text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
Amazon has gotten into the grocery business, streaming sports and now … horse racing. The internet giant is sponsoring a horse in Saturday's Kentucky Derby .
The reason? The horse's name is Audible. Just like the audiobook company Amazon owns.
"We started seeing Audible pop up in news feeds in February," said the book company's marketing chief John Harrobin. "And we noticed, 'Wait, this isn't us.'"
Intrigued, Harrobin called WinStar Farms, where Audible trains, and spoke with the owner about a possible partnership. At first, it began as a charity agreement. Amazon donated $15,000 to the nonprofit organization Thoroughbred Aftercare Alliance in return for some promotional rights.
Harrobin says when he called, the main owner of the farm didn't even know about Audible Books. He says Audible was named after the football play, "calling the option."
The 3-year-old horse, trained by Todd Pletcher, has finished first in his last four races. But it was the Florida Derby at the end of March that sealed the deal and meant Audible was getting marquee exposure — the Kentucky Derby.
Amazon decided this was too good of a story to pass up. It called WinStar Farms and made it official.
Currently one of the frontrunners , with 8-1 odds to win the Run for the Roses, the horse and his jockey will now be dressed in Amazon's Audible signage.
"We thought this could be a good story and our listeners love a good story," said Harrobin.
Internally, it's been dubbed "Project Neigh," and Amazon is having a blast with it. It has created social media and marketing campaigns around the horse and even scheduled a company-wide happy hour with a Kentucky Derby theme.
The company has launched an interactive game, asking players to guess whether it's an Audible book or a racehorse, and has built a special section on its website dedicated to horse-related audiobooks.
"We thought this could be a cultural moment that we can be a part of," Harrobin said.
If this once-dark horse goes on to win it big, Audible says they will give away Joe Drape's New York Times best-seller "American Pharoah" for free. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/amazon-gallops-into-the-kentucky-derby.html |
WARSAW, May 5 (Reuters) - Two of seven Polish coal miners missing underground after an earthquake have been rescued, a spokeswoman for mine owner JSW said, adding they were hurt but conscious.
“They have asked for help and they will be carried out on stretchers,” Katarzyna Jablonska-Bajer told a news conference.
It was not yet possible to assess the scale of their injuries, she said.
Reporting by Marcin Goettig and Pawel Sobczak; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/poland-miners-jsw/two-of-seven-missing-polish-miners-rescued-mine-owner-idUSL8N1SC0D9 |
BOGOTA (Reuters) - With Colombia’s oil revenues flagging and its economy struggling to regain momentum, whoever wins its presidential election faces a challenge to retain the country’s investment grade credit rating, with precious little room for maneuver.
Colombian presidential candidate Gustavo Petro speaks to supporters from the Liberal Party during a meeting at a hotel in Bogota, Colombia May 22, 2018. REUTERS/Henry Romero Colombians go to the polls on Sunday in an election pitting right-wing frontrunner Ivan Duque against second-placed Gustavo Petro, a leftist former guerrilla and ex-mayor of Bogota.
With several other candidates taking part, the race to replace President Juan Manuel Santos at the helm of Latin America’s fourth-largest economy will almost certainly go to a second round in June.
While Petro’s pledges to hike taxes on the rich and raise social spending have unsettled some investors, there are concerns that even Duque’s more business-friendly agenda of cutting tax rates may worsen the existing budget gap.
“If the government doesn’t show fiscal consolidation in the first six months ... Moody’s and Fitch downgrade us,” said Munir Jalil, chief economist at Citibank. “Investors will leave and generate a serious balance of payments problem.”
Colombia’s $324 billion economy is only tepidly recovering from a series of setbacks during Santos’ two terms.
Gross domestic product growth is projected to reach 2.7 percent this year from 1.8 percent in 2017, but that remains below potential. Economists are concerned the recovery could be stymied if consumers are spooked, external shocks roil the economy or inflation surges.
Whoever wins the presidency faces the difficult task of pushing unpopular fiscal changes through a divided Congress - including an overhaul of the pension system - while bolstering sluggish growth.
Anything less and Colombia risks losing its investment grade, economists say, barring many foreign investors from holding its debt and driving up borrowing costs.
Foreign investment funds are the largest holders of local public debt, with about $25.5 billion, or 26.4 percent of the total.
Fitch ratings agency maintained Colombia’s BBB rating with a stable outlook this month but warned it will be tough to achieve next year’s budget deficit target of 2.4 percent if additional measures are not taken. The deficit is forecast at 3.1 percent this year.
In December, S&P downgraded Colombia’s credit rating to BBB-, one notch above junk, and in February Moody’s revised its outlook to negative from stable. Colombia relaxed its deficit targets on May 9, a move Moody’s said could affect its rating.
Under multi-year budget targets, the new government must still lower the fiscal deficit by 2022 to 1.5 percent.
That is no easy feat given costs associated with a 2016 peace accord with Marxist FARC rebels as well as promised spending by candidates on health and education.
“The next government is, in economic terms, more important than the previous three because of the fiscal constraints we’re in,” said Hernando Zuleta, director of economic development studies at the University of the Andes.
FUNDING HOLE Duque is a protege of former President Alvaro Uribe, who presided over record foreign investment, a buoyant economy and soaring stock market during his 2002 to 2010 administration.
A former Inter-American Development Bank official with around 42 percent support in opinion polls, Duque has promised to streamline taxation, reduce the tax burden on companies and households, slash evasion by 50 percent, exempt capital goods imports and abolish duties which distort markets.
He says tax cuts will help foster growth but investors worry how he will fill the revenue gap.
Petro, on the other hand, wants a complete tax overhaul to raise duties on dividends and wealthy people and companies, while reducing the burden on families and eliminating loopholes used by the rich.
Investors question if that will be sufficient to pay for his education, health and urban infrastructure plans.
Petro, who has around 30 percent support in opinion polls, also plans to gradually eliminate oil, coal and gas extraction and replace them with clean energy - something economists say would leave a massive funding hole.
Opinion polls in Colombia are historically unreliable and centrist Sergio Fajardo and center-right German Vargas, polling at around 16 percent and 7 percent respectively, are also both in with a shot of reaching the run-off.
Regardless of who wins, most agree the new president will have to diversify the economy away from its reliance on oil revenues, which fell 40 percent in the last three years because of weak prices and declining volume.
Exports slid from about $62 billion in 2012 to $38 billion last year.
The mining and energy sector, once a darling of foreign investors, has lost its luster as shifting environmental rules, delays in obtaining permits and local community resistance leave many projects stuck on paper.
“The next government has to promote tax competitiveness in the (oil) sector ... and guarantee the stability of legal and economic conditions,” said Marcela Vaca, general director of oil company GeoPark in Colombia. “Only then will companies that bet on Colombia be able to continue investing.”
But Congress will not make reform easy.
The new legislature elected in March, while majority right-wing, reflects Colombia’s polarization following the FARC peace accord, as the left emerges as a political force. A Petro triumph would be particularly complicated.
“There would be gridlock if we have a president with an agenda that is contrary to Congress and the courts,” said Jaime Trujillo, Baker McKenzie’s director for Latin America. “It would be a highly conflictive and highly inefficient government.”
(For a graphic on elections in Latin America click tmsnrt.rs/2rAQ4l1 )
Reporting by Helen Murphy and Nelson Bocanegra; Editing by Julia Symmes Cobb, Daniel Flynn and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election-economy/colombia-faces-challenge-to-avoid-debt-downgrade-whoever-wins-vote-idUSKCN1IO2D9 |
TORONTO, May 8, 2018 /PRNewswire/ - IAMGOLD Corporation ("IAMGOLD" or the "Company") today announced that shareholder voting at the Company's annual meeting of shareholders on May 8, 2018, has resulted in the election of all the directors listed as nominees in management's information circular dated March 28, 2018.
Results of the shareholder voting were as follows:
Nominee
Votes For
% For
Votes Withheld
% Withheld
John E. Caldwell
282,530,711
98.92
3,080,000
1.08
Donald K. Charter
269,077,644
94.21
16,533,067
5.79
Richard J. Hall
283,291,515
99.19
2,319,196
0.81
Stephen J. J. Letwin
275,032,526
96.30
10,578,185
3.70
Mahendra Naik
262,194,003
91.80
23,416,708
8.20
Timothy R. Snider
280,702,106
98.28
4,908,605
1.72
Sybil E. Veenman
282,287,109
98.84
3,323,602
1.16
About IAMGOLD
IAMGOLD ( www.iamgold.com ) is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. IAMGOLD is in a strong financial position with extensive management and operational expertise.
For further information please contact :
Ken Chernin, VP Investor Relations, IAMGOLD Corporation
Tel: (416) 360-4743 Mobile: (416) 388-6883
Laura Young , Director Investor Relations, IAMGOLD Corporation
Tel: (416) 933-4952 Mobile: (416) 670-3815
Martin Dumont , Senior Analyst Investor Relations, IAMGOLD Corporation
Tel: (416) 933-5783 Mobile: (647) 967-9942
Toll-free: 1-888-464-9999 [email protected]
Please note:
This entire news release may be accessed via fax, e-mail, IAMGOLD's website at www.iamgold.com and through CNW Group's website at www.newswire.ca . All material information on IAMGOLD can be found at www.sedar.com or at www.sec.gov .
Si vous désirez obtenir la version française de ce communiqué, veuillez consulter le http://www.iamgold.com/French/accueil/default.aspx
View original content: http://www.prnewswire.com/news-releases/iamgold-shareholders-re-elect-board-of-directors-300645060.html
SOURCE IAMGOLD Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-iamgold-shareholders-re-elect-board-of-directors.html |
May 3, 2018 / 10:44 AM / Updated 8 hours ago Born in a dishwasher drawer, an Italian spin on currency mining Silvia Ognibene 4 Min Read
FLORENCE, Italy (Reuters) - Two Italian entrepreneurs are raising up to 20 million euros ($25 million) as they try to carve out a new niche in crypto-currency mining - a dream that began in a dishwasher drawer. A "Mining rig" computer server is pictured in Bitminer Factory in Florence, Italy, April 6, 2018. Picture taken April 6, 2018. REUTERS/Alessandro Bianchi
Gabriele Angeli, 34, and Gabriele Stampa, 43, are founders of Florence-based Bitminer Factory, Italy’s largest currency-mining host, which has developed a computer “rig” they hope will underpin a plan to forge a unusual business model.
Mining cryptocurrencies such as Bitcoin requires the use of powerful computers to solve complex problems to complete, verify and record transactions in these virtual currencies. In return, miners are issued with new units of cryptocurrency as a reward.
In eight months of operation, the “Bitminer 8” has helped to attract 140 miners to their mining operation on the outskirts of the elegant Renaissance city, which for several centuries from the Middle Ages served as a mint for European coinage.
Their next step, using the proceeds of their initial coin offering, is to take the Bitminer 8 on the road, installing the machines in shipping containers and enabling miners to move them by truck to cheap power sources across Europe.
“With the mobile farm we want to conquer Europe,” Angeli said. “It will allow us to export our business model which we’ve been experimenting with here in Florence.” Gabriele Stampa, Alberto and Gabriele Angeli (R-L), the founders of the Bitminer Factory, pose with a client, Antonio Mazzitelli, in Florence, Italy, April 6, 2018. Picture taken April 6, 2018. REUTERS/Alessandro Bianchi
The enterprise is built on the Bitminer 8 machine, which began as a prototype assembled in a dishwasher drawer from off-the-shelf computer parts. It is aimed at those targeting currencies other than Bitcoin, the most challenging to mine.
Bitcoin mining needs more computational power and energy than other cryptocurrencies and the supply of Bitcoin rigs is dominated by large manufacturers such as China’s Bitmain Technologies and Canaan Creative, and U.S.-based Bitfury.
By contrast, miners of other cryptocurrencies require less sophisticated rigs, and the market is more open to smaller firms like Bitminer, whose modern-day Florentine mint is powered by renewable energy and housed in a drab industrial building.
Angeli said he and his business partner planned to use the proceeds of their fund-raising to open a new mining center in southern Italy this year, and push into what they call “mobile farms”, rigs that are housed inside shipping containers. Slideshow (11 Images)
They ultimately want to list on the London stock exchange’s junior board, AIM, within two years, by converting into shares the digital coins issued in their fund-raising this month.
The pair’s business model has drawn scepticism, however.
Ferdinando Maria Ametrano, an expert on cryptocurrencies at Milan’s Bicocca university, said the market to supply computer rigs for non-Bitcoin mining required fewer economies of scale and was open to much more competition.
He also wondered why Bitminer Factory would sell its machines and hosting services to other miners when it could use them exclusively instead.“If they are profitable, why do they sell the service to someone else?” Maria Ametrano said.
Angeli and his business partner, Gabriele Stampa, said their sales of computer rigs and hosting services generated much more income - about 5 million euros in the first quarter of this year - than their own proprietary mining operations.
“We are creating a market that we control,” Stampa said. “We and our miners continue to earn cryptocurrency from our plants.”
($1 = 0.8117 euros) | ashraq/financial-news-articles | https://www.reuters.com/article/us-crypto-currencies-italy/born-in-a-dishwasher-drawer-an-italian-spin-on-currency-mining-idUSKBN1I413U |
HSBC, BNP, SocGen stumble on weak results 8:28am EDT - 01:49
Investors punish HSBC shares despite an announcement of a possible $2 billion share buyback and, as Silvia Antonioli reports, Societe Generale and BNP Paribas both fall sharply on disappointment over a weak-looking set of first-quarter results.
Investors punish HSBC shares despite an announcement of a possible $2 billion share buyback and, as Silvia Antonioli reports, Societe Generale and BNP Paribas both fall sharply on disappointment over a weak-looking set of first-quarter results. //reut.rs/2FHpL10 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/04/hsbc-bnp-socgen-stumble-on-weak-results?videoId=423800812 |
TOKYO, May 15 (Reuters) - SoftBank Group Corp Chief Executive Masayoshi Son said on Tuesday a second Vision Fund would be set up in the near future, adding that investment for the new fund could come from investors in the first fund or from institutional investors.
“Vision Fund 2 will definitely come,” Son told a conference in Tokyo, with the timing of it “in the near future”. He said the fund won’t be launched in the next six months.
Institutional investors were showing interest in investing, he added.
The Vision Fund is the world’s largest private equity fund, standing, as of last May, at over $93 billion. (Reporting by Sam Nussey; Editing by Muralikumar Anantharaman)
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-conference-son-softbank-group/softbanks-son-says-new-vision-fund-to-be-set-up-in-near-future-idUSL3N1SM3MK |
Delta employees debuted new uniforms on May 29.
On an airplane, every inch counts.
Travelers may immediately think of the loss of precious legroom over the years but Delta Air Lines is cutting an inch off of somewhere else: flight attendants' shoes.
The second-largest U.S. carrier is debuting new uniforms, including "passport plum" dresses and "groundspeed graphite" vests for flight attendants and more than a dozen other pieces for 64,000 employees around the world on Tuesday.
Detail of new Delta flight attendant uniform. (Source: Delta Air Lines)
So what doesn't go with the new Zac Posen uniforms, the airline's first redesign for "above wing" employees — flight attendants, lounge attendants, and ticketing and gate agents — since 2006? Four-inch heels. Courtesy Delta Air Lines Delta's new uniforms in "Passport Plum."
The airline is shaving an inch off the maximum heel height for the footwear of its more than 22,000 flight attendants from four inches to three inches, a Delta spokesperson said. Source: Delta Airlines Delta employees debuted new uniforms on May 29.
The decision was based on feedback from employees and advice from a podiatrist, the spokesperson added. Delta said it collected 30,000 surveys from employees about the uniforms themselves. Source: Delta Airlines Delta Airlines unveils new male flight attendant uniform.
The minimum heel height for Delta flight attendants remains a half an inch, for when they are making their way to their aircraft, but they can change into flat shoes, including ballet flats, on board, where workdays are physical and long, from pushing heavy food-and-beverage carts through the aisle to helping passengers find coveted overhead bin space for their overstuffed carry-on bags. Source: Delta Airlines Delta Airlines flight attendant uniforms circa 2006.
Delta flight attendants can also wear boots with pants, and opt for different footwear altogether with a doctor's note. Sales of high heels have slumped broadly, recent retail data show , amid concerns of the physical impact of these shoes as consumers consumers shift toward more comfortable apparel and footwear. Source: Delta Flight Museum
Men have similar requirements, and shoes must be solid, smooth black leather. No hiking boots, or ornaments, such as metallic embellishments.
Delta uniforms from the late 1960s. (Source: Delta Air Lines)
United Airlines requires separate heels of at least an inch but no more than three inches, or flats with pants only. In-flight shoes must have a heel of at least one-quarter of an inch, according to the Association of Flight Attendants, the labor union representing United's flight attendants. On Alaska Airlines , flight attendants' heels can also be no higher than three inches, and flats are acceptable once the cabin door is closed, the airline said.
Correction : An earlier version of this story said Alaska Airlines' maximum heel height is four inches. It is three inches. It also referred to the color of Delta's uniforms as "passport purple" instead of "passport plum" and the labor union representing United's flight attendants is the Association of Flight Attendants, not the Association of Professional Flight Attendants. Leslie Josephs Airline Reporter for CNBC.com Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/delta-air-lines-new-zac-posen-uniforms-will-go-with-shorter-heels.html |
May 23, 2018 / 12:06 PM / Updated 27 minutes ago Uber widens health cover in Europe as new CEO meets France's Macron Mathieu Rosemain , Gwénaëlle Barzic 3 Min Read
PARIS (Reuters) - Uber plans to offer all its European drivers an upgraded version of the health insurance it already provides in France in a drive to attract independent workers and fend off criticism over their treatment. FILE PHOTO: Dara Khosrowshahi, Chief Executive Officer (CEO) of Uber Technologies, speaks with the media in New Delhi, India, February 22, 2018. REUTERS/Saumya Khandelwal
The San Francisco-based taxi app, which tied up with insurer AXA last year to offer French drivers accident cover, said the scheme will include other European countries and a maternity/paternity payment from June 1.
Uber’s new chief executive Dara Khosrowshahi is scheduled to meet French President Emmanuel Macron on Wednesday, ahead of so-called “Tech for Good” workshops with the heads of tech giants Facebook, Microsoft and IBM.
The app is striving to shore up its image after allegations of sexual harassment and mistreatment of drivers led to the resignation of its former boss Travis Kalanick last year.
Uber has been challenged by lawmakers, workers’ rights advocates and the established taxi industry who say it undercuts rival services because it uses independent workers who do not enjoy the same rights and benefits as permanent employees.
NO-COST BENEFITS
Uber said on its blog that so-called Partner Protection will be made available for more than 150,000 drivers and couriers at no cost and will be provided in 21 European countries, including Britain, France, Germany, Italy and Spain.
And “off-trip coverage” will include a single payment of 1,000 euros to men and women for the birth of a new child.
For severe accidents while working, drivers will receive up to 50,000 euros if they are left permanently unable to work.
Other benefits include the payment of medical costs incurred outside of the free healthcare and the single payment of up to 1,000 euros for a 24-hour hospitalization.
Drivers who are temporarily unable to work will be compensated for up to 30 days if the accident occurs during their work. The compensation will vary by country and be based on 80 percent of the driver’s median gross daily earnings.
Uber is also appealing a decision by London’s transport regulator last September to strip it of its licence after it was deemed unfit to run a taxi service. Reporting by Mathieu Rosemain and Gwenaelle Barzic in PARIS; Additional reporting by Costas Pitas in LONDON; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-tech-uber-axa-sa/uber-widens-health-cover-in-europe-as-new-ceo-meets-frances-macron-idUKKCN1IO1O3 |
JOHANNESBURG (Reuters) - The leader of South Africa’s North West province resigned on Wednesday in the face of pressure from President Cyril Ramaphosa and weeks of violent protests against his rule over the platinum-rich region.
The pressure on Supra Mahumapelo is evidence of Ramaphosa’s drive to root out graft since he replaced former president Jacob Zuma in February. Ramaphosa met Mahumapelo, who is an ally of Zuma, to try to persuade him to step down.
Protesters took to the streets of the province’s capital Mahikeng in April demanding Mahumapelo’s resignation and accusing him of mishandling state tenders and overseeing the collapse of the local health system.
Mahumapelo initially refused to step down, saying he was being unfairly targeted for supporting Zuma’s ex-wife in the closely fought race for leader of the African National Congress (ANC) won by Ramaphosa in December.
The length of the tussle over Mahumapelo’s tenure shows Ramaphosa’s cautious leadership style and the power that Zuma loyalists retain within the ANC, which is Africa’s oldest liberation movement.
Mahumapelo denies wrongdoing and said he yielded to pressure to resign to dispel fears that he could influence dozens of investigations into mismanagement in the province.
“I think it will be better for one to go on early retirement,” Mahumapelo told a news conference at the ANC’s headquarters in downtown Johannesburg.
He has led North West since 2014 and defended his record on the region’s economy, which he said was growing at over 2 percent. He accused “counter-revolutionaries” of stirring up public anger against his rule.
ANC Secretary General Ace Magashule, one of the party’s top six most powerful officials who is also seen as being close to Zuma, told the same news conference that the ruling party supported Mahumapelo’s resignation.
Ramaphosa placed the North West under central government control earlier this month and deployed army medics to hospitals to treat patients after cutting short a visit to a Commonwealth summit in Britain to travel to the province.
Police last month fired tear gas at protesters who blocked roads, set alight cars and looted shops in and around Mahikeng.
Jessie Duarte, ANC Deputy Secretary General, said the national government would remain in control of the North West while it got to the bottom of the problems there.
She said the ANC was united behind Ramaphosa and dismissed talk of a lingering struggle for control of the party between rival factions.
“We have to move forward,” Duarte said. “For the next five years this is the leadership of the ANC led by President Cyril Ramaphosa.”
Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-politics/south-african-provincial-premier-steps-down-after-anti-graft-protests-idUSKCN1IO1L8 |
As Asian governments invest in automation, many are concerned about a spillover effect on jobs and education.
It's imperative for the region to protect workers, instruct societies about disruptive technologies and harness private sector funds in the process, experts said at a CNBC-hosted debate during the Asian Development Bank's annual gathering in Manila on Friday.
Home to many developing countries that are skipping traditional stages of digital development to embrace advanced solutions such as big data, Asia is increasingly creating smart cities reliant on the Internet of Things.
But that could hit blue-collar workers, with situations such as truck drivers losing their jobs to driverless vehicles, Sri Lankan Minister of Finance and Mass Media Mangala Samaraweera warned.
As an emerging economy, "we need to explore more serious options to mitigate those challenges ... How are we going to absorb thousands of people who may lose their jobs to automation?" he said. "The choice is whether we enter into what I call an Athenian age of innovation or enter another period of high unemployment and anarchy," he continued.
The Asian Development Bank, an institution that provides funds and technical assistance to members for economic development, has a more optimistic view on the situation.
New technologies can generate new occupations, said Takehiko Nakao, the bank's president: "If there is more AI usage, there will be more work created."
Robotics and artificial intelligence are bound to displace certain jobs, but they will also "unleash countervailing forces that generate more jobs," the ADB said in an April report. Task automation will restructure jobs in a way so that machines handle only the routine tasks, freeing up workers to focus on complex procedures that can result in improved productivity, it continued.
"The next technological change is going to come from a scientist, not a robot," said Nandita Parshad, managing director for energy and natural resources at the European Bank for Reconstruction and Development: "Right now, we need all the human brains behind technology."
But governments can't implement disruptive systems without providing proper training on best practices, Friday's panelists said.
"It isn't a matter of simply installing devices to educate people on technology," said Minette Navarrete, president of Kickstart Ventures, the corporate venture capital subsidiary of Philippine telecommunications firm Globe Telecom .
Her company had donated computers to a public school, and, a year later, they were still in their boxes because the school lacked technicians, electrification and training for teachers on how to use the equipment, she recounted. Investment isn't only required in hardware, but also in people, she said.
Sri Lanka, for example, is currently in the midst of providing free tablets to rural school children and installing internet connectivity in villages, said Samaraweera. "It's easy to find money to provide free tablets but those who use it should be capable of using it for good, this is the challenge of our times," he said.
On the topic of financing, panelists said it's unrealistic to assume Asia's public sector can foot the bill for digitalization.
Governments "have to make it interesting for the private sector to come in," said Parshad: "Public and private need to work together to reach as much scale as possible."
"The hope is to find socially responsible investors," echoed Navarrete, who recommended private players take long-term time frames, such as 10 years, when considering the potential returns on investment as well as impact on society. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/technology-is-a-double-edged-sword-for-asia-adb-debate-in-manila.html |
Stacey Abrams may be on the brink of making history.
The former state House minority leader defeated former state Rep. Stacey Evans in the Democratic primary in Georgia’s gubernatorial race on Tuesday, making her the first black woman in the nation’s history to be a major party’s nominee for governor.
Abrams’ opponent in the general election will be either Lt. Gov. Casey Cagle or Georgia Secretary of State Brian Kemp. Cagle and Kemp will face each other in a runoff for the Republican nomination in July since all of the candidates failed to receive more than 50% of the vote on Tuesday.
If Abrams wins, she will become the first black woman to be elected governor in the U.S., as well as the first black governor and first female governor to serve in Georgia.
You did it. #TeamAbrams just won our primary election, and this victory belongs to you. https://t.co/0FZeKR2Ea8 #GAGov #gapol pic.twitter.com/NbHvXwWAhk
— Stacey Abrams (@staceyabrams) May 23, 2018
Armed with endorsements from the likes of Emily’s List, Planned Parenthood, Hillary Clinton, Bernie Sanders, and campaign support from New Jersey Sen. Cory Booker and California Sen. Kamala Harris, Abrams will face an uphill battle in November.
Georgia hasn’t elected a black governor since reconstruction. Non-Hispanic white voters comprise 53% of the state’s population —a bloc that tends to vote in large numbers. Young and nonwhite Georgians, despite comprising a growing share of the population, do not reliably vote in non-presidential elections, and some are not registered at all, according to The New York Times . Nevertheless, Abrams hopes to energize this latter group, as white and rural Georgians have largely abandoned the Democratic Party.
Abrams will also need to gain support from white women in order to win in November, according to The Times . While white women have helped other Democrats win in a number of primaries and special elections since 2016, nearly 7 in 10 voted for Trump in Georgia.
If Abrams succeeds in driving nonwhite voter turnout and gaining some of the white female vote, she would join just three other black women who are serving in state elected executive offices right now: Jenean Hampton, the Republican lieutenant governor of Kentucky and Democrats Denise Nappier and Sheila Oliver, who are serving as Connecticut State Treasurer and New Jersey Lt. Gov., respectively. | ashraq/financial-news-articles | http://fortune.com/2018/05/23/stacey-abrams-georgia-governor-general-election/ |
SAN FRANCISCO (AP) — Google says it will do a better job of verifying the identity of political ad buyers in the U.S. by requiring a government-issued ID and other key information.
Google will also require ad buyers to disclose who is paying for the ad. Google executive Kent Walker is repeating a pledge he made in November to create a library of such ads that will be searchable by anyone. The goal is to have this ready this summer.
Google's blog post comes short of declaring support for the Honest Ads Act, a bill that would impose disclosure requirements on online ads, similar to what's required for television and other media. Facebook and Twitter support that bill.
Google didn't immediately provide details on how the ID verification would work for online ad buys. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-google-to-verify-identity-of-us-political-ad-buyers.html |
As the graduating class of Marjory Stoneman Douglas High School prepares to don cap and gown this Sunday and close out a year that marked them indelibly, many members are plotting how to keep their nascent movement alive and passing the baton to younger peers who can fill their stead.
