text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
JERUSALEM (Reuters) - Israeli Prime Minister Benjamin Netanyahu said on Monday that the opening of the U.S. embassy in Jerusalem will be remembered in Israel for generations.
Israeli Prime Minister Benjamin Netanyahu speaks as U.S. Ambassador to Israel David Friedman sits next to him during the dedication ceremony of the new U.S. embassy in Jerusalem, May 14, 2018. REUTERS/Ronen Zvulun “This is a great day. A great day for Jerusalem. A great day for the state of Israel. A day that will be engraved in our national memory for generations,” Netanyahu said in a speech at the embassy’s opening ceremony.
The Israeli leader thanked U.S. President Donald Trump for “having the courage” to keep his promise to move the embassy to Jerusalem from Tel Aviv.
Netanyahu concluded his speech calling Jerusalem the “eternal, undivided capital of Israel.”
Reporting by Ari Rabinovitch, Editing by Stephen Farrell
| ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-embassy-netanyahu/netanyahu-u-s-embassy-opening-in-jerusalem-a-great-day-idINKCN1IF1XD |
NORTHBROOK, Ill., May 24, 2018 /PRNewswire/ -- The Allstate Corporation (NYSE: ALL) today declared approximately $29.1 million in aggregate dividends on five series of preferred stock for the dividend period from April 15, 2018 through July 14, 2018. All preferred dividends are payable in cash on July 16, 2018 to stockholders of record at the close of business on June 29, 2018, as follows:
Series
Annual
Dividend Rate
Quarterly Amount
Per Depositary Share
Series A
5.625%
$0.3515625
Series C
6.75%
$0.421875
Series D
6.625%
$0.4140625
Series E
6.625%
$0.4140625
Series F
6.25%
$0.390625
The Allstate Corporation also declared a dividend of approximately $9.5 million at an annual dividend rate equal to 5.625% on the corporation's Series G preferred stock for the dividend period from March 29, 2018 through July 14, 2018. Accordingly, holders will receive $0.4140625 per depositary share. This Series G preferred stock dividend will be payable in cash on July 16, 2018 to stockholders of record at the close of business on June 29, 2018.
Financial information, including material announcements about The Allstate Corporation, is routinely posted on www.allstateinvestors.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/allstate-announces-preferred-stock-dividends-300654670.html
SOURCE The Allstate Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-allstate-announces-preferred-stock-dividends.html |
May 15 (Reuters) - Aevi Genomic Medicine Inc:
* AEVI GENOMIC MEDICINE INC FILES FOR MIXED SHELF OF UP TO $50 MILLION – SEC FILING Source text: ( bit.ly/2IjWI5B ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-aevi-genomic-medicine-files-for-mi/brief-aevi-genomic-medicine-files-for-mixed-shelf-of-up-to-50-mln-idUSFWN1SM111 |
May 4 (Reuters) - BT Group PLC:
* KAREN RICHARDSON AND TONY BALL WILL STEP DOWN FROM BT BOARD AT END OF ANNUAL GENERAL MEETING ON 11 JULY 2018 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bt-says-karen-richardsontony-ball/brief-bt-says-karen-richardsontony-ball-to-step-down-from-board-at-agm-idUSFWN1SB0FK |
May 10, 2018 / 8:38 AM / Updated 7 minutes ago BRIEF-The9 Limited Announces Potential Share Exchange Transaction Reuters Staff 1 Min Read
May 10 (Reuters) - The9 Ltd:
* THE9 LTD- ANNOUNCED IT HAS ENTERED INTO A TERM SHEET WITH PLUTUX LIMITED AND A SHAREHOLDER OF PLUTUX FOR ISSUANCE AND SALE OF 12.5 MILLION SHARES OF CO
* THE9 LTD- ISSUANCE OF SHARES OF CO, TO PARTICIPATING SHAREHOLDER AT $1.2 PER ORDINARY SHARE IN EXCHANGE FOR MINORITY EQUITY INTEREST IN PLUTUX Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-the9-limited-announces-potential-s/brief-the9-limited-announces-potential-share-exchange-transaction-idUSFWN1SH0CY |
DENVER & MONTREAL--(BUSINESS WIRE)-- Molson Coors Brewing Company (NYSE: TAP, TAP.A) today declared a regular quarterly dividend on its Class A and Class B common shares of US$0.41 per share, payable June 15, 2018, to shareholders of record on June 4, 2018. The quarterly dividend is payable to holders of Class A and Class B common stock of Molson Coors Brewing Company.
In addition, Molson Coors Canada Inc. (TSX: TPX.B, TPX.A), declared a quarterly dividend of approximately CDN$0.52 (the Canadian dollar equivalent of the dividend declared on Molson Coors stock), payable June 15, 2018, to its Class A and Class B exchangeable shareholders of record on June 4, 2018. The dividends declared in respect of the Class A and Class B Exchangeable Shares are eligible dividends for Canadian tax purposes.
Overview of Molson Coors
Molson Coors has defined brewing greatness for more than two centuries. As one of the largest global brewers, Molson Coors works to deliver extraordinary brands that delight the world’s beer drinkers. From Coors Light, Coors Banquet, Miller Lite, Molson Canadian, Carling, Staropramen and Sharp’s Doom Bar to Leinenkugel’s Summer Shandy, Blue Moon Belgian White, Hop Valley, Creemore Springs and Crispin Cider, Molson Coors offers a beer for every beer lover.
Molson Coors operates through Molson Coors Canada, MillerCoors in the U.S., Molson Coors Europe and Molson Coors International. The company is not only committed to brewing extraordinary beers, but also running a business focused on respect for its employees, communities and drinkers, which means corporate responsibility and accountability right from the start. It has been listed on the Dow Jones Sustainability Index for the past seven years. To learn more about Molson Coors Brewing Company, visit molsoncoors.com , ourbeerprint.com or on Twitter through @MolsonCoors .
About Molson Coors Canada Inc.
Molson Coors Canada Inc. (MCCI) is a subsidiary of Molson Coors Brewing Company (MCBC). MCCI’s Class A and Class B exchangeable shares offer substantially the same economic and voting rights as the respective classes of common shares of MCBC, as described in MCBC’s annual proxy statement and Form 10-K filings with the U.S. Securities and Exchange Commission. Specifically, the trustee holder of MCBC’s special Class A voting stock and the special Class B voting stock has the right to cast a number of votes equal to the number of then outstanding Class A exchangeable shares and Class B exchangeable shares, respectively.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005908/en/
Molson Coors Brewing Company
Media:
Colin Wheeler, 303-927-2443
or
Investor Relations:
Kevin Kim, 303-927-2515
Source: Molson Coors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-molson-coors-brewing-company-announces-regular-quarterly-dividend.html |
Breakingviews TV: Tesla glitch 6:48pm BST - 04:52
Antony Currie and Richard Beales talk about Tesla’s biggest-ever quarterly loss, the electric-car maker’s ambitions, and boss Elon Musk’s impatience with Wall Street analysts on the company’s earnings call – and what that means for its capital-raising prospects.
Antony Currie and Richard Beales talk about Tesla’s biggest-ever quarterly loss, the electric-car maker’s ambitions, and boss Elon Musk’s impatience with Wall Street analysts on the company’s earnings call – and what that means for its capital-raising prospects. //reut.rs/2KAbfMa | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/breakingviews-tv-tesla-glitch?videoId=423575475 |
Venezuela's oil industry could be directly targeted by the U.S. immediately after the crisis-hit nation's upcoming presidential election, oil experts warned Wednesday, as global energy markets braced for a further spike in crude futures.
Venezuela's export troubles have intensified ahead of the country's snap presidential election on Sunday, as incumbent Nicolas Maduro prepares for a second term in office despite an unprecedented economic and social crisis.
The U.S., alongside several other countries in the Americas, has condemned Venezuela's forthcoming vote as a sham.
"Maduro will win as the election is rigged and it won't be fair. The more important question is how the U.S. will react after the official results," Tamas Varga, analyst at PVM Oil Associates, told CNBC in a phone interview Tuesday.
"If U.S. refineries are forbidden from buying Venezuelan crude then you'd have to imagine the country is in trouble," he added.
When asked whether oil traders should expect to see sanctions imposed against Venezuela after the Latin American country's vote, Vargas replied: "Knowing Donald Trump , it is more likely than simply just a prospect because he likes playing hardball, he isn't fainthearted and he is not afraid to punish countries."
Far-reaching economic sanctions A move to directly target Venezuela's oil industry would likely constitute a huge sucker punch to Maduro's socialist administration, which is depending almost entirely on crude sales to try and decelerate a deepening economic crisis.
In February, then U.S. Secretary of State Rex Tillerson said sanctioning Venezuela's oil or prohibiting the crude to be sold in the U.S. was something the White House would continue to mull over.
REUTERS | Marco Bello President Nicolas Maduro gestures as he registers his candidacy for re-election at the National Electoral Council (CNE) headquarters in Caracas, Venezuela February 27, 2018. And while the Trump administration has already imposed far-reaching economic sanctions against Caracas, the additional risk of direct penalties on the country's oil sector remains.
Venezuela's production collapse has seen its crude output drop to around 1.4 million barrels a day (bpd) in recent months — a spectacular fall of nearly 40 percent since 2015. And with global creditors monitoring the country's assets and the U.S. reportedly considering further sanctions, the global energy market is bracing for a further spike in oil prices.
IEA sees 'potential' for oil sanctions The country's state oil company, PDVSA, is also battling mounting problems after it recently lost control of its refining and storage assets in the Caribbean to U.S. exploration and production company, ConocoPhillips.
Output from PDVSA has slumped by almost 1 million bpd since its recent high in December 2015.
On Wednesday, the International Energy Agency (IEA) warned in its closely-watched monthly report that there is the "potential" for sanctions targeting PDVSA immediately after the looming presidential vote.
Marco Bello | Reuters A woman walks past a mural with the corporate logo of the state oil company PDVSA in Caracas, Venezuela November 3, 2017. "With the oil sector spiraling deeper into crisis, it is possible that capacity could fall by several hundred thousand barrels a day by the end of the year," the Paris-based organization said.
'Expect even higher prices' Brent crude traded above $78 a barrel on Wednesday, which could ratchet up the pressure on OPEC and Russia to unwind their ongoing production deal to curb a global supply overhang.
"The market is rallying on a perceived lack of output from Iran, yet if Venezuela is hit with an actual slide in production then you can expect even higher prices," PVM Oil Assocaites' Vargas said.
Citizens of the crisis-torn state are struggling to cope with widespread food shortages, the collapse of its traditional currency and relentless hyperinflation — which the International Monetary Fund (IMF) has forecast to hit 13,000 percent in 2018.
At the same time, almost 75 percent of Venezuelans are reportedly suffering from weight loss while unemployment in the country is expected to skyrocket to 32 percent by 2022. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/venezuela-trump-could-impose-oil-sanctions-presidential-vote.html |
THE FAMILY-RUN conglomerate Sundial Brands has long dominated the black natural hair and skin-care market. Co-founder Richelieu Dennis has developed Sundial, which includes best-selling brands SheaMoisture and Nubian Heritage, from a small venture hawking homemade soap on Harlem street corners into a business the company says is valued at $1 billion. But for Dennis, 48, Sundial, which was recently acquired by Unilever, remains a means to an end. “This was never about building a business,” he says. “This was about taking care of and investing back in our community.” It’s an economic philosophy that factored into his purchase... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-day-in-the-life-of-sundial-brands-co-founder-richelieu-dennis-1525270384 |
ONEONTA, Ala., May 07, 2018 (GLOBE NEWSWIRE) -- Otelco Inc. (NASDAQ:OTEL), a wireline telecommunication services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia, announced today that it will release its 2018 first quarter financial and operational results after the close of trading on Tuesday, May 8, 2018. The Company has rescheduled the conference call to discuss first quarter results on Wednesday, May 9, 2018, at 11:30 a.m. (Eastern Time). The Company moved the announcement date two days earlier than originally planned to allow investors time to review the results prior to attending the Company’s Annual Meeting of Stockholders being held on Thursday, May 10, 2018.
To listen to the call, participants should dial (719) 325-2429 approximately 10 minutes prior to the start of the call. A telephonic replay will be available from 2:30 p.m. (Eastern Time) on May 9, 2018 through May 19, 2018, by dialing (719) 457-0820 and entering Confirmation Code 4426024.
The live broadcast of Otelco’s quarterly conference call will be available online at www.Otelco.com on May 9, 2018, beginning at 11:30 a.m. (Eastern Time). The online replay will be available at approximately 2:30 p.m. (Eastern Time) on May 9, 2018, and will continue to be available for 30 days.
ABOUT OTELCO
Otelco Inc. provides wireline telecommunications services in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia. The Company’s services include local and long distance telephone, digital high-speed data lines, transport services, network access, cable television and other related services. With approximately 94,000 voice and data access lines, which are collectively referred to as access line equivalents, Otelco is among the top 25 largest local exchange carriers in the United States based on number of access lines. Otelco operates eleven incumbent telephone companies serving rural markets, or rural local exchange carriers. It also provides competitive retail and wholesale communications services and technology consulting, managed services and private/hybrid cloud hosting services through several subsidiaries. For more information, visit the Company’s website at www.Otelco.com .
Contact: Curtis Garner
Chief Financial Officer
Otelco Inc.
205-625-3571
[email protected]
Source:Otelco Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-otelco-announces-change-in-first-quarter-2018-release-and-conference-call-schedule.html |
MINNEAPOLIS, May 09, 2018 (GLOBE NEWSWIRE) -- Ceridian HCM Holding Inc. (“Ceridian” or the “Company”) (NYSE:CDAY) (TSX:CDAY), a global human capital management software company, announced today preliminary financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Preliminary Results
Cloud revenue increased 38.0% to $125.2 million from $90.7 million in the first quarter of 2017. Total HCM revenue, which includes revenue from both Cloud and Bureau solutions, increased 11.8% to $187.2 million; and total revenue, which includes revenue from both the HCM and Lifeworks segments, increased 11.7% to $208.9 million from $187.0 million in the first quarter of 2017 Excluding the effect of foreign currency fluctuations, Cloud revenue increased 35.6%, and total revenue increased 9.9%. HCM operating profit increased to $27.3 million from $10.9 million, and total operating profit increased to $26.4 million from $12.2 million in the first quarter of 2017. Pretax income was $4.2 million as compared to a pretax loss of $9.2 million in the first quarter of 2017. HCM Adjusted EBITDA was $43.6 million, an increase of 39.7% compared to $31.2 million in the first quarter of 2017; and HCM Adjusted EBITDA margin increased to 23.3% from 18.6%, in the first quarter of 2017. 3,154 Dayforce customers were live on the Dayforce platform at the end of the first quarter of 2018, an increase of 674 customers as compared to 2,480 Dayforce customers at the end of the first quarter of 2017.
First Quarter 2018 Conference Call
Ceridian will host a conference call on May 22, 2018 at 8:00 a.m. Eastern Time to discuss the financial results for the first quarter of 2018. The conference call can be accessed by dialing 1-877-407-0784 (U.S. & Canada) or 1-201-689-8560 (International). Those wishing to participate via the webcast should access the call through Ceridian’s Investor Relations website at http://investors.ceridian.com .
The conference call replay will be available from 11:00 a.m. Eastern Time on May 22, 2018, through May 29, 2018, by dialing 1-844-512-2921 (U.S. & Canada), or 1-412-317-6671 (International). The replay passcode will be 13679199.
About Ceridian HCM Holding Inc.
Ceridian. Makes Work Life Better™.
Ceridian is a global human capital management software company. Dayforce, our flagship cloud HCM platform, provides human resources, payroll, benefits, workforce management, and talent management functionality. Our platform is used to optimize management of the entire employee lifecycle, including attracting, engaging, paying, deploying, and developing people. Ceridian has solutions for organizations of all sizes.
For more information, contact:
Jeremy Johnson
Vice President, Finance and Investor Relations
Ceridian HCM Holding Inc.
1-844-829-9499
[email protected]
Use of Non-GAAP Financial Measures
The following table reconciles HCM operating profit to HCM Adjusted EBITDA for the periods presented:
Three Months ended March 31, 2018 2017 (Dollar in millions) HCM operating profit $ 27.3 $ 10.9 Depreciation and amortization 13.9 13.1 HCM EBITDA from continuing operations (1) 41.2 24.0 Sponsorship management fees (2) 0.5 0.5 Intercompany foreign exchange loss (gain) (2.8 ) 0.8 Share-based compensation (3) 2.7 4.2 Severance charges (4) 1.9 1.9 Restructuring consulting fees (5) 0.1 (0.2 ) HCM Adjusted EBITDA $ 43.6 $ 31.2 (1) We define HCM EBITDA from continuing operations as HCM net income or loss before interest, taxes, depreciation and amortization, and net income or loss from discontinued operations.
(2) Represents expenses related to our management, monitoring, consulting, transaction, and advisory fees and related expenses paid to the affiliates of our Sponsors pursuant to the management agreement with THL Managers VI, LLC ("THLM") and Cannae.
(3) Represents the share-based compensation adjustment only for our HCM segment.
(4) Represents costs for severance compensation paid to employees whose positions have been eliminated, resulting primarily from the shift of business from our Bureau solutions to our Cloud solutions.
(5) Represents consulting fees and expenses incurred during the periods presented in connection with any acquisition, investment, disposition, recapitalization, equity offering, issuance or repayment of indebtedness, issuance of equity interests, or refinancing.
We believe that HCM Adjusted EBITDA and HCM Adjusted EBITDA margin, non-GAAP financial measures, are useful to management and investors as supplemental measures to evaluate our overall operating performance. HCM Adjusted EBITDA and HCM Adjusted EBITDA margin are components of our management incentive plan and are used by management to assess performance and to compare our operating performance to our competitors. We define HCM Adjusted EBITDA as net income or loss before interest, taxes, depreciation, and amortization, as adjusted to exclude net income or loss from discontinued operations, LifeWorks EBITDA, sponsor management fees, non-cash charges for asset impairments, gains or losses on assets and liabilities held in a foreign currency other than the functional currency of a company subsidiary, non-cash share-based compensation expense, severance charges, restructuring consulting fees, and environmental reserve charges. HCM Adjusted EBITDA margin is determined by calculating the percentage HCM Adjusted EBITDA is of Total HCM Revenue. Management believes that HCM Adjusted EBITDA and HCM Adjusted EBITDA margin are helpful in highlighting management performance trends because HCM Adjusted EBITDA and HCM Adjusted EBITDA margin exclude the results of decisions that are outside the control of operating management.
Our presentation of HCM Adjusted EBITDA and HCM Adjusted EBITDA margin are intended as supplemental measures of our performance that are not required by, or presented in accordance with, U.S. GAAP. HCM Adjusted EBITDA and HCM Adjusted EBITDA margin should not be considered as alternatives to operating income (loss), net income (loss), earnings per share, or any other performance measures derived in accordance with U.S. GAAP, or as measures of operating cash flows or liquidity. Our presentation of HCM Adjusted EBITDA and HCM Adjusted EBITDA margin should not be construed to imply that our future results will be unaffected by these items. HCM Adjusted EBITDA and HCM Adjusted EBITDA margin are included in this discussion because they are key metrics used by management to assess our operating performance.
HCM Adjusted EBITDA and HCM Adjusted EBITDA margin are not defined under U.S. GAAP, are not measures of net income, operating income, or any other performance measures derived in accordance with U.S. GAAP, and are subject to important limitations. Our use of the terms HCM Adjusted EBITDA and HCM Adjusted EBITDA margin may not be comparable to similarly titled measures of other companies in our industry and are not measures of performance calculated in accordance with U.S. GAAP.
HCM Adjusted EBITDA and HCM Adjusted EBITDA margin have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:
HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments; HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect changes in, or cash requirements for, our working capital needs; HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect any charges for the assets being depreciated and amortized that may need to be replaced in the future; HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect the impact of share-based compensation upon our results of operations; HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on our debt; and HCM Adjusted EBITDA and HCM Adjusted EBITDA margin do not reflect our income tax expense or the cash requirements to pay our income taxes.
In evaluating HCM Adjusted EBITDA and HCM Adjusted EBITDA margin, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation.
We present revenue growth in a constant currency to provide a framework for assessing how our underlying businesses performed, excluding the effect of foreign currency rate fluctuations. We calculate percentage change in revenue on a constant currency basis by applying a fixed 1.30 Canadian dollar to 1 U.S. dollar foreign exchange rate to revenues originally booked in Canadian dollars and 0.75 British pound sterling to 1 U.S. dollar foreign exchange rate to revenues originally booked in British pound sterling for all applicable periods.
Source:Ceridian HCM Holding Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-ceridian-announces-preliminary-financial-results-for-first-quarter-2018.html |
May 2, 2018 / 6:35 AM / Updated 9 minutes ago BRIEF-NeuroVive Initiates Collaboration With US TBI Research Organization Reuters Staff
May 2 (Reuters) - NEUROVIVE PHARMACEUTICAL AB:
* NEUROVIVE INITIATES COLLABORATION WITH LEADING US TBI RESEARCH ORGANIZATION
* PARTNERSHIP WITH TRACK-TBI, A NETWORK OF US-BASED TBI CLINICIANS AND RESEARCHERS Source text for Eikon: Further company coverage: (Gdynia Newsroom) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-neurovive-initiates-collaboration/brief-neurovive-initiates-collaboration-with-us-tbi-research-organization-idUSFWN1S902N |
May 3 (Reuters) - RealPage Inc:
* REALPAGE REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 REVENUE $201.6 MILLION VERSUS I/B/E/S VIEW $201.1 MILLION
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE $1.46 TO $1.51
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $0.37 TO $0.38
* RAISES FULL YEAR GUIDANCE * Q1 NON-GAAP EARNINGS PER SHARE $0.37
* Q1 EARNINGS PER SHARE $0.13 * Q1 EARNINGS PER SHARE VIEW $0.34 — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.35, REVENUE VIEW $208.2 MILLION — THOMSON REUTERS I/B/E/S
* FY2018 EARNINGS PER SHARE VIEW $1.44, REVENUE VIEW $844.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-realpage-reports-q1-eps-013/brief-realpage-reports-q1-eps-0-13-idUSASC09ZPO |
May 15, 2018 / 12:17 PM / Updated 23 minutes ago Britain calls for investigation into Gaza violence Reuters Staff 1 Min Read
LONDON (Reuters) - Britain called on Tuesday for an investigation after Israeli troops shot dead dozens of Palestinian protesters on the Gaza border. Palestinian demonstrators run for cover during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip May 14, 2018. REUTERS/Ibraheem Abu Mustafa
“There should be an investigation into this,” junior foreign office minister Alistair Burt told parliament. “The United Kingdom has been clear in calling for urgently a need to establish the facts of what happened, including why such a volume of live fire was used ...”
“There are different forms of inquiry that are possible through the United Nations and we have to find the right formula, but it is important to find out all the facts.”
Burt also called for an easing of restrictions on movement in Gaza and international support for infrastructure and development projects there. Reporting by Estelle Shirbon and Andrew MacAskill; editing by Stephen Addison | ashraq/financial-news-articles | https://in.reuters.com/article/israel-usa-britain-parliament/britain-calls-for-investigation-into-gaza-violence-idINKCN1IG1QQ |
May 3, 2018 / 11:09 AM / in 5 hours Scientists devise new, more accurate peanut allergy test Ben Hirschler 3 Min Read
LONDON (Reuters) - British scientists have developed a far more accurate blood test to diagnose peanut allergy, offering a better way to monitor a significant food hazard.
Peanuts are the most common cause of fatal food-induced anaphylaxis, or severe allergic reaction, and allergy cases among children have risen sharply in recent years. Britain’s Food Standards Agency estimates up to one in 55 children have a peanut allergy.
In contrast to existing skin-prick and other blood tests that produce a large number of false positive results, the new diagnostic has 98 percent specificity, researchers from the Medical Research Council (MARC) reported on Thursday.
Current tests, in use for decades, are based on looking for antibodies - but they cannot differentiate between sensitivity and true food allergy.
As a result, doctors often have to conduct a further round of testing in which patients are fed incrementally larger doses of peanut in a controlled hospital setting to confirm their allergy, a process that can itself trigger anaphylactic shock.
So-called oral food challenges require the presence of an allergist and specialist nurses and they cost around 1,000 pounds ($1,360) to conduct. The new blood test is five times cheaper.
Dr. Alexandra Santos, an MRC scientist and paediatric allergist at King’s College London, who led the research, believes the new test will not only save money on testing but also reduce by two-thirds the number of stressful oral food challenges that are needed.
The development of the new test follows advances in science that allow the detection of biological signals from much small blood samples than in the past.
“The technology has evolved. Now we have better ways to look at immune cells and to see how they respond,” Santos said.
The new tests focuses on mast cells, which play a pivotal role in triggering allergic symptoms, such as skin reactions or constricting of the airways.
In a study involving 174 children, published in the Journal of Allergy and Clinical Immunology, Santos and colleagues showed the new test tracked closely the severity of allergies, with the worst-affected patients having the most activated mast cells.
The team is now discussing plans for the widespread roll-out of the test with an unnamed commercial partner. There are also plans to adapt it to other foods, such as milk, eggs, sesame and tree nuts.
There are currently no approved drugs for peanut allergies, although two biotech companies - U.S.-based Aimmune Therapeutics and France’s DBV Technologies - are working to develop rival treatments.
Santos said the new blood test could play a role in monitoring patients’ response to such medicines. FILE PHOTO: A vendor sells peanuts at the Voi market, 20 km (12.5 miles) south of Hanoi April 17, 2008. REUTERS/Kham/File Photo Reporting by Ben Hirschler; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://www.reuters.com/article/us-health-allergy-peanut/scientists-devise-new-more-accurate-peanut-allergy-test-idUSKBN1I416W |
May 8, 2018 / 10:05 AM / in 2 hours Republican races in Indiana, West Virginia top primary voting in four states John Whitesides 5 Min Read
WASHINGTON (Reuters) - Bitter Republican U.S. Senate races in West Virginia and Indiana featuring candidates who have fought to prove their loyalty to President Donald Trump will highlight a slate of high-stakes party primaries in four states on Tuesday.
Voters in Ohio and North Carolina also pick candidates on Tuesday for November’s congressional elections, when Democrats must pick up two seats in the Senate and 23 in the House of Representative to recapture control of Congress and blunt Trump’s agenda.
All four of the states holding primaries were won by Trump in 2016, and Republicans have made Democratic incumbents Joe Manchin of West Virginia and Joe Donnelly of Indiana - states that Trump won by double-digit margins - two of their top U.S. Senate targets in November.
But Republican Senate prospects in either state could be hurt by bruising party primaries that have seen the top contenders battle to show who is closest to Trump or less like a conventional Washington politician.
Trump waded into the West Virginia race on Monday to urge Republicans to reject former coal executive Don Blankenship, who was released from prison last year after serving time for safety violations in a 2010 disaster that killed 29 miners.
Trump said he feared Blankenship, who has cast himself as an anti-establishment figure like the president, could not defeat Manchin in November. Trump expressed a preference for either of Blankenship’s top rivals, U.S. Representative Evan Jenkins or state Attorney General Patrick Morrisey.
“Remember Alabama,” Trump warned voters, recalling the Democratic victory in a special Senate election last year in the deeply conservative state after Republicans nominated Roy Moore, accused of sexual harassment and assault of teenage girls when he was in his 30s.
Blankenship has attacked Republican Senate Majority Leader Mitch McConnell, accusing him of undermining Trump, creating jobs for “China people” and running TV ads highlighting the Taiwanese heritage of McConnell’s wife, drawing widespread condemnation.
“I will say, all the media attention isn’t hurting him at all,” Patrick Hickey, a political scientist at West Virginia University, said of Blankenship. “There is a real sense here that career politicians are only out for themselves.”
In Indiana, the top three Republican contenders to challenge Donnelly have also sharply criticized one another while praising Trump. U.S. Representatives Luke Messer and Todd Rokita, longtime rivals, and self-funding businessman Mike Braun, have traded personal insults. FILE PHOTO - Former Massey Energy Chief Executive Don Blankenship is talking on his mobile phone as he walks into the Robert C. Byrd U.S. Courthouse in Charleston, West Virginia December 3, 2015. REUTERS/Chris Tilley/File Photo ‘NO DAYLIGHT’
“There is absolutely no daylight between them on any issues,” said Marjorie Hershey, professor of political science at Indiana University. “The race has been almost entirely personal attacks.”
But Braun, a former state legislator who has spent more than $5 million of his own money on the race, has made headway portraying the two members of Congress as indistinguishable “swamp creatures” who are products of Washington.
Trump and Vice President Mike Pence have already scheduled a campaign event in Indiana on Thursday, indicating the priority that the White House is putting on the Indiana race - and their willingness to back whoever emerges from the primary.
In Ohio, liberal Democratic Senator Sherrod Brown is another top Republican target. U.S. Representative Jim Renacci won Trump’s endorsement and is considered the favorite for the Republican Senate nomination over Cleveland-area investment banker Michael Gibbons.
Gibbons filed a defamation lawsuit against Renacci, alleging his campaign falsely claimed Gibbons was anti-Trump.
Democrats also have a competitive primary to succeed Republican Governor John Kasich. Richard Cordray, the former head of the Consumer Financial Protection Bureau, is facing Dennis Kucinich, the former Cleveland mayor, member of Congress and presidential candidate, in a battle of liberal favorites.
Cordray has received the endorsement of liberal Senator Elizabeth Warren, while Kucinich has the backing of key allies of 2016 Democratic presidential contender Senator Bernie Sanders. Slideshow (2 Images)
On the Republican side in the governor’s race, state Attorney General Mike DeWine and Lieutenant Governor Mary Taylor will fight for the Republican nomination. Reporting by John Whitesides; Editing by Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election/republican-races-in-indiana-west-virginia-top-primary-voting-in-four-states-idUSKBN1I913Q |
SEOUL (Reuters) - South Korea’s central bank is seen likely to keep interest rates steady at its May policy meeting, a Reuters poll of economists found on Wednesday, but they noted that the voting might not be unanimous - signaling a hike in July.
FILE PHOTO: A South Korea won note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo All 13 economists surveyed by Reuters saw the Bank of Korea (BOK) keeping its policy interest rate KROCRT=ECI steady at 1.50 percent at the meeting on Thursday. “Onshore economic uncertainties like high unemployment have heightened and the bank should still monitor whether inflation could start to pick up, which means it will have to hold rates for May,” said Lee Sur-bee, an economist at Samsung Securities.
Lee noted the minutes of the April meeting showed some members worried about continuing to hold rates at the current level, given policy tightening by other major central banks.
Nine of the 10 economists who expected a rate rise in July believed a July hike would be the only increase this year. No board meeting is scheduled for June.
“It may sound paradoxical but the BOK will have to increase rates in July as the South Korean economy would only become worse going forward, making it even harder to raise rates,” said Kang Seung-won, an economist with NH Investment & Securities.
Yoon Yeo-sam, a fixed income analyst at Meritz Securities, also expected only one rate hike to be possible this year, noting that weak construction investment and high unemployment continue to weigh on the economy.
South Korea’s parliament passed a 3.83 trillion won ($3.55 billion) supplementary budget bill on Sunday, with more than 70 percent of the additional budget to be spent in coming months to combat high youth unemployment.
“The government’s proposed extra budget bill has recently been approved, but it will need time to actually have any influence. An additional rate hike after July is unlikely, even in the first half of next year,” said Meritz’s Yoon.
Lim Ji-won, previously an economist at JP Morgan, will join the seven-member board at the May meeting and is not considered to be hawkish. She too has forecast a rate hike in July.
“She would definitely not give an opinion that goes against the BOK’s current consensus as it’s her first meeting as a board member,” said Lee Mi-seon, an economist at Hana Financial Group.
Reporting by Dahee Kim; Additional reporting by Joori Roh; Editing by Eric Meijer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-southkorea-economy-rates/bank-of-korea-seen-keeping-rates-on-hold-at-may-meeting-idUSKCN1IO0AK |
Companies announced plans to cut 31,517 jobs in May, a 13 percent decrease from April, a private survey reported Thursday.
The 207,977 planned job cuts announced in 2018 is more than 6.2 percent higher than the same period of 2017.
"On average, job cuts are at their lowest in May and June. Companies typically make their
staffing moves at the beginning of the year or in the fourth quarter," CEO John Challenger said in a statement.
May's results held closer to April, which bucked the trend of increasing job cut announcements. Planned cuts hit a high in March, when the most job cut announcements were made in a single month in nearly two years.
Retail leads all sectors in job cuts this year, with 69,316 — far surpassing the next two closest sectors, health and consumer.
The report comes a day before the Labor Department releases its closely watched monthly jobs data. On Wednesday, ADP and Moody's Analytics said U.S. companies created 178,000 private-sector jobs in May, slightly below expectations. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/challenger-jobs-report-planned-cuts-slow-in-may-as-retail-leads.html |
STOCKHOLM, May 31, 2018 /PRNewswire/ -- Itiviti, the leading global provider of multi-asset trading technology and financial infrastructure, today announced the appointment of a new executive management team, following the recent merger of Itiviti and ULLINK. With annual sales exceeding $200 million, 1,000 employees and local presence in major financial markets across Europe, Asia-Pacific and the Americas, Itiviti has evolved into a full-service technology and infrastructure provider for global and regional financial institutions.
Torben Munch was previously announced as Chief Executive Officer of the combined entity, which will operate under the Itiviti name and corporate brand. He is now joined by six ULLINK and Itiviti executives on the new Itiviti management team:
Torben Munch, Chief Executive Officer
Troels Philip Jensen, Chief Operating Officer
Karoline Raets, Chief Human Resources Officer
Klaus Andersen, Chief R&D Officer
Richard Bentley, Chief Product Officer
Tony Falck, Chief Financial Officer
Edouard Ryst, Chief Information Officer
A union of equals, Itiviti and ULLINK have many qualities in common, including a deep-rooted commitment to continuous innovation to deliver the most advanced trading infrastructure, products and solutions. This has resulted in a comprehensive portfolio of modular products that are easily adapted and tailored to individual client needs, delivered on premise or as fully managed solutions from a global network of data centers covering all major financial centers.
Itiviti now offers the industry's broadest range of solutions and services spanning asset classes and trading applications (high-touch, low-touch, market making, connectivity) based on modern, flexible technology architected for performance and updated to meet latest compliance requirements.
"With the new Itiviti executive management team in place, we have reached a significant milestone in the integration of our organization, which is progressing rapidly," says Torben Munch, CEO, Itiviti. "Itiviti's business focus will be on growth and expansion, guided by clients' demands for a technology partner to support their current and future needs. We enable our clients to seize opportunities in capital markets as and when they occur."
Itiviti is pronounced | ʌɪˈtɪvɪti | . The name stands for activity, productivity and connectivity − three words at the heart of our business. When combined with Information technology, ITIVITI emerges, a name synonymous with innovation and flexibility.
