North America and international participants can dial (412) 317-6671 to hear the playback. The passcode for the playback is 2770686.
Non-GAAP Presentation
In addition to disclosing results determined in accordance with GAAP, Nautilus has presented EBITDA from continuing operations, a non-GAAP financial measure, for the three months ended March 31, 2018 and 2017.
The Company defines EBITDA from continuing operations as its income from continuing operations, adjusted to exclude interest expense (income), income tax expense of continuing operations, and depreciation and amortization expense. The Company uses EBITDA from continuing operations in evaluating its operating results and for financial and operational decision-making purposes such as budgeting and establishing operational goals. The Company believes that EBITDA from continuing operations helps identify underlying trends in its business that could otherwise be masked by the effect of the items that are excluded from EBITDA from continuing operations and enhances the overall understanding of the Company’s past performance and future prospects. The Company presents EBITDA from continuing operations as a complement to results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP. The Company strongly encourages you to review all of its financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure.
For a quantitative reconciliation of our non-GAAP financial measures to the most comparable GAAP measures, see "Reconciliation of Non-GAAP Financial Measures" included with this release.
About Nautilus, Inc.
Headquartered in Vancouver, Washington, Nautilus, Inc. (NYSE: NLS) is a global fitness solutions company that believes everyone deserves a fit and healthy life. With a brand portfolio including Bowflex ® , Nautilus ® , Octane Fitness ® , Schwinn ® and Universal ® , Nautilus, Inc. develops innovative products to support healthy living through direct and retail channels, as well as in commercial channels with Octane Fitness ® products. Nautilus, Inc. uses the investor relations page of its website ( www.nautilusinc.com/investors ) to make information available to its investors and the market.
This press release includes (statements which are not historical facts) within the meaning of the Private Securities Litigation Reform Act of 1995, including: projected or forecasted financial and operating results; statements regarding the Company's prospects, resources or capabilities; current or future financial and economic trends; planned investments, restructurings and similar initiatives and the anticipated or targeted results therefrom; future plans for introduction of new products; and anticipated demand for the Company's new and existing products. Factors that could cause Nautilus, Inc.’s actual results to differ materially from these include: our ability to timely acquire inventory that meets our quality control standards from sole source foreign manufacturers at acceptable costs; an inability to pass along or otherwise mitigate the impact of raw material price increases and other cost pressures; experiencing delays and/or greater than anticipated costs in connection with launch of new products, entry into new markets, or restructuring initiatives; changes in consumer fitness trends; changes in the media consumption habits of our target consumers or the effectiveness of our media advertising; a decline in consumer spending due to unfavorable economic conditions; and softness in the retail marketplace. Additional assumptions, risks and uncertainties are described in detail in our registration statements, reports and other filings with the Securities and Exchange Commission, including the “Risk Factors” set forth in our Annual Report on Form 10-K, as supplemented by our quarterly reports on Form 10-Q. Such filings are available on our website or at www.sec.gov . You are cautioned that such statements are not guarantees of future performance and that our actual results may differ materially from those set forth in the . We undertake no obligation to publicly update or revise to reflect subsequent developments, events or circumstances.
RESULTS OF OPERATIONS INFORMATION
The following summary contains information from our condensed consolidated statements of operations for the three months ended March 31, 2018 and 2017 (unaudited and in thousands, except per share amounts):
Three Months Ended
March 31,
2018 2017 Net sales $ 114,813 $ 113,252 Cost of sales 55,942 51,507 Gross profit 58,871 61,745 Operating expenses: Selling and marketing 36,763 37,665 General and administrative 6,910 7,486 Research and development 4,501 3,911 Total operating expenses 48,174 49,062 Operating income 10,697 12,683 Other expense, net (34 ) (360 ) Income from continuing operations before income taxes 10,663 12,323 Income tax expense 2,523 4,138 Income from continuing operations 8,140 8,185 Loss from discontinued operations (1) (81 ) (1,092 ) Net income $ 8,059 $ 7,093 Basic income per share from continuing operations $ 0.27 $ 0.27 Basic loss per share from discontinued operations — (0.04 ) Basic net income per share $ 0.27 $ 0.23 Diluted income per share from continuing operations $ 0.27 $ 0.26 Diluted loss per share from discontinued operations — (0.04 ) Diluted net income per share (2) $ 0.26 $ 0.23 Shares used in per share calculations: Basic 30,314 30,713 Diluted 30,591 31,127 Select Metrics: Gross margin 51.3 % 54.5 % Selling and marketing % of net sales 32.0 % 33.3 % General and administrative % of net sales 6.0 % 6.6 % Research and development % of net sales 3.9 % 3.5 % Operating income % of net sales 9.3 % 11.2 % (1) The three months ended March 31, 2017 include a $1.2 million expense related to a lawsuit settlement with Biosig Instruments, Inc.
(2) May not add due to rounding.
SEGMENT INFORMATION
The following table presents certain comparative information by segment for the three months ended March 31, 2018 and 2017 (unaudited and in thousands):
Three Months Ended
March 31,
Change 2018 2017 $ % Net sales: Direct $ 71,201 $ 74,703 $ (3,502 ) (4.7 )% Retail 42,993 37,805 5,188 13.7 % Royalty 619 744 (125 ) (16.8 )% $ 114,813 $ 113,252 $ 1,561 1.4 % Operating income (loss): Direct $ 11,291 $ 15,333 $ (4,042 ) (26.4 )% Retail 3,921 2,212 1,709 77.3 % Unallocated corporate (4,515 ) (4,862 ) 347 7.1 % $ 10,697 $ 12,683 $ (1,986 ) (15.7 )% BALANCE SHEET INFORMATION
The following summary contains information from our condensed consolidated balance sheets as of March 31, 2018 and December 31, 2017 (unaudited and in thousands):
As of March 31, 2018 December 31, 2017 Assets Cash and cash equivalents $ 23,747 $ 27,893 Available-for-sale securities 68,905 57,303 Trade receivables, net of allowances of $133 and $119 29,796 42,685 Inventories 37,699 53,354 Prepaids and other current assets 7,132 7,240 Income taxes receivable 30 17 Total current assets 167,309 188,492 Property, plant and equipment, net 16,591 15,827 Goodwill 61,963 62,030 Other intangible assets, net 56,933 57,743 Deferred income tax assets, non-current 287 — Other assets 704 684 Total assets $ 303,787 $ 324,776 Liabilities and Shareholders' Equity Trade payables $ 41,724 $ 66,899 Accrued liabilities 12,126 10,764 Warranty obligations, current portion 3,900 3,718 Note payable, current portion 15,993 15,993 Total current liabilities 73,743 97,374 Warranty obligations, non-current 2,158 2,399 Income taxes payable, non-current 3,103 2,955 Deferred income tax liabilities, non-current 9,687 8,558 Other non-current liabilities 2,208 2,315 Note payable, non-current 27,988 31,986 Shareholders' equity 184,900 179,189 Total liabilities and shareholders' equity $ 303,787 $ 324,776 RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
The following table presents a reconciliation of EBITDA from continuing operations for the three months ended March 31, 2018 and 2017 (unaudited and in thousands):
Three Months Ended
March 31,
2018 2017 Income from continuing operations $ 8,140 $ 8,185 Interest expense, net 21 313 Income tax expense of continuing operations 2,523 4,138 Depreciation and amortization 2,439 2,244 Earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations $ 13,123 $ 14,880
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005721/en/
Investor Relations Contact:
ICR, LLC
John Mills, 646-277-1254
Source: Nautilus, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-nautilus-inc-reports-results-for-the-first-quarter-2018.html |
BEIRUT (Reuters) - The Syrian army has restored control over all areas surrounding the capital Damascus for the first time since early in the seven-year-old war, after pushing Islamic State militants out of a south Damascus pocket, the military said.
A view of damaged buildings in al-Hajar al-Aswad, Syria May 21, 2018. REUTERS/Omar Sanadiki Pro-Syrian government forces have been battling for weeks to recover al-Hajar al-Aswad district and the adjacent Yarmouk Palestinian refugee camp from Islamic State since driving rebels from eastern Ghouta in April.
In a televised statement Syria’s army high command said al-Hajar al-Aswad and Yarmouk had been cleared of militants.
“Damascus and its surroundings and Damascus countryside and its villages are completely secure areas,” the statement said, adding that the army would continue to fight “terrorism” across Syria.
With its complete capture of the environs of the capital, the government of President Bashar al-Assad is now in by far its strongest position since the early days of the war, which has killed more than half a million people and driven more than half the population from its homes since 2011.
Anti-Assad rebels now mainly control just two large areas in the northwest and southwest near borders with Turkey and Jordan. Turkey and the United States also have presences in parts of Syria outside government control.
The ultra-hardline jihadist group Islamic State, which was driven from most of the Euphrates River valley last year, now controls only two besieged desert areas in eastern Syria. Another insurgent group that has pledged loyalty to it holds a small enclave in the southwest.
Islamic State also captured a third of neighbouring Iraq in 2014 but was largely defeated there last year.
FIRING IN CELEBRATION A temporary humanitarian ceasefire had been in place since Sunday night in al-Hajar al-Aswad to allow women, children and old people to leave the area, state media said early on Monday.
A man gestures as he sits on the rubble of damaged buildings in al-Hajar al-Aswad, Syria May 21, 2018. REUTERS/Omar Sanadiki Army soldiers fired into the air in celebration and held Syrian flags, against a smashed cityscape of shattered buildings and widespread destruction, state television footage showed.
Buildings and walls were pocked-marked from bullets and shell-fire, metal satellite dishes were bent and scorched, and the dome of a mosque had a gaping hole near its base.
On Sunday, a war monitor said fighters had begun withdrawing from the area towards Islamic State territory in eastern Syria under a surrender deal, but state media said fighting continued.
The war monitor, the Britain-based Syrian Observatory for Human Rights, said on Monday that buses had already started leaving south Damascus for Islamic State areas in eastern Syria.
A U.S.-led military coalition fighting Islamic State in Syria and Iraq said in an emailed statement to Reuters it was “aware of reports of an evacuation near Yarmouk and south Damascus” and was monitoring the situation.
While Assad has vowed to win back “every inch” of Syria, the map of the conflict suggests a complicated time ahead.
The U.S. military is in much of the east and northeast, which is controlled by Kurdish groups that want autonomy from Damascus. It has used force to defend the territory from pro-Assad forces.
Turkey has sent forces into the northwest to counter those same Kurdish groups, carving out a buffer zone where anti-Assad rebels have regrouped.
Syrian army soldiers walk past rubble along a street in al-Hajar al-Aswad, Syria May 21, 2018. REUTERS/Omar Sanadiki In the southwest, where rebels hold territory at the Israeli and Jordanian border, Assad faces the risk of conflict with Israel, which wants his Iranian-backed allies kept well away from the frontier and has mounted air strikes in Syria.
Reporting by Angus McDowall and Lisa Barrington, Editing by Richard Balmforth, Peter Graff, William Maclean
| ashraq/financial-news-articles | https://in.reuters.com/article/mideast-crisis-syria/temporary-ceasefire-in-damascus-militant-pocket-syrian-state-media-idINKCN1IM0NB |
BEIJING (Reuters) - China on Thursday criticized the United States for uninviting it from a major U.S.-hosted naval drill in response to what it sees as Beijing’s militarization of islands in the disputed South China Sea.
FILE PHOTO: Chinese Foreign Ministry spokesman Lu Kang points out a reporter to receive a question at a regular news conference in Beijing, October 27, 2015. REUTERS/Kim Kyung-Hoon/File Photo China has sovereign rights in the South China Sea and it is not realistic for the United States to use this kind of action to try to coerce it, Foreign Ministry spokesman Lu Kang told a daily news briefing.
Reporting by Michael Martina; Writing by Ben Blanchard
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-military-exercise/china-slams-u-s-for-linking-exercise-cancellation-to-south-china-sea-idUSKCN1IP118 |
May 3, 2018 / 10:04 AM / Updated 10 minutes ago Deals of the day-Mergers and acquisitions Reuters Staff 2 Min Read
May 3 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 1000 GMT on Thursday:
** Volkswagen is pondering spin-offs of non-core assets such as motorcycle maker Ducati and transmissions maker Renk, its new chief executive said, as the group seeks to boost its efficiency and become more nimble.
** Germany’s biggest residential property company, Vonovia , announced plans for a public cash offer for Swedish real estate company Victoria Park AB for 9.56 billion Swedish krona ($1.08 billion).
** Pillarstone has taken over Manucor after restructuring the Italian packaging firm’s debt, the debt managing platform set up by U.S. investment firm KKR said.
** Canadian media company Stingray Digital Group Inc said it would buy Newfoundland Capital Corp for about C$506 million ($393.01 million), including debt, adding radio broadcasting assets to its business.
** Australian gas producer Santos Ltd said it expects to complete talks with suitor Harbour Energy within a few weeks, as the U.S. private equity-backed firm finalises due diligence on its $10.4 billion takeover offer. (Compiled by Sanjana Shivdas in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SA3DZ |
Technician: Still a long-term bull market for bonds 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/2018/05/15/technician-still-a-long-term-bull-market-for-bonds.html |
COLDWATER, Mich., May 10, 2018 (GLOBE NEWSWIRE) -- At the Southern Michigan Bancorp, Inc. (OTC Pink:SOMC) annual meeting Chairman and CEO John Castle announced that the board of directors approved an increase to the quarterly cash dividend that will be paid in July 2018. The $0.22 per share dividend is an increase of $0.01 per share over the April 2018 cash dividend payment. The annualized cash dividend of $0.88 per share represents a 2.32% dividend yield based on the current market price of $38.00 per share. The dividend will be payable July 20, 2018 to shareholders of record as of July 6, 2018.
Southern Michigan Bancorp, Inc. is a bank holding company and the parent company of Southern Michigan Bank & Trust. It operates 14 branches within Branch, Calhoun, Hillsdale, Kalamazoo and St. Joseph Counties, providing a broad range of consumer, business and wealth management services throughout the region. For more information, please visit the Southern Michigan Bank & Trust website, www.smb-t.com .
This press release contains forward-looking statements that are based on management’s beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and Southern Michigan Bancorp, Inc. Although we currently expect to continue to pay a quarterly cash dividend, each future dividend will be considered and declared by the board of directors in its discretion. Whether the board of directors continues to declare dividends depends on a number of factors, including our future financial condition and profitability. Forward-looking statements are based upon current beliefs and expectations and involve substantial risks, uncertainties and assumptions (“risk factors”), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. We undertake no obligation to update or revise our forward-looking statements to reflect developments that occur or information obtained after the date of this report.
CONTACT:
John H. Castle, CEO
(517) 279-5500
Source:Southern Michigan Bancorp Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-southern-michigan-bancorp-inc-announces-increase-in-quarterly-dividend.html |
SEOUL (Reuters) - U.S. activist fund Elliott Management said it will vote against Hyundai Motor Group’s restructuring plan and urged other shareholders to reject the proposal to reform South Korea’s second-largest conglomerate.
FILE PHOTO: A worker works at an assembly line of Hyundai Motor's plant in Asan, South Korea, January 27, 2016. REUTERS/Kim Hong-Ji/File Photo A Hyundai Motor Group executive responded that the proposed arrangements to simplify the automaker’s complex ownership structure would not change and promised higher returns for shareholders.
“Elliott is one of many people who express their opinions,” Cheong Jin-haeng, president of Hyundai Motor Group, told reporters on the sidelines of an industry event.
Measures to boost investor returns would be laid out after a meeting on May 29 where shareholders will vote on the restructuring, he added.
Elliott said in a statement late on Thursday that the restructuring plan was “based on flawed assumptions” and the conglomerate’s “token measures” to buy back and cancel shares were not enough to achieve fair value for investors.
FILE PHOTO: A Hyundai logo is seen at Hyundai of Serramonte in Colma, California, U.S., October 3, 2017. REUTERS/Stephen Lam/File Photo “More significant measures are needed to address the long-unresolved issues at the group that have led to significant valuation discounts and underperformance at Hyundai Mobis, ( 012330.KS ) Hyundai Motor ( 005380.KS ) and Kia ( 000270.KS ),” Elliott said.
Under the plan, auto-parts maker Hyundai Mobis will spin off its domestic module and after-service parts businesses and merge them with Hyundai Glovis, ( 086280.KS ) a logistics firm.
Elliott says it holds over 1.5 percent of common shares in Hyundai Mobis. Hyundai Motor Group Chairman Chung Mong-koo and the group’s affiliates own a total 30 percent stake in Mobis, which will put the spin-off plan to a shareholder vote. The state-run National Pension Service holds a nearly 10 percent stake in Hyundai Mobis.
Elliott, which disclosed in April that it holds more than $1 billion worth of shares in three key affiliates of Hyundai Motor Group, previously called on the company to adopt a holding company strategy and appoint more independent board members.
It is Elliott’s latest challenge to South Korea’s powerful family-run conglomerates after it forced Samsung Electronics Co Ltd ( 005930.KS ) to increase shareholder returns in 2017, and comes amid a government campaign to boost investors’ power in a country where shareholder activism is rare.
In 2015, Elliott narrowly lost a battle to block the merger of two Samsung Group affiliates. The deal was later implicated in a corruption scandal which led to the jailing of the country’s former president and bribery charges against Samsung Group heir Jay Y. Lee, who denies any wrongdoing.
Elliott is seeking compensation from the government of no less than $670 million as part of an ongoing legal dispute over the 2015 merger, according to a letter seen by Reuters.
Hyundai Motor said in late April it would cancel $890 million worth of treasury shares, its first stock cancellation in 14 years. Hyundai Mobis said earlier this month it would cancel about 600 billion won ($562 million) in treasury shares from next year, and pay dividends in more installments.
Shares in Hyundai Motor were 0.3 percent higher, compared to the wider market's .KS11 0.5 percent rise as of 0124 GMT. Hyundai Mobis were up 1.3 percent, while Kia Motors was up 0.5 percent.
“Elliott’s stakes in Hyundai Motor Group companies are known to be small. The move was expected,” said Esther Yim, analyst at Samsung Securities.
Reporting by Joyce Lee, Hyunjoo Jin and Heekyong Yang; Additional reporting by Dahee Kim and Ju-min Park; Editing by Stephen Coates
| ashraq/financial-news-articles | https://www.reuters.com/article/us-hyundai-motor-elliott/u-s-activist-fund-elliott-to-vote-against-hyundai-restructuring-plan-idUSKBN1IB350 |
BRUSSELS (Reuters) - The European Commission on Wednesday recommended closing a European Union fiscal procedure against France, nine years after it was opened, saying the country had embarked on a “solid” path towards reducing its deficit spending.
FILE PHOTO: Workers adjust and clean the logo of the European Commission at the entrance of the Berlaymont building, the EC headquarters, in Brussels September 12, 2013. REUTERS/Yves Herman The widely expected move comes as France’s deficit dropped below the required ceiling last year and is expected to stay below 3 percent of gross domestic product this year and next.
“We believe that the trajectory of France is robust and solid,” the EU economics commissioner Pierre Moscovici told a news conference.
The EU opened the procedure against France in 2009 when it expanded its public spending in the face of the global financial crisis.
The procedure could lead to fines but the commission has so far refrained from imposing financial sanctions. EU states decide the formal closure of a procedure following a commission’s proposal.
After years of spending above the EU limits, France recorded a deficit of 2.6 percent of its gross domestic product last year, as economic growth strengthened and President Emmanuel Macron took office.