For the students at the Parkland, Fla., high school where a gunman killed 17 people in February, it was a year of carnage, loss and grief. But it also was a year that gave birth to the #NeverAgain movement, which successfully pressed Florida... RELATED VIDEO 'This Day Matters to Us:' Parkland Students on the School Walkout Students from Marjory Stoneman Douglas High School talked to The Wall Street Journal about the school walkouts nationwide. | ashraq/financial-news-articles | https://www.wsj.com/articles/parkland-fla-students-prepare-for-graduation-with-eye-on-movements-future-1527759000 |
Pharmaceutical companies that spend billions of dollars to develop new drugs do not want competitors to profit from inexpensive generic copies of blockbuster medicines. To avoid rivals, they fight for patent extensions, seek new uses for old products and, sometimes, prevent generic drug companies from obtaining samples.
Dr. Scott Gottlieb, the commissioner of the Food and Drug Administration, calls this "gaming the system," and has vowed to stop it as part of the government's campaign to lower drug prices.
On Thursday, the F.D.A. took a new tack and began posting a list of makers of brand-name drugs that have been the target of complaints, to persuade them to "end the shenanigans," in the commissioner's words.
More from the New York Times:
Drug companies 'shenanigans' to block generic come under federal scrutiny
6 takeaways from Trump's plans to try to lower drugs prices
Teva settles cephalon generics case with FTC for $1.2 billion
Dr. Gottlieb calls it transparency, but this approach is better known among ethicists as naming and shaming.
Congressional efforts to force the companies to hand over samples of their drugs to generic competitors have not been successful. Recent proposals to ensure generic access to drug samples would save the federal government $3.8 billion over 10 years, according to the Congressional Budget Office, partly by lowering Medicare and Medicaid spending on prescription drugs.
The Federal Trade Commission has also been investigating the practice.
Some brand-name drug makers say the legislation is not needed. The F.D.A. has been speeding up approval of generic drugs, and nearly 90 percent of prescriptions are filled with generic drugs.
But others point to the ways in which major pharmaceutical companies have managed to keep patents on certain expensive drugs for years longer than necessary.
Generic drug developers usually need between 1,500 to 5,000 units of the brand drug to develop their product and test it, to show that it is effective and can be absorbed at the same rate as the brand drug, according to the agency. Both the F.D.A. and the Federal Trade Commission say securing the samples can be difficult, because major drug firms can invoke safety concerns — real or unreal — to avoid providing the materials.
The F.D.A.'s new list includes drug companies the agency said may be pursuing gaming tactics to delay generic competition. Along with the name of each business, the agency noted how many inquiries it received from generic drug companies seeking supplies. The names of the generic companies were not provided.
While Celgene tops the list, other companies that the F.D.A. named as the subject of complaints included GlaxoSmithKline , Pfizer , Valeant Pharmaceuticals International , BioMarin Pharmaceutical , Gilead Sciences and Novartis Pharmaceuticals .
Celgene, which makes drugs to treat cancer and immune-inflammatory diseases, was named as the subject of 31 inquiries from companies seeking access to Revlimid (lenalidomide), its treatment for multiple myeloma and related diseases; Pomalyst (pomalidomide); and Thalomid (thalidomide).
Celgene has been embroiled in lawsuits for several years with companies seeking access to the drugs. It recently sued Dr. Reddy's Laboratories Ltd., an Indian company, to block it from selling generic copies of Revlimid, the company's biggest product, and has been fending off an attempt by Mylan to also get into the generic Revlimid business. At a court hearing last year, a lawyer for Mylan, Jonathan M. Jacobson, told a federal district judge that the drug costs dying patients $20,000 a month — a price that would decline if generics were available.
Greg Geissman, a spokesman for Celgene, said the company had not prevented generic companies from obtaining their products.
"We have sold and will sell our groundbreaking products to generic manufacturers for the purposes of bioequivalence testing, subject to reasonable safety-related and business requirements," Mr. Geissman said. "Generic versions of Thalomid and Revlimid are expected to enter the market in coming years."
Geissman also said that Celgene supports federal efforts to promote access to samples at reasonable prices, as long as there is appropriate safety and liability protection for the seller.
The next biggest target, with 26 inquiries, is Actelion Pharmaceuticals Ltd., a Johnson & Johnson company, which is accused of blocking access to four drugs. There were 14 inquiries about getting supplies of Tracleer (bosentan), a medication prescribed for high blood pressure in the vessels of the lungs, known as pulmonary arterial hypertension. The F.D.A. also received eight complaints about lack of access to Opsumit (macitentan), which is also used to treat pulmonary arterial hypertension. There were also several complaints about a lack of access to Actelion's Zavesca (miglustat) and Veletri (epoprostenol sodium). Veletri is also used to treat pulmonary arterial hypertension and Zavesca is indicated for Gaucher disease.
An average one-month supply of Tracleer costs just over $12,000, and a supply of Opsumit runs $8,900 to $10,000, according to GoodRx, which tracks drug prices. Both prices are based on the patient presenting a free discount coupon.
Many pharmaceutical companies sell both brand-name and generic drugs, leading to a situation in which a company like Mylan, still fighting Celgene in court, can be on the receiving end of generic company complaints.
The F.D.A.'s list of shame notes three inquiries from companies trying to get access to Mylan's Amnesteem (isotretinoin), used to treat severe cystic acne that has not responded to antibiotic treatment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/fda-names-and-shames-drug-makers-to-encourage-generic-competition.html |
May 2 (Reuters) - ASIT BIOTECH SA:
* ANNOUNCES VALIDATION OF ITS PATIENT BLOOD CELL IN VITRO SELECTION PLATFORM FOR ITS NEW PRODUCT CANDIDATES AND FILING OF A EUROPEAN PATENT APPLICATION
* DURING A FIRST PHASE III TRIAL DURING A FIRST PHASE III TRIAL (BTT009) CLINICAL EFFICACY OF GP-ASIT+ WAS STATISTICALLY SIGNIFICANTLY CONFIRMED
* EFFICACY WAS SUPPORTED BY IMMUNOLOGICAL RESULTS OBTAI EFFICACY WAS SUPPORTED BY IMMUNOLOGICAL RESULTS OBTAINED ON GROUP OF PATIENTS TREATED AT GHENT UNIVERSITY HOSPITAL
* SELECTION METHOD DEVELOPED BY ASIT BIOTECH HAS BEEN CLAIMED IN A PATENT APPLICATION FILED IN EUROPE ON 30 APRIL 2018
* PATENT SAFEGUARDS ASIT BIOTECH’S FUTURE DEVELOPMENTS Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-asit-biotech-announces-validation/brief-asit-biotech-announces-validation-of-its-patient-blood-cell-in-vitro-selection-platform-idUSFWN1S80RE |
GOOSE CREEK, S.C.--(BUSINESS WIRE)-- JW Aluminum Continuous Cast Company (collectively with its subsidiaries, the “Company”), a wholly-owned subsidiary of JW Aluminum Holding Corp., today priced an offering of $285 million aggregate principal amount of 10.25% Senior Secured Notes due 2026 (the “Notes”) at par. The Notes are being offered in a private offering that is exempt from the registration requirements of the Securities Act of 1933 (the “Securities Act”). The Company is offering the Notes to qualified institutional buyers in accordance with Rule 144A or outside the United States in accordance with Regulation S under the Securities Act.
The net proceeds from the offering will be used to repay the Company’s $151.0 million secured term loan and to modernize and refresh the Company’s capacity at its Mount Holly operation, which will include the installation of proven, state-of-the-art equipment expected to result in substantial operating cost savings and additional production capacity. Assuming successful completion of the offering, the Company will have no outstanding debt maturing prior to 2023.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the Notes, nor does it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The offer and sale of the Notes will not be registered under the Securities Act or applicable state securities laws, and the Notes are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the Notes cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
About JW Aluminum:
JW Aluminum manufactures specialty flat-rolled aluminum products including fin stock used by the heating and cooling industry, light gauge converter foil for the flexible packaging industry, honeycomb foil for the aerospace industry, bare and painted sheet products for window coverings and the building and construction markets, as well as other foil and sheet products.
JWA operates plants in Mt. Holly, South Carolina; St. Louis, Missouri; Russellville, Arkansas; and Williamsport, Pennsylvania.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180523005709/en/
JW Aluminum Continuous Cast Company
Rich Caruso, 843-764-8302
Chief Financial Officer
[email protected]
Source: JW Aluminum Continuous Cast Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/business-wire-jw-aluminum-announces-pricing-of-offering-of-285-million-of-senior-secured-notes.html |
May 9, 2018 / 10:11 AM / a minute ago Algeria's Sonatrach to buy ExxonMobil's Augusta refinery -Les Echos Reuters Staff 1 Min Read
LONDON, May 9 (Reuters) - Sonatrach plans to buy ExxonMobil’s 175,000 barrel-per-day Augusta refinery in Sicily, Italy, the head of Algeria’s state oil firm told French news outlet Les Echos on Wednesday.
Sonatrach will also buy three oil storage terminals in Italy, Abdelmoumen Ould Kaddour said, without giving details.
The deals will assure an outlet for Algerian crude and improve fuel supplies for the OPEC member, he said. Reporting by Julia Payne; editing by Jason Neely | ashraq/financial-news-articles | https://www.reuters.com/article/sonatrach-exxon-mobil/algerias-sonatrach-to-buy-exxonmobils-augusta-refinery-les-echos-idUSL8N1SG3YN |
JERUSALEM, May 24 (Reuters) - Bank Leumi, Israel’s second-largest lender, reported a smaller-than-expected rise in first-quarter profit, and said it was commencing a share buyback plan.
Leumi said on Thursday it earned 730 million shekels ($204.5 million) in the quarter, up from 622 million a year earlier. It had been forecast to earn 769 million shekels, according to a Reuters poll of analysts.
The bank said it will had completed preparations for a buyback of shares of up to 700 million shekels, and that it will distribute 292 million shekels in a quarterly dividend, equal to 40 percent of net profit.
Leumi plans to buy back its own shares between April 1, 2018 and March 31, 2019, subject to meeting a Tier 1 equity ratio of no less than 10.9 percent.
The bank’s Tier 1 ratio, which measures equity capital as a proportion of total risk-weighted assets, fell to 11.11 percent at the end of March from 11.43 percent at the end of 2017.
$1 = 3.5693 shekels Reporting by Ari Rabinovitch Editing by Steven Scheer
| ashraq/financial-news-articles | https://www.reuters.com/article/bank-leumi-results/israels-bank-leumi-q1-profit-up-to-start-buying-back-shares-idUSL5N1SU28X |
Dan Abrams, a television host, entrepreneur and a self-professed history buff, is listing his apartment in an 1830s-era Manhattan townhouse for $8.799 million.
“I always loved the fact that there was real history there,” he said. The founder of Abrams Media, which publishes the media and politics website Mediaite and others, Mr. Abrams also co-wrote a book on Abraham Lincoln.
Located... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/television-host-dan-abrams-lists-west-village-condominium-1525359815 |
1 COMMENTS BUJUMBURA, Burundi—Twenty-six people were killed and seven others were wounded in an attack by an unidentified terrorist group in rural Burundi, the country’s security minister said Saturday.
The attack came shortly before Burundians vote May 17 in a controversial referendum that could extend the president’s term. It wasn’t immediately clear if the attack was related, although some activists said they believe it was.
Speaking at the scene, Security Minister Alain Guillaume Bunyoni told reporters that 24 people were killed in their homes Friday night and two others died of their wounds at a local hospital. He gave no further details about the attack in Ruhagarika community in the northwestern province of Cibitoke.
One survivor told The Associated Press the attackers came around 10 p.m. and “attacked households and set fire on houses.” Some victims were hacked with machetes and others were shot or burned alive, she said.
Her husband and two children were killed, she said. She spoke on condition of anonymity, citing safety concerns.
“These killers attacked my family and I am very angry,” said another survivor, Pascal Hakizimana. “My family is dead and to make matters worse, the army did nothing to save them even when they were not far from here.”
A police officer said four of the families targeted were headed by people he called “police agents.”
“[The attackers] said when leaving, ‘Where are those you trust to rescue you?’” he said.
“This is extra-judiciary killings. What one can ask is this: Do we have to see innocent people killed whenever elections are near in Burundi?” said Gerard Hakizimana, leader of a pro-democracy civic group known as Folucon F.
President Pierre Nkuruniza, on Twitter, urged unity in the East African nation and said those who carried out the attack would be pursued and punished.
Burundi has seen deadly political violence since early 2015 when Mr. Nkurunziza successfully pursued a disputed third term. He later survived a coup attempt led by senior army and police officers, including some who fled and announced they had launched a rebel group against the government.
An estimated 1,200 people, including ruling-party supporters, have died in sporadic violence since April 2015, according to the United Nations, with most of the killings blamed on the authorities and their allies.
Now Burundians are being asked to vote on a proposal to extend the president’s term from five years to seven. That would allow Mr. Nkurunziza to govern for another 14 years when his current term expires in 2020.
Campaigns ahead of the referendum have been marred by hate speech, with one ruling party official sent to prison after he called for those who oppose the referendum to be drowned.
The U.S. earlier this month denounced “violence, intimidation, and harassment” against those thought to oppose the referendum and expressed concern about the “non-transparent process” of changing the constitution.
Human Rights Watch has noted “widespread impunity” for authorities and their allies, including the ruling party’s youth wing, as they try to swing the vote in the president’s favor.
Many in Burundi, a poor country that still relies heavily on foreign aid, worry that a new round of bloodshed will follow the referendum no matter what the result.
Already more than 400,000 people have fled the country since April 2015, according to the U.N.
Mr. Nkurunziza, a former rebel leader, rose to power in 2005 following the end of Burundi’s civil war that killed about 300,000 people. He was re-elected unopposed in 2010 after the opposition boycotted. He said he was eligible for a third term in 2015 because lawmakers, not the general population, chose him for his first term.
—Copyright 2018 The Associated Press | ashraq/financial-news-articles | https://www.wsj.com/articles/twenty-six-people-killed-in-burundi-ahead-of-referendum-on-presidential-term-1526160201 |
SÃO PAULO--(BUSINESS WIRE)-- Nexa Resources S.A. (NYSE:NEXA) (TSX:NEXA) ("Nexa” or the "Company") today reported operating and financial results for the first quarter of 2018 (“1Q18”) and reinforced its production and capex guidance for fiscal year 2018. We also filed our annual report on Form 20-F for the fiscal year ended December 31, 2017 and published a report with updated information relating to mineral reserves and resources estimates as of December 31, 2017.
Tito Martins, CEO of Nexa: “Our first quarter results benefited from higher metal sales volume and the consistent base metal prices, with average zinc prices surpassing USD3,400/ton in the 1Q18. Our USD 280 million investment program for this year is part of our strategy to reach new levels of production. Our updated mineral reserves and resources report shows a net increase of 8.9 million tonnes in reserves, reinforcing our long-term track record of converting resources into reserves and give Nexa the perspective of solid growth and value creation. The Aripuanã project was granted the preliminary environmental license from the Mato Grosso state environmental authority on April 25 th . The license is an important milestone that allow us to move ahead with our plan to start implementation before year-end. We have kept our financial discipline, focusing on the long-term sustainability of the business.”
THIS NEWS RELEASE DATED AS OF APRIL 30, 2018 SHOULD BE READ IN CONJUNCTION WITH THE EARNINGS RELEASE AND THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS OF NEXA AND THE NOTES THERETO AS AT AND FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2018. THIS DOCUMENT CONTAINS FORWARD-LOOKING STATEMENTS. PLEASE REFER TO THE CAUTIONARY LANGUAGE UNDER THE HEADING “CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS”.
Conference Call Wednesday, May 2, 2018 – 10am (ET) USA: +1-866-807-9684 Canada: +1-866-450-4696 Brazil: 0800-8910015 International: +1-412-317-5415
Documents:
www.nexaresources.com/investors
Highlights
Mining Performance:
Zinc equivalent 1 metal production in Nexa’s mining operations totaled 134.0kton 2 in 1Q18, slightly lower compared to 135.2kton in the same period of the previous year, representing a 0.9% reduction. The 4.1% increase (123 ktons) in the volume of treated ore, especially in El Porvenir, and the increase in copper and silver grades (3 bp and 2bp respectively) offset part of the reduction in zinc grades. The production by metal in 1Q18 totaled 87.2kton of zinc, 10.7kton of copper, 12.3kton of lead, 1,884koz of silver and 7.4koz of gold compared to 92.3kton of zinc, 9.4kton of copper, 11.8kton of lead, 1,706koz of silver and 8.0koz of gold in 1Q17. Per mine production on a zinc equivalent basis , during 1Q18, the Peruvian Cerro Lindo mine accounted for 43% of the total production, followed by Vazante, El Porvenir, Atacocha and Morro Agudo mines, accounting for 27%, 18%, 9% and 4%, respectively. Cash cost net of by-products credits was US$0.22/lb (or US$483.7/ton), a significant reduction of 42.7% in 1Q18 compared to 1Q17. Higher by-products credits and lower zinc treatment charges were the main drivers of this decrease. All-in sustaining cost net of by-products credits (“AISC” 3 ) also decreased in 1Q18, amounting to US$0.37/lb (or US$805.4/ton), 27.8% lower than in 1Q17.
Smelting Performance:
Metallic zinc sales in 1Q18 were 5.1% higher than in 1Q17, totaling 137.3kton supported by higher production in the quarter. Production and sales in the first half of 2017 were impacted by heavy rains and floods in Peru compared to a normalized smelting performance this quarter. Cash cost net of by-products credits increased by 30.3%, to US$1.43/lb (or US$3,163.4/ton) in 1Q18 compared to 1Q17, mostly due to higher raw material costs driven by higher zinc prices and lower treatment charges. Our cash cost net of by-products credits is measured in respect to zinc. AISC (5) increased by 26.1% in 1Q18, amounting to US$1.51/lb (or US$3,327.3/ton).
Projects and Operations Developments:
Aripuanã (greenfield) In April, 2018, Aripuanã was granted the Preliminary Environmental License which certifies that the project complies with the environmental standard requirements of projects with such characteristics. Project currently on FEL3 (feasibility study). As of March 31, 2018 the FEL3 is 58% completed and is expected to be completed in the second half of 2018.
Financial Performance:
Net revenues of US$676.2 million in 1Q18, 23.1% higher than in 1Q17, supported by higher metal prices and higher sales volumes from our smelters. Adjusted EBITDA of US$191.2 million in 1Q18 compared to US$144.1 in 1Q17 a 32.7% increase. Adjusted EBITDA margin of 28.3% in 1Q18 compared to 26.2% in 1Q17. Net Debt/Adj. EBITDA of 0.37x as of March 31, 2018. Average maturity of the total debt 4 of 6.6 years at an average cost of 5.0% as of March 31, 2018, with only 24% of total debt maturing within the next 5 years. Cash and cash equivalents added to the financial investments position of US$1.12 billion on March 31, 2018.
1
Consolidated mining production in kton of zinc equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade at 2017 average benchmark prices. The prices used for this conversion are: zinc: US$2,896/ton (US$1.31/lb); copper: US$6,166/ton (US$2.80/lb); lead: US$2,317/ton (US$1.05/lb); silver: US$17/oz; and gold: US$1,257/oz. Each ton is equivalent to 2,204.62 pounds.
2 kton refers to one thousand metric tons.
3 Zinc all-in sustaining cost net of by-products credits, in US$/lb. We updated our AISC calculations to include sustaining capital expenditures (“CAPEX”) and also health, safety and environment, tailing dams and other non-expansion related CAPEX. For AISC reconciliation, refer to our 1Q18 Earnings Release.
4 Our total debt refers to short and long term loans and financing (principal only).
US$ million 1Q18 4Q17 1Q17 1Q18 vs. 1Q17 Net Revenues 676.2 736.7 549.3 23.1% Adjusted EBITDA (a) 191.2 222.5 144.1 32.7% Adj. EBITDA Margin (a) 28.3% 30.2% 26.2% 210 bp Net Income 62.8 24.0 55.2 13.6% Avg # of outstanding shares (in ‘000) 133,320 127,527 112,821 18.2% EPS (in US$) (b) 0.41 0.10 0.44 -5.0% Net Debt 261.4 225.0 144.1 0.0% Net Debt / Adj. EBITDA 0.37 0.34 0.32 N/A CAPEX 33.0 66.9 30.7 7.6% Zn Eq Mining Production (c) 134.0 154.1 135.2 -0.9% Mining Cash Cost (d) 0.22 0.16 0.38 -42.7% Mining AISC (e) 0.37 0.38 0.51 -27.8% Metal Sales (f) 146.4 155.0 139.5 5.0% Smelting Cash Cost (e) 1.43 1.34 1.10 30.3% Smelting AISC (e) 1.51 1.48 1.20 26.1% (a) See “Use of Non-IFRS Financial Measures” below for further information
(b) Reflects revised EPS data for prior periods. See “Earnings Per Share” below for further information.
(c) Consolidated mining production in kton of Zinc Equivalent calculated by converting copper, lead, silver and gold contents to a zinc equivalent grade at 2017 average benchmark prices. The prices used for this conversion are: Zinc: US$2,896/ton; Copper: US$6,166/ton; Lead: US$2,317/ton; Silver: US$17/oz; Gold: US$1,257/oz.
(d) Zinc cash cost net of by-products credits, in US$/lb.
(e) Zinc AISC net of by-products credits, in US$/lb. We revised our AISC calculations in order to include not only sustaining CAPEX but also health, safety and environment/tailing dams and other non-expansion related capex.
(f) Consolidated sales of metallic zinc and zinc oxide (in kton of product volume).
Share Premium
The share premium is a capital reserve account of the net equity of a Luxembourg company and can be distributed to the Company’s shareholders. On February 15, 2018, the Board of Directors approved a share premium distribution in cash of approximately US$0.60 per ordinary share to shareholders of the Company of record at the close of business on March 14, 2018 and paid a total aggregate amount of US$80 million on March 28, 2018.
Corporate Highlights
On April 30, 2018 we filed our annual report on Form 20-F for the fiscal year ended December 31, 2017 and the publication of a report with updated information relating to mineral reserves and resources as of December 31, 2017 (“2017 YE MRMR Update”). Such report discloses estimated contained metal in the Proven and Probable Mineral Reserve categories estimated as of December 31, 2017 in accordance with the 2014 CIM (Canadian Institute of Mining. Metallurgy and Petroleum) Definition Standards, whose definitions are incorporated by reference in National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”) totaling an aggregate of contained metal in reserves of 3,897.2 thousand tonnes of zinc, 430.8 thousand tonnes of copper, 592.6 thousand tonnes of lead, 3,468,642 kilograms of silver and 2,919 kilograms of gold, representing an increase of 8.7% for zinc, 5.6% for copper, 6.6% for lead, 7.9% for silver and a 5.4% decrease in gold, in comparison to information provided in our previous 2017 publicly available technical reports on SEDAR ( www.sedar.com ) and on EDGAR ( www.sec.gov ).
Earnings Per Share
Earnings per share (“EPS”) in 1Q18 were US$0.41 compared to US$0.44 in 1Q17, a -5.0% decrease. We have identified an error in the calculation of EPS in our earnings reports and financial statements for prior periods. All EPS data for prior periods in this press release and in our 1Q18 Earnings Release has been corrected. For additional information, refer to the “Restatement of Earnings Per Share” section in our 1Q18 Earnings Release.
Outlook 1Q18
We are reiterating our annual guidance for mining production, smelting sales, CAPEX and OPEX related to exploration and project development for the 2018 fiscal year as we reported on February 15, 2018. Below we discuss each guidance and the performance of each indicator in the 1Q18.
Mining Production
The mining production in the 1Q18 reached 134.0 ktons in zinc equivalent terms which is 101% of the volume planned for the quarter despite the fact that Cerro Lindo production lagged behind on the same terms, as it has taken longer than expected for us to reach higher grade areas. The better performance in Vazante and El Porvenir offset this effect.
Metal Contained (in concentrate) 2017 actual 1Q18 actual 2018 estimated Zinc (kton) 375.4 87.2 370 - 390 Lead (kton) 52.6 12.3 55 - 60 Copper (kton) 44.2 10.7 39 - 42 Silver (koz) 7,946 1,884 7,600 - 8,000 Gold (koz) 32.5 7.4 17 - 19 Main assumptions behind the annual guidance are: (i) the increase in total treated ore by more than 6%; (ii) lower grades, especially in the Cerro Lindo mine, in line with expectations; and (iii) planned operational dilution reduction in Vazante.
Metal Sales
Smelting metallic zinc sales totaled 137.3 ktons in the quarter while zinc oxide sales reached 9.1 ktons. During the 1Q18 our smelters ran at capacity while the roasters performance increased as expected and the weather conditions during the start of the rainy season allowed us to operate within our planned schedule and focus our efforts on cost efficiency and enhancing our safety standards.
Smelting sales 2017 actual 1Q18 actual 2018 estimated Zinc Metal (kton) 555.4 137.3 560 - 580 Zinc Oxide (kton) 38.5 9.1 37 - 39 Total 593.9 146.4 597 - 619 The main assumptions for the annual smelting sales are: (i) the increase in the performance of the roasters in each of the Company’s smelters; and (ii) regular production through 2018, with weather conditions assumed to be in line with historical average, compared to 2017 which experienced atypical rains and floods in Peru during the first quarter.
Capital expenditures (“CAPEX”)
Total capital expenditures were US$20.0 million below budget for 1Q18, as certain necessary approvals were delayed. We invested US$33.0 million during the quarter.
Capex per segment (US$mm) 2017 actual 1Q18 actual 2018 estimated Mining 107.1 20.0 172 Smelter 81.0 10.1 108 Others 9.5 2.9 0 Total 197.6 33.0 280 Capex per category (US$mm) 2017 actual 1Q18 actual 2018 estimated Expansion/Greenfield 48.8 9.6 90 Modernization 21.4 1.0 20 Sustaining 59.4 9.4 68 HS&E/Tailing dams 62.1 11.2 92 IT/Others 5.9 1.7 10 Total 197.6 33.0 280 Main projects for 2018 and related CAPEX for the year are:
Vazante’s life of mine extension (US$43 million); Implementation of dry stack tailings at Vazante (US$22 million); FEL 3 and potential commencement of execution of Aripuanã project in Brazil (US$20 million); and Process conversion at the Cajamarquilla Smelter from the Goethite process to the Jarosite process (US$20 million) which is expected to increase zinc recovery at the plant.
Expenses related to Project Development and Exploration (1)
In 1Q18, we spent US$13.4 million in mineral exploration on our greenfield, brownfield and open field projects. The project development expenses amounted to US$3.3 million in 1Q18.
As the Company advances with its exploration and drilling campaigns and moves forward on the development of its pipeline of projects, the expenses estimated for 2018 are expected to increase, thus impacting our margins since early-stage projects are charged to “Other Operating Expenses”.
US$ million 2017(a) 1Q18 (a) 2018(e) Mineral exploration 77.7 13.4 86.2 Project development 16.6 3.3 53.6 Total 94.3 16.7 139.8 (1)
Includes explorations, expansion, modernization, R&D, health, safety and environment and others.
(2)
Exploration and project development expenses consider several stages of development, from mineral potential definition, R&D, and subsequent scoping and pre-feasibility studies (FEL1 and FEL2).
About Nexa
Nexa Resources is a large-scale, low-cost integrated zinc producer with over 60 years of experience developing and operating mining and smelting assets in Latin America. The Company owns and operates five long-life underground polymetallic mines, three located in the Central Andes of Peru (Cerro Lindo, El Porvenir and Atacocha) and two located in the state of Minas Gerais in Brazil (Vazante and Morro Agudo). Two of the Company’s mines, Cerro Lindo and Vazante, are among the 10 largest zinc mines in the world, and combined with the Company’s other mining operations, place the Company among the top five producers of mined zinc globally in 2017, according to Wood Mackenzie. Nexa also operates three smelting assets, two in Brazil located in the state of Minas Gerais (Juiz de Fora and Três Marias) and one in Peru (Cajamarquilla). Nexa produces substantial amounts of copper, lead, silver and gold as by-products, which reduce our overall cost to produce mined zinc.