For further information, please contact:
Torben Munch,
CEO Itiviti Group AB,
Tel: +46-506-477-35
Email: [email protected]
Christine Blinke
Chief Marketing Officer
Itiviti,
Tel. +46-539-01-02-01
[email protected]
About Itiviti
Itiviti is a market-leading global provider of multi-asset trading technology and financial infrastructure solutions for buy-side and sell-side market participants, including NYFIX, one of the industry's largest FIX-based trading communities.
Serving more than 1,900 clients worldwide, we provide consistent, reliable access to the most up-to-date and innovative order routing, connectivity and trading solutions available. Top-tier trading firms, banks, brokers, exchanges and institutional investors rely on our technology, solutions and expertise to streamline their daily operations, connect to their desired markets, and trade when and where they want. All while being able to comply with global regulation.
With global offices in 18 locations covering all major financial centers the merger of Itiviti and ULLINK in March 2018 created a full service technology and infrastructure provider, covering all asset classes, geographies and regulatory landscapes.
For more information, please visit www.itiviti.com or www.ullink.com .
Itiviti is owned by Nordic Capital Fund VII.
This information was brought to you by Cision http://news.cision.com
http://news.cision.com/itiviti-group-ab/r/itiviti-appoints-executive-management-team-following-merger-with-ullink,c2534823
The following files are available for download:
http://mb.cision.com/Main/13830/2534823/851372.pdf
Press release in PDF format
http://news.cision.com/itiviti-group-ab/i/torben-munch--ceo--itiviti-group-ab,c2420626
Torben Munch, CEO, Itiviti Group AB
View original content: http://www.prnewswire.com/news-releases/itiviti-appoints-executive-management-team-following-merger-with-ullink-300657158.html
SOURCE Itiviti Group AB | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-itiviti-appoints-executive-management-team-following-merger-with-ullink.html |
STEVENSON, Md.--(BUSINESS WIRE)-- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of purchasers of Longfin Corp. (Nasdaq: LFIN) (“Longfin” or the “Company”) securities during the period between December 13, 2017 and April 2, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 4, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Longfin securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Longfin included several false statements in its Securities and Exchange Commission (“SEC”) filings in connection with its initial public offering (“IPO”) which prompted an SEC investigation, that Longfin acquired Ziddu.com shortly after the IPO to capitalize on the popularly of blockchain companies in order to manipulate the Company’s stock price, that Longfin’s acquisition of Ziddu.com prompted an SEC investigation, and that Longfin knew that it was ineligible to be listed on the Russell 2000 and 3000 indices.
According to the complaint, following a March 26, 2018 Citron Research tweet alerting investors that Longfin is a pure stock scheme and that an SEC enforcement action should not be far behind and an April 2, 2018 announcement of the SEC investigation into the documents related to the IPO and acquisition of Ziddu.com , the value of Longfin shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Longfin securities purchased on or after December 13, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005001/en/
Brower Piven, A Professional Corporation
Charles J. Piven, 410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
[email protected]
Source: Brower Piven, A Professional Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-final-deadline-alert-brower-piven-reminds-shareholders-of-approaching-deadline-in-class-action-lawsuit-and-encourages-those.html |
Dow falls, S&P 500 and Nasdaq rise 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/dow-falls-sp-500-and-nasdaq-rise.html |
May 1 (Reuters) - HCI Group Inc:
* HCI GROUP REPORTS FIRST QUARTER 2018 RESULTS * Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $1.26 EXCLUDING ITEMS
* Q1 EARNINGS PER SHARE $1.11 * Q1 EARNINGS PER SHARE VIEW $1.06 — THOMSON REUTERS I/B/E/S
* QTRLY GROSS PREMIUMS EARNED TOTALED $85.8 MILLION COMPARED WITH $91.6 MILLION
* QTRLY GROSS PREMIUMS WRITTEN WERE $70.1 MILLION COMPARED WITH $71.4 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hci-group-reports-q1-earnings-per/brief-hci-group-reports-q1-earnings-per-share-1-11-idUSASC09YRU |
NEW DELHI/HONG KONG (Reuters) - India’s central bank is standing firm on a directive to compel global payment firms to store customer data in India, resisting calls from U.S. companies to dilute an order they say would cost them millions of dollars, people familiar with the matter said.
The payment companies are worried India’s data on shoring move could set a precedent and nudge other major governments to implement similar rules at a time when there is heightened scrutiny on how companies globally handle their customers’ data.
The industry’s tussle with the Reserve Bank of India (RBI) also comes as Prime Minster Narendra Modi aggressively pushes digital and cashless modes of payment that leave an electronic trail as part of a campaign to crack down on the black economy.
While Modi’s administration is working on a separate data protection law, foreign companies were caught off guard in April by the RBI’s one-page directive that said all payments data should within six months be stored only in the country for “unfettered supervisory access”.
The RBI said storing data locally would help “ensure better monitoring”.
A joint lobbying effort by American Express Co, Mastercard Inc and Visa Inc to dilute or reverse the directive has failed to shift the central bank’s position, with the RBI telling the firms in a meeting this month to comply, not complain, sources with direct knowledge told Reuters.
The RBI declined to comment, but a government source with direct knowledge confirmed the central bank was “unlikely to back down on its plans”.
INVESTMENT PLANS The card companies are nervous that the move will disrupt their investment plans, as millions of dollars are diverted from other projects in a scramble to open local data centers within six months.
“There is a feeling of helplessness and we will have to comply,” said a source with direct knowledge of the meetings.
The RBI’s insistence that payments data be stored “only in India” would hamper global fraud detection and the companies should be allowed to keep a back-up, the sources said.
The government source disagreed.
“The suggestion that you need a disaster management back-up center overseas just does not cut it,” said the source, who declined to be identified. “This is not a small island nation that would get entirely crippled by a single natural disaster.”
Mastercard said it was working with the industry to engage the RBI “to understand their need for access to domestic data and work towards a solution that meets the regulatory requirements” in line with global norms.
Visa declined to comment, while American Express did not respond to a request for comment.
The move would not impact local players such as Softbank Group-backed Indian digital payments firm Paytm, as well as homegrown card payment network RuPay, which competes with the likes of Visa and Mastercard, as they already store their data in India.
“ONLY IN INDIA” The industry says India’s proposed data storage rules would be among the world’s most restrictive.
China also tightened cyber regulation in the past year, formalizing new rules that require firms to store data locally. None of the global payment card companies, however, operate in the Chinese domestic market yet.
Countries such as Russia and Indonesia also have an onshore data storage requirement, but they do not restrict companies from transfer of transactions data offshore as well, according to lobby group U.S.-India Business Council (USIBC), which counts the three U.S. card companies among its members.
Global payment firms currently store and process Indian transactions outside the country and a major concern to the industry is a clause in the RBI’s order that asks for data to be stored “only in India”, two sources said.
That, according to the industry, would restrict the transfer of data needed to effectively detect and analyze global fraud patterns, and make India more vulnerable to financial crime.
In a letter dated May 3, seen by Reuters, the USIBC pressed the RBI for a “reversal or an indefinite stay” of its directive, which it said would make India’s payments ecosystem more prone to cyber-attacks.
It also urged the RBI to remove any restriction on transferring the data outside India and specify the time period for which the data needed to be stored locally.
An industry executive at a U.S. payments firm said while the RBI was likely to soon issue clarifications to address some of their concerns, but it would not change the notification’s implementation date.
In an earnings call last month, Visa CEO Alfred Kelly Jr. referred to the RBI’s six-month deadline as a “tough timeframe”.
The directive comes as more people in India are switching to plastic money, partly driven by the Modi’s decision to replace high-value currency notes in November 2016, since when the government has aggressively discouraged cash transactions.
In March, Indians clocked transactions worth $52 billion using their 900 million credit and debit cards, nearly double the amount recorded in November 2016, data from the RBI showed.
But fraud is a concern too. The RBI recorded 57,411 cases of card fraud totaling $43 million in the three years to December 2017, according to a Right to Information response seen by Reuters.
The RBI in April said the payment ecosystem in India had “expanded considerably”, making it necessary to ensure “the safety and security” of data.
Reporting by Aditi Shah and Aditya Kalra in New Delhi, Sumeet Chatterjee in Hong Kong; Editing by Alex Richardson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-data-localisation-exclusive/exclusive-india-resists-lobbying-by-u-s-payment-firms-to-ease-local-data-storage-rules-idUSKCN1IU1T1 |
WILMINGTON, Del., May 15, 2018 /PRNewswire/ -- On May 15, 2018, DuPont's board of directors declared regular quarterly dividends of $1.12-1/2 per share on the $4.50 series preferred stock and $0.87-1/2 cents per share on the $3.50 series preferred stock, both payable on July 25, 2018, to stockholders of record as shown on the books of the company at the close of business on July 10, 2018.
About DuPont
DuPont (NYSE: DWDP), a subsidiary of DowDuPont, has been bringing world-class science and engineering to the global marketplace in the form of innovative products, materials and services since 1802. The company believes that by collaborating with customers, governments, NGOs, and thought leaders we can help find solutions to such global challenges as providing enough healthy food for people everywhere, decreasing dependence on fossil fuels and protecting life and the environment. For additional information about DuPont and its commitment to inclusive innovation, please visit http://www.dupont.com .
View original content: http://www.prnewswire.com/news-releases/dupont-declares-regular-quarterly-dividend-on-preferred-stock-300649031.html
SOURCE DuPont | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-dupont-declares-regular-quarterly-dividend-on-preferred-stock.html |
May 4 (Reuters) - Concord New Energy Group Ltd:
* POWER GENERATION OUTPUT ATTRIBUTABLE TO THE GROUP DURING APRIL OF 2018 WAS 374.36 GWH, UP 67.17 % Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-concord-new-energy-group-says-apri/brief-concord-new-energy-group-says-april-power-generation-output-attributable-was-374-36-gwh-idUSFWN1SB0QN |
May 11, 2018 / 9:07 PM / Updated 13 hours ago FDA expands use of Novartis MS drug to pediatric patients Reuters Staff 1 Min Read
(Reuters) - The U.S. Food and Drug Administration (FDA) on Friday expanded the use of Novartis AG’s relapsing multiple sclerosis (MS) drug Gilenya to treat children and adolescents. FILE PHOTO: Swiss drugmaker Novartis' logo is seen at the company's plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo
MS is a chronic, inflammatory, autoimmune disease of the central nervous system that disrupts communication between the brain and other parts of the body and is among the most common causes of neurological disability in young adults.
Gilenya is the first FDA-approved drug to treat pediatric patients suffering from relapsing MS, the U.S. health regulator said.
In a clinical trial 86 percent of patients receiving Gilenya remained relapse-free after 24 months of treatment, compared to 46 percent of those who were administered another MS drug.
Gilenya was first approved by the FDA to treat adults with relapsing MS. Reporting by Mrinalini Krothapalli in Bengaluru; Editing by Shounak Dasgupta | ashraq/financial-news-articles | https://uk.reuters.com/article/us-fda-approval-novartis/fda-expands-use-of-novartis-ms-drug-to-pediatric-patients-idUKKBN1IC2L7 |
May 10 (Reuters) - Codexis Inc:
* CODEXIS REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.05
* SEES FY 2018 REVENUE $60 MILLION TO $63 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.12 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-codexis-reports-q1-loss-per-share/brief-codexis-reports-q1-loss-per-share-0-10-idUSASC0A1L4 |
May 23 (Reuters) - SandRidge Energy Inc:
* CARL ICAHN SAYS ON MAY 22, ENGAGED MATTHEW GRUBB, FORMER PRESIDENT & COO OF SANDRIDGE AS A CONSULTANT - SEC FILING Source text: ( bit.ly/2ID5WOt ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-carl-icahn-says-on-may-22-engaged/brief-carl-icahn-says-on-may-22-engaged-matthew-grubb-former-president-coo-of-sandridge-as-a-consultant-sec-filing-idUSFWN1SU0TB |
MONACO, May 29, 2018 (GLOBE NEWSWIRE) -- Safe Bulkers, Inc. (the “Company”) (NYSE:SB), an international provider of marine drybulk transportation services, announced today its unaudited financial results for the three month period ended March 31, 2018.
Summary of First Quarter 2018 Results
Net revenues for the first quarter of 2018 increased by 31% to $43.5 million from $33.3 million during the same period in 2017. Net income for the first quarter of 2018 was $6.0 million as compared to a net loss of $3.3 million, during the same period in 2017. Adjusted net income 1 for the first quarter of 2018 was $5.7 million as compared to an Adjusted net loss of $3.4 million, during the same period in 2017. EBITDA 2 for the first quarter of 2018 increased by 53% to $23.5 million compared to $15.4 million during the same period in 2017. Adjusted EBITDA 3 for the first quarter of 2018 increased by 53% to $23.2 million from $15.2 million during the same period in 2017. Earnings per share 4 and Adjusted earnings per share 4 for the first quarter of 2018 were $0.03, calculated on a weighted average number of 101,540,728 shares, compared to a Loss per share and Adjusted loss per share of $0.07 during the same period in 2017, calculated on a weighted average number of 99,284,181 shares.
1 Adjusted Net income/(loss) is a non-GAAP measure. Adjusted Net income/(loss) represents Net income/(loss), before loss on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency. See Table 1.
2 EBITDA is a non-GAAP measure and represents Net income/(loss) plus net interest expense, tax, depreciation and amortization. See Table 1.
3 Adjusted EBITDA is a non-GAAP measure and represents EBITDA before loss on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency. See Table 1.
4 Earnings/(loss) per share and Adjusted Earnings/(loss) per share represent Net income/(loss) and Adjusted Net income/(loss) less preferred dividend divided by the weighted average number of shares respectively. See Table 1.
Redemption of Series B Preferred Shares
On February 20, 2018, we completed the previously announced redemption of 379,514 outstanding 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares (the “Series B Preferred Shares“) at a redemption price of $25.00 per Series B Preferred Share plus all accumulated and unpaid dividends. There are currently no issued and outstanding Series B Preferred Shares.
Fleet and Employment Profile
As of May 24, 2018, our operational fleet comprised of 39 drybulk vessels with an average age of 7.9 years and an aggregate carrying capacity of 3.5 million dwt. Our fleet consists of 14 Panamax class vessels, 9 Kamsarmax class vessels, 13 post- Panamax class vessels and 3 Capesize class vessels, all built 2003 onwards. Upon delivery of our last contracted drybulk newbuild Kamsarmax class vessel, scheduled for delivery in June 2018, and assuming no additional vessel acquisitions or disposals, our fleet will comprise of 40 vessels, 11 of which will be eco-design vessels, with an aggregate carrying capacity of 3.6 million dwt.
Set out below is a table showing the Company’s existing and newbuild vessels and their contracted employment as of May 24, 2018:
Vessel Name DWT Year Built Country of construction Gross Charter Rate [USD/day] 1 Charter Duration 2 Panamax Maria 76,000 2003 Japan Koulitsa 76,900 2003 Japan Paraskevi 74,300 2003 Japan 7,400 Apr 2017 – Jun 2018 Vassos 76,000 2004 Japan 13,350 Jan 2018 – Sept 2018 Katerina 76,000 2004 Japan 9,000 May 2018 - Apr 2019 Maritsa 76,000 2005 Japan 10,100 Sep 2017 – Dec 2018 Efrossini 75,000 2012 Japan 12,000 May 2018 – Jul 2018 Zoe 75,000 2013 Japan 8,200 Nov 2017 – Mar 2019 Kypros Land 77,100 2014 Japan 13,000 Apr 2018 – Jun 2018 Kypros Sea 77,100 2014 Japan 11,250 Jul 2017 – Aug 2018 Kypros Bravery 78,000 2015 Japan 14,400 Apr 2018 – Aug 2018 Kypros Sky 77,100 2015 Japan 10,750
14,000 May 2018 – May 2018
Jun 2018 – Oct 2018 Kypros Loyalty 78,000 2015 Japan 12,850 Jan 2018 – Dec 2018 Kypros Spirit 78,000 2016 Japan 12,750
14,000 Feb 2018 – May 2018
May 2018 – Oct 2018 Kamsarmax Pedhoulas Merchant 82,300 2006 Japan 14,500 Apr 2018 – Mar 2019 Pedhoulas Trader 82,300 2006 Japan 11,600 Sep 2017 – Aug2018 Pedhoulas Leader 82,300 2007 Japan 13,250 Jan 2018 – May 2018 Pedhoulas Commander 83,700 2008 Japan Pedhoulas Builder 81,600 2012 China 8,400
9,900 Apr 2017 – Jun 2018
Jun 2018 – Aug 2019 Pedhoulas Fighter 81,600 2012 China 14,850 Mar 2018– Jul 2018 Pedhoulas Farmer 3 81,600 2012 China 12,600 Jan 2018 – Aug 2018 Pedhoulas Cherry 3 82,000 2015 China 6,600 Apr 2017 – Oct 2018 Pedhoulas Rose 3 82,000 2017 China 10,000 Mar 2018 – May 2019 Post-Panamax Marina 87,000 2006 Japan 12,750
13,300 Apr 2018 – May 2018
May 2018 – Jul 2018 Xenia 87,000 2006 Japan 10,000
12,500 Feb 2017 – Jun 2018
Jun 2018 – Nov 2019 Sophia 87,000 2007 Japan 7,250 Apr 2016 – Nov 2018 Eleni 87,000 2008 Japan 12,400 Apr 2018 – Jun 2018 Martine 87,000 2009 Japan 12,700 May 2018 – Jun 2018 Andreas K 92,000 2009 South Korea 14,250 Mar 2018 – Jun 2018 Panayiota K 92,000 2010 South Korea 13,000 May 2018 – Jun 2018 Agios Spyridonas 92,000 2010 South Korea 12,500 May 2018 – Jun 2018 Venus Heritage 95,800 2010 Japan 13,200 Nov 2017 – Mar 2019 Venus History 95,800 2011 Japan 14,750 Jan 2018 – Jan 2019 Venus Horizon 95,800 2012 Japan 13,950 Jan 2018 – Dec 2018 Troodos Sun 85,000 2016 Japan 15,950 Mar 2018 – Feb 2019 Troodos Air 85,000 2016 Japan 12,500 May 2018 – Sep 2019 Capesize Kanaris 178,100 2010 China 25,928 Sep 2011 – Jun 2031 Pelopidas 176,000 2011 China 38,000 Feb 2012 – Dec 2021 Lake Despina 181,400 2014 Japan 24,376 4 Jan 2014 – Jan 2024 Total dwt of existing fleet 3,513,800
Hull Number DWT Expected delivery Country of construction Gross Charter Rate [USD/day] Charter Duration 1 Kamsarmax Hull 1552 81,600 H1 2018 Japan 15,500 Jun 2018 – May 2019 Total dwt of orderbook 81,600 Charter rate is the recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rate represents the weighted average gross daily charter rate over the duration of the applicable charter period or series of charter periods, as applicable. In case a charter agreement provides for additional payments, namely ballast bonus to compensate for vessel repositioning, the gross daily charter rate presented has been adjusted to reflect estimated vessel repositioning expenses. In case of voyage charters the charter rate represents revenue recognized on a pro-rata basis over the duration of the voyage from load to discharge port less related voyage expenses. The start date represents either the actual start date or, in the case of a contracted charter that had not commenced as of May 24, 2018, the scheduled start date. The actual start date and redelivery date may differ from the referenced scheduled start and redelivery dates depending on the terms of the charter and market conditions and does not reflect the options to extend the period time charter. Vessel sold and leased back on a net daily bareboat charter rate of $6,500 for a period of 10 years, with a purchase obligation at the end of the 10th year and purchase options in favor of the Company after the second year of the bareboat charter, at annual intervals and predetermined purchase prices. A period time charter of ten years at a gross daily charter rate of $23,100 for the first two and a half years and of $24,810 for the remaining period. In January 2017, the period time charter was amended to reflect substitution of the initial charterer with its subsidiary guaranteed by the initial charterer and changes in payment terms; all other charter terms remained unchanged. The charter agreement grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the charter, at a price of $39 million less a 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party. The charter agreement also grants the charterer the option to extend the period time charter for an additional twelve months at a time at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times.
The contracted employment of fleet ownership days as of May 24, 2018, was:
2018 (remaining) 58 % 2018 (full year) 74 % 2019 18 % 2020 8 % Order book, capital expenditure requirements and liquidity as of May 24, 2018
The remaining order book of the Company consisted of one newbuild vessel, Hull No. 1552 , with scheduled delivery date in June 2018.
The aggregate remaining capital expenditure, relating to the purchase consideration of the newbuild, amounted to $21.6 million payable within 2018.
We have agreed to finance Hull No. 1552 by one of our wholly-owned subsidiaries issuing $16.9 million of preferred equity to an unaffiliated investor in 2018.
We had liquidity of $105.0 million consisting of $69.4 million in cash and bank time deposits, $9.8 million in restricted cash and $25.8 million net available under committed loan facilities in addition to $16.9 million of preferred equity and the capacity to borrow against one unencumbered vessel.
Refinancing of credit facilities
As of May 24, 2018, the Company has agreed: i) to finance the recently acquired second hand vessel, which was paid from cash from operations, by increasing an existing credit facility of $36.7 million secured by three vessels to $54.0 million which will be secured by the four vessels after the increase; the relevant tranche of the loan will have a 6 year term and ii) to finance an unencumbered vessel and refinance another existing facility of $23.5 million with a new 5 year term loan of $32.0 million. Both loan facilities contain financial covenants consistent with the existing loan and credit facilities of the Company.
Dividend Policy
The Board of Directors of the Company has not declared a dividend to its common stock holders for the first quarter of 2018. The Company had 101,545,460 shares of common stock issued and outstanding as of May 24, 2018.
The Company declared in April a cash dividend of $0.50 per share on its 8.00% Series C Cumulative Redeemable Perpetual Preferred Shares (NYSE:SB.PR.C) and on its 8.00% Series D Cumulative Redeemable Perpetual Preferred Shares (NYSE:SB.PR.D) for the period from January 30, 2018 to April 29, 2018, which was paid on April 30, 2018 to the respective shareholders of record as of April 23, 2018.
The declaration and payment of dividends, if any, will always be subject to the discretion of the Board of Directors of the Company. The timing and amount of any dividends declared will depend on, among other things: (i) the Company’s earnings, financial condition and cash requirements and available sources of liquidity; (ii) decisions in relation to the Company’s growth and leverage strategies; (iii) provisions of Marshall Islands and Liberian law governing the payment of dividends; (iv) restrictive covenants in the Company’s existing and future debt instruments; and (v) global economic and financial conditions.
Management Commentary
Dr. Loukas Barmparis, President of the Company, said: “Our revenues continued to improve supporting gradual increase in our profitability. We intend to continue to use our cash from operations to further improve our capital structure and deleverage in forthcoming quarters."
Conference Call
On Wednesday, May 30, 2018 at 8:30 A.M. Eastern Time, the Company’s management team will host a conference call to discuss the Company’s financial results.
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (866) 819-7111 (US Toll Free Dial In), 0(800) 953-0329 (UK Toll Free Dial In) or +44 (0)1452-542-301 (Standard International Dial In). Please Quote: “Safe Bulkers” to the operator.
A telephonic replay of the conference call will be available until June 6, 2018 by dialing 1 (866) 247-4222 (US Toll Free Dial In), 0(800) 953-1533 (UK Toll Free Dial In) or +44 (0)1452 550-000 (Standard International Dial In). Access Code: 1859591#
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call, available through the Company’s website ( safebulkers.com ). Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Management Discussion of First Quarter 2018 Results
Net income for the first quarter of 2018 was $6.0 million compared to a net loss of $3.3 million during the same period in 2017, mainly due to the following factors:
Net revenues: Net revenues increased by 31% to $43.5 million for the first quarter of 2018, compared to $33.3 million for the same period in 2017, mainly due to improved charter rates and to a lesser extent an increase in the average number of vessels. The Company operated 39.00 vessels on average during the first quarter of 2018, earning a TCE 6 rate of $11,999, compared to 37.82 vessels and a TCE 6 rate of $9,417 during the same period in 2017.
Vessel operating expenses: Vessel operating expenses, which include dry-docking cost and initial supplies expenses, increased by 19% to $14.5 million for the first quarter of 2018, compared to $12.2 million for the same period in 2017, mainly as a result of: i) increased costs of maintenance, general stores and spares of $3.5 million for the first quarter of 2018, compared to $2.0 million for the same period in 2017, due to increased purchase of spares relating to the scheduled drydocking of three vessels in the second quarter of 2018 and ii) increased average number of vessels by 3% to 39.00 vessels for the first quarter of 2018, from 37.82 vessels for the same period in 2017 and increased maintenance costs due to a second-hand delivery at the end of 2017.
Depreciation: Depreciation decreased by 8% to $11.6 million for the first quarter of 2018, compared to $12.6 million for the same period in 2017, as a result of the lower cost basis of four of our vessels following the impairment recorded during the fourth quarter of 2017, partly offset by the increase in the average number of vessels operated by the Company during the first quarter of 2018.
Interest expenses : Interest expense remained almost stable to $5.8 million in the first quarter of 2018, compared to $5.7 million for the same period in 2017.
Voyage expenses: Voyage expenses remained stable at $1.5 million for the first quarter of 2018 compared to the same period in 2017.
Daily vessel operating expenses 5 : Daily vessel operating expenses, which are calculated by dividing vessel operating expenses for the relevant period by ownership days for such period, increased by 15% to $4,132 for the first quarter of 2018 compared to $3,596 for the same period in 2017 as a result of the increased purchase of spares relating to the scheduled drydocking of three vessels in the second quarter of 2018 and increased maintenance costs due to a second-hand delivery at the end of 2017.
Daily general and administrative expenses 5 : Daily general and administrative expenses, which include management fees payable to our Managers 7 increased by 2.4% to $1,184 for the first quarter of 2018, compared to $1,156 for the same period in 2017.
5 See Table 2.
6 Time charter equivalent rates, or TCE rate, represents the Company’s charter revenues less commissions and voyage expenses during a period divided by the number of our available days during such period.
7 Safety Management Overseas S.A. and Safe Bulkers Management Limited, each a related party referred in this press release as “our Manager” and collectively “our Managers".
Unaudited Interim Financial Information and Other Data SAFE BULKERS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In thousands of U.S. Dollars except for share and per share data) Three-Months Period Ended
March 31, 2017
2018 REVENUES: Revenues 34,663 45,352 Commissions (1,336 ) (1,851 ) Net revenues 33,327 43,501 EXPENSES: Voyage expenses (1,452 ) (1,506 ) Vessel operating expenses (12,242 ) (14,503 ) Depreciation (12,640 ) (11,601 ) General and administrative expenses (3,935 ) (4,156 ) Other operating expense (475 ) - Loss on sale of assets (120 ) - Operating income 2,463 11,735 OTHER (EXPENSE) / INCOME: Interest expense (5,701 ) (5,786 ) Other finance costs (49 ) (132 ) Interest income 136 214 Gain on derivatives 101 17 Foreign currency gain 195 248 Amortization and write-off of deferred finance charges (399 ) (342 ) Net (loss)/ income (3,254 ) 5,954 Less Preferred dividend 3,493 2,858 Net (loss)/ income available to common shareholders (6,747 ) 3,096 (Loss)/Income per share basic and diluted (0.07 ) 0.03 Weighted average number of shares 99,284,181 101,540,728
Three-Months Period Ended
March 31, 2017 2018 (In million of U.S. Dollars) CASH FLOW DATA Net cash provided by operating activities $ 10.2 $ 20.1 Net cash used in investing activities (6.4 ) (2.3 ) Net cash provided by/(used in) financing activities 15.4 (18.2 ) Net increase/(decrease) in cash and cash equivalents 19.2 (0.4 )
SAFE BULKERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands of U.S. Dollars) December 31, 2017 March 31, 2018 ASSETS Cash, restricted cash and time deposits 60,016 61,265 Other current assets 19,070 17,004 Vessels, net 942,876 931,275 Advances for vessels 3,653 3,976 Restricted cash non-current 8,651 8,651 Other non-current assets 831 826 Total assets 1,035,097 1,022,997 LIABILITIES AND EQUITY Other current liabilities 11,345 11,076 Current portion of long-term debt, net 25,588 48,046 Long-term debt, net 541,816 514,019 Shareholders’ equity 456,348 449,856 Total liabilities and equity 1,035,097 1,022,997
TABLE 1 RECONCILIATION OF ADJUSTED NET INCOME/(LOSS), EBITDA, ADJUSTED EBITDA AND ADJUSTED EARNINGS/(LOSS) PER SHARE Three-Months
Period Ended March 31, (In thousands of U.S. Dollars except for share and per share data) 2017 2018 Net (Loss)/Income – Adjusted Net (Loss)/Income Net (loss)/ income (3,254 ) 5,954 Plus Loss on sale of assets 120 - Less Gain on derivatives (101 ) (17 ) Less Foreign currency gain (195 ) (248 ) Adjusted Net (loss)/income (3,430 ) 5,689 EBITDA - Adjusted EBITDA Net (loss)/income (3,254 ) 5,954 Plus Net Interest expense 5,565 5,572 Plus Depreciation 12,640 11,601 Plus Amortization 399 342 EBITDA 15,350 23,469 Plus Loss on sale of assets 120 - Less Gain on derivatives (101 ) (17 ) Less Foreign currency gain (195 ) (248 ) ADJUSTED EBITDA 15,174 23,204 (Loss)/ Earnings per share Net (loss)/income (3,254 ) 5,954 Less Preferred dividend 3,493 2,858 Net (loss)/income available to common shareholders (6,747 ) 3,096 Weighted average number of shares 99,284,181 101,540,728 ( Loss )/Earnings per share (0.07 ) 0.03 Adjusted (Loss)/Earnings per share Adjusted Net (Loss)/Income (3,430 ) 5,689 Less Preferred dividend 3,493 2,858 Adjusted Net (loss)/income available to common shareholders (6,923 ) 2,831 Weighted average number of shares 99,284,181 101,540,728 Adjusted (Loss)/Earnings per share (0.07 ) 0.03 EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are not recognized measurements under US GAAP.
- EBITDA represents Net income/(loss) before interest, income tax expense, depreciation and amortization.
- Adjusted EBITDA represents EBITDA before loss on sale of assets, gain/(loss) on derivatives, and gain/(loss) on foreign currency.
- Adjusted Net income/(loss) represents Net income/(loss) before loss on sale of assets, gain/(loss) on derivatives, and gain/(loss) on foreign currency.
- Adjusted earnings/(loss) per share represents Adjusted Net income/(loss) less preferred dividend divided by the weighted average number of shares.
EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are used as supplemental financial measures by management and external users of financial statements, such as investors, to assess our financial and operating performance. The Company believes that these non-GAAP financial measures assist our management and investors by increasing the comparability of our performance from period to period. The Company believes that including these supplemental financial measures assists our management and investors in (i) understanding and analyzing the results of our operating and business performance, (ii) selecting between investing in us and other investment alternatives and (iii) monitoring our financial and operational performance in assessing whether to continue investing in us. The Company believes that EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share are useful in evaluating the Company’s operating performance from period to period because the calculation of EBITDA generally eliminates the effects of financings, income taxes and the accounting effects of capital expenditures and acquisitions, the calculation of Adjusted EBITDA generally further eliminates the effects from loss on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. Furthermore, the calculation of Adjusted Net income/(loss) generally eliminates the effects of loss on sale of assets, gain/(loss) on derivatives and gain/(loss) on foreign currency, items which may vary from year to year and for different companies for reasons unrelated to overall operating performance. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share have limitations as analytical tools, and should not be considered in isolation, or as a substitute for analysis of the Company’s results as reported under US GAAP. EBITDA, Adjusted EBITDA, Adjusted Net income/(loss) should not be considered as substitutes for net income and other operations data prepared in accordance with US GAAP or as a measure of profitability. While EBITDA and Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, are frequently used as measures of operating results and performance, they are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. In evaluating Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share, you should be aware that in the future we may incur expenses that are the same as or similar to some of the adjustments in this presentation. Our presentation of Adjusted EBITDA, Adjusted Net income/(loss) and Adjusted earnings/(loss) per share should not be construed as an inference that our future results will be unaffected by the excluded items.
TABLE 2: FLEET DATA AND AVERAGE DAILY INDICATORS Three-Month
Period Ended
March 31, 2017 2018 FLEET DATA Number of vessels at period end 38 39 Average age of fleet (in years) 6.75 7.76 Ownership days (1) 3,404 3,510 Available days (2) 3,385 3,500 Operating days (3) 3,333 3,424 Fleet utilization (4) 97.9 % 97.5 % Average number of vessels in the period (5) 37.82 39.00 AVERAGE DAILY RESULTS Time charter equivalent rate (6) $ 9,417 $ 11,999 Daily vessel operating expenses (7) $ 3,596 $ 4,132 Daily general and administrative expenses (8) $ 1,156 $ 1,184 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/globe-newswire-safe-bulkers-inc-reports-first-quarter-2018-results.html |
ATLANTA—Democrat Stacey Abrams came closer to possibly becoming the first woman and first African-American to serve as Georgia’s governor, after securing her party’s nomination Tuesday. Lt. Gov. Casey Cagle, the Republican front-runner, failed to secure 50% of his party’s votes and will face a July runoff against Georgia Secretary of State Brian Kemp.
In the Democratic primary, Ms. Abrams won with about 76% of the vote to Stacey Evans’s 24%, after a rough campaign that pitted the former state House minority leader from Atlanta,... RELATED VIDEO Can the Democrats Ride a Blue Wave to Midterm Election Wins? The Democrats have a "blue wave" of momentum building for the 2018 midterms, thanks to a motivated base, success in special elections and a low approval rating for President Trump. Will that be enough to take back the House and the Senate? | ashraq/financial-news-articles | https://www.wsj.com/articles/stacey-abrams-would-be-first-black-female-governor-in-georgiaand-the-u-s-1527075521 |
Jeff Hirsch talks about Italy's economic situation 4 Hours Ago Jeff Hirsch, Chief Market Strategist at Probabilities Fund Management, talks Italy, and how Euroean market drama might impact your money | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/jeff-hirsch-talks-about-italys-economic-situation.html |
Love story may make Indian audiences 'quite uncomfortable' - director Rohena Gera 7:56pm BST - 02:01
Subtle romance showcases the problems of the country's class system, told through the eyes of a woman from a village. Rough cut (no reporter narration).
Subtle romance showcases the problems of the country's class system, told through the eyes of a woman from a village. Rough cut (no reporter narration). //reut.rs/2rO8cqT | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/love-story-may-make-indian-audiences-qui?videoId=427487851 |
CUPERTINO, CA , May 07, 2018 (GLOBE NEWSWIRE) -- Aemetis, Inc. (NASDAQ: AMTX) announced that the company will host a conference call to review the release of its first quarter 2018 earnings report:
Date: Thursday, May 10, 2018
Time: 11 am Pacific Time (PT)
Live Participant Dial In (Toll Free): +1-877-407-8035
Live Participant Dial In (International): +1-201-689-8035
Webcast URL: http://www.investorcalendar.com/event/29506
Attendees may submit questions during the Q&A portion of the conference call.