The Commission forecast that the French deficit will drop further this year to 2.3 percent of GDP and will remain below the 3 percent ceiling in 2019.
However, the country’s debt remains well above the EU limit of 60 percent of GDP at over 90 percent of the economy. France is also the EU state with the highest level of public expenditure, the commission said.
“The effort should now focus on reducing the structural deficit and on improving the quality and the structure of the public expenditure,” Moscovici said.
In a statement released after the commission’s recommendations, France’s Finance Minister Bruno Le Maire said the French government would respect its fiscal commitments and pursue reforms to facilitate growth.
Reporting by Francesco Guarascio; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-france-budget/france-exits-eu-deficit-procedure-after-nine-years-commission-idUSKCN1IO1OL |
May 22 (Reuters) - UGI Corp:
* PRESS RELEASE - UGI ENERGY SERVICES ANNOUNCES NEW MARCELLUS SHALE DEVELOPMENT PROJECT
* UGI ENERGY SERVICES - EXPANDED AUBURN GATHERING SYSTEM WITH CONSTRUCTION OF 2 COMPRESSOR STATIONS IN SUSQUEHANNA COUNTY & WYOMING COUNTY
* UGI ENERGY SERVICES - EXPANDED SYSTEM WILL INCREASE CAPACITY OF AUBURN GATHERING SYSTEM BY ABOUT 150,000 DEKATHERMS PER DAY
* UGI ENERGY SERVICES - NEW MARCELLUS SHALE DEVELOPMENT PROJECT WILL TRANSPORT GAS FROM ACREAGE BEING PRODUCED BY CABOT OIL & GAS CORPORATION
* UGI ENERGY SERVICES - NEW MARCELLUS SHALE DEVELOPMENT PROJECT SUPPORTED BY LONG-TERM AGREEMENT & WILL REQUIRE TOTAL CAPITAL INVESTMENT OF $50 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ugi-energy-services-announces-new/brief-ugi-energy-services-announces-new-marcellus-shale-development-project-idUSASC0A3A4 |
Ohio voters have picked the major party nominees for the latest in a string of House special elections with implications for control of the chamber after November's midterms.
Democratic Franklin County Recorder Danny O'Connor is projected to win Tuesday's primary for Ohio's 12th District special election, according to NBC News. While NBC has not called the GOP primary for the seat, state Sen. Troy Balderson leads with nearly all votes counted.
The candidates are expected to emerge from from crowded primary fields to compete in an Aug. 7 special election to serve until January. O'Connor and Balderson are also expected to represent their parties in the November general election. The seat, vacated by GOP Rep. Pat Tiberi's resignation, will serve as another litmus test for Democrats as they try to win suburban areas that have recently tilted red.
The minority party hopes to win the 23 Republican-held seats in November needed to take a majority in the chamber. The 12th District sits in suburban Columbus and nearby rural areas, and is wealthier and better educated than the median congressional district. Winning districts like it could prove crucial to Democrats' ability to flip the House.
show chapters Watch these GOP candidates echo Trump to win over voters 10:46 AM ET Sat, 5 May 2018 | 01:51 Democrats hope recent strong performances in red pockets of Pennsylvania and Arizona bode well for the party's ability to compete in some districts President Donald Trump carried in 2016. Cook Political Report's Partisan Voter Index, which gauges how areas vote relative to the rest of the country, rates the 12th District as an "R+7" region.
Cook, the nonpartisan elections site, lists the race as a "toss up" following Tuesday's primaries. Another nonpartisan handicapper, Sabato's Crystal Ball, classifies it as a race that "leans Republican."
The candidates O'Connor has taken a platform similar to those employed by other Democrats who have tried to win in red-leaning areas. He has pledged to protect Social Security and Medicare and to expand health-care coverage.
O'Connor has also called for more bipartisan cooperation and "changes in leadership" on both sides of the aisle, according to Politico . He echoes other candidates who have either declined to support or outright opposed House Minority Leader Nancy Pelosi .
He has received endorsements from former Ohio Gov. Ted Strickland and Democratic Rep. Tim Ryan, who previously challenged Pelosi to lead House Democrats.
To prevail, O'Connor will likely need to win over highly educated independents and Republicans in Columbus' outskirts who disapprove of Trump.
Should Balderson hold on in the primary, the GOP's establishment lane gets its preferred candidate. Tiberi backed Balderson and even supported him with his own campaign funds.
He is trying to hold off Melanie Leneghan, who ran to the right of Balderson and received the endorsement of hardline conservative Rep. Jim Jordan, R-Ohio.
Balderson has run on a platform that largely emulates Trump. He says he wants to replace the Affordable Care Act and backs Trump's tax plan and proposed border wall. On his website, Balderson says he "will work with the president to drain the swamp and fight unfair trade practices hurting Ohio businesses and families."
It remains to be seen whether one candidate can establish a fundraising advantage in the special election. O'Connor and Balderson had roughly the same amount of cash on hand, hovering around $100,000, as of mid-April. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/primary-results-ohio-picks-candidates-for-12th-district-house-special-election.html |
May 22 (Reuters) - VON ROLL HOLDING AG:
* SALE OF LUHE SITE * WILL RECEIVE OVER CHF 10 MILLION FROM SALE Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-von-roll-holding-sales-luhe-site-f/brief-von-roll-holding-sales-luhe-site-for-over-chf-10-mln-idUSFWN1SS0X2 |
A quarter century of mistrust and violated agreements would seem to offer little room for optimism ahead of an upcoming summit between the leaders of the U.S. and North Korea. History, however, is not a straitjacket, and past patterns are not destined to repeat, even if they continue to exert strong influence.
If a chance exists for a different outcome, it comes not only from political will, but also from the changing circumstances in and around the Korean Peninsula. The very fact that Pyongyang and Washington are in discussions to plan a summit between President Donald Trump and North Korean leader Kim Jong Un is, itself, a sign of those changes.
A willingness to have meetings at the highest level marks a major divergence from past interactions between the two nations, even if the baseline demands have not changed. The U.S. continues to demand the complete, verifiable, and irreversible denuclearization of North Korea. North Korea continues to demand that the U.S. remove nuclear weapon-capable aircraft from South Korea, offer a security guarantee that it will not attack North Korea or undermine its government, replace the current Korean Armistice Agreement with a peace accord, and establish formal diplomatic relations.
But these are tactical issues, not strategic drivers of engagement. North Korea’s drive for deliverable nuclear weapons has long been tied to a desire to ensure regime security. But survival—for a regime or a nation—is not a static goal as global circumstances constantly shift. The rise of China and the revival of Japan leave the Korean Peninsula once again the minnow between whales, and a divided Korea is an exploitable Korea. Regime survival depends upon national strength, and neither isolation nor the goodwill of China and Russia are sufficient for North Korea’s freedom of maneuver. The changing regional balance of power compels Pyongyang to break from its past pattern of isolationism.
China’s rise also changes the priorities in Washington. For more than a decade and a half, the U.S. has been engaged in an overseas war against non-state actors. Now the strategic realities of peer competition and the recognition that globalization will never lead to a borderless world are refocusing the U.S. strategic vision and China is squarely at the center. A shift in relations with North Korea could present the U.S. with the ability to reshape its strategic posture in Asia, a lower-scale echo of Nixon’s opening with China during the Cold War. U.S. forces in the Korean Peninsula are largely held hostage to the Korean standoff and therefore ill-structured to address the broader strategic challenges in the region. In addition, a neutral or even cooperative North Korea could be seen by China as part of an expanding belt of American containment.
These are broad strategic concepts, and in reality such ideas are often overtaken by near-term constraints and realities. Yet there is a serious opportunity for change on this front as well; the leaders of both nations are relatively new and have unorthodox governing approaches.
Trump has shown he doesn’t hold himself to the same political constraints normally felt by a U.S. president. This creates the space for actions that would not be considered politically feasible by more traditional career politicians. Even the very act of accepting a summit with Kim before lower-level meetings have played out represents a break with political norms. And in dialogue with Kim, Trump’s strong rhetoric against the young North Korean leader could shield him at home from accusations of “giving in” to the North.
In Pyongyang, the differences are even more significant. Kim represents the third generation of this North Korean regime and its ruling elite, and is shaped by a very different set of experiences than his predecessors were. While these generations are connected through policy and the momentum of history, the current North Korean leader has more room to maneuver than his father and grandfather did.
The first generation, led by Kim Jong Un’s grandfather Kim Il Sung, were the true revolutionaries who fought the Japanese and Americans and built North Korea. The second generation, led by Kim Il Sung’s son Kim Jong Il, were mostly educated in the Eastern Bloc, particularly the Soviet Union or China, and often in the technocratic fields. But by the 1990s, North Korean elites were beginning to follow China’s example and sending their children to school in Western Europe.
The result is that this third generation, now moving into the ranks of power in North Korea, has a greater understanding and interaction with the West compared to their parents, who came of age at the height of the Cold War. Additionally, the new generation has a different understanding of methods to retain power and influence in a more open, economically connected North Korea.
Since the mid-1990s, North Korea had also stemmed most of its terrorism abroad, meaning that there are fewer members of this third generation that had any active role in those decisions. That frees them up for dialogue with South Korea, as one of the restrictions on their elders was the global effort to hold individual leaders responsible for their actions in international courts and tribunals.
Kim Jong Un and his regime’s experiences—and changing circumstances—open them to new options if and when they sit down for direct talks with Trump. The question is whether this shift can converge with the current U.S. political climate to realize a different outcome to peace talks this time around.
Rodger Baker is vice president of strategic analysis at Stratfor.com , a geopolitical intelligence firm producing analysis and forecasting that empower businesses, governments, and globally engaged professionals. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/north-south-korea-trump-kim-jong-un-peace/ |
May 1 (Reuters) - UNITED ELECTRONICS COMPANY JSC:
* Q1 NET PROFIT 21.6 MILLION RIYALS VERSUS 13 MILLION RIYALS YEAR AGO
* Q1 SALES 865 MILLION RIYALS VERSUS 805 MILLION RIYALS YEAR AGO Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saudis-united-electronics-q1-profi/brief-saudis-united-electronics-q1-profit-rises-idUSFWN1S71FU |
NEW YORK--(BUSINESS WIRE)-- Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Funko, Inc. (NASDAQ:FNKO) pursuant to and/or traceable to the Registration Statement and Prospectus issued in connection with Funko’s initial public offering on or about November 1, 2017 (the “IPO”) of the important June 4, 2018 lead plaintiff deadline in the class action. The lawsuit seeks to recover damages for Funko investors under the federal securities laws.
To join the Funko class action, go to http://rosenlegal.com/cases-1297.html or call Phillip Kim, Esq. or Zachary Halper, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, the documents filed in connection with the IPO contained materially false and/or misleading statements and/or failed to disclose that: (1) Funko’s profits and growth were not as positive as Funko represented; (2) as a result, Defendants’ statements in Funko’s Registration Statement and Prospectus regarding Funko’s business, operations, and prospects were materially false and/or misleading. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to join the litigation, you must move the Court no later than June 4, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://rosenlegal.com/cases-1297.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Zachary Halper, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected] .
Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm .
Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Attorney advertising. Prior results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005824/en/
The Rosen Law Firm, P.A.
Laurence Rosen, Esq.
Phillip Kim, Esq.
Zachary Halper, Esq.
275 Madison Avenue, 34 th Floor
New York, NY 10016
Tel: 212-686-1060
Toll Free: 866-767-3653
Fax: 212-202-3827
[email protected]
[email protected]
[email protected]
www.rosenlegal.com
Source: Rosen Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-fnko-loss-notice-rosen-law-firm-reminds-funko-inc-investors-of-important-june-4-deadline-in-class-action.html |
NEW YORK, May 29 (Reuters) - The S&P 500 and the Dow Jones Industrial Average suffered their biggest one day percentage drop in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the euro zone and shares of U.S. banks tumbled.
The Dow Jones Industrial Average fell 391.64 points, or 1.58 percent, to 24,361.45, the S&P 500 lost 31.47 points, or 1.16 percent, to 2,689.86 and the Nasdaq Composite dropped 37.26 points, or 0.5 percent, to 7,396.59.
Reporting by Chuck Mikolajczak; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-snapshot-wall-street-drops-on-italy-worries-idUSZXN0RB62I |
May 7 (Reuters) - Enable Midstream Partners LP:
* ENABLE MIDSTREAM PARTNERS LP FILES FOR POTENTIAL MIXED SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2I2VifB )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-enable-midstream-partners-files-fo/brief-enable-midstream-partners-files-for-potential-mixed-shelf-offering-idUSFWN1SE0PZ |
May 2 (Reuters) - Freedom Foods Group Ltd:
* CONFIRMS INTENTION TO PROCEED WITH CAPACITY UPGRADE TO SHEPPARTON DAIRY FACILITY FOR AN $29 MILLION INVESTMENT
* TO FUND PLANNED EXPANSION THROUGH UTILISATION OF FUNDS FROM RECENT $200 MILLION CAPITAL RAISING
* UPGRADE OF SHEPPARTON DAIRY PROCESSING CAPABILITIES TO RAISE TOTAL DAIRY MILK PROCESSING CAPACITY TO 500 MILLION LITRES P.A. Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freedom-foods-group-intends-to-inv/brief-freedom-foods-group-intends-to-invest-29-mln-to-upgrade-capacity-of-shepparton-dairy-facility-idUSFWN1S80M4 |
Fiat Chrysler told a federal judge overseeing a lawsuit alleging cybersecurity risks in Jeep vehicles that it would ask the 7th U.S. Circuit Court of Appeals to rehear its petition to toss the case, just hours after the judge set a July trial date in the litigation.
Fiat, which in April unsuccessfully petitioned the federal appeals court to hear its interlocutory appeal, on Tuesday said it would file a motion for reconsideration with the 7th Circuit.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2L9HHVI
| ashraq/financial-news-articles | https://www.reuters.com/article/products-fiat-hacking/fiat-makes-last-ditch-effort-to-have-hacking-case-thrown-out-by-7th-circuit-idUSL2N1SN2H4 |
May 17, 2018 / 8:48 PM / Updated 14 hours ago Backstory: Calculating the gender gap in the technology sector Lauren Young 3 Min Read
NEW YORK - As she reported on sexual harassment issues at big companies, Jennifer Saba, a Breakingviews columnist, looked for a concrete way to quantify the gender gap in the technology sector. Facebook employees work in the design studio at the company's headquarters in Menlo Park, California March 2, 2012. REUTERS/Robert Galbraith
Saba decided to focus on Facebook ( FB.O ), Google ( GOOGL.O ) and Apple since all of the Silicon Valley companies have a predominately male workforce and publish reams of data on hiring practices.
That data is at the core of the latest Breakingviews calculator, which crunches the numbers and finds that it could take nearly a decade or longer to reach gender parity at Facebook, Google and Apple.
( here ) Slideshow (2 Images)
Users can input data on their employers to see how long it would take for women to make up half of a company’s workforce.
Since 2012, Breakingviews has created more than 40 calculators, looking at such topics as the true cost of Brexit ( here ) and how much bond investors would lose as interest rates rose ( here ).
Working with U.S. editor John Foley and graphics editor Vincent Flasseur, Saba reached out to the three companies to understand the factors behind a male-dominated workforce.
Since the companies would not divulge employee turnover, Saba used a baseline assumption of 20 percent, broadly in line with the technology industry. She also looked at current female workforce, female new hires and workforce annual growth.
“Simplicity makes it sharp,” Saba said.
The calculator demonstrated that at Apple and Google it would take 14 and 15 years, respectively, for women to comprise half the workforce. At Facebook, it would take seven years.
“All three companies have such an incredible impact in the world, yet they have a dearth of women employees,” Saba said. “A company should reflect its customer, at the very least.” Reporting by Lauren Young | ashraq/financial-news-articles | https://www.reuters.com/article/us-backstory-breakingviews-calculator/backstory-calculating-the-gender-gap-in-the-technology-sector-idUSKCN1II2WW |
May 9 (Reuters) - True North Commercial REIT:
* TRUE NORTH COMMERCIAL REIT REPORTS Q1 2018 RESULTS * TRUE NORTH COMMERCIAL REIT - QTRLY FFO PER UNIT $0.15
* TRUE NORTH COMMERCIAL REIT - QTRLY AFFO PER UNIT $0.14 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-true-north-commercial-reit-reports/brief-true-north-commercial-reit-reports-q1-ffo-per-unit-0-15-idUSASC0A17S |
VANCOUVER, British Columbia, May 22, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : ESI Energy Services Inc. CSE Symbol / Symbole CSE : OPI Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 9:57 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--opi.html |
Significant Financial and Operating Performance Improvements Forecasted By Recovery in the North Sea and Operational Efficiencies
HOUSTON, May 10, 2018 (GLOBE NEWSWIRE) -- GulfMark Offshore, Inc. (“GulfMark” or the “Company”) (NYSE:GLF) today announced its results of operations for the three-month period ended March 31, 2018. Items of note:
Free cash flow positive in Q1 2018 of $1.0 million, excluding final charges from 2017 restructuring of $10.4 million and cash debt cost of $2.4 million Forecasting to be cash flow positive in Q4 2018 Forecasting EBITDA positive for remainder of 2018 North Sea average day rates up 13% from Q4 2017 Forecasting North Sea average day rates up a further 20% or more in Q2 2018 Relocated two North Sea vessels from the Americas back to the UK during Q1 2018 to capitalize on improving North Sea market Spot day rates for large North Sea vessels have hit $29,000 this year Summer- term day rates for large North Sea vessels topping out at $17,000, 55% above comparative 2017 day rates G&A expense down 16% since Q4 2017; on target for 25% year-over-year reduction (excluding severance cost & non-cash stock compensation) Gulf of Mexico showing first signs of market tightening, with leading- edge, large vessel day rates up 5% since Q4 2017 No required capital commitments
Quintin Kneen, President and CEO, commented, “The momentum of the turnaround of GulfMark has increased since our last call. We are experiencing a strengthening market in our leading North Sea position, where we achieved a 13% sequential quarterly increase in average day rates. We are forecasting a further 20%, perhaps more, sequential quarterly increase in average day rates for the second quarter. The shore-base restructuring we discussed last quarter is evident in the sequential quarterly decrease in G&A expense of 16%. We are well on our way to achieve our goal of returning to cash flow positive.
“The first quarter is typically the calendar year quarter in which we post our lowest performance due to the North Sea weather. This year is no different, and I expect that we will see improving performance throughout the remainder of the year. As the leading operator in the North Sea, we are the best positioned company to capitalize on the improving conditions in that market. We are starting to see signs of improvement in the Americas region as well. Sequential quarterly increases in average day rates for the larger PSVs in the Americas are up 5% over the fourth quarter of 2017. The Baker Hughes offshore rig count for the U.S. Gulf of Mexico dipped down in the first quarter of 2018, but since the end of the first quarter is back up nearly 60%, from 12 at the end of March back to 19. Vessel supply is tightening and the improving vessel day rates are reminiscent of what we saw in the North Sea region in 2017. Based on this pattern, 2019 should be the turnaround year for the Americas."
Kneen continued, “Returning to sustainable, positive cash flow is key to every member of the GulfMark team. Achieving this will take continued innovation and attention. We achieved the substantial reduction in G&A we promised and we continue to look for ways to optimize our shore-based cost leadership. We are forecasting to be EBITDA positive for the remainder of the year, to be cash flow positive in Q4 of 2018, and we will continue to look for ways to improve our operating performance and cash flow through innovative shore-base technologies and operating structures.
