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BEIRUT (Reuters) - Lebanon expressed concern to Syria on Saturday over a new law aimed at redeveloping areas devastated by seven years of war, saying the initiative could hinder the return of many Syrian refugees to their homeland.
Lebanese Foreign Minister Gebran Bassil wrote in a letter to his Syrian counterpart Walid al-Moualem that the terms of “Law 10” could make it difficult for refugees to prove property ownership, and in turn discourage some from returning.
The legislation came into effect last month as the army was on the brink of crushing the last insurgent enclaves near Damascus, consolidating President Bashar al-Assad’s grip over nearly all of western Syria.
It allows people to prove they own property in the areas chosen for redevelopment, and to claim compensation. But aid groups say the chaos of war means few will be able to do so in the time specified. The law has yet to be applied.
Bassil, whose country hosts more than a million Syrian refugees, voiced concern over the limited time frame given for refugees to prove possession of their properties.
“The inability of the refugees to practically present what proves their possession (of their properties) during the given time limit might lead to them losing their properties and their sense of national identity,” Bassil said in the letter, according to a Foreign Ministry statement.
“This would deprive them of one of the main incentives for their come return to Syria,” he added, echoing comments earlier this week by Lebanese Prime Minister Saad al-Hariri.
Hariri said the law “tells thousands of Syrian families to stay in Lebanon” by threatening them with property confiscation.
Bassil sent a similar letter to U.N. Secretary-General Antonio Guterres, calling for action to protect the rights of Syrian refugees in maintaining their properties.
Reporting by Dahlia Nehme; Editing by Helen Popper
| ashraq/financial-news-articles | https://www.reuters.com/article/us-mideast-crisis-lebanon-law/lebanon-tells-syria-development-law-could-hinder-refugees-return-idUSKCN1IR09O |
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NEW YORK, May 22, 2018 (GLOBE NEWSWIRE) -- Fiduciary Trust Company International, a global wealth manager and wholly-owned subsidiary of Franklin Templeton Investments, proudly announces that Paulina Mejia, regional managing director, head of the New York office, and trust counsel, is one of 10 professionals honored by Money Management Executive with the publication’s Top Women in Asset Management Awards.
“Paulina is a dedicated advocate for women both as clients and as professionals in the asset management industry,” said John M. Dowd, chief executive officer of Fiduciary Trust Company International. “She serves as a valuable mentor to men and women in our organization, as well as to clients in need of expert investment advice and guidance. We congratulate Paulina on this recognition from Money Management Executive .”
Ms. Mejia, who joined Fiduciary Trust last year, is responsible for overseeing and growing the firm’s private wealth business in the Greater New York region. She works directly with wealthy clients to develop and implement charitable, estate, and wealth transfer plans. Ms. Mejia, a member of Fiduciary Trust’s Operating and Management Committees, has more than 15 years of experience working with high-net-worth individuals and families on complex trust and estate matters, first as an attorney focused on trusts and estates and currently as a wealth advisor.
The winners of this year’s Top Women in Asset Management Awards were profiled in the May 2018 edition of Money Management Executive . To view the full profile of Ms. Mejia in Money Management Executive , please visit: https://www.financial-planning.com/research-report/top-women-in-asset-management-awards-the-winners .
“Collaboration, mentorship, and thorough wealth planning are ingrained in Fiduciary Trust’s culture,” said Ms. Mejia. “I am grateful for the opportunity to be able to work closely with individuals and families to help them strengthen their financial literacy and make well-informed decisions about their wealth. I also look forward to continuing to guide colleagues throughout our organization toward achieving their professional goals.”
Notable women have an established track record of driving Fiduciary Trust’s business. Anne M. Tatlock, the firm’s former CEO, was the first woman to serve as CEO of a major trust company. The current chair of Fiduciary Trust’s board of directors is Gail E. Cohen, general trust counsel. Jenny Johnson, president and chief operating officer of Franklin Templeton Investments, Fiduciary Trust’s parent company, was also honored this year by Money Management Executive .
Ms. Mejia was recently selected by Crain’s New York Business for inclusion in the publication’s inaugural “Notable Women in Finance in NYC” listing. In addition to her responsibilities at Fiduciary Trust, Ms. Mejia is co-chair of the American Bar Association’s Non-Tax Issues Affecting the Planning and Administration of Estates and Trusts Committee, and serves on the organization’s Section of Real Property, Trust, and Estate Law. She is also a member of the Association of the Bar of the City of New York’s Trusts, Estates & Surrogate’s Court Committee and Trusts & Estates magazine’s Family Business Committee. Ms. Mejia is also part of New York-Presbyterian Hospital’s Planned Giving Advisory Council and the New-York Historical Society’s Planned Giving Advisory Council.
About Fiduciary Trust
Fiduciary Trust Company International, a global wealth management firm, has served individuals, families, endowments and foundations since 1931. With over $79 billion in assets under administration and management as of December 31, 2017, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The firm and its subsidiaries maintain offices in New York, Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Los Angeles, San Mateo, CA, Washington, DC, Wilmington, DE, and Arlington, VA. For more information, please visit fiduciarytrust.com .
About Franklin Resources
Franklin Resources, Inc. (NYSE:BEN) is a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the company has expertise across all asset classes—including equity, fixed income, alternative and custom solutions. The company's more than 650 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With offices in over 30 countries, the California-based company has 70 years of investment experience and over $732 billion in assets under management as of April 30, 2018. For more information, please visit franklintempleton.com .
Copyright © 2018. Fiduciary Trust Company International. All rights reserved.
Contacts:
Rebecca Radosevich: 212-632-3207
[email protected] Laura Simpson: 973-850-7319
[email protected]
Source:Fiduciary Trust Company International | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-paulina-mejia-wins-top-women-in-asset-management-award-from-money-management-executive.html |
WINDSOR, England (Reuters) - Guests of Prince Harry and his new wife Meghan were set to tuck into dishes including Scottish langoustines, grilled asparagus and rhubarb crumble tartlets at a lunchtime reception for the newlyweds.
FILE PHOTO: The Royal Kitchen at Windsor Castle begin preparations for the wedding banquet, May 10, 2018. David Parker/Pool via REUTERS Some of the 600 or so guests arrived hours before the beginning of the ceremony at noon, and were likely to be eager to sample the sumptuous foods on offer.
Canapes being served include poached free-range chicken in a lightly spiced yoghurt with roasted apricot, croquettes of confit Windsor lamb and garden-pea panna cotta with quail eggs and lemon verbena.
There were also bowl foods such as pea and mint risotto with pea shoots, truffle oil and parmesan crisps, and 10-hour slow roasted Windsor pork belly, all washed down with champagne, wines and a range of soft drinks.
The wedding cake included elderflower syrup, made at the Queen’s residence in Sandringham from the estate’s own trees, with an Amalfi lemon curd filling and elderflower buttercream.
Reporting by Michael Holden; writing by Costas Pitas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding-food/a-royal-reception-feast-for-600-langoustines-quail-eggs-and-rhubarb-tartlets-idUSKCN1IK0IH |
May 21 (Reuters) - Micron Technology Inc :
* MICRON AND INTEL EXTEND THEIR LEADERSHIP IN 3D NAND FLASH MEMORY
* MICRON TECHNOLOGY INC - CO, INTEL ALSO ANNOUNCED DEVELOPMENT PROGRESS ON THIRD-GENERATION 96-TIER 3D NAND STRUCTURE
* MICRON TECHNOLOGY INC - CO, INTEL ANNOUNCED PRODUCTION AND SHIPMENT OF A 4BITS/CELL 3D NAND TECHNOLOGY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-micron-intel-announce-production-a/brief-micron-intel-announced-development-progress-on-third-gen-96-tier-3d-nand-structure-idUSFWN1SS0V9 |
RAMALLAH, West Bank (Reuters) - Palestinian President Mahmoud Abbas recalled the Palestinian envoy to Washington on Tuesday, chief negotiator Saeb Erekat said on Palestinian television.
Husam Zomlot, the Palestine Liberation Organization’s chief representative in Washington, was already on his way back to the Palestinian Territories, Erekat said. A foreign ministry statement carried by the official Wafa news agency said the decision “follows the moving of the American embassy from Tel Aviv to Jerusalem.”
Writing by Stephen Farrell
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-usa-palestinians-envoy/palestinian-representative-in-washington-recalled-palestinian-official-idUSKCN1IG2XC |
May 28, 2018 / 8:01 AM / Updated 7 minutes ago New EU bank capital rules favourable for cross-border mergers Reuters Staff 3 Min Read
PARIS (Reuters) - A new agreement on EU bank capital rules helps lift regulatory obstacles to cross-border bank mergers but further steps are still needed, France’s central bank head said on Monday. FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo
EU finance ministers reached an agreement on Friday on how to apply new global bank capital rules that overhauled financial regulations after the 2008-2009 global crisis.
As part of the package, Europe’s biggest banks, such as France’s BNP Paribas, would see their exposure to other countries in the bloc to be treated as safer domestic exposure, thus potentially reducing capital surcharge they pay, according to the agreement.
“In 2018, we should continue to continue our efforts to encourage consolidation in the European financial sector,” Bank of France Governor Francois Villeroy de Galhau told journalists.
Since the end of the financial crisis, European banks have largely ignored calls to merge from some central bankers, who think that consolidation would make it easier to transmit monetary policy more evenly across the euro zone.
Villeroy, who is also head of France’s ACPR financial sector regulator, said that the ministers’ agreement on Friday was “a very good step, but we are not there yet”.
He added that the next step should be to focus on quickly setting up a common backstop to prop up the sector’s rescue facility, known as the Single Resolution Fund.
“As soon as the resolution (mechanism) is completed, the environment will be favourable for the emergence of cross-boarder banking and insurance groups, Villeroy said.
Turning to France specifically, Villeroy renewed concerns about surging corporate and household borrowing, which has pushed private-sector debt to record levels.
He added that France’s financial stability council, which includes him and the finance minister, was prepared to take action at a meeting next month, including by requiring banks to hold extra capital.
Villeroy said the point was not to rein in borrowing, but rather to ensure banks had enough capital available to keep lending should the credit cycle take a turn for the worst in the future. Reporting by Maya Nikolaeva and Matthieu Protard, Editing by Leigh Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-france-villeroy-ecb/banque-de-france-to-pursue-efforts-to-spur-consolidation-of-europes-financial-sector-villeroy-idUKKCN1IT0LB |
Ocado shares soar on deal with Kroger to enter the U.S. 4:28pm IST - 01:00
Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the U.S., securing its entry into the world's biggest market and sending its shares up 50 percent. Jacob Greaves reports. ▲ Hide Transcript ▶ View Transcript
Britain's online supermarket Ocado clinched a game-changing deal with Kroger as its exclusive partner in the U.S., securing its entry into the world's biggest market and sending its shares up 50 percent. Jacob Greaves reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2wNTeHo | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/ocado-shares-soar-on-deal-with-kroger-to?videoId=427717124 |
Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.” Sign Up for Our Newsletter Options Action Insight directly from the members of our Options Action panel SIGN UP NOW Get this delivered to your inbox, and more info about about our products and services. By signing up for newsletters, you are agreeing to our Terms of Use and Privacy Policy . Showtimes | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/your-first-trade-for-monday,-may-29.html |
NEW YORK (AP) — Facebook doesn't think hookups are meaningful and doesn't want you to date your friends — but it's known for a long time that its vast map of human connections could help people find long-term partners. At least that's the takeaway from a new dating feature the social networking giant is launching because, well, why not?
After all, Facebook already lets you "poke" people, whatever that means, and lets you broadcast your relationship status. If you ever download all the data Facebook has on you, you'll see it even keeps track of all the past partners you've listed on Facebook, even if this isn't visible on your profile.
A dating tool has always seemed the next logical step, as Chris Cox, Facebook's chief product officer, said Tuesday at Facebook's f8 conference for app developers in San Jose, California. Fourteen years after Facebook's launch, it's finally coming.
CEO Mark Zuckerberg said the new dating feature is "not just for hookups" but to build "meaningful, long-term relationships." That seems a direct swipe at Tinder, which is still best known for hooking people up with people they find attractive by showing their photo, age and first name. Shares of Match.com, which owns Tinder, tumbled on the news.
Of course, Tinder itself uses Facebook data to act as a digital matchmaker (as do many other dating apps), and Facebook's dating feature seems to borrow some ideas from one of the world's most popular dating apps. Facebook's feature will be opt-in, meaning you have to choose to use it. Like Tinder, it'll use just your first name.
The Facebook dating profile you'll create will be separate from your regular Facebook profile. It won't suggest your friends as people you might want to date, even if your 500-plus "friends" include random acquaintances — or crushes. Your dating profile won't show up on your news feed or be visible to friends; it's only for others using the dating service.
Zuckerberg said the dating feature was built with privacy and security in mind from the start. The company has been under fire recently for possibly not doing this with its other features over the years. Yet timing seemed odd: As Facebook is still recovering from its worst privacy crisis in history, is this really the time to start tracking something as private about people as their dating habits?
There were also some online rumblings that the dating feature might be open only to people who list themselves as "single" and not those who are "married" or "in a relationship," ignoring the subset of people who are in non-monogamous relationships. But Facebook said this is not the case. After all, people often don't keep their relationship status up to date, don't use it in a serious way (in a complicated relationship with pizza, anyone?), or simply leave it blank.
After setting up a dating profile, you can browse events and groups based on location and interests. After you "unlock" an event you're attending or considering going to, you can view the profiles of others who have also unlocked that event. Users can chat with each other through a private messaging feature that won't be connected to Facebook's other messaging services, Messenger or WhatsApp. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/the-associated-press-love-it-or-not-facebook-launches-dating-service.html |
LAS VEGAS, May 7, 2018 /PRNewswire/ -- PlayAGS, Inc. (NYSE:AGS) ("PlayAGS" or the "Company"), a leading designer and supplier of electronic gaming machines and other products and services for the gaming industry, today announced the commencement of a proposed secondary public offering of 4,250,000 shares of the Company's common stock by Apollo Gaming Holdings, L.P. (the "Selling Stockholder"). The underwriters will have a 30-day option to purchase up to an additional 425,000 shares of common stock from the Selling Stockholder. The Company is not selling any shares and will not receive any proceeds from the proposed offering.
Credit Suisse, Deutsche Bank Securities, Jefferies and Macquarie Capital are acting as joint book-running managers and as representatives of the underwriters for the proposed offering. BofA Merrill Lynch, Citigroup, Nomura, Stifel and SunTrust Robinson Humphrey are acting as joint book-running managers for the proposed offering. Roth Capital Partners, Union Gaming, The Williams Capital Group, L.P. and Apollo Global Securities are acting as co-managers for the proposed offering.
The offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to this offering, when available, may be obtained from any of the following sources:
Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037 or by email at [email protected] ; Deutsche Bank Securities Inc., Attention: Prospectus Group, 60 Wall Street, New York, NY 10005, or by telephone at (800) 503-4611, or by email at [email protected] ; Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2 nd Floor, New York, NY 10022, or by telephone at (877) 821-7388 or by email at [email protected] ; or Macquarie Capital (USA) Inc., Attention: Syndicate Department, 125 West 55 th Street, L-22, New York, NY 10019, or by telephone at (212) 231-0440 or by email at [email protected]
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About PlayAGS
PlayAGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and growth have helped us branch out to become a leading all-inclusive commercial gaming supplier. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly-rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more about us at www.playags.com .