After May 10 th , the webcast will be available on the Company’s website ( www.aemetis.com ) under Investors/Conference Calls. The voice recording will also be available through May 17, 2018 by dialing (Toll Free) 877-481-4010 or (International) 919-882-2331 and entering conference ID number 29506.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com .
External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 [email protected] Investor Relations/ Media Contact: Todd Waltz (408) 213-0940 [email protected]
Source:Aemetis, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-aemetis-to-review-first-quarter-financial-results-on-may-10-2018.html |
BRUSSELS—A new European privacy law took effect Friday, causing several major U.S. news websites to suspend access across the region as privacy activists filed complaints and data-protection regulators prepared to brandish their new enforcement powers.
Tronc Inc., publisher of the Los Angeles Times, New York Daily News and other U.S. newspapers, was among those that blocked readers in the European Union from accessing sites, as they scrambled to comply with the sweeping regulation.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-websites-go-dark-in-europe-as-gdpr-data-rules-kick-in-1527242038 |
HOUSTON (Reuters) - Oil major BP Plc is closely following oil auctions in Brazil and Mexico, which are expected to announce new awards later this year, to decide whether to submit bids and expand its presence in the region, Felipe Arbelaez, the firm’s chief for Latin America, said on Monday.
FILE PHOTO: FILE PHOTO: The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann/File Photo/File Photo Rising crude prices and energy reforms in several Latin American nations have reinvigorated the oil majors’ appetite for a region that once imposed nationalizations, forced contract changes and strict rules for foreign investors.
More companies are becoming interested in offshore prospects from Brazil to Guyana, which present potential new reserves and could diversify investment portfolios.
“Our emphasis in the region right now - in terms of bidding rounds - is in Brazil and Mexico. We are also looking at Argentina, though it is still early,” Arbelaez said.
Brazil will receive bids for blocks in its coveted presalt region in June, after awarding majors including Exxon Mobil Corp, BP and Royal Dutch Shell Plc offshore blocks in previous rounds in 2017 and 2018.
Brazil’s government also is in negotiations with Petrobras to accept foreign investment in the remaining areas of fields assigned to the state-run oil company. The resulting blocks would be auctioned this year, along with hundreds of areas that were not awarded in previous rounds.
For its part, Mexico plans to announce results in September from two onshore rounds, including its first offer of unconventional areas for foreign investment.
In Colombia and Uruguay, the investors’ interest has not been as high. The Andean nation has postponed several times the offer for its Sinu-San Jacinto onshore round, while Uruguay received no bids at its third offshore auction in April.
The auctions in many Latin American countries come as presidential elections this year increase the political risk because some candidates have promised to slam the brakes on reforms, revise the signed contracts or change fiscal terms.
“Every country is different... (The elections) don’t change our perspective in the medium or long terms,” Arbelaez said.
BP is trying to increase the number of oil projects it operates in the region, especially in Brazil.
In countries including Guyana, Colombia and Suriname, the firm is seeking opportunities to participate in offshore areas.
“These countries are reopening for foreign investment. We think that will benefit the countries because they will have a wider number of experienced operators and because they will be capable of better developing and marketing their resources,” he said.
Reporting by Marianna Parraga; editing by Diane Craft and Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-latam-oil-bp/bp-eyes-upcoming-oil-auctions-in-brazil-mexico-latam-chief-idUSKBN1I12C1 |
EBay is changing its India strategy.
The company said Wednesday it will relaunch eBay India and sell its holdings in Flipkart now that Walmart announced a plan to buy a majority stake in the Indian e-commerce company for $16 billion. EBay had sold its operations in the country to Flipkart last year and had taken a minority stake in the online retailer.
In its announcement, eBay said it will unwind its commercial agreements with Flipkart and terminate Flipkart's license to use the brand as part of a $1.1 billion deal.
show chapters Walmart announces 77% stake in India’s Flipkart 9 Hours Ago | 05:06 In relaunching eBay India, the company will focus on cross-border trade. CEO Devin Wenig said in a tweet that eBay will focus on bringing imported inventory to India and opening up the worlds' market to Indian merchants.
eBay CEO Devin Wenig says on Twitter the company will focus on bringing imported inventory to India and opening up the worlds' market to Indian merchants.
"We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant," eBay said in a statement. "We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India's diverse, domestic market."
India is an emerging battleground for retailers. Amazon CEO Jeff Bezos in 2016 announced plans for his company to invest $3 billion in India. Amazon reportedly made its own bid for a majority stake in Flipkart.
Shares of eBay gained 1 percent Wednesday. They've increased 14 percent over the past year.
WATCH: What is Flipkart? show chapters What is Flipkart? 8:01 PM ET Wed, 4 April 2018 | 00:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/ebay-to-unload-flipkart-relaunch-india-business-after-walmart-deal.html |
May 7, 2018 / 8:48 PM / a few seconds ago N.Y. regulator fines insurer Chubb $1.3 million for NRA insurance program Suzanne Barlyn 3 Min Read
(Reuters) - Insurer Chubb Ltd and a unit have agreed to pay a total of $1.3 million to New York State’s insurance regulator over their role in a National Rifle Association (NRA) insurance program, the regulator said on Monday.
The settlement follows an investigation by the New York State Department of Financial Services (NYDFS), which found that the NRA’s “Carry Guard” insurance program “unlawfully provided liability insurance to gun owners for acts of intentional wrongdoing,” the regulator said in a statement.
The insurance, underwritten by Chubb unit Illinois Union Insurance Company, also “improperly provided” legal services for policyholders who faced criminal charges after using their guns in self defense, the regulator said.
“Chubb recognizes its responsibility to ensure that its policies comply with New York law,” the company said in a statement. “Chubb at all times intended and believed its coverage to be in full compliance with New York law.”
The NRA, a gun advocacy group, “acted appropriately at all times,” said William A. Brewer III, a Dallas-based lawyer who represents the group.
The settlement follows decisions by numerous companies to sever corporate partnerships the NRA.
National debate has heated up over the issue of gun control, and the NRA’s role in opposing it, since Feb. 14, when a former student killed 17 people at Marjory Stoneman Douglas High School in Parkland, Florida, using an AR-15 assault rifle he had purchased legally.
In addition to the fine, Illinois Union agreed not to participate in the Carry Guard insurance program, or any similar program in New York, nor to provide Carry Guard or similar policies to New York residents, regardless of where they are written, the DFS said.
Illinois Union is also not allowed to issue policies for New York residents that provide legal services coverage in a civil or criminal proceeding.
On May 2, the New York regulator fined insurance broker Lockton Cos LLC $7 million for serving as the “Carry Guard” program administrator.
In February, Chubb Ltd said it had given notice to the NRA late last year of its plan stop underwriting the “Carry Guard” program.
Lockton said in February it would no longer sell NRA-endorsed products.
The NRA, on Monday, sued Lockton in a U.S. trial court in Alexandria, Virginia, saying it had breached its contract with the group.
A Lockton spokesman declined to comment. Reporting by Suzanne Barlyn; Editing by David Gregorio | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-guns-chubb/n-y-regulator-fines-insurer-chubb-1-3-million-for-nra-insurance-program-idUSKBN1I82E4 |
May 15, 2018 / 9:42 PM / Updated 4 hours ago U.S. imposes sanctions on Iran central bank governor Lesley Wroughton 3 Min Read
WASHINGTON (Reuters) - The United States on Tuesday imposed sanctions on Iran’s central bank governor and an Iraq-based bank for “moving millions of dollars” for Iran’s elite Revolutionary Guard, as Washington seeks to cut off funding it says Tehran is using to fund militant activities overseas. Valiollah Seif, Governor of Central Bank of Iran, waits to start a meeting with Britain's Foreign Secretary Philip Hammond (unseen) in Tehran, Iran August 23, 2015. REUTERS/Darren Staples
U.S. Treasury Secretary Steven Mnuchin accused bank chief Valiollah Seif of covertly funnelling money on behalf of the revolutionary guard’s external arm, Quds Force (IRGC-QF), through Al-Bilad Islamic Bank “to enrich and support the violent and radical agenda of Hezbollah.”
The move cuts off Iran’s use of a critical banking network, he said. The United States classifies Lebanon’s Shi’ite Muslim movement Hezbollah, which is backed by Iran, as a terrorist organisation.
“It is appalling, but not surprising, that Iran’s senior-most banking official would conspire with the IRGC-QF to facilitate funding of terror groups like Hezbollah, and it undermines any credibility he could claim in protecting the integrity of the institution as a central bank governor,” Mnuchin said in a statement.
Speaking in Brussels, Iran’s Foreign Minister Javad Zarif called the sanctions against Seif illegal.
The U.S. Treasury also blacklisted Ali Tarzali, assistant director of the international department of Iran’s central bank, and the chairman of Al-Bilad Islamic Bank, Aras Habib.
It said Habib had a history of smuggling money to Iranian-backed Iraqi groups and “enabled the IRGC-QF’s exploitation of Iraq’s banking sector to move funds from Tehran to Hezbollah, jeopardizing the integrity of the Iraqi financial system.”
The department said the sanctions would not immediately affect central bank transactions. It said, however, that sanctions being reimposed after the withdrawal of the United States from the Iran nuclear deal would affect certain U.S. dollar transactions by the central bank starting from Aug. 7, 2018.
Last week, two days after U.S. President Donald Trump withdrew from the 2015 Iran nuclear deal, the U.S. Treasury imposed sanctions against six individuals and three companies it said were funnelling millions of dollars to the IRGC-QF.
British, French and German foreign ministers met in Brussels on Tuesday to try to find a way to save the nuclear deal without the United States, but appeared hard-pressed over how their companies could continue doing business with Iran once Washington begins to reimpose sanctions.
The IRGC is by far Iran’s most powerful security organisation and has control over large stakes in Iran’s economy and huge influence in its political system. The Quds Force is an elite unit in charge of the IRGC overseas operations. Reporting by Lesley Wroughton, additional reporting by Parisa Hafezi in Brussels; editing by Dan Grebler and Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-usa/u-s-imposes-sanctions-on-iran-central-bank-governor-idUKKCN1IG3BR |
SRINAGAR, India (Reuters) - Indian Prime Minister Narendra Modi inaugurated on Saturday a hydroelectric power plant in the state of Jammu and Kashmir, amid protests from neighbor Pakistan which says the project on a river flowing into Pakistan will disrupt water supplies.
India's Prime Minister Narendra Modi speaks with the media during his visit at Janaki Mandir, a Hindu temple dedicated to goddess Sita, in Janakpur, Nepal May 11, 2018. REUTERS/Navesh Chitrakar The 330 megawatt Kishanganga hydropower station, work on which started in 2009, is one of the projects that India has fast-tracked in the volatile state amid frosty ties between the nuclear-armed countries.
“This region can not only become self-sufficient in power but also produce for other regions of the country,” Modi said in the state’s capital, Srinagar. “Keeping that in mind we have been working on various projects here in the past four years.”
Pakistan has opposed some of these projects, saying they violate a World Bank-mediated treaty on the sharing of the Indus river and its tributaries upon which 80 percent of its irrigated agriculture depends.
“Pakistan is seriously concerned about the inauguration (of the Kishanganga plant),” its foreign ministry said in a statement on Friday. “Pakistan believes that the inauguration of the project without the resolution of the dispute is tantamount to violation of the Indus Waters Treaty (IWT).”
The Kishanganga project was delayed for several years as Pakistan dragged India to the International Court of Arbitration, which ruled in India’s favor in 2013.
India has said the hydropower projects underway in Jammu and Kashmir are “run-of-the-river” schemes that use the river’s flow and elevation to generate electricity rather than large reservoirs, and do not contravene the treaty.
A day before Modi’s trip to the northern state, at least nine people were killed on both sides of the border due to firing by each other’s security forces, officials said.
The two countries have fought three wars, two over Kashmir that they rule in part but claim in full.
India accuses Pakistan of promoting militancy in Kashmir, a charge that Islamabad denies.
Modi, who is on a day-long visit to the state, also flagged off the construction of the 14 km (9 mile)-long Zojila tunnel to provide all-weather connectivity between the cities of Srinagar, Kargil and Leh.
The government said it would be the longest road tunnel in India and Asia’s longest two-way tunnel, to be constructed at a cost of $1 billion.
Reporting by Promit Mukherjee in MUMBAI and Fayaz Bukhari in SRINAGAR; Editing by Krishna N. Das Muralikumar Anantharaman and Ros Russell
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-power-pakistan/indias-modi-to-inaugurate-hydro-project-in-kashmir-pakistan-protests-idUSKCN1IK07Q |
BERLIN (Reuters) - Germany said on Wednesday it hoped to resolve the restricted supply of certain components for its fleet of 129 Eurofighter jets in coming weeks, and the issue should not derail its plans to resume air policing in the Baltic region from September.
FILE PHOTO - An Eurofighter jets takes off from the German Luftwaffe airbase "Air Force wing 31" in Noervenich near Cologne, Germany, March 21, 2016. REUTERS/Wolfgang Rattay Defence Ministry spokesman Colonel Holger Neumann told reporters the German air force was able to meet its military requirements despite the issue with components needed for the warplane’s self-protection system.
The component issue, first reported by Spiegel Online on Tuesday, centers on a so-called “grease nipple” that is part of the system that cools the wingtip pods that house elements of the self-protection system, which was designed by BAE Systems.
Supplies of the component have been restricted while the primary supplier is recertified after a change in its ownership.
“We hope to get this problem under control in several weeks or months,” Neumann told a regular German government news conference. He declined to give any details about how many of Germany’s Eurofighters were affected by the spare parts logjam.
The ministry acknowledged that the component supply issue could exacerbate existing problems with the readiness of the Eurofighter warplanes, but declined to give any details.
It was not immediately clear if the issue also affected the five other countries that have received Eurofighter jets under a joint project of Britain’s BAE Systems, European airplane maker Airbus and Italy’s Leonardo. More than 500 of the jets have been delivered to Germany, Britain, Italy, Spain, Austria and Saudi Arabia.
Sources familiar with the issue denied a report by Spiegel Online that only 10 German Eurofighter jets were ready for use as a result of the issue, noting that at least 14 jets were in use around the world at the moment.
Airbus said the restricted supply of the components was “being urgently addressed by the Eurofighter industrial community” and it would work closely with the German air force to minimize the impact of the situation.
It said it had provided the German Air Force with “a package of best practices, training and workarounds to mitigate the shortage of components and has put in place measures to increase the output of repairs to the existing inventory.”
Sources familiar with the issue said the German government was notified about the issue at the end of March, and faulted BAE for failing to provide further advance notice of the issue, which would have allowed preemptive orders of needed parts.
A spokeswoman for BAE said the company was supporting the Airbus-led efforts to address the issue as part of the Eurofighter consortium.
Reporting by Andrea Shalal; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurofighter-germany/germany-confident-eurofighter-supplier-issue-can-be-resolved-soon-idUSKBN1I32B8 |
LONDON (Reuters) - The euro rose off a six-month low on Thursday as the dollar faltered but concerns over an economic slowdown in Europe and political risks in Italy continued to act as a brake.
FILE PHOTO: U.S. dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017. REUTERS/Kai Pfaffenbach/Illustration/File Photo The euro is set to be down for a sixth consecutive week against the dollar — the longest weekly losing streak since January 2015 — hobbled by the surging U.S. currency and worries over a deepening economic slowdown in the currency bloc.
The single currency rose to $1.1746, off the low of $1.1676 hit on Wednesday, and was heading for its biggest daily gain in two weeks.
But that was largely because the recent dollar rally lost some momentum following dovish-looking minutes of the Federal Reserve’s last policy meeting and the threat by U.S. President Donald Trump to impose new tariffs on imported cars.
“For now this is a dollar story; a pause in the greenback which is quite technical in fact. There is this widespread feeling that the dollar has stalled as profits are taken following a very decent run,” said Ulrich Leuchtmann, head of FX strategy at Commerzbank.
The euro’s gains were also capped by economic and political worries in Europe. The leader of the far-right League, a partner in Italy’s planned coalition government, insisted on Thursday that eurosceptic economist Paolo Savona should be named economy minister.
The euro has unwound all of its rally against the Swiss franc since the Italian elections as the prospect of a spendthrift coalition government taking shape in Rome unnerves investors.
It fell to near three-month lows against the franc on Wednesday as fresh data indicated a slowdown in European business activity.
The euro currency was soft against the yen, hitting a nine-month low of 128.01 yen.
The European Central Bank’s chief economist said on Thursday there are “clouds” on the horizon, including plans by Italy’s would-be government to loosen fiscal policy and roll back a pension reform, and international trade tension.
“In the absence of eurozone economic data finding another gear this side of summer, the chances of a hawkish ECB-led rally in the single currency look pretty bleak,” said ING FX analyst Viraj Patel, in a note.
The dollar’s fall appeared to accelerate after the minutes of the Fed meeting.
While most policymakers thought it likely another U.S. interest rate increase would be warranted - in line with market expectations - the minutes showed the Fed would tolerate inflation rising above its goal for a time.
Trump opened a front in the trade war on Wednesday by considering new tariffs, this time on cars, just days after Washington agreed with Beijing to put “on hold” its plan to impose tariffs on $150 billion worth Chinese goods.
Against the yen, the dollar shed 0.7 percent to 109.3 yen, a day after it experienced its biggest fall in nearly three months.
The safe-haven Swiss franc also ticked up 0.2 percent to 0.9914 franc to the dollar. It hit a three-week high of 0.9894 per dollar on Wednesday.
Editing by Keith Weir and David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-loses-steam-on-fed-minutes-trump-tariffs-euro-under-pressure-idUSKCN1IP04A |
May 15 (Reuters) - Marriott Vacations Worldwide Corp :
* SETS QUARTERLY CASH DIVIDEND OF $0.40PER SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-marriott-vacations-worldwide-sets/brief-marriott-vacations-worldwide-sets-quarterly-cash-dividend-of-0-40-share-idUSFWN1SM0Z7 |
May 21, 2018 / 10:31 PM / Updated 13 minutes ago Exclusive: Ousted MGM CEO explores bid for the U.S. movie studio - sources Liana B. Baker , Jessica Toonkel 3 Min Read
(Reuters) - Former MGM Holdings Inc Chief Executive Officer Gary Barber, who was ousted earlier this year, is speaking to investment banks about financing an offer to acquire the privately held U.S. movie studio, five people familiar with the matter said on Monday. FILE PHOTO: Gary Barber, co-CEO of MGM, accepts the award for Best Action Movie for "Skyfall" at the 2013 Critics' Choice Awards in Santa Monica, California, January 10, 2013. REUTERS/Mario Anzuoni
MGM could be worth more than $5 billion including debt, and it is far from certain that Barber can raise the funds for a bid, the sources said. His potential bid, however, is aimed at convincing the hedge funds that own and control MGM to explore a sale, the sources added.
Barber owns about 9 percent of MGM through stock options after serving as its CEO between 2010 and 2018, according to the sources. He was let go abruptly in March from MGM after signing a five-year extension to his contract, according to the sources. MGM at the time did not give a reason for his departure.
The sources asked not to be identified because the matter is confidential.
Anchorage Capital Group LLC, the largest shareholder, along with the other owners, have high valuation expectations for the company and believe the company can still grow in value, the sources said.
A representative for Anchorage declined to comment. Barber, MGM and some of MGM’s other owners including Highland Capital Partners, and Solus Alternative Asset Management did not immediately respond to requests for comment.
Famous for its library that includes the James Bond franchise, “Rocky” and other classic movies, MGM co-produces and distributes television shows such as “The Handmaid’s Tale” on Hulu, “Vikings” on A&E and “Fargo” on FX. It also owns MGM-branded U.S. channels that play its films and international networks.
Barber led the company’s turnaround following its emergence from bankruptcy in 2010. Since Barber’s departure, MGM’s board created an “office of the CEO” comprised of a group of senior leaders to run the company.
Anchorage has a roughly 35 percent stake, according to sources, while a filing showed that Highland and Solus each own more than 10 percent of the company.
The hedge funds were creditors for MGM before it filed for bankruptcy, and it is unusual for them to keep their ownership stakes for almost a decade.
MGM has so far been in an acquisitive mode, rather than showing any willingness to sell. It bought the 81 percent stake in U.S. channel Epix it did not already own from Viacom Inc ( VIAB.O ) and Lionsgate Entertainment Corp LGFA.N for about $1 billion last year.
MGM has about $1.9 billion in debt, including a revolving credit line, according to Thomson Reuters Loan Pricing Corp. It generated annual revenue of $1.3 billion last year, up from $1.18 billion a year earlier. It reported net income of $548 million last year, up from $155 million in 2016.
(This version of the story fixes wording of Anchorage Capital Group in fifth paragraph) Reporting by Liana B. Baker and Jessica Toonkel in New York; additional reporting by Jessica DiNapoli; Editing by Cynthia Osterman | ashraq/financial-news-articles | https://in.reuters.com/article/us-mgm-holdings-m-a-barber-exclusive/exclusive-ousted-mgm-ceo-explores-bid-for-the-u-s-movie-studio-sources-idINKCN1IM2FP |
(Repeats with no changes to the text)
By Karin Strohecker
LONDON, May 16 (IFR) - “Shock and disbelief” - that’s how global money managers reacted to an attempt by Turkish President Tayyip Erdogan to re-assure foreign investors about his economic management as the lira went into tailspin.
Fund managers who met Erdogan and his delegation in London on Monday, part of a three-day visit to Britain, were baffled about how he plans to tame rising inflation and a currency in freefall - while simultaneously seeking lower interest rates.
Some said that while Erdogan has crushed his domestic enemies, he would find taking on international financial markets with policies that defy economic orthodoxy much tougher.
A resurgent dollar, rising oil prices and a jump in borrowing costs have caused havoc across emerging markets in recent weeks. However, Turkey has been among the worst affected due to its a gaping current account deficit and growing puzzlement over who exactly holds the reins of monetary policy.
Erdogan’s comments that he planned to take greater control of the economy after snap presidential and parliamentary elections next month deepened investors’ worries about the central bank’s ability to fight inflation, helping to send the lira to a record low on Tuesday.
Rampant inflation dogged Turkey for decades before 2000 and has been back in double digits since the start of 2017. But Erdogan has styled himself as an enemy of high interest rates, defying orthodox monetary policy that prescribes tighter credit to keep a lid on prices.
Speaking on condition of anonymity due to the political sensitivity of the meetings, investors told Reuters they were flabbergasted by his stance and willingness to go into battle with world markets at such a fragile time. FINDING ENEMIES One noted Erdogan’s long list of enemies including US-based Islamic preacher Fethullah Gulen, whom he accuses of orchestrating a failed coup in 2016.
“He picks battles with everybody ... he is fighting the opposition, he is fighting Gulen, he is fighting the extremists, he is fighting after the failed coup - now he is fighting the markets, and that is dangerous,” said one fund manager at a major asset management firm,
“You can find your domestic foes all you want, but when you are trying to take on a financial market, that is a battle you can’t really win,” said the manager whose firm attended a closed-door investor meeting with Deputy Prime Minister Mehmet Simsek.
Another portfolio manager, who attended a meeting with Erdogan, said the president had been “very honest” and clear about where he expected interest rates to go if he should win the elections on June 24.
“Erdogan...said when he (is re-elected) president, he will ensure rates will be low, not high,” the portfolio manager said. “His view is that high rates lead to high inflation, I’m not sure I agree with that view.”
Once a darling of emerging market investors, Turkey has seen its star fall dramatically in recent years, hit by slowing growth and concern about Erdogan’s outsize influence over monetary and fiscal policy.
Having weakened five straight years already, the lira is on track for a 15 percent fall since the start of the year against the dollar - making it one of the worst performing emerging market currencies.
“He thinks the market is a bunch of speculators, and that is not his audience, his audience are ordinary people in Turkey and they need lower rates,” said a third asset manager, whose firm also attended the Erdogan meeting. (Reporting by Karin Strohecker, additional reporting by Marc Jones)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1SN2DZ |
BEIJING, May 22 (Reuters) - The U.S. government will lift an order banning U.S. companies from selling components and software to China’s ZTE Corp , the Wall Street Journal reported on its Chinese microblog account, citing unnamed sources.
The paper, on its official Weibo account, said ZTE will also be required to make significant changes to its management and board as part of the agreement. (Reporting by Beijing Monitoring Desk; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-china-zte/u-s-will-lift-sales-ban-order-against-chinas-zte-wsj-idUSS6N1S201Y |
NEW DELHI, May 29 (Reuters) - India’s bankruptcy appeals court delayed a hearing of Reliance Communications’ (RCom) plea seeking to overturn insolvency proceedings against the company to Wednesday.
The National Company Law Appellate Tribunal’s (NCLAT) move comes after local television stations reported that RCom had offered to pay 5 billion rupees to the Swedish telecom gear maker Ericsson, which had dragged the Indian telecom company into bankruptcy courts.
The NCLAT has given RCom time until Wednesday to reach a settlement with Ericsson, the CNBC TV18 and ET Now channels reported.
Spokespeople for RCom and Ericsson in India did not immediately respond to requests seeking comment.
Ericsson, which signed a seven-year deal in 2014 to operate and manage RCom’s nationwide telecoms network, is seeking 11.55 billion rupees ($170.22 million) from RCom and two of its units.
$1 = 67.8550 Indian rupees Reporting by Suchitra Mohanty and Sankalp Phartiyal Editing by Euan Rocha
| ashraq/financial-news-articles | https://www.reuters.com/article/rcom-debt-court/indias-bankruptcy-appeal-court-defers-rcom-ericsson-case-hearing-idUSI8N1RJ00W |
BEIJING (Reuters) - Top Chinese oil and gas producer PetroChina is stepping up natural gas supplies from both domestic fields and imports to meet customer demand, parent company CNPC said on Monday.
FILE PHOTO: Workers carry out routine checks at a Petrochina gas refinery in Suining, Sichuan province, China November 19, 2009. REUTERS/Stringer/File Photo PetroChina raised April gas supplies by 14 percent over a year earlier, CNPC said on its website, without giving specific volumes.
Reuters reported on Friday the state major has since early May curbing the feed of gas to some users in the northern and western parts of the country to help head off possible shortages next winter. [nL3N1SN47F]
PetroChina lifted production in the first four months of this year at major domestic fields Changqing, Southwest, Tarim and Qinghai by more than 2 percent from the same time in 2017 to 30.5 billion cubic meters, CNPC said
PetroChina also raised imports of natural gas by nearly 29 percent during the same period.
The company also stepped up pumping gas to storage, with stock fill in April reaching 1.49 bcm, 33 percent more than a year earlier. It is expected to supply 10 percent more gas from the storage for next winter’s peak demand versus the previous heating season.
Reporting by Chen Aizhu; Editing by Joseph Radford
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-gas-petrochina/petrochina-steps-up-gas-supply-to-help-meet-demand-idUSKCN1IM04D |
NEW YORK--(BUSINESS WIRE)-- The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Aceto Corporation (NASDAQ: ACET) who purchased shares between August 25, 2017 and April 18, 2018. The action, which was filed in the United States District Court for the Eastern District of New York, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (i) the Company failed to implement and enforce proper internal control to identify the misapplication of cash; (ii) the Company would incur large non-cash intangible asset impairment charges; (iii) the Company lacked effective internal control over financial reporting; (iv) the Company’s financial results for the fiscal year 2017 could not be relied upon; (v) the Company’s fiscal 2018 financial guidance was overstated; and (vi) as a result of the foregoing, Aceto’s public statements were materially false and misleading at all relevant times. On April 18, 2018, Aceto issued a press release disclosing non-reliance on the previously issued 2018 fiscal year earnings guidance and the recording of non-cash intangible asset impairment charges, including goodwill, in the range of $230-$260 million.
Shareholders have until June 25, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
If you suffered a loss during the class period and wish to obtain additional information, please contact Joseph Klein, Esq. by telephone at 212-616-4899 or visit http://www.kleinstocklaw.com/pslra-c/aceto-corporation?wire=2 .
Joseph Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006426/en/
The Klein Law Firm
Joseph Klein, Esq., 212-616-4899
Fax: 347-558-9665
www.kleinstocklaw.com
Source: The Klein Law Firm | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-the-klein-law-firm-announces-a-class-action-commenced-on-behalf-of-aceto-corporation-shareholders-and-a-lead-plaintiff.html |
May 8 (Reuters) - KEYW Holding Corp:
* KEYW ANNOUNCES $340 MILLION SENIOR SECURED CREDIT FACILITIES
* KEYW HOLDING CORP - CREDIT AGREEMENTS ESTABLISH A $215 MILLION FIRST LIEN TERM LOAN FACILITY MATURING IN MAY 2024
* KEYW HOLDING CORP - CREDIT AGREEMENTS ESTABLISH A $75 MILLION SECOND LIEN TERM LOAN FACILITY MATURING IN MAY 2025
* KEYW HOLDING CORP - CREDIT AGREEMENTS ESTABLISH A $50 MILLION SENIOR SECURED REVOLVING CREDIT FACILITY MATURING IN MAY 2023
* KEYW HOLDING CORP - USED A PORTION OF PROCEEDS FROM NEW CREDIT FACILITIES TO PAY OFF ITS EXISTING TERM LOAN A
* KEYW HOLDING CORP - BALANCE OF PROCEEDS FROM FACILITIES TO BE USED TO REPURCHASE ALL/A PORTION OF 2.50% CONVERTIBLE NOTES DUE JULY 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-keyw-announces-340-million-senior/brief-keyw-announces-340-million-senior-secured-credit-facilities-idUSASC0A0FU |
May 31, 2018 / 5:35 AM / Updated 41 minutes ago Saudi housing crisis tests Crown Prince's reform drive Marwa Rashad 6 Min Read
RIYADH (Reuters) - Saudi Arabia’s crown prince wants to build a mega-city with the latest robotics under his grand plan to reform the kingdom. Newly constructed private villas are seen near Riyadh, Saudi Arabia, May 29, 2018. REUTERS/Faisal Al Nasser
Civil servant Amer al-Ghamdi has a simpler dream: to buy an affordable home.
Whether Ghamdi and some 1.2 million Saudis in a similar financial position manage to do so will be vital if Crown Prince Mohammed bin Salman is to convince his people that the reform plan will benefit not just the super-rich.
Ghamdi, 35, spends most of his $2,670 (2,010 pounds) monthly wage paying back loans he took to get married and buy a car. He and his wife, Hanan, now have three children and struggle to save money.
Buying a home is out of the question. A 250-square metre (2,691 square feet) house in Saudi cities costs from 700,000 to 850,000 riyals ($186,000 to $226,000), said Ibrahim Albuloushi, head of U.S. property consultant Jones Lang LaSalle in Saudi Arabia.
That is up to 10 times the annual salary for a low-income family in the Gulf Arab state.
“I tried to look for one of my relatives in Saudi to pay off my debts and give me a down payment to apply for a house at one of the commercial banks, but the interest will be very high and I am already paying a lot,” said Ghamdi, who lives in the capital Riyadh.
Saudi Arabia, the world’s top oil exporter, was once awash in petrodollars. This helped it provide a cradle-to-grave welfare system for its citizens with almost no taxation.
But a slump in oil prices has made fiscal discipline and diversification away from oil vital. Prince Mohammed’s Vision 2030 plan sets out to modernise the economy and reform the deeply conservative country, the birthplace of Islam.
The young prince, 32, has moved forcefully and rapidly where earlier leaders moved gradually and achieved moderate results. AFFORDABLE HOMES
Some Saudis, however, are sceptical. Western media have reported extravagant purchases by the crown prince, including a $300 million French chateau and a $500 million yacht.
In response to a question about these reports in an interview with U.S. network CBS in March, Prince Mohammed said his personal life was “something I’d like to keep to myself” but that he was a rich man who also made donations to charity.
The first contracts awarded for the NEOM business zone mega-project in the northwest of the country were for five palaces for the royal family.
Some critics say the pace of reform is too fast. They cite cuts to a generous subsidy system and the introduction of value-added tax early this year, moves that have hit some Saudis hard and eaten away at savings.
Compounding problems, the population has grown. It reached 32.55 million in 2017, a rise of 44 percent from 2004, and Riyadh’s boundaries are growing rapidly.
The housing minister says there are plans to build 1 million houses in five years with an investment of over $100 billion, mainly through public-private partnerships. Deals have been signed with South Korean and Chinese firms and U.S. companies have expressed interest.
“Real estate is the mirror of the economy. You cannot build homes if people cannot afford to buy them,” said Abdullah al-Sudairy, chief executive of mortgage finance company Amlak International. “Affordable housing means cost is five to six times annual income... We are not there yet.” A for-sale banner is placed on a private villa under construction, near Riyadh, Saudi Arabia, May 29, 2018. REUTERS/Faisal Al Nasser
The ministry wants 60 percent of Saudis to own homes by 2020. It is working with local banks to facilitate financing and help developers increase the supply of affordable units by reducing red tape. WAITING LIST
Some 500,000 Saudis are on a waiting list for the Saudi Real Estate Development Fund (REDF), an arm of the housing ministry which offers Saudis interest-free loans to buy state-backed houses which cost around 650,000 riyals. This can be paid in long-term monthly instalments of up to 2,500 riyals each.
Khalid al-Amoudi, REDF general supervisor, said most could have access to finance in the next three years.
Ghamdi has been on the waiting list since 2011 and relief is nowhere in sight.
He has asked his wife to look for a job. But the last offer she received at a food factory offered only 3,500 riyals a month, most of which would have been used to put her infant daughter in nursery and for transportation costs.
Ghamdi is worried about taking out a new bank loan because of fears the government may make further cuts in state spending.
Salman al-Shedoukhi, a 30-year-old engineer with a monthly income of 15,000 riyals, also wonders if he will ever receive a government-backed house.
“To get bank financing for an average 900,000-riyal home, you will end up paying double this amount. It means I would spend 20 years using half my salary to pay off the loan,” he said.
To save money, he has moved into his father’s house with his wife and two daughters. But he is still burdened by a loan taken out four years ago to get married. NO ROOM FOR ERROR
Members of the Shura Council, a government advisory body, have criticised the housing ministry for slow progress in solving the problem and fulfilling citizens’ aspirations, questioning the number of land plots handed over.
“The housing ministry’s biggest achievement is chaining the citizens with a big loan from commercial banks and a bigger monthly instalment,” Abu Yazid Al Huwaiti, a Saudi citizen, wrote in a Twitter post in April.
Some housing officials have been replaced in recent years for failing to tackle the affordability issue.
There is no room for error as Prince Mohammed is counting on people like Ghamdi to support his reforms.
“Will they achieve 100 percent of the very ambitious goals they have set for themselves? Probably not,” said David Dew, who is managing director of SABB bank and monitors housing and unemployment.