“As we go through the remainder of 2018 we will be focused on improving operating expenses by teaming up with vendors to achieve not only cost leadership in shore-base operations but cost leadership in vessel operations. We continue to embrace technology by exploring ideas that will help reduce cost. For example, as announced by Wartsila in April, we have been teaming up with them since last year in the development of transformational automation and digitalization of vessel operations dedicated to improving offshore efficiency and safety. We had our second remotely operated vessel trial earlier this year and we are excited about what the future holds for offshore operations.
“I continue to be amazed at what our employees are accomplishing. As a result of continuous automation and efficiency improvements, what was once being done by over 200 people on shore is now being done by less than 100, without compromising safety or vessel reliability. The spirit and positive attitude toward our goal of getting back to being cash flow positive is bringing everyone together and fueling new and exciting efficiency initiatives. My sincere thanks go out to all of our employees worldwide for their dedication to GulfMark.”
As more fully explained in the Company’s Form 10-K that was filed on April 2, 2018, the Company emerged from Chapter 11 bankruptcy on November 14, 2017, at which time it adopted fresh start accounting in accordance with applicable accounting and reporting regulations. This resulted in the Company becoming a new entity for financial reporting purposes on November 15, 2017.
Conference Call/Webcast Information
GulfMark will conduct a conference call to discuss earnings with analysts, investors and other interested parties at 9:00 a.m. Eastern Time on Friday, May 11, 2018. To participate in the call, investors in the U.S. should dial 1-888-317-6003 at least 15 minutes before the start time and when prompted, enter the conference passcode 1616436. Canada-based callers should dial 1-866-284-3684 , and international callers outside of North America should dial 1-412-317-6061 . The webcast of the conference call also can be accessed by visiting our website, www.gulfmark.com . An audio file of the earnings conference call will be available on the Company’s website approximately two hours after the end of the call.
GulfMark Offshore, Inc. provides marine transportation services to the energy industry through a fleet of offshore support vessels serving major offshore energy markets in the world.
Contact: Sam Rubio E-mail: [email protected] (713) 963-9522 Certain statements and information in this press release that are not historical facts may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “expected to be,” “anticipate,” “plan,” “intend,” “foresee,” “forecast,” “continue,” “can,” “will,” “will continue,” “may,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements in this press release that contain forward-looking statements may to, information concerning our possible or assumed future results of operations and statements about future operating expenses, liquidity, vessels sales, market developments, taxes, reductions in costs and expenses, and funding of capital commitments. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues are based on our forecasts for our existing operations. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements to the price of oil and gas and its effect on offshore drilling, vessel utilization and day rates; industry volatility; fluctuations in the size of the offshore marine vessel fleet in areas where the Company operates; changes in competitive factors; delays or cost overruns on construction projects, and other material factors that are described from time to time in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Consequently, these forward-looking statements should not be regarded as representations that the projected or anticipated outcomes can or will be achieved. These forward-looking statements speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (GAAP), this earnings release also includes non-GAAP financial measures (as defined under the SEC’s Regulation G). Net income, excluding gains & costs, as well as measures derived from it (including diluted EPS, excluding gains & costs; and effective tax, excluding gains & costs) are non-GAAP financial measures. Management believes that the exclusion of certain gains & costs from these financial measures enables it to evaluate more effectively GulfMark’s operations period over period, and to identify operating trends that could otherwise be masked by the excluded items. The foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. The following tables include a reconciliation of these non-GAAP measures to the comparable GAAP measures.
Consolidated Income Statements Q1 2018 Q4 2017 Q1 2017 (in thousands, except per share data) Successor Successor Predecessor Predecessor Three Months Ended
March 31,
2018 Period from November 15
Through December 31,
2017 Period from October 1
Through November 14,
2017 Three Months Ended
March 31,
2017 (unaudited) (unaudited) Revenue $ 24,366 $ 13,593 $ 13,424 $ 24,359 Direct operating expenses 21,975 9,859 10,830 19,175 Drydock expense - - (262) 2,902 General and administrative expenses 6,909 3,407 5,409 9,578 Pre-petition restructuring charges - 1 24 5,853 Depreciation and amortization 8,941 4,425 6,731 13,570 Loss on sale of assets 25 - - 5,273 Operating Loss (13,484) (4,099) (9,308) (31,992) Interest expense (2,754) (1,343) (1,471) (18,436) Interest income 121 57 1 7 Reorganization items (285) (969) (305,946) - Foreign currency gain (loss) and other 1,650 (439) (247) (187) Loss before income taxes (14,752) (6,793) (316,971) (50,608) Income tax (provision) benefit (486) 10,304 106,057 (74,207) Net Income (Loss) $ (15,238) $ 3,511 $ (210,914) $ (124,815) Diluted Income (Loss) per share $ (1.52) $ 0.35 $ (8.03) $ (4.93) Weighted average diluted common shares 9,998 9,998 26,254 25,300 Other Data Revenue by Region (000's) North Sea $ 15,422 $ 8,304 $ 7,149 $ 13,995 Southeast Asia 1,937 1,368 1,324 3,168 Americas 7,007 3,921 4,951 7,196 Total $ 24,366 $ 13,593 $ 13,424 $ 24,359 Rates Per Day Worked North Sea $ 11,049 $ 9,765 $ 9,725 $ 10,437 Southeast Asia 4,717 5,359 5,414 5,433 Americas 7,107 8,098 7,919 8,790 Total $ 8,726 $ 8,441 $ 8,362 $ 9,272 Overall Utilization North Sea 56.8% 62.6% 63.9% 59.2% Southeast Asia 45.6% 53.3% 53.7% 58.1% Americas 36.9% 40.0% 43.3% 28.3% Total 46.3% 50.6% 52.7% 45.4% Average Owned Vessels North Sea 27.0 25.0 25.0 24.7 Southeast Asia 10.0 10.0 10.0 10.0 Americas 29.0 31.0 31.0 32.5 Total 66.0 66.0 66.0 67.2 Drydock Days North Sea 30 4 - 62 Southeast Asia - - - - Americas 10 5 1 5 Total 40 9 1 67 Deferred (Successor) / Expensed (Predecessor) Drydock Costs (000's) $ 2,256 $ 1,078 $ (262) $ 2,902
Consolidated Balance Sheets (dollars in thousands) March 31
2018 December 31,
2017 Current assets: (unaudited) Cash and cash equivalents $ 52,861 $ 64,613 Trade accounts receivable, net of allowance for doubtful accounts of $3,515 and $3,470, respectively 18,539 20,378 Other accounts receivable 3,196 7,471 Prepaid expenses and other current assets 8,512 11,058 Total current assets 83,108 103,520 Vessels, equipment and other fixed assets at cost, net of accumulated depreciation of $13,177 and $4,392, respectively 363,110 363,845 Construction in progress 334 283 Deferred costs and other assets 7,045 4,307 Total assets $ 453,597 $ 471,955 Current liabilities: Accounts payable $ 9,776 $ 12,770 Income and other taxes payable 1,371 1,540 Accrued personnel costs 5,290 5,040 Accrued interest expense 396 451 Accrued restructuring charges - 7,458 Other accrued liabilities 5,623 5,231 Total current liabilities 22,456 32,490 Long-term debt 92,436 92,365 Long-term income taxes: Deferred tax liabilities 2,869 2,992 Other income taxes payable 18,727 18,374 Other liabilities 1,135 1,244 Stockholders' equity: Preferred stock, $0.01 par value; 5,000 authorized; no shares issued - - Common stock, $0.01 par value; 25,000 authorized; 7,043 issued and 7,042 outstanding 70 70 Additional paid-in capital 317,932 317,932 Retained earnings (deficit) (11,727) 3,511 Accumulated other comprehensive income 9,699 2,977 Treasury stock (70) (70) Deferred compensation 70 70 Total stockholders' equity 315,974 324,490 Total liabilities and stockholders' equity $ 453,597 $ 471,955
Consolidated Statements of Cash Flows Q1 2018
Q4 2017
Q1 2017
(in thousands) Successor Successor Predecessor Predecessor Three Months Ended
March 31,
2018 Period from
November 15, 2017 to
December 31,
2017 Period from
October 1, 2017 to
November 14,
2017 Three Months Ended
March 31,
2017 Cash flows from operating activities: (unaudited) (unaudited) Net income (loss) $ (15,238 ) $ 3,511 $ (210,914 ) $ (124,815 ) Adjustments to reconcile net income (loss) to net cash used in operations: Depreciation and amortization 8,941 4,425 6,731 13,570 Loss on sale of assets 25 - - 5,273 Amortization of stock-based compensation - - 267 1,112 Amortization of deferred financing costs 519 275 6 10,283 Provision for doubtful accounts receivable, net of write-offs - - 80 546 Deferred income tax provision (benefit) (632 ) (9,658 ) (1,268 ) 73,216 Foreign currency (gain) loss (2,292 ) 392 325 298 Reorganization items, net - - 188,286 - Change in operating assets and liabilities: Accounts receivable 6,586 (1,275 ) (156 ) 1,558 Prepaids and other (800 ) 714 663 (1,009 ) Deferred drydocking costs (2,256 ) (1,078 ) - - Accounts payable (3,168 ) 424 3,170 (1,535 ) Other accrued liabilities and other (8,824 ) (6,986 ) 1,240 10,126 Net cash used in operating activities (17,139 ) (9,256 ) (11,570 ) (11,377 ) Cash flows from investing activities: Purchases of vessels, equipment and other fixed assets (126 ) (141 ) (81 ) (24,377 ) Proceeds from disposition of vessels and equipment 10 - - 3,000 Net cash used in investing activities (116 ) (141 ) (81 ) (21,377 ) Cash flows from financing activities: Proceeds from debt, net of direct financing cost - - 227,443 58,468 Repayments of debt - - (187,637 ) (2,000 ) Rights offering proceeds - - 124,979 - Borrowings under revolving loan facilities, net - - (65,443 ) - Proceeds from borrowings under DIP financing facilities - - (18,000 ) - Revolving loan facilities activity, net - - 2,000 - Debt issuance costs (228 ) (862 ) (8,398 ) (4,299 ) Net cash provided by (used in) financing activities (228 ) (862 ) 74,944 52,169 Effect of exchange rate changes on cash 2,271 (67 ) 185 (96 ) Net increase (decrease) in cash, cash equivalents and restricted cash (15,212 ) (10,326 ) 63,478 19,319 Cash, cash equivalents and restricted cash at beginning of period 68,073 78,399 14,921 8,822 Cash, cash equivalents and restricted cash at end of period $ 52,861 $ 68,073 $ 78,399 $ 28,141 Supplemental cash flow information: Interest paid, net of interest capitalized $ 2,216 $ 1 $ 4,405 $ 756 Income taxes paid, net 234 - 1,383 613
Contract Cover As of March 31, 2018 As of March 31, 2017 2018 2019 2017 2018 Region: Vessel Days Vessel Days Vessel Days Vessel Days North Sea 36% 14% 45% 27% Southeast Asia 16% 0% 21% 14% Americas 17% 0% 16% 3% Overall Fleet 24% 6% 28% 14% Reconciliation of Non-GAAP Measures: First Quarter 2018 (dollars in millions, except per share data) Operating Income (Loss) Other Income (Expense) Tax (Provision) Benefit Net Income (Loss) Diluted EPS Excluding Gains and Costs $ (13.5) $ (0.9) $ (0.6) $ (15.0) $ (1.50) Reorganization/Fresh Start Items (0.3) 0.1 (0.2) (0.02) U.S. GAAP $ (13.5) $ (1.2) $ (0.5) $ (15.2) $ (1.52) Reconciliation of Non-GAAP Measures: For the Period from October 1 Through November 14, 2017 (Predecessor) (dollars in millions, except per share data) Operating Income (Loss) Other Income (Expense) Tax (Provision) Benefit Net Income (Loss) Diluted EPS Excluding Gains and Costs $ (9.0) $ (1.8) $ (1.1) $ (11.9) $ (0.45) Reorganization/Fresh Start Items - (634.0) 221.9 (412.1) (15.70) Gain on Extinguishment of Debt - 343.0 (120.1) 223.0 8.49 Post Petition Expenses - (14.9) 5.2 (9.7) (0.37) Severance Costs (0.3) - 0.1 (0.2) (0.01) U.S. GAAP $ (9.3) $ (307.7) $ 106.1 $ (210.9) $ (8.03) Reconciliation of Non-GAAP Measures: For the Period from November 15 Through December 31, 2017 (Successor) (dollars in millions, except per share data) Operating Income (Loss) Other Income (Expense) Tax (Provision) Benefit Net Income (Loss) Diluted EPS Excluding Gains and Costs $ (4.1) $ (1.7) $ (5.2) $ (11.1) $ 1.93 Post Petition Expenses - (1.0) 0.3 (0.6) (0.06) Transition Tax on Foreign Earnings - - 15.2 15.2 1.52 U.S. GAAP $ (4.1) $ (2.7) $ 10.3 $ 3.5 $ 0.35
Owned Vessels by Classification AHTS PSV Region LgAHTS SmAHTS LgPSV PSV FSV SpV Total North Sea 3 - 24 - - - 27 Southeast Asia 8 2 - - - - 10 Americas - 2 21 4 1 1 29 11 4 45 4 1 1 66
EBITDA (unaudited) Successor Successor Predecessor Predecessor (in thousands)
Three Months Ended
March 31,
2018 Period from November 15
Through December 31,
2017 Period from October 1
Through November 14,
2017 Three Months Ended
March 31,
2017 Net Income (Loss) $ (15,238) $ 3,511 $ (210,914) $ (124,815) Interest expense 2,754 1,343 1,471 18,436 Interest income (121) (57) (1) (7) Income tax provision (benefit) 486 (10,304) (106,057) 74,207 Depreciation and amortization 8,941 4,425 6,731 13,570 EBITDA $ (3,178) $ (1,082) $ (308,770) $ (18,609) Reorganization items 285 969 305,946 - Foreign currency (gain) loss and other (1,650) 439 247 187 Adjusted EBITDA $ (4,543) $ 326 $ (2,577) $ (18,422)
Source:GulfMark Offshore, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-gulfmark-offshore-reports-results-of-operations-for-the-quarter-ended-march-31-2018.html |
May 15 (Reuters) - FirstService Corp:
* FIRSTSERVICE APPOINTS JOAN E. SPROUL TO ITS BOARD OF DIRECTORS
* SPROUL’S APPOINTMENT EXPANDS BOARD TO 8 DIRECTORS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-firstservice-appoints-joan-sproul/brief-firstservice-appoints-joan-sproul-to-its-board-of-directors-idUSASC0A2CU |
CAIRO, May 12 (Reuters) - Dozens of Egyptians have protested at Cairo metro stations in a rare display of public discontent as the government tightens spending and pushes austerity measures, according to posts on social media.
The government raised the price of tickets on Cairo’s loss-making metro on Friday, more than tripling some fares and setting off a wave of angry reaction on social media.
Posts showed people demanding it rescind the decision, with some jumping over ticket barriers, apparently refusing to pay the new fares.
“We will not move, we will not move,” a small crowd chanted at Dar el-Salam station in south Cairo as policemen looked on.
Interior Ministry and metro officials could not be reached for comment. It was not possible to verify the authenticity of the recordings.
Even small protests have been rare in Egypt since the army ousted President Mohamed Mursi, an Islamist, in 2013 following protests against his rule. A law passed in 2013 forbids demonstrations not approved by the Interior Ministry.
The fare rises came as Egypt pushes ahead with tough reforms tied to a $12 billion International Monetary Fund agreement that have included energy subsidy cuts and tax hikes and are aimed at boosting growth.
The metro system has accumulated losses of 618 million pounds ($34 million), state news agency MENA reported.
The government angered Cairo residents, already hit by a sharp rise in living costs, when it doubled the price of metro tickets last year for millions of commuters. (Reporting by Ali Abdelaty Writing by Arwa Gaballa; editing by Sami Aboudi and Angus MacSwan)
| ashraq/financial-news-articles | https://www.reuters.com/article/egypt-economy-protests/protests-in-cairo-over-metro-fare-rises-social-media-idUSL3N1SJ068 |
BRUSSELS, May 4 (Reuters) - Pilots of Lufthansa subsidiary Brussels Airlines plan to go on strike from May 11 in a dispute over pay and conditions.
The unions of pilots formally notified the airline of its intention on Friday, although there will be talks between Brussels Airlines and union representatives on Monday, the airline said.
“We have been in talks for a few weeks. For Monday and also after Monday there are meetings planned,” a Brussels Airlines spokeswoman said. “We hope that we can find a solution to prevent a possible strike.”
Pilots want a pay hike, a better work-life balance, improved career prospects and the possibility of earlier retirement. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)
| ashraq/financial-news-articles | https://www.reuters.com/article/airlines-belgium-strike/brussels-airlines-pilots-call-for-strike-from-may-11-idUSL8N1SB49B |
May 25, 2018 / 7:44 PM / Updated an hour ago Thousands protest Argentina's negotiations with IMF Reuters Staff 1 Min Read
BUENOS AIRES (Reuters) - Thousands of Argentines on Friday protested the government’s bid to secure a credit line from the International Monetary Fund, which they blame for hardship during a past financial crisis.
Opposition parties, unions, human rights organizations and artists took part in the march near the capital Buenos Aires’ emblematic obelisk, under the banner “the country is in danger.”
The protest is the latest of several organized since President Mauricio Macri announced on May 8 that he had started financing negotiations with the IMF after weeks of market volatility.
The unexpected move surprised investors and stoked Argentines’ fears of a repeat of the nation’s devastating 2001-2002 economic collapse.
Many Argentines blame IMF-imposed austerity measures for worsening the crisis, which impoverished millions and turned Argentina into a global pariah after the government defaulted on a record $100 billion in debt. Reporting By Nicolas Misculin, Writing By Mitra Taj; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-protest/thousands-protest-argentinas-negotiations-with-imf-idUSKCN1IQ2WG |
Italy's head of state has given the country's populist parties' choice of prime minister — a law professor called Giuseppe Conte — the mandate to lead the government, amid warnings from Europe for Italy to respect budget rules.
Italy's anti-establishment parties, the 5 Star Movement (M5S) and Lega, proposed Conte as their candidate to lead a coalition government to President Sergio Mattarella on Monday.
There was a delay to Mattarella's approval, however, with the president holding talks with the speakers of Italy's lower house and Senate over the choice while question marks were raised over the accuracy of Conte's prestigious credentials .
On Wednesday evening, however, Mattarella had conceded the mandate with Conte accepting the position, telling reporters: "I am about to start defending the interests of Italians in all places, in a dialogue with European and international institutions. I am looking forward to start working for real."
The euroskeptic M5S and right-wing Lega party — which both earned the most amount of votes in an election in March — will now draw up a list of ministers to present to Mattarella. It's likely that Lega leader Matteo Salvini will become interior minister while M5S leader Luigi Di Maio could become minister for labor and/or economic development.
When starting their negotiations to form a coalition, both leaders had vetoed each other becoming prime minister, hence their choice of Conte — although both deny that he represents the type of technocratic leader they've both criticized in the past.
While Lega and M5S may be celebrating taking a step closer to government, officials in Europe are concerned not only about the parties' euroskeptic stance, but also with their plans for spending.