Nexa Resources S.A. (NYSE: NEXA, TSX: NEXA) (formerly VM Holding S.A.) (“ Nexa Resources ”, “ Nexa ”, or the “ Company ”) started to trade its common shares on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the ticker symbol “NEXA” on October 27, 2017.
Use of Non-IFRS Financial Measures
Nexa’s management uses non-IFRS measures such as Adjusted EBITDA, among other measures, for internal planning and performance measurement purposes. We believe these measures provide useful information about the financial performance of our operations that facilitates period-to-period comparisons on a consistent basis. Management uses Adjusted EBITDA internally to evaluate our underlying operating performance for the reporting periods presented and to assist with the planning and forecasting of future operating results. Management believes that Adjusted EBITDA is a useful measure of our performance because it reflects our cash generation potential from our operational activities excluding exceptional items of the period. These measures should not be considered in isolation or as a substitute for profit (loss) or operating profit, as indicators of operating performance, or as alternatives to cash flow as measures of liquidity. Additionally our calculation of Adjusted EBITDA may be different from the calculation used by other companies, including our competitors in the mining industry, so our measures may not be comparable to those of other companies.
In this Earnings Release, we present Adjusted EBITDA, which we define as (i) profit (loss) for the period, plus (ii) profit (loss) from results of associates, plus (iii) depreciation and amortization, plus/less (iv) net financial results, plus/less (v) income tax, less (vi) gain on sale of investment (loss), plus; (vii) impairment of other assets, plus/less (viii) (reversion) impairment of property, plant, equipment. In addition, management may exclude non-cash items considered exceptional from the measurement of Adjusted EBITDA.
We also present herein our net debt, which we define as (i) loans and financing, less (ii) cash and cash equivalents, less (iii) financial investments, plus or less (iv) the fair value of derivative financial instruments. Our management believes that net debt is an important figure because it indicates our ability to repay outstanding debts that become due simultaneously using available cash and highly liquid assets.
See “Cautionary Statement on Forward-Looking Statements” below.
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This Earnings Release contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this Earnings Release as “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of NEXA to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements include estimates, forecasts, and statements as to management’s expectations with respect to the business and operations of the Company and mining production, smelting sales, CAPEX and OPEX related to exploration and project development for the 2018 fiscal year.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Statements concerning future production costs or volumes are based on numerous assumptions of management regarding operating matters and on assumptions that demand for products develops as anticipated, that customers and other counterparties perform their contractual obligations, that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts and supplies, labor disturbances, interruption in transportation or utilities, adverse weather conditions, and that there are no material unanticipated variations in the cost of energy or supplies.
We assume no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our public disclosures filed under our profile on SEDAR ( www.sedar.com ) and on EDGAR ( www.sec.gov ).
Technical Information
The scientific and technical information contained in this news release has been reviewed, verified and approved by Thiago Nantes Teixeira B. Eng, FAusIMM, Mining Manager of Nexa Resources, a “Qualified Person” as defined in NI 43-101. The report with updated information relating to mineral reserves and resources as of December 31, 2017 and technical reports relating to Nexa Resources’ mineral properties referenced in this news release are available under the Company’s SEDAR profile at www.sedar.com . Such reports include relevant information regarding, among others, the effective dates and the assumptions and parameters relating to mineral reserves and resources cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180430006609/en/
Nexa Resources
Leandro Cappa
Head of Investor Relations
[email protected]
Source: Nexa Resources S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/business-wire-nexa-resources-s-a-1q18-results.html |
May 10, 2018 / 12:09 PM / Updated 11 minutes ago BRIEF-Canadian Pacific Railway Increases Dividend By 15.5 Pct Reuters Staff
May 10 (Reuters) - Canadian Pacific Railway Ltd:
* CP INCREASES DIVIDEND BY 15.5% AND COMPLETES NORMAL COURSE ISSUER BID
* CANADIAN PACIFIC RAILWAY LTD - BOARD DECLARED A QUARTERLY DIVIDEND OF $0.65 PER SHARE Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-canadian-pacific-railway-increases/brief-canadian-pacific-railway-increases-dividend-by-15-5-pct-idUSASC0A1F7 |
May 15 (Reuters) - LiqTech International Inc:
* LIQTECH INTERNATIONAL, INC. REPORTS 2018 FIRST QUARTER RESULTS
* Q1 SALES FELL 20 PERCENT TO $2.4 MILLION * QTRLY DILUTED LOSS PER SHARE $0.03 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-liqtech-international-inc-q1-dilut/brief-liqtech-international-inc-q1-diluted-loss-per-share-0-03-idUSASC0A2BB |
May 1 (Reuters) - Cummins Inc posted a 21.4 percent increase in quarterly revenue on Tuesday, driven by strong demand for its engines from the North American heavy-duty truck market and global construction-equipment makers.
The company’s net income attributable to shareholders fell to $325 million, or $1.96 per share, in the first quarter ended April 1, from $396 million, or $2.36 per share, a year earlier.
Revenue rose to $5.57 billion from $4.59 billion. (Reporting by Shravanth Vijayakumar in Bengaluru; Editing by Maju Samuel)
| ashraq/financial-news-articles | https://www.reuters.com/article/cummins-results/engine-maker-cummins-posts-21-4-pct-rise-in-quarterly-revenue-idUSL3N1S82E1 |
May 14, 2018 / 10:20 AM / in 20 minutes KLM CEO says unrealistic Dutch business could leave Air France Reuters Staff 2 Min Read
AMSTERDAM (Reuters) - The head of Air France-KLM’s ( AIRF.PA ) Dutch subsidiary rejected as unrealistic suggestions that KLM could somehow abandon the partnership with Air France following a series of costly strikes at the French business. FILE PHOTO: KLM chairman Pieter Elbers attends a news conference in Paris, France January 10, 2018. REUTERS/Gonzalo Fuentes/File Photo
Pieter Elbers said KLM had benefited from the increased scale of the joint company, created in 2004, and the two businesses needed each other.
“Just as it’s not feasible for KLM to continue independently, it’s also not feasible for Air France to go on alone,” he said in an interview on Dutch television.
“That’s the strength of the combination, we need each other badly.”
Elbers’ remarks come ahead of a meeting by Air France-KLM’s board on Tuesday to decide on an interim leadership team in the wake of the resignation of CEO Jean-Marc Janaillac, after Air France workers rejected his pay increase proposal..
Elbers said profits at Air France had totaled 500 million euros in recent years, while strikes this year by the French business’s workers had cost the company 400 million euros.
Striking is a right, but “it brings, in my view, an enormous responsibility with it,” he said on the Buitenhof program on Sunday.
“Not every goal justifies using any means.”
He said hopes the French government would ultimately come to the company’s rescue were also an “illusion” because state aid is forbidden by European Union law. Reporting by Toby Sterling; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-air-france-klm-klm-ceo/klm-ceo-says-unrealistic-dutch-business-could-leave-air-france-idUSKCN1IF16Y |
Erik Simonsen | Getty Images Asteroid
The race to space traditionally has advanced with exploration and even tourism in mind, but space-mining is looking like an increasingly legitimate idea, opening the possibility of a new civilization — and profits — on another planet.
Tesla CEO Elon Musk's SpaceX and Amazon CEO Jeff Bezos' Blue Origin aim to make space tourism a reality, and ultimately to let humans live on other planets. Now, technology has made landing on an asteroid appear increasingly possible.
Take SpaceX, for example.
The launch of the Falcon Heavy space shuttle and the successful return of two of its three boosters may make it possible to carrying heavier payloads into space and could lower the costs of launches. "Governments and even experts in the field are still debating over the appropriate uses of these resources, and it remains a difficult question to answer." -Rebecca Keller, senior science and technology analyst, Stratfor
Noted astrophysicist Neil deGrasse Tyson, among others, have claimed that the world's first trillionaire will make his or her fortune in space minerals. According to NASA, the minerals that lie in the belt of asteroids between Mars and Jupiter hold wealth equivalent to a staggering $100 billion for every person on Earth.
There's a lack of legal clarity over the ownership of space resources, however, and laws presiding over space are largely ambiguous in general, according to Ian Christensen, the director of private sector programs at the Secure World Foundation, a space-related think tank.
"There are some gaps in the law, and some things need to be clarified to provide more certainty on current laws," Christensen told CNBC, adding there is no single authority responsible for the allocation of resources in space.
The most comprehensive law today is the United Nations-sponsored Outer Space Treaty of 1967 , but confusion between countries remains.
"When it comes to the use of space resources, the area is fairly vague and it can be interpreted in either direction," Rebecca Keller, a senior science and technology analyst at political risk consultants Stratfor told CNBC. "Governments and even experts in the field are still debating over the appropriate uses of these resources, and it remains a difficult question to answer." 'Legislation lags behind technology'
Today, national governments issue licenses to parties that want to conduct activities in space, and the countries where private companies operate are responsible for enforcing regulations.
"Enforcement is done by national government authorities, but a specialized space authority does not exist yet," Christensen said.
Space is becoming more crowded, with a surge in the number of companies looking to reap the benefits. Keller said that governments will have to restrict and control the expansion of private interests in the future.
One way to do that could be in the same format as existing climate agreements. Admittedly, the climate change agreements suffer from a lack of enforcement powers, but they do bring people to the table, which is a good start, she added.
"Legislation lags behind technology, almost every time," Keller said, and an accord should be struck in order for concerns to be heard equally across the board.
Current limitations to space exploration and travel capabilities mean that space mining would develop as a relationship between the private sector and the government, said Christensen, who added that he would not rule out the privatization of space activities once the industry matures.
Regardless of how it unfolds, it's likely that anything mined in the early stages will be used in space — not moved to Earth.
"The first step for space mining still lies in space — by using the resources mined to build in space until more technology is established," Keller said. "Until then, activities will likely remain in space." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/mining-asteroids-could-be-worth-trillions-of-dollars.html |
May 16 (Reuters) -
* KELA GROUP RECEIVES $50M INVESTMENT FROM VECTOR CAPITAL * KELA GROUP SAYS ANNOUNCED $50 MILLION EQUITY INVESTMENT FROM SAN FRANCISCO-BASED VECTOR CAPITAL Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kela-group-receives-50-mln-investm/brief-kela-group-receives-50-mln-investment-from-vector-capital-idUSFWN1SN0GH |
VANCOUVER, British Columbia, May 01, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : TIMIA CAPITAL CORP
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
TCA
Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 14:39 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm-atca.html |
The nation’s largest pension fund wants to make direct investments in companies, in a push to have more control over private-equity wagers.
The plan is part of a sweeping reassessment by California Public Employees’ Retirement System aimed at reducing the hefty fees that it pays to traditional private-equity funds and boost returns.
The roughly... | ashraq/financial-news-articles | https://www.wsj.com/articles/calpers-eyes-direct-investments-in-private-equity-1526575705 |
China stocks fall most in over two months as Italian crisis, trade war fears weigh Published 22 Hours Ago
* Shanghai stocks lower, blue-chip CSI300 index down
* Shanghai Composite Index falls to 19-month closing low
* Gains in Shanghai stocks led by Xinjiang Sayram Modern Agriculture Co Ltd and losses by Zhejiang Zomax Transmission Co Ltd
* China's A-shares are at 19.42 percent premium over H-shares
SHANGHAI, May 30 (Reuters) - China's major stock indexes fell the most in more than two months on Wednesday, with the Shanghai Composite Index hitting a 19-month closing low, amid a global selloff provoked by the political crisis in Italy and renewed U.S.-China trade war fears.
** The blue-chip CSI300 index fell 2.1 percent, to 3,723.37, while the Shanghai Composite Index dropped 2.5 percent to 3,041.44 points, its lowest close since October 2016.
** Both indexes posted their biggest single-day drop since March 23.
** Around 200 stocks plunged the maximum allowed 10 percent, as investors dumped shares across the board.
** Investors fear that repeat elections in the euro zone's third-largest economy - which could come as soon as July - may become a de-facto referendum on Italian membership of the currency bloc and the country's role in the European Union.
** Adding to pressure were worries over trade tensions between China and the United States.
** The United States said on Tuesday that it would continue pursuing actions on trade with China, days after Washington and Beijing announced a tentative solution to their dispute and suggested that tensions had cooled.
** China's state media on Wednesday lashed into a U.S. announcement that it would press ahead with restrictions on investment by Chinese companies, saying Beijing was ready to fight back if Washington was looking to ignite a trade war.
** Trade frictions pose a risk for China's economy, an official from the International Monetary Fund (IMF) said on Wednesday.
** "The U.S. persistence in pursuing trade actions against China is quite surprising after the two countries issued a joint statement (regarding trade consultations)," CITIC Securities wrote in a report.
** The short-term uncertainties would rise and sentiment in the A-share market could be curbed, the brokerage added.
** Noting the continued weakness in China's banking shares, the brokerage said that to some extent reflected investors' pessimistic expectations about the quality of those lenders' assets amid credit risks in a wave of bond defaults.
** An index tracking major lenders on the mainland skid 2 percent to a 10-month low, marking its seventh straight session of fall.
** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.35 percent, while Japan's Nikkei index closed down 1.52 percent.
** At 07:00 GMT, the yuan was quoted at 6.4307 per U.S. dollar, 0.24 percent weaker than the previous close of 6.415.
** The largest percentage gainers on the main Shanghai Composite index were Xinjiang Sayram Modern Agriculture Co Ltd up 10.08 percent, followed by BanBao Co Ltd gaining 10.01 percent and Great-Sun Foods Co Ltd up by 10 percent.
** The largest percentage losers on the Shanghai index were Zhejiang Zomax Transmission Co Ltd down 10.04 percent, followed by Clenergy Xiamen Technology Co Ltd losing 10.03 percent and Xinjiang Bai Hua Cun Co Ltd down by 10.02 percent.
** As of 07:01 GMT, China's A-shares were trading at a premium of 19.42 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-china-stocks-fall-most-in-over-two-months-as-italian-crisis-trade-war-fears-weigh.html |
Drawing the Future of Supercars With Lamborghini’s Maurizio Reggiani Lamborghini CTO sketches his concept of the entirely electric Terzo Millennio May 29, 2018 11:00 am A fully electric supercar without a traditional battery? Lamborghini CTO Maurizio Reggiani sketches his vision of the Third Millennium Lamborghini. Ep.7 Ep.1 | ashraq/financial-news-articles | http://www.wsj.com/video/series/drawing-the-future/drawing-the-future-of-supercars-with-lamborghinis-maurizio-reggiani/58226AEC-D08E-4969-8029-3F67484F50DF |
LONDON (Reuters) - Scientists have identified the core genes that are essential for the deadliest malaria parasite to survive, revealing new targets for drugs or vaccines to fight the potentially deadly disease they cause in people.
FILE PHOTO: A woman comforts her son, who is suffering from malaria, as they wait for treatment at a Medecins Sans Frontieres-run clinic in the village of Likuangole, in Boma state, east South Sudan, February 1, 2017. REUTERS/Siegfried Modola/File Photo Using new genomic techniques to analyze the parasite’s genes, researchers from Britain’s Wellcome Sanger Institute and the University of South Florida (USF) were able to determine which ones are indispensable.
Latest World Health Organization (WHO) data show that 216 million people were infected last year with the malaria parasite, which is transmitted by blood-sucking Anopheles mosquitoes. Nearly half a million people - most of them babies and children in Africa - died from the disease in 2016.
One type of the malaria parasite, known as Plasmodium falciparum, or P. Falciparum, causes half of all malaria cases and around 90 percent of the deaths.
The Sanger and USF researchers, whose work was published in the journal Science on Thursday, analyzed almost every one of this parasite’s 5,400 genes.
They used a specialized technique called piggyBac-transposon insertional mutagenesis to inactivate genes at random, and then developed new DNA sequencing technology to identify which genes were affected. Their results showed that around half the parasite’s genes - more than 2,600 - were essential for it to grow in red blood cells.
“Using our genetic analysis tools, we (were) able to determine the relative importance of each gene for parasite survival,” said John Adams, a specialist in global health and infectious disease research at USF.
Malaria is a treatable disease if it is caught early, but current antimalarial drugs are failing in many areas due to increasing drug resistance.
“We need new drug targets against malaria now more than ever,” said Julian Rayner, a Sanger expert who co-led the research. “This gives a list of 2,680 essential genes that researchers can prioritize as promising possible drug targets.”
Editing by David Stamp
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-malaria-parasite/discovery-of-malaria-parasite-survival-genes-offers-new-targets-idUSKBN1I42BM |
BOSTON--(BUSINESS WIRE)-- Brightcove Inc . (Nasdaq: BCOV), the leading provider of cloud services for video, today announced the appointment of Robert Noreck as EVP & Chief Financial Officer. Mr. Noreck will succeed Kevin Rhodes, who has served as Brightcove’s EVP & Chief Financial Officer since 2014 and is leaving the company for a new opportunity. Mr. Noreck currently serves as Senior Vice President of Finance and Sales Operations and has more than six years of experience with the company.
“On behalf of Brightcove and its Board of Directors, we are pleased to have Rob assuming the position of CFO. I am confident that Rob’s deep experience with the company, obsession with customer success, and strong understanding of our finances, operations and strategic direction make him the natural choice for CFO,” said Jeff Ray, Brightcove’s Chief Executive Officer. “We would also like to thank Kevin for his hard work and leadership over the last four years. He leaves the company in a strong position to deliver on its financial objectives as we move forward. We wish him the best in the next phase of his career.”
Mr. Noreck joined Brightcove in 2011 as Director of Financial Planning and Analysis, followed by a promotion to Vice President of Finance in 2013. After spending a brief period of time away from the company in 2016 and early 2017, Mr. Noreck returned to Brightcove last July as Senior Vice President of Finance and Sales Operations. Prior to joining Brightcove, Mr. Noreck held positions at other Boston-based companies such as Fidelity Investments, BostonCoach, and City Year. He received his BS degree with a concentration in Finance from Binghamton University and holds an MBA from the F.W. Olin School of Business at Babson College.
“I am excited to be assuming the role of CFO of Brightcove,” said Robert Noreck, Chief Financial Officer. “I am confident in our ability to execute against our strategic and financial goals, and look forward to working alongside Jeff and the leadership team to lead the company through its next phase of growth.”
About Brightcove
Brightcove Inc. (Nasdaq: BCOV) is the leading global provider of powerful cloud solutions for delivering and monetizing video across connected devices. The company offers a full suite of products and services that reduce the cost and complexity associated with publishing, distributing, measuring and monetizing video across devices. Brightcove has thousands of customers in over 70 countries that rely on the company's cloud solutions to successfully publish high-quality video experiences to audiences everywhere. To learn more, visit www.brightcove.com .
Forward-Looking Statements
This press release includes certain “forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements concerning our position to execute on our strategic and financial goals. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation: our history of losses; our limited operating history; expectations regarding the widespread adoption of customer demand for our products; the effects of increased competition and commoditization of services we offer, including data delivery and storage; our ability to expand the sales of our products to customers located outside the U.S.; keeping up with the rapid technological change required to remain competitive in our industry; our ability to retain existing customers; our ability to manage our growth effectively and successfully recruit additional highly-qualified personnel; the price volatility of our common stock; and other risks set forth under the caption "Risk Factors" in our most recently filed Annual Report on Form 10-K, as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006658/en/
Investor Contact:
ICR for Brightcove
Brian Denyeau, 646-277-1251
[email protected]
or
Media Contact:
Brightcove
Neil Lieberman
[email protected]
Source: Brightcove Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-brightcove-appoints-robert-noreck-cfo.html |
MOOREFIELD, W.Va., May 25, 2018 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (NASDAQ:SMMF) today announces its Board of Directors recently declared a second quarter 2018 dividend of $0.13 per share payable on June 29, 2018 to common shareholders of record as of the close of business on June 15, 2018.
Summit Financial Group, Inc. is a $2.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates thirty banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.
Contact: Teresa Ely, Director of Shareholder Relations Telephone: (304) 530-0526 Email: [email protected]
Source:Summit Financial Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-summit-financial-group-inc-announces-q2-2018-dividend-of-0-point-13-per-share.html |
May 18 (Reuters) - RSP Permian Inc:
* RSP PERMIAN SAYS ON MAY 17, PER TERMS OF MERGER AGREEMENT BOARD INCREASED SIZE OF BOARD BY ONE MEMBER - SEC FILING
* RSP PERMIAN INC - IN ADDITION, BOARD APPOINTED STEVEN GRAY, CURRENT CHIEF EXECUTIVE OFFICER OF RSP TO FILL VACANCY CREATED BY BOARD SIZE INCREASE Source text: ( bit.ly/2rNDfnN ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rsp-permian-board-increased-size-o/brief-rsp-permian-board-increased-size-of-board-by-one-member-idUSFWN1SP0VM |
May 25 (Reuters) - Stock Markets Net Chng Stock Markets Net Chng S&P/ASX 200** 6,037.10 4.60 NZX 50** 8,590.77 37.54 DJIA** 24,811.76 -75.05 NIKKEI** 22,437.01 -252.73 Nasdaq** 7,424.429 -1.526 FTSE** 7,716.74 -71.70 S&P 500** 2,727.76 -5.53 Hang Seng** 30,760.41 94.77 SPI 200 Fut 6,016 -27.00 STI** 3,528.92 32.65 SSEC** 3,154.8936 -14.07 KOSPI** 2,466.01 -5.90 -- Bonds Net Chng Bonds Net Chng JP 10 YR Bond 0.045 0 KR 10 YR Bond 2.719 -0.036 AU 10 YR Bond 2.806 0.001 US 10 YR Bond 2.977 -0.026 NZ 10 YR Bond 2.79 -0.01 US 30 YR Bond 3.1266 -0.042 -- Currencies Net Chng Net Chng SGD US$ 1.3393 0.0003 KRW US$ 1,080.45 -0.24 AUD US$ 0.7578 0 NZD US$ 0.6927 0.0006 EUR US$ 1.1721 0.0002 Yen US$ 109.26 0.02 THB US$ 32.01 0.03 PHP US$ 52.482 0.027 IDR US$ 14,130 -72 INR US$ 68.33 -0.03 MYR US$ 3.979 -0.001 TWD US$ 29.93 -0.03 CNY US$ 6.377 -0.0118 HKD US$ 7.8473 -0.0004 -- Commodities Net Chng Net Chng Spot Gold 1,304.47 11.47 Silver (Lon) 16.626 0.206 U.S. Gold Fut 1,304 14.4 Brent Crude 78.83 -0.97 Iron Ore CNY462 4.5 TRJCRB Index - - TOCOM Rubber JPY194.6 0.8 LME Copper 6,910.5 43.5 -- ** indicates closing price All prices as of 21:28 GMT EQUITIES GLOBAL - Shares sank worldwide on Thursday as U.S. President Donald Trump canceled a planned June meeting with North Korean leader Kim Jong Un, while tariff fears hit auto stocks and safety buying ramped up. Trump, in a letter to North Korea released by the White House, called off the June 12 summit, citing "tremendous anger and open hostility" in a recent statement by Pyongyang. The cancellation came even after North Korea followed through on a pledge to blow up tunnels at its nuclear test site. For a full report, click on - - - - NEW YORK - U.S. stocks ended down slightly on Thursday after President Donald Trump canceled a planned summit with North Korea's Kim Jong Un and ordered a probe of auto imports, while gains in Netflix pushed its market value to a record. The Dow Jones Industrial Average fell 75.05 points, or 0.3 percent, to 24,811.76, the S&P 500 lost 5.53 points, or 0.20 percent, to 2,727.76 and the Nasdaq Composite dropped 1.53 points, or 0.02 percent, to 7,424.43. For a full report, click on - - - - LONDON - European stocks fell on Thursday as carmaker shares came under pressure after the United States launched an investigation into auto imports, while Deutsche Bank dropped after announcing thousands of job cuts. The STOXX 600 index fell 0.5 percent to an 8-day low, reversing earlier gains as global equities came under pressure after U.S. President Donald Trump cancelled a planned meeting with North Korean leader Kim Jong Un. For a full report, click on - - - - TOKYO - Japan's Nikkei share average fell to more than two-week lows on Thursday as automakers slumped after the Trump administration launched a national security investigation into car and truck imports that could lead to new U.S. tariffs. The Nikkei ended 1.1 percent lower at 22,437.01, the lowest closing since May 9. The Nikkei volatility index soared to 18.29, the highest level since mid-April. For a full report, click on - - - - SHANGHAI - China stocks extended losses on Thursday, after falling the most in a month in the previous session, as caution prevailed amid renewed concerns over China-U.S. trade tensions. The blue-chip CSI300 index closed down 0.7 percent at 3,827.22 points, while the Shanghai Composite Index ended 0.5 percent lower at 3,154.65 points. For a full report, click on - - - - AUSTRALIA - Australian shares are poised to decline on Friday, mirroring weakness in Wall Street which closed lower overnight after President Donald Trump called off a planned summit with North Korea's Kim Jong Un. Aussie energy stocks are seen dragged down due to weaker oil prices on worries on the Organization of the Petroleum Exporting Countries lifting output cuts in place since the start of 2017. The local share price index futures fell 0.45 percent or 27 points to 6,016, a 21.1-point discount to the underlying S&P/ASX 200 index close. The benchmark gained 0.1 percent on Thursday. For a full report, click on - - - - SEOUL - South Korea's KOSPI stock index weakened on Thursday. The Korean won held steady, while bond yields fell. The Bank of Korea kept its interest rate unchanged at its May policy meeting, which was largely shrugged off by the market as it was pretty much expected. For a full report, click on - - - - FOREIGN EXCHANGE NEW YORK - The dollar slipped against a basket of currencies on Thursday and hit a two-week low against the Japanese yen, after U.S. President Donald Trump scrapped a summit meeting with North Korean leader Kim Jong Un and as traders booked profits following the greenback's recent rally. Trump called off a historic summit with the North Korean leader citing Pyongyang's "open hostility," and warned that the U.S. military was ready in the event of any reckless acts by North Korea. For a full report, click on - - - - SHANGHAI - China's yuan inched lower against the U.S. dollar on Thursday on a slightly weakened official yuan midpoint, after the greenback strengthened against the euro on concerns about economic and political risks in the common currency bloc. A subsequent pullback in the U.S. currency following slightly dovish Federal Reserve meeting minutes and threats by U.S. President Donald Trump of new tariffs on imported cars created demand among corporate buyers looking for cheaper dollars. For a full report, click on - - - - AUSTRALIA - The Australian and New Zealand dollars rebounded on Thursday, as the greenback lost momentum after minutes of the Federal Reserve's last policy meeting were seen as dovish, but gains were tempered on renewed fears of a U.S.-led trade war. The Australian dollar added 0.1 percent to $0.7565 from a low of $0.7523 touched on Wednesday. The Aussie has fallen in each of the past three months but is set for a small gain in May. For a full report, click on - - - - SEOUL - South Korea's KOSPI stock index weakened on Thursday. The Korean won held steady, while bond yields fell. The won was Quote: d at 1,079.6 per dollar on the onshore settlement platform , 0.1 percent firmer than its previous close at 1,080.7. For a full report, click on - - - - TREASURIES NEW YORK - U.S. Treasury yields fell on Thursday on safety buying after President Donald Trump called off a planned summit with North Korean leader Kim Jong Un and as the Turkish lira renewed its decline. Trump cited Pyongyang's "open hostility," and warned that the U.S. military was ready in the event of any reckless acts by North Korea. For a full report, click on - - - - LONDON - Germany's 10-year government bond yield dropped to its lowest since early January on Thursday after U.S. President Donald Trump on Thursday called off a planned summit with North Korean leader Kim Jong Un. The White House announcement sparked a rush into safe haven assets including euro zone government bonds and the Japanese yen. For a full report, click on - - - - TOKYO - Most Japanese government bonds were little changed on Thursday but some super-long bonds firmed slightly as Japanese share prices tumbled for the third consecutive day, boosting the allure of government bonds. While the market is supported by the Bank of Japan's massive bond buying programme, few investors are eager to buy JGBs at current levels after bond yields saw a substantial rise globally in the past few weeks. For a full report, click on COMMODITIES GOLD Gold prices surged on Thursday, propelled above $1,300 per ounce as the U.S. dollar faded after U.S. President Donald Trump called off a summit with North Korea, stoking political tensions. Spot gold gained 0.9 percent at $1,305.18 per ounce by 1:34 p.m. EDT (1734 GMT), earlier hitting $1,306.56, a nine-day high. U.S. gold futures for June delivery settled up $14.80, or 1.2 percent, at $1,304.40 per ounce. For a full report, click on - - - - IRON ORE Chinese steel and iron ore futures closed higher for the first time in seven sessions on Thursday on expectation that the recent sell-off has reached its limit. The most-traded steel rebar contract, for October delivery, on the Shanghai Futures Exchange recovered from an early fall to close 1.2 percent higher at 3,583 yuan ($561.19) a tonne. Iron ore futures on the Dalian Commodity Exchange rose 1.1 percent to 459.5 yuan a tonne. For a full report, click on - - - - BASE METALS Lead hit its highest in nearly three months on Thursday as a plunge in available LME warehouse stocks fed into this week's price rally, while copper edged up after the previous session's sharp losses. Lead is the biggest riser among industrial metals this week, climbing more than 7 percent since last Friday's close. For a full report, click on - - - - OIL Oil prices fell about $1 on Thursday, with expectations building that reduced supplies from Venezuela and Iran could prompt OPEC to wind down output cuts in place since the start of 2017. Brent crude futures fell $1.01 to settle at $78.79 a barrel, a 1.27 percent loss. U.S. West Texas Intermediate (WTI) crude futures fell $1.13 to settle at $70.71 a barrel, a 1.57 percent loss. For a full report, click on - - - - PALM OIL Malaysian palm oil futures rose to a seven-week high on Thursday evening, tracking gains in U.S. soyoil and supported by a weaker ringgit. Palm oil prices typically rise on a weaker ringgit, its currency of trade, because it makes the edible oil cheaper for foreign buyers. The ringgit weakened as much as 0.2 percent against the dollar before closing the day with a 0.03 percent gain at 3.9790. The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was up 0.8 percent at 2,492 ringgit ($626.29) a tonne at the end of the trading day. For a full report, click on - - - - RUBBER Benchmark Tokyo rubber futures closed lower on Thursday on renewed trade tensions after Washington launched a national security probe into auto imports and U.S. President Donald Trump's comments suggested setbacks in their talks with China. The Tokyo Commodity Exchange (TOCOM) rubber contract for October delivery, finished 2.7 yen lower at 193.8 yen ($1.77) per kg. For a full report, click on - - - - (Bengaluru Bureau; +91 80 6749 1130)
| ashraq/financial-news-articles | https://www.reuters.com/article/morningcall/update-1-asia-morning-call-global-markets-idUSL3N1SV6BW |
Foundation Medicine Q1 Loss Per Share $1.02 Reuters Staff
* FOUNDATION MEDICINE ANNOUNCES 2018 FIRST QUARTER RESULTS AND RECENT HIGHLIGHTS * SEES FY 2018 REVENUE $200 MILLION TO $220 MILLION
* Q1 REVENUE $52.8 MILLION VERSUS I/B/E/S VIEW $44.9 MILLION
* Q1 EARNINGS PER SHARE VIEW $-1.10 — THOMSON REUTERS I/B/E/S
* EXPECTS 2018 REVENUE WILL BE IN RANGE OF $200 MILLION TO $220 MILLION
* EXPECTS TO DELIVER BETWEEN 90,000 AND 100,000 CLINICAL TESTS IN 2018
* EXPECTS OPERATING EXPENSES WILL BE IN RANGE OF $250 MILLION TO $260 MILLION IN 2018 | ashraq/financial-news-articles | https://www.reuters.com/article/brief-foundation-medicine-q1-loss-per-sh/brief-foundation-medicine-q1-loss-per-share-1-02-idUSASC09Z34 |
5/24/2018 10:17AM Gerrymandering: You're Saying it Wrong! The word "Gerrymander" was actually named after someone — Elbridge Gerry. But the 18th-century politician pronounced it more like Gary than Gerry. Why don't we? Photo: Library of Congress | ashraq/financial-news-articles | http://www.wsj.com/video/gerrymandering-youre-saying-it-wrong/090A5D97-4928-4A08-A800-8305465AC5F5.html |
May 25, 2018 / 5:04 PM / Updated 22 minutes ago INTERVIEW-Motor racing-Bourdais hopes to slay Indy 500 'demons' Frank Pingue 4 Min Read
May 25 (Reuters) - Sebastien Bourdais has unfinished business to take care of on Sunday when the fearless Frenchman will seek a maiden Indianapolis 500 win a year after a fiery, life-threatening crash left him with a broken pelvis and hip.