“But will they make serious progress? Absolutely yes, they have to and they will.” Reporting by Marwa Rashad; Additional reporting by Stephen Kalin; Editing by Michael Georgy, Ghaida Ghantous and Timothy Heritage | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-housing-insight/saudi-housing-crisis-tests-crown-princes-reform-drive-idUKKCN1IW0FT |
OTTAWA, May 25 (Reuters) - Canada’s budget deficit narrowed in the 2017-18 fiscal year compared to the year before, putting the government on track to meet its projections, the finance department said on Friday.
FILE PHOTO: A Canadian flag flies above another industry site with ArcelorMittal Dofasco in the background in Hamilton, Ontario, Canada, March 9, 2018. REUTERS/Peter Power Canada posted a deficit of C$16.19 billion ($12.48 billion) in the fiscal year that ended in March, down from a deficit of C$21.85 billion the year before.
While that was also smaller than the C$19.4 billion deficit in 2017-18 that the government predicted in its February budget, the figures do not account for year-end adjustments or planned spending on veterans’ benefits, the finance department said.
Taking those adjustments into account, the figures are “broadly in line” with the expected deficit for the fiscal year, the report said.
Revenue rose 5.4 percent compared to the previous fiscal year on increased income from personal and corporate taxes and outpacing a 3.5 percent increase in program expenses.
The budget deficit for March was C$10.63 billion, slightly wider than the C$10.39 billion reported in March 2017. While revenue was up in the month, so was spending on program expenses.
Reporting by Leah Schnurr, editing by David Ljunggren
| ashraq/financial-news-articles | https://www.reuters.com/article/us-canada-budget-finance/2017-18-budget-deficit-on-track-to-meet-estimate-government-idUSKCN1IQ2RJ |
Highlights
Golar LNG Limited ("Golar" or "the Company") reports operating income and EBITDA 1 in the quarter of $6.4 million and $22.8 million, respectively, compared to 4Q 2017 operating income and EBITDA 1 of $2.8 million and $19.4 million, respectively. FLNG Hilli Episeyo commences LNG production.
Subsequent Events
CELSE, Golar Power's affiliate, closed a $1.34 billion financing facility for the Sergipe project. FLNG Hilli Episeyo delivers first two LNG cargoes, progresses commissioning and commences acceptance testing with customers Perenco and SNH. Entered into a preliminary agreement and exchanged Heads of Terms with BP for Tortue project FLNG vessel. Fortuna FLNG project facing significant delay due to lack of acceptable financing solution. Golar and Schlumberger plan to wind down OneLNG. Significant year-on-year strengthening of LNG prices.
Financial Review
Business Performance
2018 2017 (in thousands of $) Jan-Mar Oct-Dec Total operating revenues 66,190 57,587 Vessel operating expenses (18,415 ) (17,076 ) Voyage, charterhire & commission expenses (including expenses from collaborative arrangement) (24,521 ) (19,464 ) Administrative expenses (14,016 ) (16,763 ) Unrealized gain on FLNG derivative instrument 13,600 15,100 EBITDA 1 22,838 19,384 Depreciation and amortization (16,409 ) (16,585 ) Operating income 6,429 2,799 1 EBITDA is defined as operating income before interest, tax, depreciation and amortization. EBITDA is a non-GAAP financial measure. A non-GAAP financial measure is generally defined by the Securities and Exchange Commission as one that purports to measure historical or future financial performance, financial position or cash flows, but excludes or includes amounts that would not be so adjusted in the most comparable U.S. GAAP measure. We have presented EBITDA as we believe it provides useful information to investors because it is a basis upon which we measure our operations and efficiency. EBITDA is not a measure of our financial performance under U.S. GAAP and should not be construed as an alternative to net income (loss) or other financial measures presented in accordance with U.S. GAAP.
Golar reports today 1Q 2018 operating income of $6.4 million compared to $2.8 million in 4Q 2017. Further improvements in hire rates and round-trip economics contributed to a $3.6 million increase in total operating revenue net of voyage, charterhire and commissioning expenses, from $38.1 million in 4Q 2017 to $41.7 million in 1Q 2018. Vessel operating expenses increased by $1.3 million to $18.4 million in 1Q 2018. Most of the increase is due to additional crew, repairs and maintenance and logistics expenses in respect of the recently reactivated Golar Viking.
Administrative expenses are lower by $2.7 million, from $16.8 million in 4Q 2017 to $14.0 million in 1Q 2018.
The derivative asset, representing the fair value of the estimated discounted cash flows of payments due in respect of FLNG Hilli Episeyo as a result of the Brent Crude price moving above $60.00 per barrel over the contract term, increased from $94.7 million to $108.3 million during the quarter. As a result, an unrealized fair value gain of $13.6 million was recorded under other operating income.
Net Income Summary
2018 2017 (in thousands of $) Jan-Mar Oct-Dec Operating income 6,429 2,799 Interest income 1,944 1,186 Interest expense (13,998 ) (6,220 ) Other financial items, net (1,237 ) 24,122 Other non-operating loss - (189 ) Income taxes 6 (435 ) Equity in net earnings (losses) of affiliates (1,541 ) (6,348 ) Net income attributable to non-controlling interests (12,605 ) (11,092 ) Net (loss) income attributable to Golar LNG Limited (21,002 ) 3,823 In 1Q 2018, the Company generated a net loss of $21.0 million. Notable contributors to the $24.8 million decrease in 1Q 2018 are summarized as follows:
Interest expense increased by $7.8 million to $14.0 million, the 4Q 2017 expense having been reduced by higher capitalized interest on borrowing costs in respect of Hilli Episeyo. Other financial items reported a 1Q 2018 loss of $1.2 million. This non-cash loss was predominantly the result of a mark-to-market loss of $9.2 million on the three million Total Return Swap ("TRS") shares following a $2.45 quarter-on-quarter decrease in the Company's share price, partly offset by a gain of $7.3 million in respect of mark-to-market valuations of interest rate swaps ("IRS"). This compared to a mark-to-market gain of $20.5 million in respect of the TRS and a mark-to-market gain of $5.6 million on IRS's in the previous quarter. The $1.5 million 1Q 2018 equity in net earnings (losses) of affiliates is primarily comprised of the following: a $4.8 million loss in respect of Golar's 50% share in Golar Power Limited ("Golar Power"); a $1.5 million loss in respect of Golar's 51% share in OneLNG S.A. ("OneLNG"); and income of $4.8 million in respect of Golar's stake in Golar LNG Partners LP ("Golar Partners" or the "Partnership"). Cash distributions received from the Partnership are in line with prior quarters.
Commercial Review
LNG Shipping
Steady rates and charter activity into the new-year were supported by strong underlying demand for LNG that helped sustain firm Asian prices and prolong arbitrage opportunities through to February. The proportion of US exports destined for Asia in January and February was 57% and 67%, respectively, with resultant high ton miles supporting rates up to $85kpd during January. A seasonal softening in activity resulted in falling LNG prices and an end to inter-basin trading opportunities in late February. Charter rates dropped accordingly to around $65kpd. March fixtures for US cargoes to Asia declined to 40%, with ton miles and rates falling further as a result. By early April, carrier rates were around $45kpd. Delays to the start-up of the 5.25mtpa US Cove Point facility and production interruptions at the 6.9mtpa Papua New Guinea ("PNG") facility accentuated the negative impact of seasonality.
Exports from Cove Point have now commenced and PNG has restarted production. Wheatstone train 2 ("T2") and Ichthys LNG are also scheduled to commence production, whilst both Yamal T2 and T3 are now expected to start producing before year end. This, together with a recent step-up in period cover requirements, has resulted in a sharp reduction in available vessels. Rates are improving once again and indicate a solid year-on-year improvement.
Looking further ahead, a 9-month delay to the start-up of the 13.2mtpa Freeport LNG plant has been confirmed. Ship broker research indicates that the 2018 newbuild delivery schedule is adjusting to accommodate this. Approximately 49 carrier deliveries are now scheduled to deliver in 2018 and liquefaction trains with a nameplate capacity of approximately 31mtpa are expected to commence and ramp up production. A further 29 mtpa of new production is expected to commence in 2019 and 33 mtpa in 2020. Against this, 32 conventional newbuild vessels are expected to be delivered in 2019 and 20 in 2020. Despite a recent spike in vessel orders for delivery in 2020/1, the market remains structurally short by approximately 25 vessels over the next 2-3 years. Material improvements in September-March average winter rates, which increased from around $40kpd in 2016/2017 to around $60kpd in 2017/2018, can also be expected over the coming years. Strengthening European and Japanese LNG prices (up around 50%) indicate strong demand for LNG and create good opportunities for US exports where Henry Hub prices are lower than 2017 levels.
Golar Partners (affiliate)
On January 19 the Partnership executed a 15-year charter with an energy and logistics company for the provision of an FSRU in the Atlantic Basin. The capital element of the charter rate will vary according to demand for regasification throughput, but includes a cap and a floor that is expected to generate annual operating income, before depreciation and amortization, of between approximately $18 and $22 million. The charter also includes certain termination and extension options.
As anticipated, the Partnership's 1Q 2018 results were negatively impacted by the contractual seasonal offhire of the FSRU Golar Igloo, materially lower rates and levels of utilization achieved by the Golar Mazo and Golar Maria in the carrier spot market and a full quarter's trading by the Golar Grand at a reduced daily rate. Distribution coverage was particularly low as a result. Improvements from 2Q 2018 are expected with the closing of the Hilli Episeyo dropdown and start-up of the Atlantic FSRU opportunity. The anticipated strengthening of the shipping market should also contribute increased earnings and distribution coverage.
FLNG
Commissioning of gas treatment systems and refrigerant trains on board FLNG Hilli Episeyo continued throughout the quarter and first LNG was produced on March 12. Minor issues encountered after March 12 did, however, interrupt the commissioning of additional trains and the ramp up of production. By late April stable levels of production were being achieved and a 138,000cbm commissioning cargo destined for China was subsequently offloaded. Official acceptance testing has commenced and a second cargo has now been offloaded. Based on the current schedule the Contract is expected to fully commence in the coming days.
Commissioning fees billed to date amount to $33.7 million. These will be recognized as deferred revenue on the balance sheet and released to revenue over the contract term.
Vessel acceptance is also a key trigger for the final drawdown against the $960 million CSSCL sale and leaseback facility and closing of the previously agreed dropdown to Golar Partners. Final drawdown against this facility and closure of the sale to Golar Partners are expected to take place during June.
Commercial start-up of the world's first low cost FLNG facility has generated significant interest from gas companies and led to several new commercial enquires.
Based on experience gained from developing and constructing Hilli Episeyo, Golar entered into a Preliminary Agreement and exchanged Heads of Terms with BP Mauritania Investments Ltd and BP Senegal Investments Ltd (together "BP") for a FLNG vessel similar to the Hilli Episeyo to service the BP operated Greater Tortue/Ahmeyim project. Executed on April 19, the Heads of Terms represents a commitment between Golar and BP to translate key commercial terms into a full commercial agreement and to proceed with Front End Engineering Design ("FEED") on the provision of a FLNG vessel to service the project offshore Mauritania and Senegal.
The Preliminary Agreement creates obligations on Golar to progress FEED work and be ready for a vessel conversion from July 1, 2018 onwards; which would be contingent on a Project final investment decision ("FID"), expected by the end of 2018. The Preliminary Agreement also includes an option, but not an obligation, for BP on a second FLNG vessel. Customary termination fees apply in the event that FID is not taken.
OneLNG (51/49 Golar/Schlumberger upstream joint venture)
Recent LNG price increases enhance the already solid financial returns expected from the Fortuna project. Despite an agreed development plan and extensive efforts over the last twelve months by OneLNG and Ophir management, it has not been possible to finalize an attractive debt financing package. This, together with other capital and resource priorities, has resulted in a decision from Schlumberger to end their participation in the project. Golar and Schlumberger, as a result of this, and based on the structure of the BP project, plan to wind down OneLNG and work on FLNG projects as required on a case-by-case basis.
Efforts to find the optimum capital structure that maximizes value for all Fortuna project stakeholders, including the government of Equatorial Guinea, continue. Golar does not see extensive issuance of new equity at current share price levels as an attractive financing solution. Use of alternative yards that are able to provide financing and the potential introduction of a new industrial partner are, however, being considered. No guarantee can be given that attractive financing for the project can be achieved and Golar does not intend to provide any further market updates before any possible financing alternative is fully committed.
Golar Power (50/50 Golar/Stonepeak Infrastructure Partners downstream joint venture)
On April 19, CELSE, the 50% Golar Power owned project company responsible for delivering the 1.5GW Porto de Sergipe I power project, executed a US$1.34 billion BRL based non-recourse project finance facility. Facility proceeds will fund remaining capital expenditures for the power plant, connecting transmission lines, FSRU mooring infrastructure and a connecting gas pipeline. Excluding the FSRU, but including interest costs during construction and a $123 million cash reserve, all-in project Capex is now estimated at $1.74 billion. The increase in project Capex is the result of higher than expected financing, cash reserve, terminal EPC and transmission line costs together with foreign exchange movements. As of April 19, all-in equity of approximately $400 million had been paid in by CELSE's controlling partners. Forecast annual EBITDA 1 from the power project (of which Golar is entitled to a 25% interest), assuming no dispatch, is BRL based and equivalent to approximately US$300 million at current exchange rates. Payments under the executed PPA are inflation indexed over the 25-year term and provide for pass-through of fuel costs when the power plant is called upon to dispatch.
Concurrent with financial close, Golar Power also executed contracts with CELSE to charter the FSRU Golar Nanook for 26 years. The additional year provides for the commissioning period ahead of project start-up in January 2020 during which commissioning hire will accrue. The operating cost component will be paid in 2019, whilst the capital component will accrue and be paid over the remaining 25 years commencing January 2020. Annual EBITDA 1 accruing to Golar Power from the FSRU is projected to be approximately US$41 million, with annual escalation indexed to US-CPI. Further upside potential accrues to Golar Power in the event that it is able to contract the remaining two-thirds of the FSRU capacity not utilized by Sergipe I. Strategically located in NNE Brazil, and within 20km of the main gas distribution network, the FSRU has the potential to unlock future LNG distribution opportunities into Brazil.
Having executed Time Charter Agreements, Golar Power is now in a position to conclude financing discussions, which are well progressed, for the FSRU Golar Nanook.
Other FSRU conversion prospects are also being pursued.
Financing Review
Golar's unrestricted cash position as at March 31, 2018 was $172.4 million. Equity contributions to Golar Power, predominantly represented by installments for the Sergipe project and FSRU Golar Nanook modification costs, resulted in a cash outflow of $40.0 million during 1Q 2018. A further capital contribution payment of $15.0 million was made to Golar Power in April which included the final equity installment for the Sergipe project.
The Hilli Episeyo conversion and commissioning remains within budget. As at March 31, 2018, $1,047.5 million had been incurred ($1,212.8 million including the original vessel and capitalized interest) and $640.0 million had been drawn against the CSSCL pre-delivery facility. Vessel acceptance is the trigger that permits drawdown against the pre-agreed sale and leaseback facility. Upon satisfaction of this milestone, Golar expects to draw down a further $320 million against the sale and leaseback facility during June. After all remaining Capex, including full contingency, the net cash inflow is expected to be approximately $160 million. Of the $175.0 million restricted cash securing the Letter of Credit, approximately $32 million and $97 million, respectively, is expected to be released to free cash 12 and 34 months after customer acceptance of Hilli Episeyo.
Included within the $1,368.3 million current portion of long-term debt is $699.7 million relating to lessor-owned VIE subsidiaries that Golar is required to consolidate in connection with seven sale and leaseback financed vessels. Of the balance associated with VIE financings, two facilities amounting to $302.7 million are due for refinancing by the end of 2018. Management have received confirmation from one of the facility lenders, representing approximately $160 million, that they will, subject to documentation, extend until at least June 2019 and longer if a term charter is entered into in the meantime. The remaining current portion of long-term debt is predominantly comprised of the $640.0 million Hilli Episeyo CSSCL pre-delivery facility. This is expected to be replaced during June 2018 by the fully drawn long-term $960 million CSSCL sale and leaseback facility.
Corporate and Other Matters
As at March 31, 2018, there were 101.1 million shares outstanding, including 3.0 million TRS shares that had an average price of $43.71 per share. There were also 4.5 million outstanding stock options in issue. The dividend will remain unchanged at $0.05 per share for the quarter.
Graham Robjohns was appointed CFO and Deputy CEO in March 2018. Mr. Robjohns was previously the CEO of Golar LNG Partners.
Outlook
The acceptance of Hilli Episeyo will validate Golar's low cost FLNG solution. Valuable lessons learned during conversion and commissioning also create opportunities to further enhance the process. Golar now has a significant lead in this very profitable business.
Post acceptance, hire at the full rate is expected to generate approximately $164 million of base level annual EBITDA 1 , 50% of which will accrue to Golar Partners. Assuming the current price of $76.63/bbl is sustained, the Brent link associated with contracted trains 1 and 2 would add approximately $50 million in additional annual cashflows, all of which would accrue to Golar. Trains 3 and 4 represent an attractive commercial opportunity for Perenco and SNH and other proximate resource holders, and the Company is optimistic that these will be utilized in due course.
Executing a binding Heads of Terms with BP for up to two FLNG units to service the Tortue field offshore Mauritania and Senegal enhances the credibility of Golar's FLNG offering and is a significant and very positive step both for the Company and this long-anticipated project. FEED work is being progressed at pace in order to meet the required timetable for FID at the end of 2018. Work on the draft commercial and construction agreements and financing has also commenced. Preliminary financing discussions indicate a good appetite from a wide variety of lenders.
The 25-year Sergipe power project is now fully funded. It is anticipated that the remaining delivery installment for the Golar Nanook will be financed by a new debt facility. Based on current exchange rates, Golar's share of annual EBITDA 2 from its effective interest in the power station and FSRU is expected to be around $100 million. Options to monetize the FSRU Golar Nanook's 65% spare capacity, including the supply of gas directly into the Brazilian national grid, are also being pursued. Demand for competitively priced FSRU conversions remains robust and Golar also has a strong lead in this market.
The seasonal softening of the shipping market was anticipated. This will negatively impact 2Q 2018 TCE, which is expected to be around half 1Q 2018 levels. The underlying thesis of a sustainable recovery in the shipping market from 3Q 2018 does, however, remain intact. This is supported by new production and rising ton miles as well as the large price differential between European and Asian LNG prices and US gas prices.
Start-up of Hilli Episeyo and financial close for the Sergipe project are two significant steps toward de-risking the Golar investment case. Earnings from Hilli Episeyo and a resurgent carrier market are expected to result in significant and sustained improvements to earnings from 2H 2018 forward. The Board is pleased with Golar's transformation over the last five years from a LNG shipping and FSRU company to a more integrated Gas to Power company. The strategic platform created, including the long-term FLNG and Power contracts, represents a solid basis for long-term value creation.
2 EBITDA is a non-GAAP financial measure that is defined as operating income before interest, tax, depreciation and amortization. Golar's share of annual EBITDA from its effective interest in the Sergipe power station and the FSRU Golar Nanook will be reported as "equity in net earnings of affiliates" in the consolidated statements of income.
Forward Looking Statements
This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflects management's current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as "may," "could," "should," "would," "expect," "plan," "anticipate," "intend," "forecast," "believe," "estimate," "predict," "propose," "potential," "continue," or the negative of these terms and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, Golar undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are:
changes in liquefied natural gas, or LNG, carrier, floating storage and regasification unit, or FSRU, or floating liquefaction natural gas vessel, or FLNG, market trends, including charter rates, vessel values or technological advancements; changes in our ability to retrofit vessels as FSRUs or FLNGs and in our ability to obtain financing for such conversions on acceptable terms or at all; changes in the timeliness of the Hilli Episeyo acceptance by the charterer; changes in our ability to close the sale of certain of our equity interests in Hilli Episeyo on a timely basis or at all; our inability to meet our obligations under the Heads of Terms agreement entered into in connection with the BP Greater Tortue / Ahmeyim Project, prior to FID, which will result in extensive termination fees; changes in the supply of or demand for LNG carriers, FSRUs or FLNGs; a material decline or prolonged weakness in rates for LNG carriers, FSRUs or FLNGs; changes in the performance of the pool in which certain of our vessels operate and the performance of our joint ventures; changes in trading patterns that affect the opportunities for the profitable operation of LNG carriers, FSRUs or FLNGs; changes in the supply of or demand for LNG or LNG carried by sea; changes in commodity prices; changes in the supply of or demand for natural gas generally or in particular regions; failure of our contract counterparties, including our joint venture co-owners, to comply with their agreements with us; changes in our relationships with our counterparties, including our major chartering parties; changes in the availability of vessels to purchase and in the time it takes to construct new vessels; failures of shipyards to comply with delivery schedules or performance specifications on a timely basis or at all; our ability to integrate and realize the benefits of acquisitions; changes in our ability to sell vessels to Golar Partners or our joint venture, Golar Power; changes in our relationship with Golar Partners or Golar Power; changes to rules and regulations applicable to LNG carriers, FSRUs, FLNGs or other parts of the LNG supply chain; our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provisions of FSRUs particularly through our innovative FLNG strategy and our joint venture; actions taken by regulatory authorities that may prohibit the access of LNG carriers, FSRUs or FLNGs to various ports; our inability to achieve successful utilization of our expanded fleet or inability to expand beyond the carriage of LNG and provision of FSRUs, particularly through our innovative FLNG strategy, or FLNG, and our joint venture; changes in our ability to obtain additional financing on acceptable terms or at all; our ability to make additional equity funding payments to Golar Power to meet our obligations under the shareholders agreement; increases in costs, including, among other things, wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions, particularly where we operate; a decline or continuing weakness in the global financial markets; challenges by authorities to the tax benefits we previously obtained under certain of our leasing agreements; and other factors listed from time to time in registration statements, reports or other materials that we have filed with or furnished to the Securities and Exchange Commission, or the Commission, including our most recent annual report on Form 20-F.
As a result, you are cautioned not to rely on any forward-looking statements. Actual results may differ materially from those expressed or implied by such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless required by law.
May 31, 2018
The Board of Directors
Golar LNG Limited
Hamilton, Bermuda
Questions should be directed to:
Golar Management Limited +44 207 063 7900
Iain Ross - Chief Executive Officer
Graham Robjohns - Chief Financial Officer and Deputy Chief Executive Officer
Stuart Buchanan - Head of Investor Relations
Attachment
Golar LNG Limited Interim results for the period ended 31 March 2018.pdf
Source:Golar LNG Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-golar-lng-limited-interim-results-for-the-period-ended-31-march-2018.html |
By Bloomberg 5:27 AM EDT
Uber Technologies Inc. , after years of historic losses, is laughing to itself this quarter. It turned a $2.5 billion profit during the first three months of this year — technically.
The company recorded a profit on paper, after accounting for the value of selling its Southeast Asian business to Grab and its Russian business to Yandex. But it’s a different story without those windfalls. Uber had a loss of $312 million before interest, taxes and other expenses in the quarter, cutting those losses in half compared to the first three months of 2017, according to financials provided by Uber. That’s a marked improvement for a company that’s burned through more than $10 billion.
Still, Uber doesn’t expect those losses to go away. Even though Chief Executive Officer Dara Khosrowshahi preached responsibility when he took over in September, he’s grown convinced that Uber needs to invest in new areas of growth, spending on food delivery, autonomous vehicle research and electric bikes. Uber is taking a page from Amazon’s book: money-making businesses like ride-hailing can fund promising but decidedly unprofitable ones like designing flying cars .
“Cars are to us what books are to Amazon ,” Khosrowshahi said at a Goldman Sachs conference in February.
The company reported that net revenue, after accounting for payments to drivers, grew 70% year-over-year to $2.6 billion. But gross bookings, the total value of the fares drivers bring in, only grew by 55% to $11.3 billion. That means Uber is taking more of the total bookings for itself, suggesting that a smaller portion of the pie is going to drivers.
Uber also announced on Wednesday that investment firms Coatue Management, Altimeter and TPG plan to purchase between $400 million and $600 million in Uber stock from existing shareholders. The deal values Uber at $62 billion. The transaction is meant to allow current Uber employees to sell some shares if they want to. Uber is aiming for a public offering next year. If it fails to do so, some of its investors could be free to sell their shares on the private market.
“We are off to a terrific start in 2018,” Khosrowshahi said in a statement, noting that the growth of Uber’s rides business was exceeding internal expectations. “Given the size of the opportunity ahead of us and our goal of making Uber a true mobility platform, we plan to reinvest any over-performance even more aggressively this year, both in our core business as well as in big bets like Uber Eats globally.”
Uber is a private company, and so is not required to disclose performance metrics, but after years of leaked financials it has begun disclosing the numbers to reporters. For the second time, Uber has made retroactive adjustments to its financials — though the impact of those changes is relatively minor, based on documents provided by the company.
Uber is still searching for a chief financial officer after talks with VMware Inc.’s Zane Rowe stalled, a person familiar with the matter said. The company has several empty board seats and is looking for a chair.
According to the release, Uber has $6.3 billion in cash, not including a $1.5 billion term loan that Uber inked in March. Uber valued the paper gain from selling its Russian and Southeast Asian businesses in exchange for stock in local companies at $2.9 billion.
Going forward, Uber is focused on India and the Middle East where it faces local competitors. Executives insist that its days of selling its overseas businesses to local rivals are over, and the company is doubling down in those markets . Meanwhile, Didi Chuxing, the Chinese company that Uber sold its business to in 2016, is now competing with Uber directly in Mexico and has quietly entered Uber-dominated Australia. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/uber-revenues-sales-drivers-quarter/ |
If you're in the market for a new vehicle, you might want to fit in a trip to the dealership between parades and cookouts over Memorial Day weekend.
The three-day holiday marks the second big sales push so far this year. Buyers are likely to find a good selection of 2018 models that dealerships will be eager to unload to make way for 2019 versions that start arriving in the summer.
"The weekend kicks off the summer selling season, so it's a big deal for dealerships," said Matt Jones, senior consumer advice editor for Edmunds. "The discounts won't be the deepest of the year, but they are still really good. Later in the year, discounts are greater but there's less inventory."
Patrick T. Fallon | Bloomberg | Getty Images Despite rising interest rates and overall higher auto prices, consumers continue stretching their budgets to get in a new car. May sales are expected to be 16 percent higher than last month — when the pace of transactions dropped — and 3.5 percent higher than a year ago, according to Edmunds.
The average price paid for a new vehicle is about $32,500, recent data from J.D. Power show. A year ago, it was $31,400.
The average interest rate for a new-car loan was 5.6 percent in April, up from 5 percent a year ago, according to Edmunds. On a used car, the interest rate is 8.3 percent, up from 7.7 percent in April 2017.
Average new-car financing costs Loan aspect April 2018 April 2017 Apr 2013 Term 69.2 months 69.1 months 65.5 months Monthly payment $535 $509 $463 Amount financed $31,318 $30,315 $26,679 APR 5.6% 5% 4.2% Down payment $3,911 $3,770 $3,494 Source: Edmunds.com Those rates are likely headed higher. After raising a key short-term interest rate in March that affects consumer loans , the Federal Reserve is expected to increase rates at least two more times this year. The March increase marked the fourth boost in 12 months.
On top of those purchasing costs, driving itself is getting more expensive. Gas prices are at a four-year high, with a national average of $2.96, compared with $2.37 a year ago, according to AAA.
With consumer preferences shifting over the last several years to SUVs and pickup trucks — both of which generally are less fuel efficient than cars — there's been speculation about whether higher prices at the pump will slow sales of those larger and generally higher-priced options.
"In the near term, rising gas prices aren't deterring sales since consumer confidence continues to soar at an all-time high," said Jeremy Acevedo, manager of industry analysis at Edmunds. Consumer confidence hit a 14-year high in March and remains strong.
Average used-car financing costs Loan aspect April 2018 April 2017 April 2013 Term 67.1 months 67 months 64.2 months Monthly payment $398 $386 $866 Amount financed $21,620 $21,330 $19,357 Interest rate 8.3% 7.7% 8% Down payment $2,633 $2,531 $2,292 Source: Edmunds.com In fact, about 67 percent of vehicles sold in May are forecast to be trucks and SUVs, according to Edmunds.
Nevertheless, if gas prices continue rising, car shoppers could begin factoring in what lower fuel efficiency means for their wallets.
As for incentives, the average in April was about $3,700, which was $187 higher than a year earlier, according to J.D. Power's most recent data. Generally speaking, the larger discounts can be found on trucks and SUVs.
Meanwhile, if you're considering a used car, there are plenty hitting dealer lots. In fact, an estimated 3.9 million vehicles are coming off their leases this year, according to Cox Automotive. That means many dealers will be eager to unload them.
More from Personal Finance:
Americans face high gas prices, crowded roads this Memorial Day weekend
4 ways your vacation can go wrong — and how to avoid them
How the just-passed banking overhaul bill affects consumers
Before you make your way to the dealership, there are a few things you should do to find the best deal available and prepare for your purchase.
Assess the market It's worthwhile to do some research online first. If you have any flexibility, you might discover a great deal on a car similar to the one you were thinking about.
You also might find a difference in price among local dealerships on the same car. Or, you might find a dealership that has a special deal going — say, picking up the sales tax on your purchase — that could reduce your overall cost.
Get preapproved financing Unless paying with cash, you should get preapproved for a loan from a bank or credit union. While there's no obligation to use the preapproval, you'll at least be armed with a comparison when the dealership offers its loan terms.
"If what a dealer can offer beats your preapproval, then great," said Edmunds' Jones. "If not, you still have the preapproved loan with the better interest rate."
Generally speaking, the better your credit score, the better terms you'll get.
show chapters The Amazon-ification of car buying 3:11 PM ET Tue, 27 Feb 2018 | 29:57 For those with excellent credit, zero percent financing could be available on certain makes and models when you use the dealer's financing. For instance, the 2018 Dodge Durango — its list price starts around $30,000 — can come with a no-interest loan and cash back, depending on where you live.
Or, the 2018 Chevy Cruze, which starts around $17,000, comes with zero percent financing on a 72-month loan for buyers who qualify.
Collect key documents Make sure you're armed with all the documents you'll need to complete a sale: your driver's license, the title and registration for your existing car (if you're trading it in) and proof of insurance.
If you are making a down payment, call the dealership ahead of time to find out what forms of payment are accepted.
Beware the add-ons Once you get to the nitty-gritty of a deal, you might be offered an optional feature or service contract, such as an extended warranty.
Make sure you do the math before you sign on the dotted line — not only to understand the extra monthly cost, but also to know what you would pay over the life of the loan for the add-on. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/car-shoppers-could-land-good-deals-with-memorial-day-weekend-sales-push.html |
Tel Aviv parties as Israel's Netta Barzilai wins Eurovision Song Contest Sunday, May 13, 2018 - 01:06
Israelis celebrate at Tel Aviv's Rabin Square to celebrate Israel's win in Eurovision. Rough cut (no reporter narration)
Israelis celebrate at Tel Aviv's Rabin Square to celebrate Israel's win in Eurovision. Rough cut (no reporter narration) //reut.rs/2KWmtuE | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/13/tel-aviv-parties-as-israels-netta-barzil?videoId=426506513 |
PITTSBURGH, May 24, 2018 /PRNewswire/ -- Kennametal Inc. (NYSE: KMT) announced today the election of Lorraine M. Martin to its board of directors, effective July 1, 2018.
Ms. Martin recently retired as the executive vice president and deputy of Lockheed Martin Corporation's Rotary and Mission Systems.
"Lorraine's experience spans more than 30 years in leadership, international business and manufacturing that will bring significant value to the transformation currently underway at Kennametal," said Chris Rossi, Kennametal president and CEO.
"We are excited to welcome Lorraine to our board and look forward to the unique perspective she will bring from her knowledge in supply chain, aerospace and cyber," added William J. Harvey, Kennametal board member and chair of the nominating / corporate governance committee.
Ms. Martin joined Lockheed Martin in 1988 at Unisys Defense Systems as a program manager for computer security contracts for the Strategic Defense Initiative and YF-23 fighter. She also served as vice president of the C-130, C-5, and Flight Solutions programs. During her nearly 30-year tenure at the company, she took on roles with increasing responsibility most recently including executive vice president and general manager, F-35 lighting II program for Lockheed Martin Corporation's Aeronautics company and vice president and deputy, F-35 program. Prior to that, Martin served as an officer in software intensive technology and development programs as part of the United States Air Force.
About Kennametal
Celebrating its 80 th year as an industrial technology leader, Kennametal Inc. delivers productivity to customers through materials science, tooling and wear-resistant solutions. Customers across aerospace, earthworks, energy, general engineering and transportation turn to Kennametal to help them manufacture with precision and efficiency. Every day approximately 11,000 employees are helping customers in more than 60 countries stay competitive. Kennametal generated nearly $2.1 billion in revenues in fiscal 2017. Learn more at www.kennametal.com .
View original content: http://www.prnewswire.com/news-releases/kennametal-names-lorraine-martin-to-board-of-directors-300653123.html
SOURCE Kennametal Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/pr-newswire-kennametal-names-lorraine-martin-to-board-of-directors.html |
May 2, 2018 / 6:21 PM / Updated 16 minutes ago Exclusive: Carlyle's Novolex in lead to acquire Newell Brands' Waddington - sources Reuters Staff 2 Min Read
(Reuters) - Novolex Holdings Inc, a packaging manufacturing company owned by buyout firm Carlyle Group LP ( CG.O ), is in the lead to acquire Newell Brands Inc’s ( NWL.N ) unit Waddington Group Inc for more than $2 billion, three people familiar with the matter said.
A deal for Waddington, which makes disposable cutlery and drinkware for the food service sector, would be the first major divestiture by Newell since it said in January it would explore options for several of its business lines, including Rubbermaid Commercial Products and Mapa.
Carlyle and Newell are in the process of finalizing deal terms after Novolex made the best offer in an auction for Waddington, and could reach an agreement in the next few days, the sources said on Wednesday, cautioning there was always a possibility that negotiations fall through at the last minute.
The sources asked not be identified because the matter is confidential. Carlyle and Newell declined to comment.
Newell, a U.S. consumer products maker, ended a proxy fight with activist hedge fund Starboard Value LP last month, with the company agreeing to add three new directors to its board. Billionaire investor Carl Icahn agreed to give up two of the four seats he secured earlier this year to pave the way for the addition of two new independent directors. Reporting by Greg Roumeliotis and Harry Brumpton in New York; additional reporting by Joshua Franklin in New York, Editing by Rosalba O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/us-waddington-m-a-novolex-exclusive/exclusive-carlyles-novolex-in-lead-to-acquire-newell-brands-waddington-sources-idUKKBN1I32L3 |
195 COMMENTS President Trump wants everyone to know he is a master trade negotiator, but this week his volleys look more like a mess than mastery. His China policy is all over the place, Nafta is in jeopardy, and his new threat to impose a 25% tariff on auto imports undercuts his foreign policy and economic goals. But perhaps there’s some grand strategy that will eventually unveil itself and wow the crowds.