Forward-Looking and Cautionary Language
This press release contains, and oral statements made from time to time by our representatives may contain, based on management's current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as "believe," "will," "may," "might," "likely," "expect," "anticipates," "intends," "plans," "seeks," "estimates," "believes," "continues," "projects" and similar references to future periods, or by the inclusion of forecasts or projections. All are based on current expectations and projections of future events.
These reflect the current views, models, and assumptions of PlayAGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in PlayAGS's performance to those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of PlayAGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions and other factors set forth under "Risk Factors" in the registration statement on Form S-3, filed with the Securities and Exchange Commission on May 7, 2018. All made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all speak only to the facts and circumstances present as of the date of this press release. PlayAGS expressly disclaims any obligation to update or revise any , whether as a result of new information, future events or otherwise.
Contact Information
Julia Boguslawski, Chief Marketing Officer & EVP of Investor Relations, PlayAGS
o: 702-724-1125
e: [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/playags-announces-proposed-secondary-public-offering-of-common-stock-by-apollo-300643974.html
SOURCE AGS | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-playags-announces-proposed-secondary-public-offering-of-common-stock-by-apollo.html |
IBM CEO: Our blockchain runs on our public cloud 3 Hours Ago Ginni Rometty, IBM chairman and CEO, talks about the future of blockchain and growth potential for Big Blue. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/ibm-ceo-our-blockchain-runs-on-our-public-cloud.html |
ZURICH, May 30 (Reuters) - Machinery maker Klingelnberg plans to raise about 20 million euros ($23.1 million) by selling shares that will trade on the Swiss exchange, with the proceeds going to help boost growth and acquisition opportunities, it said on Wednesday.
The 155-year-old Zurich-headquartered company with roots in the industrial region surrounding Remscheid, Germany, makes gears for trains and automobiles including Formula 1 racing cars as well as precision machinery for grinding and measuring.
The free float following the initial public offering (IPO) is expected to amount to about 50 percent, before a 10 percent overallotment option, the company with annual sales of around 260 million euros said in a statement. ($1 = 0.8665 euros) (Reporting by John Miller; Editing by Michael Shields)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/klingelberg-ipo/machinery-maker-klingelnberg-aims-to-raise-20-mln-euros-in-swiss-ipo-idUSFWN1T100J |
TORONTO--(BUSINESS WIRE)-- Bloom Burton & Co. (“Bloom Burton”) is pleased to announce that Michael J. Brown, CFA®, has been appointed as Portfolio Manager and Chief Executive Officer of Bloom Burton’s asset management affiliate firm, Bloom Burton Investment Group Inc. (“BBIG”). BBIG is now registered as an Investment Fund Manager, Portfolio Manager and Exempt Market Dealer in Ontario, an Investment Fund Manager and Exempt Market Dealer in Québec, and Exempt Market Dealer in Alberta, British Columbia and Saskatchewan. Mr. Brown, CFA®, has a 20-year track record in the Canadian alternative investments industry, having most recently served as President, Chief Compliance Officer and Portfolio Manager at Scale Capital Management Inc.. In addition, TwoThree Capital Health Care Market Neutral LP, a global healthcare fund managed by Mr. Brown and Jason Lin, will join the Bloom Burton platform.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180530005920/en/
Michael J. Brown, Portfolio Manager and CEO of Bloom Burton Investment Group (Photo: Business Wire)
The addition of Mr. Brown will expand Bloom Burton’s ability to serve Canadian institutional and accredited investors as they consider the important and growing pharmaceutical, biotechnology and healthcare sectors. Mr. Brown will broaden the product offering and distribution of Bloom Burton’s investments, as well as help raise the profile of events such as the firm’s flagship and highly coveted Bloom Burton & Co. Healthcare Investor Conference.
Later this summer, subject to unitholder approval, Bloom Burton Investment Group Inc. will assume management of the Bloom Burton Canadian Healthcare Fund LP, the Bloom Burton Healthcare Lending Trust and the Bloom Burton Healthcare Lending Trust II. This transition will simplify the management of these portfolios.
“I am extremely excited to join Canada’s leading healthcare investment firm,” said Mr. Brown. “I know of no other platform in Canada that offers the same unique value proposition. Bloom Burton, with its scientific and medical professionals, offers unparalleled access to Canadian healthcare champions and tomorrow’s leaders. I look forward to meeting with all of the innovative companies in the portfolio and being a part of Bloom Burton’s continued growth across its platform.”
Brian Bloom, Chairman and CEO of Bloom Burton commented, “We are thrilled to partner with Michael to internalize our successful direct investing activities. These portfolios have in aggregate, outperformed the Canadian Hedge Fund industry, and we are excited to be able to offer these funds to a wider array of Canadian investors.”
About Bloom Burton & Co.:
Bloom Burton & Co. is a firm dedicated to accelerating returns in the healthcare sector for both investors and companies. Bloom Burton has an experienced team of medical, scientific, pharmaceutical, legal and capital markets professionals who perform a deep level of diligence, which combined with our creative and entrepreneurial approach, assists our clients in achieving the right monetization events. Bloom Burton and its affiliates provide capital raising, M&A advisory, equity research, business strategy and scientific consulting, advisory on direct investing and company creation and incubation services.
Bloom Burton Securities Inc. is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and is also a member of the Canadian Investor Protection Fund (CIPF).
Please visit www.bloomburton.com to learn more.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180530005920/en/
Bloom Burton & Co.
Brian Bloom, 416-640-7580
or
Michael Brown, 416-551-1659.
Source: Bloom Burton & Co. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/business-wire-bloom-burton-co-welcomes-michael-j-brown-cfaa-as-portfolio-manager-and-chief-executive-officer-of-its-asset-management.html |
Total contract drilling revenues were $664 million, up from $629 million in the fourth quarter of 2017; Revenue efficiency (1) was 91.5 percent, compared with 92.4 percent in the prior quarter; Operating and maintenance expense was $424 million, compared with $386 million in the previous quarter; Net loss attributable to controlling interest was $210 million, $0.48 per diluted share, compared with net loss attributable to controlling interest of $111 million, $0.28 per diluted share, in the fourth quarter of 2017; Adjusted net loss was $210 million, $0.48 per diluted share. This compares with adjusted net loss of $93 million, $0.24 per diluted share, in the prior quarter, excluding $18 million of net unfavorable items; Cash flows from operating activities were $103 million, compared with $244 million in the prior quarter; During the first quarter, the company acquired Songa Offshore SE (“Songa”), adding $3.7 billion in contract backlog; and The combined company’s contract backlog was $12.5 billion as of the April 2018 Fleet Status Report.
STEINHAUSEN, Switzerland, April 30, 2018 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) today reported net loss attributable to controlling interest of $210 million, $0.48 per diluted share, for the three months ended March 31, 2018.
First quarter 2018 results included favorable items, as follows:
$6 million, $0.02 per diluted share, gain on disposal of assets; and $1 million in discrete tax benefits.
These favorable items were partially offset by:
$7 million, $0.02 per diluted share, of Songa acquisition costs.
After consideration of these net items, first quarter 2018 adjusted net loss was $210 million, or $0.48 per diluted share.
Contract drilling revenues for the three months ended March 31, 2018, sequentially increased $35 million to $664 million. The increase was primarily due to the addition of four harsh environment semisubmersibles on long‑term contracts that were acquired from Songa on January 30, 2018. The quarter was also favorably impacted by the commencement of operations of the newbuild ultra-deepwater drillship, the Deepwater Poseidon . These increases were partly offset by reduced operating days on a few ultra‑deepwater rigs that rolled off contract, and lower revenue efficiency related to the Petrobras 10000 . The rig returned to work on March 4. Additionally, the quarter included a non-cash revenue reduction of $19 million from contract intangible amortization associated with the Songa acquisition.
Contract drilling revenues also included customer early termination fees of $38 million on the Discoverer Clear Leader, compared with $25 million in the prior quarter. Additionally, customer reimbursement revenues were $26 million, compared with $15 million in the previous quarter.
Operating and maintenance expense was $424 million, which included $24 million of reimbursable costs. This compares with $386 million in the prior quarter. The anticipated sequential increase was primarily due to the two months of activity from the acquisition of Songa, as well as the commencement of operations of the newbuild, the Deepwater Poseidon .
General and administrative expense was $47 million, compared with $43 million in the fourth quarter of 2017. The sequential increase was primarily due to professional fees associated with the Songa acquisition.
Depreciation expense was $202 million, up from $184 million in the fourth quarter of 2017. The increase was primarily due to the acquisition of Songa.
Interest expense, net of amounts capitalized, was $147 million, compared with $123 million in the prior quarter. The increase in interest expense resulted primarily from the debt assumed in the acquisition of Songa, partially offset by early debt retirements in 2017. Capitalized interest sequentially decreased $12 million to $13 million primarily due to the commencement of operations of the Deepwater Poseidon . Interest income was $12 million, compared with $9 million in the prior quarter.
The Effective Tax Rate (2) was (42.2) percent, down from 8.3 percent in the prior quarter. The decrease was primarily due to changes in the relative blend of income from operations in certain jurisdictions. The first quarter of 2018 partially includes the impact of the U.S. tax reform (“2017 Tax Act”). The company continues to assess and analyze the portion of the 2017 Tax Act related to transition tax. The Effective Tax Rate excluding discrete items (3) was (42.8) percent, compared with 25.4 percent in the previous quarter.
Cash flows from operating activities sequentially decreased $141 million to $103 million. The decrease was primarily due to the receipt in the prior quarter of the early termination payment related to the Discoverer Clear Leader .
First quarter 2018 capital expenditures of $53 million were primarily related to the company’s newbuild drillships. This compares with $111 million in the previous quarter.
“This first quarter of 2018 was significant for Transocean and our best‑in‑class fleet,” said President and Chief Executive Officer Jeremy Thigpen. “We consummated the Songa Offshore acquisition, which added four new, contracted, high‑specification, harsh environment semisubmersibles to our fleet, and further bolstered our industry-leading backlog. We also welcomed another newbuild ultra‑deepwater drillship to our fleet, the Deepwater Poseidon , and mobilized her to the Gulf of Mexico where she recently commenced operations on a ten‑year contract.”
Thigpen added: “Operationally, we delivered another solid quarter. When adjusting for the time to safely return the Petrobras 10000 to work, our revenue efficiency for the quarter exceeded 96%. This strong operating performance, when combined with our unwavering commitment to safely streamline our cost structure, enabled us to generate approximately $100 million in cash flow from operations, resulting in a quarter-end cash and short‑term investments balance of approximately $2.9 billion.”
“We remain encouraged by the increase in floater contracting activity that we have experienced in recent months; and, we believe that the combination of stable oil prices, lower project breakeven economics, and historically low global reserve replacement will continue to drive increased demand for Transocean’s industry‑leading assets and services.”
Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). We believe certain financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted Normalized EBITDA, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.
All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com .
About Transocean
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and believes that it operates one of the most versatile offshore drilling fleets in the world.
Transocean owns or has partial ownership interests in, and operates a fleet of 47 mobile offshore drilling units consisting of 27 ultra-deepwater floaters, 12 harsh environment floaters, two deepwater floaters and six midwater floaters. In addition, the company is constructing two ultra-deepwater drillships. We also continue to operate one high-specification jackup that was under a drilling contract when we sold the rig, and we will continue to operate this jackup until completion or novation of the drilling contract.
For more information about Transocean, please visit: www.deepwater.com .
Conference Call Information
Transocean will conduct a teleconference starting at 9 a.m. EDT, 3 p.m. CEST, on Tuesday, May 1, 2018, to discuss the results. To participate, dial +1 323-794-2149 and refer to conference code 6863918 approximately 10 minutes prior to the scheduled start time.
The teleconference will be simulcast in a listen-only mode at: www.deepwater.com , by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com , by selecting Investors, Financial Reports.
A replay of the conference call will be available after 12 p.m. EDT, 6 p.m. CEST, on May 1, 2018. The replay, which will be archived for approximately 30 days, can be accessed at +1 719-457-0820, passcode 6863918 and PIN 8405. The replay will also be available on the company’s website.
Forward-Looking Statements
The statements described in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, the results of our final accounting for the periods presented in this press release, the success of our business following the acquisition of Songa Offshore SE (“Songa”), the ability to successfully integrate the Transocean and Songa businesses and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2017, and in the company's other filings with the SEC, which are available free of charge on the SEC's website at: www.sec.gov . Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com .
This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of article 652a or article 1156 of the Swiss Code of Obligations. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.
Notes
(1) Revenue efficiency is defined as actual contract drilling revenues for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding amounts related to incentive provisions. See the accompanying schedule entitled “Revenue Efficiency.” (2) Effective Tax Rate is defined as income tax expense for continuing operations divided by income from continuing operations before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.” (3) Effective Tax Rate, excluding discrete items, is defined as income tax expense for continuing operations, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income from continuing operations before income tax expense, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes and estimating the annual effective tax rate. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.” Analyst Contacts:
Bradley Alexander
+1 713-232-7515
Diane Vento
+1 713-232-8015
Media Contact:
Pam Easton
+1 713-232-7647
TRANSOCEAN LTD. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (In millions, except per share data) (Unaudited) Three months ended March 31, 2018 2017 Contract drilling revenues (1) $ 664 $ 738 Other revenues — 47 664 785 Costs and expenses Operating and maintenance 424 347 Depreciation 202 232 General and administrative 47 39 673 618 Gain on disposal of assets, net 5 2 Operating income (loss) (4 ) 169 Other income (expense), net Interest income 12 6 Interest expense, net of amounts capitalized (147 ) (127 ) Other, net (10 ) 7 (145 ) (114 ) Income (loss) before income tax expense (benefit) (149 ) 55 Income tax expense (benefit) 63 (40 ) Net income (loss) (212 ) 95 Net income (loss) attributable to noncontrolling interest (2 ) 4 Net income (loss) attributable to controlling interest $ (210 ) $ 91 Earnings (loss) per share Basic $ (0.48 ) $ 0.23 Diluted $ (0.48 ) $ 0.23 Weighted-average shares outstanding Basic 438 390 Diluted 438 390 | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-transocean-ltd-reports-first-quarter-2018-results.html |
CNBC's Jim Cramer was taken aback when shares of Disney and Walmart got slammed after the companies announced new investments.
Shares of Disney closed down nearly 2 percent on Wednesday after the entertainment giant revealed that it was spending heavily to boost ESPN Plus' online offerings .
Walmart's stock also lost more than 3 percent of its value Wednesday after agreeing to take a majority stake in Flipkart , an Indian e-commerce company.
But Cramer wouldn't cave to the sellers' fears. He pointed to what Disney CFO Christine McCarthy said on the company's conference call: that investing in its technology platform would allow Disney to "monetize much more programming than ESPN can now."
He also flagged the company's latest earnings report , which saw 21 percent studio revenue growth thanks to the box office successes of "Black Panther" and "Avengers: Infinity War."
"So often you hear movie companies talk about how they have hit machines, but they're often episodic properties that are very much hit or miss. Not Disney," Cramer said. "It's extraordinary and yet no one seems to care right now."
"The stock got hammered, of course, because Disney's investing in the future," he continued. "I think it's crazy."
In the case of Walmart, Cramer highlighted the power of taking a $16 billion, 77 percent stake in Flipkart. In India, the platform is No. 1 in fashion, No. 1 in large appliances and No. 2 in electronics sales, he said.
Yet "just like Disney, Walmart's stock is getting whacked because the company's investing in its future," the "Mad Money" host said.
Cramer lamented that companies like Amazon , Netflix and Tesla seem to "get a free pass" when they make large investments in their businesses while Disney and Walmart, "trapped by the four walls of the spreadsheet," get criticized.