Bourdais has seen countless replays of the moment he lost control of his car during qualifying and smashed violently into the Turn 2 wall at the famed Brickyard at nearly 230 miles per hour (370 kph) and feels the incident has made him a smarter driver.
“I’m very aware of what happened and why it happened. I am not trying to erase it from my memory. It’s part of me now,” Bourdais told Reuters in a telephone interview. “If anything it makes you a little wiser and a bit more aware and more careful.
“Last year the big thing was I got so comfortable all week long because the car was so perfect and so fast that ultimately you get over confident and you kind of go into a mode where you disregard pretty much any signals that the car is telling you.”
Bourdais enjoyed a rapid recovery, made an inspirational return to racing three months after the accident and was able to compete in the final three races of the 2017 Verizon IndyCar Series season.
He also has three top-five finishes in the first five races of the 2018 campaign, including a victory at the season-opening race in his adopted hometown of St. Petersburg, Florida.
The 39-year-old Frenchman returned to Turn 2 last month for the first time since his wreck and said his emotions during that test session were nothing compared to last week when he arrived at the 2.5-mile (4 km) oval for qualifying.
“It was probably one of the toughest, if not the toughest, weekends I’ve had to go through because you put yourself exactly back in the same conditions and having to fight your own demons,” said Bourdais.
“It was uneasy for myself, for the team, for the family. So it’s good that we pulled through and did a good job.”
But Bourdais, behind the wheel of the No. 18 Team SealMaster Honda for Dale Coyne Racing with Vasser-Sullivan, got through in fine fashion and will start a career-best fifth in Sunday’s 33-car field, in the middle of Row Two.
After his stunning rebound from the career-threatening crash, Bourdais is third in the IndyCar Series standings and among a top contender heading into Sunday’s double-points showcase, even if he is playing down his prospects.
“We made good progress with the car ... so hopefully it pulls through and we can stay out there all day and bring some big points home,” said Bourdais, whose best finish at the Brickyard was seventh in 2014.
“I don’t know about winning, obviously that’s everybody’s goal, but at least we are in the hunt for a good result.”
Bourdais, who drove two seasons in Formula One with Toro Rosso from 2008-2009, also said he is reminded about his crash on a daily basis, and not just because he is asked about it nearly everywhere he goes.
“I don’t really need any reminder because there is always going to be a position that I get myself into where there will be a little pinch or a little twist to remind me ‘oh yeah, that happened’,” said Bourdais. “You just learn to live with it and learn from it.” (Reporting by Frank Pingue Editing by Toby Davis) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-indy-indy500-bourdais/interview-motor-racing-bourdais-hopes-to-slay-indy-500-demons-idUKL2N1SW06W |
May 3 (Reuters) - BCE Inc:
* Q1 EARNINGS PER SHARE C$0.73 * Q1 REVENUE C$5.59 BILLION VERSUS I/B/E/S VIEW C$5.62 BILLION
* Q1 EARNINGS PER SHARE VIEW C$0.82 — THOMSON REUTERS I/B/E/S
* SEES 2018 ADJUSTED EPS $3.45 - $3.55
* SEES 2018 REVENUE GROWTH 2% - 4%
* FY2018 EARNINGS PER SHARE VIEW C$3.46, REVENUE VIEW C$23.37 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bce-reports-q1-earnings-per-share/brief-bce-reports-q1-earnings-per-share-c0-73-idUSASC09ZH4 |
EditorsNote: Updates with Quote: s throughout, changes to write-thru
Stephen Curry hit seven straight shots, including a pair of 3-pointers, in a third-quarter flurry Sunday night that broke open a competitive game and sent the Golden State Warriors to a 126-85 blowout win over the Houston Rockets in Game 3 of the Western Conference finals in Oakland, Calif.
Curry, who had been held to a total of 34 points in the first two games of the series, exploded for 35 points in 34 minutes, propelling the Warriors into a 2-1 lead over the top-seeded Rockets in the best-of-seven series.
“That’s what I expected to do, but just like my approach after every game is you don’t get too high after highs, don’t get too low after lows.” Curry said in an on-court interview after the game. “Obviously thankful to hit some shots tonight, eventually.”
Game 4 is scheduled for Tuesday night, also in Oakland.
Kevin Durant had 25 points, while teammate Draymond Green had a game-high 17 rebounds to complement 10 points, as the Warriors rebounded from a 127-105 shellacking Wednesday in Game 2 in Houston.
The Warriors have lost three games in their three series this postseason, and have rebounded to win the next contest by a combined 65 points.
“Tonight was all about defense and taking care of the ball,” Warriors head coach Steve Kerr said. “That’s it. When we defend at that level and take care of the ball, we’re usually in pretty good shape.”
James Harden had 20 points and a game-high nine assists to lead the Rockets, who had won three of their previous four road games in the postseason. Houston had the best road record in the NBA during the regular season at 31-10.
“As a team, we played a lot better defense today, which I think got everybody more involved,” Curry said.
The 41-point margin of defeat was the largest in the Rockets’ postseason history.
“It was not a very good game, and we’re going to have to play a lot better Tuesday,” Rockets head coach Mike D’Antoni said. “We have short memories. Have to.”
The Rockets led by as many as four points in the first quarter and trailed just 54-43 at halftime before Curry almost single-handedly left them in the dust in the third period.
Curry, just 1-for-7 on 3-pointers in the first half after going just 2-for-13 in the first two games of the series, connected from 28 and 25 feet during a 14-0 burst midway through the third period that turned a 70-56 game into an 84-56 demolition.
“He’s good, and sooner or later he’s going to erupt,” D’Antoni said. “You can analyze him all you want, but at the end of the day, he’s still a pretty good basketball player.”
Curry made four of his five 3-point attempts in the second half to finish 5-for-12. He hit 13 of 23 shots overall.
Asked what the Warriors had to do to keep rolling in Game 4, Curry answered, “Just do everything we didn’t do in Game 2 and we should be in good shape.”
Klay Thompson (13), Quinn Cook (11) and Andre Iguodala (10) also scored in double figures for the Warriors, who have won 26 of their last 30 playoff games.
Harden’s 20 points came on 7-for-16 shooting for the Rockets, who shot just 39.5 percent overall in the game and 32.4 percent (11-for-34) on 3-pointers.
Clint Capela added 13 points, while Chris Paul logged a 13-point, 10-rebound double-double for the Rockets.
Eric Gordon (11), P.J. Tucker (six) and Trevor Ariza (six), who combined for 68 points in the Game 2 win, combined for just 23 points in Game 3.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/basketball-nba-gsw-hou-recap/curry-leads-warriors-onslaught-over-rockets-for-2-1-lead-idUSMTZEE5L24PNRX |
Singtel is getting ready for more competition across markets: CEO 3 Hours Ago Chua Sock Koong of Singtel says the telco is getting ready to meet new competition in its home country by stressing value and quality while it works to grow business in fast-changing markets such as India and Indonesia. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/singtel-is-getting-ready-for-more-competition-across-markets-ceo.html |
May 31, 2018 / 3:50 PM / Updated 9 minutes ago Etihad seeks funding for more than $1 billion in Boeing deliveries - sources Davide Barbuscia 2 Min Read
DUBAI (Reuters) - Abu Dhabi’s Etihad Airways is seeking to raise debt to help finance upcoming deliveries of Boeing ( BA.N ) aircraft on order worth more than $1 billion (752 million pounds), banking sources familiar with the matter said. FILE PHOTO: An Etihad plane stands parked at a gate at JFK International Airport in New York, U.S., March 21, 2017. REUTERS/Lucas Jackson
The state carrier sent requests for proposals to banks about a month ago for 12-year secured funding for the delivery of 787 Dreamliner aircraft and a cargo plane, the sources said.
Etihad, which declined to comment on the financing, has 51 787 Dreamliner jets on order, including 21 787-9s and 30 of the larger 787-10 variant, according to Boeing’s website. Its only cargo plane on order is a 777 Freighter.
It was not immediately clear how many aircraft deliveries Etihad was seeking to finance via the debt it is looking to raise in the current round of talks with lenders.
One or two Abu Dhabi-based banks placed tight bids for the proposed financing and are likely to either provide it on a bilateral basis or through club loans, the sources said.
Earlier this month, sources told Reuters Etihad could cancel some aircraft on order as part of a company-wide strategy review that has been underway since 2016 when it lost nearly $2 billion. []
Etihad is considering its options for more than 160 aircraft it has ordered, ranging from swapping modes to delaying deliveries to outright cancellations, said the sources in the May 6 reporter.
The requests for proposals to finance 787 deliveries could suggest the airline is sticking with the Dreamliner which it has operated since 2015.
Etihad also has 88 Airbus ( AIR.PA ) jets on order, including 62 A350s that are yet to enter the fleet. Additional reporting by Alexander Cornwell; Editing by David Holmes | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-etihad-financing/etihad-seeks-funding-for-more-than-1-billion-in-boeing-deliveries-sources-idUKKCN1IW2AA |
April 30 (Reuters) - Nedbank Group Ltd:
* NEDBANK GROUP’S PERFORMANCE FOR THREE MONTHS TO 31 MARCH 2018 WAS IN LINE WITH MANAGEMENT EXPECTATIONS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nedbank-groups-performance-for-thr/brief-nedbank-groups-performance-for-three-months-to-31-march-2018-in-line-with-management-expectations-idUSFWN1S701X |
Revenue of $534.3 million Net income attributable to Delta Tucker Holdings, Inc. of $16.4 million Adjusted EBITDA of $47.2 million Total backlog of $3.9 billion DSO of 49 days
MCLEAN, Va.--(BUSINESS WIRE)-- Delta Tucker Holdings, Inc. (“Holdings”), the parent of DynCorp International Inc. (“DI,” and together with Holdings, the “Company”), a leading global services provider, today reported first quarter 2018 financial results.
First quarter 2018 revenue was $534.3 million, up 16.2% compared to $459.9 million recorded in the first quarter of 2017. The increase was primarily due to increased scope on the Logistics Civil Augmentation Program IV ("LOGCAP IV"), Afghanistan Life Support Services ("ALiSS") and T-6 Contractor Operated and Maintained Base Supply Bridge ("T-6 COMBS") programs and the G4 Worldwide Logistics Support, CLS Transport and Naval Test Wing Pacific O-Level Maintenance ("Naval Test Wing Pacific") contracts. The increase in revenue was partially offset by lower volume on the Bureau for International Narcotics and Law Enforcement Affairs, Office of Aviation ("INL Air Wing") program. Net income attributable to Holdings for the first quarter of 2018 was $16.4 million compared to a net loss of $0.5 million in the first quarter of 2017. The Company reported Adjusted EBITDA of $47.2 million for the first quarter of 2018 compared to $36.5 million for the same period in 2017.
“New business wins, continued growth on our existing contracts and exceptional operational performance drove increases in top line, earnings, and Adjusted EBITDA margins,” said George Krivo, Chief Executive Officer. “We are beginning 2018 with a very strong quarter and are confident in the outlook for the remainder of the year.”
First Quarter Highlights
In February 2018, DynLogistics announced the award of a contract extension from the United States Army Contracting Command to provide advisory, training and mentoring services to the Afghanistan Ministry of Defense. The extension has a one-year base period and two two-month options and a total potential value of $54.2 million. In February 2018, DynLogistics announced the award of a contract extension from the United States Army Contracting Command to provide advisory, training and mentoring services to the Afghanistan Ministry of Interior. The extension has a one-year base period and two two-month options and a total potential value of $67.2 million. In March 2018, DynLogistics announced two awards on the ALiSS contract for the Camp Eggers Support Services and Food Services task orders. The task orders have a total potential value of $89.9 million. In March 2018, DynAviation announced the award of the Contract Field Teams ("CFT") task order re-compete at the Davis-Monthan Air Force Base in Tucson, Arizona to provide maintenance on the 357th Aircraft Maintenance Unit's A-10 Thunderbolt aircraft. The re-compete has a one-year base period and one one-year option and a total potential value of $46.2 million. In March 2018, DynLogistics announced the award of a contract modification to support the U.S. Army Garrison-Kwajalein Atoll (USAG-KA) on the U.S. Army Pacific Command (“PACOM”) task order under the LOGCAP IV contract. The modification has a period of performance from March 1, 2018 to September 12, 2018 and a total potential value of $45.6 million. In March 2018 and April 2018, DynLogistics announced a contract extension and expansion, respectively, to support material management and logistics services for the U.S. Army Corps of Engineers’ ("USACE") South Atlantic Division, Task Force Power Restoration in Puerto Rico on the Northcom task order under the LOGCAP IV contract. The extension and expansion has a total potential value of $24.9 million.
Reportable Segment Results
DynAviation
Revenue in the first quarter of 2018 was $317.2 million, up 10.2% compared with $287.9 million recorded in the same period in 2017 primarily due to the new CLS Transport and Naval Test Wing Pacific contracts and the T-6 COMBS contract. The increase in revenue was partially offset by decreased content on the INL Air Wing contract and the completion of the Multi Sensor Aerial Intelligence Surveillance and Reconnaissance ("MAISR") Operations and Sustainment program.
Adjusted EBITDA was $27.0 million, compared to $21.4 million for the first quarter of 2017. The increase is primarily due to more favorable terms on the T-6 COMBS contract, the performance on our Naval Test Wing Atlantic contract and productivity gains on a number of programs.
DynLogistics
Revenue in the first quarter of 2018 was $217.5 million, up 26.2% compared with $172.4 million recorded in the same period in 2017. The increase was primarily due to increased scope on both the LOGCAP IV program and ALiSS contract and the G4 Worldwide Logistics Support contract, partially offset by the completion of the Philippines Operations Support ("POS") contract.
Adjusted EBITDA was $22.5 million, compared to $17.5 million for the first quarter of 2017. The increase was primarily due to higher volume on our LOGCAP IV program and ALiSS contract and the performance on the G4 Worldwide Logistics Support contract.
Liquidity
Cash provided by operating activities at the end of the first quarter of 2018 was $8.0 million compared to cash used in operating activities of $15.0 million for the same period in 2017.
The unrestricted cash balance at quarter-end was $117.5 million. The Company reduced its debt through a $54.9 million Excess Cash Flow payment on March 21, 2018 and had no borrowings outstanding under the Company’s revolving credit facility.
DSO was 49 and 54 days as of the end of the first quarter of 2018 and December 31, 2017, respectively, as the Company continued to focus on managing its customer payment cycles.
Bill Kansky, Chief Financial Officer, added, “Our strong first quarter performance, along with better visibility for the balance of the year, gives us increased confidence and allows us to raise our full year Adjusted EBITDA guidance range to $166 million to $170 million for 2018.”
Conference Call
The Company will host a conference call at 10:00 a.m. Eastern Time on May 14, 2018, to discuss results for the first quarter 2018. The call may be accessed by webcast or through a dial-in conference line.
To access the webcast and view the accompanying presentation, please go to http://www.dyn-intl.com , click on “Investor Relations” and “Events & Presentations.” Please go to the site approximately fifteen minutes prior to the start of the call to register, download and install any necessary audio software.
To participate by phone, dial (866) 871-0758 and enter the conference ID number: 4549539. International callers should dial (706) 634-5249 and enter the same conference ID number above. A telephonic replay will be available from 1:00 p.m. Eastern Time on May 14, 2018, through 11:59 p.m. Eastern Time on June 14, 2018. To access the replay, please dial (855) 859-2056 or (404) 537-3406 and enter the conference ID number.
About DynCorp International
DynCorp International, a wholly owned subsidiary of Delta Tucker Holdings, Inc., is a leading global services provider offering unique, tailored solutions for an ever-changing world. Built on seven decades of experience as a trusted partner to commercial, government and military customers, DI provides sophisticated aviation, logistics, training, intelligence and operational solutions wherever we are needed. DynCorp International is headquartered in McLean, Va. For more information, visit www.dyn-intl.com .
Reconciliation to GAAP
In addition to the Company's financial results reported in accordance with accounting principles generally accepted in the United States of America (“GAAP”) included in this press release, the Company has provided certain financial measures that are not calculated according to GAAP, including EBITDA and Adjusted EBITDA. We define EBITDA as GAAP net income (loss) attributable to the Company adjusted for interest, taxes, depreciation and amortization. Adjusted EBITDA is calculated by adjusting EBITDA for certain items from operations and certain other items as defined in our Indenture and New Senior Credit Facility. Management believes these non-GAAP financial measures are useful in evaluating operating performance and are regularly used by security analysts, institutional investors and other interested parties in reviewing the Company. We believe that Adjusted EBITDA is useful in assessing our ability to generate cash to cover our debt obligations including interest and principal payments. Non-GAAP financial measures, such as EBITDA and Adjusted EBITDA are not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of the performance of other companies.
For a reconciliation of non-GAAP financial measures to the comparable GAAP financial measures please see the financial schedules accompanying this release.
The Company does not provide reconciliations of guidance for Adjusted EBITDA to Operating Income, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include other (loss) income and certain income/expense or gain/loss adjustments under the Company’s debt agreements that are difficult to predict in advance in order to include in a GAAP estimate.
Forward-looking Statements
This announcement may contain forward-looking statements regarding future events and our future results that are subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995 under the Securities Act of 1933 and the Securities Exchange Act of 1934. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects” and similar expressions are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties. Statements regarding the amount of our backlog, estimated total contract values, and 2018 outlook are other examples of forward-looking statements. We caution that these statements are further qualified by important economic, competitive, governmental, international and technological factors that could cause our business, strategy, projections or actual results or events to differ materially, or otherwise, from those in the forward-looking statements. These factors, risks and uncertainties include, among others, the following: our substantial level of indebtedness, our ability to refinance or amend the terms of that indebtedness, and changes in availability of capital and cost of capital; the ability to refinance, amend or generate sufficient cash to repay our indebtedness, including any future indebtedness, which may force us to take other actions to satisfy our obligations under our indebtedness, which may not be successful; the future impact of mergers, acquisitions, divestitures, joint ventures or teaming agreements; the outcome of any material litigation, government investigation, audit or other regulatory matters; restatement of our financial statements causing credit ratings to be downgraded or covenant violations under our debt agreements; policy and/or spending changes implemented by the Trump Administration, any subsequent administration or Congress, including any further changes to the sequestration that the United States ("U.S.") Department of Defense ("DoD") is currently operating under; termination or modification of key U.S. government or commercial contracts, including subcontracts; changes in the demand for services that we provide or work awarded under our contracts, including without limitation, the LOGCAP IV and ALiSS contracts; the outcome of future extensions on awarded contracts and the outcomes of recompetes on existing programs; changes in the demand for services provided by our joint venture partners; changes due to pursuit of new commercial business in the U.S. and abroad; activities of competitors and the outcome of bid protests; changes in significant operating expenses; impact of lower than expected win rates for new business; general political, economic, regulatory and business conditions in the U.S. or in other countries in which we operate; acts of war or terrorist activities, including cyber security threats; variations in performance of financial markets; the inherent difficulties of estimating future contract revenue and changes in anticipated revenue from indefinite delivery, indefinite quantity ("IDIQ") contracts and indefinite quantity contracts ("IQC"); the timing or magnitude of any award, performance or incentive fee granted under our government contracts; changes in expected percentages of future revenue represented by fixed-price and time-and-materials contracts, including increased competition with respect to task orders subject to such contracts; decline in the estimated fair value of a reporting unit resulting in a goodwill impairment and a related non-cash impairment charged against earnings; changes in underlying assumptions, circumstances or estimates that may have a material adverse effect upon the profitability of one or more contracts and our performance; implementation of the tax reform legislation known colloquially as the Tax Cuts and Jobs Act (the "Tax Act") or other tax reform implemented by the Trump Administration, and any subsequent administration or Congress; changes in our tax provisions or exposure to additional income tax liabilities that could affect our profitability and cash flows; uncertainty created by management turnover or other restructuring activities; termination or modification of key subcontractor performance or delivery; the ability to receive timely payments from prime contractors where we act as a subcontractor; and statements covering our business strategy, those described in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission (“SEC”) on March 21, 2018, and other risks detailed from time to time in our reports filed with the SEC and other risks detailed from time to time in our reports posted to our website or made available publicly through other means. Accordingly, such forward-looking statements do not purport to be predictions of future events or circumstances and therefore, there can be no assurance that any forward-looking statements contained herein will prove to be accurate. We assume no obligation to update the forward-looking statements. Given these risk and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. The Company's actual results could differ materially from those contained in the forward-looking statements.
DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands) Three Months Ended March 31, 2018 March 31, 2017 Revenue $ 534,293 $ 459,872 Cost of services (465,423 ) (399,477 ) Selling, general and administrative expenses (25,359 ) (31,719 ) Depreciation and amortization expense (6,057 ) (8,555 ) Earnings from equity method investees 47 43 Operating income 37,501 20,164 Interest expense (16,988 ) (18,715 ) Loss on early extinguishment of debt (239 ) — Interest income 525 5 Other income, net 649 1,373 Income before income taxes 21,448 2,827 Provision for income taxes (4,744 ) (3,039 ) Net income (loss) 16,704 (212 ) Noncontrolling interests (296 ) (275 ) Net income (loss) attributable to DTH, Inc. $ 16,408 $ (487 ) Provision for income taxes 4,744 3,039 Interest expense, net of interest income 16,463 18,710 Depreciation and amortization (1) 6,820 8,898 EBITDA (2) $ 44,435 $ 30,160 Certain income/expense or gain/loss adjustments per our credit agreements (3) 2,980 (166 ) Employee share based compensation, severance, relocation and retention expense (4) 373 1,130 Cerberus fees (5) 31 650 Global Advisory Group expenses (6) — 5,160 Other (7) (634 ) (406 ) Adjusted EBITDA $ 47,185 $ 36,528 (1) Includes certain depreciation and amortization amounts which are classified as Cost of services in the condensed consolidated statements of operations. (2) We define EBITDA as GAAP net income (loss) attributable to DTH, Inc. adjusted for interest, taxes, depreciation and amortization. We believe these non-GAAP financial measures are useful in evaluating operating performance and are regularly used by security analysts, institutional investors and other interested parties in reviewing the Company. Non-GAAP financial measures are not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of the performance of other companies. (3) Includes certain unusual income and expense items, as defined in the Indenture and New Senior Credit Facility. (4) Includes post-employment benefit expense related to severance in accordance with ASC 712 - Compensation, relocation expenses, retention expense and share based compensation expense. (5) Includes Cerberus Operations and Advisory Company expenses, net of recovery. (6) Reflects Global Advisory Group cost incurred during the three months ended March 31, 2017, which we were able to add back to Adjusted EBITDA under the Indenture and New Senior Credit Facility in an aggregate amount up to a total of $30 million, which was fully utilized as of the second quarter of calendar year 2017. (7) Includes changes due to fluctuations in foreign exchange rates, earnings from affiliates not received in cash, costs incurred pursuant to ASC 805 - Business Combination and other immaterial items. DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) Credit Agreement Adjusted EBITDA Calculation by Segment (Amounts in thousands) DTH, Inc. CY18 QTD Q1 DynAviation DynLogistics Headquarters/
Others
Consolidated Operating income (loss) $ 25,934 $ 19,306 $ (7,739 ) $ 37,501 Depreciation and amortization expense (1) 498 416 5,906 6,820 Loss on early extinguishment of debt — — (239 ) (239 ) Noncontrolling interests — — (296 ) (296 ) Other income, net 199 81 369 649 EBITDA (2) $ 26,631 $ 19,803 $ (1,999 ) $ 44,435 Certain income/expense or gain/loss adjustments per our credit agreements (3) 79 2,636 265 2,980 Employee share based compensation, severance, relocation and retention expense (4) 245 123 5 373 Cerberus fees (5) 14 9 8 31 Other (6) — (56 ) (578 ) (634 ) Adjusted EBITDA $ 26,969 $ 22,515 $ (2,299 ) $ 47,185 (1) Includes certain depreciation and amortization amounts which are classified as Cost of services in the condensed consolidated statements of operations. (2) We define EBITDA as GAAP net income attributable to DTH, Inc. adjusted for interest, taxes, depreciation and amortization. We believe these non-GAAP financial measures are useful in evaluating operating performance and are regularly used by security analysts, institutional investors and other interested parties in reviewing the Company. Non-GAAP financial measures are not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of the performance of other companies. (3) Includes certain unusual income and expense items, as defined in the Indenture and New Senior Credit Facility. (4) Includes post-employment benefit expense related to severance in accordance with ASC 712 - Compensation, relocation expenses, retention expense and share based compensation expense. (5) Includes Cerberus Operations and Advisory Company expenses, net of recovery. (6) Includes changes due to fluctuations in foreign exchange rates, earnings from affiliates not received in cash, costs incurred pursuant to ASC 805 - Business Combination and other immaterial items. DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) Credit Agreement Adjusted EBITDA Calculation by Segment (Amounts in thousands) DTH, Inc. CY17 QTD Q1 DynAviation DynLogistics Headquarters/
Others
Consolidated Operating (loss) income $ 18,946 $ 17,500 $ (16,282 ) $ 20,164 Depreciation and amortization expense (1) 289 140 8,469 8,898 Noncontrolling interests — — (275 ) (275 ) Other income, net 997 107 269 1,373 EBITDA (2) $ 20,232 $ 17,747 $ (7,819 ) $ 30,160 Certain income/expense or gain/loss adjustments per our credit agreements (3) — (756 ) 590 (166 ) Employee share based compensation, severance, relocation and retention expense (4) 793 323 14 1,130 Cerberus fees (5) 401 215 34 650 Global Advisory Group expenses (6) — — 5,160 5,160 Other (7) — (40 ) (366 ) (406 ) Adjusted EBITDA $ 21,426 $ 17,489 $ (2,387 ) $ 36,528 (1) Includes certain depreciation and amortization amounts which are classified as Cost of services in the condensed consolidated statements of operations. (2) We define EBITDA as GAAP net loss attributable to DTH, Inc. adjusted for interest, taxes, depreciation and amortization. We believe these non-GAAP financial measures are useful in evaluating operating performance and are regularly used by security analysts, institutional investors and other interested parties in reviewing the Company. Non-GAAP financial measures are not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of the performance of other companies. (3) Includes certain unusual income and expense items, as defined in the Indenture and New Senior Credit Facility. (4) Includes post-employment benefit expense related to severance in accordance with ASC 712 - Compensation, relocation expenses, retention expense and share based compensation expense. (5) Includes Cerberus Operations and Advisory Company expenses, net of recovery. (6) Reflects Global Advisory Group cost incurred during the three months ended March 31, 2017 which we were able to add back to Adjusted EBITDA under the Indenture and New Senior Credit Facility in an aggregate amount up to a total of $30 million, which was fully utilized as of the second quarter of calendar year 2017. (7) Includes changes due to fluctuations in foreign exchange rates, earnings from affiliates not received in cash, costs incurred pursuant to ASC 805 - Business Combination and other immaterial items. DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands) As of March 31, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ 117,523 $ 168,250 Accounts receivable, net of allowances of $9,417 and $10,142, respectively 119,398 352,550 Contract assets 200,940 — Other current assets 43,098 52,542 Total current assets 480,959 573,342 Non-current assets 154,910 162,375 Total assets $ 635,869 $ 735,717 LIABILITIES AND DEFICIT Current portion of long-term debt, net $ — $ 53,652 Other current liabilities 267,950 331,872 Total current liabilities 267,950 385,524 Long-term debt, net 530,575 527,039 Other long-term liabilities 12,069 13,081 Total deficit attributable to Delta Tucker Holdings, Inc. (180,207 ) (195,456 ) Noncontrolling interests 5,482 5,529 Total deficit (174,725 ) (189,927 ) Total liabilities and deficit $ 635,869 $ 735,717 DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) UNAUDITED OTHER CONTRACT DATA (Amounts in millions) As of March 31, 2018 December 31, 2017 Backlog (1) : Funded backlog $ 1,048 $ 968 Unfunded backlog 2,861 3,201 Total Backlog $ 3,909 $ 4,169 (1) Backlog consists of funded and unfunded amounts under contracts. Funded backlog is equal to the amounts appropriated by a customer for payment of goods and services less actual revenue recognized as of the measurement date under that appropriation. Unfunded backlog is the dollar value of unexercised, priced contract options, and the unfunded portion of exercised contract options. Most of our U.S. government contracts allow the customer the option to extend the period of performance of a contract for a period of one or more years. DELTA TUCKER HOLDINGS, INC. (DTH, Inc.) UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands) For the three months ended March 31, 2018 March 31, 2017 Cash Flow Information: Net cash provided by (used in) operating activities $ 8,049 $ (15,048 ) Net cash used in investing activities (3,622 ) (1,044 ) Net cash used in financing activities (55,154 ) (79 ) Net cash provided by (used in) operating activities 8,049 (15,048 ) Less: Purchase of property and equipment (4,852 ) (1,757 ) Proceeds from sale of property and equipment 12 370 Less: Purchase of software (32 ) (26 ) Free cash flow $ 3,177 $ (16,461 )
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005157/en/
DynCorp International Inc.
Brendan Burke
Vice President and Treasurer
817-224-7742
[email protected]
Source: DynCorp International Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-dyncorp-international-inc-s-parent-reports-results-for-first-quarter-2018.html |
May 29, 2018 / 6:26 AM / a few seconds ago Samu joins Brumbies ahead of mooted Wallabies berth Ian Ransom 3 Min Read
MELBOURNE (Reuters) - The Wallabies would welcome Pete Samu with open arms for the June test series against Ireland, hooker Jordan Uelese has said, after it was confirmed the loose forward will join Australian Super Rugby side ACT Brumbies from the Canterbury Crusaders.
Melbourne-born Samu has been playing for New Zealand’s Crusaders since 2016 but will cross to the Brumbies for 2019, the Canberra-based side confirmed on Tuesday.
Australian media have reported that the 26-year-old was set to be a surprise inclusion in Michael Cheika’s Wallabies squad on Wednesday, despite the player remaining contracted to New Zealand Rugby (NZR).
NZR were unavailable for comment on Samu but the governing body recently released Wellington Hurricanes loose forward Brad Shields, albeit grudgingly, from his national contract to allow him to be selected by England for June tests against South Africa.
Uelese said Samu, who is also eligible to play for New Zealand, was “obviously” an Australian player.
“He only just moved over to New Zealand not long ago,” the 21-year-old Melbourne Rebel told reporters on Tuesday.
“I think it’d be great for him to come.
“Obviously he’s gone elsewhere for an opportunity to play top level footy and that’s good for him.
“I know he’s a Melbourne boy, some of my cousins played with him out at the (Greater Sydney) Rams, so I think it’s great he wants to come back and wants to represent his country.”
Samu played for famed Sydney club Randwick, Cheika’s former team, and was part of the New South Wales Waratahs’ 2013 squad before crossing the Tasman Sea to play in New Zealand.
He made his debut for the Crusaders in 2016 and has proved himself a valuable squad member, able to play at blindside flanker or number eight.
If named in Cheika’s squad he would give the Wallabies the strong ball-carrying presence in the loose forwards they have been lacking in recent years, particularly if teamed with Michael Hooper and David Pocock in the back row.
“Regardless of where he’s playing at the moment, he was born here and he played all his junior footy here and his senior footy here, so ... I think he deserves the opportunity to represent his country,” added Uelese, who was born in Wellington but has been capped twice by Australia.
Samu said he was “thrilled” by the challenge of joining the Brumbies.
“The Brumbies are well-renowned throughout Super Rugby for being a successful club and for having a fantastic playing culture,” he said in a statement.
The Wallabies face Ireland next month in a three-match test series, starting in Brisbane on June 9. Additional reporting by Greg Stutchbury in Wellington; Editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super-brumbies/samu-joins-brumbies-ahead-of-mooted-wallabies-berth-idUKKCN1IU0JP |
May 2 (Reuters) - UNIRAB POLVARA SPINNING AND WEAVING :
* Q1 NET LOSS AFTER TAX EGP 3.7 MILLION VERSUS LOSS OF 5.5 MILLION YEAR AGO
* Q1 SALES EGP 22.3 MILLION VERSUS EGP 3.7 MILLION YEAR AGO Source: ( bit.ly/2Fzb7bO ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-unirab-polvara-spinning-and-weavin/brief-unirab-polvara-spinning-and-weaving-q1-loss-narrows-idUSFWN1S909N |
NEW YORK (Reuters Breakingviews) - The $5 bln sovereign-wealth fund’s scandal played a role in voters replacing Prime Minister Najib Razak with nonagenarian Mahathir Mohamad. Its resurgence could mean bad news for Goldman Sachs and Najib himself. Plus: Walmart nabs Flipkart in a big bet on e-commerce in India.
New Malaysian Prime Minister Mahathir Mohamad gives a news conference in Kuala Lumpur, Malaysia in this still image taken from video, May 11, 2018. If primary link is not displayed, listen to the podcast here .
Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com . All opinions expressed are those of the authors.
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/us-malaysia-election-breakingviews/breakingviews-viewsroom-1mdb-rears-head-in-malaysian-election-idUSKCN1IH1W1 |
U.S. stocks recovered most of their Tuesday losses as investors considered whether the prior day’s selloff driven by Italy’s unfolding political drama might have been overdone.
Political upheaval in Italy after President Sergio Mattarella blocked the formation of a euroskeptic governing coalition had jolted investors worried that turmoil in Italian markets could spread. On Wednesday, Mr. Mattarella searched for a solution to the political crisis, including the possibility of reviving a coalition government—an option that... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/europe-markets-pause-amid-political-trade-tensions-1527665278 |
BRUSSELS, May 24 (Reuters) - Italy is an essential part of the euro zone and pro-European comments of Italian President Sergio Mattarella were a positive signal, French Finance Minister Bruno Le Maire said on Thursday.
Euro zone governments and financial markets have been alarmed at the impending arrival of a new government in Rome under Giuseppe Conte comprising of two eurosceptic, anti-establishment parties, who won votes by calling for an easing of euro zone budget discipline and public debt rules.
“Italy is an essential partner of the euro zone and an essential partner in Europe,” Le Maire said on entering talks of euro zone finance ministers in Brussels.
“It is one of the important economies of the euro zone and the European Union. We have all positively noted the first declarations of the president of the Republic. We think it is a positive signal. We want to work in a constructive fashion with Italy and we will judge it on its actions,” he said. (Reporting By Jan Strupczewski and Alissa de Carbonnel)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-italy-france/italy-essential-for-euro-zone-french-finance-minister-idUSB5N1P001L |
(Corrects sourcing on nationality)
PARIS, May 13 (Reuters) - The assailant who killed a person in a central Paris knife attack on Saturday night was born in 1997 in Chechnya, a judicial source said on Sunday.
The assailant shouted “Allahu akbar (God is greatest),” as killed the passer-by in the knife attack and wounded four others before he was shot dead by police.
The father and mother of the attacker are being held for questioning by French police, the source said.
The source did not say what the attacker’s nationality was. BFM TV said he was Russian. (Reporting by Emmanuel Jarry Writing by Ingrid Melander Editing by Eric Meijer)
| ashraq/financial-news-articles | https://www.reuters.com/article/france-security/paris-knife-attacker-was-russian-born-in-1997-in-chechnya-source-idUSL5N1SK02L |
Factory-built homes the future? This start-up hopes so 2 Hours Ago A new start-up is disrupting the construction industry by building houses in a factory. CNBC's Diana Olick reports. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/factory-built-homes-the-future-this-start-up-hopes-so.html |
More workers search for ‘meaning’ rather than higher pay, author says 2 Hours Ago Fred Kofman, Google Leadership Development advisor and author of “The Meaning Revolution," discuss what he calls a workplace revolution around finding meaning in your job. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/more-workers-search-for-meaning-rather-than-higher-pay-author-says.html |
May 31, 2018 / 2:14 AM / Updated an hour ago CAS decision imminent on Jamaica's Carter Reuters Staff 2 Min Read
KINGSTON (Reuters) - Usain Bolt and his former Jamaica team mates are set to learn whether their 4x100 metres relay gold medals from the 2008 Beijing Olympics will be restored, with a ruling over the Nesta Carter doping case expected to land on Thursday. FILE PHOTO: Jamaican sprinter Nesta Carter arrives for an appeal hearing at the Court of Arbitration for Sports (CAS) in Lausanne, Switzerland November 15, 2017. REUTERS/Denis Balibouse
Carter retroactively tested positive for the banned stimulant methylhexaneamine at Beijing and was stripped of the gold along with Bolt, Asafa Powell, Michael Frater and Dwight Thomas.
Carter appeared at the Switzerland-based Court of Arbitration for Sport in November to appeal against the sanction and the tribunal’s Secretary General Matthieu Reeb said a decision was imminent.
“I am confident that the Carter case can be finalised on or before Thursday this week,” Reeb told the Inside the Games website.
The Jamaican team were ordered by the International Olympic Committee to return their medals in Jan. 2017.
Carter, the first-leg relay specialist, has been a vital member of Jamaica’s dominant squad, helping the Caribbeans win golds at the 2012 London Olympics and three successive world championships from 2011-15. Reporting by Kayon Raynor; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-athletics-jamaica-carter/cas-decision-imminent-on-jamaicas-carter-idUKKCN1IW07E |
PRINCETON, N.J., - Radiate Holdco, LLC ("Radiate") announced today that it released its first quarter 2018 financial results on its secure investor website. The financial results were provided in accordance with the terms of the Indentures governing Radiate's 6.625% Senior Notes due 2025 and 6.875% Senior Notes due 2023 (together, the "Notes").
Radiate will hold a conference call to discuss its first quarter results at 9:00 a.m. Eastern Time on Tuesday, May 22, 2018. The dial-in information for the call will be posted to Radiate's secure investor website. During the conference call, representatives of Radiate will discuss and answer questions concerning the company's business and financial matters.
Access to the financial results and conference call will be limited to holders and beneficial owners of the Notes, qualified prospective investors in the Notes, holders of Radiate's term loan, and certain security analysts and market makers. Radiate will post all of its reports required to be furnished pursuant to the Indenture governing the Notes on its secure investor website maintained by Intralinks. Reports will also be posted to Syndtrak for term loan holders. If you meet one or more of the criteria set forth above and would like to access, but have not yet been granted access to, the secure investor website, please contact Radiate's contact below.
Contact details:
Radiate Contact: Jamie Hill, SVP Finance & Treasury
Telephone: 301-531-2720
Email: [email protected]
releases/radiate-holdco-llc-releases-first-quarter-2018-financial-results-and-to-host-conference-call-300649083.html
SOURCE Radiate Holdco, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-radiate-holdco-llc-releases-first-quarter-2018-financial-results-and-to-host-conference-call.html |
102-year-old Ida Keeling setting race records Monday, April 30, 2018 - 01:34 Mon, 30 Apr, 2018 - (1:32) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/04/30/102-year-old-ida-keeling-setting-race-re?videoId=422738334 |
May 4, 2018 / 1:07 PM / in 7 minutes BRIEF-Broadway Says Thomas Smeenk Appointed CEO And President Reuters Staff
May 4 (Reuters) - Broadway Gold Mining Ltd: * SAYS THOMAS A. SMEENK APPOINTED CEO AND PRESIDENT
* DUANE PARNHAM WILL CONTINUE TO SERVE AS A DIRECTOR OF COMPANY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-broadway-says-thomas-smeenk-appoin/brief-broadway-says-thomas-smeenk-appointed-ceo-and-president-idUSASC09ZXD |
NEW YORK, Prospect Capital Corporation (NASDAQ:PSEC) (“Prospect”, “our”, or “we”), in connection with the previously announced public offering, issued $103.5 million in aggregate principal amount of senior unsecured 4.95% Convertible Notes Due 2022 (including $13.5 million in aggregate principal amount of 4.95% Convertible Notes due 2022 pursuant to the exercise in full by the underwriter of its over-allotment option) (the “Notes”).
The Notes are a further issuance of the 4.95% Convertible Notes due 2022 that Prospect issued on April 11, 2017 in the aggregate principal amount of $225,000,000 (the “existing 4.95% Convertible Notes”). The Notes will be treated as a single series with the existing 4.95% Convertible Notes under the indenture and will have the same terms as the existing 4.95% Convertible Notes. The Notes will have the same CUSIP number and will be fully fungible and rank equally in right of payment with the existing 4.95% Convertible Notes. The conversion price of the Notes is $9.98. After the issuance of the Notes, the outstanding aggregate principal amount of Prospect’s 4.95% Convertible Notes due 2022 is now $328.5 million.
The Notes will mature on July 15, 2022, unless earlier converted, repurchased or redeemed in accordance with their terms. Interest on the Notes will accrue from January 15, 2018 and will be payable semi-annually in arrears on January 15 and July 15 of each year, commencing on July 15, 2018. The Notes will be general unsecured obligations of Prospect, will rank equally in right of payment with Prospect’s existing and future senior unsecured debt, and will rank senior in right of payment to any potential subordinated debt, should any be issued in the future.
Prospect expects to use a portion of the net proceeds from the sale of the Notes to repay debt under our credit facility. Prospect intends to use the remainder of the net proceeds of the offering to invest in high quality short term debt investments, and/or make long term investments in accordance with its investment objective. The Notes have no restrictions related to the type and security of assets in which Prospect might invest.
Goldman Sachs & Co. LLC served as the sole underwriter for the offering.
The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, a copy of which may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: (212) 902-1171 or email: [email protected] .
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation is a business development company that focuses on lending to and investing in private businesses. Our investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.
We have elected to be treated as a business development company under the Investment Company Act of 1940 (“1940 Act”). We are required to comply with a series of regulatory requirements under the 1940 Act as well as applicable NASDAQ, federal and state rules and regulations. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986. Failure to comply with any of the laws and regulations that apply to us could have an adverse effect on us and our shareholders.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.
For further information, contact:
Grier Eliasek, President and Chief Operating Officer
[email protected]
Telephone (212) 448-0702
Source: Prospect Capital Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-prospect-capital-announces-issuance-of-103-point-5-million-of-4-point-95-percent-convertible-notes-due-2022.html |
The news of a pause in the “trade war” between the U.S. and China has had a speedy and positive effect on the markets.
U.S. Treasury Secretary Steven Mnuchin said Sunday that the countries were “putting the trade war on hold” following talks last week in Washington, D.C.
There’s no detailed deal yet, but China has promised to step up its purchases of U.S. agricultural and energy goods and services. This is apparently tied to the U.S. easing restrictions on high-tech exports to China.
In China, both the CSI300 and Shanghai Composite indices ended Monday’s trading up, by 0.5% and 0.6% respectively. The news proved particularly buoyant for transport companies, such as Cosco Shipping, which ended the day up by 5.5%.
The Shanghai Composite Index gains took that benchmark to its highest levels in two months. Hong Kong’s Hang Seng rose by 1.3% at one point, but fell to a 0.6% gain at trading’s close, reportedly due to concerns over the strength of the U.S. dollar and higher U.S. interest rates.
The dollar gained around 0.3% on the news of the trade war pause. U.S. futures were up too—S&P by 0.6%, Nasdaq by 0.7% and the Dow by 0.9%—while the Stoxx Europe 600 index rose 0.3% on Monday morning.
“With tensions between China and the US now in at least temporary abeyance, markets should react positively to a situation which had threatened to derail the synchronised global economic recovery,” Richard Hunter of Interactive Investor told the Financial Times | ashraq/financial-news-articles | http://fortune.com/2018/05/21/china-trade-war-pause-markets/ |
Trump discusses fuel rules with automakers 2:48am IST - 01:25
Major U.S. and foreign automakers met with U.S. President Donald Trump as his administration considers loosening federal fuel efficiency and pollution standards implemented under Democratic former President Barack Obama. Aleksandra Michalska reports.
Major U.S. and foreign automakers met with U.S. President Donald Trump as his administration considers loosening federal fuel efficiency and pollution standards implemented under Democratic former President Barack Obama. Aleksandra Michalska reports. //reut.rs/2KRRZtw | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/11/trump-discusses-fuel-rules-with-automake?videoId=426006776 |
The " Fast Money " traders shared their first moves for the market open.
Pete Najarian was a buyer of MSCI Brazil ETF .
Tim Seymour was a buyer of Halliburton .
Brian Kelly was a buyer of Gold Miners ETF .
Guy Adami was a buyer of Advanced Micro Devices .
Trader disclosure: On May 23, 2018, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Pete Najarian is long calls AAPL, AIG, AMD, BAC, BEL, CI, CLF, COTY, CTL, EWZ, FB, FDC, GM, INTC, JD, KHC, MGM, OIH, RIG, SLV, SPY, SVU, TWTR, XHB, XLF. Pete is long stock AAPL, ATVI, BAC, BKE, C, DIS, FUL, ESRX, GM, HD, IBM, KMI, KO, LOW, MRK, MU, PEP, PFE, PII, PYPL, STZ, TGT, UPS, VFC. Pete bought AAPL, AIG, CLF, FB, JD, TWTR calls. Pete sold AKS, ARNC, DVN, GLD, LUV, MAS, MPC, MU, NEM calls. Pete bought ESRX, PIT stock. Pete sold HLT, LVS, MSFT, TPX, UFS, WYNN, XOM stock. Pete sold QQQ, XLI puts. Tim Seymour is long AMZA, ACB.TO, APC, APH.TO, BABA, BAC, BX, C, CCJ, CLF, CMG, CRON, CSCO, CX, DAL, DPZ, DVYE, EEM, ERJ, EUFN, EWM, FB, FXI, GE, GILD, GM, GOOGL, GWPH, HAL, INTC, JD, LEAF, MAT, MCD, MO, MOS, MPEL, PAK, PHM, PYPL, RH, RL, SBUX, SQ, T, TIF, TWTR, UA, UAL, VALE, VIAB, VOD, X, XLE, XRT, YNDX, 700.HK. Tim is short IWM, RACE, SPY. Brian Kelly is long AMD, CBOE, CME, GCAP, GS, HIVE, IBM, MCB, MSFT, MU, NVDA, ORCL, OSTK, RHT, SAP, SHG, SHOP, SIVB, SQ, STX, TSM, Bitcoin, Ethereum, Litecoin, Cardano, Bitcoin Cash, Stellar, EOS, STORM. Guy Adami is long CELG, EXAS, GDX, INTC. Guy Adami's wife, Linda Snow, works at Merck. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/your-first-trade-for-thursday-may-24.html |
Postmates CEO: Local commerce is fragmented and underserved 1 Hour Ago Postmates Founder & CEO Bastian Lehmann discusses how the company is working with Walmart as well as what he sees for the local consumer and 'last-mile' commerce. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/postmates-ceo-local-commerce-is-fragmented-and-underserved.html |
ST. LOUIS (Reuters) - The trial of Missouri Governor Eric Greitens over a sex scandal began on Thursday as the Republican politician faced mounting pressure to resign.
Jury selection got under way in a state circuit court in St. Louis, and opening statements were expected to begin early next week in a case that has state lawmakers weighing impeachment.
Greitens, who smiled in court several times on Thursday morning as the jury selection process began, is charged with felony invasion of privacy in connection with an admitted extramarital affair in 2015 before his election. He has said he is innocent of any criminal wrongdoing and called the relationship in question consensual. He has vowed to remain in office while he fights to clear his name.
The 44-year-old governor is accused of taking a photo of his lover in a state of undress without her consent and making it accessible by computer to use as retaliation should she divulge their relationship. He has denied threatening to blackmail her.
The alleged offense occurred in March 2015, the year before Greitens, a married father of two and former U.S. Navy SEAL commando, was elected governor. If convicted, he faces up to four years in prison.
The backlash against Greitens, a onetime rising star in the Republican Party, grew after he was charged in a separate case with computer tampering. Prosecutors allege he obtained and transmitted a donor list from a military veterans charity he founded in 2007 without the charity’s consent to aid his political fund-raising.
The Republican-controlled Missouri legislature will convene a special session on May 18 to consider impeachment or other discipline. No Missouri governor has ever been impeached.
Greitens has cast himself as the victim of a “political witch hunt” in both cases, which were brought by Kim Gardner, the Democratic circuit attorney for the city of St. Louis.
Greitens’ lawyers have noted the alleged photograph has never been produced. The woman testified to state lawmakers she believes the picture was taken while she was bound, blindfolded and partially nude in Greitens’ basement.
The woman, a hair stylist, described in a state legislative report released last month a tumultuous, months-long affair punctuated by instances of physical abuse, jealous rage and manipulative behaviour by Greitens.
The scandal may tarnish the Republican Party and dim its hopes of ousting Senator Claire McCaskill, a Democrat regarded as one of the more politically vulnerable senators in the upcoming November congressional elections.
FILE PHOTO: Missouri Governor Eric Greitens appears in a police booking photo in St. Louis, Missouri, U.S., February 22, 2018. St. Louis Metropolitan Police Dept./Handout via REUTERS/File Photo Reporting by Sue Britt; writing by Ben Klayman; editing by Cynthia Osterman and Jonathan Oatis
| ashraq/financial-news-articles | https://in.reuters.com/article/missouri-governor/missouri-governors-trial-over-sex-scandal-starts-amid-pressure-to-resign-idINKBN1IB2AM |
Bill Clinton calls new tax law 'a bullet aimed at New York and California' 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/bill-clinton-calls-new-tax-law-a-bullet-aimed-at-new-york-and-california.html |
May 7 (Reuters) - National General Holdings Corp:
* Q1 EARNINGS PER SHARE $0.55 * Q1 EARNINGS PER SHARE VIEW $0.52 — THOMSON REUTERS I/B/E/S
* QTRLY GROSS WRITTEN PREMIUM GREW $165.1 MILLION OR 14.1% TO $1,337.0 MILLION
* BOARD APPOINTED ROBERT KARFUNKEL AND BARRY KARFUNKEL TO SERVE AS CO-CHAIRMEN OF BOARD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-national-general-holdings-q1-earni/brief-national-general-holdings-q1-earnings-per-share-0-55-idUSASC0A066 |
MOSCOW (Reuters) - Four Russian military personnel were killed in fighting in eastern Syria’s Deir al-Zor province, Interfax news agency reported on Sunday, citing the Russian Defence Ministry.
The fighting erupted after several groups of rebels attacked an artillery battery of the Syrian army, the ministry said.
Two Russian military advisers who directed the fire of the Syrian battery were killed on the spot. Five other personnel were injured and taken to a Russian military hospital. Two of them died from their wounds.
The ministry said that 43 rebels had been killed in the same fighting, Interfax reported.