Last week, M5S and Lega revealed plans to boost public spending, cut taxes, dilute reforms to the pension system and for a guaranteed basic income. While the measures might appeal to voters, EU officials are keeping a close eye on Italy's adherence to deficit rules.
On Wednesday, the European Commission warned the incoming government that it should continue to cut Italy's public debt . The third largest euro zone economy had a debt-to-gross domestic product (GDP) ratio of 131.8 percent in 2017 and a budget deficit of 2.3 percent in the same year.
Salvini and Di Maio have both said previously that the EU's budget deficit limit of 3 percent was hurting economic growth and should be changed. The commission warned that debt, which is accrued when governments spend more than they receive in taxes, was still a major issue for Italy.
"Italy's public debt remains a major source of vulnerability for the economy," the Commission said in a report Wednesday, recommending economic policy for EU states that coincided with Conte's appointment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/italys-populists-choice-of-pm-is-approved-as-europe-issues-a-warning-over-debt.html |
May 31, 2018 / 6:32 AM / Updated 6 minutes ago UK watchdog lodges complaint against Autonomy's auditors and finance executives Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s accountancy watchdog has filed formal complaints against the auditors and two former finance executives of Autonomy, the software business that was sold to Hewlett Packard (HP) for $11 billion (8.3 billion pounds) in 2011.
The Financial Reporting Council (FRC) said the conduct of auditors Deloitte, Richard Knights and Nigel Mercer, as well as that of former chief financial officer Sushovan Hussain and ex-vice president of finance Stephen Chamberlain, had fallen significantly short of standards expected of them.
Hussain and Chamberlain were alleged to have acted dishonestly and/or recklessly, including when preparing the company’s accounts for 2009 and 2010, the FRC said.
A date for a Tribunal hearing will be announced in due course.
Hussain was convicted by a U.S. jury last month of wire fraud and other crimes related to claims that he inflated the firm’s value before its sale to HP.
The Autonomy deal was supposed to form the central part of HP’s move into software but instead led the U.S. company a year later to write-off three-quarters of Autonomy’s value.
It has been in a legal battle with Autonomy’s former executives since then, alleging that it was deceived about Autonomy’s financial condition and prospects for growth.
The FRC said its investigation had been carried out in parallel with criminal and civil investigations in both the United States and Britain.
Deloitte UK said it acknowledged Thursday’s announcement from the FRC and had fully cooperated with the investigation.
“We are disappointed that these complaints have been brought and we will defend ourselves against them at Tribunal,” a Deloitte spokesman said. Reporting by Ben Martin and Paul Sandle; Editing by Edmund Blair | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-autonomy/uk-watchdog-lodges-complaint-against-autonomys-auditors-and-finance-executives-idUKKCN1IW0JZ |
May 1, 2018 / 8:09 PM / Updated 6 minutes ago BRIEF-Ultimate Software Announces CFO Succession Plan Reuters Staff
May 1 (Reuters) - Ultimate Software Group Inc: * ULTIMATE ANNOUNCES CFO SUCCESSION PLAN:
* ULTIMATE SOFTWARE GROUP INC - MITCH DAUERMAN TO STEP DOWN
* ULTIMATE SOFTWARE GROUP INC - FELICIA ALVARO TO SUCCEED AS NEW CFO
* ULTIMATE SOFTWARE GROUP INC - MITCHELL K. DAUERMAN WILL CONTINUE AT ULTIMATE, FOCUSING ON INVESTOR RELATIONS & STRATEGIC INITIATIVES Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ultimate-software-announces-cfo-su/brief-ultimate-software-announces-cfo-succession-plan-idUSASC09YP2 |
May 8, 2018 / 2:17 PM / in 5 hours Harvey Weinstein fights insurer Chubb for payment of legal defense Suzanne Barlyn 3 Min Read
(Reuters) - Film producer Harvey Weinstein is fighting back against personal indemnity insurer Chubb Ltd, saying Chubb must pay for his legal defense against 11 lawsuits that accuse him of sexually harassing or assaulting women over the past three decades, according to a court document filed on Monday. 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
Lawyers for Weinstein, in a countersuit against Chubb, which is refusing to pay for Weinstein’s defense against the cases, said that Weinstein has paid a group of Chubb insurers more than $1 million dollars in premiums for coverage designed to protect against “a wide variety of liability claims,” according to the document.
“Moreover, they promised to perform their defense obligations even if allegations against Mr. Weinstein proved to be groundless, false or fraudulent,” the Weinstein lawyers said in the document.
In February, Chubb Indemnity Insurance Co and several other Chubb units sued Weinstein and asked New York State Supreme Court to issue a judgment declaring that the policies’ terms exclude defending charges in the lawsuits, specifically sexual assault, discrimination and intentional acts.
The co-founder of the Miramax studio and The Weinstein Company was one of Hollywood’s most influential men before more than 70 women accused him of sexual misconduct, including assault. He denies having non-consensual sex with anyone.
On Tuesday, an affiliate of Lantern Capital is expected to received approval from a U.S. bankruptcy judge on Tuesday to buy the assets of The Weinstein Co for $310 million.
Units of Chubb have together issued 80 policies to Weinstein and his family between 1994 and 2018, including coverage for personal liability, Chubb said in its February suit.
That would normally cover legal costs to defend against claims of damage or injury caused accidentally, but the insurer said Weinstein’s conduct was intentional.
The policies include millions of dollars in “broad liability coverage,” $300,000 of “crisis assistance” coverage, and unlimited coverage for Weinstein’s legal defense, Weinstein’s lawyers said in the countersuit, filed late on Monday.
“Almost overnight, Mr. Weinstein became a pariah,” they wrote. “His denials of liability because background noise, lost in the international uproar that followed.”
A Chubb spokesman declined to comment. Reporting by Suzanne Barlyn; Additional reporting by Tom Hals | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-harvey-weinstein/harvey-weinstein-fights-insurer-chubb-for-payment-of-legal-defense-idUKKBN1I91W2 |
April 30 (Reuters) - DIAGNOSTIC MEDICAL SYSTEMS SA :
* FY REVENUE EUR 27.1 MILLION VERSUS EUR 37.4 MILLION YEAR AGO
* FY EBITDA LOSS EUR 2.2 MILLION VERSUS LOSS OF EUR 0.7 MILLION YEAR AGO
* FY NET LOSS GROUP SHARE EUR 2.5 MILLION VERSUS LOSS OF EUR 1.0 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diagnostic-medical-systems-fy-net/brief-diagnostic-medical-systems-fy-net-loss-group-share-up-at-2-5-million-euros-idUSFWN1S715M |
Facebook announces new online dating service Tuesday, May 01, 2018 - 01:51
Even as he continues to face backlash from a massive data scandal, Facebook CEO Mark Zuckerberg announced plans for a new dating service on the world's largest social media network. ▲ Hide Transcript ▶ View Transcript
Even as he continues to face backlash from a massive data scandal, Facebook CEO Mark Zuckerberg announced plans for a new dating service on the world's largest social media network. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KrZNCl | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/facebook-announces-new-online-dating-ser?videoId=423038004 |
TORONTO, May 01, 2018 (GLOBE NEWSWIRE) -- Potash Ridge Corporation (the “Company”) (TSX:PRK) is pleased to announce the addition of E. Richard Klue, B.Com , NHD Ext.Met. to the Board of Directors of Potash Ridge Corporation.
(Edward) Richard Klue is a Fellow of the South African Institute of Mining & Metallurgy (SAIMM), a Metallurgical Engineer by profession and holds a B-Commerce degree. Mr. Klue has been in the mining minerals and metals industry for more than 35 years with the first 18 years in operations, capital & sustaining capital projects, and the latter 18 years dedicated to project, program development and management. Mr. Klue has provided global strategic direction to the mining & minerals industry for studies, projects, operations and has developed and implemented new technologies in Canada, USA, Africa, India, Iran, Russia, Europe and China. His experience involves the full life cycle of mining – geology, permitting, environmental, mining, processing, infrastructure, tailings, operations, maintenance and closure.
Mr. Klue excelled in senior positions such as, President for Tetra Tech Mining & Metals (M&M) Canada, Senior Vice President for Tetra Tech M&M globally, Regional Director for Hatch, Managing Director Canada for Bateman Projects, Executive Committee Member for Messina Investments, Non-Executive Director for Canada Coal, Technical Advisor for Canada Carbon, Metallurgical Manager for Zinc Corporation, Plant Superintendent for Tsumeb Copper-Lead-Zinc, General Manager for Bateman Global Base Metals Division. He also performed many project roles either as Director, Sponsor or Program Manager with the major accent on metallurgical treatment plant designs and layouts for base metals (zinc, lead, copper, cobalt, nickel, molybdenum), precious metals (gold, silver), potash, diamonds, iron ore, coal, uranium and industrial materials (sulphuric acid, graphite and mineral sands). Some signature projects are Skorpion Zinc for Anglo American in Namibia, Rampura Agucha Lead-Zinc concentrator expansion for Hindustan Zinc/Vedanta in India, Kamoto Copper-Cobalt refinery in the DRC, and Lumwana Copper for Equinox in Zambia.
Mr. Klue also has potash project specific experience. As part of Mr. Klue’s duties as President for Tetra Tech M&M Canada, he was responsible for the Saskatoon office in Saskatchewan that executed numerous projects for Mosaic (Esterhazy K1 and K2, Colonsay and Belle Plaine), Potash Corp and Agrium.
Mr. Klue stated, “I am delighted to be part of the team that will be developing Blawn Mountain (Alunite deposit), the largest known Sulphate of Potash (SOP) project and potential non-bauxite source of alumina in North America.”
“We are pleased to appoint Mr. Klue to the Board of Directors,” stated Andrew Squires, the Corporation’s CEO. “Mr. Klue brings a wealth of hands-on mining-processing and project development experience which will be extremely valuable to the Company when it moves forward with production plans.”
On behalf of the Board of Directors
POTASH RIDGE CORPORATION
Andrew Squires
President & CEO
Contact Information:
Andrew Squires
CEO, President and Chief Operating Officer
Office: 416-362-8640
[email protected]
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com ).
Source: Potash Ridge Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-potash-ridge-appoints-e-richard-klue-to-board-of-directors.html |
May 14, 2018 / 2:10 PM / Updated 5 hours ago World Rankings Reuters Staff 2 Min Read May 14 (OPTA) - The World Rankings on May 13 Rnk Prv Total 1. (2) Justin Thomas (US) 468.39 2. (1) Dustin Johnson (US) 410.87 3. (4) Jordan Spieth (US) 396.33 4. (3) Jon Rahm (Spain) 379.44 5. (5) Justin Rose (England) 322.80 6. (6) Rickie Fowler (US) 326.90 7. (7) Jason Day (Australia) 277.32 8. (8) Rory McIlroy (Northern Ireland) 260.50 9. (9) Hideki Matsuyama (Japan) 285.13 10. (14) Tommy Fleetwood (England) 280.70 11. (11) Brooks Koepka (US) 221.03 12. (12) Paul Casey (England) 253.29 13. (10) Patrick Reed (US) 274.89 14. (13) Sergio Garcia (Spain) 229.04 15. (15) Henrik Stenson (Sweden) 221.96 16. (16) Marc Leishman (Australia) 242.24 17. (18) Alex Noren (Sweden) 232.98 18. (17) Bubba Watson (US) 208.75 19. (19) Phil Mickelson (US) 212.51 20. (41) Webb Simpson (US) 222.06 21. (20) Tyrrell Hatton (England) 218.02 22. (21) Matt Kuchar (US) 206.99 23. (29) Xander Schauffele (US) 204.09 24. (22) Pat Perez (US) 152.86 25. (25) Rafa Cabrera Bello (Spain) 193.82 | ashraq/financial-news-articles | https://in.reuters.com/article/golf-world-rankings/world-rankings-idINMTZXEE5EQ1UGLH |
VANCOUVER, British Columbia, May 28, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Imagination Park Entertainment Inc.
CSE Symbol /
Symbole CSE :
IP Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle
Halt Time (ET) / Heure de la suspension (HE) 8:45 am
IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm-a-ip.html |
May 27, 2018 / 10:14 AM / Updated 6 hours 1 Gloucestershire and Sussex on Sunday at Bristol, England Match abandoned without a ball bowed Umpire Tom Lungley Umpire Neil Mallender Home Scorer Adrian Bull Away Scorer Mike Charman | ashraq/financial-news-articles | https://in.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idINMTZXEE5RDTLOF4 |
TASHKENT (Reuters) - An Uzbek journalist was cleared of conspiring against the government and released on Monday, in a court ruling that Amnesty International said offered a “glimmer of hope” after years of crackdowns on reporters and dissidents.
Uzbek journalist Bobomurod Abdullayev (C), was allowed to leave police custody, poses for a picture with relatives and supporters in Tashkent, Uzbekistan May 7, 2018. REUTERS/Mukhammadsharif Mamatkulov The court in Tashkent also ordered an investigation into “violations” during the inquiry into Bobomurod Abdullayev – his legal team had said he was tortured during his detention.
“I am extremely glad that I have come out of there alive,” Abdullayev told reporters after the hearing which rights campaigners had described as a test of President Shavkat Mirziyoyev’s promised liberal reforms.
Abdullayev was detained in the former Soviet republic in September and accused of publishing articles critical of the government on a website run by exiled opposition politicians.
On Monday, he was convicted of a lesser charge of anti-government propaganda but sentenced only to community service.
Uzbek journalist Bobomurod Abdullayev is seen after a court hearing in Tashkent, Uzbekistan May 7, 2018. REUTERS/Mukhammadsharif Mamatkulov “I thank Shavkat Mirziyoyev and the court,” Abdullayev said.
His co-defendants - two businessmen with government connections who were accused of giving him information - were cleared of all charges and freed. Their relatives cried in joy in court as the men stepped out of a metal cage one by one.
Uzbek journalist Bobomurod Abdullayev (front) is seen after a court hearing in Tashkent, Uzbekistan May 7, 2018. REUTERS/Mukhammadsharif Mamatkulov “A TERRIBLE PRICE” Abdullayev’s lawyer had told the court in March that Abdullayev had been beaten, deprived of sleep and put in solitary confinement during the investigation.
On Monday, the court ordered the state security service to look into “violations” during the investigation process - a marked departure from the days of Mirziyoyev’s predecessor, Islam Karimov, when courts routinely dismissed torture complaints.
President Mirziyoyev came to power in 2016 promising to liberalize the tightly-controlled state.
He has since freed several prominent political prisoners, ordered thousands of people taken off a state security black list and introduced some economic reforms such as the liberalization of the foreign exchange market.
Improving Uzbekistan’s human rights record could help the mostly Muslim nation bordering Afghanistan secure more foreign investment and revive an economy which has struggled to create enough jobs for a growing population.
Amnesty described the court’s decision as “a glimmer of hope for the country’s beleaguered journalists,” and called for concrete reforms to guarantee freedom of expression.
“Bobomurod Abdullayev’s has already paid a terrible price for his independent journalism, spending seven months in Uzbekistan’s most notorious detention center where he was allegedly tortured to confess to trumped up charges,” said Denis Krivosheev, Amnesty’s Deputy Director for Eastern Europe and Central Asia.
“There must now be a thorough, impartial and independent investigation into these allegations, which are alarmingly commonplace in Uzbekistan,” he added.
Reporting by Mukhammadsharif Mamatkulov; writing by Olzhas Auyezov; Editing by Hugh Lawson and Andrew Heavens
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-uzbekistan-dissident/uzbek-dissident-set-free-in-landmark-trial-idUSKBN1I8194 |
May 8, 2018 / 9:31 AM / Updated an hour ago Two dead in car bombing at checkpoint near Libya's oil crescent - official Reuters Staff 1 Min Read
BENGHAZI, Libya (Reuters) - Two people were killed and four wounded in a car bombing at a checkpoint west of Libya’s biggest oil ports on Tuesday, a senior security official said.
The victims included a guard and a civilian at the checkpoint about 70 km (44 miles), from Ras Lanuf, one of the ports in Libya’s eastern oil crescent, he said.
Islamist militants have staged several attacks targeting security forces at checkpoints in the area in recent months. Reporting by Ayman al-Warfalli; Writing by Aidan Lewis; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-libya-security/two-dead-in-car-bombing-at-checkpoint-near-libyas-oil-crescent-official-idUKKBN1I90Z7 |
May 10 (Reuters) - Arbor Realty Trust Inc:
* ARBOR REALTY TRUST, INC. ANNOUNCES PRICING OF SENIOR NOTES DUE 2023
* ARBOR REALTY TRUST - PRICING OF $25 MILLION OF ITS 5.625% SENIOR UNSECURED NOTES DUE MAY 1, 2023 AT 99.445% OF PAR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arbor-realty-trust-inc-announces-p/brief-arbor-realty-trust-inc-announces-pricing-of-senior-notes-due-2023-idUSASC0A1LW |
May 1 (Reuters) - MINDBRIDGE ANALYTICS INC :
* MINDBRIDGE AI RAISES $8.4 MILLION IN SERIES A FINANCING * MINDBRIDGE ANALYTICS INC SAYS RAISED $8.4 MILLION IN ITS SERIES A FINANCING; ROUND WAS LED BY REAL VENTURES OF MONTREAL Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mindbridge-ai-raises-84-million-in/brief-mindbridge-ai-raises-8-4-million-in-series-a-financing-idUSASC09YNZ |
WASHINGTON (Reuters) - President Donald Trump’s pick for CIA director faced tough questions from lawmakers on Wednesday over her role in the agency’s past harsh interrogation system, pledging she would never restart the program or follow any morally objectionable order from Trump.
The Senate confirmation hearing for Gina Haspel, the CIA’s acting director, was dominated by questions about her part in the spy agency’s use of methods such as waterboarding, a type of simulated drowning widely considered torture, more than a decade ago under President George W. Bush. She also was pressed about the destruction of videotapes documenting the tactics.
“Having served in that tumultuous time, I can offer you my personal commitment, clearly and without reservation, that under my leadership, on my watch, CIA will not restart such a detention and interrogation program,” Haspel, who faces a difficult confirmation, told the Senate Intelligence Committee.
“My moral compass is strong. I would not allow CIA to undertake activity that I thought was immoral, even if was technically legal. I would absolutely not permit it,” Haspel said when asked what she would do if Trump asked her to carry a order she found “morally objectionable.”
An undercover officer for most of her 33-year career, Haspel in 2002 served as CIA station chief in Thailand, where the agency interrogated suspected al Qaeda extremists at a secret prison using methods including waterboarding. Three years later, she drafted a 2005 cable ordering the destruction of videotapes of those harsh interrogations.
When pressed, Haspel often stuck to scripted answers and avoided several questions by saying they involved classified information. She later testified at a closed-door classified session.
Republican Senator Susan Collins asked Haspel what she would do if Trump, who has advocated the return of waterboarding, gave her a direct order to use it on a “high-value terrorism suspect.”
“I do not believe the president would ask me to do that,” Haspel said, without directly answering the question.
Related Coverage Democratic Senator Manchin will back Trump CIA nominee Haspel Haspel says would 'never, ever' resume CIA harsh interrogations CIA nominee: U.S. must do more vs. China efforts to 'steal' technology Haspel said other government entities are now responsible for interrogations of terrorism suspects, adding: “I would not restart, under any circumstances, an interrogation program at CIA.”
Democratic Senator Kamala Harris asked Haspel if she believed the previous interrogation techniques, which included waterboarding, were immoral and demanded a “yes or no” answer. Haspel refused to give it.