The Commerce Department on Wednesday initiated a probe under Section 232 of the 1962 Trade Expansion Act to decide if auto imports imperil national security. Yes, the killer Kia. This is the same law the Administration used this spring to impose 25% tariffs on steel and 10% on aluminum imports to protect domestic manufacturers. The auto investigation is even more dubious.
Commerce Secretary Wilbur Ross declared on Wednesday that “there is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry.” There is? The real evidence is that America’s Big Three car markers became less competitive as an oligopoly, and foreign imports forced them to shape up and make better cars.
About 56% of cars sold in the U.S. in 2017 were made domestically. Canada, Mexico and Japan each made up about 11%. While President Trump has complained about BMW s and Mercedes flooding American shores, German-made cars account for 4% of American car sales. China accounts for 0.3%.
U.S. automakers aren’t asking for and don’t need protection. GM and Ford produce some small cars in Mexico to comply with fuel-efficiency mandates, but imports make up only about 1% of their sales. American manufacturers have been scaling back domestic production of some small passenger models, but that’s because of declining demand, not imports.
The Environmental Protection Agency plans to relax fuel standards, which will allow car makers to invest more in higher-margin trucks and SUVs. Tax reform should boost domestic investment in manufacturing, but another way to make the U.S. more competitive is to scrap aluminum and steel tariffs that raise costs.
Mr. Trump’s tirades against foreign carmakers are also misdirected. Foreign manufacturers operate a couple of dozens plants in the U.S., mostly in southern states where labor costs are lower. Nissan produces its Altima in Canton, Miss., and Smyrna, Tenn. BMW has a plant in Greer, S.C. Mercedes makes cars in Vance, Ala., and Ladson, S.C. About 70% of Toyotas and 94% of Nissans sold in the U.S. are made in the U.S.
Mr. Ross discounts the impact of steel tariffs on consumers, saying that “on an average car, $175 worth of steel increase is the maximum that would come from a 25 percent tariff increase. That’s not much.” Mere crumbs, as Nancy Pelosi might say. But a 25% tariff would raise the price of a small passenger car by around $5,000 to $6,000 and cost consumers about $48 billion per year.
We suspect the auto tariffs are one more attempt to bludgeon allies into trade surrender. Mr. Trump is frustrated that Mexico and Canada haven’t rolled over for U.S. Trade Representative Robert Lighthizer’s absurd demand that 40% of light vehicle content and 45% of pickup trucks be produced in “high-wage zones” with an average minimum wage of at least $16 per hour. So Mr. Trump may be trying to force Mexico to heel, though it could backfire and scuttle hope of any deal.
Earlier this year, Mr. Trump threatened tariffs on BMW and Mercedes if the European Union doesn’t reduce its 10% levy on U.S. auto imports. But the EU has responded to his steel and aluminum tariffs by teeing up duties of up to 25% on $3.5 billion in U.S. goods if Europe doesn’t get a permanent exemption.
*** All of which underscores Mr. Trump’s trade confusion. The Administration’s lack of strategy or defined goals was especially evident in the President’s seesaw on China this week.
On Monday he boasted that a weekend deal to withdraw tariffs was “one of the best things to happen to our farmers in many years!” The next day he complained that he was “not satisfied,” then tweeted Wednesday that “Our Trade Deal with China is moving along nicely, but in the end we will probably have to use a different structure in that this will be too hard to get done and to verify results after completion.” Glad he cleared that up.
As Ronald Reagan liked to joke about the boy who saw a stable full of manure, there must be a pony in there somewhere. Or maybe all this is merely a pile of impulsive, ill-considered threats that are increasing business uncertainty, slowing the economy, and irritating friends the U.S. needs on Iran and Korea. | ashraq/financial-news-articles | https://www.wsj.com/articles/trumps-trade-confusion-1527203643 |
May 30, 2018 / 10:18 AM / Updated 2 hours ago Philippine Congress passes autonomy bill for volatile Muslim region Karen Lema 3 Min Read
MANILA (Reuters) - The Philippines moved a step closer on Wednesday to ending decades of conflict on its resource-rich island of Mindanao, after lawmakers approved a bill that will eventually allow self-rule for the country’s Muslim minority. FILE PHOTO: Residents who returned from evacuation centers walk past a bullet-ridden house believed to have been rented by pro-Islamic State militant group leaders Isnilon Hapilon and Omar Maute before their attack on the region, in Basak, Malutlut district in Marawi city, Philippines October 29, 2017. REUTERS/Romeo Ranoco/File Photo
Lower house lawmakers voted 227 to 11, with 2 abstentions, to pass the Bangsamoro Basic Law (BBL), seen as key to forging lasting peace with separatist rebels and thwarting the rise of Islamist extremism in the nation’s poorest and most dangerous region.
The bill is the result of a 2014 peace deal between the Moro Islamic Liberation Front (MILF) and the government to end nearly 50 years of conflict that has killed more than 120,000 people and displaced 2 million.
It outlines the process to set up a self-administered territory in an area sometimes referred to as Bangsamoro (nation of Moros), encompassing mountains, islands and jungles that is home to at least 4 million people, mostly Muslim.
President Rodrigo Duterte, who was the mayor of a city on the southern island for 22 years, has stressed the importance of getting the legislation passed and certified it as an urgent bill on Tuesday to get it approved before a house recess on June 2.
The 22-member Senate has committed to Duterte to pass its counterpart version soon, before a panel of both houses combines both drafts in a version for the president’s final approval.
The previous administration met numerous hurdles and failed to pass the bill, fuelling resentment and mistrust among many minority Muslims.
Duterte has warned that another failure could be disastrous and play into the hands of extremist groups like Islamic State, which inspired a militant alliance to seize Marawi City last year for five months.
The battle for Marawi was the biggest the Philippines has seen since World War Two and stoked wider concerns that Islamic State had ambitions to turn Mindanao into a base for its operations in Southeast Asia.
Hundreds of people were killed in Marawi, more than 350,000 were displaced and half the city was left in ruins. Martial law is still in force across Mindanao.
Though some militants who fought in Marawi were former MILF members, the group has denounced radical Islam and has a good relationship with Duterte.
Mindanao, an island the size of South Korea, is the Philippines’ most underdeveloped region, but is home to most of its nickel mines and biggest fruit farms, besides vast tracts of land the government wants to convert into palm oil plantations.
But its notorious clan wars, lawlessness and conflicts with Muslim and communist rebel groups have kept investors at bay.
Once signed into law, Bangsamoro will have its own executive, legislature and fiscal powers, but the central government will continue to oversee defence, security, foreign affairs, and monetary policy.
Graphic: Philippine peace deal IMG - tmsnrt.rs/2vcN12N Editing by Martin Petty and Clarence Fernandez | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-philippines-politics-autonomy/philippine-congress-passes-autonomy-bill-for-volatile-muslim-region-idUKKCN1IV16R |
May 2 (Reuters) - QNB FINANSBANK:
* SAID ON MONDAY Q1 NET PROFIT 528.7 MILLION LIRA VS 421.8 MILLION LIRA YEAR AGO
* Q1 NET INTEREST INCOME 1.61 BILLION LIRA VS 1.34 BILLION LIRA YEAR AGO
* Q1 NET FEE AND COMMISSION INCOME 473.5 MILLION LIRA VS 410.2 MILLION LIRA YEAR AGO
* NON-PERFORMING LOANS AT END MARCH IS AT 4.51 BILLION LIRA
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S912S |
Kansas City Royals catcher Drew Butera debuted a bright pink hair color before Friday’s game against the New York Yankees.
May 18, 2018; Kansas City, MO, USA; Kansas City Royals fan Dagan talks with catcher Drew Butera (9) before the game against the New York Yankees at Kauffman Stadium. Mandatory Credit: Jay Biggerstaff-USA TODAY Sports Consider it a promise kept.
When 7-year-old Dagan Lingenfelter was getting chemotherapy treatment in 2016 for acute lymphoblastic leukemia, Butera made a promise to dye his hair any color Lingenfelter wanted after he beat the disease.
Lingenfelter has been in remission for more than a year, according to his mother, so Butera made good on his word Friday.
“From meeting in 2016 and making a pact, to beating cancer and matching pink hair today!,” the Royals tweeted, along with photos of the pair together with matching pink ‘dos.
The Royals beat the Yankees, 5-2, but Butera didn’t get a chance to get in the game.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-baseball-mlb-kc-butera-hair/royals-butera-keeps-promise-dyes-hair-pink-idUSKCN1IK0V7 |
May 25, 2018 / 4:19 PM / Updated 35 minutes ago WTA International, Strasbourg Women's Singles Final Rounds and Seeds Progress Reuters Staff 5 Final Rounds and Seeds Progress from the WTA International, Strasbourg Women's Final Rounds .. Seed Round Rslt Opponent Score 3 Anastasia Pavlyuchenkova (RUS) semi won 1-Ashleigh Barty (AUS) 6-4 1-0 (Retired) qtr won Zarina Diyas (KAZ) 6-4 6-2 2nd won Natalia Vikhlyantseva (RUS) 6-4 6-4 1st won Tatjana Maria (GER) 6-0 6-0 1 Ashleigh Barty (AUS) semi lost 3-Anastasia Pavlyuchenkova 6-4 1-0 (Retired) (RUS) qtr won Qiang Wang (CHN) 7-5 6-4 2nd won Pauline Parmentier (FRA) 6-1 6-4 1st won Luksika Kumkhum (THA) 6-4 6-4 5 Dominika Cibulkova (SVK) semi won 4-Mihaela Buzarnescu (ROU) 2-6 7-6(5) 6-1 qtr won Samantha Stosur (AUS) 6-4 6-3 2nd won Reka-Luca Jani (HUN) 6-1 6-4 1st won Chloe Paquet (FRA) 6-4 6-2 4 Mihaela Buzarnescu (ROU) semi lost 5-Dominika Cibulkova (SVK) 2-6 7-6(5) 6-1 qtr won 8-Su-Wei Hsieh (TPE) 6-0 6-3 2nd won Elena Rybakina (RUS) 6-3 7-6(2) 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 - Qiang Wang (CHN) qtr lost 1-Ashleigh Barty (AUS) 7-5 6-4 2nd won 7-Danielle Collins (USA) 4-6 7-5 6-2 1st won Camilla Rosatello (ITA) 3-6 6-1 6-4 - Zarina Diyas (KAZ) qtr lost 3-Anastasia Pavlyuchenkova 6-4 6-2 (RUS) 2nd won 6-Timea Babos (HUN) 7-6(2) 4-6 6-2 1st won Katarzyna Piter (POL) 6-2 6-4 8 Su-Wei Hsieh (TPE) qtr lost 4-Mihaela Buzarnescu (ROU) 6-0 6-3 2nd won Lucie Safarova (CZE) 6-2 6-3 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 - Samantha Stosur (AUS) qtr lost 5-Dominika Cibulkova (SVK) 6-4 6-3 2nd won Daria Gavrilova (AUS) 6-3 6-4 1st won Sofia Kenin (USA) 6-3 6-2 .. Seeds .. Seed Round Rslt Opponent Score 1 Ashleigh Barty (AUS) semi lost 3-Anastasia Pavlyuchenkova 6-4 1-0 (Retired) (RUS) qtr won Qiang Wang (CHN) 7-5 6-4 2nd won Pauline Parmentier (FRA) 6-1 6-4 1st won Luksika Kumkhum (THA) 6-4 6-4 3 Anastasia Pavlyuchenkova (RUS) final to play 5-Dominika Cibulkova (SVK) (start 13:00) semi won 1-Ashleigh Barty (AUS) 6-4 1-0 (Retired) qtr won Zarina Diyas (KAZ) 6-4 6-2 2nd won Natalia Vikhlyantseva (RUS) 6-4 6-4 1st won Tatjana Maria (GER) 6-0 6-0 4 Mihaela Buzarnescu (ROU) semi lost 5-Dominika Cibulkova (SVK) 2-6 7-6(5) 6-1 qtr won 8-Su-Wei Hsieh (TPE) 6-0 6-3 2nd won Elena Rybakina (RUS) 6-3 7-6(2) 1st won Magda Linette (POL) 4-6 7-6(1) 6-3 5 Dominika Cibulkova (SVK) final to play 3-Anastasia Pavlyuchenkova (start 13:00) (RUS) semi won 4-Mihaela Buzarnescu (ROU) 2-6 7-6(5) 6-1 qtr won Samantha Stosur (AUS) 6-4 6-3 2nd won Reka-Luca Jani (HUN) 6-1 6-4 1st won Chloe Paquet (FRA) 6-4 6-2 6 Timea Babos (HUN) 2nd lost Zarina Diyas (KAZ) 7-6(2) 4-6 6-2 1st won Fiona Ferro (FRA) 6-4 6-0 7 Danielle Collins (USA) 2nd lost Qiang Wang (CHN) 4-6 7-5 6-2 1st won Amandine Hesse (FRA) 6-1 4-6 6-3 8 Su-Wei Hsieh (TPE) qtr lost 4-Mihaela Buzarnescu (ROU) 6-0 6-3 2nd won Lucie Safarova (CZE) 6-2 6-3 1st won Kaia Kanepi (EST) 2-6 7-5 6-2 (Note : all times are GMT) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-wta-seeds-womens-singles/wta-international-strasbourg-womens-singles-final-rounds-and-seeds-progress-idUKMTZXEE5PAL6U5K |
SINGAPORE (Reuters) - Asian jet fuel buyers are paying the highest premiums for this time of year in 10 years as new and expanded airports in the region push its consumption to new highs.
FILE PHOTO: A Japan Airlines airplane flies past a factory's chimney at an industrial district in Tokyo January 19, 2010. REUTERS/Toru Hanai/File Photo The premium for jet fuel cargoes in the Asian trading hub of Singapore was $1.01 a barrel above benchmark Quote: s on Friday JET-SIN-DIF, the highest for this time of year since 2008, according to data on Thomson Reuters Eikon. (Chart: bit.ly/2I1SpM6 )
The booming aviation market has also pushed up the profit margins, known as cracks, refiners make from producing jet fuel to their highest since early 2015. JETSGCKMc1
Demand for jet fuel, which is composed of the middle distillate fuel kerosene that is also used for heating, was expected to ease after the winter heating season, but consumption has stayed strong on a jump in orders from the aviation industry. The demand earlier this winter drove the jet fuel/kerosene premium to $2.28 a barrel Feb. 27, the most since May 2008.
“A rise in air-passenger traffic coming from increasing consumer affluence and improving infrastructure supports the strength in Asian jet fuel demand growth,” said Sri Paravaikkarasu of energy consultancy FGE.
The Asia Pacific region makes up over one-third of the global air passenger market, gaining on average a bit over 1 percent in global market share per year.
“Asia will remain the corner-stone for global jet fuel demand expansion in the coming decades,” Paravaikkarasu said.
An aircraft files near the setting sun in New Delhi November 30, 2013. REUTERS/Adnan Abidi In March alone, Asia’s passenger traffic rose by 12 percent compared to last year, according to data from the International Air Transport Association (IATA) released last week.
“The strong first quarter provides healthy momentum heading into the peak travel period in the northern hemisphere. Benign economic conditions are supporting — and being supported by —good demand for air travel,” Alexandre de Juniac, IATA’s chief executive said last week.
TIGHTER SUPPLY The current run of seasonal oil refinery maintenance in Asia has added to the pricing pressure by curtailing the supply of jet fuel available to the market.
There is 2.46 million barrels per day (bpd) of Asian oil refining capacity planned to undergo maintenance in May, according to data from consultants Energy Aspects. That is nearly equal to the crude oil demand of South Korea.
This supply tightness is occurring as travel demand in country’s like China and India spur more jet consumption.
China’s domestic air traffic alone climbed 15 percent in March from a year ago, the strongest pace in five months, IATA data showed.
India’s March domestic traffic rose by 28 percent, marking the 43rd straight month of double-digit growth, as the government embarks on an ambitious infrastructure development plan.
Lagging slightly behind India and China, but still seeing strong expansion thanks to economic growth and rising tourism figures, is Southeast Asia.
Singapore’s DBS Bank expects passenger growth for the Association of Southeast Asian Nations (ASEAN), home to more than 600 million people in 10 countries, to be around 6 percent in 2018.
The general boom in demand is a boon for refiners. Asia’s jet fuel crack was at $15.75 per barrel above benchmark Dubai crude, more than 50 percent higher than a year ago. The cracks peaked at $18.03 in February.
For all of 2018, Sukrit Vijayakar, director of energy consultancy Trifecta, said he expects an average jet fuel crack of $16.50 per barrel.
While an advantage for refiners, the high jet fuel prices threaten airline profits, for whom fuel is by far the biggest cost factor.
“We are on track to post a profit in 2018, but (this) will depend on the fuel price going ahead,” said Pahala Mansury, chief executive of Indonesia’s state-owned carrier Garuda ( GIAA.JK ), this week.
Reporting by Koustav Samanta in SINGAPORE; Editing by Henning Gloystein and Christian Schmollinger
| ashraq/financial-news-articles | https://www.reuters.com/article/us-asia-jet-fuel/asian-jet-fuel-buyers-paying-the-highest-premiums-to-get-supply-since-2008-idUSKBN1I80LH |
Discussing the 'primary factor' holding markets back 6 Hours Ago Markets are focused on "interest rates and where the Federal Reserve is going to be taking rates in the U.S.," says Stephen Wood of Russell Investments. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/discussing-the-primary-factor-holding-markets-back.html |
May 7 (Reuters) - CPT Technology Group Co Ltd:
* SAYS APRIL CONSOLIDATED REVENUE AT 366.6 MILLION YUAN, JAN-APR CONSOLIDATED REVENUE AT 1.5 BILLION YUAN ($235.72 million) Source text in Chinese: bit.ly/2jBC6Ll ($1 = 6.3636 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cpt-technology-groups-april-consol/brief-cpt-technology-groups-april-consolidated-revenue-at-366-6-million-yuan-idUSH9N1SA008 |
ALAMEDA, Calif., May 01, 2018 (GLOBE NEWSWIRE) -- Aqua Metals, Inc. (NASDAQ:AQMS), (“Aqua Metals” or the “Company”), which is proceeding to commercialize its proprietary electrochemical lead recycling technology called AquaRefining™, will host a conference call on Wednesday, May 9, 2018 at 1:30 p.m. Pacific daylight time (4:30 p.m. Eastern daylight time) to discuss its financial results for the first quarter ended March 31, 2018.
A press release detailing these results will be issued just prior to the call. Aqua Metals management will host the call, followed by a question and answer session. To access the call, please use the following information:
Date: Wednesday, May 9, 2018
Time: 1:30 p.m. Pacific daylight time (4:30 p.m. Eastern daylight time)
Dial-in: 1-855-327-6837
International Dial-in: 1-631-891-4304
Passcode: 10004831
Webcast: http://public.viavid.com/index.php?id=129640
A telephone replay will be available approximately two hours after the call and will run through June 9, 2018 by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10004831.
The webcast will be available for replay for 60 days on the investor relations section of the company's website at www.aquametals.com .
About Aqua Metals
Aqua Metals, Inc. (NASDAQ:AQMS) is reinventing lead recycling with its patented and patent-pending AquaRefining TM technology. Unlike smelting, AquaRefining is a room temperature, water-based process that is fundamentally non-polluting. These modular systems allow the Company to vastly reduce environmental impact and scale lead acid recycling production capacity both by building its own AquaRefineries and licensing the AquaRefining technology to partners. This meets growing demand for lead to power new applications including stop/start automobile batteries which complement the vehicle’s main battery, Internet data centers, alternative energy applications including solar, wind, and grid scale storage. Aqua Metals is based in Alameda, California, and has built its first recycling facility in Nevada’s Tahoe Reno Industrial Complex. To learn more, please visit www.aquametals.com .
Investor Relations:
MZ North America
Greg Falesnik
Managing Director
Main: 949-385-6449
[email protected]
www.mzgroup.us
Source:Aqua Metals | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-aqua-metals-to-host-first-quarter-2018-conference-call-on-wednesday-may-9th-at-130-p-m-pdt.html |
Doing good is its own reward. Reaping the tax benefits is a nice perk.
While taxes might not have been at the forefront when providing aid to others, the tax deduction for charitable contributions has typically helped shave money off your tax bill if you itemize instead of taking the standard deduction .
But under the new Tax Cuts and Jobs Act , that threshold is tougher to clear. Although the deduction for donations is unchanged, you'll still need to itemize to claim it, and that's a much higher bar with the nearly doubled standard deduction.
"With a higher standard deduction, there will be less people who benefit from donating to charity," said Eric Bronnenkant, a certified financial planner and CPA and the Head of Tax at online financial advisor Betterment .
(Under the legislation, an individual would need total itemized deductions to exceed $12,000, the bill's new standard deduction for individual taxpayers, up from the current $6,350. Married couples would need deductions exceeding $24,000, up from a current $12,700.)
How well do you know taxes? Take our quiz
A new congressional report estimates that 18 million households will itemize deductions this year, down from 46.5 million last year.
"Without itemized deductions, most people will lose all tax benefits associated with charitable giving," said Kimberly Dula, a partner at the accounting firm Friedman LLP in Marlton, New Jersey.
For charitable donors aren't ready to let go of that tax break, there are still several ways around the new rules.
"With a higher standard deduction, there will be less people who benefit from donating to charity." -Eric Bronnenkant, head of tax at Betterment For starters, try a strategy called " bunching ." Rather than giving every year, "give a greater amount every other year," said Amy O'Loughlin, a director in CBIZ MHM's tax and business services division in Phoenix, Arizona.
For example, instead of giving $5,000 to charity annually, accelerate the gift by giving $10,000 every two years. This way, you can get your itemized deductions over the limit one year and take the standard deduction the next.
Similarly, a donor-advised fund lets you make a charitable contribution and receive an immediate tax break for the full donation, and then recommend grants from the fund to your favorite charities over time.
"You can put in $10,000 and get a one-time tax deduction and spread your donations out to the charities you support," O'Loughlin said.
Retirees, age 70½ or older, might also consider transferring money from their IRA to a qualifying charity. Such qualified charitable distributions can be a tax-efficient way of meeting your required minimum distribution — and you don't need to itemize your deductions to benefit, according to Bronnenkant.
There are a few other tricks, too, like avoiding the capital gains tax on investments by giving stocks or other appreciated assets, such as artwork and antiques, which have grown in value.
"A standard practice on how to leverage charitable donations is to donate appreciated assets," said Bronnenkant.
High-income earners, in particular, should consider a noncash donation specifically because of the tax advantages , he said.
And of course, "you can always give to charities without getting the tax break," O'Loughlin added. Regardless, "Americans are very generous. I think they will always give to charity."
"On the Money" airs on CNBC Saturdays at 5:30 a.m. ET. Check listings for air times in local markets.
More from Personal Finance:
Bill Clinton to CNBC: New tax law is 'bullet aimed at New York and California'
Ramp up your tax savings in 2018 with this strategy
Tax bill will slash by half the number of homeowners using the mortgage deduction | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/what-the-new-tax-law-means-for-your-charitable-giving.html |
'Disgusting': Trump marks one year of Mueller 02:16
Special Counsel Robert Mueller has told President Donald Trump’s legal team he would follow Justice Department guidance that a president cannot be indicted, according to Trump lawyer Rudy Giuliani.
Special Counsel Robert Mueller has told President Donald Trump’s legal team he would follow Justice Department guidance that a president cannot be indicted, according to Trump lawyer Rudy Giuliani. //reut.rs/2LcQPZN | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/disgusting-trump-marks-one-year-of-muell?videoId=427811537 |
The United Auto Workers say Tesla CEO Elon Musk allegedly broke national labor laws by tweeting.
A complaint dated Wednesday and filed with the National Labor Relations Board says Musk violated the National Labor Relations Act when he sent out a tweet the union alleges threatened to take away stock options from any employees attempting to unionize.
Here is the tweet the complaint refers to:
Musk
"Elon's tweet was simply a recognition of the fact that unlike Tesla, we're not aware of a single UAW-represented automaker that provides stock options or restricted stock units to their production employees, and UAW organizers have consistently dismissed the value of Tesla equity as part of our compensation package," Tesla said in a statement. "We fundamentally believe it's critical that all employees be owners of Tesla so that everyone is on the same team, with all sharing in the company's success."
Musk did later send out a tweet saying that he believes the UAW does not "have individual stock ownership as part of the compensation at any other company."
Musk2
"The UAW does not have a policy preventing employees from owning stock options," UAW spokesman Brian Rothenberg told CNBC.
Download the full NLRB complaint here. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/the-united-auto-workers-just-filed-a-labor-complaint-against-tesla.html |
April 30 (Reuters) - ATAKULE REIT:
* Q1 NET LOSS OF 2.0 MILLION LIRA VERSUS NET PROFIT OF 938,748 LIRA YEAR AGO
* Q1 REVENUE OF 1.9 MILLION LIRA VERSUS 1.8 MILLION LIRA YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-atakule-reit-q1-net-result-swings/brief-atakule-reit-q1-net-result-swings-to-net-loss-of-2-0-million-lira-idUSFWN1S711P |
May 15, 2018 / 4:45 AM / in 37 minutes RPT-Saudi Airlines chooses Jeddah hospital operator as preferred bidder for medical unit-sources Reuters Staff
(Repeats. No change to text.)
By Hadeel Al Sayegh and Saeed Azhar
DUBAI, May 14 (Reuters) - State-owned Saudi Arabian Airlines (Saudia) has selected Jeddah-based hospital operator Dr. Soliman Fakeeh Hospital as a preferred bidder for its medical unit, sources familiar with the matter said.
Saudia said in a statement emailed to Reuters on Monday that it had concluded the bidding process for its medical unit - Saudi Medical Services. It did not name the bidder, saying the partner would be announced after the completion of required approvals.
Three sources familiar with the transaction said Dr. Soliman Fakeeh Hospital had been selected as a preferred bidder in the deal which is estimated to be worth about 650 million Saudi riyals ($173 million). The sources declined to be named due to commercial sensitivities.
The Saudi government is working on a pipeline of privatisations as part of economic reforms aimed at diversifying the Gulf Arab state’s economy away from oil.
Soliman Fakeeh declined to comment, while the financial adviser for the sales process, Jadwa Investment, was not immediately available to comment.
Sources told Reuters in May last year that the transaction could fetch $500 million.
However, one of the sources said on Monday the airline’s initial price expectations had been high and the deal structure had changed.
The two sides are still negotiating the final terms of the deal, the source added without elaborating.
Saudia Medical Services owns a major hospital in Jeddah, Saudi Arabia’s second biggest city.
The medical business is a major healthcare provider to Saudia and a number of its group companies, providing outpatient services such as occupational and aviation medicine in Jeddah.
Saudia has been spinning off some subsidiaries through stock market listings - it listed Saudi Airlines Catering in 2012.
The sale of its medical business would be a complete exit, Reuters has reported. $1 = 3.7503 riyals Reporting by Hadeel Al Sayegh and Saeed Azhar; Additional reporting by Marwa Rashad in Riyadh; Editing by Ghaida Ghantous and Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/saudi-healthcare-ma/rpt-saudi-airlines-chooses-jeddah-hospital-operator-as-preferred-bidder-for-medical-unit-sources-idUSL5N1SM0J8 |
TANGKAK, Malaysia—Many political operatives prefer to work in the shadows, away from public scrutiny and the prying eyes of their opponents. Not Rafizi Ramli.
The opposition strategist is hitting the campaign trail as hard as any candidate ahead of Wednesday’s elections to drum up donations for his crowdfunded data outfit, Invoke, hoping to guide Malaysia’s ragtag opposition alliance to victory after more than 60 years of one-party rule.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/malaysian-opposition-seeks-to-slay-goliath-with-smarter-campaigning-1525685404 |
May 14 (Reuters) - BayCom Corp:
* EJF CAPITAL LLC REPORTS 7.0 PERCENT PASSIVE STAKE IN BAYCOM CORP AS OF MAY 8, 2018 - SEC FILING Source bit.ly/2ILoZFA Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ejf-capital-reports-7-pct-passive/brief-ejf-capital-reports-7-pct-passive-stake-in-baycom-corp-as-of-may-8-idUSFWN1SL173 |
1 st Quarter 2018 Highlights
Total revenues increased 20.1% year-over-year to $246.6 million Net loss of $84.7 million; $122.9 million in Adjusted EBITDA a 55,502 New Subscribers, 41.3% year-over-year Increase 10.7% Attrition Rate, 130 basis points year-over-year improvement
PROVO, Utah--(BUSINESS WIRE)-- APX Group Holdings, Inc. (“APX Group”, “Vivint” or the “Company”) today reported financial and operational results for the first quarter ended March 31, 2018.
Adoption of ASC Topic 606, Revenue from Contracts with Customers
As of January 1, 2018, the company adopted Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“Topic 606”), the new U.S. accounting standard for revenue recognition, using the cumulative catch-up transition method. Adoption of the new standard resulted in changes to the accounting policies for revenue recognition, deferred revenue and capitalized contract costs (formerly subscriber acquisition costs). The cumulative effect of applying the new standard to all contracts with customers that were not completed as of January 1, 2018 was recorded as an adjustment to accumulated deficit as of the adoption date. The company is providing comparable results, in addition to GAAP, to help investors better understand the impact on financials from Topic 606. The impact of the adoption of Topic 606 is primarily related to the acceleration of revenue recognition associated with deferred product revenue. All results for the first quarter ended March 31, 2018 in this earnings release are reported under Topic 606 unless otherwise indicated. All results for periods prior to 2018 are reported under previous accounting standards and are consistent with previously reported results for those periods.
Todd Pedersen, CEO of APX Group, commented, ”As always, the first quarter is a busy time of year for Vivint as we prepare for the summer selling season, focus on key initiatives and roll out new products and offerings. From a sales perspective, we achieved strong year-over-year growth in the first quarter, adding over 55,000 New Subscribers during the quarter, up 41% from the same period a year ago. The retail channel added approximately 8,000 customers, while our Inside Sales channel added over 31,000, or a 27% increase year-over-year, and our Direct to Home channel added over 16,400 New Subscribers, or an 11% increase year-over-year. We have several new hardware devices coming to market during 2018, including a second generation version of our proprietary Sky Panel, which we believe will improve customer experience and service costs, particularly in the area of wireless connectivity. We have fine-tuned pricing and service packages, which we believe will enhance customer close-rates and improve our unit of one economics. We have work to do in all areas of our business, including the scaling of our fixed costs infrastructure and subscriber acquisition costs. I feel we are off to a good start to the year.”
Revenue and Subscriber Data
APX Group reported total revenues of $246.6 million versus $205.4 million for the three month period ended March 31, 2018, an increase of $41.2 million, or 20.1%, as compared to the same period in 2017, of which $8.6 million was associated with the adoption of Topic 606 related to the timing of revenue recognition.
Total recurring and other revenue increased $49.7 million, or 25.3% for the three months ended March 31, 2018 as compared to the three months ended March 31, 2017, of which $19.3 million was associated with the adoption of Topic 606 related to the timing of revenue recognition and classification of revenue components.
Excluding the impact of the adoption of Topic 606 , recurring and other revenue for the three months ended March 31, 2018 totaled $227.3 million, which represented an increase of $30.4 million, or 15.5% compared to the three months ended March 31, 2018. Approximately $25.8 million was due to an increase of 14.1% in Total Subscribers. Recurring and other revenue for the three months ended March 31, 2018, included recognized deferred product revenue and RIC imputed interest of $12.3 million and $3.3 million, respectively. The increase in recurring and other revenue was partially offset by $11.0 million from a decrease in the average MSR per user of approximately $3.00 attributable to the Company's transition to Vivint Flex Pay in early 2017. When compared to the three months ended March 31, 2017, foreign currency translation positively affected total revenues by $0.8 million, as computed on a constant currency basis.
The Company added 55,502 New Subscribers during the first quarter of 2018, a 41.3% increase compared to the 39,292 New Subscribers added during the same period in 2017. The Company experienced growth in all sales channels; direct-to-home and inside sales channel grew 10.9% and 27.0%, respectively.
a: This earning release includes Adjusted EBITDA, a metric that is not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See the “Statement Regarding Non-GAAP Financial Measures” section at the end of this earnings release for the definition of Adjusted EBITDA and a reconciliation to its most directly comparable financial measure calculated in accordance with GAAP.
Summary of Quarterly Key Financial and Portfolio Metrics
($ in millions, except for subscriber data)
March 31,
2017
June 30,
2017
September 30,
2017
December 31,
2017
March 31,
2018
Total Revenues $ 205.4 $ 212.1 $ 228.7 $ 235.8 $ 246.6 Net Loss $ (82.6 ) $ (84.2 ) $ (107.9 ) $ (135.4 ) $ (84.7 ) Adjusted EBITDA (a) $ 115.4 $ 120.5 $ 128.6 $ 125.9 $ 122.9 Adj EBITDA Margin 56.2 % 56.8 % 56.2 % 53.4 % 49.8 % New Subscribers (1) 39,292 92,837 89,019 52,342 55,502 Total Subscribers (1) 1,151,453 1,215,056 1,270,478 1,292,698 1,313,742 Total Monthly Service Revenue (1) $ 65.99 $ 68.52 $ 71.24 $ 70.99 $ 70.95 Average Monthly Service Revenue per User (1) $ 57.31 $ 56.40 $ 56.07 $ 54.92 $ 54.00 Total Monthly Revenue (1) $ 68.45 $ 70.71 $ 76.22 $ 78.62 $ 82.20 Average Monthly Revenue per User (1) $ 59.53 $ 59.56 $ 60.52 $ 61.09 $ 62.97 Attrition Rate (2) 12.0 % 11.5 % 11.3 % 11.0 % 10.7 % (1) Data excludes wireless internet business and pilot programs and are provided as of each period end
(2) Attrition Rate is reported on an LTM basis for each period end and excludes wireless internet business and pilot programs
“Vivint continues to grow top-line revenue at an acceptable rate, 20% year-over-year under ASC 606 accounting, subscriber additions are healthy and our attrition rates have shown steady improvement, coming in at 10.7% in the first quarter which is a 130 basis point improvement year-over-year,” said Mark Davies, Chief Financial Officer of APX Group. “However, we would like to improve our fixed-costs scaling, subscriber acquisition costs and customer credit profile. As we have previously communicated, Vivint has spent the last several years building out a strategically-differentiated smart home platform, including software, cloud and hardware technologies, sales channels and innovative service offerings, such as Flex Pay. And, as we have more than doubled our revenue over the last five years, along with our plans to continue industry-leading smart home growth, we have added resources in IT, infrastructure and key management capabilities. While we will continue to judiciously invest in growth and differentiation, we believe we have reached a stage where we can scale our adjusted EBITDA, while being more selective in adding new customers from a subscriber acquisition costs perspective. Driving efficiency in all areas of our business – subscriber acquisition and service costs, G&A, strategic investments and credit-based pricing – is a key element of our go-forward plans.”