Reporting by Maria Kiselyova; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-syria-russia-casualtie/four-russian-military-personnel-killed-in-syrias-deir-al-zor-ifax-idUSKCN1IS085 |
May 8 (Reuters) - Egalet Corp:
* EGALET CORP Q1 SHR LOSS $0.26 * EGALET CORP Q1 SHR VIEW $-0.29 — THOMSON REUTERS I/B/E/S
* EGALET CORP - NET PRODUCT SALES OF $6.3 MLN FOR QUARTER ENDED MARCH 31, 2018 COMPARED TO $5.4 MLN Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-egalet-reports-q1-loss-per-share-0/brief-egalet-reports-q1-loss-per-share-0-26-idUSASC0A0CT |
LODI, Calif., Farmers & Merchants Bancorp (OTCQX:FMCB), a bank holding company headquartered in Lodi, California, today announced that the shareholders of Bank of Rio Vista have approved FMCB’s previously announced proposed acquisition of Bank of Rio Vista.
Farmers & Merchants Bancorp’s Chairman, President and CEO Kent Steinwert said, “We are pleased that this transaction continues to move forward as scheduled, and we are planning for a closing date in July or August 2018, subject to the satisfaction of the remaining conditions set forth in the definitive agreement, including required regulatory approvals. We continue to believe this business combination offers customers and shareholders advantages and will expand F&M Bank’s current position in the Rio Vista, Delta and River communities.”
About Farmers & Merchants Bancorp
Farmers & Merchants Bancorp, traded on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 28 convenient locations. As of March 31, 2018, the Bank had approximately $3.1 billion in total assets. In 2013, the Bank began an expansion into the San Francisco Bay Area with new full-service branches in Walnut Creek and Concord. In early 2018, a loan production office opened in Napa with a full-service branch in process. The Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their CRA evaluation. For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com .
About Bank of Rio Vista
Bank of Rio Vista is a community bank established in 1904, serving the needs of consumers and businesses through three locations in Rio Vista, Walnut Grove and Lodi. As of March 31, 2018, the Bank had approximately $217 million in total assets.
Forward-Looking Statements
Statements in this press release or on other public statements or filings concerning the benefits of the transaction involving Farmers & Merchants Bancorp and Bank of Rio Vista, including the expected schedule for the closing of the Bank of Rio Vista acquisition, future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts, including future performance, developments or events, expectations for growth and income forecasts, and any other guidance on future periods, constitute forward-looking statements that are subject to a number of risks and uncertainties. Actual results may differ materially from stated expectations. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that the transaction does not close when expected or at all because of regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; the risk that the benefits from the transaction may not be fully realized or may take longer to realize than expected; the reaction to the transaction of the companies’ customers, employees and counterparties; diversion of management time on merger-related issues; and other risks that are described in Farmers & Merchants Bancorp’s public filings with the Securities and Exchange Commission. Additional information on these and other factors that could affect our financial results are included in our Securities and Exchange Commission filings, including Farmers & Merchants Bancorp’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. We disclaim any obligation to update any such factors or to publicly announce the results of any revisions to any forward-looking statements contained herein or in our other public statements or filings to reflect future events or developments.
Contact
Farmers & Merchants Bancorp
Stephen W. Haley, 209-367-2411
Executive Vice President and Chief Financial Officer
[email protected]
Source:Farmers & Merchant Bank of Central California | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-bank-of-rio-vista-shareholders-approve-acquisition-by-farmers-merchants-bancorp.html |
May 10 (Reuters) - ARC Group Worldwide Inc:
* ARC GROUP WORLDWIDE REPORTS FISCAL YEAR THIRD QUARTER 2018 RESULTS
* Q3 REVENUE $21.5 MILLION * QTRLY ADJUSTED LOSS PER SHARE $0.15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-arc-group-worldwide-q3-revenue-215/brief-arc-group-worldwide-q3-revenue-21-5-million-idUSASC0A1K9 |
May 15, 2018 / 5:57 PM / Updated 19 minutes ago Exclusive: China's Tianqi nears deal to buy stake in Chile's SQM - sources Julie Zhu , John Tilak 2 Min Read
HONG KONG/TORONTO (Reuters) - China’s Tianqi Lithium ( 002466.SZ ) is nearing a deal to buy a 24 percent stake in Chile’s Sociedad Quimica Y Minera ( SQMa.SN ) (SQM), one of the world’s biggest lithium producers, for about $4.3 billion, two people close to the transaction said. FILE PHOTO: An aerial view of the brine pools and processing plant of the SQM lithium mine on the Atacama salt flat, in the Atacama Desert of northern Chile, January 10, 2013. REUTERS/Ivan Alvarado/File Photo
Chengdu-based Tianqi, which is building the world’s biggest lithium processor in Western Australia, is set to sign a deal to acquire the stake in SQM from Canadian fertilizer company Nutrien Ltd ( NTR.TO ), the people said. Tianqi is pushing ahead despite Chilean government opposition to a deal with a Chinese company.
Nutrien, formed by the merger of Agrium and Potash Corp of Saskatchewan, must sell its stake in SQM by next March as part of a commitment to regulators approving the deal. Nutrien owns about 30 percent of SQM.
Based on SQM’s market value of $14.8 billion at Monday’s close, Tianqi would pay a 22 percent premium for the shares in the world’s lowest-cost producer of lithium.
Tianqi, which is in talks with several institutional investors and banks for financing, plans to fund the deal through bank loans, mezzanine loans and its own working capital, the people said.
State-run conglomerate Citic Group and its unit China Citic Bank ( 601998.SS ) are considering providing part of the capital for the stake acquisition, they added.
SQM, Tianqi, Citic Group and Citic Bank did not respond to requests for comment. Nutrien declined to comment. All the people declined to be identified as the deal details were private, and they cautioned that there is no certainty that a deal would be reached.
Nutrien said last week it expects to announce the sale of its stake in SQM by the end of the second quarter. Reporting by Julie Zhu in HONG KONG, John Tilak in TORONTO; Additional reporting by Yan Jiang of Basis Point, and Kane Wu and Tom Daly in in HONG KONG, Dave Sherwood in Santiago and Rod Nickel in Winnipeg; Editing by Denny Thomas, Jennifer Hughes and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/us-tianqi-lithium-m-a-sqm/exclusive-chinas-tianqi-nears-deal-to-buy-stake-in-chiles-sqm-sources-idUKKCN1IG2TW |
CNBC.com Lucas Jackson | Reuters President Donald Trump gestures before he speaks at a National Rifle Association (NRA) convention in Dallas, Texas, U.S. May 4, 2018.
President Donald Trump took swipes at three Democratic senators by name Friday, as he urged gun rights supporters to elect more Republicans in November in order to boost his agenda.
The president lamented that the 51 seats Republicans currently hold in the Senate are "not really a majority." Trump argued that the Senate needs more GOP members after November's midterm elections to pass tougher immigration laws, confirm conservative judges and push back against new gun restrictions.
"We need Republicans to do it right, to get the kind of things we want. We've got to get Republicans elected. We've got to do great in 2018," the president told the National Rifle Association's annual meeting.
The president warned his supporters not to get "complacent" in a midterm election year. He noted that the president's party often gets clobbered in off-year elections and said "we can't let that happen."
Democrats aim to pick up seats, and potentially a majority, in the House in November amid party enthusiasm and poor approval ratings for Trump and major Republican policies. They face a tougher task in the Senate, where Democrats and independents who caucus with them have to defend 26 seats, including 10 in states Trump won.
The GOP sees the potential to even gain Senate seats in November. On Friday, Trump went after some of those Democrats defending their Senate seats.
He slammed Sen. Jon Tester , D-Mont., who will run this year in a state Trump won by about 20 points. Tester, as the ranking member on the Senate Veterans Affairs Committee, had a role in going public with workplace misconduct allegations against the president's pick to lead the Department of Veterans Affairs, White House physician Ronny Jackson.
Though he denied the accusations, Jackson, a Navy rear admiral, eventually dropped out of consideration for the job . While several bipartisan senators shared concerns about the allegations against Jackson, Trump has publicly lambasted Tester over the events.
"Senate Democrats like Jon Tester. You saw what happened there. What he did to one of the finest people in our country. What he did to the admiral — what he did is a disgrace," the president said Friday.
He also targeted Sens. Bill Nelson , D-Fla., and Bob Casey , D-Pa., on Friday. Trump criticized the senators, who both face re-election fights this year, for voting against his immigration priorities.
Trump won both of their home states in 2016, albeit by much narrower margins than he carried Montana.
Nelson will likely face a well-funded and broadly popular Trump ally in Florida Gov. Rick Scott . Early polling shows a tight race.
Casey is expected to go on to face Rep. Lou Barletta, R-Pa. Early polls indicate a comfortable lead for the Pennsylvania Democrat.
Representatives for Tester, Nelson and Casey did not immediately respond to requests to comment.
The president will likely take more swipes at an endangered Senate Democrat next week. He will head to Indiana for a campaign-style rally on Thursday, two days after the GOP will select a challenger who will face Sen. Joe Donnelly , D-Ind., in November.
Trump won Indiana by about 20 points in 2016. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/trump-targets-tester-nelson-casey-in-2018-midterm-election-attack.html |
NEW YORK, Apergy Corp. (NYSE: APY) will replace 3D Systems Corp. (NYSE: DDD) in the S&P MidCap 400, and 3D Systems will replace Impax Laboratories Inc. (NASD: IPXL) in the S&P SmallCap 600 effective prior to the open of trading on Thursday, May 10, 2018. S&P 500 constituent Dover Corp. (NYSE: DOV) is spinning off Apergy in a transaction expected to be completed prior to the open on Wednesday, May 9, pending final conditions. Dover will remain in the S&P 500 following the spin-off transaction. 3D Systems has a market capitalization that is more representative of the small-cap market space. Impax Laboratories, which is combining with privately held Amneal Pharmaceuticals LLC, is changing its name to Amneal Pharmaceuticals Inc. and its ticker symbol (NYSE: AMRX) effective on or about May 4. The newly combined company will no longer be eligible for inclusion in the S&P SmallCap 600 as its Investable Weight Factor (IWF), which measures the percentage of free float available to the public, is expected to fall well below the 50% eligibility threshold needed for continued inclusion in the index.
Apergy provides various engineered technologies to drill for and produce oil and gas worldwide. Headquartered in Woodlands, TX, the company will be added to the S&P MidCap 400 GICS (Global Industry Classification Standard) Oil & Gas Equipment & Services Sub-Industry index.
3D Systems provides three-dimensional printing products and services worldwide. Headquartered in Rock Hill, SC, the company will be added to the S&P SmallCap 600 GICS Technology Hardware, Storage & Peripherals Sub-Industry index.
Following is a summary of the changes:
S&P MIDCAP 400 INDEX – May 10, 2018
COMPANY
GICS ECONOMIC SECTOR
GICS SUB-INDUSTRY
ADDED
Apergy
Energy
Oil & Gas Equipment &
Services
DELETED
3D Systems
Information Technology
Technology Hardware,
Storage & Peripherals
S&P SMALLCAP 600 INDEX – May 10, 2018
COMPANY
GICS ECONOMIC SECTOR
GICS SUB-INDUSTRY
ADDED
3D Systems
Information Technology
Technology Hardware,
Storage & Peripherals
DELETED
Impax
Laboratories
Health Care
Pharmaceuticals
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500 ® and the Dow Jones Industrial Average ® . More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has become home to over 1,000,000 indices across the spectrum of asset classes that have helped define the way investors measure and trade the markets.
S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com .
FOR MORE INFORMATION:
David Blitzer
Managing Director and Chairman of the Index Committee
New York, USA
(+1) 212 438 3907
[email protected]
S&P Dow Jones Indices
[email protected]
Media Inquiries
[email protected]
releases/apergy-set-to-join-sp-midcap-400-3d-systems-to-join-sp-smallcap-600-300641603.html
SOURCE S&P Dow Jones Indices | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-apergy-set-to-join-sp-midcap-400-3d-systems-to-join-sp-smallcap-600.html |
SHANGHAI/MUNICH (Reuters) - Auto supplier Ningbo Jifeng Auto Parts ( 603997.SS ) has made an approach to buy German rival Grammer ( GMMG.DE ) at a time when Chinese takeovers face increased scrutiny from German and European authorities eager to protect domestic know-how.
Ningbo’s indicative offer, disclosed early on Tuesday, values Grammer at around 772 million euros ($893 million), including dividends, and sent Grammer shares up 20.4 percent to 61.75 euros, above the Ningbo offer price of 61.25 per share.
The offer may result in a voluntary public takeover offer, and will test Germany’s willingness to tolerate Chinese takeovers, following an unsolicited approach by Geely ( 0175.HK ) chairman Li Shufu to secure a $9 billion stake in Daimler ( DAIGn.DE ).
Ningbo’s offer comes as European lawmakers finalize a European proposal for greater scrutiny of investments made with state influence or aimed at transferring key technologies to a third country, a clear reference to some Chinese state-led firms that have bought European rivals.
It also comes less than a week after German Chancellor Angela Merkel, during a trip to China, called on the world’s No.2 economy to open up key industries to outside markets, demanding greater reciprocity between both regions when it comes to takeovers and market access to technologies.
Grammer on Tuesday said that Ningbo Jifeng, already a major shareholder, was in “advanced negotiations” with the firm, adding it was uncertain whether negotiations would be concluded successfully and a takeover offer would be launched.
The German company added it was “assessing strategic options in the best interest of the company”.
Sources familiar with the matter said that Ningbo Jifeng is offering to guarantee jobs at Grammer for 7-1/2 years as part of the proposed transaction, adding the Chinese group was currently not aiming for a domination agreement.
Ningbo Jifeng raised its stake in Grammer in October last year to 25.51 percent. Sources told Reuters around that time the Chinese firm wanted to increase its stake amid a power struggle with a rival shareholder, Bosnia’s Hastor family.
Grammer’s management has generally welcomed the attention of Ningbo Jifeng, another supplier of vehicle interior components, as a potential “white knight” in its conflict with Hastor.
“We would view such a bid as positive as it offers the Hastor group a good opportunity to exit,” DZ Bank analyst Michael Punzet wrote in a note, keeping a “hold” rating on the stock.
Additional reporting by Christoph Steitz and Edward Taylor; Editing by Himani Sarkar and Alexandra Hudson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-grammer-m-a-ningbo-jifeng/chinese-firm-in-talks-to-takeover-german-auto-supplier-grammer-idUSKCN1IU0A8 |
Andrew Harrer | Bloomberg | Getty Images Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc.
Boom times have returned on Wall Street, at least for one trading desk.Goldman Sachs made $200 million in profit on a single day this February as calm in stock markets was shattered with a historic surge in volatility, according to people with knowledge of the move. That's on par with what the firm's derivatives unit typically makes in an entire year, said the people. The investment bank had positioned itself to benefit if the Cboe Volatility Index , the product sometimes called the "fear index" because it reflects expectations of future volatility, climbed, said the people, who declined to be identified speaking about internal matters. After months of tranquil markets, on Feb. 5 the VIX surged 116 percent, the biggest one-day move on record, as the S&P 500 plunged 4.1 percent and the Dow Jones industrial average dropped more than 1,100 points.
Source: CNBC
As a result, Goldman 's hedge fund and asset management clients clamored for VIX exposure on the chance it would climb further, and the New York-based bank's positions were suddenly highly profitable.
It was a boon for Goldman's flow derivatives group, run by managing director David Casner, who joined in 2002. The business, a team within Goldman's larger equities division that trades securities like VIX options, had been stung in recent years by calm markets and regulation. During all of last year, the bank's entire trading business exceeded $100 million in revenue on just four days, the company said in February. Pushing for No. 1
Driven by their recent performance and investments in trading technology that are starting to pay off, Goldman equities executives are optimistic they can regain the No. 1 ranking they have ceded to rival Morgan Stanley by year-end, according to the sources. J.P. Morgan Chase has also made gains against Goldman in recent years, a move that the investment bank's traders are eager to counter.Goldman's volatility bet helped fuel the 38 percent increase in first-quarter equities trading revenue to $2.3 billion, exceeding results from Morgan Stanley and J.P. Morgan.
The firm is known for managing risks well, but such trading moves aren't without potential hazards. If the market had gone the other way, they were exposed to losses, similar to wrong-way bets in commodities that stung Goldman in 2017. Perhaps with his recent equity performance in mind, Goldman CEO Lloyd Blankfein defended his bank's beleaguered trading business when he spoke at a conference later in February."I don't think it would be a good strategic move to forgo the upside in the business from here," Blankfein said.A spokesperson for Goldman Sachs declined to comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/goldman-made-a-staggering-200-million-in-one-day-as-markets-plunged.html |
May 2, 2018 / 10:30 AM / Updated 26 minutes ago BRIEF-Southern Co Posts Qtrly Earnings Per Share $0.92 Reuters Staff
May 2 (Reuters) - Southern Co:
* SOUTHERN CO SAYS QTRLY EARNINGS PER SHARE $0.92 - SEC FILING
* SOUTHERN CO - QTRLY TOTAL OPERATING REVENUES $6,372 MILLION VERSUS $5,771 MILLION Source text: [ bit.ly/2JLREr4 ] Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-southern-co-posts-qtrly-earnings-p/brief-southern-co-posts-qtrly-earnings-per-share-0-92-idUSFWN1S90GN |
May 2 (Reuters) - Fortis Healthcare Ltd:
* CLARIFIES ON NEWS ITEM ON 2 SUITORS FOR CO RAISING OFFERS
* SAYS AS ON DATE MALVINDER AND SHIVINDER SINGH DO NOT HOLD ANY SHARE
* DENY STATEMENT THAT MALVINDER MOHAN SINGH AND SHIVINDER MOHAN SINGH HOLD MAJORITY STAKE IN RHT HEALTH TRUST Source text: bit.ly/2HK9M3Z Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fortis-healthcare-clarifies-singh/brief-fortis-healthcare-clarifies-singh-brothers-do-not-hold-any-stake-in-rht-health-trust-idUSFWN1S9008 |
Q1 GDP (first revision) up 2.2% vs. up 2.3% est. 46 Mins Ago CNBC's Rick Santelli breaks down the latest numbers on economic growth, and CNBC's Steve Liesman provides insight. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/q1-gdp-first-revision.html |
NEW ORLEANS--(BUSINESS WIRE)-- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until June 4, 2018 to file lead plaintiff applications in a securities against Synacor, Inc. (NasdaqGM: SYNC), if they purchased the Company’s securities between May 4, 2016 and March 15, 2018, Period”). This action is pending in the United States District Court for the Southern District of New York.
Get Help
Synacor investors should visit us at https://www.claimsfiler.com/cases/view-synacor-inc-securities-litigation or call to speak to our claim center toll-free at (844) 367-9658.
About the Lawsuit
Synacor and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 15, 2018, during an investor conference call to discuss Synacor’s 4Q financial results, CEO Himesh Bhise addressed difficulties with the Company’s contract with AT&T and the effect on earnings, stating “in the last three quarters of 2017, we generated approximately $25 million in revenue from AT&T…this forecast is below the $100 million annual revenue target that AT&T and Synacor announced when we first discussed the portal contract and was a critical element of Synacor’s $300 million 2019 target.”
On this news, the price of Synacor’s shares plummeted
About ClaimsFiler
ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. ClaimsFiler's team of experts monitor the securities class action landscape and cull information from a variety of sources to ensure comprehensive coverage across a broad range of financial instruments.
To learn more about ClaimsFiler, visit www.claimsfiler.com .
//www.businesswire.com/news/home/20180511005811/en/
ClaimsFiler
Jerry Gallo, 844-367-9658
https://www.claimsfiler.com
Source: ClaimsFiler | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-synacor-shareholder-alert-claimsfiler-reminds-investors-with-losses-in-excess-of-100000-of-lead-plaintiff-deadline-in-class.html |
Small Business Food start-up Deliveroo to spend $13 million on driver medical insurance but stops short of other benefits Drivers in 12 countries will receive an insurance package that will cover up to three quarters of their average income if they suffer an injury while delivering food Food delivery start-up stops short of offering more benefits in what it said would risk independent contractor status of drivers Unions representing drivers say companies must do more to improve worker rights Shafi Musaddique CNBC.com Jack Taylor/Getty Images
Deliveroo is handing out free medical insurance for 35,000 food delivery drivers worldwide, but stopped short of giving further benefits in what it said could risk the self-employed status of workers.
Drivers in 12 countries, including the U.K., Singapore, the United Arab Emirates and Hong Kong, will receive an insurance package that will cover up to three quarters of their average income if they suffer an injury while delivering food.
Deliveroo said Tuesday that it was spending an initial amount of $13 million to cover drivers for medical expenses of up to $10,000, at no cost to its workers.
The start-up said that it would like to introduce further benefits to food delivery workers but risks counting them as contracted staff rather than self-employed workers, which the company currently does.
"We know riders value the flexibility of being able to fit their work around their life, but they also deserve security if they're involved in an accident," Deliveroo founder and CEO Will Shu said in a statement announcing the insurance scheme.
"We would like to go further, but are currently constrained by the law".
Deliveroo and a number of other food-delivery apps, including Uber Eats, have come under fire for providing insecure work and limited worker rights in what has been dubbed as the growing number of 'gig economy' jobs.
Companies say that gig economy jobs offer flexibility for workers, while unions argue that those in jobs such as food deliver services work long hours with no holiday or sick pay.
A union representing Deliveroo's British workers said that companies must do more to tackle the economic and social insecurities caused by gig economy jobs. show chapters 7:54 AM ET Wed, 30 March 2016 | 03:47
"Deliveroo finally appears to be taking the safety of its workers seriously," Mick Rix, a representative at GMB Union in the U.K., said in a statement.
"But the company, along with other gig economy employers, must wake up to its other responsibilities and pay the national living wage for all time worked along with holiday and sick pay."
In the U.S., employee benefits account for more than 30 percent of an employee's cost to his or her employer. These benefits generally are not offered to independent contractors. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/deliveroo-offers-drivers-medical-insurance-but-stops-short-of-other-benefits.html |
May 2 (Reuters) - Tesla Inc on Wednesday said its Model 3 production target remains on track, expecting about 5,000 per week in about two months.
Tesla said it produced 2,270 Model 3s per week in the last week of April, up from 2,250 in the second week of the month. ( bit.ly/2jn15SB )
Reporting By Alexandria Sage and Sonam Rai; Editing by Bernard Orr
| ashraq/financial-news-articles | https://www.reuters.com/article/tesla-results/tesla-model-3-production-target-on-track-idUSL3N1S9579 |
Workplace experts seem to have differing opinions when it comes to leaving your job early in your tenure. Some say that short stints at a company no longer reflect poorly, while others advise that you hold a job for at least one year to show a sense of commitment.
According to a survey by job site TalentWorks , even one year may not be enough.
The study analyzed a random sample of 6,976 applications across 365 U.S. cities and 101 industries and found that applicants who were fired, laid off or quit within the first 15 months of a previous job were 43 percent less hireable when applying to new jobs. The interview callback rate for these candidates was 7.6 percent, compared with 13.4 percent for their counterparts who held a position longer than 15 months.
According to the survey, this is the equivalent of wiping out nearly five years of experience from your resume (averaging across industries and controlling for experience).
This phenomenon occurs mainly because hiring managers only briefly skim resumes, according to TalentWorks. Other research has shown that recruiters spend less than one minute — if even 30 seconds — scouring a resume.
The job site explains that when employers see that you held a position for a short period of time, a red flag automatically goes up. Hiring managers are more likely to toss your resume and move on to the next one, rather than giving you the benefit of the doubt and thinking "deeply" about why you left — especially if you have extensive job experience.
In fact, the survey found that experienced candidates who leave a company within the first 15 months are dinged much more heavily during the job search. Job seekers with five years of experience, for example, had an interview rate of 16 percent and lost 3.7 years of job experience for every role they left before the 15-month target, whereas applicants with 10 years of experience had a 14.3 percent interview rate, and lost 8.3 years of job experience.
Those with less than two years of experience did not suffer a loss of job experience.
show chapters Ask yourself this surprising question to know if it’s time to quit your job 9:51 AM ET Tue, 1 May 2018 | 01:26 The site offers a few explanations for this trend. Employers have higher expectations for experienced employees. A hiring manager is less likely to care if an entry-level assistant quits within six months because that's an easy position to fill and it doesn't impact the company quite as much. But a marketing director who left their previous job after six months would arouse a hiring manager's suspicions and make the employee seem "flaky."
And although many think that one year at a company is long enough, the statistics say otherwise: 18 months is the bare minimum, but 24 months is the safest best. This means that if you want to quit or see a possible firing on the horizon, you should try toughing it out for at least a year and a half, suggests the site.
However, if you're laid off, your length of stay at a company may be largely out of your hands, and there are ways to salvage this during the job hunt, according to workplace experts.
First, continue working in the meantime so that you don't have a gap on your resume, says Amanda Augustine, a career advice expert for TopResume . "While job-hunting, they'd rather hear you took a gig driving for Lyft … than to hear you weren't doing anything except applying to jobs during your time off," she tells CNBC Make It .
During the interview, be completely transparent as to why you left and don't fabricate an answer, says best-selling management author and CNBC contributor Suzy Welch . "Turn the conversation towards why you want to join the new company," she advises. "Explain why this job is so right for your skills, your values and your career goals."
Like this story? Like CNBC Make It on Facebook .
Don't miss: 4 ways being empathetic can tank your success at work
show chapters How to handle a job interview when you're unemployed 8:56 AM ET Tue, 6 Feb 2018 | 01:33 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/how-leaving-a-job-within-15-months-hurts-future-hiring-chances.html |
IRVINE, Calif.--(BUSINESS WIRE)-- Pacific Premier Bancorp, Inc. (NASDAQ: PPBI) (the “Company” or “Pacific Premier Bancorp”), the holding company of Pacific Premier Bank, announced today that, at a special meeting of the Company's stockholders held on May 21, 2018, the Company received stockholder approval of the issuance of shares of its common stock in connection with the consummation of the proposed merger with Grandpoint Capital, Inc. (“Grandpoint”). In addition, Grandpoint’s stockholders approved the proposed transaction by written consent, with the solicitation period for the written consent of Grandpoint’s stockholders ending on May 21, 2018. The proposed transaction with Grandpoint remains subject to receipt of all required bank regulatory approvals and the satisfaction of customary closing conditions.
Steven R. Gardner, Chairman, President and Chief Executive Officer of Pacific Premier Bancorp, commented, “We are pleased to have received the approval of our stockholders for the issuance of shares of our common stock to Grandpoint’s stockholders in connection with our acquisition of Grandpoint, and the approval of the proposed transaction by Grandpoint’s stockholders. We believe that these voting results are an affirmation of our belief that the combination of Pacific Premier and Grandpoint will create one of the most attractive commercial banks in and beyond California with significant opportunities to enhance the banking experience for the combined institution’s customers and drive increased value for our stockholders.”
About Pacific Premier Bancorp, Inc.
Pacific Premier Bancorp is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California with approximately $8.0 billion in assets. Pacific Premier Bank is a business bank primarily focused on serving small and middle market businesses in the counties of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo and Santa Barbara, California as well as Clark County, Nevada. Through its 33 depository branches, Pacific Premier Bank offers a diverse range of lending products including commercial, commercial real estate, construction, and SBA loans, as well as specialty banking products for homeowners associations and franchise lending nationwide.
Forward-Looking Comments
The statements contained herein that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company including, without limitation, plans, strategies and goals, and statements about the Company’s expectations regarding revenue and asset growth, financial performance and profitability, loan and deposit growth, yields and returns, loan diversification and credit management, stockholder value creation and the impact of the proposed acquisition of Grandpoint and its wholly owned subsidiary, Grandpoint Bank, and other acquisitions.