"No one is holding Amazon to a profit standard, just a growth standard," he said, noting how often Netflix CEO Reed Hastings and Tesla CEO Elon Musk talk about spending more than their companies can afford to stay ahead.
Disney and Walmart, Cramer said, are "hostages to the need to beat earnings estimates. Tesla, Netflix and Amazon, measured by growth, have no limit to how much they can spend."
So, in the face of the stock market's seemingly unfair judgments, Cramer suggested investors stick to their convictions and see Disney and Walmart's "bold" investments for what they are.
"Walmart and Disney are all the richer for these investments. Just don't tell it to the sellers — they don't want to hear it," Cramer said. "But, hey, their mistake [is] your buying opportunity."
WATCH: Cramer defends Disney and Walmart after major investments show chapters Cramer defends Disney and Walmart's 'bold' investments after stocks fall on ESPN, Flipkart news 20 Hours Ago | 07:10 Disclosure: Cramer's charitable trust owns shares of Amazon.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/cramer-talks-disney-walmart-as-stocks-fall-on-espn-flipkart-news.html |
BONN, Germany (Reuters) - Governments made slow progress on a “rule book” for a global climate accord after two weeks of talks ending on Thursday and agreed to a new round of negotiations to break a diplomatic logjam before a year-end deadline for a deal.
A general view of the climate change negotiations in Bonn, Germany May 10, 2018. REUTERS/Alister Doyle Disputes among the senior climate officials from about 180 nations in Bonn included how rich nations will raise finance to a pledged $100 billion a year by 2020 to help developing nations cope with rising temperatures and cut their emissions.
“We can’t say failure. But overall we’ve been having slow progress,” Gebru Jember Endalew, chair of the group of least developed countries, told Reuters. Poor nations are most vulnerable to more droughts, floods and rising sea levels.
Delegates agreed to hold an extra session in Bangkok from September 3-8 before environment ministers meet in Katowice, Poland, in December when the rule book for the Paris pact is due to be agreed.
The 2015 Paris Agreement set a sweeping goal of ending the fossil fuel era this century with a trillion-dollar shift toward cleaner energies such as wind or solar power to help limit a rise in temperatures.
But it was vague on the details, such as how to measure financial flows to developing nations and how countries will report and monitor curbs on greenhouse gas emissions and ratchet up national goals every five years to limit global warming.
“We have to be very, very clear that we have a lot of work in the months ahead and that we have to improve the pace of progress to achieve a good outcome in Katowice,” Patricia Espinosa, the U.N. climate chief, told a news conference.
Head of the United Nations Climate Change Secretariat Patricia Espinosa (L) talks to Fiji chief negotiator Luke Daunivalu in Bonn, Germany May 10, 2018. REUTERS/Alister Doyle She said progress had been “satisfactory” in Bonn.
Writing the “rule book” - formally known as “implementation guidelines” - is the biggest test of the international commitment to the Paris Agreement since President Donald Trump said in June he will pull out, doubting that climate change has a human cause.
Elina Bardram of the European Commission said clear rules on curbing emissions, adapting to climate change and finance were vital in 2018 to bring the Paris agreement to life. But she said some elements were likely to need more time.
“We have to accept that not all the nitty gritty details can be agreed by Katowice,” she said.
Luke Daunivalu, chief negotiator for Fiji which is presiding at the talks in 2018, also said of the rule book: “How thick or how thin ... is an open question at the moment. It will become a little clearer at Bangkok.”
Current national pledges to curb emissions put the world on track for a warming of about 3 degrees Celsius (5.7 Fahrenheit) above pre-industrial times, far above a Paris goal of “well below” 2C (3.6F).
Reporting By Alister Doyle; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-climatechange-accord/logjam-on-paris-climate-rule-book-forces-extra-un-talks-idUSKBN1IB1XK |
This is why Electronic Arts just soared on its earnings 34 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/this-is-why-electronic-arts-just-soared-on-its-earnings.html |
April 30 (Reuters) - Buymyplace.Com.au Ltd:
* ENTERED INTO AN UNSECURED $3 MILLION FINANCING FACILITY WITH KM CUSTODIANS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-buymyplacecomau-says-entered-3-mln/brief-buymyplace-com-au-says-entered-3-mln-financing-facility-idUSFWN1S606A |
May 2 (Reuters) - Mybet Holding SE:
* DGAP-ADHOC: MYBET HOLDING SE RESOLVES TO INCREASE SHARE CAPITAL WITH THE EXCLUSION OF SUBSCRIPTION RIGHTS, TO ISSUE ADDITIONAL CONVERTIBLE BONDS AND TO TAKE OUT A SHORT-TERM LOAN
* MYBET HOLDING - NEW SHARES WILL BE OFFERED TO INVESTORS BY WAY OF A PRIVATE PLACEMENT AT ISSUE AMOUNT OF EUR 1.20 PER SHARE
* TO INCREASE COMPANY’S SHARE CAPITAL FROM EUR 6,396,231 BY UP TO EUR 639,623 AGAINST CASH CONTRIBUTION
* MYBET HOLDING - TO ISSUE UP TO 5,000 ADDITIONAL DEBENTURES OF CONV BOND 2017/2020 WITH NOMINAL VALUE OF UP TO EUR 100.00 EACH
* SHORT-TERM LOAN AMOUNTING TO EUR 300,000 WAS TAKEN OUT BY COMPANY Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mybet-holding-to-increase-share-ca/brief-mybet-holding-to-increase-share-capital-and-issue-additional-convertible-bonds-idUSASO00044L |
travels to Tennessee on Tuesday to aid Republican efforts to win a tight Senate race critical to the fight to control the chamber in November's midterm elections.
The president will hold a fundraiser and campaign-style rally in Nashville to boost GOP Rep. Marsha Blackburn and attempt to knock down Democratic former Gov. Phil Bredesen. They are vying for the Senate seat currently held by Republican Sen. Bob Corker , who declined to run for a third term.
Making things more complicated, Corker hasn't given a full-throated endorsement to Blackburn, and he has said he considers himself a friend of Bredesen's.
Polls have shown a close contest between Blackburn, a longtime member of Congress who has run as a staunch Trump supporter, and Bredesen, a two-term governor who last won a statewide election in 2006. Bredesen hopes to win a seat in a state that last had a Democratic senator in the mid-1990s.
show chapters Rep. Hensarling: Generic ballot test 'collapses nicely' in favor of GOP 8:35 AM ET Tue, 22 May 2018 | 01:41 The Tennessee race holds major stakes for Republicans' push to keep or expand their 51 to 49 seat majority in the Senate. Winning Corker's seat could help Democrats cancel out other possible losses in 2018 Senate elections, as the party tries to defend 10 seats in states Trump won in 2016.
Trump has already gotten himself involved in several of those races. He has made trips in part to damage Democratic senators such as Joe Donnelly of Indiana and Joe Manchin of West Virginia. He has repeatedly slammed red-state Senate Democrats for not supporting his agenda.
Blackburn hitches her wagon to Trump Democrats have targeted a handful of GOP-held seats, most notably in Nevada and Arizona. Corker's departure also gave the party a bigger opening in Tennessee, where the race appears closer than many Republicans would hope.
A Mason-Dixon Polling survey last month found a 3-percentage-point edge for Bredesen, an advantage within the poll's margin of error. A separate Middle Tennessee State University poll taken in March showed a 10-percentage-point edge for Bredesen.
A Vanderbilt University poll earlier this month found Bredesen had a 67 percent favorability rating among Tennessee voters, versus 49 percent for Blackburn. He also had a 69 percent to 44 percent edge among independents.
Blackburn has largely pegged her hopes in the race to Trump's popularity in Tennessee. She has promised to promote Trump's policy agenda in the Senate, a chamber where GOP lawmakers have proven more likely to call out the president than in the House. Blackburn has voted with Trump's position 92 percent of the time, according to FiveThirtyEight .
A video released by Blackburn's campaign Monday said, "President Trump will be much more successful if we had people up there that are going to get things accomplished." It featured a clip of Trump thanking the congresswoman for her role in pushing for rural broadband access.
Blackburn tweet: President Donald J. Trump has an agenda to Make America Great Again - and he needs an ally in the Senate to help him achieve those reforms. I'm ready to lead the charge. # TrumpRally
Blackburn's push to tie herself closely to Trump may partly be a reaction to Corker. The senator has criticized the president several times, at one point saying Trump's behavior could put the U.S. "on the path to World War III."
Corker hesitates to take a side Corker has notably hesitated to take sides in the Senate race, prompting questions about whether he could lead other Republicans to shy away from Blackburn. Last month, the senator said he would not campaign against Bredesen , whom he called a "friend."
Corker said he had a stronger working relationship with Bredesen than with Blackburn. The senator was the mayor of Chattanooga when Bredesen was governor.
Still, Corker said he is "supportive" of Blackburn and donated to her campaign.
Bredesen, like some other Democrats running in key red state elections, has avoided criticizing Trump.
"I don't want to come across as somebody who is the toy of the national Democratic Party," Bredesen told CNN in late April .
T.J. Kirkpatrick | Bloomberg | Getty Images Phil Bredesen, former governor of Tennessee. Bredesen has long touted his effort to work with Republicans and said in a campaign ad in March that he is "not running against Donald Trump." As Trump heads to Tennessee on Tuesday, Bredesen plans to spend the day at a manufacturing facility in the eastern part of the state.
While he trails Blackburn heavily in fundraising, Bredesen last month got some help from former Vice President Joe Biden , whom Democrats hope can appeal to centrist donors and voters in various swing races this year.
Considering Blackburn's rhetoric and Trump's involvement in the race, Tennessee voters' views of the president may prove critical. The Vanderbilt survey found the president had a 53 percent approval rating in the state, up 5 points since December.
Still, Trump's own comments about the 2018 elections have raised questions about how much he can motivate Republicans. Last week, he questioned how important this year's midterms really are.
"Your vote in 2018 is every bit as important as your vote in 2016," he said at an event hosted by the Susan B. Anthony List. "Although I'm not sure I really believe that, but you know. I don't know who the hell wrote that line." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/trump-holds-rally-for-tennessee-senate-candidate-marsha-blackburn.html |
Mexico's Central Bank to create cyber security unit after hack 12:54pm BST - 01:23
Mexico's central bank says a cyber attack has sucked around 300 million pesos ($15.33 million) in fraudulent transfers from five companies, but it was unclear how much thieves had managed to pull out in cash. Kate King reports. ▲ Hide Transcript ▶ View Transcript
Mexico's central bank says a cyber attack has sucked around 300 million pesos ($15.33 million) in fraudulent transfers from five companies, but it was unclear how much thieves had managed to pull out in cash. Kate King reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KAOoPL | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/18/mexicos-central-bank-to-create-cyber-sec?videoId=428071648 |
NEW YORK, May 17 (Reuters) - Interest rates on U.S. 30-year fixed-rate mortgages rose to their highest levels in seven years as a bond market selloff this week propelled 10-year yields to their highest since July 2011, Freddie Mac said on Thursday.
Thirty-year mortgage rates averaged 4.61 percent in the week ended May 17, matching the level last seen in May 2011. A week earlier, 30-year rates averaged 4.55 percent, the U.S. mortgage finance agency said. (Reporting by Richard Leong; Editing by Bernadette Baum)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-mortgages-freddie-mac/u-s-30-year-mortgage-rates-hit-7-year-peak-freddie-mac-idUSW1N1Q500R |
PARIS (Reuters) - The European Central Bank’s Francois Villeroy de Galhau said on Monday it was necessary to work on eliminating regulatory obstacles that hinder banking cross-boarder mergers in Europe.
FILE PHOTO: Governor of the Bank of France Francois Villeroy de Galhau in Berlin, Germany, September 23, 2016. REUTERS/Axel Schmidt/File Photo “In 2018, we should continue to continue our efforts to encourage consolidation in the European financial sector,” Villeroy told journalists in Paris.
He added that it was crucial to complete the banking union.
Reporting by Maya Nikolaeva and Matthieu Protard; Editing by Mathieu Rosemain
| ashraq/financial-news-articles | https://www.reuters.com/article/us-france-villeroy-ecb/banque-de-france-to-pursue-efforts-to-spur-consolidation-of-europes-financial-sector-villeroy-idUSKCN1IT0KF |
May 15 (Reuters) - Citigroup Inc:
* CITIGROUP INC - CREDIT CARD CHARGE-OFFS 2.80 PERCENT IN APRIL VERSUS 2.78 PERCENT IN MARCH - SEC FILING
* CITIGROUP INC - CREDIT CARD DELINQUENCY RATE 1.53 PERCENT AT APRIL END VERSUS 1.61 PERCENT AT MARCH END Source text : [ bit.ly/2rKddlf ] Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-citigroup-reports-credit-card-deli/brief-citigroup-reports-credit-card-delinquency-charge-off-rates-for-april-idUSFWN1SM1E0 |
May 19, 2018 / 5:01 PM / Updated 38 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 19 (OPTA) - Scoreboard at close of play of between Worcestershire and Derbyshire on Saturday at Worcester, England Worcestershire win by 50 runs Worcestershire 1st innings Daryl Mitchell c Daryn Smit b Duanne Olivier 12 Joe Clarke c Luis Reece b Ravi Rampaul 14 Travis Head c Daryn Smit b Alex Hughes 30 Tom Fell c Daryn Smit b Luis Reece 56 Brett D'Oliveira b Alex Hughes 46 Ben Cox Not Out 56 Ross Whiteley c Hardus Viljoen b Safyaan Sharif 58 Ed Barnard Not Out 23 Extras 11b 2lb 8nb 0pen 7w 28 Total (50.0 overs) 323-6 Fall of Wickets : 1-20 Mitchell, 2-28 Clarke, 3-88 Head, 4-150 Fell, 5-186 D'Oliveira, 6-287 Whiteley Did Not Bat : Leach, Tongue, Morris Bowling Ov Md Rn Wk Econ Ex Ravi Rampaul 8 0 76 1 9.50 2w 2nb Duanne Olivier 6 2 12 1 2.00 Matthew Critchley 10 0 48 0 4.80 Hardus Viljoen 4 1 32 0 8.00 4w 1nb Luis Reece 7 0 31 1 4.43 Alex Hughes 9 1 49 2 5.44 1w 1nb Safyaan Sharif 6 0 62 1 10.33 Derbyshire 1st innings Billy Godleman b Travis Head 23 Ben Slater c&b Joe Leach 10 Luis Reece b Ed Barnard 62 Wayne Madsen c Josh Tongue b Travis Head 87 Matthew Critchley c Ben Cox b Josh Tongue 12 Alex Hughes c Ed Barnard b Joe Leach 47 Daryn Smit c Ben Cox b Daryl Mitchell 22 Hardus Viljoen c Charlie Morris b Daryl Mitchell 0 Safyaan Sharif c&b Brett D'Oliveira 1 Duanne Olivier Run Out Joe Leach 6 Ravi Rampaul Not Out 0 Extras 1b 0lb 0nb 0pen 2w 3 Total (46.3 overs) 273 all out Fall of Wickets : 1-15 Slater, 2-66 Godleman, 3-143 Reece, 4-169 Critchley, 5-208 Madsen, 6-236 Smit, 7-236 Viljoen, 8-237 Sharif, 9-252 Olivier, 10-273 Hughes Bowling Ov Md Rn Wk Econ Ex Joe Leach 6.3 0 28 2 4.31 Josh Tongue 6 0 46 1 7.67 Charlie Morris 5 0 21 0 4.20 Travis Head 7 0 48 2 6.86 Daryl Mitchell 7 0 48 2 6.86 2w Ed Barnard 5 0 28 1 5.60 Brett D'Oliveira 10 1 53 1 5.30 Umpire Michael Gough Umpire Richard Illingworth Home Scorer Sue Drinkwater Away Scorer John Brown | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5JZJ85BE |
April 30 (Reuters) - 4Sight Holdings Ltd:
* ACQUISITION OF 100% OF XWES PROPRIETARY LIMITED T/A NTSIKA ICT SECURITY
* FOURSIGHT SOUTH AFRICA ENTERED INTO AGREEMENT FOR ACQUISITION OF 100% OF SHARES IN XWES PROPRIETARY LTD T/A NTSIKA ICT SECURITY WITH EFFECT FROM APRIL 1
* AGGREGATE PURCHASE CONSIDERATION WILL BE PAID PRIMARILY ON AN EARN-OUT BASIS IN 4SIGHT HOLDINGS SHARES Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-4sight-holdings-says-foursight-sou/brief-4sight-holdings-says-foursight-south-africa-acquires-100-pct-of-xwes-proprietary-limited-t-a-ntsika-ict-security-idUSFWN1S711Z |
(Reuters) - Microchip Technology Inc ( MCHP.O ) on Tuesday received antitrust clearance from China to buy rival Microsemi Corp ( MSCC.O ), marking the first approval of a major technology deal by the country since the Broadcom-Brocade deal in August.