‘TOUGH LESSONS’ Haspel said the CIA has learned “tough lessons,” and in retrospect she believed it was unprepared to conduct the detention and interrogation program employed after the Sept. 11, 2001, attacks on the United States by al Qaeda militants that killed about 3,000 people.
She also told the senators, “I don’t believe that torture works.”
Haspel needs 51 votes to be confirmed as the first woman director of the CIA in the 100-seat Senate, where Trump’s fellow Republicans hold a 51-49 majority. The agency’s former deputy director, she would succeed Mike Pompeo, a Republican former congressman confirmed last month as secretary of state.
CIA Director nominee Gina Haspel testifies at her confirmation hearing before the Senate Intelligence Committee on Capitol Hill in Washington, U.S., May 9, 2018. REUTERS/Aaron P. Bernstein She has strong support among Republican senators, but at least one, Senator Rand Paul, has said he opposes her, and others have said they will wait to make a decision.
After the hearing, Haspel won the support of at least one Democrat when Senator Joe Manchin, a moderate who often votes with Republicans, announced his support.
Democrats pressed Haspel on a 2005 decision to destroy tapes of interrogations when she was chief of staff to Jose Rodriguez, then the CIA’s clandestine service chief. Haspel acknowledged she “absolutely was an advocate” for destroying the tapes, saying she feared an “irresponsible leak” of the video that would reveal the identities of CIA agents and put them at risk.
Democratic Senator Martin Heinrich asked her, “Doesn’t that feel like a cover-up?”
“I never watched the tapes, but I understood that our officers’ faces were on them and it was very dangerous,” she said.
Haspel refused to criticize or second-guess actions taken by U.S. and CIA leadership in the aftermath of the Sept. 11 attacks, including the interrogation program.
“I’m not going to sit here with the benefit of hindsight and judge the very good people who made hard decisions who were running the agency in very extraordinary circumstances at the time,” she said.
Committee Democrats expressed frustration they have not been given more details of Haspel’s long record with the agency, much of which remains classified.
Slideshow (10 Images) Protesters interrupted her testimony before being removed, one yelling, “Bloody Gina” and “You are a torturer.”
Rights groups panned her performance. “Gina Haspel said she has a moral compass, but refused to say whether the torture program she supervised was wrong,” said Christopher Anders of the American Civil Liberties Union.
Additional reporting by Mark Hosenball and Doina Chiacu; Writing by John Whitesides; Editing by Will Dunham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-haspel/cia-secrets-will-limit-senators-questions-to-trump-nominee-haspel-idUSKBN1IA0H6 |
May 30, 2018 / 3:20 PM / Updated 40 minutes ago Russia's Lavrov discusses Syria, Ukraine with U.S. counterpart: foreign ministry Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov and his U.S. counterpart Mike Pompeo spoke by phone on Wednesday and discussed the conflicts in Syria and Ukraine, the Russian Foreign Ministry said in a statement.
Lavrov and Pompeo agreed on the need to overcome differences in relations between Moscow and Washington, the ministry said. Reporting by Gabrielle Tétrault-Farber; Writing by Tom Balmforth; Editing by Andrew Osborn | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-russia-lavrov-pompeo/russias-lavrov-discusses-syria-ukraine-with-u-s-counterpart-foreign-ministry-idUSKCN1IV21K |
BUENOS AIRES, May 2 (Reuters) - Argentina’s peso currency weakened 1.96 percent on Wednesday to an historic low of 20.95 per U.S. dollar, traders said as the central bank continued selling dollars as part of its effort to halt the slide of the local currency.
The central bank sold about $200 million in the foreign exchange market as of midday, they said. The bank said it sold a total $3.7 billion in the last three days of last week.
Reporting by Walter Bianchi, writing by Hugh Bronstein Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/argentina-peso/argentine-peso-weakens-1-96-pct-to-all-time-low-20-95-per-dollar-idUSL1N1S90WY |
LONDON (Reuters) - Pro-Brexit lawmakers heaped pressure on British Prime Minister Theresa May on Wednesday over her future customs plans with the European Union, calling on her to drop what some say is her preferred proposal.
Britain's Prime Minister Theresa May walks out of 10 Downing Street in London, Britain, May 2, 2018. REUTERS/Hannah McKay May’s decision to leave the EU’s customs union, which sets tariffs for goods imported into the bloc, has become one of the main flashpoints in the Brexit debate in Britain, pitting companies and pro-EU campaigners against a vocal group of hardline eurosceptic lawmakers.
With the added pressure of trying to prevent the return of a “hard” border in Ireland and find something Brussels might agree to, May has delayed putting any firm plans for future customs arrangements on the table, hoping to plot a route that could at least please more than one side.
Her spokesman said those ideas were evolving.
Just hours before May was due to meet her so-called Brexit war cabinet of 11 ministers, the pro-Brexit lawmakers called on her to drop one of her proposals for a customs partnership which would see Britain essentially act as the EU’s tariff collector.
Members of the European Research Group, a group of Brexit lawmakers in May’s Conservative Party, said they were not issuing her an ultimatum with their demands, rather presenting their argument that such a customs partnership would not work.
“It is more of a statement of our position, with supporting arguments,” a member of the ERG said.
May is not only under pressure at home.
She also faces increasingly urgent demands from Brussels to come up with a customs plan to avoid a return to a hard border between British-ruled Northern Ireland and the Irish Republic.
There are fears that reintroducing checks on what will be Britain’s only land border with the EU could reignite sectarian violence.
EVOLVING After losing her party’s majority at an ill-judged election last year, May has put off committing to a single plan, offering Brussels two options — the customs partnership or a technology-based streamlined customs arrangement, both of which EU negotiators have dismissed.
In parliament, May said there were a number of ways to solve the customs issue, in what seemed to suggest that her government could be looking beyond the two proposals already made.
Asked whether there were other options, her spokesman said: “Work has been ongoing on two options, that work has been proceeding. Ideas obviously are evolving as we go along and the prime minister said there are a number of ways to proceed.”
The easiest way to solve the problem, May’s critics say, is to stay in the customs union or negotiate a new one along the lines proposed by the main opposition Labour Party.
Her spokesman said earlier this week the government would “move forward with a single option”, but the question is when?
On Monday, her minister for the cabinet office, David Lidington, said it would most probably take a few weeks to decide on a final position, playing down any expectations of a quick decision at Wednesday’s meeting of the Brexit committee.
Brexit campaigners are hoping that the appointment of free-market advocate Sajid Javid as Home Secretary this week could shift the balance in their favor on the sub-committee.
But by leaving the question open May has been vulnerable to attempts both in the upper and lower houses of parliament to try to force the customs union back onto the agenda.
Her government was defeated in the House of Lords earlier this week, and has postponed votes in the House of Commons after several lawmakers in her party said they would support attempts to draw a commitment to stay in the customs union.
Related Coverage British PM May's latest Brexit headache: a customs deal with the EU Additional reporting by Alistair Smout and Andrew MacAskill; editing by David Stamp
| ashraq/financial-news-articles | https://in.reuters.com/article/us-britain-eu-customs/pro-brexit-lawmakers-pressure-british-pm-may-over-customs-plan-idINKBN1I317Q |
April 30 (Reuters) - INVUO TECHNOLOGIES AB:
* UPDATE ON SHARE ISSUE TO AJ GROUP * HAS BEEN ADVISED BY AJ GROUP HOLDINGS LTD THAT FULL PAYMENT BY AJ GROUP FOR NEW INVUO SHARES HAS BEEN DELAYED
* HAS RECEIVED CONFIRMATION THAT FURTHER FUNDS WILL BE RECEIVED THIS WEEK Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-invuo-technologies-payment-by-aj-g/brief-invuo-technologies-payment-by-aj-group-for-invuo-shares-delayed-idUSFWN1S702O |
May 2, 2018 / 10:36 AM / Updated 25 minutes ago Saudi bourse to ensure Aramco's weighting in index is not too big Andrew Torchia , Marwa Rashad 3 Min Read
RIYADH (Reuters) - Saudi Arabia’s stock exchange will ensure the weighting of national oil giant Saudi Aramco in its main stock index is not too large when the company lists its shares, the exchange’s chief executive said on Wednesday. FILE PHOTO: Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo
“We have technical ways to address this issue,” Khalid al-Hussan told the Euromoney business conference, adding that one step might be to impose an “index cap” on Aramco. He did not elaborate on how such a cap might work.
Saudi authorities plan to sell 5 percent of Aramco’s shares and list the firm in Riyadh and possibly one or more foreign markets this year or next, as part of wide-ranging reforms designed to reduce the Saudi economy’s reliance on oil.
The Saudi exchange’s ability to cope with such a huge listing, which could involve the world’s biggest initial public offer of equity, is a major concern among investors.
The local stock market currently has a capitalisation of about $500 billion, while officials have said the sale is expected to value the whole of Aramco at about $2 trillion.
Petrochemical shares already account for around a quarter of the market’s capitalisation, so with Aramco, the market could become dominated by oil-related shares and end up moving almost entirely in synch with oil prices, unless steps are taken.
Hussan reiterated previous statements that the exchange had tested its technical systems and these, as well as the regulatory environment, were ready for the Aramco listing.
In the past, the exchange has said it hopes to be the only market in the world to list Aramco shares. The government has not said whether this will be the case and Hussan did not discuss that matter on Wednesday.
The exchange announced on Wednesday the creation of a central counterparty clearing house with capital of 600 million riyals ($160 million) to handle securities trading.
The clearing house, to operate fully by the second half of 2019, will reduce risk in settlements and enable the introduction of new asset classes such as derivatives, the exchange said. It aims to introduce derivatives in the second half of 2020.
Foreign institutions were allowed to begin investing directly in the Saudi stock market in mid-2015, and there are now 140 qualified foreign investors, with over 40 percent of them registered in the last quarter, said Mohammed El Kuwaiz, chairman of the capital market regulator.
He said his priorities for the coming year would include the listing of new companies on the stock market, including privatised firms; strengthening external and internal audits for listed firms to improve the quality of the market; and developing a corporate bond market. additional reporting and writing by Davide Barbuscia and Saeed Azhar, editing by Ghaida Ghantous and Louise Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/saudi-economy-aramco/saudi-bourse-to-ensure-aramcos-weighting-in-index-is-not-too-big-idINKBN1I31AP |
April 30 (Reuters) - Sinyi Realty Inc
* Says it will invest $80.3 million in a wholly owned unit Sinyi Estate Ltd.
Source text in Chinese: goo.gl/ykLr59
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sinyi-realty-to-invest-803-mln-in/brief-sinyi-realty-to-invest-80-3-mln-in-unit-sinyi-estate-idUSL3N1S73HW |
May 9 (Reuters) - Agjunction Inc:
* Q1 LOSS PER SHARE $0.01 * Q1 REVENUE ROSE 8 PERCENT TO $15.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-agjunction-q1-loss-per-share-001/brief-agjunction-q1-loss-per-share-0-01-idUSASC0A18D |
May 29, 2018 / 10:04 AM / Updated 3 minutes ago Canada could be key for Red Bull's engine decision Alan Baldwin 3 Min Read
LONDON (Reuters) - The Canadian Grand Prix could determine whether Red Bull decide to stick with Renault, who powered them to all their Formula One championships, or switch to Honda engines from next season.
Team boss Christian Horner said after Sunday’s Monaco Grand Prix, won by his Australian driver Daniel Ricciardo, that a decision would have to be made by “end of June, beginning of July”.
“We’re waiting with great interest to see the relative performance of engines in Montreal in two weeks’ time,” he added.
Canada, on June 10, is the seventh round of the 21-race season and both manufacturers are planning to bring major upgrades to the Circuit Gilles Villeneuve.
Red Bull, whose Renault engines are branded Tag Heuer, have won twice this season but have had a rocky relationship with the French company since the start of the V6 turbo hybrid era in 2014.
Honda are working with Red Bull-owned Toro Rosso and have improved the performance of their engine notably since the termination of a three year partnership with McLaren.
While Ricciardo is third overall in the championship, he has suffered reliability problems — as well as a costly crash with team mate Max Verstappen — and is 38 points off Mercedes’ leader Lewis Hamilton.
The Australian is out of contract at the end of the season and is also waiting to see what engine Red Bull go for.
“First thing is get the engine sorted and then very much follow on from there with driver,” said Horner.
“I think we’ve had a great chassis from the first race, to be honest,” he added. “Our problem has always been on Saturdays... if we can improve our Saturdays, then our races will be competitive.
“If we could just get a little bit more at the end of Q3 (the final phase of qualifying) on peak power, there’s no reason why we shouldn’t be able to give Ferrari and Mercedes regularly a hard time.”
Ricciardo started on pole position in Monaco on Sunday, the team’s first in two years, and won despite having a power unit problem from lap 28.
Verstappen set the fastest race lap, the fourth time in six grands prix that Red Bull have done that.
“The FIA understand the situation we’re in and there’s no hard and fast deadline,” said Horner of the engine decision.
Renault have previously said they would need to know by the end of May because of the long lead times involved in manufacturing. Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-redbull/canada-could-be-key-for-red-bulls-engine-decision-idUSKCN1IU12W |
May 9 (Reuters) - Quorum Health Corp:
* QUORUM HEALTH ANNOUNCES FIRST QUARTER 2018 FINANCIAL AND OPERATING RESULTS
* Q1 REVENUE $486.8 MILLION VERSUS $527.6 MILLION * EXPECTS FY ADJUSTED EBITDA, ADJUSTED FOR DIVESTITURES TO RANGE FROM $145 MILLION TO $165 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-quorum-health-q1-loss-per-share-34/brief-quorum-health-q1-loss-per-share-3-48-idUSASC0A18Y |
YAVNE, Israel, May 04, 2018 (GLOBE NEWSWIRE) -- MediWound Ltd. (Nasdaq:MDWD), a fully-integrated biopharmaceutical company bringing innovative therapies to address unmet needs in severe burn and wound management, today announced that the Company will release financial results for the first quarter ended March 31, 2018 at 7:00 am Eastern time on Thursday, May 10, 2018.
Following the release, MediWound's management will host a conference call for the investment community beginning at 8:30 a.m. Eastern time to discuss the financial results and to answer questions.
Shareholders and other interested parties may participate in the conference call by dialing 800-289-0438 (in the U.S.) 1809 212 883 (Israel), or 323-794-2423 (outside the U.S. & Israel) and entering passcode 370010. The call also will be broadcast live on the Internet on the Company’s website at http://ir.mediwound.com/events-and-presentations .
A replay of the call will be accessible two hours after its completion through May 24, 2018 by dialing 844-512-2921 (in the U.S.) or 412-317-6671 (outside the U.S.) and entering passcode 370010. The call will also be archived on the Company website for 90 days at www.mediwound.com .
About MediWound Ltd.
MediWound is a fully-integrated biopharmaceutical company focused on developing, manufacturing and commercializing novel therapeutics based on its patented proteolytic enzyme technology to address unmet needs in the fields of severe burns, chronic and other hard-to-heal wounds. MediWound’s first innovative biopharmaceutical product, NexoBrid®, received marketing authorization from the European Medicines Agency as well as the Israeli and Argentinian Ministries of Health, for removal of dead or damaged tissue, known as eschar, in adults with deep partial and full-thickness thermal burns and was launched in Europe and Israel and Argentina. NexoBrid® represents a new paradigm in burn care management, and clinical trials have demonstrated, with statistical significance, its ability to non-surgically and rapidly remove the eschar earlier and without harming viable tissues.
MediWound's second innovative product, EscharEx® is a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds and is complementary to the large number of existing wound healing products, which require a clean wound bed in order to heal the wound. EscharEx® contains the same proteolytic enzyme technology as NexoBrid®, and benefits from the wealth of existing development data on NexoBrid®. In two Phase 2 studies, EscharEx® has demonstrated safety and efficacy in the debridement of chronic and other hard-to-heal wounds, within a few daily applications. For more information, please visit www.mediwound.com .
Contacts:
Sharon Malka
Chief Financial and Operations Officer
MediWound
[email protected]
Bob Yedid
Managing Director
LifeSci Advisors, LLC
[email protected]
Source:MediWound Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-mediwound-to-host-first-quarter-2018-financial-results-conference-call-on-may-10-at-830-a-m-eastern-time.html |
Bannon wanted vote suppressed in 2016: witness 01:32
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, said Wednesday that voter suppression was a service that U.S. clients could request from Cambridge Analytica when Steve Bannon, who later became President Trump's White House adviser, was vice president of the company. Rough Cut (no reporter narration).
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, said Wednesday that voter suppression was a service that U.S. clients could request from Cambridge Analytica when Steve Bannon, who later became President Trump's White House adviser, was vice president of the company. Rough Cut (no reporter narration). //reut.rs/2L6gOST | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/16/bannon-wanted-vote-suppressed-in-2016-wi?videoId=427494700 |
(Adds analyst and company commentary)
May 29 (Reuters) - Salesforce.com Inc reported quarterly earnings on Tuesday that topped analysts' expectations and raised its full-year forecast as demand for its cloud-based sales and marketing software continues to fuel rapid growth.
The San Francisco-based company's shares rose more than 4.5 percent in trading after the bell.
Fueling shareholder confidence was the company's raised forecast for full-year profit between $2.29 and $2.31 per share, and revenue of $13.08 billion to $13.13 billion. Analysts on average were expecting profit of $2.12 per share on revenue of $12.76 billion.
Driving the raised forecast was organic growth as well as the company's March acquisition of software maker MuleSoft, said Mark Hawkins, Salesforce chief financial officer.
You can see the implied growth rate is very, very strong," Hawkins told Reuters on a call. "That's growth at scale that is hard to find."
Salesforce has been a key beneficiary of so-called digital transformations - a growing trend in which companies move their operations onto lower cost cloud-based services that offer more scalability.
On an adjusted basis, the company earned 74 cents per share, beating analysts average estimate of 46 cents per share.
Revenue from the company's flagship product, Sales Cloud, rose 16.3 percent to $965 million.
The company's unearned revenue - a key metric used to measure future business for subscription-based software vendors - rose 25 percent to $6.20 billion.
Analysts on average expected $6.27 billion, according to financial and data analytics firm FactSet.
"We see strong demand for digital transformation in areas including customer support and marketing, so its unsurprising Salesforce is seeing high growth," said Blair Hanley Frank, principal analyst at research and advisory firm ISG.
Salesforce accounted for about 20 percent of the 2017 global customer relationship management software market, up from 18.1 percent in 2016, according to research firm IDC.
Oracle Corp is the company's closest rival with 7.1 percent of the market. However, Microsoft Corp's Dynamics enterprise software is emerging as a major competitor after nearly tripling its market share to 4 percent in 2017.
"What we need to do is stay confident in our ability to deliver success for our customers," said Salesforce Chief Operating Officer Keith Block when asked about Microsoft's growing market share.