Costs and Expenses
Operating expenses increased $12.4 million, or 17.4%, for the three months ended March 31, 2018 as compared to the three months ended March 31, 2017, primarily due to increases in personnel and support costs of $11.5 million driven by a 14.1% increase in the Total Subscribers, an additional $3.2 million in channel expansion costs associated with our retail sales efforts, an increase of $1.2 million of auto-related costs and $0.7 million of payment processing costs primarily attributed to the Vivint Flex Pay. These increases were offset by $4.2 million of certain contract costs previously expensed, but now recorded as capitalized contract costs in connection with the adoption of Topic 606. Net service cost per subscriber was $17.04, which contributed to a net service margin of 68.6% for the first quarter 2018, as compared to $15.95 in 2017.
Selling expenses increased by $24.4 million for the three months ended March 31, 2018 as compared to the three months ended March 31, 2017, primarily due to $13.1 million in channel expansion costs, specifically $11.0 million of personnel and related support cost and $1.4 million of travel related costs, associated with the retail sales channel. In addition, our direct to home and inside sales channels selling expenses increased by $7.3 million in personnel and related costs, $1.9 million of information technology costs and marketing costs of $1.8 million primarily associated with lead generation related to subscriber growth in inside sales and materials to support the direct to home sales force.
The Company’s Net Subscriber Acquisition Costs per New Subscriber was $1,488 for the last twelve months ended March 31, 2018 as compared to $2,021 for the same period in 2017. Vivint Flex Pay increased the average proceeds collected at point of sale by approximately $957 per new subscriber. For the first quarter 2017, Vivint Flex Pay did not include an option for New Subscribers to finance through Citizens Bank.
General and administrative (“G&A”) expenses increased $12.1 million, or 31.1%, for the three months ended March 31, 2018 as compared to the three months ended March 31, 2017, primarily due to an increase in personnel and related costs of $7.0 million, including $1.6 million associated with the Company offering a 401(k) match, and an increase in legal services of $3.1 million, related to on-going litigation fees, and a $1.0 million increase in insurance costs.
Adjusted EBITDA and Net Loss
Adjusted EBITDA for the first quarter of 2018 was $122.9 million and net loss was $84.7 million, as compared to adjusted EBITDA of $115.4 million and net loss of $82.6 million for the same period in 2017.
Liquidity
As of March 31, 2018, the Company’s liquidity position on a consolidated basis, defined as cash on hand, short-term marketable securities and available borrowing capacity under the Company’s revolving credit facility, was approximately $219 million.
Certain Credit Statistics
The Company’s net leverage ratio, defined as the ratio of net debt to LTM Adjusted EBITDA, was 5.7x at March 31, 2018.
Conference Call
Vivint Smart Home will host a conference call and webcast to discuss the quarterly results at 5:00 p.m. ET today, May 15, 2018. To join the live webcast and conference call, please visit the Investor Relations section of the Vivint Smart Home website, www.investors.vivint.com/events-presentations/events or dial (866) 393-4306 for domestic participants or (734) 385-2616 for international participants with the conference code of 1741009.
A financial results presentation and online access to join the webcast will be available immediately before the call on the Investor Relations section of the Company’s website at http://www.investors.vivint.com/events-presentations/events . A replay of the webcast will be available for 30 days on the Investor Relations section of the Company’s website at www.investors.vivint.com following the completion of the webcast and conference call.
About Vivint Smart Home
Vivint Smart Home is a leading smart home company in North America. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24-7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than one million customers. J.D. Power ranked Vivint Smart Home “Highest in Customer Satisfaction for Home Security Systems.” For more information, visit www.vivint.com .
Forward-Looking Statements
This earnings release and accompanying conference call include certain as defined by the Private Securities Litigation Reform Act of 1995, including statements regarding, among other things, the Company’s plans, strategies and prospects, both business and financial, including without limitation with respect to the Vivint Flex Pay plan and the Company’s partnership with Best Buy. Forward-looking statements convey the Company’s current expectations or forecasts of future events. All statements contained in this earnings release other than statements of historical fact are . These statements are based on the beliefs and assumptions of management. Although we believe that the Company’s plans, intentions and expectations reflected in or suggested by these are reasonable, we cannot assure you that the Company will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or “intends” or similar expressions.
Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements which speak only as of the date hereof. You should understand that the following important factors could affect our future results and could cause those results or other outcomes to differ materially from those expressed or implied in our :
risks of the smart home and security industry, including risks of and publicity surrounding the sales, subscriber origination and retention process; the highly competitive nature of the smart home and security industry and product introductions and promotional activity by Vivint’s competitors; litigation, complaints or adverse publicity; the impact of changes in consumer spending patterns, consumer preferences, local, regional, and national economic conditions, crime, weather, demographic trends and employee availability; adverse publicity and product liability claims; increases and/or decreases in utility and other energy costs, increased costs related to utility or governmental requirements; cost increases or shortages in smart home and security technology products or components; the introduction of unsuccessful new products and services; privacy and data protection laws, privacy or data breaches, or the loss of data; and the impact to the Company’s business, results of operations, financial condition, regulatory compliance and customer experience of the Vivint Flex Pay plan and the Best Buy Smart Home powered by Vivint program.
In addition, the origination and retention of new subscribers will depend on various factors, including, but not limited to, market availability, subscriber interest, the availability of suitable components, the negotiation of acceptable contract terms with subscribers, local permitting, licensing and regulatory compliance, and our ability to manage anticipated expansion and to hire, train and retain personnel, the financial viability of subscribers and general economic conditions.
These and other factors that could cause actual results to differ from those implied by the in this press release are more fully described in the “Risk Factors” section in the Company’s most recent annual report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic and other filings with the Securities and Exchange Commission. These risk factors should not be construed as exhaustive. We undertake no obligations to update or revise publicly any , whether a result of new information, future events, or otherwise, except as required by law.
Certain Definitions
Total Subscribers – the aggregate number of active smart home and security subscribers at the end of a given period. This metric excludes subscribers originated under pilot sales programs.
Total Monthly Service Revenue (MSR) – the aggregate, contracted recurring monthly service billings to our smart home and security subscribers, based on the number of Total Subscribers as of the end of a given period. This metric reflects billings for our services and excludes monthly billings for the purchases of our products.
Average Monthly Service Revenue per User (AMSRU) – MSR divided by the number of Total Subscribers as of the end of a given period.
Total Monthly Revenue (Total MR) – average monthly total revenue recognized during the period.
Average Monthly Revenue per User (AMRU) – Total MR divided by average monthly Total Subscribers during a given period.
Attrition Rate – the aggregate number of canceled smart home and security subscribers during the prior 12 month period divided by the monthly weighted average number of Total Subscribers, based on the Total Subscribers at the beginning and end of each month of a given period. Subscribers are considered canceled when they terminate in accordance with the terms of their contract, are terminated by us or if payment from such subscribers is deemed uncollectible (when at least four monthly billings become past due). If a sale of a service contract to third parties occurs, or a subscriber relocates but continues their service, we do not consider this as a cancellation. If a subscriber transfers their service contract to a new subscriber, we do not consider this as a cancellation.
Net Service Cost per Subscriber– average monthly service costs for the period, including monitoring, customer service, field service and other service support costs, less total non-recurring product and service billings for the period divided by average monthly Total Subscribers for the same period.
Net Service Margin - the monthly average MSR for the period, less average net service costs for the period divided by the average MSR for the period.
New Subscribers – the aggregate number of net new smart home and security subscribers originated during a given period. This metric excludes new subscribers acquired by the transfer of a service contract from one subscriber to another and subscribers originated under pilot sales programs.
Net Subscriber Acquisition Costs per New Subscriber – the direct and indirect costs to create a new smart home and security subscriber divided by New Subscribers for a given 12 month period. These costs include commissions, equipment, installation, marketing, sales support and other allocations (general and administrative and overhead); less cash received from product sales associated with the initial installation, activation fees, installation fees and upsell revenue.
a: Thi s earning release includes Adjusted EBITDA, a metric that is not calculated in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”). See the “Statement Regarding Non-GAAP Financial Measures” section at the end of this earnings release for the definition of Adjusted EBITDA and a reconciliation to its most directly comparable financial measure calculated in accordance with GAAP. APX GROUP HOLDINGS, INC. and SUBSIDIARIES
Consolidated Statements of Operations
(In thousands)
(Unaudited)
Three Months Ended March 31,
2018 2017 Revenues: Recurring and other revenue $ 246,597 $ 196,858 Service and other sales revenue - 5,391 Activation fees - 3,104 Total revenues 246,597 205,353 Costs and expenses: Operating expenses 83,760 71,352 Selling expenses 59,243 34,798 General and administrative expenses 50,967 38,861 Depreciation and amortization 124,258 76,869 Total costs and expenses 318,228 221,880 Loss from operations $ (71,631 ) $ (16,527 ) Other expenses (income): Interest expense 58,790 53,681 Interest income (31 ) (57 ) Other loss, net (45,240 ) 12,066 Total other expenses 13,519 65,690 Loss before income taxes (85,150 ) (82,217 ) Income tax (benefit) expense (433 ) 419 Net loss $ (84,717 ) $ (82,636 )
APX GROUP HOLDINGS, INC. and SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31, December 31, 2018 2017 ASSETS Current Assets: Cash and cash equivalents $ 3,473
$ 3,872 Accounts and notes receivable, net 41,452 40,721 Inventories 109,236 115,222 Prepaid expenses and other current assets 17,155 16,150 Total current assets 171,316 175,965 Property, plant and equipment, net 79,644
78,081 Capitalized contract costs, net 1,008,325 Subscriber acquisition costs, net -
1,308,558 Deferred financing costs, net 2,839
3,099 Intangible assets, net 323,233
377,451 Goodwill 836,300
836,970 Long-term notes receivables and other assets, net
97,638
88,723 Total assets $ 2,519,295 $ 2,868,847 LIABILITIES AND STOCKHOLDERS’ DEFICIT Current Liabilities: Accounts payable $ 76,131
$ 107,347 Accrued payroll and commissions 37,349
57,752 Accrued expenses and other current liabilities 124,344
74,321 Deferred revenue 142,985
88,337 Current portion of capital lease obligations 10,637
10,614 Total current liabilities 391,446 338,371 Notes payable, net 2,761,380 2,760,297 Revolving Credit Facility 77,000 60,000 Capital lease obligations, net of current portion 11,065 11,089 Deferred revenue, net of current portion 229,978 264,555 Other long-term obligations 61,842 79,020 Deferred income tax liabilities 8,819 9,041 Total liabilities 3,541,530 3,522,373 Total stockholders’ deficit (1,022,235 )
(653,526 ) Total liabilities and stockholders’ deficit $ 2,519,295 $ 2,868,847 APX GROUP HOLDINGS, INC. and SUBSIDIARIES
Summary Cash Flow Data
(In thousands)
(Unaudited)
Three Months Ended March 31, 2018 2017 Net cash used in operating activities $ (59,582 ) $ (6,153 ) Net cash provided by (used in) investing activities 46,586 (8,036 ) Net cash provided by financing activities 12,616 7,901 Effect of exchange rate changes on cash (19 ) (7 ) Net decrease in cash and cash equivalents $ (399 ) $ (6,295 ) Cash and cash equivalents: Beginning of period 3,872 43,520 End of period $ 3,473 $ 37,225 Statement Regarding Non-GAAP Financial Measures
This earnings release includes Adjusted EBITDA, which is a supplemental measure that is not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”).
“Adjusted EBITDA” is defined as net income (loss) before interest expense (net of interest income), income and franchise taxes and depreciation and amortization (including amortization of capitalized subscriber acquisition costs), further adjusted to exclude the effects of certain contract sales to third parties, non-capitalized subscriber acquisition costs, stock based compensation, the historical results of Solar and certain unusual, non-cash, non-recurring and other items permitted in certain covenant calculations under the indentures and other agreements governing our notes and the credit agreement governing our revolving credit facility.
We believe that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about the calculation of, and compliance with, certain covenants in the indentures and other agreements governing our notes and the credit agreement governing our revolving credit facility. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers and analysts calculate Adjusted EBITDA in the same manner.
Adjusted EBITDA is not a measurement of our financial performance under GAAP and should not be considered as an alternative to net income (loss) or any other performance measures derived in accordance with GAAP or as an alternative to cash flows from operating activities as a measure of our liquidity.
See the following table for a quantitative reconciliation of Adjusted EBITDA to Net Loss, which we believe is the most comparable financial measure calculated in accordance with GAAP.
APX GROUP HOLDINGS, INC. and SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(In millions)
APX GROUP HOLDINGS, INC. and SUBSIDIARIES Reconciliation of Non-GAAP Financial Measures
(In millions) (Unaudited)
Three Months Ended March 31, June 30, September 30, December 31, March 31, 2017 2017 2017 2017 2018 Net loss $ (82.6 ) $ (84.2 ) $ (107.9 ) $ (135.4 ) $ (84.7 ) Interest expense, net 53.6 54.9 58.0 59.1 58.8 Other expense (income), net 12.0 (1.9
) 8.6 9.2 5.1 Gain on sale of spectrum(i) - - - - (50.4
) Income tax expense (benefit), net 0.4 0.7 1.2 (1.2
) (0.4
) Depreciation and amortization (ii) 30.0 30.6 30.9 31.6 28.9 Amortization of capitalized contract costs 46.9 49.5 53.6 56.2 95.4 Non-capitalized contract costs (iii) 43.3 59.8 69.5 82.9 70.9 Non-cash compensation (iv) 0.4 0.4 0.3 0.3 0.2 Other Adjustments (v) 11.4 10.7 14.4 23.2 12.0 Adjustment for change in accounting principle (Topic 606)(vi) - - - - (12.9
) Adjusted EBITDA $ 115.4 $ 120.5 $ 128.6 $ 125.9 $ 122.9 i.
Gain on sale of spectrum intangible assets during the three months end March 31, 2018.
ii.
Excludes loan amortization costs that are included in interest expense.
iii.
Reflects subscriber acquisition costs that are expensed as incurred because they are not directly related to the acquisition of specific subscribers.
Certain other industry participants purchase subscribers through subscriber contract purchases, and as a result, may capitalize the full cost to purchase these subscribers' contracts, as compared to our organic generation of new subscribers, which requires us to expense a portion of our subscriber acquisition costs under GAAP.
iv.
Reflects non-cash compensation costs related to employee and director stock and stock option plans
v.
Other adjustments including items such as product development costs, subcontracted monitoring fee savings, non-recurring gain, and other adjustments.
vi.
Adjustment to eliminate the impact of the Company’s adoption of Accounting Standards Codification Topic 606, Revenue from Contracts with Customers.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006687/en/
APX Group Holdings, Inc.
Dale R. Gerard, 801-705-8011
Senior Vice President of Finance and Treasurer
[email protected]
Source: APX Group Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-apx-group-holdings-inc-reports-first-quarter-2018-results.html |
May 3, 2018 / 6:39 AM / Updated 20 minutes ago UK insurer Lancashire Q1 profit jumps nearly 48 pct Reuters Staff 1 Min Read
May 3 (Reuters) - Property and casualty insurer Lancashire Holdings Ltd reported on Thursday a near 48 percent jump in first-quarter pretax profit, as claims paid out were lower than the premiums brought in.
The company, which writes policies for heavy-duty assets such as oil rigs, ships and aircraft, said pretax profit rose to $42.4 million in the quarter ended March 31, from $28.7 million a year earlier.
The insurer’s gross written premiums rose about 9.8 percent to $215.8 million in the quarter from a year earlier, while its combined ratio improved to 65.2 percent from 85.6 percent. (Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri) | ashraq/financial-news-articles | https://www.reuters.com/article/lancashire-results/uk-insurer-lancashire-q1-profit-jumps-nearly-48-pct-idUSL3N1SA2IM |
Appoints Jonathan Sabbagh, Edward Chin and David Reich as Managing Directors to Expand New York Office and OTC Trading Capability
SANTA MONICA, Calif.--(BUSINESS WIRE)-- Element Group (“the Firm”), a full-service advisory firm for the digital token capital markets, today announced new leadership in its advisory and trading businesses, including Jonathan Sabbagh as Managing Director; Edward Chin as Managing Director; and David Reich as Managing Director and Global Head of OTC Trading and Risk.
These appointments are part of Element Group’s long-term strategic initiatives to further build and scale its New York practice and its California-based OTC trading capabilities with the addition of high-quality talent and expanded service offerings.
Jonathan Sabbagh will oversee the growth of the institutional sales and distribution team in the advisory business. Mr. Sabbagh brings over 18 years of experience in the alternative investments industry, most recently co-founding Fenrir Advisory Services. Previously, he founded Gottex Brokers Alternative S.A. and positioned the firm as one of the top tier participants in the secondary market for illiquid assets. Mr. Sabbagh has also held roles at Columbia Threadneedle Investments in EMEA and APAC and at Pioneer Investments.
Edward Chin will oversee client coverage, transaction execution and the buildout of the Firm’s advisory business. Prior to joining Element, Ed spent 10 years as an investment banker executing financing and M&A transactions across the Technology, Media & Telecom (TMT) sectors, most recently at Credit Suisse. Previously, he served as a Captain in the United States Army and earned an MBA in Finance from The Wharton School.
As Head of Trading for the Element Group’s California-based OTC business, Element Digital Trading, David Reich will oversee and implement trading solutions for the Firm’s institutional client base. Mr. Reich has deep financial trading experience that extends across currency, interest rate, equity and options markets, and electronic trading systems. In his previous roles, he has managed risk in areas of elevated uncertainty, extreme volatility, and shallow liquidity. Mr. Reich has also worked as a trader and builder of sales and trading teams at Bankers Trust, Bear Stearns, Chase, National Australia Bank, Julius Baer, and Kerry Packer.
Element Group’s New York practice is focused on providing advisory, consulting, and asset management services to institutional clients. The Firm has plans to more than double its staff in the New York office by the end of 2018.
“Ensuring that we have a world-class team of professionals in New York coupled with an extensive suite of digital asset services and capabilities has long been one of our strategic priorities,” said Stan Miroshnik, CEO of Element Group. “Jonathan, Edward and David bring deep financial knowledge and leadership experience that will enable us to serve both existing and prospective clients more seamlessly while also providing us with a significant opportunity to scale our business.”
About Element Group
Element Capital Group, LLC is a full-service firm for the digital asset capital markets that delivers advisory, trading, treasury, technology, and asset management services in an integrative manner. Founded in 2017, Element is a leading advisor on token sale transactions with global, institutional reach.Element works globally with some of the industry’s leading projects, companies, and founders on cryptoeconomics, financing, and strategy. Element Digital Asset Management invests firm capital in digital assets, promising emerging protocols, and distributed application technologies. Element Digital Trading specialized in facilitating over-the-counter cryptocurrency transactions for institutional counterparties.
Element Group offers securities in the U.S. through Tangent Capital Partners, LLC, a registered broker dealer with the SEC and a member of FINRA and SIPC.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005153/en/
Media:
Element Group
Anna Bogdanova, 310-254-9438
Head of Communications
[email protected]
or
Prosek Partners
Jaimee Pavia, 212-279-3115
[email protected]
Source: Element Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-element-group-announces-new-hires-new-york-expansion.html |
Smartphones help Kenya's women into work 3:29am EDT - 01:43
Ride-hailing apps are helping women into employment in Kenya's capital, where a growing number of women are getting behind the wheel to help support themselves and their families.
Ride-hailing apps are helping women into employment in Kenya's capital, where a growing number of women are getting behind the wheel to help support themselves and their families. //reut.rs/2FFITw6 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/03/smartphones-help-kenyas-women-into-work?videoId=423415579 |
Atlantica Yield to Present First Quarter 2018 Financial Results on May 14
May 7, 2018 - Atlantica Yield (NASDAQ: AY), the sustainable total return company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced today that it will release its financial results for the first quarter of 2018 after the closing of the market on Monday May 14, 2018. The information will be published on Atlantica Yield's website www.atlanticayield.com .
Atlantica Yield's CEO, Santiago Seage and CFO, Francisco Martinez-Davis will hold a conference call and a webcast on Monday May 14, 2018, at 4:30 pm (New York time) and will be meeting investors at the Annual Clean Tech Utilities & Power Conference organized by Deutsche Bank in New York on May 15 and at the Global Energy and Utilities Conference organized by Citi in Boston on May 16.
A live webcast of the conference call will be available on Atlantica Yield's website. Please visit the website at least 15 minutes earlier in order to register for the live webcast and download any necessary audio software. In order to access the conference call participants should dial: +1 646-828-8143 (US) or +44 (0) 330 336 9105 (UK), followed by the confirmation code 7101605 for both phone numbers.
A replay of the call will be available at the Investor page of Atlantica Yield's website approximately two hours after the conference call is completed.
About Atlantica Yield
Atlantica Yield is a total return company that owns a diversified portfolio of contracted renewable energy, power generation, electric transmission and water assets in North & South America, and certain markets in EMEA.
www.atlanticayield.com
Chief Financial Officer
Francisco Martinez-Davis
E [email protected]
Investor Relations & Communication
Leire Perez
E [email protected]
T +44 20 3499 0465
Attachment
Atlantica Yield to Present 1Q18 Financial Results on May 14.pdf
Source: Atlantica Yield plc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-atlantica-yield-to-present-first-quarter-2018-financial-results-on-may-14.html |
KABUL (Reuters) - A member of the United Nations staff working in Kabul and her son, who were kidnapped in January, have been released, the UN’s mission in Afghanistan said on Thursday, expressing outrage at the death of her driver during the abduction.
The woman, an Afghan national, went missing on Jan. 22 with her young son after their car was stopped by unknown assailants. The body of her driver, also an Afghan national, was retrieved in March.
“We condemn the shameful abduction and what appears to be the deliberate murder of one of our colleagues,” said Ingrid Hayden, the secretary-general’s deputy special representative for Afghanistan and acting head of the United Nations Assistance Mission in Afghanistan (UNAMA).
Kidnapping, mainly for ransom targeting Afghans, has become a chronic problem in Kabul and other cities, although several foreigners have also been abducted in recent years.
Reporting by James Mackenzie; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://in.reuters.com/article/afghanistan-kidnapping/kidnapped-u-n-staff-member-and-son-released-in-afghanistan-idINKCN1IP1AF |
May 11, 2018 / 2:45 PM / in 40 minutes MOVES-Moelis appoints Anuj Mathur as a managing director Reuters Staff 1 Min Read
May 11 (Reuters) - Investment bank Moelis & Co announced that it has appointed Anuj Mathur as a managing director, providing financial and strategic advice to Internet and digital media companies.
Mathur, who comes with 15 years of investment banking experience, earlier worked for Barclays as a managing director covering global Internet and digital media.
He will be based in Moelis’ San Francisco office, a statement from the firm said. (Reporting by Nivedita Balu in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/moelis-co-moves-anuj-mathur/moves-moelis-appoints-anuj-mathur-as-a-managing-director-idUSL3N1SI4ZR |
Continuum’s Mary Crogan, Nicole Hunter Hart, Courtney Margossian and Jennifer Roadman earn spots on prestigious list for their ongoing dedication to the IT channel.
BOSTON--(BUSINESS WIRE)-- Continuum ® , the exclusive provider of the only service enabled technology platform that enables MSPs to scale rapidly and profitably, announced today that CRN® , a brand of The Channel Company , has named Mary Crogan, Nicole Hunter Hart, Courtney Margossian and Jennifer Roadman to its prestigious 2018 Women of the Channel list. The executives who comprise this annual list span the IT channel, representing vendors, distributors, solution providers and other organizations that figure prominently in the channel ecosystem.
The following women from Continuum were selected by the editors of CRN due to their outstanding leadership, professional accomplishments, vision and unique role in driving channel growth and innovation:
Mary Crogan, vice president of marketing Nicole Hunter Hart, director of go-to-market projects and programs Courtney Margossian, senior marketing events manager Jennifer Roadman, assistant director of partner education
“As a channel-exclusive company, Continuum is committed to empowering IT service providers with the products, services, knowledge and support necessary to be at the forefront of the industry,” said Bob Kocis, chief revenue officer at Continuum. “These women not only embody this mission; they have each played a major role in delivering on it to drive the channel forward. We’d like to congratulate all the 2018 Women of the Channel, and we are especially proud to have four honored as strong, innovative leaders for Continuum and the IT channel as a whole.”
“This accomplished group of leaders is steadily guiding the IT channel into a prosperous new era of services-led business models and deep, strategic partnerships,” said Bob Skelley, CEO of The Channel Company. “CRN’s 2018 Women of the Channel list honors executives who are driving channel progress through a number of achievements—exemplary partner programs, innovative product development and marketing, effective team-building, visionary leadership and accelerated sales growth—as well as advocacy for the next generation of women channel executives.”
The full 2018 Women of the Channel list will be featured in the June issue of CRN Magazine and online at www.CRN.com/wotc .
About the Channel Company
The Channel Company enables breakthrough IT channel performance with our dominant media, engaging events, expert consulting and education, and innovative marketing services and platforms. As the channel catalyst, we connect and empower technology suppliers, solution providers and end users. Backed by more than 30 years of unequaled channel experience, we draw from our deep knowledge to envision innovative new solutions for ever-evolving challenges in the technology marketplace. www.thechannelco.com
CRN is a registered trademark of The Channel Company, LLC. All rights reserved.
About Continuum
Continuum empowers managed IT service providers, giving them the technology platform, services, and processes they need to reduce costs and deliver exceptional service to their clients. Continuum’s vertically integrated IT service delivery platform combines an unmatched SaaS-based technology suite with a world-class NOC, SOC and Help Desk, allowing them to not only remotely monitor, manage, secure and backup their clients' IT environments from a single pane of glass, but also scale rapidly and profitably. Continuum employs more than 1,400 professionals worldwide and monitors more than 1 million endpoints for its 5,800 partners, including MSPs servicing more than 65,000 SMB customers and web hosting providers protecting more than 250,000 servers with Continuum’s BDR product line. The company established the Continuum Veterans Foundation, a nonprofit organization providing financial support to charities focused on helping veterans find jobs in IT.
For more information, visit www.continuum.net and follow us on LinkedIn and Twitter @FollowContinuum .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005236/en/
The Channel Company
Kim Sparks, 508-416-1193
[email protected]
or
Continuum
March Communications
Alex Jafarzadeh, +1-617-960-9900
[email protected]
Source: Continuum | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-four-continuum-executives-recognized-in-crnas-2018-women-of-the-channel-list.html |
Business Carl Icahn Ousts Xerox Boss, Putting $6.1 Billion Fujifilm Deal in Limbo Billionaire activist investor Carl Icahn speaks during a Bloomberg Television interview at the Robin Hood Investors Conference in New York on Oct. 21, 2014. Peter Foley—Bloomberg via Getty Images By Bloomberg 9:44 AM EDT
Xerox Corp.’s top executive and six board members agreed to step down in a victory for Carl Icahn’s battle against the company’s planned $6.1 billion takeover by Fujifilm Holdings Corp.
The resignations, which include Chief Executive Officer Jeffrey Jacobson and Chairman Robert Keegan, are part of an agreement with activist investors to settle a lawsuit that will put in place executives close to Icahn. Keith Cozza, CEO of Icahn Enterprises , is expected to be elected chairman while John Visentin, who has been a consultant to Icahn in the feud against Xerox, is slated to be appointed as its new CEO.
The surprise settlement potentially puts the deal struck in January with Fujifilm at risk, and comes after a New York judge last week temporarily halted the transaction. The news is a major win for Icahn and Darwin Deason, who railed against the terms of Fujifilm’s takeover of Xerox and accused Jacobson of striking the deal without the board’s authorization to preserve his own job.
The new board plans to meet immediately to evaluate alternatives, “including terminating or restructuring Xerox’s relationship with Fujifilm and the proposed transaction with Fujifilm,” according to a company statement. Xerox said it approached the Japanese maker of office products to sweeten the deal, but said Fujifilm hasn’t made a proposal to enhance the transaction terms.
Fujifilm said it has “serious concerns” about the announced settlement and plans to appeal the court ruling that temporarily blocked the takeover deal, according to a statement Wednesday. The Japanese company said Xerox’s new board has an obligation to comply with the deal’s agreements.
“We believe the record shows our good faith and arms-length negotiations for the benefit of all shareholders,” it said.
The Japanese company’s shares dropped 5.5 percent in Tokyo trading Wednesday, the most in three months. Shareholder Activism
“It cannot possibly be, sentiment-wise, very positive for Fuji,” said Amir Anvarzadeh, senior strategist at Asymmetric Advisors in Singapore. “It might actually force Fuji to put a higher bid.”
The feud between the shareholders and the once-iconic American company is among a spate of recent activism that focuses on bolstering shareholder value. Billionaire Paul Singer’s activist fund, Elliott Management Corp., is escalating pressure on Hyundai Motor Group on a plan to merge units.
Xerox, whose name became synonymous with office products, has faced difficulties as Canon Inc. and Asian competitors eroded its dominance while email and other electronic communications slashed the demand for its products. The feud has been long-running, with Deason and Icahn pushing Xerox to explore alternatives and shake up its joint venture with Fujifilm before the deal was announced, while also calling for Jacobson to be replaced. ‘Watershed Moment’
Icahn hailed the Xerox agreement. He and Deason are among the largest shareholders with a combined 13 percent.
“This agreement marks a watershed moment for corporate governance generally and for Xerox specifically,” said Icahn in the statement. “With new leadership in place, we believe Xerox will be much better positioned to take advantage of multiple potential value-enhancing opportunities, including restructuring its relationship with Fujifilm.”
Icahn alluded to tensions with Fujifilm, “our supposed ‘partner’ whose conduct over the last year is more unbelievable than what you see on fictional TV shows like ‘House of Cards’ or ‘Billions’.”
Under the terms of the deal announced in January, Xerox, which has a market value of $8.2 billion, would first merge with a joint venture that the company operates with Fujifilm in Asia. Tokyo-based Fujifilm would ultimately end up owning 50.1 percent of the combined entity, which would expand the joint venture to encompass all of Xerox’s operations. Xerox holders would receive a cash dividend of $9.80 a share under the proposed transaction.
Jacobson, who joined Xerox in 2012 and became CEO at the beginning of last year, was slated to lead the newly combined company.
The developments could be disappointing for Fujifilm investors as the transaction was expected to help the Japanese company expand its documents solutions business, establish a global presence and lower its costs, said Bloomberg Intelligence analyst Simon Chan.
“It’s a setback for Fujifilm,” he said.
The agreement requires the company to hold its annual meeting within four months. The Xerox defendants denied any wrongdoing and agreed to the settlement to eliminate the risk of further litigation, the company said. The settlement must still be approved by a New York judge in Manhattan, according to a court filing. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/02/carl-icahn-xerox-fuji/ |
MINNEAPOLIS and MAIDEN, N.C., May 09, 2018 (GLOBE NEWSWIRE) -- Air T, Inc., (NASDAQ:AIRT), a diversified holding company with operations in air cargo, aviation ground support equipment and services, and aircraft engine sales, today announced that it has appointed Brett Reynolds as Senior Vice President, Chief Financial Officer and Principal Financial Officer, effective immediately. Mr. Reynolds will be based in Air T’s executive offices in Minneapolis. Candice Otey, Air T’s former CFO, based in Denver, NC, will continue to serve as Chief Accounting Officer of Air T, Inc. as well as CFO of Air T’s wholly-owned Mountain Air Cargo, Inc. and CSA Air, Inc. air cargo subsidiaries.
Air T Chairman and CEO, Nick Swenson, commented, “We are excited to welcome Brett Reynolds to the Air T family, expanding the capabilities and experience of our senior management team as we pursue new growth avenues. Brett brings an impressive resume and track record of financial management as well as relevant skills in the area of mergers, acquisitions and their successful integration. He also has substantial public company experience which should contribute to enhancing Air T’s visibility and investor relations profile. This is a win-win for the Company as Brett’s appointment will allow Candice Otey to devote more time to her role as CFO of our air cargo subsidiaries and as Air T’s Chief Accounting Officer.”
Brett Reynolds, commented: “I am thrilled to join the Air T organization to help build upon their substantial track record in buying and growing companies to create long-term shareholder value. The Air T platform offers tremendous potential for continued growth and improved profitability and cash flow through additions to the holding company platform combined with strategic guidance and operational discipline. I couldn’t imagine a more perfect opportunity to help build a high-performing company in an entrepreneurial setting.”
Mr. Reynolds brings over 25 years of experience as a results-oriented senior financial executive with significant public company and mergers, acquisition and integration expertise. He most recently served as SVP and CFO of Cogentix Medical, Inc., a publicly-traded medical device manufacturer that was purchased by Laborie Medical Technologies for $239 million in April 2018. Cogentix was formed in March 2015 through the merger of publicly-traded companies Vision Sciences and Uroplasty. Mr. Reynolds joined Uroplasty as SVP and CFO in August 2013. He previously served for seven years as CFO of Synovis Life Technologies, Inc., a publicly-traded medical device manufacturer purchased by Baxter International for $325 million in 2012. Prior to Synovis, Mr. Reynolds served in executive financial positions at Chiquita Processed Foods, LLC, Imation Corp. and Deloitte & Touche LLP.
As part of Mr. Reynolds joining Air T, Inc., he will be granted a warrant to purchase 25,000 shares of the Company’s common stock (the “Warrant”). The Warrant will have an exercise price equal to the lower of: (a) the 120-day volume-weighted average price (‘VWAP’) starting the day on which the trading window opens following the filing of the Company’s Form 10K for fiscal 2018; or (b) the price at which the Company repurchases 25,000 shares of its common stock at the soonest available opportunity following the next open trading window, subject to maximum volume restrictions of 20% of daily volume when the stock price is above $27.50 per share, will have a term of ten years, and will become exercisable in equal installments on the first, second, third, fourth and fifth anniversaries of the date of issuance; provided Mr. Reynolds remains an employee of the Company. The Warrant was a condition of employing Mr. Reynolds and the terms and conditions were approved by the independent members of the Board of Directors and the Compensation Committee under NASDAQ Listing Rule 5635(c)(4).
ABOUT AIR T, INC.
Established in 1980, Air T, Inc. is a diversified holding company with four core industry segments: overnight air cargo, aviation ground support equipment manufacturing, aviation ground support maintenance services, and aircraft engine aftermarket and parts. The Company’s ownership interests consist of a broad set of operating and financial assets that are designed to expand, strengthen and diversify Air T's cash earnings power. For more information, visit www.airt.net .