The go-ahead to the $8.35 billion acquisition comes in less than three months after the companies struck the deal, indicating that trade tensions between the United States and China were easing.
“It’s clear that the US-China relations are in thaw-mode,” Elazar Advisors analyst Chaim Siegel said.
“Between now and Trump’s meeting with North Korea in June, the U.S. has increased negotiating leverage, which has moved US-China relations forward.”
However, a $44 billion mega deal between Qualcomm ( QCOM.O ) and NXP Semiconductors ( NXPI.O ), announced in October 2016, is stuck in the crosshairs of trade tensions between the two countries.
The approval from China’s Ministry of Commerce (Mofcom) comes days after U.S. President Donald Trump decided to revisit penalties for Chinese company ZTE Corp ( 000063.SZ ) for flouting U.S. sanctions on trade with Iran.
It also comes ahead of a meeting later this week on trade issues between senior Chinese and U.S. officials in Washington.
Microchip, which makes analog chips for carmakers and industrials, on Tuesday also received antitrust clearances from the Japan Fair Trade Commission, the Philippine Competition Commission, the Austrian Federal Competition Authority and the German Federal Cartel Office.
“I didn’t expect any block. I think there was some political concern that the deal would not close due to the tension that Trump has with China,” analyst Kinngai Chan of Summit Insights Group said, adding that he doesn’t expect many hurdles in the Qualcomm-NXP deal as well.
Shares of NXP rose 1.4 percent at $112.30.
Shares of Microsemi, the largest U.S. commercial supplier of military and aerospace semiconductor equipment, rose 1.3 percent to trade closer to the offer price of $68.78. Microchip shares were marginally down in early trading.
The deal, which has already received antitrust approval in the United States, is expected to close in late May or early June and will strengthen Microchip’s base in the computing and communications sectors.
Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur
| ashraq/financial-news-articles | https://www.reuters.com/article/us-microsemi-m-a-microchip-tech/microchip-gets-china-antitrust-approval-to-buy-microsemi-idUSKCN1IG1QW |
MILAN (Reuters) - Shares in Italian aerospace and defense group Leonardo ( LDOF.MI ) jumped on Friday after Canada said it planned to work with the company to refurbish its fleet of search-and-rescue (SAR) helicopters.
FILE PHOTO: A hostess walks past a Leonardo's helicopter logo at the headquarters in Vergiate, near Milan, Italy, January 30, 2018. REUTERS/Massimo Pinca In a tender notice dated May 24, the Canadian government said it planned to replace or update obsolete systems on its CH149 Cormorant fleet, increase its size and procure a rotary wing SAR flight simulator.
Leonardo declined to comment. Its shares rose more than 3 percent to 9.086 euros.
“Canada intends to carry out this project through a non-competitive process with the original equipment manufacturer, Leonardo,” the Canadian government said.
The contract under discussion could be worth more than $1 billion and account for almost 7 percent of the group 2018 order intake with an operating margin topping 10 percent, Italian broker Banca Akros said in a report.
Canada has been operating a fleet of 14 AgustaWestland helicopters, now called Leonardo Elicotteri, since 2000.
Reporting by Stefano Rebaudo; Editing by Susan Fenton
| ashraq/financial-news-articles | https://www.reuters.com/article/us-leonardo-canada/leonardo-shares-rise-on-canada-helicopter-fleet-plans-idUSKCN1IQ1XP |
May 9, 2018 / 4:09 PM / Updated 35 minutes ago Australian scientist, 104, plans to kill himself with 'Swiss option' Reuters Staff 3 Min Read
ZURICH (Reuters) - A 104-year-old Australian scientist travelled to Switzerland to end his life, telling a news conference on Wednesday the nation’s liberal assisted suicide laws let him commit suicide legally, in contrast to his home where it remains forbidden. David Goodall, 104, holds a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth
Ecologist David Goodall, who is not terminally ill, said he was ready for the end. He answered reporters questions in the Swiss city of Basel while accompanied by members of groups that help people kill themselves.
He understood that his death, planned for Thursday, would be by lethal injection, though he did not know what time or many details about the procedure. Some family members would be present, he said.
“One should be free to choose the death, when death is at an appropriate time,” said Goodall, a member of the Order of Australia who wore a pullover emblazoned with the words “Aging Disgracefully.” David Goodall, 104, arrives to hold a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth
“My abilities have been in decline over the past year or two, my eyesight over the past six years. I no longer want to continue life. I’m happy to have the chance tomorrow to end it.”
Assisted suicide has been legal in Switzerland since the 1940s, if performed by someone with no direct interest in the death. The Netherlands legalised euthanasia in 2002 for patients considered to be suffering unbearable pain with no cure. David Goodall, 104, holds a news conference a day before he intends to take his own life in assisted suicide, in Basel, Switzerland May 9, 2018. REUTERS/Stefan Wermuth
In many countries, however, physician-assisted suicide or euthanasia are illegal. [nL2N1LO1CM]
Australia has forbidden such practices, though the state of Victoria became the first to pass an euthanasia bill last November to allow terminally ill patients to end their lives. It takes effect in June 2019. [nL3N1NZ1IW]
Goodall was born in London in 1914 and moved in 1948 to Australia, where he was a lecturer at the University of Melbourne. An expert in arid shrublands, he also worked in Britain and held academic posts at U.S. universities.
While visibly straining to hear questions, Goodall answered them clearly and in detail after they were repeated with a microphone. He said he felt a “sense of pressure,” given media attention on his end-of-life journey to Switzerland.
“I don’t feel that anyone else’s choice is involved,” he said. “It’s my own choice to end my life tomorrow.”
Goodall had not given much thought to a last meal, as he said his culinary choices have grown more limited. He had not considered music to accompany his death, but thought Beethoven’s 9th Symphony might be nice, he said, before singing a few lines.
Goodall said he is not without regrets: “There are many things I would like to do, but it’s too late. I’m content to leave them undone.” Reporting by John Miller; Editing by Peter Graff | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-swiss-euthanasia-goodall/australian-scientist-104-plans-to-kill-himself-with-swiss-option-idUKKBN1IA2O0 |
Waymo tells police how to break into and disable its self-driving cars Sara Salinas Reblog The instructions appear in a 41-page booklet provided to law enforcement as something of an introduction to the fully self-driving cars. The self-driving unit of Alphabet has pulled away from some of its autonomous driving rivals in recent months, as Uber and Tesla have each faced reports of costly and even fatal accidents. Waymo is telling police in California exactly how to break into its autonomous cars in the event of an emergency, according to documents reviewed by tech news site IEEE Spectrum . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/alphabet-waymo-tells-police-how-to-break-in-disable-self-driving-cars.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 16 (Reuters) - Chegg Inc:
* CHEGG DEEPENS INVESTMENT IN WRITING AND AI WITH ACQUISITION OF WRITELAB
* CHEGG INC - CHEGG ACQUIRED WRITELAB FOR APPROXIMATELY $15 MILLION, IN AN ALL CASH TRANSACTION
* CHEGG INC - AS A RESULT OF DEAL, DOES NOT EXPECT ANY MATERIAL EFFECT ON OPERATIONS, Q2 GUIDANCE, OR FULL YEAR 2018 GUIDANCE ISSUED ON APRIL 26, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-chegg-acquired-writelab-for-about/brief-chegg-acquired-writelab-for-about-15-mln-in-all-cash-transaction-idUSASC0A2O3 |
May 11, 2018 / 5:27 PM / Updated 21 minutes ago English County Championship Division One Scoreboard Reuters Staff 2 Scoreboard at stumps on the first day of between Worcestershire and Essex on Friday at Worcester, England Worcestershire trail Essex by 130 runs with 10 wickets remaining Essex 1st innings Varun Chopra c Ed Barnard b Steve Magoffin 10 Alastair Cook c Ben Twohig b Joe Leach 37 Tom Westley b Ed Barnard 15 Dan Lawrence b Josh Tongue 20 Ravi Bopara c Daryl Mitchell b Josh Tongue 7 Ryan ten Doeschate lbw Josh Tongue 1 James Foster lbw Ed Barnard 16 Simon Harmer c Daryl Mitchell b Ed Barnard 22 Peter Siddle b Joe Leach 29 Jamie Porter c Ben Cox b Josh Tongue 6 Sam Cook Not Out 2 Extras 0b 8lb 4nb 0pen 0w 12 Total (65.1 overs) 177 all out Fall of Wickets : 1-19 Chopra, 2-59 Westley, 3-68 Cook, 4-88 Lawrence, 5-90 ten Doeschate, 6-101 Bopara, 7-125 Foster, 8-140 Harmer, 9-157 Porter, 10-177 Siddle Bowling Ov Md Rn Wk Econ Ex Joe Leach 15.1 3 37 2 2.44 1nb Steve Magoffin 16 6 38 1 2.38 Ed Barnard 19 8 49 3 2.58 Josh Tongue 15 7 45 4 3.00 1nb Worcestershire 1st innings Daryl Mitchell Not Out 7 Brett D'Oliveira Not Out 34 Extras 0b 4lb 2nb 0pen 0w 6 Total (17.0 overs) 47-0 Bowling Ov Md Rn Wk Econ Ex Jamie Porter 6 2 17 0 2.83 1nb Sam Cook 7 2 12 0 1.71 Peter Siddle 4 1 14 0 3.50 Umpire Nicholas Cook Umpire Neil Mallender Home Scorer Sue Drinkwater Away Scorer Anthony Choat | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-county-championship-division-one-scoreboard-idUKMTZXEE5BKR204D |
April 30 (Reuters) - CAISSE REGIONALE DE CREDIT AGRICOLE MUTUEL DE LA TOURAINE ET DU POITOU SCACV:
* Q1 NET BANKING INCOME EUR 72.3 MILLION VERSUS EUR 77.0 MILLION YEAR AGO
* Q1 GROSS OPERATING INCOME EUR 28.9 MILLION VERSUS EUR 33.3 MILLION YEAR AGO
* Q1 NET SOCIAL INCOME EUR 15.9 MILLION VERSUS EUR 15.9 MILLION YEAR AGO
* Q1 COST OF RISK EUR 1.2 MILLION Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-crcam-touraine-et-du-poitou-cofav/brief-crcam-touraine-et-du-poitou-cofav-q1-net-banking-income-down-at-eur-72-3-million-idUSFWN1S70DW |
× × CEO of fintech company that processes trillions of trade has a message for investors: You matter 16 Hours Ago Jim Cramer sits down with Broadridge Financial Solutions CEO Richard Daly to hear about his under-the-radar company's winning streak. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/broadridge-ceo-has-a-message-for-retail-investors-you-matter.html |
May 16 (Reuters) - Owens-Illinois Inc:
* O-I ANNOUNCES PLANT CLOSURE IN ATLANTA
* OWENS-ILLINOIS INC - CLOSURE IS EXPECTED TO OCCUR ON OR AFTER JULY 18, 2018
* OWENS-ILLINOIS INC - FINALIZED PLANS TO CEASE PRODUCTION AT ITS ATLANTA, GA, PLANT
* OWENS-ILLINOIS INC - APPROXIMATELY 250 PEOPLE WILL BE IMPACTED IN ATLANTA PLANT CLOSURE
* OWENS-ILLINOIS INC - CURRENT CUSTOMERS OF ATLANTA PLANT WILL BE SERVED BY OTHER DOMESTIC PLANTS IN O-I NETWORK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-owens-illinois-inc-announces-plant/brief-owens-illinois-inc-announces-plant-closure-in-atlanta-idUSFWN1SN10T |
In “How Bad Is the Government’s Science?” (op-ed, April 17), Peter Wood and David Randall bring attention to the reproducibility of published scientific results. Reproducibility is one of the cornerstones of science, but the authors don’t examine the factors underlying reproducibility with enough nuance to avoid drawing inaccurate conclusions. This leads to the unsupported statement that many studies underlying government rules aren’t reproducible and to misguided proposals for strict reproducibility standards that may exclude valuable evidence.
Many... | ashraq/financial-news-articles | https://www.wsj.com/articles/it-says-science-does-that-mean-its-right-1525105494 |
BOISE, Idaho, May 21, 2018 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ:MU) will host an Analyst and Investor Event today from 1:30 p.m. to 5:00 p.m. EDT in New York, NY. The company is also raising its revenue and earnings per share guidance for its fiscal third quarter, which ends May 31, 2018. The revised guidance is driven by strong execution and healthy industry conditions.
For the fiscal third quarter, on a non-GAAP basis, the company now expects:
Revenue in the range of $7.70 billion to $7.80 billion compared to prior guidance of $7.20 billion to $7.60 billion. Earnings in the range of $3.12 to $3.16 per share compared to prior guidance of $2.76 to $2.90 per share, based on 1,238 million diluted shares.
"Our third quarter results are driven by focused execution of our strategy against a backdrop of healthy industry fundamentals," said Sanjay Mehrotra, president and CEO of Micron. "We look forward to discussing the significant opportunities ahead for Micron during our analyst and investor event later today."
A live video webcast of Micron’s 2018 Analyst and Investor Event events will be available via the Investor Relations website at investors.micron.com . Webcast replays will be available for approximately one year after the event.
Forward-Looking Statements
This press release contains projections or other forward-looking statements regarding future events, expectations of the company's fiscal second quarter financial performance, or the future financial performance of the company and the industry. These forward-looking statements are predictions subject to a number of risks and uncertainties, and the actual events or results may differ materially. Please refer to the documents the company files with the Securities and Exchange Commission, specifically the company's most recent Form 10-K and Form 10-Q. These documents contain and identify important factors that could cause the company's actual results to differ materially from those contained in projections or forward-looking statements. These certain factors can be found at www.micron.com/certainfactors . Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. The company is under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
About Micron
We are an industry leader in innovative memory and storage solutions. Through our global brands — Micron®, Crucial® and Ballistix® — our broad portfolio of high-performance memory and storage technologies, including DRAM, NAND, NOR Flash and 3D XPoint™ memory, is transforming how the world uses information to enrich life. Backed by nearly 40 years of technology leadership, our memory and storage solutions enable disruptive trends, including artificial intelligence, machine learning and autonomous vehicles, in key market segments like cloud, data center, networking and mobile. Our common stock is traded on the NASDAQ under the MU symbol. To learn more about Micron Technology, Inc., visit www.micron.com .