Such statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. There can be no assurance that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such forward-looking statements. These risks and uncertainties include, but are not limited to, the following: the expected cost savings, synergies and other financial benefits from the Grandpoint acquisition or any other acquisition the Company has made or may make might not be realized within the expected time frames or at all; governmental approval of the Grandpoint acquisition may not be obtained or adverse regulatory conditions may be imposed in connection with governmental approvals of the acquisition; conditions to the closing of the Grandpoint acquisition may not be satisfied; the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; the timely development of competitive new products and services and the acceptance of these products and services by new and existing customers; the willingness of users to substitute competitors’ products and services for the Company’s products and services; the impact of changes in financial services policies, laws and regulations (including the Dodd-Frank Wall Street Reform and Consumer Protection Act) and of governmental efforts to restructure the U.S. financial regulatory system; technological changes; changes in the level of the Company’s nonperforming assets and charge offs; any oversupply of inventory and deterioration in values of California real estate, both residential and commercial; the effect of changes in accounting policies and practices, as may be adopted from time-to-time by bank regulatory agencies, the Securities and Exchange Commission (“SEC”), the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; possible other-than-temporary impairment of securities held by us; changes in consumer spending, borrowing and savings habits; the effects of the Company’s lack of a diversified loan portfolio, including the risks of geographic and industry concentrations; ability to attract deposits and other sources of liquidity; changes in the financial performance and/or condition of our borrowers; changes in the competitive environment among financial and bank holding companies and other financial service providers; unanticipated regulatory or judicial proceedings; and the Company’s ability to manage the risks involved in the foregoing. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the 2017 Annual Report on Form 10-K of Pacific Premier Bancorp, Inc. filed with the SEC and available at the SEC’s Internet site ( http://www.sec.gov ).
The Company specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005424/en/
Pacific Premier Bancorp, Inc.
Steve R. Gardner, 949-864-8000
Chairman, President and Chief Executive Officer
or
Ronald J. Nicolas, Jr., 949-864-8000
Senior Executive Vice President & CFO
Source: Pacific Premier Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-pacific-premier-bancorp-announces-receipt-of-stockholder-approval-for-issuance-of-shares-in-connection-with-acquisition-of.html |
GRAINS-U.S. wheat futures fall as crops improve; soy weak; corn firm Mark Weinraub Reuters
(Recasts, updates with U.S. trading, adds details, new analyst quote, changes byline/dateline; pvs HAMBURG)
CHICAGO, May 15 (Reuters) - U.S. wheat futures fell on Tuesday, extending a losing streak that pushed prices for hard red winter wheat contracts to a three-week low amid improving crop conditions, traders said.
Soybean futures eased on a technical selling while corn futures firmed, with forecasts for rain in the U.S. Midwest threatening to stall planting.
K.C. hard red winter wheat futures, which track the crop being grown in the U.S. Plains, were on track for their eight straight negative session. The most-active contract has shed 10.6 percent of its value during the streak.
Chicago Board of Trade soft red winter wheat was on pace for its fifth straight day of losses.
The U.S. Agriculture Department on Monday afternoon said that the U.S. winter wheat crop was rated 36 percent good to excellent as of May 14, up 2 percentage points from a week earlier. Analysts had been expecting 34 percent, based on the average of estimates given in a Reuters poll.
Wheat stocks remained plentiful, keeping pressure on the market as the U.S. harvest nears.
"We still have wheat coming out of ours ears (and) the recent rains may improve the ratings a little bit," said Dewey Strickler, president of Ag Watch Market Advisors.
At 10:17 a.m. CDT (1517 GMT), Chicago Board of Trade July soft red winter wheat futures were down 1-1/2 cents at $4.89-3/4 a bushel. K.C. July hard red winter wheat was 3-1/4 cents lower at $5.06-1/2 a bushel.
CBOT July corn was up 2-1/4 cents at $3.98-3/4 a bushel.
"Corn is stronger despite swift progress in U.S. plantings, which brought U.S. progress to around normal levels," said Charles Clack, agricultural commodity analyst at Rabobank. "There is also worry about persistent dryness in Brazil."
USDA pegged corn planting progress at 62 percent, up from 39 percent a week earlier. The five-year average for mid-May is 63 percent.
CBOT July soybean futures were 8 cents lower at $10.12-3/4 a bushel.
Soybeans firmed during overnight trading but turned lower after failing to take out Monday's high of $10.26 a bushel.
Traders were waiting for the release of the National Oilseed Processors Association monthly report on U.S. crushing, which will be released at 11 a.m. CDT (1600 GMT). Analysts have forecast an April crush of 160.966 million bushels, which would a record for the month. (Additional reporting by Michael Hogan in Hamburg and Naveen Thukral in Singapore; Editing by Dale Hudson and Steve Orlofsky) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/reuters-america-grains-u-s-wheat-futures-fall-as-crops-improve-soy-weak-corn-firm.html |
May 3 (Reuters) - Frontier Digital Ventures Ltd:
* FRONTIER DIGITAL VENTURES - AS A RESULT OF STRONGER THAN EXPECTED FINANCIAL PERFORMANCE, REDUCED SIZE OF PENDING MID-2018 TRANCHE TO US$1.5M Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-frontier-digital-ventures-reduces/brief-frontier-digital-ventures-reduces-size-of-pending-mid-2018-tranche-to-1-5-mln-idUSFWN1S91C9 |
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)-- Hot Topic, Inc. announced that a conference call to discuss the 2018 first quarter results for the period ended May 5, 2018 is scheduled for June 5, 2018 at 4:30PM (ET). Access information for this conference call will be published on the Secure Financial Information Exchange prior to the date of the conference call.
Hot Topic operates two brands, Hot Topic and BoxLunch. Hot Topic, Inc. is an omni-channel, market leading, specialty retailer of music/pop culture-influenced and licensed apparel and accessories targeting 18- to 24-year-old men and women. Music and pop culture are the overriding inspirations at Hot Topic. BoxLunch is a civic-minded, omni-channel specialty retailer of a curated collection of licensed and non-licensed merchandise. Revenues are generated primarily through retail stores in the United States of America, Puerto Rico and Canada, and online through our websites hottopic.com , boxlunch.com and heruniverse.com . As of May 5, 2018, the company operated 795 stores.
The aforementioned conference call may contain forward-looking statements, which may include statements relating to financial results, guidance, store and online operations (including closures, remodels and relocations), projections, financial performance including cost reductions and changes in business operations, and related matters. These statements involve risks and uncertainties, including risks and uncertainties associated with meeting expected financial results, fluctuations in sales and comparable sales results, music, license and fashion trends, competition from other retailers, uncertainties generally associated with specialty retailing, technology and other risks associated with Internet sales, the effect of negative conditions in the economic environment (including global capital and credit markets), the effect of severe weather or natural disasters, political and/or social changes or events that could negatively impact shopping patterns and/or mall traffic, relationships with mall developers and operators, relationships with our vendors, litigation proceedings and contingent liabilities, as well as other risks detailed in the Annual Report for the Fiscal Year Ended February 3, 2018. Historical results achieved are not necessarily indicative of the future prospects of the company, and actual results or circumstances could differ materially from any forward-looking statements made.
Current noteholders, prospective noteholders and securities analysts may request access to the Secure Financial Information Exchange at: http://www.hottopic.com/on/demandware.store/Sites-hottopic-Site/default/CustomerService-FinanceInfo .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005519/en/
Hot Topic, Inc.
George Wehlitz, CFO
626-839-4681, x2174
Source: Hot Topic, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-hot-topic-inc-announces-conference-call-to-discuss-first-quarter-financial-results.html |
Worldwide Ocaliva net sales of $35.2 million in the first quarter of 2018 2018 worldwide Ocaliva net sales currently expected to be between $170 million and $185 million Continuing to advance leading NASH Phase 3 program: REGENERATE trial in non-cirrhotic NASH patients with liver fibrosis on track to report data in the first half of 2019; REVERSE trial in NASH patients with compensated cirrhosis continues to enroll patients Conference call scheduled for 8:30 a.m. ET today
NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- Intercept Pharmaceuticals, Inc. (Nasdaq:ICPT), a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, today announced its financial results 2018.
“We progress to date in 2018, as we continue to work to strengthen our leadership position in NASH and remain on track for the top line readout of data from our Phase 3 REGENERATE trial in the first half of 2019. Based on our review of the evolving competitive landscape, the new data released at the recent International Liver Congress in Paris and the strength of OCA’s Phase 2 and other data, we continue to believe in OCA’s significant potential in NASH,” said Mark Pruzanski, M.D., President and Chief Executive Officer of Intercept. “In addition, we are encouraged by the recent momentum we have seen in our Ocaliva PBC business, where our team remains focused on both education and execution given the sizeable unmet medical need for this important therapy.”
Recent Developments
In April 2018, we issued and sold 2,695,313 shares of our common stock in a registered public offering at a price to the public of $64.00 per share. Our Chief Executive Officer and certain members of our board of directors participated in the public offering at the price offered to the public and on the same terms as the other purchasers in the public offering. Concurrently with the public offering, we issued and sold, in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended, 1,562,500 shares of our common stock to our largest existing stockholder, Genextra S.p.A., Samsara BioCapital, L.P. and certain other purchasers at a sale price equal to the price to the public in the public offering. We received net proceeds from the public offering and concurrent private placement of approximately $261.4 million, after deducting underwriting discounts, commissions and estimated offering expenses of approximately $11.1 million.
Ocaliva® (obeticholic acid or OCA) Commercial Highlights
We recorded $35.2 million of Ocaliva net sales in the first quarter of 2018, comprised of U.S. Ocaliva net sales of $28.5 million and ex-U.S. Ocaliva net sales of $6.7 million.
Ocaliva was approved in the United States by the U.S. Food and Drug Administration (“FDA”) in May 2016 for the treatment of primary biliary cholangitis (“PBC”) in combination with ursodeoxycholic acid (“UDCA”) in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA. We commenced sales and marketing of Ocaliva in the United States shortly after receiving marketing approval, and Ocaliva is now available to patients primarily through a network of specialty pharmacy distributors. In February 2018, the Ocaliva label in the United States was updated to include a boxed warning and a dosing table that reinforced the existing dosing schedule in PBC patients with Child-Pugh Class B or C or decompensated cirrhosis.
Ocaliva was granted conditional approval by the European Commission in December 2016 for the treatment of PBC in combination with UDCA in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA, and we commenced our European commercial launch in January 2017. Since January 2017, Ocaliva has also received regulatory approval in several of our target markets outside Europe, including Canada and Israel. We have been working with the European Medicines Agency and other relevant regulatory authorities outside the United States since the FDA’s February 2018 Ocaliva label update to harmonize the Ocaliva label outside the United States and ensure that it sufficiently reinforces the importance of appropriate dosing in PBC patients with advanced cirrhosis.
Selected First Quarter 2018 Financial Results
Revenues
We recognized $36.0 million in total revenue in the quarter ended March 31, 2018, including $35.2 million of Ocaliva net sales and $0.8 million of licensing revenue related to the amortization of upfront payments under our license agreement with Sumitomo Dainippon Pharma Co., Ltd.
Operating Expenses
Our cost of sales was $0.3 million in the first quarter of 2018. Prior to the FDA’s approval of Ocaliva, we expensed costs related to the manufacturing and buildup of our Ocaliva commercial launch supplies. As a result, our cost of sales in the quarter ended March 31, 2018 included only packaging and labeling expenses incurred during the quarter. We expect our cost of sales to remain negligible until the previously expensed supplies of Ocaliva are sold.
Our selling, general and administrative expenses increased to $62.5 million in the quarter ended March 31, 2018, up from $61.1 million in the prior year quarter. The increase was primarily due to personnel-related costs to support our continued commercial and international Ocaliva initiatives.
Research and development expenses increased to $48.7 million in the quarter ended March 31, 2018, up from $43.8 million in the prior year quarter. The increase was primarily driven by increases in OCA research and development activities, partially offset by decreases in compensation-related and other costs.
In the quarter ended March 31, 2018, we recorded $111.4 million in total operating expenses and $97.8 million in non-GAAP adjusted operating expenses, which excludes non-cash stock-based compensation expense of $12.3 million and depreciation expense of $1.3 million. References in this press release to “non-GAAP adjusted operating expenses” mean our total operating expenses, as calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), adjusted for the effects of two non-cash items: stock-based compensation and depreciation. See “Non-GAAP Financial Measures” below. A reconciliation of non-GAAP adjusted operating expenses to total operating expenses for all historical periods presented is included below under the heading “Reconciliation of Non-GAAP Adjusted Operating Expenses to Total Operating Expenses”.
Interest Expense
Our interest expense in the quarter ended March 31, 2018 was $7.5 million. Our interest expense is related to the $460.0 million aggregate principal amount of 3.25% Convertible Senior Notes due 2023 (the “Convertible Notes”) that we issued in July 2016.
Net Loss
During the first quarter of 2018, we reported a net loss of $81.6 million.
Cash Position
As of March 31, 2018, we had cash, cash equivalents and investment securities available for sale of approximately $326.1 million, compared to $414.9 million as of December 31, 2017. Subsequently, in April 2018, we completed a public offering and concurrent private placement of our common stock. We received net proceeds from the public offering and concurrent private placement of approximately $261.4 million, after deducting underwriting discounts, commissions and estimated offering expenses of approximately $11.1 million.
2018 Financial Guidance
Based on our first quarter results and our current outlook for the remainder of 2018, we are announcing a 2018 Ocaliva net sales guidance range of between $170 million and $185 million. In addition, we are confirming our previously announced 2018 non-GAAP adjusted operating expenses guidance range of between $390 million and $410 million. See “Non-GAAP Financial Measures” below. A quantitative reconciliation of projected non-GAAP adjusted operating expenses to total operating expenses is not available without unreasonable effort primarily due to our inability to predict with reasonable certainty the amount of future stock-based compensation expense.
Conference Call on May 8, 2018 at 8:30 a.m. ET
We are hosting our first quarter 2018 financial results conference call and webcast on Tuesday, May 8, 2018 at 8:30 a.m. ET. The conference call will be available on the investor page of our website at http://ir.interceptpharma.com or by calling (855) 232-3919 (toll-free domestic) or (315) 625-6894 (international) five minutes prior to the start time (no passcode is required). A replay of the call will be available on our website shortly following the completion of the call and will be available for two weeks.
About Intercept
Intercept is a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (PBC), nonalcoholic steatohepatitis (NASH), primary sclerosing cholangitis (PSC) and biliary atresia. Founded in 2002 in New York, Intercept has operations in the United States, Europe and Canada.
Non-GAAP Financial Measures
This press release presents non-GAAP adjusted operating expenses on a historical and projected basis. For the periods presented, non-GAAP adjusted operating expenses exclude from total operating expenses, as calculated and presented in accordance with GAAP, the effects of two non-cash items: stock-based compensation and depreciation. Non-GAAP adjusted operating expenses is a financial measure that has not been prepared in accordance with GAAP. Accordingly, investors should consider non-GAAP adjusted operating expenses in addition to, but not as a substitute for, total operating expenses that we calculate and present in accordance with GAAP. Among other things, our management uses non-GAAP adjusted operating expenses to establish budgets and operational goals and to manage our business. Other companies may define or use this measure in different ways. We believe that the presentation of non-GAAP adjusted operating expenses provides investors and management with helpful supplemental information relating to operating performance and trends. A table reconciling non-GAAP adjusted operating expenses to total operating expenses for all historical periods presented is included below under the heading “Reconciliation of Non-GAAP Adjusted Operating Expenses to Total Operating Expenses”. A quantitative reconciliation of projected non-GAAP adjusted operating expenses to total operating expenses is not available without unreasonable effort primarily due to our inability to predict with reasonable certainty the amount of future stock-based compensation expense.
About Ocaliva® (obeticholic acid)
Ocaliva is indicated in the United States for the treatment of primary biliary cholangitis (PBC) in combination with ursodeoxycholic acid (UDCA) in adults with an inadequate response to UDCA, or as monotherapy in adults unable to tolerate UDCA.
This indication is approved under accelerated approval based on a reduction in alkaline phosphatase (ALP) as a surrogate endpoint which is reasonably likely to predict clinical benefit, including an improvement in liver transplant free-survival. An improvement in survival or disease-related symptoms has not been established. Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials. We are conducting a Phase 4 clinical outcomes trial, which we refer to as our COBALT trial, of OCA in patients with PBC with the goal of confirming clinical benefit on a post-marketing basis. In December 2016, Ocaliva received conditional marketing authorization in Europe for the treatment of PBC in combination with UDCA in adults with an inadequate response to UDCA or as monotherapy in adults unable to tolerate UDCA, conditioned upon us providing further data post-approval to confirm benefit. For detailed safety information for Ocaliva 5 mg and 10 mg tablets including posology and method of administration, special warnings, drug interactions and adverse drug reactions, please see the European Summary of Product Characteristics that can be found on www.ema.europa.eu.
U.S. IMPORTANT SAFETY INFORMATION
WARNING: HEPATIC DECOMPENSATION AND FAILURE IN INCORRECTLY DOSED PBC PATIENTS WITH CHILD-PUGH CLASS B OR C OR DECOMPENSATED CIRRHOSIS
In postmarketing reports, hepatic decompensation and failure, in some cases fatal, have been reported in patients with Primary Biliary Cholangitis (PBC) with decompensated cirrhosis or Child-Pugh Class B or C hepatic impairment when OCALIVA was dosed more frequently than recommended. The recommended starting dosage of OCALIVA is 5 mg once weekly for patients with Child-Pugh Class B or C hepatic impairment or a prior decompensation event.
Contraindications
OCALIVA is contraindicated in patients with complete biliary obstruction.
Warnings and Precautions
Hepatic Decompensation and Failure in Incorrectly-Dosed PBC Patients with Child-Pugh Class B or C or Decompensated Cirrhosis
In postmarketing reports, hepatic decompensation and failure, in some cases fatal, have been reported in patients with decompensated cirrhosis or Child-Pugh B or C hepatic impairment when OCALIVA was dosed more frequently than the recommended starting dosage of 5 mg once weekly. Reported cases typically occurred within 2 to 5 weeks after starting OCALIVA and were characterized by an acute increase in total bilirubin and/or ALP concentrations in association with clinical signs and symptoms of hepatic decompensation (e.g., ascites, jaundice, gastrointestinal bleeding, worsening of hepatic encephalopathy).
Routinely monitor patients for progression of PBC disease, including liver-related complications, with laboratory and clinical assessments. Dosage adjustment, interruption or discontinuation may be required. Close monitoring is recommended for patients at an increased risk of hepatic decompensation. Severe intercurrent illnesses that may worsen renal function or cause dehydration (e.g., gastroenteritis), may exacerbate the risk of hepatic decompensation. Interrupt treatment with OCALIVA in patients with laboratory or clinical evidence of worsening liver function indicating risk of decompensation, and monitor the patient’s liver function. Consider discontinuing OCALIVA in patients who have experienced clinically significant liver-related adverse reactions. Discontinue OCALIVA in patients who develop complete biliary obstruction.
Liver-Related Adverse Reactions
Dose-related, liver-related adverse reactions including jaundice, worsening ascites and primary biliary cholangitis flare have been observed in clinical trials, as early as one month after starting treatment with OCALIVA 10 mg once daily up to 50 mg once daily (up to 5-times the highest recommended dosage). Monitor patients during treatment with OCALIVA for elevations in liver biochemical tests and for the development of liver-related adverse reactions.
Severe Pruritus
Severe pruritus was reported in 23% of patients in the OCALIVA 10 mg arm, 19% of patients in the OCALIVA titration arm, and 7% of patients in the placebo arm in a 12-month double-blind randomized controlled trial of 216 patients. Severe pruritus was defined as intense or widespread itching, interfering with activities of daily living, or causing severe sleep disturbance, or intolerable discomfort, and typically requiring medical interventions. Consider clinical evaluation of patients with new onset or worsening severe pruritus. Management strategies include the addition of bile acid resins or antihistamines, OCALIVA dosage reduction, and/or temporary interruption of OCALIVA dosing.
Reduction in HDL-C
Patients with PBC generally exhibit hyperlipidemia characterized by a significant elevation in total cholesterol primarily due to increased levels of high-density lipoprotein-cholesterol (HDL-C). Dose-dependent reductions from baseline in mean HDL-C levels were observed at 2 weeks in OCALIVA-treated patients, 20% and 9% in the 10 mg and titration arms, respectively, compared to 2% in the placebo arm. Monitor patients for changes in serum lipid levels during treatment. For patients who do not respond to OCALIVA after 1 year at the highest recommended dosage that can be tolerated (maximum of 10 mg once daily), and who experience a reduction in HDL-C, weigh the potential risks against the benefits of continuing treatment.
Adverse Reactions
The most common adverse reactions from subjects taking OCALIVA were pruritus, fatigue, abdominal pain and discomfort, rash, oropharyngeal pain, dizziness, constipation, arthralgia, thyroid function abnormality, and eczema.
Drug Interactions
Bile Acid Binding Resins
Bile acid binding resins such as cholestyramine, colestipol, or colesevelam adsorb and reduce bile acid absorption and may reduce the absorption, systemic exposure, and efficacy of OCALIVA. If taking a bile acid binding resin, take OCALIVA at least 4 hours before or 4 hours after taking the bile acid binding resin, or at as great an interval as possible.
Warfarin
The International Normalized Ratio (INR) decreased following coadministration of warfarin and OCALIVA. Monitor INR and adjust the dose of warfarin, as needed, to maintain the target INR range when coadministering OCALIVA and warfarin.
CYP1A2 Substrates with Narrow Therapeutic Index
Obeticholic acid, the active ingredient in OCALIVA, may increase the exposure to concomitant drugs that are CYP1A2 substrates. Therapeutic monitoring of CYP1A2 substrates with a narrow therapeutic index (e.g. theophylline and tizanidine) is recommended when coadministered with OCALIVA.
Inhibitors of Bile Salt Efflux Pump
Avoid concomitant use of inhibitors of the bile salt efflux pump (BSEP) such as cyclosporine. Concomitant medications that inhibit canalicular membrane bile acid transporters such as the BSEP may exacerbate accumulation of conjugated bile salts including taurine conjugate of obeticholic acid in the liver and result in clinical symptoms. If concomitant use is deemed necessary, monitor serum transaminases and bilirubin.
Please see Full Prescribing Information, including Boxed WARNING and Medication Guide for OCALIVA.
To report SUSPECTED ADVERSE REACTIONS, contact Intercept Pharmaceuticals, Inc. at 1-844-782-ICPT or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch .
Cautionary Note Regarding Forward-Looking Statements
This press release contains , including, but not limited to, statements regarding the progress, timing and results of our clinical trials, including our clinical trials for the treatment of nonalcoholic steatohepatitis (“NASH”), the safety and efficacy of our approved product, Ocaliva (obeticholic acid or “OCA”), the potential approval of OCA for indications other than primary biliary cholangitis (“PBC”), the timing and potential commercial success of OCA and any other product candidates we may develop and our strategy, future operations, future financial position, future revenue, projected costs, financial guidance, prospects, plans, objectives of management and expected market growth.
These statements constitute 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. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “possible,” “continue” and similar expressions are intended to identify , although not all contain these identifying words. Readers are cautioned not to place undue reliance on these , which speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement except as required by law. These are based on estimates and assumptions by our management that, although believed to be reasonable, are inherently uncertain and subject to a number of risks. The following represent some, but not necessarily all, of the factors that could cause actual results to historical results or those anticipated or predicted by our : our ability to successfully commercialize Ocaliva for PBC; our ability to maintain our regulatory approval of Ocaliva for PBC in the United States, Europe, Canada, Israel and other jurisdictions in which we have or may receive marketing authorization; the initiation, timing, cost, conduct, progress and results of our research and development activities, preclinical studies and clinical trials, including any issues, delays or failures in identifying patients, enrolling patients, treating patients or completing and timely reporting the results of our NASH or PBC clinical trials; our ability to timely and cost-effectively obtain regulatory approval of our product candidates, including OCA for NASH; conditions that may be imposed by regulatory authorities on our marketing approvals for our products and product candidates, such as the need for clinical outcomes data (and not just results based on achievement of a surrogate endpoint), and any related restrictions, limitations and/or warnings contained in the label of any of our products or product candidates; any potential side effects associated with Ocaliva for PBC or our product candidates that could delay or prevent approval, require that an approved product be taken off the market, require the inclusion of safety warnings or precautions or otherwise limit the sale of such product or product candidate; our ability to maintain our relationships with, and the performance of, third-party vendors upon whom we are substantially dependent, including contract research organizations for our clinical trials and our third-party suppliers and manufacturers; our ability to identify, develop and commercialize our products and product candidates; our ability to obtain and maintain intellectual property protection for our products and product candidates; our ability to successfully commercialize our product candidates, if approved; the size and growth of the markets for our products and product candidates and our ability to serve those markets; the degree of market acceptance of Ocaliva for PBC and, if approved, our product candidates, which may be affected by the ability of patients and healthcare providers to obtain coverage or reimbursement from payors for our products and the extent to which such coverage or reimbursement is provided; our ability to establish and maintain an effective sales and marketing infrastructure directly or through collaborations with third parties; competition from existing drugs or new drugs that become available; costs and outcomes relating to any securities, intellectual property, employment, product liability or other litigation; our ability to prevent system failures, data breaches or violations of data protection laws; our collaborators’ election to pursue research, development and commercialization activities; our ability to attract and maintain collaborators with development, regulatory and commercialization expertise; our need for and ability to obtain additional financing; our estimates regarding expenses, revenues and capital requirements and the accuracy thereof; our use of cash and short-term investments; our ability to acquire, license and invest in businesses, technologies, product candidates and products; our ability to attract and retain key personnel to manage our business effectively; our ability to manage the growth of our operations, infrastructure, personnel, systems and controls; our ability to obtain and maintain adequate insurance coverage; and the other risks and uncertainties identified in our periodic filings filed with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017.
Contact
For more information about Intercept Pharmaceuticals, please contact:
Mark Vignola
+1-646-747-1000
[email protected]
Christopher Frates
+1-646-757-2371
[email protected]
Intercept Pharmaceuticals, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended
March 31, 2018 2017 Revenue: Product revenue, net $ 35,158 $ 20,603 Licensing revenue 805 445 Total revenue 35,963 21,048 Operating expenses: Cost of sales 280 97 Selling, general and administrative 62,467 61,082 Research and development 48,672 43,832 Total operating expenses 111,419 105,011 Operating loss (75,456 ) (83,963 ) Other income (expense): Interest expense (7,509 ) (7,207 ) Other income, net 1,375 1,240 (6,134 ) (5,967 ) Net loss $ (81,590 ) $ (89,930 ) Net loss per common and potential common share: Basic and diluted $ (3.22 ) $ (3.61 ) Weighted average common and potential common shares outstanding: Basic and diluted 25,309 24,931 Condensed Consolidated Balance Sheet Information
(In thousands)
March 31,
2018 December 31,
2017(1) (Unaudited) Cash, cash equivalents and investment securities $ 326,092 $ 414,917 Total assets $ 393,818 $ 484,347 Deferred revenue, total $ 3,649 $ 4,454 Total liabilities(2) $ 446,093 $ 467,961 Stockholders’ equity $ (52,275 ) $ 16,386
(1) Derived from the audited financial statements included in Intercept’s Annual Report on Form 10-K for the year ended December 31, 2017.
(2) Includes $359.4 million related to the Convertible Notes. Intercept separately accounts for the debt and equity components of the Convertible Notes. The aggregate outstanding principal amount of the Convertible Notes was $460.0 million as of March 31, 2018 and December 31, 2017.
Reconciliation of Non-GAAP Adjusted Operating Expenses to Total Operating Expenses
(Unaudited)
(In thousands)
Three Months Ended
March 31, 2018 2017 Total operating expenses $ 111,419 $ 105,011 Adjustments: Stock-based compensation 12,305 14,061 Depreciation 1,290 802 Non-GAAP adjusted operating expenses $ 97,824 $ 90,148
Source:Intercept Pharmaceuticals, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-intercept-pharmaceuticals-announces-first-quarter-2018-financial-results-issues-2018-ocaliva-net-sales-guidance-and.html |
DIARY-Emerging Markets Economic Events to June 29 Published 8:00 PM ET Tue, 22 May 2018 Reuters
For other diaries, please see:
Top Economic Events
This Diary is filed daily. * Indicates new events
WEDNESDAY, MAY 23 CAPE TOWN - South Africa Reserve Bank starts its three day monetary policy committee meeting (to May 24).