FORWARD LOOKING STATEMENT
Statements in this press release, which contain more than historical information, may be considered (as such term is defined in the Private Securities Litigation Reform Act of 1995), which are subject to risks and uncertainties. Actual results may those expressed in the because of important potential risks and uncertainties, including, but not limited to, the risk that contracts with major customers will be terminated or not extended, future economic conditions and their impact on the Company's customers, the timing and amounts of future orders under the Company's Global Ground Support subsidiary's contract with the United States Air Force, and risks and uncertainties related to business acquisitions, including the ability to successfully achieve the anticipated benefits of the acquisitions, inflation rates, competition, changes in technology or government regulation, information technology disruptions, and the impact of future terrorist activities in the United States and abroad. A forward-looking statement is neither a prediction nor a guarantee of future events or circumstances, and those future events or circumstances may not occur. The Company is under no obligation, and it expressly disclaims any obligation, to update or alter any , whether as a result of new information, future events or otherwise.
CONTACT
Media
Anthony Giombetti
818-821-7530
[email protected]
Source:Air T, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-diversified-holding-company-air-t-inc-names-brett-reynolds-as-svp-and-cfo.html |
7:56 AM ET Wed, 18 Oct 2017 | 01:50
Whether you're a student, an entry-level employee or an entrepreneur with your own company, learning is a vital part of getting ahead. Warren Buffett says he still spends 80 percent of his time reading and learning. "You don't really start getting old until you stop learning," said Bill Gates to Time in 2017 .
Stanford professor Candace Thille is an expert in learning. She previously taught at Stanford's Neurosciences Interdepartmental Program, directed the Stanford Open Learning Initiative and co-directed the Stanford Lytics Lab . Currently, Thille is currently taking a leave of absence from teaching in order to serve as the Director of Learning Science and Engineering at Amazon .
She believes that many students who could be great learners fall into unproductive learning habits. She tells CNBC Make It , "I think there are a lot of misunderstandings for students about how to learn."
These five hacks can turn anyone at any stage into a great learner and help eliminate habits that waste time: Neilson Barnard/The New York Times | Getty Images Candace Thille and David Wiley 1. Ditch the highlighter
Highlighters can be a waste of time says Thille. "If there is one thing I could do, I would take highlighters away from students."
There is nothing about highlighting that makes learning easier, she explains: "Just highlighting something doesn't commit it better somehow to your memory."
Instead of mindlessly underlining something you want to learn, Thille suggests finding important information and paraphrasing it in language that makes sense to you.
"If you thought that point was important, try and restate it in your own words," she says. "Try and make sense of out it because you're not really trying to commit it to memory, you're trying to extract meaning out of it." 2. Embrace difficulty
Thille finds that students are often tempted to spend lots of time studying things that they understand and are discouraged by things that are hard for them. This, she argues, holds students back from meeting their full potential.
"Often students think, 'If I can move through something really quickly that means that I learned it' and 'Things that are hard for me, things that I struggle with, I'm not learning.'"
This mentality leads students to prioritize their time incorrectly. Spending more time with difficult content will help students make the most of their study efforts.
"Really engaging in things that are hard and seem confusing is a much better study strategy" than focusing on the information they already understand, says Thille. Connie J. Spinardi | Getty Images Students passing by Stanford Memorial Church on the Stanford campus. 3. Don't cram
If you want to learn something and actually put it to use, then cramming is the wrong approach says Thille. "I think students know this, but they still do it ," she says.
Cramming can be helpful for students who want to be able to regurgitate information, but it is not useful for those who want to put their study time to good use. "If your goal is to just pass the test, the cramming actually works fine," she admits. "You can cram a lot into your brain and spit it out the next day and probably do OK on the test."
However, if "you're trying to learn something because you actually want to put it into use later on, then spacing your studying and spacing your practice is much better for longer-term learning," says Thille. 4. Seek critical feedback
"The other thing is actively seeking critical feedback," says Thille. Too often she finds that students look for reassurance instead of feedback.
Students have much to gain from those who provide critical feedback. Tough critics and harsh graders can help show you where you need to improve. When it comes to learning, listening to positive feedback is not always useful — students often already know what their strengths are. show chapters 11:48 AM ET Fri, 16 June 2017 | 00:55 5. Persist
"The other thing that I would love for students to get is that their intelligence is not fixed," says Thille. "There's not really such thing as 'math people' and 'literature people.' It's not like innately your brain can't do it."
She explains that even if people have strengths and weaknesses, it doesn't mean that someone is incapable of mastering a subject .
"That's not to say that there aren't individual differences that there aren't differences or predispositions," she says. "There are."
"If you haven't practiced a lot doing math it might be harder for you, but you're just as capable," Thille says. "It's not that your brain is wired wrong and you just can't do it. It is just going to be a struggle and you need to practice and persist, but you will be able to get it."
This is an updated version of a post that appeared previously. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/5-hacks-to-help-you-learn-anything-from-amazons-director-of-learning.html |
May 1, 2018 / 11:56 AM / Updated 9 minutes ago BRIEF-United States Cellular Reports Q1 Earnings Per Share Of $0.52 Reuters Staff
May 1 (Reuters) - United States Cellular Corp: * U.S. CELLULAR REPORTS FIRST QUARTER 2018 RESULTS
* Q1 REVENUE $942 MILLION VERSUS I/B/E/S VIEW $948.7 MILLION * QTRLY EARNINGS PER SHARE $0.52
* SEES 2018 TOTAL OPERATING REVENUES $3,850 MILLION TO $4,050 MILLION
* SEES 2018 CAPITAL EXPENDITURES $500-$550 MILLION
* FY2018 REVENUE VIEW $3.93 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-united-states-cellular-reports-q1/brief-united-states-cellular-reports-q1-earnings-per-share-of-0-52-idUSASC09YKB |
May 11, 2018 / 9:36 AM / Updated 7 hours ago Sellafield nuclear site to be prosecuted over employee contamination Reuters Staff 2 Min Read
LONDON (Reuters) - Britain’s Sellafield Ltd, which reprocesses nuclear fuel, is to be prosecuted after an employee was contaminated, the country’s nuclear regulator said on Friday.
The incident occurred in February at a facility handling special nuclear materials, the Office for Nuclear Regulation (ONR) said.
It said it will prosecute over the incident under the Health and Safety at Work Act.
“For legal reasons we are unable to comment further on the details of the case which is now the subject of active court proceedings,” the ONR said in a statement.
A spokesman for Sellafield also declined to comment due to the court case.
Sellafield Ltd manages Britain’s nuclear reprocessing plant in Cumbria, northwest England, and employs around 11,500 people.
Sellafield was once the site of the world’s first major nuclear plant. In 1957 it saw Britain’s worst ever nuclear accident when a fire led to a radioactive leak.
Another radioactive leak in 2005 prompted a fine of 500,000 pounds ($678,000) for its operator.
The plant is currently going through a massive decommissioning program, which includes dismantling infrastructure and decontaminating nuclear waste.
The cost of the work has been estimated at more than 70 billion pounds and is expected to take another 100 years to complete.($1 = 0.7374 pounds) Reporting by Susanna Twidale; editing by Jason Neely | ashraq/financial-news-articles | https://uk.reuters.com/article/us-britain-nuclear-sellafield/uks-sellafield-to-be-prosecuted-over-employee-contamination-idUKKBN1IC0X3 |
COEUR D'ALENE, Idaho, May 21, 2018 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) announced today that it has sold its Toboggan project to Hecla Silver Valley, a wholly-owned subsidiary of Hecla Mining Company (NYSE:HL) (“Hecla”) for $3-million cash.
New Jersey’s Toboggan property sold to Hecla Silver Valley was comprised of the surface rights to the Little Baldy patented claims and 106 unpatented mining claims totaling more than 2,100 acres along a northwest-trending lineament of gold in quartz vein prospects within North Idaho’s Murray Gold Belt. The property is located three miles north of NJMC’s Golden Chest Mine, which is currently producing gold from both open pit and underground operations.
The Toboggan project was a joint venture between Newmont Mining Company and NJMC for the 2008 through 2010 exploration seasons, during which Newmont explored and analyzed multiple prospects. The entire data base generated by Newmont and NJMC was included in the sale to Hecla Silver Valley.
In addition to the monetary consideration, the sale terms include the establishment of a defined “Area of Interest” surrounding the Toboggan project, and within the Toboggan Trend. NJMC also retains a 2-percent Net Smelter Returns (NSR) royalty on the Toboggan property, of which Hecla Silver Valley has the right to buy back 1-percent for $1-million.
Hecla also participated in a private placement, purchasing $500,000 of restricted NJMC common stock for $0.13 per unit, with a unit comprised of one share of common stock and a half warrant. Each full warrant allows for the purchase of one share of common stock for $0.22 per share and expires three years from the date of participation.
NJMC CEO and President John Swallow stated, “We view this transaction as a win-win not only for Hecla and New Jersey, but also for the Murray Gold Belt and the future of the district. This transaction is a testament to the long-term diligence of our team and the potential of the Murray Gold Belt. We welcome Hecla as a fellow regional landholder and as a NJMC shareholder.”
NJMC controls more than 3,500 acres along the Murray Gold Belt – including the producing Golden Chest Mine. Gold was first discovered in the Coeur d’Alene District within the Murray Gold Belt in 1879, but by 1888 mining declined as the center of activity shifted to the Silver Valley following the discovery of the Bunker Hill, Sunshine, Lucky Friday, and other iconic regional mines. The rebirth of the long-forgotten Murray Gold Belt has been led by NJMC and its redevelopment of the Golden Chest Mine.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in North Idaho, where it is producing gold at its Golden Chest Mine. NJMC has established a high-quality, early to advanced-stage asset base in three historic mining districts of Idaho and Montana, developed with more than $50-million by NJMC and other companies. The Company’s objective is to use its considerable in-house skill sets to build a portfolio of mining and milling operations, with a longer-term vision of becoming a mid-tier producer. Management is shareholder focused and owns more than 17-percent of NJMC common stock.
The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC.”
For more information on New Jersey Mining Company go to www.newjerseymining.com or call:
Monique Hayes, Corporate Secretary/Investor Relations
Email: [email protected]
(208) 625-9001
Forward Looking Statements
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are intended to be covered by the safe harbor created by such sections. Such statements are based on good faith assumptions that New Jersey Mining Company believes are reasonable but which are subject to a wide range of uncertainties and business risks that could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such factors include, among others, the potential of the Murray Gold Belt or the Company’s plans to expand future exploration and resource development, the risk that the mine plan changes due to rising costs or other operational details, the risks and hazards inherent in the mining business (including risks inherent in developing mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), changes in the market prices of gold and silver and the potential impact on revenues from changes in the market price of gold and cash costs, a sustained lower price environment, as well as other uncertainties and risk factors. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. NJMC disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise
Source:New Jersey Mining Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-new-jersey-mining-company-sells-its-toboggan-project-to-hecla-mining-company-for-3-million.html |
First Quarter Revenues of $153.9 million, up 29% from comparable prior year period
First Quarter GAAP Net Income of $41.2 million, or $0.70 per diluted share, up 22% from comparable prior year period, as adjusted 1
First Quarter Adjusted EBITDA of $80.7 million, up 34% from comparable prior year period, as adjusted 1
First Quarter Non-GAAP Net Income of $55.8 million, or $0.95 per diluted share, up 57% from comparable year period, as adjusted 1
OKLAHOMA CITY--(BUSINESS WIRE)-- Paycom Software, Inc. (“Paycom”) (NYSE: PAYC), a leading provider of comprehensive, cloud-based human capital management software, today announced its financial results for the quarter ended March 31, 2018.
"Our momentum continued into 2018," said Chad Richison, Paycom's founder and chief executive officer. "We performed well across all aspects of our business, deploying several enhancements to our solution, expanding our sales organization and developing our internal talent to assume even more responsibility and leadership. I am encouraged by our achievements and believe they position us well for success throughout the year.”
Financial Highlights for the First Quarter of 2018
Total Revenues of $153.9 million represented a 29% increase compared to total revenues of $119.5 million in the same period last year. Recurring revenues of $151.9 million increased 29% from the comparable prior year period and constituted 99% of total revenues.
GAAP Net Income was $41.2 million, or $0.70 per diluted share, compared to GAAP net income of $33.7 million, or $0.57 per diluted share, in the same period last year, as adjusted 1 .
Adjusted EBITDA 2 was $80.7 million, compared to $60.3 million in the same period last year, as adjusted 1 .
Non-GAAP Net Income 2 was $55.8 million, or $0.95 per diluted share, compared to $35.5 million, or $0.61 per diluted share, in the same period last year, as adjusted 1 .
Cash and Cash Equivalents were $68.1 million as of March 31, 2018.
Total Long-Term Debt was $35.3 million as of March 31, 2018.
1 Effective January 1, 2018, we adopted the requirements of Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers, (Topic 606)” (”ASU 2014-09”). All prior period amounts and disclosures have been recast to comply with the new standards, as indicated by the “as adjusted” footnote.
2 Adjusted EBITDA and non-GAAP net income are non-GAAP financial measures. Please see the discussion below under the heading "Use of Non-GAAP Financial Information" and the reconciliations at the end of this release for additional information concerning these non-GAAP financial measures.
Financial Outlook
Paycom provides the following expected financial guidance for the quarter ending June 30, 2018 and the year ending December 31, 2018. Please note that this guidance reflects the January 1, 2018 adoption of ASU 2014-09:
Quarter Ending June 30, 2018
Total Revenues in the range of $123.0 million to $125.0 million.
Adjusted EBITDA in the range of $43.0 million to $45.0 million.
Year Ending December 31, 2018
Total Revenues in the range of $545.0 million to $547.0 million.
Adjusted EBITDA in the range of $220.0 million to $222.0 million.
We have not reconciled the Adjusted EBITDA ranges for the quarter ending June 30, 2018 or the year ending December 31, 2018 to net income because applicable information for future periods, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, interest expense, taxes, non-cash stock-based compensation expense, change in fair value of our interest rate swap and other items. Accordingly, a reconciliation of these Adjusted EBITDA ranges to net income is not available at this time without unreasonable effort.
Use of Non-GAAP Financial Information
To supplement our financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we consider and have included certain non-GAAP financial measures in this press release, including Adjusted EBITDA and non-GAAP net income. Management uses Adjusted EBITDA and non-GAAP net income as supplemental measures to review and assess the performance of our core business operations and for planning purposes. We define (i) Adjusted EBITDA as net income plus interest expense, taxes, depreciation and amortization, non-cash stock-based compensation expense, certain transaction expenses, loss on early repayment of debt, that are not core to our operations (if any) and the change in fair value of our interest rate swap and (ii) non-GAAP net income as net income plus non-cash stock-based compensation expense, certain transaction expenses that are not core to our operations (if any), loss on early repayment of debt and the change in fair value of our interest rate swap, all of which are adjusted for the effect of income taxes. Adjusted EBITDA and non-GAAP net income are metrics that provide investors with greater transparency to the information used by management in its financial and operational decision-making. We believe these metrics are useful to investors because they facilitate comparisons of our core business operations across periods on a consistent basis, as well as comparisons with the results of peer companies, many of which use similar non-GAAP financial measures to supplement results under GAAP. In addition, Adjusted EBITDA is a measure that provides useful information to management about the amount of cash available for reinvestment in our business, repurchasing common stock and other purposes. Management believes that the non-GAAP measures presented in this press release, when viewed in combination with our results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting our business and performance.
Adjusted EBITDA and non-GAAP net income are not measures of financial performance under GAAP and should not be considered a substitute for net income, which we consider to be the most directly comparable GAAP measure. Adjusted EBITDA and non-GAAP net income have limitations as analytical tools, and when assessing our operating performance, you should not consider Adjusted EBITDA or non-GAAP net income in isolation, nor as a substitute for net income or other consolidated statements of income data prepared in accordance with GAAP. Adjusted EBITDA and non-GAAP net income may not be comparable to similar titled measures of other companies, and other companies may not calculate such measures in the same manner as we do.
Conference Call Details:
In conjunction with this announcement, Paycom will host a conference call today, May 1, 2018, at 5:00 p.m. Eastern time to discuss its financial results. To access this call, dial (866) 362-4443 (domestic) or (412) 317-5229 (international) and announce Paycom as the conference name to the operator. A live webcast as well as the replay of the conference call will be available on the Investor Relations page of Paycom’s website at investors.paycom.com . A replay of this conference call can also be accessed by dialing (877) 344-7529 (domestic) or (412) 317-0088 (international) until May 8, 2018. The replay passcode is 10118907.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Paycom has the ability to serve businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom serves clients in all 50 states from offices across the country.
Certain statements in this press release are, and certain statements on the related teleconference call may be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are any statements that refer to Paycom’s estimated or anticipated results, other non-historical facts or future events and include, but are not limited to, statements regarding our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources, dividends and liquidity; trends, opportunities and risks affecting our business, industry and financial results; future expansion or growth plans and potential for future growth; our ability to attract new clients to purchase our solution; our ability to retain clients and induce them to purchase additional applications; our ability to accurately forecast future revenues and appropriately plan our expenses; market acceptance of our solution and applications; our expectations regarding future revenues generated by certain applications; our ability to attract and retain qualified personnel; the impact of future regulatory, judicial, or legislative changes; how certain factors affecting our performance correlate to improvement or deterioration in the labor market; our plan to open additional sales offices and our ability to effectively execute such plan; the sufficiency of our existing to meet our working capital and capital expenditure needs over the next 12 months; our ability to expand our corporate headquarters within an expected timeframe; our plans regarding our capital expenditures and investment activity as our business grows, including with respect to research and development; the expected impact of the Tax Cuts and Jobs Act of 2017 and our expected income tax rate for future periods; our plans to purchase shares of our common stock through a stock repurchase plan; and the impact on our consolidated financial statements of new accounting pronouncements. In addition, forward-looking statements also consist of statements involving trend analyses and statements including such words as “anticipate,” “believe,” “could,” “expect,” “may,” “plan,” “potential,” “should,” “would,” “will,” and similar expressions or the negative of such terms or other comparable terminology. These forward-looking statements speak only as of the date hereof and are subject to business and economic risks. As such, our actual results could differ materially from those set forth in the forward-looking statements as a result of the factors discussed in our filings with the Securities and Exchange Commission, including but not limited to those discussed in our Annual Report on Form 10-K for the year ended December 31, 2017. We do not undertake any obligation to update or revise the forward-looking statements to reflect events or circumstances that exist after the date on which such statements were made, except to the extent required by law.
Paycom Software, Inc. Consolidated Balance Sheets (in thousands, except share amounts) (unaudited) December 31, 2017 March 31, 2018 *As Adjusted Assets Current assets: 68,121 $ 46,077 Accounts receivable 2,350 1,576 Prepaid expenses 7,001 4,982 Inventory 420 979 Income tax receivable 3,034 7,047 Derivative asset 13 — Deferred contract costs 28,920 26,403 Current assets before funds held for clients 109,859 87,064 Funds held for clients 1,095,160 1,089,201 Total current assets 1,205,019 1,176,265 Property and equipment, net 159,561 147,705 Deposits and other assets 2,021 1,456 Goodwill 51,889 51,889 Intangible assets, net 905 958 Long-term derivative asset 155 — Long-term deferred contract costs 188,580 171,865 Total assets $ 1,608,130 $ 1,550,138 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,421 $ 6,490 Accrued commissions and bonuses 2,605 9,585 Accrued payroll and vacation 11,322 7,015 Deferred revenue 7,358 6,982 Current portion of long-term debt 1,331 888 Accrued expenses and other current liabilities 20,145 19,991 Current liabilities before client funds obligation 46,182 50,951 Client funds obligation 1,095,160 1,089,201 Total current liabilities 1,141,342 1,140,152 Deferred income tax liabilities, net 53,401 49,129 Long-term derivative liability — 554 Long-term deferred revenue 46,419 44,642 Net long-term debt, less current portion 33,935 34,414 Total long-term liabilities 133,755 128,739 Commitments and contingencies Stockholders' equity: Common stock, $0.01 par value (100,000,000 shares authorized, 60,446,702 and 60,149,411 shares issued at March 31, 2018 and December 31, 2017, respectively; 57,916,718 and 57,788,573 shares outstanding at March 31, 2018 and December 31, 2017, respectively)
604 601 189,302 161,809 Retained earnings 299,685 258,525 Treasury stock, at cost (2,529,984 and 2,360,838 shares at March 31, 2018 and December 31, 2017, respectively)
(156,558 ) (139,688 ) Total stockholders' equity 333,033 281,247 stockholders' equity $ 1,608,130 $ 1,550,138 * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
Paycom Software, Inc. Consolidated Statements of Income (in thousands, except per share and share amounts) (unaudited) Three Months Ended March 31, 2017 2018 *As Adjusted Revenues Recurring $ 151,885 $ 117,914 Implementation and other 2,031 1,594 Total revenues 153,916 119,508 Cost of revenues Operating expenses 20,568 15,086 Depreciation and amortization 3,037 2,060 Total cost of revenues 23,605 17,146 Administrative expenses Sales and marketing 32,352 25,579 Research and development 11,250 6,797 General and administrative 32,657 15,250 Depreciation and amortization 3,032 2,226 Total administrative expenses 79,291 49,852 Total operating expenses 102,896 66,998 Operating income 51,020 52,510 Interest expense — (257 ) Other income (expense), net 1,030 95 Income before income taxes 52,050 52,348 Provision for income taxes 10,890 18,654 Net income $ 41,160 $ 33,694 Earnings per share, basic $ 0.71 $ 0.58 Earnings per share, diluted $ 0.70 $ 0.57 Weighted average shares outstanding: Basic 57,793,023 57,307,187 Diluted 58,738,732 58,525,980 * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
Paycom Software, Inc. Consolidated Statements of Cash Flows (in thousands, except per share and share amounts) (unaudited) Three Months Ended March 31, 2017 2018 *As Adjusted Cash flows from operating activities Net income $ 41,160 $ 33,694 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,069 4,286 Amortization of debt issuance costs 6 23 Stock-based compensation expense 23,222 3,343 Cash paid for derivative settlement (79 ) — Gain on derivative (738 ) — Deferred income taxes, net 4,272 1,285 Changes in operating assets and liabilities: Accounts receivable (774 ) (508 ) Prepaid expenses (2,019 ) (938 ) Inventory (193 ) 176 Deposits and other assets (565 ) (154 ) Deferred contract costs (17,712 ) (13,563 ) Accounts payable (710 ) (1,349 ) Income taxes, net 4,013 17,269 Accrued commissions and bonuses (6,980 ) (5,277 ) Accrued payroll and vacation 4,307 2,919 Deferred revenue 2,153 2,455 Accrued expenses and other current liabilities 2,232 (3,436 ) Net cash provided by operating activities 57,664 40,225 Cash flows from investing activities Net change in funds held for clients (5,959 ) (92,736 ) Purchases of property and equipment (18,708 ) (9,136 ) Net cash provided by investing activities (24,667 ) (101,872 ) Cash flows from financing activities Proceeds from issuance of long-term debt — 2,093 Repurchases of common stock (4,999 ) — Withholding taxes paid related to net share settlement (11,871 ) — Principal payments on long-term debt — (282 ) Net change in client funds obligation 5,959 92,736 Payment of debt issuance costs (42 ) (143 ) Net cash (used in) provided by financing activities (10,953 ) 94,404 Increase in 22,044 32,757 Cash and cash equivalents Beginning of period 46,077 60,158 End of period $ 68,121 $ 92,915 * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
Paycom Software, Inc. Reconciliations of GAAP to non-GAAP Financial Measures (in thousands, except share and per share amounts) (unaudited) Three Months Ended March 31, 2017 2018 *As Adjusted Net income to Adjusted EBITDA: Net income $ 41,160 $ 33,694 Interest expense — 257 Provision for income taxes 10,890 18,654 Depreciation and amortization 6,069 4,286 EBITDA 58,119 56,891 Non-cash stock-based compensation expense 23,438 3,406 Change in fair value of interest rate swap (817 ) — Adjusted EBITDA $ 80,740 $ 60,297 Three Months Ended March 31, 2017 2018 *As Adjusted Net income to non-GAAP net income: Net income $ 41,160 $ 33,694 Non-cash stock-based compensation expense 23,438 3,406 Change in fair value of interest rate swap (817 ) — Income tax effect on non-GAAP adjustment (8,013 ) (1,625 ) Non-GAAP net income $ 55,768 $ 35,475 Weighted average shares outstanding: Basic 57,793,023 57,307,187 Diluted 58,738,732 58,525,980 Earnings per share basic $ 0.71 $ 0.58 Earnings per share diluted $ 0.70 $ 0.57 Non-GAAP net income per share, basic $ 0.96 $ 0.62 Non-GAAP net income per share, diluted $ 0.95 $ 0.61 Three Months Ended March 31, 2017 2018 *As Adjusted Earnings per share to non-GAAP net income per share, basic: Earnings per share, basic $ 0.71 $ 0.58 Non-cash stock-based compensation expense 0.40 0.06 Change in fair value of interest rate swap (0.01 ) — Income tax effect on non-GAAP adjustment (0.14 ) (0.02 ) Non-GAAP net income per share, basic $ 0.96 $ 0.62 * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
Three Months Ended March 31, 2017 2018 *As Adjusted Earnings per share to non-GAAP net income per share, diluted: Earnings per share, diluted $ 0.70 $ 0.57 Non-cash stock-based compensation expense 0.40 0.06 Change in fair value of interest rate swap (0.01 ) — Income tax effect on non-GAAP adjustment (0.14 ) (0.02 ) Non-GAAP net income per share, diluted $ 0.95 $ 0.61 Three Months Ended March 31, 2018 2017 Adjusted gross profit: Total revenues $ 153,916 $ 119,508 Less: Total cost of revenues (23,605 ) (17,146 ) Total gross profit 130,311 102,362 Plus: Non-cash stock-based compensation expense 2,868 491 Total adjusted gross profit $ 133,179 $ 102,853 Total gross profit % 84.7 % 85.7 % Total adjusted gross profit % 86.5 % 86.1 % Three Months Ended March 31, 2017 2018 *As Adjusted Adjusted sales and marketing expenses: Sales and marketing expenses $ 32,352 $ 25,579 Less: Non-cash stock-based compensation expense (1,907 ) (810 ) Total adjusted sales and marketing expenses $ 30,445 $ 24,769 Total revenues $ 153,916 $ 119,508 Total adjusted sales and marketing expenses as a % of revenues 19.8 % 20.7 % Three Months Ended March 31, 2017 2018 *As Adjusted Adjusted administrative expenses: Administrative expenses $ 79,291 $ 49,852 Less: Non-cash stock-based compensation expense (20,570 ) (2,915 ) Total adjusted administrative expenses $ 58,721 $ 46,937 Total revenues $ 153,916 $ 119,508 Total adjusted administrative expenses as a % of revenues 38.2 % 39.3 % * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
Three Months Ended March 31, 2018 2017 Adjusted research and development expenses: Research and development expenses $ 11,250 $ 6,797 Less: Non-cash stock-based compensation expense (2,247 ) (159 ) Total adjusted research and development expenses $ 9,003 $ 6,638 Total revenues $ 153,916 $ 119,508 Total adjusted research and development expenses as a % of revenues 5.8 % 5.6 % Three Months Ended March 31, 2018 2017 Total research and development costs: Capitalized research and development costs $ 6,638 $ 2,876 Research and development expenses 11,250 6,797 Total research and development costs $ 17,888 $ 9,673 Total revenues $ 153,916 $ 119,508 Total research and development costs as a % of revenues 11.6 % 8.1 % Total adjusted research and development costs: Total research and development costs $ 17,888 $ 9,673 Less: Capitalized non-cash stock-based compensation (2,539 ) (349 ) Less: Non-cash stock-based compensation expense (2,247 ) (159 ) Total adjusted research and development costs $ 13,102 $ 9,165 Total revenues $ 153,916 $ 119,508 Total adjusted research and development costs as a % of revenues 8.5 % 7.7 % Paycom Software, Inc. Breakout of Non-Cash Stock-Based Compensation Expense (in thousands) (unaudited) Three Months Ended March 31, 2017 2018 *As Adjusted Non-cash stock-based compensation expense: Operating expenses $ 2,868 $ 491 Sales and marketing 1,907 810 Research and development 2,247 159 General and administrative 16,416 1,946 Total non-cash stock-based compensation expense $ 23,438 $ 3,406 * Prior year amounts have been recast to reflect the adoption of ASU 2014-09.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006625/en/
Paycom Software, Inc.
Media Contact:
Kathy Oden-Hall, 800-580-4505
CMO
[email protected]
or
Investor Relations Contact:
David Niederman, 855-603-1620
[email protected]
Source: Paycom Software, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-paycom-software-inc-reports-first-quarter-2018-results.html |
May 3, 2018 / 1:16 PM / Updated 6 hours ago Venezuela's Maduro defies foreign censure, offers 'prize' to voters Vivian Sequera , Andrew Cawthorne 4 Min Read
CARACAS (Reuters) - President Nicolas Maduro scoffed at international criticism of Venezuela’s upcoming May 20 vote in which he is seeking re-election and offered a prize for those who vote with a state-issued card. Supporters of Venezuela's President Nicolas Maduro holding a cardboard cut-out and a painting depicting Venezuela's late President Hugo Chavez attend a campaign rally in La Guaira, Venezuela May 2, 2018. REUTERS/Carlos Garcia Rawlins
Venezuela’s mainstream opposition is boycotting the election on the grounds it is rigged in favor of the 55-year-old socialist incumbent. The United States, European Union and various Latin American neighbors have also slammed it as unfair.
“So they’re not going to recognize Maduro around the world. What the hell do I care?” Maduro said at an election rally in La Guaira, on the coast outside Caracas, late on Wednesday. “What the hell do I care what Europe and Washington say?”
Maduro, who is casting his re-election campaign as a battle against imperialist powers bent on seizing Venezuela’s oil wealth, has only one serious rival: Henri Falcon, 56, a former state governor. Falcon has broken with the opposition coalition’s boycott of the vote, believing anger at a economic crisis will win him votes.
OPEC member Venezuela is in a fifth year of punishing recession, inflation is the highest in the world, oil production is at a three-decade low, shortages of food and medicines are widespread, and millions are skipping meals.
Some polls show Falcon more popular than Maduro, who narrowly won election to replace Hugo Chavez in 2013.
But the opposition abstention campaign, presence of Maduro loyalists in key institutions including the election board, and vote-winning power of state welfare programs like housing and food giveaways makes a Falcon victory look a tall order.
In his speech, Maduro told supporters that all those who vote showing a government-issued “Fatherland Card,” which is needed to access certain welfare programs, probably would receive “a really good prize.”
He did not give details but critics say that, and other pre-election cash and other bonuses via the card, is akin to vote bribery. Voting in Venezuela is secret but state workers say they are constantly pressured to support the government. Venezuela's President Nicolas Maduro speaks during a campaign rally in La Guaira, Venezuela May 2, 2018. REUTERS/Carlos Garcia Rawlins FALCON SEEKS ALLIES
Falcon, a former soldier, has been largely shunned by Venezuela’s best-known opposition leaders but this week received the support of at least one high-profile leader, Enrique Marquez, who is vice president of A New Time party.
He also has been wooing twice-presidential candidate Henrique Capriles to join his campaign but without success so far. Capriles, and another popular opposition leader, Leopoldo Lopez, are both barred from standing in the election.
Maduro says Venezuela’s election system is the cleanest in the world but even the official operator of the voting platform, UK-based Smartmatic, denounced fraud in an election last August. Little is known about the Argentine company that has replaced it for this month’s election.
If Maduro does win re-election, attention will turn immediately to whether he plans to use the political breathing space to deepen an internal purge of rivals, and if the United States will carry out a threat to impose oil sanctions.
President Donald Trump’s administration already has imposed some financial and individual sanctions on Maduro’s government, accusing senior officials of rights abuses and corruption.
Pro-boycott opposition activists have been stepping up their campaign in recent days with scattered protests around the country. Numbers, however, have been thin - a far cry from the mass anti-Maduro protests of 2017.
“Those who participate with Maduro in the May 20 farce, including Henri Falcon and (evangelical pastor) Javier Bertucci, have split with Venezuelan patriots and democrats,” an opposition grouping called the Wide Front said in a statement.
“By recognizing false results, they will become a collaborationist opposition recognized by the regime so it can outlaw and persecute democratic society.” Additional reporting by Andrew Cawthorne; Writing by Andrew Cawthorne; Editing by Bill Trott | ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-election/venezuelas-maduro-defies-foreign-censure-offers-prize-to-voters-idUSKBN1I41KK |
LOS ANGELES, May 03, 2018 (GLOBE NEWSWIRE) -- Via OTC PR Wire – Full Alliance Group, Inc. (OTC PINK:FAGI), a holding company, is excited to announce its newly-acquired technologies: MY PAY.
The brainchild of Alberto Galvan Lopez, founder of Comercio On, MY PAY is an upgraded version of the Comercio On platform. It is an innovative POS Banking Financial Services, smartphone banking and bill payment solutions.
The MY PAY model provides competitive technology tools for the unbanked, small businesses like grocery stores, drug stores, hardware stores, etc. The holding company has currently identified Mexico as it's initial market.
MY PAY provides many banking solutions for both small businesses and retail clients. These services include, but are not limited to:
POS Banking Financial Services
Money transfers
eWallet and online payments for utilities, water, electricity, telephone, prepaid cell phones and other services
Non-depository Banking
Smartphone banking & bill paying
Bank account creation and servicing:
Up to $250 without documentation
Up to $800 with limited documentation
More than $800 requires documentation
FAGI management feels this platform represents a tremendous opportunity when employed with its other newly-acquired and future targeted assets.
FAGI is quickly moving forward with new strategic partnership to increase shareholder value and feel very optimistic the company will continue to achieve acquisition milestones throughout 2018 and beyond.
Sincerely,
Jacob Thomas
Chairman / CEO
Contact: [email protected]
About Full Alliance Group Inc.
Full Alliance Group Inc. (OTC PINK:FAGI) is a multi-faceted holding company with varied interests in banking and point-of-sale (POS) technology, financial services, real estate, nutraceuticals and computer software development. Full Alliance Group provides investment capital, modern business practices, and best-in-class management to assist growing companies to reach their greatest potential.
FORWARD-LOOKING STATEMENTS
This shareholder update may contain a number of forward-looking statements. Words and variations of words such as: "expect", "goals", "could", "plans", "believe", "continue", "may", "will" and similar expressions are intended to identify our forward-looking statements, including but not limited to: our expectation for growth, benefits from brand-building, cost savings and margins. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from those indicated in our forward-looking statements. Such factors include, but are not limited to: continued volatility of, and sharp increase in: costs/pricing actions, increased competition, risks from operating internationally, consumer weakness, weakness in economic conditions and tax law changes.
Source:Full Alliance Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-full-alliance-group-inc-aannounces-the-acquisition-of-my-pay-banking-technology-services.html |
WASHINGTON (Reuters) - At least two people died when a Puerto Rico Air National Guard weather reconnaissance plane crashed on Wednesday near Savannah, Georgia during a training flight, sending up thick clouds of black smoke, according to officials and television images.