The Micron logo and Micron symbol are trademarks of Micron Technology, Inc. All other trademarks are the property of their respective owners.
Contacts: Shanye Hudson Investor Relations [email protected] (208) 492-1205 David Oro Media Relations [email protected] (707) 558-8585
Source:Micron Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-micron-hosts-analyst-and-investor-event-and-updates-guidance-for-fiscal-third-quarter.html |
PARIS (Reuters) - French cooperative group Limagrain’s grain ingredients arm has agreed to buy Dutch business Unicorn Grain Specialties from Nordian Capital, it said on Tuesday without disclosing the deal’s value.
The two companies will form a combined business with annual sales close to 150 million euros ($177 million), processing more than 330,000 tonnes of grain a year, Limagrain Cereales Ingredients (LCI) said.
LCI said it will take 100 percent control of Unicorn, which specializes in ingredients used in human food and animal feed.
Reporting by Sybille de La Hamaide and Gus Trompiz; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-unicorn-m-a-limagrain/limagrain-to-acquire-dutch-cereal-ingredients-business-unicorn-idUSKCN1IN23S |
MINNEAPOLIS-ST. PAUL, Minn. & NEW YORK--(BUSINESS WIRE)-- Cellectis S.A. (NASDAQ: CLLS – EURONEXT GROWTH: ALCLS) and Calyxt, Inc. (NASDAQ:CLXT) announced that the price of Calyxt’s follow-on public offering of 3,600,000 shares of Calyxt’s common stock launched May 15, 2018 has been set today at $15.00 per share, representing gross proceeds to Calyxt of $54.0 million. Due to demand, this offering was upsized from the previously announced 3,050,000 shares to accommodate Cellectis to buy 550,000 shares.
In connection with the offering, Calyxt granted the underwriters a 30-day option to purchase up to an additional 457,500 shares of Calyxt’s common stock. The closing of the offering is expected to occur on May 22, 2018, subject to customary closing conditions.
Calyxt is a consumer-centric food- and agriculture-focused company. Following the offering, Cellectis will own approximately 71.6% of Calyxt’s outstanding shares of common stock.
Citigroup, Goldman Sachs & Co. LLC and Jefferies are acting as book-running managers for the offering. Wells Fargo Securities is acting as lead manager and BMO Capital Markets Corp. is acting as co-manager.
A registration statement on Form S-1 relating to these securities has been filed with the U.S. Securities and Exchange Commission and was declared effective on May 17, 2018. This offering will be made only by means of a prospectus. A copy of the prospectus may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (800) 831-9146; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526, or by facsimile at (212) 902-9316, or by email at [email protected] ; or Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at (877) 547-6340, or by e-mail at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005308/en/
For Calyxt
Media contacts
Jennifer Moore, VP Communications
Phone: 917-580-1088
email: [email protected]
or
Caitlin Kasunich / Nick Opich
KCSA Strategic Communications
212.896.1241 / 212.896.1206
email: [email protected] / [email protected]
or
Investor Relations contact
Simon Harnest, VP Corporate Strategy and Finance
Phone: 646-385-9008
email: [email protected]
Source: Calyxt | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-calyxt-announces-upsizing-and-pricing-of-follow-on-offering.html |
May 16, 2018 / 7:54 AM / in 10 hours North Korea is dismantling its nuclear site, but is it abandoning its arsenal or hiding evidence? Josh Smith 5 Min Read
SEOUL (Reuters) - Satellite imagery shows North Korea dismantling facilities at its nuclear test site, but experts say the images can’t reveal whether it is the first step toward full denuclearization, or an attempt to cloak nuclear capabilities from outside observers. A satellite photo of the Punggye-Ri nuclear test site in North Korea May 14, 2018. Planet Labs Inc/Handout via REUTERS
North Korea’s intentions were thrown further into doubt on Wednesday, when it abruptly announced it may “reconsider” meeting with U.S. President Donald Trump in June if the United States continues to insist on unilateral denuclearization.
Commercial satellite imagery - including photos taken by Planet Labs as recently as May 14 - show North Korea removing some structures around its nuclear test site at Punggye-ri, experts say.
(GRAPHIC: North Korea's nuclear test site - tmsnrt.rs/2wGynpf )
“So far it looks like the surface-level support structures are being dismantled,” said Scott LaFoy, an open source imagery analyst. “This would be consistent with the site being closed, as you need engineers and working teams on-site to prepare and maintain the site.”
Among the facilities that appear to have been razed are an engineering office, as well as buildings housing the air compressor used to pump air into the tunnels where the bombs were detonated, said non-proliferation expert Frank Pabian.
“This is entirely in keeping with the official North Korean news report that ‘technical measures’ associated with the shutdown were underway,” Pabian said. A satellite photo of the Punggye-Ri nuclear test site in North Korea April 19, 2018. Planet Labs Inc/Handout via REUTERS
North Korea has said it plans to use explosives to collapse the tunnels; “completely” block up the tunnel entrances; and remove observation facilities, research institutes and guard structures.
A limited number of foreign media have been invited to view the ceremonial closure of the site, but so far no international inspectors, leading some experts to suspect that North Korea is seeking to hide details of its nuclear capabilities.
“North Korea might seem like they’re being generous in holding this event, but this is the actual testing ground we’re talking about here - The smoking gun,” said Suh Kune-yull, professor of nuclear energy system engineering at Seoul National University. “It seems like they’re trying to erase any evidence of the nuclear capabilities they have.” “SOME RED FLAGS”
In a statement on Wednesday, North Korea’s first vice minister of foreign affairs Kim Kye Gwan sharply criticized American officials - especially national security adviser John Bolton - for suggesting that Libya could be a template for denuclearizing North Korea. A satellite photo of the Punggye-Ri nuclear test site in North Korea May 14, 2018. Planet Labs Inc/Handout via REUTERS
Bolton has proposed Trump and North Korean leader Kim Jong Un make a deal similar to the one that led to components of Libya’s nuclear program being shipped to the United States in 2004.
In 2011, Libyan leader Muammar Gaddafi was captured and killed by rebel forces backed by a NATO air campaign.
While the technical aspects of a North Korea deal could mirror some aspects of the Libya effort, Pyongyang has a much more advanced weapons program and Gaddafi’s fate is not encouraging, Andreas Persbo, the executive director of VERTIC, a London think tank that focuses on disarmament verification and implementation, said in a recent interview.
“Libya is a horrible example to make out of that perspective because of course the North Koreans have their own teams advising Kim Jong Un on what this meant, and they will highlight the fact that this is not a good solution for North Korea,” he said.
North Korea appears instead to be proposing a longer-term general commitment to “denuclearization of the Korean peninsula,” which could take years even under the best circumstances, experts say.
LaFoy said North Korea’s actions so far are “not necessarily nefarious,” but that it does raise some “red flags” about complete permanent denuclearization.
“That imagery tells us the site appears to be in the process of decommissioning,” he said. “But we can’t yet tell if it is going to be closed for years or something that can ultimately be reversed in a few weeks or months.”
(GRAPHIC: Nuclear North Korea - tmsnrt.rs/2Kql12i ) Additional reporting by Christine Kim in SEOUL and Malcolm Foster in TOKYO. Editing by Lincoln Feast. | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-nuclearsite-image/north-korea-is-dismantling-its-nuclear-site-but-is-it-abandoning-its-arsenal-or-hiding-evidence-idUSKCN1IH0OQ |
police brutality These 'Blue Lives Matter' Bills Send the Wrong Message on Race and Violence A group supporting Blue Lives Matter gathers in the Mount Greenwood neighborhood, Tuesday, Nov. 8, 2016 where Joshua Beal was shot to death by an off duty Chicago police officer on Saturday in Chicago. Chicago Tribune TNS via Getty Images By Karen Dolan 2:45 PM EDT
Earlier this month, an overwhelming majority of the House passed the Protect and Serve Act of 2018, which could lead to harsher penalties for people who commit violence against police than for those who hurt civilians. A Senate version of the bill would go even further, making law enforcement officers a “protected class” and categorizing violence against them as a “hate crime.”
Supporters have called it the “Blue Lives Matter” bill, in reference to the pro-police slogan often hurled back at Black Lives Matter activists protesting police violence. Critics call it a solution in search of a problem—and a rhetorical attack against the Black Lives Matter movement.
Unfortunately—and ironically—majorities in the congressional black and progressive caucuses joined Republicans in backing the House bill and perpetuating the damaging myth that cops are under attack.
In 2017, firearm-related killings of police officers actually declined from 2016. In fact, 2017 marked one of the safest years in decades for on-duty police officers. If we judge a job’s danger by fatalities, then loggers, fishing workers, pilots, roofers, trash collectors, iron and steel workers, truck drivers, farmers, construction site supervisors, and ground maintenance workers all have more dangerous jobs than cops.
Don’t get me wrong: Blue lives do matter. As they say, all lives matter. But in our country, black and brown lives have always mattered less, and “blue lives” have always mattered more. People of color are targeted, criminalized, incarcerated, and killed at rates vastly disproportionate to those of white people who commit the same offenses. In 2017, for the third year in a row, police killed nearly 1,000 people , 19 of whom were unarmed black men. While that was a decline from 2015, black people remain proportionately much likelier to be killed while unarmed than any other group.
Still, the anti-accountability , all white-led Fraternal Order of the Police (FOP)—the main proponent of the “Blue Lives Matter” legislation—was able to get a vast majority of the House to abandon all sense of principle and pass this unnecessary bill that serves only to enshrine ideological opposition to the Black Lives Matter movement.
The FOP insists that police officers face dangerous levels of “ambush” by civilians. “Our nation’s law enforcement officers face dangers every day in the course of protecting their communities, but now they face a new threat—deliberate attacks, often by ambush, by people who desire nothing more than to wound or kill an officer,” said Chuck Canterbury , president of the FOP.
Eight police officers were killed by ambush in 2017. While that’s a tragedy, it’s down from 2016. And it’s already thoroughly against the law.
“This bill serves no purpose other than to further dangerous and divisive narratives that there is a ‘war on police,'” said Kanya Bennett , legislative counsel at the American Civil Liberties Union. “The House creation of a new criminal statute for offenses against police is superfluous, given the many existing federal and state laws that protect law enforcement officers specifically.”
She added that the Senate’s version—the one that turns officers into a protected class—”is nothing short of offensive to historically persecuted and marginalized communities across this country.”
This is just the latest congressional favor for the FOP. Last year, criminal justice expert, Harvard law professor, and former federal prosecutor Paul Butler reported on an “advisory” the FOP had issued for the new administration— a wish list , basically. And virtually everything on it has been granted, from the reversal of the DOJ’s ban on private prisons, to ending DACA and going after sanctuary cities, to an executive order reversing the elimination of the 1033 program , which gives local police departments surplus military equipment like grenade launchers, tanks, and bayonets.
Any violent loss of life is tragic, but the simple fact is that crimes against police officers aren’t at crisis proportions. And they’re already prosecuted more harshly than other violent crimes against other individuals.
Meanwhile, gun violence, police brutality, racial profiling, hate crimes, poverty, deportations, and attacks on civil liberties continue to be everyday realities for people of color. The Trump administration has reversed or imperiled Obama-era guidance on everything from private prisons to drug sentencing and police brutality , all the while proposing the elimination of over 100 key federal civil rights posts .
Congress—and especially the congressional progressive and black caucuses—should be working against these injustices rather than passing superfluous legislation enshrining the false notion that it’s the police, and not the people, who are under attack.
Karen Dolan directs the Criminalization of Race and Poverty Project at the Institute for Policy Studies. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/31/blue-lives-matter-protect-and-serve-act-of-2018-race-violence/ |
HONG KONG (Reuters) - Employees of ZTE Corp, the Chinese telecom equipment maker, are cheering a tweet by U.S. President Donald Trump that suggested a resolution is in sight for a devastating ban on sales to the Chinese company.
FILE PHOTO: The logo of ZTE Corp is seen on its building in Beijing, China April 19, 2018. REUTERS/Stringer In an unexpected reversal of a hardline U.S. stance on the issue, Trump said on Twitter on Sunday that he and Chinese President Xi Jinping were working together to give ZTE “a way to get back into business, fast”, citing the loss of many jobs in China.
ZTE was last month hit by a move by Washington to forbid U.S. firms supplying the Chinese company with components and technology after it was found to have violated U.S. export restrictions by illegally shipping goods to Iran. It has since said that it has suspended its main business operations.
Trump’s tweet was reposted widely by ZTE employees on social media with comments expressing relief, taking it as a sign of a an impending settlement.
“Wow! Breaking good news!” a ZTE manager wrote on her WeChat account, pointing to Trump’s remark that the U.S. “Commerce Department has been instructed to get it done”.
“Almost there,” wrote another ZTE employee.
According to a source close to the company, ZTE management welcomed the latest development and planned to negotiate with the U.S. side for a resolution under the guidance of the Chinese government.
The news boosted telecom and semiconductor related stocks in China, which were among the best performing on Monday.
Zhong Fu Tong Group, a communication network maintenance service provider and ZTE supplier, rose by the daily limit of 10 percent.
ZTE employees contacted by Reuters all expressed surprise and optimism at the turn of events, although some also voiced concern that it was still unclear how long it would take to lift the ban and at what cost.
“In any case, there are probably going to be layoffs, if the company has to pay another big fine,” said one employee, who declined to be named. He added that meetings were being held to discuss resumption of production.
In response to a Reuters request for comment, ZTE’s press department said it was preparing a statement.
Edison Lee, an analyst with Jefferies, expressed caution about the news in a investors’ note, saying that “it does not mean the tech-focused trade conflict between China and the US is over”.
Lee said Trump appeared to have made the move as a goodwill gesture at China’s request in order for trade talks to continue and because he expected concessions from China.
Reporting by Sijia Jiang; Editing by Philip McClellan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-china-zte-trump/zte-employees-in-china-cheer-trump-tweet-idUSKCN1IF0RP |
A federal judge overseeing lawsuits by local governments against opioid manufacturers and distributors has ordered the U.S. Drug Enforcement Administration to turn over data on the sale of painkillers in every city and county in the country to the plaintiffs’ lawyers.
U.S. District Judge Dan Polster in Cleveland, Ohio, on Tuesday expanded on a prior order requiring the DEA to produce data detailing to what extent companies sold or distributed drugs in six states that will be the initial subjects of trials.
To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2rwdMPF
| ashraq/financial-news-articles | https://www.reuters.com/article/health-opioids/dea-must-turn-over-opioid-sales-data-for-entire-u-s-judge-idUSL1N1SG2HX |
* Wall Street in check amid trade talk, tepid earnings
* Dollar on track for fifth straight session of gains
* U.S. 10-year yield retreats from 7-year peak
* Crude pauses after reaching 2014 high (Updates with open of U.S. markets; changes dateline, previous LONDON)
By Lewis Krauskopf
NEW YORK, May 18 (Reuters) - Political uncertainty in Italy weighed on the country’s stocks and bonds as well as the euro on Friday, while trade concerns and tepid corporate earnings kept Wall Street in check.
The U.S. dollar’s rally continued, rising for a fifth straight session against a basket of currencies.
Investors were digesting moves this week of 10-year benchmark U.S. Treasury yields breaking above 3.1 percent and oil prices topping $80 a barrel. On Friday, oil markets took a breather while the 10-year bond yield retreated from a near-seven year peak.
A volatile week for Italian markets continued as two anti-establishment parties pledged to increase spending in a deal to form a new coalition government.
Yields on Italy’s 10-year bond rose to its highest point in more than seven months, while the country’s stocks slumped 1.5 percent.