Salesforce reported net income of $344 million, or 46 cents per share, in the first quarter ended April 30, compared with $1 million, or breakeven per share, a year earlier. Total revenue rose 25.4 percent to $3.01 billion, beating analysts' average estimate of $2.94 billion, according to Thomson Reuters I/B/E/S. (Reporting by Salvador Rodriguez in San Francisco and Pushkala Aripaka in Bengaluru; Editing by Anil D'Silva and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-2-salesforce-earnings-beat-on-cloud-strength-raises-forecast.html |
May 17, 2018 / 6:22 PM / Updated 31 minutes ago PayPal in advanced talks to buy Sweden's iZettle - Sky News Reuters Staff 1 Min Read
(Reuters) - PayPal Holdings Inc ( PYPL.O ) is in advanced talks to buy Swedish payment group iZettle, Sky News reported on Thursday, citing sources familiar with the matter. FILE PHOTO: A logo of the iZettle company is pictured in the headquarters in Stockholm, Sweden, August 12, 2016. REUTERS/Violette Goarant
IZettle last week said it planned to list on the Nasdaq Stockholm stock exchange this year, which would make it one of the biggest European fintech companies to list.
The purchase price is not known, but is expected to be at a significant premium to the $1.1 billion (£813.8 million) valuation iZettle is seeking in its IPO, Sky News bit.ly/2GsXWtE reported.
PayPal and iZettle were not immediately available for comment. Reporting by Parikshit Mishra in Bengaluru; Editing by Sriraj Kalluvila | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-izettle-m-a-paypal-hldg/paypal-in-advanced-talks-to-buy-swedens-izettle-sky-news-idUKKCN1II2MR |
April 30, 2018 / 10:01 AM / 3 days ago BRIEF-Eng Kah Corp Says Unit To Dispose Freehold Vacant Land For 9.4 Mln RGT Reuters Staff 1 Min Read
April 30 (Reuters) - Eng Kah Corporation Bhd:
* UNIT TO DISPOSE FREEHOLD VACANT LAND TO KIAN JOO CANPACK FOR 9.4 MILLION RGT Source text : ( bit.ly/2rc5GKT ) Further company coverage: | ashraq/financial-news-articles | https://uk.reuters.com/article/brief-eng-kah-corp-says-unit-to-dispose/brief-eng-kah-corp-says-unit-to-dispose-freehold-vacant-land-for-9-4-mln-rgt-idUKFWN1S70FE |
1 Hour Ago | 04:26
Artists have to produce a lot more content to keep up in today's streaming music industry, Grammy Award-winning singer Ashanti told CNBC on Wednesday.
"You have to continue to put out new records. It's way faster pace now. You can't really wait because there are so many other artists dropping different things, the consumer will get bored," she said on " Power Lunch ."
Streaming has transformed the industry and has led some musicians to push for streaming services to pay more money to artists .
Ashanti, whose full name is Ashanti Shequoiya Douglas, said she likes Jay-Z 's service, Tidal, because it pays a little more.
Apple , Pandora and Spotify expose musicians to millions of people, but they "don't pay the best," she said.
"You have to put all of your eggs in different baskets. You want to be the artist that's on every single streaming service so that you can get the most amount of people involved and knowing and aware about your music," said Ashanti, who is also a songwriter, record producer and actor. According to a report by Digital Music News , Tidal pays artists 0.01682 cent per play. Meanwhile, Spotify pays 0.00397 cent per stream, according to the report.
Spotify, which went public last month, reported first-quarter revenue of 1.14 billion euros ($1.35 billion) and a net loss of 169 million euros. The music service has a user base of 170 million, with 75 million paid subscribers.
Musicians have complained about the need for streaming services to pay more. Most notably, pop star Taylor Swift left Spotify in 2014 after complaining the company didn't pay artists enough. She returned in 2017 and also made her music available on Pandora, Amazon.com and Tidal. Her catalog had previously only been available on Apple's music service.
When asked if touring was the way to make money these days, Ashanti said: "Absolutely, for me 100 percent. You touch your fans. You make some money."
Ashanti's self-titled debut album came out in 2001 and won the Grammy Award for best contemporary R&B album.
— Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/ashanti-wants-to-be-the-artist-on-every-single-streaming-service.html |
MOSCOW (Reuters) - The foreign and defense ministers of Russia and Egypt will meet in Moscow on May 14 in Moscow, Russia’s TASS state news agency Quote: d Maria Zakharova, the foreign ministry spokeswoman, as saying on Friday.
Reporting by Andrey Ostroukh; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-egypt-meeting/russian-egyptian-foreign-and-defense-ministers-to-meet-on-may-14-idUSKBN1I50Y4 |
May 1 (Reuters) - Gale Pacific Ltd:
* PRE-TAX PROFIT FOR TWELVE MONTHS ENDING 30 JUNE 2018 EXPECTED TO BE IN RANGE OF A$11.7 MILLION TO A$12.7 MILLION
* STRONG SECOND HALF OPERATING CASH FLOWS WILL CONTRIBUTE TO LOW LEVELS OF NET DEBT AT YEAR END Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gale-pacific-updates-on-pre-tax-pr/brief-gale-pacific-updates-on-pre-tax-profit-expectations-for-12-months-ending-30-june-2018-idUSFWN1S71GU |
SAN FRANCISCO (AP) — Thousands of custodians, security guards, gardeners and other service workers at University of California campuses started a three-day strike Monday to address pay inequalities and demand higher wages.
Strikers gathered at sunrise on the 10 campuses throughout the state, wearing green T-shirts and carrying signs that call for "equality, fairness, respect."
The strike was called last week by American Federation of State, County and Municipal Employees Local 3299, which represents 25,000 service workers, after the union and the university could not agree on a new contract and mediation efforts failed.
Another 29,000 nurses, pharmacists, radiologists and other medical workers heeded the service workers' call for a sympathy strike and will join the walkouts Tuesday and Wednesday, which is expected to disrupt thousands of surgeries and other appointments.
Medical center officials said they would continue to deliver essential patient care services, but hundreds of surgeries and thousands of appointments were rescheduled last week in anticipation of the strike.
AFSCME spokesman John de los Angeles said the union wants the university to stop its outsourcing practices and address what it describes as widening income, racial and gender gaps for service workers.
"They are actively seeking to hire contract workers in favor of directly employed workers simply because they are cheaper and that is driving inequality," de los Angeles said.
UC spokeswoman Claire Doan said AFSCME service workers are already paid at or above market rates and that the union is demanding a nearly 20 percent pay raise over three years.
"A disruptive demonstration will change neither UC's economic situation nor the university's position on AFSCME's unreasonable demands," Doan said about the strike.
University officials said they have temporary workers to fill-in during the strike but that students should expect changes on shuttle routes, less food offerings at restaurants and other inconveniences.
Doan said the university is working hard to ensure patients and students receive services.
Brenda Bishop, an administration worker at UC San Francisco's anesthesia department, joined hundreds of striking workers who played drums and chanted "One, two, three, four, we won't take it anymore!" outside one of the university's medical centers.
"All the big wigs get big-time bonuses and we're just here to demand what we deserve," Bishop said, who has worked at UCSF for 20 years.
Outside UCLA Ronald Reagan Medical Center, dozens of workers waved at honking cars as they marched along sidewalks hoisting pickets that said "safe staffing now."
The driver of an SUV was arrested after he slowly drove through a crowd of protesters blocking a street outside the medical center, said Los Angeles police officer Lizeth Lomeli. Video from the scene showed a demonstrator in a green shirt hanging onto the vehicle's hood as it moved through the gathering. No injuries were reported.
The UC system, which includes five medical centers and three national laboratories, has 190,000 faculty and staff and 238,000 students.
Associated Press writer Christopher Weber in Los Angeles contributed. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-university-of-california-workers-start-3-day-strike-over-pay.html |
May 7 (Reuters) - JK Agri Genetics Ltd:
* MARCH QUARTER NET PROFIT 56 MILLION RUPEES VERSUS LOSS 62.5 MILLION RUPEES YEAR AGO
* MARCH QUARTER REVENUE FROM OPERATIONS 507.4 MILLION RUPEES VERSUS 204 MILLION RUPEES YEAR AGO
* RECOMMENDED DIVIDEND OF 4 RUPEES PER SHARE Source text - bit.ly/2HXDpyS
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-jk-agri-genetics-posts-marc/brief-indias-jk-agri-genetics-posts-march-qtr-profit-idUSFWN1SE0P4 |
Pokémon GO Pokémon GO Fest Returns to Chicago This July CHICAGO, IL - JULY 22: A general view of atmosphere during the Pokemon GO Fest at Grant Park on July 22, 2017 in Chicago, Illinois. (Photo by Daniel Boczarski/Getty Images) Daniel Boczarski Getty Images By Emily Price May 7, 2018
After a disastrous inaugural event last year in Chicago, Niantic has announced plans to bring Pokémon GO Fest back to the city this summer July 14 and 15, this time at Lincoln Park.
Last year’s festival, which was held in Grant Park, was meant to commemorate the one-year anniversary of the game and kick off legendary Pokémon raids. Instead, the crowd attending the event was much too large for the space, leading to long lines and in the end a game that wasn’t accessible for most of the day because so many people were trying to play at once.
The original event’s attendees were given $100 in Pokécoins and a free Lugia for attending, but that wasn’t enough for some players who had traveled to the event: Those players were eventually awarded $1.5 million in a class action lawsuit against the company, as Forbes reported .
Niantic promises a 1.8-mile course in the park that will include physical installations as well as exclusive activities. There will also be “a unique and immersive gameplay experience not seen in any of Niantic’s previous live events.”
Tickets to this year’s festival will go on sale May 11 at 9 a.m. PT on the Pokémon Go Fest website . Single-day tickets will cost $20. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/07/pokemon-go-fest-chicago-2018/ |
When it comes to saving for college, every little bit helps.
show chapters 529 plans 4:58 PM ET Fri, 25 May 2018 | 03:13 Still, only 29 percent of Americans know that 529 plans are an education savings tool , according to a new survey by the investment firm Edward Jones. That's down from last year when 32 percent of the more than 1,000 people polled said they understood what the state-sponsored plans did.
These plans offer many tax benefits that are better than using a bank savings account. And, by having college money saved, you're less likely tap your retirement savings.
Not only can you get a tax deduction or credit for contributions (over 30 states and the District of Columbia offer a direct state tax deduction for your contributions), earnings grow on a tax-advantaged basis and, when you withdraw the money, it is tax-free if the funds are used for qualified education expenses , such as tuition, fees, books and room and board.
The new tax law even expanded the use of plans to include private-school tuition from elementary through high school. Families now have the option to use up to $10,000 in annual tax-free 529 plan withdrawals to cover those early educational expenses. (While this addition sounds like a good idea, making early withdrawals could forfeit the benefit from long-term compounding .)
In 2017, the average account size jumped to a record high of $24,057, up 13 percent from the year earlier, according to the College Savings Plans Network, or CSPN.
Total investments in 529s also reached a record $319.1 billion last year, 16 percent higher than 2016 (see the chart below from the College Savings Plans Network ).
While 529 balances have been growing, so have college costs.
All in, families with students in four-year private colleges spent almost $47,000 in 2017–18; that's up 3.5 percent from the year earlier, according to the College Board .
"We are all concerned about [college] debt and 529 plans are part of the solution," said James DiUlio, the chair of CSPN. "Any time you can start and any amount you can save is better than borrowing on the other end."
However, many people are left out altogether when it comes to being able to afford higher education. Exactly half of Americans are not saving anything on an annual basis for future education expenses, Edward Jones found.
"A lot of people fall below the line when it comes to resources," said Josh Andrews, the financial advice director for education at USAA, the credit union and financial services firm that specializes in customers with a military connection. "There's just not any money left to fund a 529."
More from Personal Finance:
Attending Harvard will cost $475,000 in 2036. Here's how much other schools will charge
This account can help you slash your tuition bill — and few Americans know it
Tapping 529s to pay for private school could come back to bite you
To that point, "529s are a great vehicle if you are sure you want to allocate funds for higher education," added Kyle Ryan, a certified financial planner and executive vice president of advisory services for Personal Capital in San Francisco. "However, it's not the best thing for everyone."
With an Roth IRA , for example, savers under the age of 50 can make after-tax contributions up to $5,500 a year, and then take tax-free withdrawals in retirement. Account holders can also withdraw their contributions at any time — say, to cover college expenses — without taxes or penalties.
"It gives you the flexibility to save for retirement and use it for education as well," Ryan said.
"On the Money" airs on CNBC Saturdays at 5:30 a.m. ET, or check listings for air times in local markets. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/saving-in-a-529-is-great-for-those-who-can-afford-it.html |
HOUSTON, May 04, 2018 (GLOBE NEWSWIRE) -- Buckeye Partners, L.P. (“Buckeye”) (NYSE:BPL) today reported its financial results for the first quarter of 2018. Buckeye reported net income attributable to Buckeye’s unitholders for the first quarter of 2018 of $112.4 million compared to net income attributable to Buckeye’s unitholders for the first quarter of 2017 of $123.6 million. Adjusted EBITDA (as defined below) for the first quarter of 2018 was $261.7 million compared to $277.5 million for the first quarter of 2017.
Net income attributable to Buckeye’s unitholders was $0.74 per diluted unit for the first quarter of 2018 compared to $0.88 per diluted unit for the first quarter of 2017. The diluted weighted average number of units outstanding in the first quarter of 2018 was 149.5 million compared to 141.0 million in the first quarter of 2017. The increase in the weighted average number of units outstanding is attributable to the limited partner units (“LP Units”) and Class C Units issued to fund a portion of the buyout of the public unit holders of VTTI Energy Partners LP and growth capital expenditures, including pre-funding the equity portion of growth capital expenditures through 2019.
“Buckeye’s diversified portfolio of global assets generated another quarter of stable financial results, despite challenging market conditions,” said Clark C. Smith, Chairman, President and Chief Executive Officer. “Our Domestic Pipelines & Terminals segment delivered improved results reflecting increased pipeline and terminal throughput volumes during the quarter, driven primarily by stronger demand in the markets served by our systems, as well as higher average pipeline tariffs. This segment also benefited from increases in petroleum product prices that drove higher settlement revenues, partially offset by the expiration of a crude-by-rail contract at our Chicago Complex. Our Global Marine Terminals segment benefited from increased contributions from our investment in VTTI and improved operating performance from our Buckeye Texas Partners joint venture, which was more than offset by the impact of lower capacity utilization and rates, driven by overall weaker storage market conditions. Our Buckeye Merchant Services business successfully drove utilization across our system, achieving a record quarterly contribution of revenues to our other segments, despite being impacted by weaker market conditions during the quarter.”
“This quarter further demonstrates our commitment to capitalize on growth opportunities that enhance and strengthen our diversified portfolio of assets,” continued Mr. Smith. “We announced a joint venture project to further expand our U.S. Gulf Coast presence through the construction of a deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will offer 3.4 million barrels of crude oil storage capacity, positioning it to serve as a key outlet for crude oil and condensate volumes delivered into Corpus Christi from the Permian Basin. Buckeye will construct and operate the terminal and will own a 50% interest in the newly formed joint venture. We also launched a significant project to expand the Chicago Complex, our Midwestern hub, with additional storage, component blending, throughput capacity and service capabilities to support the growing needs of a key Midwestern refining customer. In addition, we successfully loaded the first shipment of crude oil by Suezmax tanker following the completion of modifications to our Buckeye Texas Hub, enhancing the facility’s premier marine terminalling capabilities. We believe that these strategic capital investment opportunities, along with our other smaller growth capital projects, will position Buckeye to deliver solid returns for our unitholders over time.”
Distributable cash flow (as defined below) for the first quarter of 2018 was $169.2 million compared to $190.7 million for the first quarter of 2017. Buckeye also reported distribution coverage of 0.91 times for the first quarter of 2018.
Distribution . Buckeye also announced today that its general partner declared a cash distribution of $1.2625 per LP Unit for the quarter ended March 31, 2018. Buckeye has elected to issue additional Class C Units to its Class C Unitholders in lieu of a cash distribution. The distributions will be payable on May 21, 2018 to unitholders of record on May 14, 2018. Buckeye has paid distributions in each quarter since its formation in 1986.
Conference Call . Buckeye will host a conference call with members of executive management today, May 4, 2018, at 11:00 a.m. Eastern Time. To access the live webcast of the call, go to https://edge.media-server.com/m6/p/jqr36h5u ten minutes prior to its start. Interested parties may participate in the call by dialing 877-870-9226 and entering the conference ID 9272468. A replay will be archived and available at this link through June 3, 2018, and the replay also may be accessed by dialing 800-585-8367 and entering the conference ID 9272468.
About Buckeye Partners, L.P.
Buckeye Partners, L.P. (NYSE:BPL) is a publicly traded master limited partnership which owns and operates, or owns a significant interest in, a diversified global network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Buckeye is one of the largest independent liquid petroleum products pipeline operators in the United States in terms of volumes delivered, with approximately 6,000 miles of pipeline. Buckeye also uses its service expertise to operate and/or maintain third-party pipelines and perform certain engineering and construction services for its customers. Buckeye’s global terminal network, including through its interest in VTTI B.V. (“VTTI”), comprises more than 135 liquid petroleum products terminals with aggregate tank capacity of over 176 million barrels across our portfolio of pipelines, inland terminals and marine terminals located primarily in the East Coast, Midwest and Gulf Coast regions of the United States as well as in the Caribbean, Northwest Europe, the Middle East and Southeast Asia. Buckeye’s global network of marine terminals enables it to facilitate global flows of crude oil and refined petroleum products, offering its customers connectivity between supply areas and market centers through some of the world’s most important bulk liquid storage and blending hubs. Buckeye’s flagship marine terminal in The Bahamas, Buckeye Bahamas Hub, is one of the largest marine crude oil and refined petroleum products storage facilities in the world and provides an array of logistics and blending services for the global flow of petroleum products. Buckeye’s Gulf Coast regional hub, Buckeye Texas Partners, offers world-class marine terminalling, storage and processing capabilities. Through its 50% equity interest in VTTI, Buckeye’s global terminal network offers premier storage and marine terminalling services for petroleum product logistics in key international energy hubs. Buckeye is also a wholesale distributor of refined petroleum products in certain areas served by its pipelines and terminals. More information concerning Buckeye can be found at www.buckeye.com .
Adjusted EBITDA and distributable cash flow are not measures defined by accounting principles generally accepted in the United States of America (“GAAP”). We define Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, further adjusted to exclude certain non-cash items, such as non-cash compensation expense; transaction, transition, and integration costs associated with acquisitions; certain unrealized gains and losses on foreign currency transactions and foreign currency derivative financial instruments, as applicable; and certain other operating expense or income items, reflected in net income, that we do not believe are indicative of our core operating performance results and business outlook, such as hurricane-related costs, gains and losses on property damage recoveries, and gains and losses on asset sales. We define distributable cash flow as Adjusted EBITDA less cash interest expense, cash income tax expense, and maintenance capital expenditures incurred to maintain the operating, safety, and/or earnings capacity of our existing assets, plus or minus realized gains or losses on certain foreign currency derivative financial instruments, as applicable. These definitions of Adjusted EBITDA and distributable cash flow are also applied to our proportionate share in the Adjusted EBITDA and distributable cash flow of significant equity method investments, such as that in VTTI, and are not applied to our less significant equity method investments. The calculation of our proportionate share of the reconciling items used to derive these VTTI performance metrics is based upon our 50% equity interest in VTTI, prior to adjustments related to noncontrolling interests in several of its subsidiaries and partnerships, which are immaterial. These adjustments include gains and losses on foreign currency derivative financial instruments used to hedge VTTI’s United States dollar denominated distributions which are excluded from Adjusted EBITDA and included in distributable cash flow when realized. Adjusted EBITDA and distributable cash flow are non-GAAP financial measures that are used by our senior management, including our Chief Executive Officer, to assess the operating performance of our business and optimize resource allocation. We use Adjusted EBITDA as a primary measure to: (i) evaluate our consolidated operating performance and the operating performance of our business segments; (ii) allocate resources and capital to business segments; (iii) evaluate the viability of proposed projects; and (iv) determine overall rates of return on alternative investment opportunities. We use distributable cash flow as a performance metric to compare cash-generating performance of Buckeye from period to period and to compare the cash-generating performance for specific periods to the cash distributions (if any) that are expected to be paid to our unitholders. Distributable cash flow is not intended to be a liquidity measure.