Smoke rises from an airplane crash near Savannah airport, Georgia, U.S., May 2, 2018 in this picture obtained from social media. INSTAGRAM/@PILOTGABE/via REUTERS The Hercules WC-130J aircraft had five personnel aboard when it went down about 11:30 a.m. EDT near the Savannah/Hilton Head International Airport and there did not appear to be survivors, a U.S. official said.
Television footage showed thick clouds of black smoke billowing from the crash site about 175 miles southeast of Atlanta as fire vehicles arrived.
Tiffany Williams, deputy coroner of the Chatham County Coroner’s office, said by telephone that two people were confirmed killed. She could not say whether they had been aboard the four-engine plane or on the ground.
“All I can confirm is that we have two fatalities that were brought to us,” she said.
The Air Force confirmed there were fatalities but declined to provide a number.
Smoke rises from an airplane crash near Savannah airport, Georgia, U.S., May 2, 2018 in this picture obtained from social media. TWITTER/@CHEYENNEJANIECE/via REUTERS A spokesman for the Georgia Air National Guard, Captain Jeffrey Bezore, said in an email that the aircraft had been on a training mission.
“The names will be released upon notification of next-of-kin. A board of officers will investigate the accident,” he said.
Gena Bilbo, a spokeswoman for the Effingham County Sheriff’s Department, said at a news conference that wreckage was scattered across a highway intersection and train tracks but no cars had been hit.
Bill King, a spokesman for the firefighters union in Savannah, said by phone that the crash scene had been “secured” and there was no longer an emergency situation.
The plane was a weather reconnaissance version of the C-130J, a cargo workhorse for the U.S. military. The medium-range aircraft is used to penetrate tropical depressions, hurricanes and winter storms to gather data.
The WC-130J is used by the 53rd Weather Reconnaissance Squadron based at Keesler Air Force Base, Mississippi, the Pentagon said.
Reporting by Phil Stewart, Ian Simpson and Bernie Woodall, Florida; writing by David Alexander; editing by Jonathan Oatis, James Dalgleish and Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-georgia-crash/u-s-military-c-130-plane-crashes-near-savannah-airport-airport-spokeswoman-idUSKBN1I32C5 |
* World Food Programme (WFP) chief making four-day visit
* Agency aims to help 650,000 women and children each month
* WFP programme in North Korea only 19 percent funded
By Stephanie Nebehay
GENEVA, May 8 (Reuters) - The United Nations food agency said its chief would visit North Korea on Tuesday to look into boosting food distributions, in the latest sign of an opening in the isolated country.
The four-day trip comes amid a warming of relations between the North and South Korea and in the build-up to planned talks on denuclearisation with U.S. President Donald Trump. The World Food Programme (WFP) said it had been in the North for decades, but the visit would focus on stepping up support.
About 70 percent of North Korea’s population of 25 million is “food insecure”, meaning they struggle to avoid hunger, and one in four children under five is stunted from chronic malnutrition, according to the WFP. A 2015 drought worsened the situation, it says.
The agency currently aims to assist 650,000 women and children there each month providing fortified cereals and biscuits.
“Funding shortfalls have meant that rations have had to be reduced and suspended in some cases,” WFP said in a statement coinciding with the start of the May 8-11 visit by WFP executive director David Beasley.
It gave no details, but figures on the WFP website show that its $52 million appeal for 2018 is only 19.2 percent funded. Switzerland, Sweden and France are among the leading donors.
“WFP has been working in DPR Korea for more than two decades, helping to strengthen food security in the country and provide nutritious food to women and children,” Beasley said.
“This week, I will visit schools and nurseries to meet some of the mothers and young children WFP is supporting, as well as to understand the needs of the operation, which at this point is under-funded.”
WFP and the U.N. Children’s Fund (UNICEF) are among only a few aid agencies with access to North Korea, which suffered famine in the mid-1990s that killed up to three million people.
UNICEF said in January that an estimated 60,000 North Korean children face potential starvation. It blamed international sanctions targeting the country’s nuclear and ballistic missile programmes for exacerbating the situation by slowing aid deliveries and making fuel scarcer and more expensive. (Reporting by Stephanie Nebehay Editing by Andrew Heavens)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-food-un/u-n-food-agency-aims-to-boost-aid-to-north-korea-but-lacks-funds-idUSL8N1SF25M |
SpaceX has upended the rocket industry, making founder Elon Musk the world's most disruptive space pioneer. The visionary entrepreneur is bent on building giant low-cost reusable rockets and spaceships that can be used to colonize humans on Mars. In the process, he is helping to catalyze a private space exploration industry in the United States while outmaneuvering mammoth aerospace companies like Boeing.
SpaceX is the No. 1 company on the 2018 CNBC Disruptor 50 list , announced Tuesday.
show chapters SpaceX rockets to the top of CNBC's Disruptor 50 list 6 Hours Ago | 02:55 SpaceX has vaulted to become one of the most valuable private companies in the world, with a valuation estimated at $28 billion. As its long-term prospects soar, it is steadily raising funds from global investors to fuel its lofty ambitions. The company's achievements have many awestruck: In February it launched the world's most powerful rocket since NASA's Saturn V. It stood more than 21 stories high.
Thom Baur | Reuters A SpaceX Falcon Heavy rocket lifts off from historic launchpad 39-A at the Kennedy Space Center in Cape Canaveral, Florida, on Feb. 6, 2018. But Musk is far from done. In 2019, Musk believes SpaceX will be completing "short trips" for its Mars rocket system, while also beginning to roll out its constellation of 4,425 satellites. It is in the next stage of Musk's master plan to put 1 million people on the Red Planet to ensure the survival of the human race in the event of a world war or catastrophe on Earth.
"We are building the first Mars or interplanetary ship right now," Musk revealed at the South by Southwest conference in March, noting its code name is BFR. The short-term goal he announced was to launch cargo vehicles to Mars by 2022 that would bring basic needs to build an infrastructure for future missions.
‹ Meet the 2018 CNBC Disruptor 50 companies How we chose the 2018 CNBC Disruptor 50 innovators A look back at the CNBC Disruptor 50: 6 years, 167 companies › SpaceX began 2018 the way it ended 2017: Batting a thousand. Called by some as "the dawn of the entrepreneurial space age," last year saw SpaceX complete 18 rocket launches successfully, including when it became the first in history to launch and land two rockets within 48 hours. The space company also made NASA history, becoming the first to launch a supply mission to the International Space Station on a reused rocket.
Up next: A crewed flight of the new Dragon capsule mounted atop a Falcon 9 rocket. It will be a test to see if humans can be transported safely to the International Space Station. The company just launched the final, most powerful version of Falcon 9 called Block 5 , which SpaceX must fly seven times before NASA certifies it for human flight.
Getty Images A view of The Palms, Dubai, as the SpaceX Dragon spacecraft passes below, in an image taken by European Space Agency astronaut Tim Peake from the International Space Station on April 10, 2016. " SpaceX continues to change the landscape of the space industry," Eric Stallmer, president of the Commercial Spaceflight Federation, told CNBC. "Their launches are becoming much more routine, and I think that's what we're striving for in this industry."
The company changed the industry paradigm for launching rockets from a focus on reliability and cost to one that benefits from nearly on-demand launches. SpaceX is combining an increasing launch cadence with a decreasing turnaround time — launching, landing and relaunching rockets in a matter of months. For Falcon 9, Musk said he wants to pare that turnaround time to 24 hours by next year.
The new space race "It's all about getting hardware to orbit, because the hardware is what generates the revenue. Availability is essential, and people miss that point," prominent space investor Dylan Taylor told CNBC.
Musk has declared he wants "a new space race," telling reporters after the successful launch of Falcon Heavy in February that he thinks the historic flight will "encourage other companies and countries" to be ambitious in the same way as SpaceX.
The competition — archrival United Launch Alliance, a joint venture between Boeing and Lockheed Martin — has certainly been put on notice. Boeing CEO Dennis Muilenburg told CNBC in February that he thinks SpaceX is "adding energy to the space market," which is "good for the country." Muilenburg's deputy Leanne Caret noted the same "excitement about space," which she says she hasn't "seen in the last few decades."
"That's really keeping the conversation going in a positive direction," Caret told CNBC in September.
But in the months ahead, the race to space will get more heated. The next challenger to SpaceX is likely Blue Origin, even though it has yet to launch a comparable rocket to SpaceX's fleet. Founded by Jeff Bezos , Blue Origin is moving quickly toward commercial operations for several of its major projects. Testing on the company's BE-4 engine, the thunderous staple for Blue Origin's propulsion business, is nearing completion. BE-4 is built for Blue Origin's coming New Glenn rocket, a tremendous vehicle expected to compete with Falcon Heavy on cost and power. According to reports, Bezos has spent billions of dollars to design, build and launch this massive reusable rocket to compete with SpaceX and launch systems beginning in 2020 .
Photo courtesy Blue Origin Jeff Bezos, founder of Blue Origin, is developing the New Glenn rocket to compete with SpaceX. SpaceX has proved to be an undaunted challenger when competing against legacy companies like Boeing . The two are neck-and-neck in the race to fulfill contracts for NASA's Commercial Crew program to ferry astronauts to and from the International Space Station — the former with its Starliner capsules and the latter its Dragon capsules.
In developing the world's biggest rockets, SpaceX is a leap ahead of Boeing . The world's largest aerospace company is the primary contractor for NASA's new Space Launch System rocket. The first iteration of SLS will be able to lift slightly more weight than SpaceX's Falcon Heavy. But that launch will not happen for at least two years — after tens of billions in taxpayer spending and over a decade in development. Moreover, before NASA believes the more powerful version of SLS will launch, SpaceX expects its massive BFR to be sending cargo to Mars.
"I don't think anyone can" compete with even Falcon Heavy, let alone BFR, former Pentagon Under Secretary of Defense for acquisition tech and logistics John Young told CNBC in February. "Musk said it's 'game over,' and I believe that's true."
show chapters SpaceX just launched its most powerful rocket ever 4:18 PM ET Tue, 15 May 2018 | 01:18 Boeing's executives, along with Lockheed Martin CEO Marillyn Hewson, have repeatedly stated the intention of beating Musk to Mars, with Hewson pointing to her company's heritage building exploratory spacecraft for NASA.
"In terms of being the first to Mars, we have been on every Mars mission from the very first one," Hewson told CNBC in March.
A US rocket industry is rising again President and COO Gwynne Shotwell is helping lead Musk's vision to reach Mars, with the company ramping up production on the BFR system. SpaceX is in the late stages of negotiating a long-term lease to build a facility on the Los Angeles waterfront, where BFR is expected to be built before being shipped to the company's test facility in Texas .
Millions tune in around the world to watch SpaceX's launch livestreams, but here in the United States industry experts talk often about SpaceX's all-American supply chain. From the Pentagon to financial analysts, many are heralding SpaceX as responsible for bringing the rocket industry back to the United States. For decades, rockets built by United Launch Alliance flew U.S. Air Force and NASA missions on Russian engines or other systems bought overseas.
"They're an all U.S. launcher. For a long time our military and intelligence capability was not launched using all U.S. capability," Carissa Christensen, CEO of consulting firm Bryce Space and Technology, told CNBC.
The Air Force continues to award SpaceX hundreds of millions of dollars in launch contracts , with Secretary Heather Wilson telling Congress in March that the decreasing cost to launch is "enabling business plans to close in space that never were possible before."
"For a decade and a half, launch costs were ballooning until SpaceX came in and said, 'We can do it cheaper,'" Sam Korus, ARK Invest analyst, told CNBC.
SpaceX senior vice president Tim Hughes told Congress in a July testimony that "the U.S. had effectively ceded" the commercial rocket launch market "to France and to Russia." Hughes showed how, before 2013, the U.S. lacked a foothold in this market. SpaceX helped the United States reclaim not just a portion but a majority in the global launch market in 2017 and represented more than 60 percent of U.S. launches while doing so.
Under the Commercial Crew program, SpaceX and Boeing will return the capability of launching U.S. astronauts to space from U.S. soil, after years of paying heavy premiums to Russia for flights aboard its Soyuz rockets.
"I think in terms of how much of a difference it's going to make once it launches and once we have routine access for American astronauts on American launch vehicles," Stallmer said.
For SpaceX, putting astronauts on its rockets is the next critical milestone in its development.
"The human-rated piece, for SpaceX, puts them in a totally different category," Taylor said, adding that "there's no reason to believe they can't be exceptional at that."
Myriad milestones SpaceX dashed from one milestone to the next over the last 12 months. Beyond the 48-hour launch-and-land accomplishment, SpaceX made NASA history, set the new standard for heavy rockets, challenged U.S. regulatory policies, put to action a little-known safety technology, doubled its valuation and surpassed its own reusability expectations.
The company became the first in history to launch a resupply mission to the International Space Station on a reused rocket in December. It was the first time NASA approved such a mission, while being the fourth time SpaceX launched with what it calls a "flight proven" booster. The mission also launched a previously used Dragon capsule, flown on a mission in April 2015 for NASA.
In February, Falcon Heavy became the most powerful commercial rocket in the world after SpaceX successfully completed its first launch of the behemoth. The launch was the most ambitious yet for Musk's company, putting one of Musk's personal Teslas into orbit around the sun in a dramatic and beautiful display of power.
"The way [Falcon Heavy] was executed demonstrates what is totally unique about SpaceX. The way that they changed the zeitgeist," Christensen said.
The rocket put SpaceX at the top of a short list of available heavy lift vehicles. Falcon Heavy is both more powerful and capable of lifting more than twice as much weight compared to the biggest rockets offered by either ULA or Arianespace — at a fraction of the cost.
"Falcon Heavy was just an incredible accomplishment in terms of the capabilities of that vehicle," George Nield, former leader of the Federal Aviation Administration's office of Commercial Space Transportation, told CNBC. "It's incredible to have that up and running now, to think that was done with internal funding — not government development funds — and to also show the ability to excite the general public."
"For a decade and a half, launch costs were ballooning until SpaceX came in and said, 'We can do it cheaper.'" -Sam Korus, ARK Invest analyst Shotwell offered a direct challenge to U.S. regulators at the first meeting of the new National Space Council in October. In front of a crowd of White House officials, public administrators and commercial executives, Shotwell said the government "must remove bureaucratic practices that run counter to innovation and speed" if the industry is going to make rapid progress. Since her challenge, Commerce Secretary Wilbur Ross proposed several new policies to make his department "a one-stop shop" for space regulations, with plans to integrate with the existing regulations enforced by the FAA and the FCC.
show chapters CNBC speaks to SpaceX president Gwynne Shotwell 3 Hours Ago | 09:27 "Government can and must do better," Ross said. "It shouldn't take longer to get a license than it does to design a rocket or a satellite."
The FAA continues to work closely with SpaceX as the office responsible for licensing all launches by U.S. citizens and companies. Speaking about his time leading the FAA in that capacity, Nield said one of SpaceX's most impressive achievements last year "had to do with the implementation of the autonomous flight safety system" (or AFSS). The new system was developed by the Air Force in cooperation with NASA and the FAA before SpaceX took the technology and created an interface to utilize AFSS for launches of its Falcon 9 rocket.
More from CNBC Disruptor 50:
The current tech bubble is bigger than the one in 2000
How 23andMe founder Anne Wojcicki is leading a DNA revolution
Oscar Health has a vision of fairer pay for doctors and clearer pricing for patients
Traditionally, rockets had a flight termination system on board that ground controllers could use to blow up the rocket if it went off course, Nield noted.
"Typically, the Air Force has possibility for running the launch ranges and has a big team that does that. It takes them several days to do a new launch after they've completed a previous launch," Nield said.
With AFSS, the Falcon 9 keeps track of "where it is and how fast it's going," Nield said. If the rocket heads off course, then the onboard computer "can automatically destruct the rocket," he said. That means there is no longer a need for "that massive ground infrastructure," according to Nield, giving the job over to a handful of safety inspectors and making the Air Force's "only role ... to help coordinate emergency response and help keep things clear for the launch."
"It was a real turning point in terms of how launches can be conducted efficiently," Nield said. "You can have two launches in quick succession if you don't have to reconfigure all these systems."
Fast turnarounds are key to SpaceX's launch services business if the company is going to reach its launch cadence goals. Eventually, the company wants to be launching at least every other week. Yet SpaceX is already surpassing the reusability rate it expected two years ago.
The real ROI "Back in 2016, Gwynne Shotwell gave her prediction for the landing success rate. Since then, they've completely blown away their own expectations," Korus said.
SpaceX undercuts rivals in pricing and performance, helping the company gain marketshare. For example, a new Falcon 9 starts at $62 million versus ULA's Atlas 5, which starts at $109 million. For $150 million, SpaceX's Falcon Heavy doubles the performance of ULA's Delta IV Heavy, which goes for about $350 million, according to ULA chief executive Tory Bruno.
Korus compared SpaceX to Uber as a company creating demand for itself by lowering the cost of access.
"When [Uber] lowered the cost, then more people started taking rides," Korus said.
Christensen agreed and said that a launch cadence of every other week for SpaceX would mean the company is "taking away launches from other providers."
"A high launch cadence means they're dominating competitors rather than there's a large amount of new demand," Christensen said.
Thanks to the steady success of its launches, as well as a backlog of more than 100 future mission contracts worth over $12 billion, SpaceX nearly tripled its valuation since it was featured in last year's top 50 Disruptors. After its most recent fundraise brought in about $500 million, SpaceX's valuation rose to about $27.5 billion, according to analysis group Equidate, making it one of the most valuable private companies in the world.
Venture capitalist Laetitia Garriott de Cayeux, a partner in Global Space Ventures , invested twice in SpaceX, first in 2012 and again "in early 2014," she said. According to Equidate, SpaceX shares were $34.68 from December 2012 to the company's next raise in January 2015. Priced at $169 per share today, de Cayeux's investment has already likely grown about 387 percent – but she's invested for the long haul. Musk told de Cayeux that she would "not see a return for 15 years," which did not deter her.
"When I first invested in SpaceX in 2012, their share of awarded global commercial launch market share was zero. But from 2013 to 2018, in five years, it went from less than 10 percent to over 60 percent," de Cayuex said. "That's pretty damn fast!"
On a quarter to quarter basis, SpaceX appears to have more runway and support from investors due to the company's continued success. Even so, Taylor described SpaceX's ability to raise funds as "unusual" due to its place as a manufacturing company.
"In the private markets, if you look at which companies investors like SoftBank have written $100 million checks to, its services or analytics companies," Taylor said.
SpaceX could become a $50 billion juggernaut through the launch of its satellite broadband business, according to Morgan Stanley in October. The most recent round of funds will be used to develop the SpaceX satellite constellation. SpaceX launched the first two test satellites for the network into orbit in February. Known as Starlink — a name SpaceX filed to trademark last year — the constellation is an ambition unmatched by any current satellite network.
SpaceX Demonstration satellites SpaceX launched on Feb. 22 on a Falcon 9 rocket for its Starlink network.. "Developing, launching, and operating large satellite constellations would provide a very credible business case for how you could have the funding streams that could be used for other programs," Nield said.
The FCC approved Starlink in March, marking the first time the FCC has licensed a constellation of this variety. The constellation will require dozens of launch aboard Falcon 9 rockets to become operation, which Christensen is "creating demand for the launch capability" of SpaceX.
"That's a very integrated strategy," Christensen said.
Musk has said revenue from Starlink will pay for the costs of the BFR program. With BFR expected to be fully reusable — a feat unmatched by even the company's workhorse Falcon 9 — Musk believes each BFR flight will cost between $5 million and $6 million.
"We'll be able to do short trips, flights by first half of next year," Musk said in March.
While Falcon Heavy stands at more than 21 stories tall, BFR would dwarf that at 32 stories. In April, Musk shared a photo of the "main body tool" for BFR — essentially a large manufacturing mold to weave the carbon fiber that will comprise the upper stage of the rocket. The tent is believed to be on an 18-acre plot at the Port of Los Angeles, which was recently connected with SpaceX as a "state-of-the-art" factory to produce the behemoth rocket.
SpaceX The 27 engines that power Falcon Heavy. Both BFR and Starlink are long-term ambitions with long-term payoffs for SpaceX. In the near term, getting its Dragon capsule certified by NASA to fly humans to space is the most critical trial facing SpaceX.
"Anytime you put a human in a rocket, it's high stakes. That will definitely be a major milestone for them to overcome," Korus said.
Succeeding with humans on Dragon should also not distract SpaceX from its core business of launching satellites. While SpaceX delivers on that in a way that has become routine, Nield warns of how even the smallest mistake could lead to a painful setback.
"It will be important for SpaceX to continue to pay attention to what they're doing, to not lose focus, to continue the priority given to safety and following the checklist and having high-quality work," Nield added. "Just because you've proven you can launch at that pace doesn't mean it's easy."
No matter the future, SpaceX earned its place today at the top of the space industry. What Musk and Shotwell have accomplished already defies what traditional wisdom called impossible only a few years ago.
"SpaceX has been a disruptor of the long-time status quo of the commercial space industry," Matt Desch, CEO of satellite company Iridium, told CNBC last June . "They are redefining the 'cost to get to space,' and all the other launch providers have had to take note and adjust their plans." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/spacex-leading-the-space-race-to-launch-humans-to-mars.html |
DUBAI, May 18 (Reuters) - Arif Naqvi, the founder of one of the Middle East's biggest private equity firms, Abraaj, is facing calls from investors to further scale back his involvement in the group amid a row over misuse of funds, two people with knowledge of the matter said.
Naqvi, who set up Dubai-based Abraaj in 2002, in February passed the reins of the fund management arm to two new co-chief executives so he could concentrate on managing the parent company, Abraaj Holdings.
But some investors want him to step back even further.
"Limited partners (investors) do not want Naqvi to play any role," said one of the people, referring to the investment management business.
Naqvi declined to comment. Abraaj, the company, did not comment on investor concerns about Naqvi.
Their demands are the latest twist in the difficulties of Abraaj, the Middle East and Africa's biggest private equity fund and the region's main vehicle to invest in frontier and emerging markets including Egypt and Turkey.
Naqvi has helped to attract money from the Gates foundation for healthcare investments as well as U.S. pension funds. But the fund has become embroiled in a row over how Abraaj used the money of some of its investors, including the Bill & Melinda Gates Foundation.
The firm is facing an investigation by four investors, including the Gates Foundation and International Finance Corp, a member of the World Bank Group, over use of some of their money in a $1 billion healthcare fund.
Abraaj denies any wrongdoing.
The people who spoke to Reuters said that most investors believed the changes made in February were not sufficient to separate Naqvi completely from the investment business.
Naqvi remains the single largest shareholder in Abraaj Holdings and sits on its board. He also remains a non-executive member of the Global Investment Committee, which according to Abraaj's website, is responsible for investment and divestment decisions across funds and provides guidance on transactions.
Investors want Naqvi to have no say in the governance of the investment business, one of the people told Reuters. A second source said investors did not want Naqvi to play a role in the business at all.
In a statement to Reuters, Abraaj said that Abraaj Investment Management Ltd (AIML) and Abraaj Holdings are two distinct legal entities with separate management teams and governance.
"While Mr. Naqvi is a non-executive member of the Global Investment Committee of AIML, he is not represented on the AIML Board of Directors or any other committee of the fund management business," the company said.
The statement said that Abraaj funds are either fully invested or that management approval for further deals had already been given, making the investment committee largely dormant.
Naqvi is not on the investment committee for the healthcare fund, the source of the dispute between Abraaj and investors, it said.
The growing investor revolt against the Pakistani-born founder comes at a delicate time because Naqvi is attempting to sell some or all of Abraaj Investment Management.
The people said two to three bidders are in talks to bid for Abraaj Investment, including Los Angeles-based Colony Northstar. Colony Northstar and Abraaj declined to comment on the talks.
Aside from Naqvi, other shareholders in Abraaj Holdings include members of the management team and Deutsche Bank .
Abraaj has undertaken a review of its corporate structure, including cutting around 15 percent of jobs. It has also freed up large investors from millions of dollars in capital commitments.
It was managing $13.6 billion before deciding to return $3 billion to investors and putting a new $6 billion fund on hold. (Additional reporting by Stanley Carvalho in Abu Dhabi and Joshua Franklin in New York; Editing by Ghaida Ghantous and Jane Merriman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-exclusive-founder-of-dubai-based-abraaj-faces-investor-revolt-sources.html |
May 17, 2018 / 7:06 PM / Updated 32 minutes ago Trump - Countries not meeting NATO obligations will be 'dealt with' Reuters Staff 1 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Thursday that NATO members that do not contribute fully to the organization would be “dealt with,” and singled out Germany as one country he said was not doing enough. U.S. President Donald Trump meets with NATO Secretary General Jens Stoltenberg at the White House in Washington, U.S., May 17, 2018. REUTERS/Kevin Lamarque
Trump’s remarks came at a Cabinet meeting attended by the North Atlantic Treaty Organization’s secretary general, Jens Stoltenberg.
Stoltenberg praised Trump’s work on shoring up NATO, whose continued purpose Trump questioned while campaigning in the 2016 election.
Sitting at Trump’s right hand, Stoltenberg said: “Your leadership on defence spending has really helped to make a difference.”
“It is impacting allies because now all allies are increasing defence spending,” he said. “No allies are cutting their budgets anymore.” Reporting by James Oliphant; Writing by Lisa Lambert; Editing by Frances Kerry and Peter Cooney | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-nato-usa-trump/trump-countries-not-meeting-nato-obligations-will-be-dealt-with-idUKKCN1II2QO |
May 22, 2018 / 10:06 AM / Updated an hour ago Iraq sentences Belgian to death as Islamic State fighter Raya Jalabi 3 Min Read
BAGHDAD (Reuters) - Iraq’s Central Criminal Court sentenced a Belgian on Tuesday to death by hanging as a senior foreign fighter for Islamic State, a rare case in which Baghdad has publicly revealed details of the fate of one of the hundreds of foreigners it has captured.
Tarek Jadaoun, 30, also known as Abu Hamza al-Beljiki, joined Islamic State in 2014 and was arrested in Mosul, Islamic State’s erstwhile Iraqi capital, last summer.
He has featured prominently in the group’s propaganda videos, which threatened attacks on European soil.
“Al-Beljiki, who is of Moroccan origin, is one of the most wanted foreign fighters who fought on behalf of the terrorist organisation in Syria and Iraq,” Judge Abdul-Sattar al-Birqdar, the spokesman for the Supreme Judicial Council, said in a statement.
Islamic State captured a third of Iraq in 2014 but was largely defeated both there and in neighbouring Syria last year. Iraq’s government declared victory over the group in December.
Iraq is conducting the trials of hundreds of suspected members of Islamic State, many of whom were arrested as the group’s strongholds crumbled throughout Iraq. This includes hundreds of foreigners.
Few details so far have been made public about the trials of Islamic State fighters, including the foreigners, whose native countries have shown little interest in taking them back.
Separately, the Iraqi government has given accounts of the trials of some foreign women who travelled to join Islamic State, hundreds of whom have also been detained, often with children. Around 20 foreign women, including nationals of Turkey, Germany and Azerbaijan, have been sentenced to death.
Human rights groups have accused Iraqi and other regional forces of inconsistencies in the judicial process and flawed trials leading to unfair convictions.
New York-based Human Rights Watch released an 80-page report in December accusing the Iraqi federal and Kurdish regional judiciaries of violating the rights of Islamic State suspects with flawed trials, arbitrary detentions under harsh conditions and broad prosecutions. Iraq says the suspects are receiving fair trials. Reporting by Raya Jalabi; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-iraq-court/iraq-sentences-belgian-to-death-as-islamic-state-fighter-idUKKCN1IN152 |
Technology behemoth Google is revving up its support for bail reform and it's getting help from one of the most influential groups in Washington D.C. - the Koch political network.
Google is partnering with Koch Industries Inc., the multibillion dollar conglomerate owned by political financiers Charles and David Koch, in an event on Tuesday to push for changes to the bail code within the United States, according to an invitation obtained by CNBC.
The event is expected to take place in Washington and, among others, leaders of the Koch network are expected to attend. Several will be making comments at the event.
Mark Holden, general counsel and senior vice president of Koch Industries and chairman of the board of directors for Freedom Partners, one of the network's nonprofit political advocacy groups, confirmed the event. He explained that he's hoping to see more due process before someone has to pay a bail fee that at times can exceed $20,000.
"Our desired state is that after people are arrested, there should be a risk assessment done, a determination if they are a risk to public safety" and then a decision should be made on whether they should be detained and pay bail, Holden said. He noted this was not the first time Google and the Koch's had teamed up to push for criminal justice reform.
For its part, Google is already taking action against the bail bond industry.
In a press release published on Monday , Google said it has decided to "prohibit ads that promote bail bond services" from their platforms. It cites studies that show bail bondsmen taking advantage of low income neighborhoods and creating financial packages that leave people in debt for an extended period of time.
Google credited Koch Industries for helping it come to the conclusion.
The work between the two groups goes to show the efforts they make to sway lawmakers, particularly as the Koch network has started stepping back from endorsing specific candidates and, instead, pushing for change to individual issues with bail reform being just one of them.
The partnership is also unique because of the causes they are linked to, with the Koch's traditionally backing conservative ideologies and Google being associated with the more liberal views of Silicon Valley.
Other issues for the Koch's include making individual tax cuts permanent, protecting participants of the Deferred Action for Childhood Arrivals program, also known as Dreamers, curtailing Dodd Frank, providing access to experimental drugs for the terminally ill and cutting back spending, according to a source with direct knowledge of the matter.
Bail reform has become a political issue going into the 2018 congressional midterm elections for a few members on Capitol Hill, including Senators Kamala Harris, D-CA and Rand Paul, R-KY.
Both Harris and Paul are not up for re-election this year but cosponsored a bill in July 2017 that proposed to replace the current bail system and implement what they described as a National Pretrial Reporting Program, which collect data on the processing of defendants by state and local courts.
In that same month, they authored an op-ed in the New York Times calling for change and echoing the same goals of the Koch's.
"Our justice system was designed with a promise: to treat all people equally," Paul and Harris say. "Yet that doesn't happen for many of the 450,000 Americans who sit in jail today awaiting trial because they cannot afford to pay bail," they added.
Harris was invited to go to the Google-Koch event but, according to her spokeswoman, she could not attend because of a prior engagement.
There were also efforts to get Paul to attend, however it's unclear if he will be a speaker on Tuesday, according to sources familiar with the matter.
A spokesman from his office did not return requests for comment at the time of publication. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/google-and-koch-brothers-team-up-for-bail-reform.html |
Second-quarter common stock dividend increased to $1.03 per share
DENVER--(BUSINESS WIRE)-- CoreSite Realty Corporation (NYSE:COR), a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., today announced a cash dividend of $1.03 per share on common stock and common stock equivalents for the second quarter of 2018.
The $1.03 per share quarterly dividend represents a $0.05, or 5.1%, increase over the prior quarterly dividend of $0.98 per share. The second-quarter common stock dividend will be paid on July 16, 2018, to shareholders of record on June 29, 2018.
"We are pleased to be able to raise our quarterly dividend by 5%, reflecting solid operating performance and cash flow generation,” said Jeff Finnin, Chief Financial Officer. “We remain confident in our ability to create value for our shareholders, while continuing to invest in our business for future growth.”
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,250 of the world’s leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 450+ dedicated employees consistently deliver unmatched data center options — all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com .
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite's control that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: any adverse developments in local economic conditions or the demand for data center space in these markets; operational difficulties, including difficulties relating to information systems, internal processes and information security; significant industry competition; financial market fluctuations; and other factors affecting the real estate industry generally. All forward-looking statements reflect CoreSite's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, CoreSite disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause CoreSite's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in CoreSite's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by CoreSite from time to time with the Securities and Exchange Commission.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005132/en/
CoreSite
Greer Aviv, 303-405-1012
Vice President of Investor Relations and Corporate Communications
[email protected]
Source: CoreSite Realty Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-coresite-realty-corporation-announces-5-point-1-percent-increase-in-second-quarter-2018-common-stock-dividend.html |
May 10 (Reuters) - Five Oaks Investment Corp:
* FIVE OAKS INVESTMENT CORP. REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 GAAP EARNINGS PER SHARE $0.45 * NET BOOK VALUE OF $4.78 PER SHARE ON A BASIC AND DILUTED BASIS AT MARCH 31, 2018
* REPORTED AN ECONOMIC LOSS ON COMMON EQUITY OF 0.6% FOR QUARTER AFTER ACCOUNTING FOR DIVIDENDS OF $0.10 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-five-oaks-investment-reports-q1-ga/brief-five-oaks-investment-reports-q1-gaap-earnings-per-share-0-45-idUSASC0A1MG |
May 25, 2018 / 12:43 AM / Updated 32 minutes ago Oil prices slump as OPEC and Russia consider output boost Stephanie Kelly 3 Min Read
NEW YORK (Reuters) - Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.
Brent crude futures LCOc1 fell $2.35, or 3 percent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 percent this week, its largest weekly drop since early April. The contract hit its highest since late 2014 at $80.50 last week.
U.S. West Texas Intermediate (WTI) crude CLc1 slumped $2.83, or 4 percent, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9 percent, its biggest loss since early February, a sharp course reversal after six weeks of gains.
The discount of WTI to Brent WTCLc1-LCOc1 hit $8.60 per barrel, its widest since May 17, and not far off levels last seen three years ago.
The energy ministers of Russia and Saudi Arabia met in St. Petersburg to review the terms of a global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.
The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters. An employee works on highly viscous oil production at the Ashalchinskoye oil field owned by Russia's oil producer Tatneft near Almetyevsk, in the republic of Tatarstan, Russia, July 27, 2017. Picture taken July 27, 2017. REUTERS/Sergei Karpukhin
Russia’s energy minister said oil ministers from OPEC states and non-OPEC countries participating in a deal to cut output would likely decide to gradually ease curbs at their meeting in Vienna next month.
“After hitting that $80 level, which is a psychological level, we were seeing a little bit of a pull-back yesterday, and then rhetoric out of Saudi and Russia has only exacerbated the sell-off today,” said Matt Smith, director of commodity research at ClipperData.
Global crude inventories have fallen over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production.
The prospect of renewed sanctions on Iran after Trump pulled out of an international nuclear deal with Tehran has further supported prices in recent weeks.
This comes even as U.S. crude production has risen. The United States in February produced 10.3 million bpd, a record.
The U.S. oil rig count, an indicator of future production, rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co’s ( GE.N ) Baker Hughes energy services firm said. [RIG-OL-USA-BHI] Additional reporting by Ron Bousso in London, and Henning Gloystein and Roslan Khasawneh in Singapore; Editing by Marguerita Choy and Chris Reese | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-oil/oil-prices-ease-after-russia-says-it-may-gradually-raise-output-idUSKCN1IQ03C |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.