The euro was down 0.21 percent to $1.1768, on track for a fifth session of declines.
“The possibility of a eurosceptic government in Rome is shaking investor confidence ... at this point a larger fiscal deficit and greater bond issuance (in Italy) does seem likely,” said David Madden, a strategist at CMC Markets.
Major European stock markets were broadly lower and the pan-European FTSEurofirst 300 index lost 0.32 percent.
On Wall Street, the Dow Jones Industrial Average rose 36.48 points, or 0.15 percent, to 24,750.46, the S&P 500 lost 1.86 points, or 0.07 percent, to 2,718.27 and the Nasdaq Composite dropped 3.64 points, or 0.05 percent, to 7,378.83.
A disappointing report by Applied Materials weighed on chip stocks.
Investors were watching developments in trade talks between the United States and China. On Friday, China denied it had offered a package to slash the U.S. trade deficit by up to $200 billion. On Thursday, U.S. President Donald Trump said China and other countries had become “very spoiled” on trade.
“I think that has the market trying to figure out what is exactly happening in D.C. as it relates to trade,” said Robert Pavlik, chief investment strategist at SlateStone Wealth LLC in New York.
MSCI’s gauge of stocks across the globe shed 0.20 percent.
U.S. 10-year Treasury yields declined from a near seven-year high as buyers emerged following a bond market selloff earlier this week spurred by worries about growing inflation and government borrowing.
Benchmark 10-year notes last rose 8/32 in price to yield 3.0818 percent, from 3.109 percent late on Thursday.
The dollar index rose 0.22 percent.
Brent oil prices were little changed but were on track for a sixth straight week of gains, boosted by strong demand, looming U.S. sanctions on Iran and plummeting Venezuelan production. The benchmark on Thursday broke through $80 for the first time since November 2014.
U.S. crude fell 0.03 percent to $71.47 per barrel and Brent was last at $79.30, flat on the day.
Additional reporting by Marc Jones, Dhara Ranasinghe and Helen Reid in London; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-political-risk-hits-italys-stocks-bonds-euro-dollar-gains-again-idUSL5N1SP4PJ |
SÃO PAULO, May 15, 2018 /PRNewswire/ -- Weber Shandwick, a wholly owned unit of Interpublic Group (NYSE: IPG) and one of the world's leading global communications and marketing services firms, today announced its acquisition of Cappuccino, a full-service digital marketing and technology agency based in São Paulo, Brazil. Terms of the deal were not disclosed.
Effective immediately, the firms will fuse Cappuccino's specialization in digital content, technology production and strategic planning with Weber Shandwick's public relations and integrated marketing capabilities. Cappuccino's wide-ranging digital expertise includes content creation, social media, mobile, paid distribution, SEO, UX and design/development. The firm's capabilities complement Weber Shandwick's industry-leading expertise in creativity, digital strategy and stakeholder engagement.
"The Cappuccino team's diversity of talent and background brings additional creative and digital firepower to our team in Brazil," said Andy Polansky, CEO of Weber Shandwick. "Together, we will work to continue placing platform knowledge, creativity and data-driven results at the core of our business."
Founded in 1998 through the merger of a design studio and a tech company, Cappuccino was one of the first digital-focused agencies to operate in Brazil. With clients such as Ajinomoto, Arcor, Boeringher Ingelheim and Citi, Cappuccino has led digital campaigns for many of the top local and multinational organizations in the region.
The addition of Cappuccino comes on the heels of the opening of an owned Weber Shandwick operation in Bogota, Colombia. The Cappuccino team brings added expertise and resources to Weber Shandwick's strong and growing presence across Latin America, which includes owned operations in Brazil, Colombia and Mexico, as well as affiliate partnerships in Argentina, Chile and Peru.
"Cappuccino has an extensive knowledge of the Brazilian market, but the team also understands the needs of global companies, having worked with several multinational companies as a digital partner," said Laura Schoen, Chair, Latin America, Weber Shandwick. "We're pleased to add this talent to our already strong operation in Brazil."
"We are glad to become part of the Weber Shandwick family and energized to share similar values and goals to bring unmatched client service to organizations and create the best environment for employees," said Eduardo Coelho, CEO and co-founder of Cappuccino. "With Weber Shandwick, we'll gain more strength in our integrated offer, particularly from an earned engagement and reputation perspective, given the firm's legacy in strategic communications."
About Weber Shandwick
Weber Shandwick is a leading global communications and engagement firm in 78 cities with a network extending to 129 cities around the world. The firm's diverse team of strategists, analysts, producers, designers, developers and campaign activators has won the most prestigious awards in the world for innovative, creative approaches and impactful work. Weber Shandwick was the only public relations agency included on the Advertising Age Agency A-list in 2014 and 2015 and the only PR firm designated an A-List Agency Standout in 2017 and 2018. Weber Shandwick was honored as PRWeek's Global Agency of the Year in 2015, 2016 and 2017, The Holmes Report's Global Agency of the Year in 2010, 2012, 2014, 2015 and 2017, and The Holmes Report's Global Digital Agency of the Year in 2016. The firm deploys deep expertise across sectors and specialty areas, including consumer marketing, corporate reputation, healthcare, technology, public affairs, financial services, employee engagement, social impact, financial communications and crisis management, using proprietary social, digital and analytics methodologies. Weber Shandwick is part of the Interpublic Group (NYSE: IPG). For more information, visit http://www.webershandwick.com .
Contact: Kimberly Dixon
Company: Weber Shandwick
Phone: 212-546-7876
Email: [email protected]
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SOURCE Weber Shandwick | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-weber-shandwick-acquires-brazilian-digital-agency-cappuccino-bolstering-content-digital-capabilities-across-latin-america.html |
May 3, 2018 / 4:03 PM / Updated 7 minutes ago Chile proposes to remove statute of limitations on sex crimes Antonio De la Jara 2 Min Read
SANTIAGO (Reuters) - Chile’s President Sebastian Pinera proposed on Thursday to remove the statute of limitations on sex crimes, days after victims abused by a Catholic priest in Chile met with the Pope seeking retribution for the alleged crimes.
Pinera called on Chile’s Congress to act quickly in approving the bill, saying it would end impunity in cases that now have a statute of limitations that varies between 5 and 10 years, depending on the nature of the crime.
“Children that have been sexually abused have the right to defend themselves and to ensure justice is served,” Pinera said in a speech at the presidential palace in Santiago.
The proposal was lauded by victims of Fernando Karadima, a priest and Chile’s most notorious pedophile, three of whom had earlier this week traveled to Rome and urged Pope Francis to take action against several Chilean bishops.
Karadima was found guilty in a Vatican investigation in 2011 of abusing boys in Santiago in the 1970s and 1980s. But he never faced civilian justice because of the country’s abbreviated statute of limitations.
“This is a miracle. It’s a huge advance. I’m very excited. I wasn’t expecting this,” said Karadima victim James Hamilton.
Hamilton had previously called bishops whom he accused of covering up the abuse “criminals” who deserved to be jailed.
It was not immediately clear whether the bill would apply retroactively, or only affect crimes committed following its passage.
The bill also follows a high-profile case in which a 20-month-old infant girl was raped and later murdered by a family member in Los Andes, a town outside of Santiago, dominating headlines and increasing pressure for more stringent laws against abuse.
The girl’s funeral was also held on Thursday.
According to government figures, more than 22,540 cases of sex crimes take place in Chile, or nearly three per hour. Reporting by Antonio De la Jara, writing by Dave Sherwood; Editing by Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-chile-abuse/chile-proposes-to-remove-statute-of-limitations-on-sex-crimes-idUSKBN1I4221 |
DENVER and TAMPA, Fla. and NEW YORK, May 17, 2018 /PRNewswire/ -- The principals of Parcrest Advisors ("Parcrest") have acted as the exclusive investment banking advisors to CleverTraining on its sale to JackRabbit ("JackRabbit"). JackRabbit is a national specialty retailer of athletic goods backed by CriticalPoint Capital ("CPC"). The deal brings together two specialty omnichannel fitness gear and technology retail leaders.
Over the last decade, CleverTraining rapidly grew into a multichannel & international retailer providing a curated product selection to fitness enthusiasts across multiple sports and activities (e.g., triathletes, endurance athletes, outdoor enthusiasts).
"We are pleased to have worked with Parcrest Advisors in completing this deal. They served as trustworthy advisors who drew on a deep well of experience and knowledge in e-commerce," said Andrew McSwain, Co-Owner of CleverTraining.
"CleverTraining is a perfect addition to our company to further our commitment to offering the most complete product offerings and experiences to the active lifestyle enthusiasts," said Bill Kirkendall, CEO, JackRabbit.
"The CleverTraining management team has thoroughly impressed us with their ability to reach and inspire their dedicated customer base," stated CPC Partner Brad Holtmeier.
"This is a great merger between two active lifestyle retail brands and our firm will continue to build upon its momentum with even more deals to come," said James C. Lee, Co-Founder and Managing Partner of Parcrest Advisors.
"We are grateful to have had the opportunity to utilize our extensive background in e-commerce and omnichannel retail M&A in facilitating this accretive deal between CleverTraining and JackRabbit," said John Z. Fang, Co-Founder and Managing Partner of Parcrest Advisors.
ABOUT CLEVERTRAINING
CleverTraining is an omnichannel retailer of fitness gear and technology. From cycling to swimming and everything in between, its products span the spectrum of team and individual sports, as well as outdoor activities.
ABOUT JACKRABBIT
JackRabbit currently operates 60 athletic specialty stores in 16 states, the e-commerce sites www.jackrabbit.com and www.clevertraining.com and Rogue Training Powered by JackRabbit.
ABOUT CRITICALPOINT CAPITAL
Founded in 2012, CriticalPoint Capital is a private investment firm based in Manhattan Beach, CA. The firm is focused on acquiring companies with long-term value creation opportunities and with management teams that can benefit from patient capital and a thoughtful approach to growth.
ABOUT PARCREST ADVISORS
Parcrest Advisors is a multidisciplinary cross-border investment bank based in New York City co-founded by James C. Lee and John Z. Fang. In order to provide securities-related services discussed herein, certain principals of Parcrest are licensed with Independent Investment Bankers, Corp. member FINRA & SiPC . Independent Investment Bankers, Corp. and Parcrest are not affiliated entities. Further information about Parcrest is available at www.parcrest.com .
View original content: http://www.prnewswire.com/news-releases/parcrest-advises-leading-e-commerce--omnichannel-retailer-clevertraining-on-its-sale-to-jackrabbit-300650735.html
SOURCE Parcrest Advisors | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-parcrest-advises-leading-e-commerce-omnichannel-retailer-clevertraining-on-its-sale-to-jackrabbit.html |
Spotify removes R. Kelly's music from its playlists 3:27pm EDT - 00:50
The music streaming service says his music will still be on Spotify, but it will not actively promote it. Alicia Powell reports. ▲ Hide Transcript ▶ View Transcript
The music streaming service says his music will still be on Spotify, but it will not actively promote it. Alicia Powell reports. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2rAnsb1 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/spotify-removes-r-kellys-music-from-its?videoId=425670484 |
DETROIT (Reuters) - Toyota Motor Corp said on Thursday it is building a closed-course test facility in Michigan for its self-driving vehicle technology that will replicate “edge case” driving scenarios that are too dangerous to conduct on public roads.
The Toyota logo is shown at the Los Angeles Auto Show in Los Angeles, California, U.S., November 30, 2017. REUTERS/Mike Blake The facility at Ottawa Lake, which is being built by the Toyota Research Institute, will go into operation in October.
“This new site will give us the flexibility to customize driving scenarios that will push the limits of our technology and move us closer to conceiving a human-driven vehicle that is incapable of causing a crash,” Ryan Eustice, the Toyota Research Institute’s senior vice president of automated driving, said in a statement.
Automakers such as General Motors Co and companies such as Alphabet Inc unit Waymo have been racing to develop self-driving cars and be the first to market with a viable product.
But questions about the safety of self-driving technology and oversight of developers were raised after a fatal collision between an Uber Technologies Inc self-driving vehicle and a pedestrian in Arizona in March.
Following that accident, Toyota suspended all its self-driving tests on U.S. public roads in California and Michigan. Toyota has continued tests on closed courses.
A Toyota Research Institute spokesman said halting tests on public roads has allowed the automaker to refine and upgrade its fleet of test vehicles.
“We will resume testing on public roads in a few weeks, once these three systems have been more closely aligned,” the spokesman said.
Reporting By Nick Carey; Editing by Bernadette Baum
| ashraq/financial-news-articles | https://in.reuters.com/article/toyota-selfdriving-tests/toyota-builds-self-driving-test-track-for-edge-case-scenarios-idINKBN1I41Z7 |
WASHINGTON—The top spokeswoman for Environmental Protection Agency is leaving the agency, the third departure this week of an aide close to Administrator Scott Pruitt, who is facing investigations into management and spending practices.
Liz Bowman’s announcement follows the exit of two other top EPA officials—Mr. Pruitt’s head of security and the administrator of the Superfund program that cleans up toxic-waste sites.
She... | ashraq/financial-news-articles | https://www.wsj.com/articles/third-pruitt-aide-this-week-is-leaving-epa-1525376529 |
May 23, 2018 / 12:37 AM / Updated 29 minutes ago Australian archbishop steps aside after conviction for concealing child sex abuse Reuters Staff 2 Min Read
MELBOURNE (Reuters) - Australian Catholic Archbishop Philip Wilson said on Wednesday he would stand aside from his duties, a day after a court found him guilty of concealing child sex abuse by a priest. Archbishop Philip Wilson arrives at Newcastle Local Court in Newcastle, Australia, May 22, 2018. AAP/Peter Lorimer/via REUTERS
Wilson, who faces up to two years in prison, said he was still considering the court’s reasons for the judgement.
“While I do so, it is appropriate that, in the light of some of his honour’s findings, I stand aside from my duties as archbishop,” Wilson said in a statement emailed to media.
The archbishop of Adelaide, the capital of South Australia state, and former president of the Catholic Church’s top body in Australia, said he will permanently resign as archbishop if it becomes “necessary or appropriate”.
Wilson was accused of covering up a serious indictable offence by another priest, James Fletcher, after being told about it in 1976 when he was an assistant parish priest in the state of New South Wales.
Lawyers for Wilson, 67, had argued that he did not know that Fletcher had abused a boy. Fletcher was found guilty in 2004 of nine counts of child sexual abuse and died in jail in 2006 following a stroke.
Wilson is expected to be sentenced in June by a local court in the city of Newcastle, New South Wales.
Last year, Australia completed a five-year government-appointed inquiry into child sex abuse in churches and other institutions, amid allegations worldwide that churches had protected paedophile priests by moving them from parish to parish.
The inquiry heard that seven percent of Catholic priests working in Australia between 1950 and 2010 had been accused of child sex crimes and that nearly 1,100 people had filed child sexual assault claims against the Anglican Church over 35 years. Reporting by Sonali Paul; Additional reporting by Colin Packham in Sydney; Editing by Paul Tait and Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-australia-abuse-archbishop/australian-archbishop-steps-down-after-conviction-for-concealing-child-sex-abuse-idUKKCN1IO02B |
Why Amazon's Alexa will pray with you 10:06am EDT - 01:32
The Church of England has set itself up on Amazon's virtual assistant, Alexa. The device can can now pray, but also offers practical info as the church bids to combat falling numbers of worshipers.