SYDNEY - Reserve Bank of Australia Governor Philip Lowe will give a speech at the Australia-China Relations Institute, Sydney 0805 GMT.
THURSDAY, MAY 24
SEOUL - Bank of Korea holds a monetary policy meeting to announce interest rates.
KIEV - National Bank of Ukraine holds monetary policy meeting. KIEV - The Governor of the National Bank of Ukraine Yakiv Smoliy holds a press conference 1100 GMT.
FRIDAY, MAY 25
AMSTERDAM - Reserve Bank of Australia Assistant Governor (Financial System) Michele Bullock will give a speech at the De Nederlandsche Bank Housing Market seminar - 0000 GMT.
MONDAY, MAY 28 JERUSALEM - Bank of Israel announces interest rate decision - 1300GMT
TUESDAY, MAY 29 WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (No interest rate announcement).
WEDNESDAY, MAY 30 YEREVAN - Armenian central bank to publish inflation report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report.
THURSDAY, MAY 31
SUVA - Reserve Bank of Fiji holds board meeting to announce interest rates. MEXICO CITY - Mexico Central Bank issues the minutes of its monetary policy meeting.
MONDAY, JUNE 4 ASTANA - National Bank of Kazakhstan releases monetary policy statements 1100 GMT.
TUESDAY, JUNE 5
MELBOURNE, Australia - Panel participation by Michele Bullock, RBA assistant governor (financial system), at the Melbourne Business School - Competition in Banking conference, Melbourne 2300 GMT. KOKOPO, Papua New Guinea APEC Second Senior Finance Officials' Meeting (to June 8). CHISINAU - National Bank of Moldova announces interest rate decision.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (to June 6).
SYDNEY - Reserve Bank of Australia (RBA) holds interest rate meeting 0430 GMT.
WEDNESDAY, JUNE 6
BUDAPEST - Hungarian Central Bank to publish the minutes of its May 2018 rate-setting meeting 1200 GMT. MUMBAI - Reserve Bank of India holds Monetary Policy Committee Meeting.
THURSDAY, JUNE 7 ANKARA - Central Bank of the Republic of Turkey holds monetary policy meeting.
LIMA - Central Bank of Peru announces interest rate decision.
BELGRADE - National Bank of Serbia interest rate decision. TUESDAY, JUNE 12
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement. SANTIAGO - Central Bank of Chile holds monetary policy meeting (to June 13).
WEDNESDAY, JUNE 13
MELBOURNE, Australia - Speech by Philip Lowe, RBA Governor, at the Australian Industry Group event, Melbourne 0200 GMT. ZAGREB - Croatia National Bank holds monetary policy meeting.
TBILISI - National Bank of Georgia holds monetary policy meeting.
WINDHOEK - Central Bank of Namibia holds monetary policy meeting.
THURSDAY, JUNE 14
BISHKEK - Bank of Lithuania holds monetary policy meeting of the ECB Governing Council. ANKARA - Central Bank of the Republic of Turkey releases minutes of its June monetary policy committee meeting.
KAMPALA - Bank of Uganda announces interest rate decision
FRIDAY, JUNE 15
SYDNEY - Speech by Luci Ellis, RBA assistant governor (economic), at the Infrastructure Partnerships event, Sydney - 0332 GMT. MOSCOW - Central Bank of Russia announces interest rate decision 1030 GMT.
TUESDAY, JUNE 19
SYDNEY - Speech by Tony Richards, RBA head of payments policy, at the Australian Business Economists (ABE) event on cryptocurrencies. GABORONE - Bank of Botswana Monetary Policy Committee Meeting.
SYDNEY - Reserve Bank of Australia (RBA) will release the minutes of June monetary policy meeting 0130 GMT.
WARSAW - National Bank of Poland holds Monetary Policy Council Meeting (no interest rate announcement).
BRASILIA - Central Bank of Brazil holds Monetary Policy Committee Meeting (to June 20).
BUDAPEST - Hungarian Central Bank holds its rate-setting meeting 1200 GMT. RABAT - Bank of Morocco holds monetary policy meeting.
WEDNESDAY, JUNE 20
BANGKOK - Bank of Thailand monetary policy committee meeting
THURSDAY, JUNE 21 MEXICO CITY - Central Bank of Mexico publishes monetary policy statement.
WARSAW - National Bank of Poland release the minutes of its monitory policy meeting.
MANILA - Philippines Central Bank holds Monetary Policy Meeting.
FRIDAY, JUNE 22
ULAANBAATAR - Central Bank of Mongolia holds Monetary Policy Committee Meeting.
MONDAY, JUNE 25
BISHKEK - National Bank of the Kyrgyzstan holds board meetings on monetary policy rate. TUESDAY, JUNE 26
BUENOS AIRES - Central Bank of Argentina releases monetary policy statement.
WEDNESDAY, JUNE 27 BISHKEK - Bank of Lithuania holds non-monetary policy meeting of the ECB Governing Council. LILONGWE - Reserve Bank of Malawi monetary policy committee meeting (to June 28).
KINGSTON - Bank of Jamaica holds interest rate announcement and monetary policy report.
BEIRUT - Lebanese central bank governor Riad Salameh and other government officials and business leaders from the country and the region participate in the annual Euromoney Lebanon Conference 2018. PRAGUE - Czech National Bank holds monetary policy meeting. Statement and presentation will be published 1100 GMT. JAKARTA - Indonesia Central Bank holds Board of Governors Meeting. (to June 28).
THURSDAY, JUNE 28 CAIRO - Central Bank of Egypt holds monetary policy committee meeting. JAKARTA - Indonesia Central Bank holds board of governors meeting.
SUVA - Reserve Bank of Fiji holds board meets to announce interest rates.
FRIDAY, JUNE 29 COLOMBO Central bank of Sri Lanka announces monetary policy report. SANTO DOMINGO - Central Bank of the Dominican Republic publishes the monetary policy report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-diary-emerging-markets-economic-events-to-june-29.html |
SACRAMENTO, Calif., May 22, 2018 /PRNewswire/ -- Smart Cannabis Corp. (OTC: SCNA) has announced that SAP Investments, Inc., its recently formed subsidiary, has now secured a second Letter of Intent (LOI) to acquire a cannabis cultivation license and provide full cannabis cultivation services in Northern California. Both LOIs have been rapidly secured in the opening days of the subsidiary launch.
"On top of securing our first deal of SAP Investments just last week, we're pleased to have generated significant interest in our end-to-end services and quickly procured a second project. While we're thrilled by the interest generated this fast, we're only moving forward with most qualified clients who prove they're capable of project completion. That said, our team is motivated to tighten up contracts and orchestrate the expert services we offer in an expeditious manner. We all look forward to updating the public as notable progress is made," says John Taylor, President and CEO.
SAP Investments was formed so Smart Cannabis Corp. can leverage its expertise across the cannabis spectrum, including special purpose real estate acquisitions, and the building, licensing, and management or sale of fully compliant turnkey facilities for cannabis-based products. The company plans range from building out cannabis specific business parks for sale or lease, to acquisitions of licenses and/or facilities for cultivation, nurseries, processing, and manufacturing. Learn more about SAP Investments at: www.SAPinvestments.com
Smart Cannabis (OTC PINK: SCNA) is a public equity corporation advancing the agriculture and cannabis industries and growing through acquisition, strategic alliances, and proprietary intellectual property. The company's wholly owned subsidiary, Next Generation Farming Inc., provides turnkey, automated, commercial greenhouses systems that efficiently improve yields and decrease water consumption for cultivators of organic food and cannabis crops. The company websites are http://smartcannabis.com https://sapinvestments.com https://smartcannabis.com/nextgenfarming
Disclaimer: The Company relies upon the Safe Harbor Laws of 1933, 1934 and 1995 for all public news releases. The company may make forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are estimates that reflect the company's best judgment based upon current information. All investments involve risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors. Factors which could cause actual results to differ materially from those estimated by the company include, but are not limited to, government regulation; managing and maintaining growth; the effect of adverse publicity; litigation; competition; and other factors which may be identified from time to time in the company's public announcements.
Contact:
Smart Cannabis Corp.
Don Smith, Vice President
[email protected]
(424) 732-7646
View original content with multimedia: http://www.prnewswire.com/news-releases/smart-cannabis-corp-secures-second-letter-of-intent-to-acquire-northern-california-cannabis-cultivation-license-moves-forward-with-securing-contracts-300652479.html
SOURCE Smart Cannabis Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-smart-cannabis-corp-secures-second-letter-of-intent-to-acquire-northern-california-cannabis-cultivation-license-moves-forward.html |
May 4 (Reuters) - Numis Corporation PLC:
* H1 PRETAX PROFIT ROSE 86 PERCENT TO 19.5 MILLION STG * INTERIM DIVIDEND 5.5 PENCEPER SHARE VERSUS 5.5 PENCEPER SHARE YEAR AGO
* H1 REVENUE 50.9 MILLION STG Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-numis-corporation-says-h1-pretax-p/brief-numis-corporation-says-h1-pretax-profit-rose-86-percent-idUSASO00049C |
Rugby Rugby Friday, May 18 fixtures (GMT) Hurricanes v Reds (05:35) Sunwolves v Stormers (04:15) Blues v Crusaders (06:35) Waratahs v Highlanders (08:45) Sharks v Chiefs (12:05) Lions v Brumbies (14:15) Jaguares v Bulls (20:40) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugbyunion-super-fixtures/super-rugby-fixtures-idUKMTZXEE5EQ1QWLC |
Klopp issues rallying cry ahead of Liverpool's Roma test 10:24am BST - 01:03
Liverpool manager Juergen Klopp says his team will not repeat Barcelona's mistake when Roma turned around a large deficit in the previous round to shock the soccer world. ▲ Hide Transcript ▶ View Transcript
Liverpool manager Juergen Klopp says his team will not repeat Barcelona's mistake when Roma turned around a large deficit in the previous round to shock the soccer world. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rf9iM9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/klopp-issues-rallying-cry-ahead-of-liver?videoId=423012999 |
NEW YORK (AP) — Energy companies and oil prices took their worst losses in months Friday on reports OPEC countries plan to produce more oil soon. Stock indexes finished an indecisive week with small losses.
U.S. crude oil sank 4 percent after multiple reports indicated that Russia and OPEC could start producing more oil soon. They cut production at the start of 2017 following a big buildup in supplies that had pushed prices lower.
In November they extended that cut through the end of 2018, but according to reports this week, they might agree to start raising production in June. U.S. crude finished at a three-year high Monday and has fallen 6 percent since then.
The drop in the price of oil has meant sharp losses for energy companies, but it gave airlines a boost as investors anticipated lower fuel costs. Bond yields declined again, which hurt banks but helped dividend-payers like household goods makers.
Wall Street also focused on quarterly results from retailers. Gap plunged after it said its namesake brand is still struggling, but Foot Locker soared after it said sales of premium shoes improved.
Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said energy companies and oil prices had made big gains lately and were due to slow down. He said the growing global economy is going to help the industry in the longer term.
"If you look at the sectors that are outperforming, it's those that tend to be pro-growth," he said, especially technology and consumer-focused companies. Over the last month that growth, and the strong company profits that come with it, have not translated into gains for stocks. Sandven said that could change when companies start reporting their second-quarter results in July.
The S&P 500 index slid 6.43 points, or 0.2 percent, to 2,721.33. The Dow Jones industrial average fell 58.67 points, or 0.2 percent, to 24,753.09. The Nasdaq composite climbed 9.42 points, or 0.1 percent, to 7,433.85 as consumer-focused companies moved higher. The Russell 2000 index of smaller-company stocks lost 1.29 points, or 0.1 percent, to 1,626.93.
U.S. markets will be closed Monday for the Memorial Day holiday.
U.S. crude dropped to $67.88 a barrel in New York. Brent crude, used to price international oils, fell 3 percent to $76.44 a barrel in London. Increased oil production and lower prices could reduce profits for energy companies. Exxon Mobil fell 1.9 percent to $78.71 and Chevron gave up 3.5 percent to $122.19.
Among airlines, Delta gained 2.7 percent to $55.87 and American rose 3.1 percent to $44.91. The stocks have skidded over the last few months as the rising price of oil increased their fuel costs and cut into their profits. Delta stock is flat in 2018 and American Airlines has fallen 14 percent.
Bond prices kept rising. The yield on the 10-year Treasury note fell to 2.93 percent form 2.98 percent.
The falling yields helped household goods makers break out of their recent struggles. Toothpaste maker Colgate-Palmolive added 2 percent to $63.75 and cereal maker Kellogg rose 2.7 percent to $65.23. The stocks, and others that pay large dividends, have lagged behind the rest of the market as investors found technology firms and consumer-focused companies more attractive thanks to signs of strong growth in the U.S. economy.
Gap dropped 14.6 percent to $28.15 following a drop in sales for Gap brand stores. Gap has been shifting focus away from the namesake brand because it's not connecting with shoppers and has struggled to separate itself from rivals. Its Old Navy and Banana Republic brands fared better. Elsewhere, discount retailer Ross Stores gave up 6.8 percent to $77.34 after it gave disappointing forecasts for the current quarter and the full year.
Foot Locker blew past estimates and said sales of premium shoes continue to improve, which has been a major concern for it and other sporting goods companies. The stock jumped 20.2 percent to $54.74. Shoe Carnival leaped 20.7 percent to $31.80 after it beat expectation in the first quarter. It, too, said athletic shoe sales improved.
Fiat Chrysler fell 2 percent to $21.82 after saying it's recalling 4.8 million vehicles in the U.S. because in rare circumstances drivers may not be able to turn off the cruise control. The company warned owners not to use cruise control until the vehicles can be fixed with a software update. Drivers can still stop the cars using the brakes.
Wholesale gasoline slid 2.3 percent to $2.18 a gallon. Heating oil lost 2.5 percent to $2.21 a gallon. Natural gas remained at $2.94 per 1,000 cubic feet.
Gold slipped 0.1 percent to $1,303.70 an ounce. Silver lost 0.8 percent to $16.55 an ounce. Copper fell 0.6 percent to $3.08 a pound.
The dollar rose to 109.37 yen from 109.28 yen. The euro fell to $1.1669 from $1.1727.
Germany's DAX rose 0.6 percent and the CAC 40 in France fell 0.1 percent. Britain's FTSE 100 rose 0.2 percent. Japan's benchmark Nikkei 225 index rose 0.1 percent and South Korea's Kospi lost 0.2 percent. Hong Kong's Hang Seng shed 0.6 percent.
AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP . His work can be found at https://apnews.com/search/marley%20jay | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/the-associated-press-stocks-dip-as-oil-prices-and-energy-companies-fall-sharply.html |
Taxes Manafort's former son-in-law cuts plea deal with government Jeffrey Yohai has cut a deal with the Justice Department that requires him to cooperate with other criminal investigations, sources told Reuters. Yohai is a former business partner of Paul Manafort and divorced from Manafort's daughter last August. The guilty plea could ramp up pressure on Manafort, former campaign chairman for President Trump, in special counsel Robert Mueller's investigation of alleged Russian meddling in the 2016 election. Published 10 Hours Ago Tom Williams | CQ Roll Call | Getty Images Paul Manafort
The former son-in-law of Paul Manafort , the one-time chairman of President Donald Trump's campaign, has cut a plea deal with the Justice Department that requires him to cooperate with other criminal probes, two people with knowledge of the matter said.
The guilty plea agreement, which is under seal and has not been previously reported, could add to the legal pressure on Manafort, who is facing two indictments brought by Special Counsel Robert Mueller in his probe of alleged Russian meddling in the 2016 presidential election.
Manafort has been indicted in federal courts in Washington and Virginia with charges ranging from tax evasion to bank fraud and has pleaded not guilty to the charges.
Jeffrey Yohai, a former business partner of Manafort, was divorced from Manafort's daughter last August.
Yohai has not been specifically told how he will be called on to cooperate as part of his plea agreement, but the two people familiar with the matter say they consider it a possibility that he will be asked to assist with Mueller's prosecution of Manafort.
Legal experts have said that Mueller wants to keep applying pressure on Manafort to plead guilty and assist prosecutors with their probe. Manafort chaired the Trump campaign for three months before resigning in August 2016. show chapters 3:54 PM ET Fri, 4 May 2018 | 01:11
Both Trump and Russia have denied allegations they colluded to help Republican Trump win the election.
Hilary Potashner, a public defender who is representing Yohai, did not immediately respond to a request for comment.
Manafort's spokesman, Jason Maloni, declined to comment.
Andrew Brown, a federal prosecutor in Los Angeles, had been overseeing an investigation into Yohai's real estate and bank dealings in California and New York several months before Mueller was appointed to his post in May 2017.
Yohai's agreement, which was concluded early this year, included him pleading guilty to misusing construction loan funds and to a count related to a bank account overdraft.
While the deal was cut with Brown's office, the federal government can ask for help at any time, said one of the people familiar with the matter.
A spokesman for Brown did not respond to a request for comment and a spokesman for Mueller declined to comment. Manafort trial pending
Manafort is to go on trial later this year to fight the two indictments. The charges against him range from failing to disclose lobbying work for a pro-Russian Ukrainian political party to bank fraud.
As a close business partner, Yohai was privy to many of Manafort's financial dealings, according to the two people familiar with the matter and court filings in the bankruptcies of four Los Angeles properties in 2016. In addition to co-investing in California real estate, the two cooperated in getting loans for property deals in New York, Manaforts indictments show.
Mueller sent a team of prosecutors to interview Yohai last June, asking him about Manaforts relationship with Trump, his ties to Russian oligarchs, and his borrowing of tens of millions of dollars against properties in New York, Reuters reported in February, citing people with knowledge of the matter. Playing | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/manaforts-former-son-in-law-cuts-plea-deal-with-government-reuters.html |
HGV’s chief legal officer adds role as head of development
ORLANDO, Fla.--(BUSINESS WIRE)-- Hilton Grand Vacations (NYSE:HGV) announces Charles Corbin, executive vice president and chief legal officer, has been appointed chief development officer in addition to his current position.
“With Charles’ significant experience in complex legal transactions and public company matters, he is highly skilled to take on this critical role as we accomplish our strategic priorities , including expanding our brand presence,” says Mark Wang, president and CEO of Hilton Grand Vacations.
As chief development officer, Corbin will oversee HGV’s development, architecture and construction teams. He has held this role as interim since October 2017, and led the development team in establishing HGV’s first two resorts in Japan and its first resort in the highly demanded U.S. market of Charleston, South Carolina.
Corbin joined Hilton in 2010, most recently holding the position of senior vice president of dispute resolution and employment/benefits, before joining HGV’s executive leadership team as general counsel in 2016.
Prior to Hilton, Corbin held multiple senior leadership positions, including in-house counsel for Sunrise Senior Living, Inc. and The Mills Corporation. In addition, he had a successful career as a trial lawyer and partner in a law firm based in Washington, D.C. Corbin also cofounded a venture capital fund that invested in high-technology and commercial real estate.
Corbin holds a juris doctorate from University of Dayton School of Law and a bachelor’s degree from The Citadel.
About Hilton Grand Vacations Inc.
Hilton Grand Vacations Inc. (NYSE:HGV) is recognized as a leading global timeshare company. With headquarters in Orlando, Fla., Hilton Grand Vacations develops, markets and operates a system of brand-name, high-quality vacation ownership resorts in select vacation destinations. The Company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club ® and The Hilton Club ® , providing exclusive exchange, leisure travel and reservation services for more than 290,000 Club Members. For more information, visit www.hgv.com and www.hiltongrandvacations.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530006450/en/
Hilton Grand Vacations
Lauren George, 407-613-8431
[email protected]
Source: Hilton Grand Vacations | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-hilton-grand-vacations-appoints-charles-corbin-as-chief-development-officer.html |
(Repeats story published Sunday with no changes)
By Julie Gordon and Rod Nickel
VANCOUVER/WINNIPEG, Manitoba, May 28 (Reuters) - As a hard deadline set by Kinder Morgan Canada Ltd for scrapping a key pipeline expansion looms, there is growing doubt among investors, contractors and government officials about reaching a deal to save the C$7.4 billion ($5.7 billion) project.
The company, a unit of Houston-based Kinder Morgan Inc , set a May 31 deadline to decide if it will proceed with the expanded line from Edmonton, Alberta to a port in the Vancouver area, which would give landlocked Canadian crude greater access to foreign markets.
The project’s fate will create political ripples in Ottawa, where Justin Trudeau’s Liberals have promised the pipeline will be built one way or another, and sway investor confidence in Canada’s oil sands, which already produce far more oil than can move on pipelines.
Building more pipelines was a cornerstone of Trudeau’s energy policy. But the federal government is increasingly convinced that any assurances Ottawa gives Kinder Morgan will be rejected, said two sources with direct knowledge of the matter. They are not authorized to speak publicly.
Investors and project contractors are also increasingly pessimistic.
“I can’t walk out of my office or have a beer with someone where a conversation around this doesn’t occur,” said Rafi Tahmazian, senior portfolio manager at Canoe Financial, which manages shares of several Canadian oil producers.
“I’m worried - very worried - that (Kinder) will walk away.”
Kinder Morgan Canada declined to comment.
If Trans Mountain fails, it would be the third major Canadian export pipeline project to stall in two years, putting greater pressure on Canadian heavy crude prices that already trade at a discount to global prices due to limited transport.
Kinder Morgan set the deadline in part due to frustrations with delays caused by British Columbia government, which is concerned about possible oil spills.
Trudeau has publicly vowed to build the pipeline with or without Kinder, and offered to indemnify the company against losses related to B.C.’s delays.
KML’s share price has fallen 9.7 percent since early April, when the company halted all non-essential work, underperfoming a 5 percent rise in the benchmark Canada share index.
“We think the stock itself is pricing in a less than 25-percent chance of the project going ahead,” said Matthew Murphy, an analyst with investment bank Tudor, Pickering, Holt and Co.
Danny Mott, owner of Mott Electric, the electrical contractor on Trans Mountain, said he does not think the federal government has done enough to enforce its jurisdiction, nor to crack down on protesters who block access to Kinder Morgan work sites on a near-daily basis.
“If we don’t have strong laws and the intent to follow through with them, I wouldn’t invest in that. I think I would walk away,” he said. (Reporting by Julie Gordon in Vancouver and Rod Nickel in Winnipeg, Manitoba; Additional reporting by David Ljunggren in Ottawa; Editing by Lisa Shumaker)
| ashraq/financial-news-articles | https://www.reuters.com/article/kinder-morgan-cn-pipeline/rpt-as-clock-ticks-doubts-grow-over-kinder-morgans-canada-oil-pipe-expansion-idUSL2N1SY09T |
May 10, 2018 / 6:05 PM / Updated an hour ago Bank of America affirms gun pledge, hints at Remington loan exit Tom Hals 3 Min Read
WILMINGTON, Del. (Reuters) - Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender. A boy aims a Remington firearm at the annual National Rifle Association (NRA) meeting in Dallas, Texas, U.S., May 4, 2018. REUTERS/Adrees Latif
The statement by Vice Chairman Anne Finucane follows a Reuters report on Sunday that the lender was participating in a $193 million credit facility that will help stabilize Remington’s business when it emerges from bankruptcy this month.
After the report, activists including student gun control activist David Hogg were critical of the bank and took to Twitter using the #BoycottBankofAmerica hashtag. Hogg was a student at the high school in Parkland, Florida, where a February shooting helped touch off a renewed push for stricter U.S. gun control.
“Let me be clear - we are not changing our policy to end financing of the manufacture of these military style firearms,” said Finucane, who emphasized the policy change was on a go-forward basis.
She said the Remington financing was in the works for months before the firearms policy was announced on April 10.
A bank spokesman confirmed the statement, which took the form of a letter that Bank of America distributed in response to inquiries about its gun policy.
Bank of America is providing $43.2 million of the credit facility, with the rest coming from six other banks. A man aims a Remington firearm at the annual National Rifle Association (NRA) meeting in Dallas, Texas, U.S., May 4, 2018. REUTERS/Adrees Latif
The banks have committed to providing the credit, and when Remington exits bankruptcy the credit facility will be established to replace an existing facility of the same size that Remington used to get through its Chapter 11.
The letter also indicated Bank of America may be preparing to exit the Remington credit facility soon after it is financed by selling its participation, as the agreement allows.
“Remington is aware of the policy that we subsequently announced, and that policy will dictate our future actions after the bankruptcy proceedings conclude,” said Finucane’s letter.
Bank of America could have faced potential legal action and damages if it had backed out of its commitment to provide the Remington financing, particularly if the company failed to emerge bankruptcy.
In addition, the bank was concerned about its reputation for standing by lending commitments if it reneged on its Remington financing, according to a source familiar with the bank’s thinking.
Remington makes the Bushmaster rifle that was used in the 2012 Sandy Hook school shooting in which 20 children were killed. Reporting by Tom Hals in Wilmington, Delaware; editing by Noeleen Walder and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/us-bofaml-remington/bank-of-america-affirms-gun-pledge-hints-at-remington-loan-exit-idUKKBN1IB2MX |
(Reuters) - MTN Group ( MTNJ.J ) said on Wednesday that U.S. President Donald Trump’s decision to pull out of the Iran nuclear accord may limit the South African telecoms firm’s ability to repatriate cash from MTN Irancell, sending its shares lower.
FILE PHOTO: A worker attends to a customer at an MTN shop at mall in Johannesburg, South Africa, March 2, 2017. REUTERS/Siphiwe Sibeko Trump said on Tuesday he would reimpose U.S. economic sanctions on Iran, which were lifted under the agreement he had harshly criticized.
In 2018, the company had repatriated about 88 million euros ($104.26 million) from MTN Irancell, including 61 million euros relating to the 2017 dividend due to MTN as well as a further 27 million euros of historic dividends.
The remaining balance due to MTN is about 200 million euros, MTN said, adding it was committed to its investment in Irancell and to repatriating the balance of legacy cash.
The company said it will continue to monitor the situation, including the response of the Iranian authorities and the other members of the Joint Comprehensive Plan of Action.
MTN’s shares were down 2.6 percent at 0745 GMT after earlier falling over 3 percent.
Reporting by Arathy S Nair in Bengaluru and Ed Stoddard in Johannesburg; Editing by Sunil Nair and Louise Heavens
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-mtn-group/mtn-says-u-s-decision-on-iran-may-limit-its-ability-to-repatriate-cash-from-irancell-idUSKBN1IA0JT |
May 5, 2018 / 7:47 PM / Updated an hour ago Chelsea Ladies win FA Cup in front of record crowd Reuters Staff 1 Min Read
London (Reuters) - Chelsea won the Women’s FA Cup for only the second time by beating Arsenal 3-1 in front of a record crowd of 45,423 at Wembley on Saturday.
Swiss international Ramona Bachmann scored their first two goals in the 48th and 60th minutes before Vivianne Miedema from the Netherlands pulled one back.
Fran Kirby, the Women’s Footballer of the Year, restored the two-goal lead within three minutes.
Arsenal had previously won the trophy 14 times, including beating their London rivals in the 2016 final.
Chelsea captain Katie Chapman earned her 10th winners’ medal.
Their manager Emma Hayes, eight months pregnant with twins, took her place on the touchline but had decided not to lead the team out in the hot weather. | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-ars-che-women/chelsea-ladies-win-fa-cup-in-front-of-record-crowd-idUKKBN1I60UF |
May 4 (Reuters) - Altia Oyj:
* Q1 NET SALES OF EUR 73.5 (73.4) MILLION * GUIDANCE REMAINS UNCHANGED Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-altia-q1-comparable-ebitda-rises-t/brief-altia-q1-comparable-ebitda-rises-to-eur-5-2-million-idUSFWN1SA1G8 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.