We believe that investors benefit from having access to the same financial measures used by management and that these measures are useful to investors because they aid in comparing our operating performance with that of other companies with similar operations. The Adjusted EBITDA and distributable cash flow data presented by us may not be comparable to similarly titled measures at other companies because these items may be defined differently by other companies. Please see the attached reconciliations of each of Adjusted EBITDA and distributable cash flow to net income.
This press release includes forward-looking statements that we believe to be reasonable as of today’s date. Such statements are identified by use of the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “should,” and similar expressions. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and that may be beyond our control. Among the forward-looking statements set forth in this press release are statements regarding our expectation of increasing quarterly distributions in the future. These statements are subject to, among other risks, (i) changes in federal, state, local, and foreign laws or regulations to which we are subject, including those governing pipeline tariff rates and those that permit the treatment of us as a partnership for federal income tax purposes, (ii) terrorism and other security risks, including cyber risk, adverse weather conditions, including hurricanes, environmental releases, and natural disasters, (iii) changes in the marketplace for our products or services, such as increased competition, changes in product flows, better energy efficiency, or general reductions in demand, (iv) adverse regional, national, or international economic conditions, adverse capital market conditions, and adverse political developments, (v) shutdowns or interruptions at our pipeline, terminalling, storage, and processing assets or at the source points for the products we transport, store, or sell, (vi) unanticipated capital expenditures in connection with the construction, repair, or replacement of our assets, (vii) volatility in the price of liquid petroleum products, (viii) nonpayment or nonperformance by our customers, (ix) our ability to integrate acquired assets with our existing assets and to realize anticipated cost savings and other efficiencies and benefits and (x) our ability to successfully complete our organic growth projects and to realize the anticipated financial benefits. You should read our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017, for a more extensive list of factors that could affect results. We undertake no obligation to revise our forward-looking statements to reflect events or circumstances occurring after today’s date except as required by law.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat one hundred percent (100.0%) of Buckeye’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Buckeye’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate.
BUCKEYE PARTNERS, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per unit amounts)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Revenue: Product sales $ 792,187 $ 565,420 Transportation, storage and other services 390,918 403,853 Total revenue 1,183,105 969,273 Costs and expenses: Cost of product sales 785,327 548,050 Operating expenses (1) 154,868 161,422 Depreciation and amortization 64,138 65,488 General and administrative 23,289 21,737 Other, net (14,030 ) — Total costs and expenses 1,013,592 796,697 Operating income 169,513 172,576 Other income (expense): Earnings from equity investments 7,489 10,358 Interest and debt expense (59,105 ) (55,885 ) Other expense (1) (315 ) (518 ) Total other expense, net (51,931 ) (46,045 ) Income before taxes 117,582 126,531 Income tax expense (490 ) (222 ) Net income 117,092 126,309 Less: Net income attributable to noncontrolling interests (4,719 ) (2,733 ) Net income attributable to Buckeye Partners, L.P. $ 112,373 $ 123,576 Earnings per unit attributable to Buckeye Partners, L.P.: Basic $ 0.75 $ 0.88 Diluted $ 0.74 $ 0.88 Weighted average units outstanding: Basic 148,904 140,377 Diluted 149,532 140,998
Prior year amounts reflect the adoption of ASU 2017-07 resulting in the reclassification of $0.5 million from Operating expenses to Other expense related to certain components of pension expense.
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA
(In thousands)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Revenue: Domestic Pipelines & Terminals $ 255,435 $ 253,512 Global Marine Terminals 144,085 164,476 Merchant Services 798,428 571,126 Intersegment (14,843 ) (19,841 ) Total revenue $ 1,183,105 $ 969,273 Total costs and expenses: (1) Domestic Pipelines & Terminals $ 146,224 $ 144,236 Global Marine Terminals 85,383 106,577 Merchant Services 796,828 565,725 Intersegment (14,843 ) (19,841 ) Total costs and expenses $ 1,013,592 $ 796,697 Depreciation and amortization: Domestic Pipelines & Terminals $ 23,708 $ 23,386 Global Marine Terminals 39,208 40,806 Merchant Services 1,222 1,296 Total depreciation and amortization $ 64,138 $ 65,488 Operating income (loss): Domestic Pipelines & Terminals $ 109,211 $ 109,276 Global Marine Terminals 58,702 57,899 Merchant Services 1,600 5,401 Total operating income $ 169,513 $ 172,576 Adjusted EBITDA: Domestic Pipelines & Terminals $ 140,651 $ 139,443 Global Marine Terminals 117,418 130,631 Merchant Services 3,655 7,435 Total Adjusted EBITDA $ 261,724 $ 277,509 Capital expenditures: (2) Domestic Pipelines & Terminals $ 62,841 $ 58,435 Global Marine Terminals 54,057 39,817 Merchant Services 18 — Total capital expenditures $ 116,916 $ 98,252 Summary of capital expenditures: (2) Maintenance capital expenditures $ 28,200 $ 32,586 Expansion and cost reduction 88,716 65,666 Total capital expenditures $ 116,916 $ 98,252 March 31, December 31, 2018 2017 Key Balance Sheet Information: Cash and cash equivalents $ 6,607 $ 2,180 Long-term debt, total 4,587,949 4,658,321
Includes depreciation and amortization. Prior year amounts reflect the adoption of ASU 2017-07 resulting in the reclassification of $0.5 million from Operating expenses to Other expense related to certain components of pension expense. Amounts exclude the impact of accruals. On an accrual basis, capital expenditure additions to property, plant and equipment were $118.9 million and $88.8 million for the three months ended March 31, 2018 and 2017, respectively.
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA - Continued
(Unaudited)
Three Months Ended
March 31, 2018 2017 Domestic Pipelines & Terminals (average bpd in thousands): Pipelines: Gasoline 732.5 703.1 Jet fuel 353.2 355.0 Middle distillates (1) 357.2 329.4 Other products (2) 12.5 21.2 Total throughput 1,455.4 1,408.7 Terminals: Throughput (3) 1,315.1 1,183.8 Pipeline average tariff (cents/bbl) 91.1 90.0 Global Marine Terminals (percent of capacity): Average capacity utilization rate (4) 88 % 99 % Merchant Services (in millions of gallons): Sales volumes 396.0 349.1
Includes diesel fuel and heating oil. Includes liquefied petroleum gas, intermediate petroleum products and crude oil. Includes throughput of two underground propane storage caverns. Represents the ratio of contracted capacity to capacity available to be contracted. Based on total capacity (i.e., including out of service capacity), average capacity utilization rates are approximately 83% and 96% for the three months ended March 31, 2018 and 2017, respectively.
BUCKEYE PARTNERS, L.P.
SELECTED FINANCIAL AND OPERATING DATA
Non-GAAP Reconciliations
(In thousands, except coverage ratio)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Net income $ 117,092 $ 126,309 Less: Net income attributable to noncontrolling interests (4,719 ) (2,733 ) Net income attributable to Buckeye Partners, L.P. 112,373 123,576 Add: Interest and debt expense 59,105 55,885 Income tax expense 490 222 Depreciation and amortization (1) 64,138 65,488 Non-cash unit-based compensation expense 8,690 8,678 Acquisition and transition expense (2) 282 1,029 Hurricane-related costs (3) 581 2,403 Proportionate share of Adjusted EBITDA for the equity method investment in VTTI (4) 34,540 28,617 Less: Gains on property damage recoveries (5) (14,085 ) — Earnings from the equity method investment in VTTI (4) (4,390 ) (8,389 ) Adjusted EBITDA $ 261,724 $ 277,509 Less: Interest and debt expense, excluding amortization of deferred financing costs, debt discounts and other (55,205 ) (51,524 ) Income tax expense, excluding non-cash taxes (401 ) (222 ) Maintenance capital expenditures (28,200 ) (32,586 ) Proportionate share of VTTI’s interest expense, current income tax expense, realized foreign currency derivative gains and losses, and maintenance capital expenditures (4) (10,836 ) (8,018 ) Add: Hurricane-related maintenance capital expenditures 2,098 5,550 Distributable cash flow $ 169,180 $ 190,709 Distributions for coverage ratio (6) $ 186,755 $ 176,708 Coverage ratio 0.91 1.08 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-buckeye-partners-l-p-reports-first-quarter-2018-financial-results.html |
May 10 (Reuters) - Americold Realty Trust:
* QTRLY CORE FFO OF $0.27 * Q1 FFO PER SHARE VIEW $0.21 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-americold-realty-trust-reports-q1/brief-americold-realty-trust-reports-q1-adj-ffo-per-share-0-31-idUSASC0A1LQ |
April 29, 2018 / 10:45 PM / Updated a day ago Golf-Horschel and Piercy claim New Orleans title Reuters Staff 1 Min Read
April 29 (Reuters) - Billy Horschel won his second Zurich Classic of New Orleans title, this time with partner Scott Piercy as the Americans claimed a one-stroke over compatriots Jason Dufner and Pat Perez on Sunday.
Solid putting by Horschel, the 2013 champion when the tournament was based on individual play, helped bring home the latest crown as he and Piercy enjoyed a bogey-free final round of five-under-par 65 in the alternate shot format to finish at 22-under 266 at TPC Louisiana.
The pair seized the lead with back-to-back birdies to start the back nine and finished with seven consecutive pars.
Dufner and Perez made it tight with a closing 68 but Dufner’s putt at the last to tie fell short.
South Africans Charl Schwartzel and Louis Oosthuizen took third at 20-under 268 after a 62 but overnight leaders Kevin Kisner and Scott Brown soared to a 77 to tie for 15th. (Reporting by Gene Cherry in Raleigh, North Carolina, editing by Ed Osmond) | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-zurich/golf-horschel-and-piercy-claim-new-orleans-title-idUKL3N1S60PJ |
May 16, 2018 / 2:31 PM / Updated 22 minutes ago UPDATE 1-Eletrobras' profit down 96 percent with losses on power distribution Reuters Staff 2 Min Read
(Adds earnings details)
SAO PAULO, May 16 (Reuters) - Brazilian state-controlled power utility Centrais Eletricas Brasileiras SA posted a net income of 56 million reais ($15.33 million) in the first quarter, down 96 percent from the same period a year earlier.
Eletrobras, as the company is known, reported in a securities filing late on Wednesday that heavy losses in some power distribution subsidiaries - the ones the company has been looking to sell - were one of the main factors behind the weak quarterly result.
The company also reported increasing provisions for possible charges related to its voluntary buyout plan and added 174 million reais of impairments from adjusting values of some assets.
Brazil’s largest electricity company said its earnings before interest, tax, depreciation and amortization, a common gauge of operational profitability known as EBITDA, was 1.244 billion reais, down 70 percent from the same period one year earlier.
Eletrobras has been included in the government’s national privatization program. But a draft bill outlining the steps to sell the company has faced a slow progress in the Congress.
The company is trying to sell six money-losing power distribution companies in the North and Northeast regions in Brazil since last year, a process that is taking longer than expected.
It reported a net loss of 1.9 billion reais in its power distribution business in the first quarter, which dented its overall performance in the period. Its subsidiary Amazonas Energia, one of the companies it put up for sale, lost alone 1.33 billion reais in the quarter. $1 = 3.6529 reais Reporting by Carolina Mandl and Luciano Costa; Writing by Marcelo Teixeira; Editing by Adrian Croft and Bill Trott | ashraq/financial-news-articles | https://www.reuters.com/article/eletrobras-results/update-1-eletrobras-profit-down-96-percent-with-losses-on-power-distribution-idUSL2N1SN0QY |
May 2, 2018 / 2:57 PM / Updated 39 minutes ago Merkel: We should broaden negotiating framework for Iran nuclear deal Reuters Staff 1 Min Read
BERLIN (Reuters) - German Chancellor Angela Merkel said on Wednesday that the nuclear deal with Iran should not be cancelled but its negotiating framework needed to be broadened. German Chancellor Angela Merkel welcomes Slovak Prime Minister Peter Pellegrini (not pictured) in Berlin, Germany, May 2, 2018. REUTERS/Axel Schmidt
Merkel said Iran’s missile progamme and its political influence in Syria needed to be discussed, adding that this was a widespread position in the European Union.
“We will continue with our argumentation, namely keeping the JCPOA (nuclear deal) plus expansion of the negotiating framework,” Merkel said.
Merkel said it was important for Israel to quickly make the information it has on Iran available to the International Atomic Energy Agency.
Israeli Prime Minister Benjamin Netanyahu unveiled on Monday what he said was evidence of a secret Iranian nuclear weapons programme that could encourage the United States to pull out this month of a 2015 nuclear deal between Iran and world powers. Reporting by Michelle Martin and Michael Nienaber; Editing by Andrea Shalal | ashraq/financial-news-articles | https://in.reuters.com/article/israel-iran-germany/merkel-we-should-broaden-negotiating-framework-for-iran-nuclear-deal-idINKBN1I321F |
JUST A FEW decades ago, a backyard bonfire was considered fairly entertaining, especially the fun of transforming marshmallows into what amounted to cane-sugar briquettes. Today, however, in the age of streaming blockbusters and limitless e-commerce, mere flickering can fall short.
“Throwing color on a fire is like glow sticks,” said REI Outdoor School Instructor Brenda Lo-Griffin, “always a hit that transcends generations.” Ms. Lo-Griffin tosses in a Marie Curie-worthy dose of chemicals to turn the flames green (with Borax),... | ashraq/financial-news-articles | https://www.wsj.com/articles/how-to-build-a-spectacular-fragrant-fire-1526488132 |
CNBC.com Ronen Zvulun | Reuters An Israeli soldier stands next to signs pointing out distances to different cities, on Mount Bental, an observation post in the Israeli-occupied Golan Heights that overlooks the Syrian side of the Quneitra crossing, Israel May 10, 2018.
A series of rocket exchanges between Iran and Israel along the Syrian border on Thursday may confirm what many feared: The U.S. exit from the Iran nuclear deal will inflame regional rivalries and heighten the risk of open conflict in the Middle East.
Israel launched a deadly attack on Iranian positions in Syria on Thursday, responding to an earlier rocket attack by Iran's forces on the Golan Heights, a border area Israel captured from Syria in 1967. Iran's attack itself followed several strikes by Israel on its bases in Syria, where the Iranians are supporting President Bashar Assad in the nation's long-burning civil war.
The earlier Israeli strikes came both before and after President Donald Trump announced he is withdrawing the United States from the 2015 Iran nuclear deal and restoring wide-ranging sanctions aimed at crippling the Iranian economy. Thursday's rocket exchange came just two days after Trump's announcement. "I very much worry that the antagonists seem to believe that this can be a managed and contained military escalation but military planners thought the same thing in 1914." -Helima Croft, global head of commodity strategy, RBC Capital Markets
Middle East watchers warn that Trump's decision to abandon the nuclear deal emboldens Israel and Saudi Arabia to take a more aggressive stance against Iranian forces and proxies in the region. They say it also marginalizes Iran's political moderates like President Hassan Rouhani and emboldens the nation's hard-line conservatives and the Iranian Revolutionary Guard Corps, an elite military organization loyal to the supreme leader, Ayatollah Ali Khamenei.
"US withdrawal from the JCPOA could shift the balance of power among the Iranian leadership from those who want to keep the deal operational to hardline elements more willing to risk escalation by strengthening support for regional proxies, and who favour economic self-sufficiency and opposed President Rouhani's push for greater engagement with the West," ratings agency Fitch said Thursday, referring to the deal by its official name, the Joint Comprehensive Plan of Action. show chapters 5:51 PM ET Tue, 8 May 2018 | 01:14
The long-standing fear is that open military conflict among the Middle East's dominant players will devolve into a regionwide conflict that drags global powers like the United States and Russia into war. It could also choke off oil supplies from the world's largest energy export hub.
The Israeli-Iranian exchange on Thursday is only the latest flare up in Syria's seven-year war that has drawn in Russia, the United States, Kurdish fighters and Turkey. The delicate balance of alliances and competing interests now risks tipping past the point of no return, according to Helima Croft, global head of commodity strategy at RBC Capital Markets.
"I very much worry that the antagonists seem to believe that this can be a managed and contained military escalation but military planners thought the same thing in 1914," she wrote to CNBC.
On Thursday, the White House condemned the Iranian strikes and defended Israel's counterattack, calling it an act of self-defense. It said Iran's Revolutionary Guard "bears full responsibility for the consequences of its reckless actions."
Beyond Syria, Iran is backing Lebanon's political and militant group Hezbollah, a U.S.-designated terrorist organization and avowed enemy of Israel on the Jewish state's border. The Iranians exercise significant influence over militias in Iraq, and Tehran is widely believed to be arming Houthi rebels in their fight against rivals in Yemen and a Saudi-led coalition that includes the United States.
To be sure, while the nuclear deal limited Iran's program, President Barack Obama 's hopes that the accord would pave the way for improved relations proved overly optimistic. Iran has only ramped up its role in foreign conflicts since the deal took effect in 2016.
Now, in the wake of Trump's decision, an "angry Iran is loose in the region," risk consultancy Eurasia Group said in a research note laying out the potential consequences of the U.S. exit. show chapters 3 Hours Ago | 02:36
"In Yemen, Iran will likely encourage its Houthi allies to more aggressively fire missiles at Saudi infrastructure and, more importantly, transfer sophisticated systems to improve missile accuracy," Eurasia Group analysts forecast. "The risk of the deaths of Saudi citizens increases, as does the risk of a tough and escalatory Saudi response."
However, it's the Syrian conflict where Eurasia Group sees the highest risk of volatility.
"As we expected, Israel has ratcheted up airstrikes against Iranian targets, seeking to thwart the establishment of Revolutionary Guard bases throughout Syria," its analysts said.
The heightened political risks could also inflame other tensions tied to Iran that have roiled the Arabian Peninsula, Fitch warned.
It notes that a blockade by Saudi Arabia and the United Arab Emirates on Qatar is largely due to the tiny Gulf nation's ties to Iran. It points out that Oman has been accused of allowing Iran to funnel weapons through its country to neighboring Yemen, and that Bahrain pointed the finger at Tehran-linked terrorism for a domestic oil pipeline attack.
Closely followed trader Art Cashin said geopolitical concerns in the Middle East are now eclipsing those over North Korea, whose leader will meet with Trump on June 12 after talks with South Korea that have begun to defuse a nuclear crisis.
"I would keep an eye on the Middle East a good deal more than North Korea," he told CNBC's " Squawk on the Street " on Thursday.
"I get the feeling as you watch what's going on in North Korea that the Chinese are very involved in making sure that this thing comes off, so if there's going to be a concern, it's going to be the Middle East," said Cashin, director of floor operations at the New York Stock Exchange for UBS.