The Church of England has set itself up on Amazon's virtual assistant, Alexa. The device can can now pray, but also offers practical info as the church bids to combat falling numbers of worshipers. //reut.rs/2IGvdY9 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/why-amazons-alexa-will-pray-with-you?videoId=429907573 |
May 29, 2018 / 2:10 PM / Updated 7 minutes ago Vienna Airport woos low-cost carriers to secure growth Kirsti Knolle 4 Min Read
VIENNA (Reuters) - Vienna Airport ( VIEV.VI ) is banking on budget carriers’ expansion into eastern European countries to secure its long-term growth, its co-chiefs said. FILE PHOTO: The logo of Vienna's airport is seen in Schwechat, Austria May 28, 2018. REUTERS/Heinz-Peter Bader
The Austrian airport operator, which competes with Munich, Zurich and Frankfurt, has increased efforts to capitalize on its proximity to eastern Europe after the collapse of Air Berlin wiped out a major source of income. Air Berlin’s Austrian subsidiary Niki had a 15 percent share of the traffic from Vienna Airport.
To attract new airlines, the group has introduced an incentive scheme, which has been well received by low-cost carriers, Julian Jaeger, co-chief executive, told Reuters in an interview.
The incentives are discounts on airline airport charges, spread over a period of three to five years and offered for certain volumes and new routes. These will weigh on the group’s revenue per passenger but will ensure sustainable growth, Jaeger said.
“We would not have been able to compensate for the Air Berlin loss without these incentives. I am convinced we will see strong growth this year and next.”
The group has forecast that 2018 profit will rise 16.5 percent to 148 million euros on sales of more than 770 million.
Budget airlines which launched or increased services in Vienna in the past few months include easyJet ( EZJ.L ), Lufthansa’s ( LHAG.DE ) Eurowings, Budapest-headquartered Wizz Air ( WIZZ.L ), and IAG’s ( ICAG.L ) Vueling.
Ryanair ( RYA.I ) has secured a foothold in Vienna by agreeing to take a majority stake in Niki Lauda’s Laudamotion, which bought the remains of Niki.
Jaeger expects more expansion from budget carriers on short-haul routes but sees limited potential on long-haul.
“Their major advantages on short-haul do not exist on long-haul flights,” he said, pointing to short haul flights’ lower share of fuel costs, shorter turnaround times and lower crew costs. EASTERN EUROPEAN WANDERLUST
The economic upswing in eastern European countries, including Hungary, Czech Republic and Slovakia, directly translates into Vienna Airport passenger growth, Guenther Ofner, who manages the airport with Jaeger, said.
“These people become more and more wealthy and one may conclude that Vienna Airport has very good growth opportunities in the next few years,” Ofner said.
He also expects growth in passengers from Asia and from wealthy European pensioners.
Vienna Airport will introduce about 20 new destinations this year including Tuzla in Bosnia and Herzegovina, Charkiw in Ukraine and Cluj in Romania.
China’s Shenzhen, served by Hainan Airlines ( 600221.SS ), and Cape Town and Tokyo, served by Lufthansa’s Austrian, will add to Vienna’s long-haul network.
The group has forecast growth in passenger numbers of 6 percent this year after 4.5 percent last year.
A 500 million euro ($579 million) modernization and expansion of its Vienna Airport’s Terminal 3, set to be finished in 2023, will help to increase retail revenue per passenger to 3 euros from currently 2 euros by 2025, the managers said.
That would still be less than rival Fraport’s ( FRAG.DE ) 3.37 euros in Frankfurt and about a third of what London’s Heathrow airport makes.
Rival hub Frankfurt, run by Fraport ( FRAG.DE ) is also trying to lure more low-cost carriers because they are growing faster than traditional airlines, but this is also taking a toll on its retail revenue per passenger. Budget airlines typically fly shorter intra-European routes and their passengers spend less in duty-free shops compared to long-haul passengers.
A decision on whether or not Vienna Airport should build a much debated third runway is still several years away, the managers said. Reporting by Kirsti Knolle. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-vienna-airport-strategy/vienna-airport-woos-low-cost-carriers-to-secure-growth-idUSKCN1IU1S4 |
SCOTTSDALE, Ariz., May 8, 2018 /PRNewswire/ -- Nuverra Environmental Solutions, Inc. (NYSE American: NES) ("Nuverra," the "Company," "we," "us" or "our") today announced financial and operating results for the first quarter ended March 31, 2018.
SUMMARY OF QUARTERLY RESULTS
First quarter revenue was $49.7 million, an increase of approximately 26.6%, or $10.5 million, when compared with revenue of $39.2 million in the first quarter of 2017. Net loss for the first quarter was $32.2 million, an improvement of $3.8 million, or approximately 10.6%, when compared with a net loss of $36.0 million in the first quarter of 2017. Net loss, adjusted for special items, for the first quarter was $13.6 million, compared with $27.9 million in the first quarter of 2017. Adjusted EBITDA for the first quarter was $2.4 million, an increase of $3.1 million compared with $(0.8) million in the first quarter of 2017. First quarter Adjusted EBITDA margin improved by 670 basis points from the first quarter of 2017. Total liquidity as of March 31, 2018 was $16.1 million
"Despite the effects of difficult winter weather in the first quarter in our main operating regions, Nuverra posted increased revenue and EBITDA when compared to the same period last year," said Charlie Thompson, Interim Chief Executive Officer.
"We have been extremely focused, and will continue to be, on improving operating margins and utilizing our assets efficiently. Our recent announcement regarding the closure of our Eagle Ford operations and other equipment sales supports this strategy. We believe that actions like these will allow us to generate better returns, grow our business, serve our customers and make Nuverra a desirable place for our employees."
FIRST QUARTER 2018 RESULTS
First quarter revenue was $49.7 million, an increase of $10.5 million, or 26.6%, from $39.2 million in the first quarter of 2017. Of this 26.6% increase, approximately 8.0% is attributable to pricing increases, while 18.6% is a result of increases in activities.
As a result of increased activity, reliance on higher cost contract drivers and costs related to severe winter weather in our Northeast division, total costs and expenses, adjusted for special items, were $62.1 million, a 17.1% increase compared with $53.0 million in the first quarter of 2017. Primarily as a result of price increases, gross profit adjusted for special items improved 62.5% to $8.1 million and gross margin improved 360 basis points to 16.3% of revenue in the first quarter of 2018.
Net loss for the first quarter was $32.2 million, an improvement of $3.8 million when compared with a net loss of $36.0 million in the first quarter of 2017. For the first quarter of 2018, the Company reported a net loss, adjusted for special items, of $13.6 million. Special items in the first quarter primarily included severance costs related to the departure of our former CEO and $4.1 million in long-lived asset impairment charges for assets held for sale primarily in the Southern division. This compares with a net loss, adjusted for special items, of $27.9 million in the first quarter of 2017.
Adjusted EBITDA for the first quarter was $2.4 million, an increase of $3.1 million compared with $(0.8) million in the first quarter of 2017. First quarter adjusted EBITDA margin was 4.7%, compared with (2.0)% in the first quarter of 2017.
CASH FLOW AND LIQUIDITY
Net cash used in operating activities for the three months ended March 31, 2018 was $7.3 million, while asset sales net of capital expenditures provided proceeds of $8.5 million. Free cash flow, defined as cash from operations less net cash capital expenditures totaled $1.2 million in the first quarter of 2018, up from $(7.9) million in the first quarter of 2017. Asset sales were related to unused or underutilized assets, the proceeds of which are expected to be reinvested in returns-driven growth projects in 2018. We expect additional asset sales in 2018, particularly in the second quarter, related to the closure of our operations in the Eagle Ford Basin.
Total liquidity as of March 31, 2018, consisting of cash and available borrowings, was $16.1 million. Not included in the $16.1 million of liquidity, was an additional $7.1 million of borrowings available under our revolving facility that could be spent only on capital expenditures. As of March 31, 2018, total debt outstanding was $37.9 million, consisting of $13.7 million under our senior secured term loan facility, $20.9 million under our second lien term loan facility, and $3.3 million of capital leases for vehicle financings.
BASIS OF PRESENTATION
As previously disclosed, the Company emerged from chapter 11 bankruptcy on August 7, 2017, or the "Effective Date," and elected to apply fresh start accounting as of July 31, 2017 to coincide with the timing of the normal accounting period close. References to "Successor" relate to the financial position and results of operations of the reorganized Company subsequent to July 31, 2017, while references to "Predecessor" refer to the financial position and results of operations of the Company on and prior to July 31, 2017. The Successor and Predecessor GAAP results for the applicable periods are presented in the tables following this release. As a result of various adjustments to the condensed consolidated financial statements in connection with the application of fresh start accounting, the results of operations for the Successor period are not comparable to those of the Predecessor period.
About Nuverra
Nuverra Environmental Solutions, Inc. is among the largest companies in the United States dedicated to providing comprehensive, full-cycle environmental solutions to customers in the energy market. Nuverra focuses on the delivery, collection, treatment, and disposal of restricted solids, water, wastewater, waste fluids, and hydrocarbons. The Company provides its suite of environmentally compliant and sustainable solutions to customers who demand stricter environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission ("SEC") at http://www.sec.gov .
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "might," "will," "should," "would," "could," "potential," "future," "continue," "ongoing," "forecast," "project," "target" or similar expressions, and variations or negatives of these words.
These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the effects of our completed restructuring on the Company and the interests of various constituents; risks and uncertainties associated with the restructuring process, including the outcome of a pending appeal of the order confirming the plan of reorganization and our ability to execute the requirements of the plan of reorganization subsequent to the effective date; the bankruptcy and, as applicable, the appellate court's rulings in our chapter 11 cases, including appeals thereof, and the outcome of our chapter 11 cases in general; the effects of the increased advisory costs to execute a reorganization; our inability to maintain relationships with customers, suppliers, employees and other third parties as a result of our chapter 11 filing; the loss of one or more of our larger customers; our ability to attract and retain key executives and qualified employees in key areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers in light of industry-wide driver shortages and high-turnover; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities; the availability of less favorable credit and payment terms due to the downturn in our industry, our financial condition, and the chapter 11 proceeding, including more stringent or costly payment terms from our vendors, which may constrain our liquidity and reduce availability under our revolving credit facility; risks associated with our ability to collect outstanding receivables as a result of liquidity constraints on our customers resulting from low oil and/or natural gas prices; difficulties in identifying and completing acquisitions and divestitures, and differences in the type and availability of consideration or financing for such acquisitions and divestitures; difficulties in successfully executing our growth initiatives, including difficulties in permitting, financing and constructing pipelines and waste treatment assets and in structuring economically viable agreements with potential customers, joint venture partners, financing sources and other parties; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, equipment and disposal wells; control of costs and expenses; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuations in the trading prices of our common stock; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate; risks associated with new technologies and the impact on our business; present and possible future claims, litigation or enforcement actions or investigations; financial results that may be volatile and may not reflect historical trends due to, among other things, changes in commodity prices or general market conditions, acquisition and disposition activities, fluctuations in consumer trends, pricing pressures, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices or the economic or regulatory environment; fluctuations in prices, transportation costs and demand for commodities such as oil and natural gas; risks associated with the operation, construction, development and closure of saltwater disposal wells, solids and liquids treatment and transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations; the impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, treatment and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; natural disasters, such as hurricanes, earthquakes and floods, or acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our or our customers' operations or the markets we serve; the unknown future impact on our business from legislation and governmental rulemaking; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal, transportation and treatment of liquid and solid wastes.
The forward-looking statements contained, or incorporated by reference, herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's views as of the date of this press release. The Company undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise. Additional risks and uncertainties are disclosed from time to time in the Company's filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
Source: Nuverra Environmental Solutions, Inc.
602-903-7802
[email protected]
- Tables to Follow -
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
Successor
Predecessor
Three Months Ended
March 31,
2018
2017
Revenue:
Service revenue
$
45,527
$
35,418
Rental revenue
4,142
3,805
Total revenue
49,669
39,223
Costs and expenses:
Direct operating expenses
41,627
34,289
General and administrative expenses
19,320
12,359
Depreciation and amortization
14,744
12,871
Impairment of long-lived assets
4,131
—
Other, net
599
—
Total costs and expenses
80,421
59,519
Operating loss
(30,752)
(20,296)
Interest expense, net
(1,250)
(14,208)
Other expense, net
(73)
(1,458)
Reorganization items, net
(92)
—
Loss before income taxes
(32,167)
(35,962)
Income tax expense
—
—
Net loss
$
(32,167)
$
(35,962)
Net loss per common share:
Net loss per basic common share
$
(2.75)
$
(0.24)
Net loss per diluted common share
$
(2.75)
$
(0.24)
Weighted average shares outstanding:
Basic
11,696
150,934
Diluted
11,696
150,934
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
Successor
March 31,
December 31,
2018
2017
Assets
Cash and cash equivalents
$
4,088
$
5,488
Restricted cash
2,084
1,296
Accounts receivable, net
36,186
30,965
Inventories
3,750
4,089
Prepaid expenses and other receivables
5,822
8,594
Other current assets
107
226
Assets held for sale
9,530
2,765
Total current assets
61,567
53,423
Property, plant and equipment, net
202,892
229,874
Equity investments
42
48
Intangibles, net
503
547
Goodwill
27,139
27,139
Deferred income taxes
84
84
Other assets
196
207
Total assets
$
292,423
$
311,322
Liabilities and Shareholders' Equity
Accounts payable
$
9,602
$
7,946
Accrued liabilities
15,458
13,939
Current contingent consideration
500
500
Current portion of long-term debt
5,108
5,525
Derivative warrant liability
669
477
Total current liabilities
31,337
28,387
Long-term debt
32,784
33,524
Other long-term liabilities
6,518
6,438
Total liabilities
70,639
68,349
Commitments and contingencies
Shareholders' equity:
Common stock
117
117
Additional paid-in capital
301,729
290,751
Accumulated deficit
(80,062)
(47,895)
Total shareholders' equity
221,784
242,973
Total liabilities and shareholders' equity
$
292,423
$
311,322
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Successor
Predecessor
Three Months Ended
March 31,
2018
2017
Cash flows from operating activities:
Net loss
$
(32,167)
$
(35,962)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of intangible assets
14,744
12,871
Amortization of debt issuance costs, net
—
1,756
Accrued interest added to debt principal
119
6,340
Stock-based compensation
10,978
309
Impairment of long-lived assets
4,131
—
Gain on sale of UGSI
(75)
—
(Gain) loss on disposal of property, plant and equipment
(8)
49
Bad debt expense
313
778
Change in fair value of derivative warrant liability
192
1,618
Other, net
149
56
Changes in operating assets and liabilities:
Accounts receivable
(5,534)
(462)
Prepaid expenses and other receivables
(2,573)
(433)
Accounts payable and accrued liabilities
2,110
5,872
Other assets and liabilities, net
368
(78)
Net cash used in operating activities
(7,253)
(7,286)
Cash flows from investing activities:
Proceeds from the sale of property, plant and equipment
11,881
371
Purchases of property, plant and equipment
(3,380)
(1,029)
Proceeds from the sale of UGSI
75
—
Net cash provided by (used in) investing activities
8,576
(658)
Cash flows from financing activities:
Proceeds from Predecessor revolving credit facility
—
48,536
Payments on Predecessor revolving credit facility
—
(40,006)
Payments on Successor First and Second Lien Term Loans
(799)
—
Proceeds from Successor revolving facility
55,321
—
Payments on Successor revolving facility
(56,001)
—
Payments on vehicle financing and other financing activities
(456)
(1,468)
Net cash (used in) provided by financing activities
(1,935)
7,062
Net decrease in cash, cash equivalents and restricted cash
(612)
(882)
Cash, cash equivalents and restricted cash - beginning of period
6,784
2,414
Cash, cash equivalents and restricted cash - end of period
$
6,172
$
1,532
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS
(In thousands)
(Unaudited)
This press release contains non-GAAP financial measures as defined by the rules and regulations of the United States Securities and Exchange Commission. A non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations or balance sheets of the Company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are included in the attached financial tables.