— CNBC's Patti Domm contributed reporting to this story. WATCH: Treasury announces new Iran sanctions show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/risk-of-war-in-the-middle-east-grows-after-us-exit-from-nuclear-deal.html |
May 25, 2018 / 4:59 PM / Updated an hour ago Players union says freedom of movement not negotiable Brian Homewood 3 Min Read
ZURICH (Reuters) - Footballers will not accept any restrictions to their freedom of movement rights in the European Union, their global union said on Friday in reply to comments by UEFA president Aleksander Ceferin the day before.
Ceferin said he wanted the EU to consider whether football should be given an exemption to laws allowing the free movement of labour because the current situation damaged competitive balance between clubs.
FIFPro, which represents around 60,000 professional players worldwide through its affiliates, replied that competitive balance was damaged by an unequal distribution of football revenue, rather than by EU laws.
“The free movement of workers is a fundamental pillar of the European Union,” said the Dutch-based union in statement. “Players are workers and all rights including free movement apply to them. This is non-negotiable.
“We agree that football suffers from sporting and economic imbalance and our members are the victims of that as their jobs outside the elite are deteriorating.
“The cause of this problem however is the inequitable distribution of money in our sport. FIFPro finds it unacceptable to tackle such concerns by limiting the fundamental rights of players as EU citizens.”
Ceferin, who has made addressing the inequalities in the European game a central issue, argued that if players, or young children, from small clubs or small countries leave very early it harms the competitive balance.
European club football has become increasingly dominated by a handful of elite clubs, who cherry-pick the best players and enjoy the luxury of having world class footballers on the substitutes bench.
The Champions League has been punctuated by some embarrassingly one-sided contests while many domestic leagues have turned into one-horse races.
Juventus have won the last seven Serie A titles while Bayern Munich have won six in a row in Germany. Celtic have won the last seven Scottish league titles and Dinamo Zagreb have won 12 of the last 13 titles in Croatia. Reporting by Brian Homewood; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-uefa-eu/players-union-says-freedom-of-movement-not-negotiable-idUKKCN1IQ2KR |
May 2, 2018 / 9:53 AM / Updated an hour ago Nestle settles months-long pricing scrap with European retailers Reuters Staff 3 Min Read
ZURICH (Reuters) - Swiss food group Nestle ( NESN.S ) has clinched an agreement with European retailers to settle a months-long pricing row and get its products back on sale, the world’s biggest packaged food maker said on Wednesday. FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy
“We are pleased that a balanced agreement has been reached and that Nestle products will soon be back on the shelves of the six members of the European retail alliance AgeCore,” a company spokesman said, confirming a report by Germany’s Lebensmittelzeitung.
Nestle, whose brands include KitKat chocolates and Thomy sauces, has for months faced off with AgeCore, a Geneva-based group representing six European retailers.
The group, which included Germany’s Edeka and Switzerland’s Coop, had boycotted Nestle products as they sought better supply terms.
An Edeka spokesman confirmed the settlement but said details of the accord were confidential. “We are switching back to normal operations with Nestle,” he added.
Edeka, Germany’s largest supermarket group, had last month recommended its stores expand the boycott of some Nestle products, escalating the pricing row that broke out in September.
Switzerland’s Coop had also broadened its boycott, banishing more Nestle products from its stores.
Coop said on Wednesday it would pass on results of the negotiated deal to customers as it puts Nestle products back on sale in the days ahead.
Coop would launch a two-week sale from mid-May offering up to 30 percent discounts on more than 500 Nestle products such as Nescafe instant coffee, Smarties sweets and Moevenpick ice-cream.
Another such Nestle brands promotion was planned for the months ahead, it said.
The dispute was the latest outward sign of tension between European retailers and suppliers at a time of changing consumer tastes and new online competition.
Nestle, under the leadership of new Chief Executive Mark Schneider, last year posted its weakest annual sales growth in at least two decades, which has prompted shareholder pressure to boost revenue and profit margins.
Its first-quarter sales growth was driven almost entirely by volume, illustrating how hard it is for consumer products makers to raise prices in a competitive retail environment.
Nestle shares were down 1.2 percent by midday, while the Stoxx European retail sector index .SX3P was down 0.4 percent. Reporting by Angelika Gruber in Zurich and Matthias Inverardi in Dueseldorf, writing by Michael Shields, editing by John Revill | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nestle-retailers-edeka/nestle-reaches-deal-to-settle-row-with-european-retailers-idUKKBN1I3164 |
LONDON, May 8 (Reuters) - British bank CYBG would have to hike its bid for rival lender Virgin Money significantly if investors are going to consider a deal, a top ten investor in the takeover target told Reuters on Tuesday.
“There is some strategic logic and plenty of potential synergies in a combination of the two, but also plenty of execution risk, particularly from an IT perspective in light of recent events at TSB,” said the fund manager, who declined to be identified.
$1 = 0.7410 pounds Reporting by Ben Martin, editing by Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/virgin-money-ma-shareholders/top-ten-virgin-money-investor-says-cybg-would-need-to-significantly-lift-bid-idUSL8N1SF66Z |
May 26, 2018 / 5:42 PM / Updated an hour ago Motor racing - Verstappen must cut out the errors, says Red Bull boss Alan Baldwin 3 Min Read
MONACO (Reuters) - Red Bull have told Max Verstappen he needs to stop making mistakes after the 20-year-old Dutch driver wrecked his Monaco Grand Prix chances with a crash in Saturday’s final practice. Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 26, 2018 Red Bull’s Max Verstappen in action during practice REUTERS/Benoit Tessier
Verstappen will line up last for Formula One’s showcase race on Sunday while Australian team mate Daniel Ricciardo, already a winner this season, secured pole position with a record lap for what will be the team’s 250th start.
“This place bites,” team principal Christian Horner told Britain’s Channel Four television after a qualifying session that did not feature Verstappen.
“He got bitten pretty hard today in a session that doesn’t really count for anything other than setting the car up,” added the Briton.
“He is in a car that is capable of winning this grand prix and that will hurt him even more. You don’t get that many opportunities to win a Monaco GP.
“He needs to learn from it, and stop making these errors. He knows that more than anybody.”
When asked whether he felt Saturday’s crash would be a catalyst for that, Horner added: “I hope so. I don’t know what else will.”
Verstappen has won three races already in a precocious career and is the youngest man in the sport’s history to stand on top of the podium.
He might also have become the youngest ever to qualify on pole on Saturday, and he can hope to have more chances before the season is out, but his 2018 has so far been far from stellar.
He finished third in Spain two weekends ago for his first podium of the year but retired in Azerbaijan after a collision with Ricciardo.
In China he tangled with Mercedes’s reigning champion Lewis Hamilton and Ferrari’s title contender Sebastian Vettel, finishing fifth after a 10-second penalty demoted him from fourth while Ricciardo won the race.
Before that, he collided with Hamilton in Bahrain and retired while he had a 360-degree spin in Australia and finished sixth after starting fourth.
“We’ve got a great car, he’s a phenomenally fast driver and would have been able to be competing for the pole position today,” said Horner.
“For the whole team to only be running one-legged with such a strong car is frustrating.”
Horner said the mechanics had done their best to get the car fixed for qualifying, after Verstappen had hit the wall, but they then detected an oil leak which required further work. Editing by Clare Fallon | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco-verstappen/motor-racing-verstappen-must-cut-out-the-errors-says-red-bull-boss-idUKKCN1IR0M9 |
Sylvia Bloom wasn't born into wealth: The 96-year-old, a child of Eastern European immigrants, grew up in Brooklyn during the Great Depression and put herself through college at Hunter. But at the end of her life in 2016, her family and friends learned something about her that she had been keeping quiet for years: She was a self-made millionaire — and she was donating her fortune to good causes, according to a report in The New York Times .
Bloom, who made her money by both investing wisely and living modestly, distributed more than $8 million in her will. A total of $6.24 million will go to the Henry Street Settlement for disadvantaged students, the largest single donation from an individual to the group in 125 years, the Times reports . Another $2 million will be split between her alma mater and an additional scholarship fund that's yet to be announced.
When the extent of her fortune became clear, it surprised even some of the people closest to her, Bloom's niece Jane Lockshin tells CNBC Make It . Lockshin is also treasurer of Henry Street's board and executor of Bloom's estate.
"I was flabbergasted! I know Sylvia had enough money to live on but I did not know the extent of her estate," she says. "My aunt was a very private person and never mentioned the extent of her estate to anyone. She probably thought that was no one's business but her own ."
show chapters This secret bitcoin millionaire is giving away $86 million to charity 4:44 PM ET Fri, 29 Dec 2017 | 01:10 Though Bloom wasn't vocal about making money, she was shrewd in the way she went about it . In 1947, she joined Cleary Gottlieb Steen & Hamilton, a Wall Street law firm, where she worked as a legal secretary for 67 years and observed the investment strategies of the lawyers.
"She was a secretary in an era when they ran their boss' lives, including their personal investments," Lockshin tells the Times. "So when the boss would buy a stock , she would make the purchase for him, and then buy the same stock for herself, but in a smaller amount because she was on a secretary's salary."
Despite the wealth she accumulated, which she split among three brokerage houses and 11 banks, Bloom kept a low profile: "She and my uncle lived a modest but comfortable life," Lockshin tells CNBC Make It.
Bloom and her husband Raymond Margolies, a New York City firefighter, teacher and part-time pharmacist who died in 2002, lived in a rent-controlled apartment . And while Bloom did dress well and own a fur coat, Lockshin says the coat "was Persian Lamb, not Ermine. She was not a conspicuous spender. "
According to David Garza, Henry Street's executive director, Bloom "was a child of the Depression and she knew what it was like not to have money. She had great empathy for other people who were needy and wanted everybody to have a fair shake," he tells the Times.
Her main priority was helping others .
show chapters These billionaires are handing over their fortune to charity and not their kids 9:50 AM ET Thu, 13 July 2017 | 01:16 Her donations, including the one to Henry Street, which now serves more than 60,000 people and provides health care programs and transitional housing services in addition to its educational support, is "the epitome of selflessness," Garza says.
"These resources will strengthen our Expanded Horizons program in an unprecedented way," he tells CNBC Make It. The program "serves students from 9th grade through college completion, offering free college counseling, SAT prep, tutoring, visits to college campuses and continuous support to participants until they complete their degree.
"We are profoundly grateful to Jane Lockshin and Sylvia Bloom."
Bloom's philanthropic impulses are similar to that of other self-made millionaires and billionaires who have also made it a priority to give back. Ronald Read, a one-time janitor and gas station attendant in Vermont, for example, quietly amassed $8 million fortune thanks to his smart budgeting habits and by investing in companies like Procter & Gamble , J.P. Morgan Chase , CVS Health and Johnson & Johnson . When he died, he left most of the money to his local library and a hospital.
A New Hampshire woman who won the Jan. 6 $559.7 million Powerball jackpot , vowed to donate $150,000 to Girls Inc. and $33,000 apiece to three chapters of End 68 Hours of Hunger in the state. And the creator of the Pineapple Fund , an anonymously run charity, announced they would donate $86 million of bitcoin to good causes, such as unconditional cash transfers to people living in poverty.
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Don't miss: A janitor secretly amassed an $8 million fortune and left most of it to his library and hospital
show chapters Investing like Vermont's secret millionaire stock-picker 2:53 PM ET Mon, 29 Aug 2016 | 01:06 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/how-a-96-year-old-secretary-amassed-a-secret-8-million-fortune.html |
ADDISON, Texas--(BUSINESS WIRE)-- Nerium International Founder and Chief Executive Officer Jeff Olson is proud to announce the executive promotions of Deborah K. Heisz , formerly President, to Co-CEO of Nerium International, and Bo Short, previously Chief Sales Officer, to President of the award-winning, age-fighting skincare and wellness products company. “These top leadership promotions represent an exciting time for Nerium International,” said Jeff Olson. “We are experiencing transformational shifts in our business that are allowing us to develop plans and implement strategies to build a multibillion dollar legacy company.”
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180511005825/en/
Nerium International President Bo Short and Co-CEO Deborah K. Heisz (Photo: Business Wire)
The new appointment of leadership roles is a seamless transition and prime opportunity for Nerium International to grow to new heights, becoming one of the most dynamic forces in the beauty and wellness space worldwide. Deborah’s Co-CEO role adds focus to the global company’s total enterprise management as she strategizes, leads and shares the bold Nerium vision with Founder and CEO Jeff Olson.
“We have strong leadership at headquarters and in the field to help contribute to long-term sustainable growth. I am honored to lead the charge with our Founder and CEO Jeff Olson, alongside our executive team. We will continue building a life-changing and outstanding business opportunity while Making People Better,” said Deborah Heisz.
There is a new synergy within Nerium’s corporate leadership team and the executive team’s collective skill sets complement each other like never before in the company’s six-plus years in business.
In his position as President of the company, Bo will lead in the role of overseeing U.S. and global sales teams, managing and directing all Nerium International sales and field development activity. Bo is a legendary figure in the direct selling industry with more than three decades of success. His experience in the management and growth of direct sales companies comes with a strong emphasis on field development and sales growth.
“I am honored to serve our global team of Nerium Brand Partners in this new role. The opportunity to build upon the great innovations of the past six-plus years of Nerium success is a thrill,” said Bo Short. “I look forward to working alongside Deborah Heisz and Jeff Olson to implement strategies that will continue to provide a vehicle for our Brand Partners and corporate team to accomplish their personal goals, while building a legacy company for generations to come.”
Since the company’s August 2011 launch in the U.S., Nerium International has developed a breakthrough line of exclusive age-fighting skincare and wellness products that are science-based and produce real results to look, feel, and live better. The fast-growing company has broken sales records while building consumer fans around the world and is currently operating in the U.S., Canada, Mexico, South Korea, Japan, Hong Kong, Colombia, Australia, New Zealand, Germany, Austria, and Singapore. Nerium International provides multi-lingual customer service, a robust suite of marketing and training materials, a global enrollment system, and a technologically advanced system to support the success of its Independent Brand Partners.
About Nerium International
Based in Addison, TX, Nerium International is a global relationship marketing company with age-fighting products crafted from cutting-edge research and science. Founded in 2011, Nerium International has shattered industry sales records while developing a strong customer base in North American, Latin American, Asia-Pacific and European markets. This unprecedented success has allowed Nerium International to generate $1.5 billion in cumulative sales after six years. Nerium International was recognized for its historic growth by ranking No. 1 on the 2015 Inc. 500 List of fastest-growing private U.S. companies in consumer products and services and No. 12 in overall, as well as No. 38 on the 2016 Direct Selling News’ Global 100 List. Led by an executive leadership team with vast domestic and international experience, Nerium International is committed to providing an excellent product line based in real science and providing its Independent Brand Partners with a life-changing and outstanding business opportunity through relationship marketing. For more information, please visit: https://www.nerium.com/ .
//www.businesswire.com/news/home/20180511005825/en/
Nerium International PR
Anita Kasmar, 469-754-9396
[email protected]
Source: Nerium International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-nerium-international-announces-leadership-promotions.html |
15 COMMENTS U.S. government bonds are paying more than debt from other developed countries for the first time in almost two decades, a new sign of investors’ struggle to reconcile expectations for faster U.S. growth with concerns about the impact of deficits and inflation.
The yield on the benchmark 10-year Treasury note, a key barometer for borrowing costs for consumers and companies, last week topped 3.1%, its highest close in almost seven years. It’s a climb that’s rippling through markets, buffeting stocks and helping fuel a surprise rally in the dollar as higher rates attract yield-seeking investors to the currency.
Analysts said the rise in yields in part reflects optimism about the U.S. economy and expectations for a pickup in inflation, which threatens the value of government bonds by eroding the purchasing power of their fixed payments. A market-based measure of expectations for annual inflation over the next 10 years, known as the break-even rate, recently reached its highest levels since 2014.
The climb also shows the impact of the recent tax cut package and a surge in government spending. Those have boosted short-term growth expectations while increasing borrowing and the supply of Treasury bonds, which can hurt bond prices. That comes as the Fed has raised interest rates in recent years and begun paring bond holdings accumulated during the financial crisis, unwinding stimulus policies like those that continue to keep rates low in many other countries.
“The U.S. has the highest rates of everyone in the G-10 and it looks like the rate differential will continue to widen,” said Chris Gaffney, president of EverBank World Markets. “The U.S. seems to be going it alone in this rising interest-rate path.”
The 10-year yield’s surge this year has pushed it above yields on bonds from seven major developed countries for the first time since June 2000, according to an analysis by Bianco Research. It recently exceeded the yield on 10-year debt from a record number of countries, according to Deutsche Bank Research, and surpassed the 10-year German bund yield by the most in almost three decades.
At the same time, economic data throughout much of the world has failed to meet expectations, eroding support for bets that the euro, yen and other currencies would rise versus the dollar. While investors speculate about the Fed increasing its pace of monetary tightening, they have also reduced their expectations for tighter monetary policies in Australia, Canada, the U.K., Japan, the euro-zone and other economies.
Higher Treasury yields are pushing investors back to the dollar, after they crowded into bets that the euro would rise versus the U.S. currency. As economic data has weakened in Europe, pushing yields down even as monetary policy remains accommodative, signs of employment and inflation growth U.S. have persisted, lifting Treasury yields higher. That shift has squeezed some investors, leading many to exit the trade.
Investors say they are also looking at the yield differential because the gap has made it increasingly expensive for money managers in Europe and Asia to buy U.S. government and corporate bonds. Those investors are increasingly looking instead to buy debt in Europe, where hedging costs are not a problem. This dynamic could make borrowing more expensive for U.S. consumers and businesses, and act as a check on growth.
Yields have surged along with bets that the Fed will speed up its pace of interest increases, adding to the three that officials forecast at their December and March meetings. That has raised concerns that policy makers, in their zeal to cool inflation, may prematurely tip the economy into recession.
Fed officials raised interest rates in March and penciled in two more increases this year. Fed funds futures, used by investors to bet on central bank policy, late Friday showed a 50% probability that officials raise rates four times. That contrasts with the situation in Europe where policy makers have yet to commit to ending bond purchases this year, and the time table for raising interest rates from their current level of minus-0.40% remains uncertain.
The expectations for further rate rises has driven up the yield on two-year Treasurys, which tends to move along with the direction of Fed policy. That’s narrowed the gap with longer-term rates, known as the yield curve. The curve, which many investors use as a signal of economic health, has been flattening lately, as expectations for longer-term growth and inflation remain tepid. Many investors are concerned the two-year yield could eventually exceed the 10-year yield, a phenomenon known as an inverted yield curve which has preceded every U.S. recession since at least 1975.
A Wall Street Journal survey of economists shows 59% of those surveyed expect the economy to enter a recession in 2020, while 22% foresee a contraction in 2021.
There are few signs of recession now, though some investors are concerned that wage growth has been slow even as the unemployment rate has fallen to its lowest since 2000. BNP Paribas forecasts the $1.5 trillion tax cuts will add a mere 0.5% to economic output this year and some investors have expressed concern that companies have devoted more of the proceeds to buying back their stock than to raising worker wages.
“It generates asset [price] growth but doesn’t necessarily generate economic growth,” said Alvise Marino, a currency strategist with Credit Suisse Group.
There’s little on the horizon threatening to change the dynamic of robust expansion in the U.S. and “stagnant” growth in Europe, said Luke Hickmore, a senior investment manager at Aberdeen Standard Investments. He said the dollar could gain another 5%-10% on top of the 5% it’s gained since February. “There’s no way the dollar’s stopping,” Mr. Hickmore said.
Write to Daniel Kruger at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-government-bonds-pay-more-than-debt-from-other-developed-nations-1526817600 |
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