These non-GAAP financial measures are provided because management of the Company uses these financial measures in maintaining and evaluating the Company's ongoing financial results and trends. Management uses this non-GAAP information as an indicator of business results, and evaluates overall performance with respect to such indicators. Management believes that excluding items such as acquisition expenses, amortization of intangible assets, stock-based compensation, asset impairments, restructuring charges, expenses related to litigation and resolution of lawsuits, and other charges, which may or may not be non-recurring, among other items that are inconsistent in amount and frequency (as with acquisition expenses), or determined pursuant to complex formulas that incorporate factors, such as market volatility, that are beyond our control (as with stock-based compensation), for purposes of calculating these non-GAAP financial measures facilitates a more meaningful evaluation of the Company's current operating performance and comparisons to the past and future operating performance. The Company believes that providing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per share, in addition to related GAAP financial measures, provides investors with greater transparency to the information used by the Company's management. These non-GAAP financial measures are not substitutes for measures of performance or liquidity calculated in accordance with GAAP and may not necessarily be indicative of the Company's liquidity or ability to fund cash needs. Not all companies calculate non-GAAP financial measures in the same manner, and our presentation may not be comparable to the presentations of other companies.
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS (continued)
(In thousands)
(Unaudited)
Reconciliation of Net loss to EBITDA and Total Adjusted EBITDA:
Successor
Predecessor
Three Months Ended
March 31,
2018
2017
Net loss
$
(32,167)
$
(35,962)
Depreciation and amortization
14,744
12,871
Interest expense, net
1,250
14,208
EBITDA
(16,173)
(8,883)
Adjustments:
Stock-based compensation
10,978
309
Change in fair value of derivative warrant liability
192
1,618
Capital reorganization costs [1]
—
5,702
Reorganization items, net [2]
118
—
Legal and environmental costs, net
(347)
419
Impairment of long-lived assets
4,131
—
Restructuring, exit and other costs
599
—
Gain on sale of UGSI
(75)
—
Executive and severance costs
2,937
—
(Gain) loss on disposal of assets
(8)
49
Total Adjusted EBITDA
$
2,352
$
(786)
[1] Capital reorganization costs in 2017 represent costs related to the chapter 11 filing incurred prior to the May 1, 2017 filing date.
[2] Reorganization items, net represents the costs related to the chapter 11 filing incurred after the May 1, 2017 filing date.
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS (continued)
(In thousands) (Unaudited)
Reconciliation of QTD Segment Performance to Adjusted EBITDA
Three months ended March 31, 2018 - Successor
Rocky
Mountain
Northeast
Southern
Corporate
Total
Revenue
$
30,770
$
9,113
$
9,786
$
—
$
49,669
Direct operating expenses
26,346
7,814
7,467
—
41,627
General and administrative expenses
1,276
762
578
16,704
19,320
Depreciation and amortization
6,289
4,306
4,124
25
14,744
Operating loss
(3,141)
(3,838)
(7,044)
(16,729)
(30,752)
Operating margin %
(10.2)%
(42.1)%
(72.0)%
NA
(61.9)%
Reorganization items, net
—
1
—
(93)
(92)
Loss before income taxes
(3,202)
(3,899)
(7,111)
(17,955)
(32,167)
Net loss
(3,202)
(3,899)
(7,111)
(17,955)
(32,167)
Depreciation and amortization
6,289
4,306
4,124
25
14,744
Interest expense, net
105
62
67
1,016
1,250
Income tax expense
—
—
—
—
—
EBITDA
$
3,192
$
469
$
(2,920)
$
(16,914)
$
(16,173)
Adjustments, net
97
(918)
5,172
14,174
18,525
Adjusted EBITDA
$
3,289
$
(449)
$
2,252
$
(2,740)
$
2,352
Adjusted EBITDA margin %
10.7%
(4.9)%
23.0%
NA
4.7%
Three months ended March 31, 2017 - Predecessor
Rocky
Mountain
Northeast
Southern
Corporate
Total
Revenue
$
24,285
$
7,757
$
7,181
$
—
$
39,223
Direct operating expenses
21,232
7,957
5,100
—
34,289
General and administrative expenses
1,947
769
1,031
8,612
12,359
Depreciation and amortization
6,785
2,513
3,519
54
12,871
Operating loss
(5,679)
(3,482)
(2,469)
(8,666)
(20,296)
Operating margin %
(23.4)%
(44.9)%
(34.4)%
NA
(51.7)%
Loss before income taxes
(5,701)
(3,602)
(2,527)
(24,132)
(35,962)
Net loss
(5,701)
(3,602)
(2,527)
(24,132)
(35,962)
Depreciation and amortization
6,785
2,513
3,519
54
12,871
Interest expense, net
82
120
58
13,948
14,208
Income tax expense
—
—
—
—
—
EBITDA
$
1,166
$
(969)
$
1,050
$
(10,130)
$
(8,883)
Adjustments, net
190
48
222
7,637
8,097
Adjusted EBITDA
$
1,356
$
(921)
$
1,272
$
(2,493)
$
(786)
Adjusted EBITDA margin %
5.6%
(11.9)%
17.7%
NA
(2.0)%
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS (continued)
(In thousands)
(Unaudited)
Reconciliation of Special Items to Net Loss and to EBITDA and Adjusted EBITDA
Three months ended March 31, 2018
As Reported
Special Items
As Adjusted
Revenue
$
49,669
$
—
$
49,669
Direct operating expenses
41,627
(54)
[A]
41,573
General and administrative expenses
19,320
(13,506)
[B]
5,814
Total costs and expenses
80,421
(18,290)
[C]
62,131
Operating loss
(30,752)
18,290
[C]
(12,462)
Net loss
(32,167)
18,525
[D]
(13,642)
Net loss
$
(32,167)
$
(13,642)
Depreciation and amortization
14,744
14,744
Interest expense, net
1,250
1,250
Income tax expense
—
—
EBITDA and Adjusted EBITDA
$
(16,173)
$
2,352
Description of 2018 Special Items:
[A]
Special items primarily relates to the loss on the sale of underutilized assets.
[B]
Primarily attributable to severance, stock-based compensation and non-routine litigation expenses.
[C]
Primarily includes the aforementioned adjustments along with long-lived asset impairment charges of $4.1 million for assets classified as held-for-sale primarily in the Southern division.
[D]
Primarily includes the aforementioned adjustments along with a loss of $0.2 million associated with the change in fair value of the derivative warrant liability. Additionally, our effective tax rate for the three months ended March 31, 2018 was zero percent and has been applied to the special items accordingly.
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS (continued)
(In thousands)
(Unaudited)
Reconciliation of Special Items to Net Loss and to EBITDA and Adjusted EBITDA
Three months ended March 31, 2017
As Reported
Special Items
As Adjusted
Revenue
$
39,223
$
—
$
39,223
Direct operating expenses
34,289
(49)
[E]
34,240
General and administrative expenses
12,359
(6,430)
[F]
5,929
Total costs and expenses
59,519
(6,479)
[G]
53,040
Operating loss
(20,296)
6,479
[G]
(13,817)
Net loss
(35,962)
8,097
[H]
(27,865)
Net loss
$
(35,962)
$
(27,865)
Depreciation and amortization
12,871
12,871
Interest expense, net
14,208
14,208
Income tax expense
—
—
EBITDA and Adjusted EBITDA
$
(8,883)
$
(786)
Description of 2017 Special Items:
[E]
Special items primarily includes the loss on sale of underutilized assets.
[F]
Primarily attributable to stock-based compensation, non-routine litigation expenses, non-routine professional fees and $5.7 million for capital re-organization costs.
[G]
Primarily includes the aforementioned adjustments.
[H]
Primarily includes the aforementioned adjustments along with a loss of $1.6 million associated with the change in fair value of the derivative warrant liability. Additionally, our effective tax rate for the three months ended March 31, 2017 was zero percent and has been applied to the special items accordingly.
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
NON-GAAP RECONCILIATIONS (continued)
(In thousands)
(Unaudited)
Reconciliation of Free Cash Flow
Successor
Predecessor
Three Months Ended
March 31,
2018
2017
Net cash used in operating activities
$
(7,253)
$
(7,286)
Less: net proceeds from (purchases of) capital expenditures [1]
8,501
(658)
Free Cash Flow
$
1,248
$
(7,944)
[1]
Proceeds received from sales of property, plant and equipment, net of purchases of property, plant and equipment.
Year-Over-Year Revenue Growth by Price, Activity and Acquisition
Successor
Three Months Ended
March 31, 2018
Breakdown of Total Revenue Growth:
Price
$
3,130
8.0
%
Activity
7,316
18.6
Acquisition
—
—
Total Revenue Growth
$
10,446
26.6
%
Year-Over-Year Adjusted EBITDA Growth by Price, Activity, Acquisition, and Corporate
Successor
Three Months Ended
March 31, 2018
Breakdown of Total Adjusted EBITDA Growth:
Price
$
2,731
347.7
%
Activity/Expense
654
83.2
Acquisition
—
—
Corporate
(247)
(31.5)
Total Adjusted EBITDA Growth
$
3,138
399.4
%
NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES
SUPPLEMENTAL COMPANY AND INDUSTRY DATA
(Unaudited)
Company Assets and Utilization by Revenue Source
Three Months Ended
March 31, 2018
Water Trucks:
Count (approximate)
540
% Utilized [1]
47.0%
Salt Water Disposal Wells:
Count
46
% Utilized [2]
46.0%
Haynesville Pipeline:
% Utilized [2] [3]
56% - 75%
[1]
Trucking utilization assumes a five day work-week and running twelve hours per day.
[2]
Salt Water Disposal Well and Pipeline utilization is calculated based on daily functional capacity rather than permitted capacity. Functional capacity reflects any factors limiting volume such as pressure limits, pump or tank capacity, etc. and can potentially be increased with additional capital investment.
[3]
The range of utilization for the Haynesville Pipeline represents the high and low for the year.
Industry Statistics for the Basins in which Nuverra Operates [1]
Average for the
Three Months Ended March 31,
Year-Over-Year
2018
2017
Growth %
Pricing:
Oil price per barrel
$
62.91
$
51.62
21.9
%
Natural gas price per tcf
$
3.08
$
3.02
2.0
%
Operating Rigs
245
192
27.6
%
Oil Production (barrels in thousands)
2,646
2,343
12.9
%
Natural Gas Production (Mcf/d)
43,442
36,640
18.6
%
Wells Completed
1,250
916
36.5
%
Drilled Uncompleted Ending Inventory
3,110
3,070
1.3
%
[1]
All data obtained from EIA and Baker Hughes
View original content with multimedia: http://www.prnewswire.com/news-releases/nuverra-announces-first-quarter-2018-results-300644848.html
SOURCE Nuverra Environmental Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-nuverra-announces-first-quarter-2018-results.html |
May 24, 2018 / 3:00 PM / Updated 29 minutes ago Senegal out to emulate class of 2002 Toby Davis 3 Min Read
(Reuters) - Senegal’s last appearance at the World Cup 16 years ago marked a golden era in the country’s footballing history and a new generation of talent will fancy their chances of making a similar impact at Russia 2018. Soccer Football - Champions League Semi Final Second Leg - AS Roma v Liverpool - Stadio Olimpico, Rome, Italy - May 2, 2018 Liverpool's Sadio Mane celebrates after the match Action Images via Reuters/John Sibley
Senegal caused one of the tournament’s most memorable upsets in their only World Cup appearance, beating holders France in the opening game before going on to reach the quarter-finals.
That tournament, however, preceded more than a decade in the doldrums when they never again reached football’s global showpiece or even threatened to capture an African title.
Yet after breezing through qualifying with a team boasting a couple of players who are making waves in some of Europe’s biggest leagues, hopes are high for Russia.
The 2002 side was spearheaded by former Liverpool forward El Hadji Diouf and the current crop are also reliant on a man plying his trade on Merseyside.
Attacking talisman Sadio Mane carries the goalscoring and creative burden for Senegal and heads to the World Cup in good form having helped to fire Liverpool into the Champions League final.
While he began the season in underwhelming form, he picked up momentum as it went on, forming a crucial part of one of Europe’s most feared attacking strike forces alongside Mohamed Salah and Roberto Firmino.
He is not, however, Senegal’s only player to have made a major impact at their club this season. Related Coverage Senegal World Cup factbox
Their defence is marshalled by Napoli’s Kalidou Koulibaly, a man-mountain, whose pace and strength make him a formidable obstacle.
Koulibaly has been part of a Napoli side that pushed Juventus all the way in the Italian title race, although his season closed with contrasting emotions.
He scored the winner when the top two played each other in April before seeing red after five minutes in their very next match, a 3-0 defeat by Fiorentina that effectively ended their Serie A hopes.
Senegal, coached by their captain in 2002, Aliou Cisse, lost only once in qualifying comfortably.
That 2-1 defeat in South Africa, however, was later expunged from the records after FIFA found that the referee had manipulated the match on behalf of a betting syndicate.
They will certainly not be daunted by what awaits them in Russia, having been drawn in Group H alongside Poland, Colombia and Japan with no clear favourite to progress.
If they are to emulate their predecessors in 2002 and reach the quarter-finals, they will then have to play the first or second-placed team from Group G, which features Belgium, England, Panama and Tunisia. Reporting by Toby Davis; Editing by Martyn Herman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-sen-prospects/senegal-out-to-emulate-class-of-2002-idUKKCN1IP2FJ |
1:18 PM EDT
Roseanne Barr just got some epic Twitter shade from… one of the world’s largest pharmaceutical companies.
French drug giant Sanofi on Wednesday used its social media account to not-so-subtly trash Barr’s assertion that a racist tweet she sent out Tuesday — which led to the abrupt cancellation of her nascent ABC show Roseanne and to Barr being dropped by her talent agency — was a consequence of using the common prescription sleep medicine Ambien (specifically, Barr said she had been “Ambien tweeting” in a since-removed social media post). Ambien is manufactured by Sanofi.
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Sanofi took exception to the scapegoating. “People of all races, religions and nationalities work at Sanofi every day to improve the lives of people around the world. While all pharmaceutical treatments have side effects, racism is not a known side effect of any Sanofi medication,” wrote the company on Twitter . People of all races, religions and nationalities work at Sanofi every day to improve the lives of people around the world. While all pharmaceutical treatments have side effects, racism is not a known side effect of any Sanofi medication.
— Sanofi US (@SanofiUS) May 30, 2018
It is certainly true that Ambien (or any drug) doesn’t have “racist tweets” listed under the potential adverse events on its label. But the sleep treatment does come with some pretty serious side effect warnings — including the possibility of “abnormal thinking, behavioral changes and complex behaviors,” as the Food and Drug Administration (FDA) outlines . Consumers may even experience extreme incidents like “sleep-driving” and hallucinations. FDA Ambien label
Of course, Sanofi’s broader point is that the possibility of those side effects doesn’t excuse Barr’s tweet, which compared former Obama administration official Valerie Jarrett to the Islamic group Muslim Brotherhood and Planet of the Apes .
Barr also has a history of controversial statements that have been roundly criticized as racist , bigoted, or pushing conspiracy theories. President Donald Trump on Wednesday tangentially weighed in on the issue via Twitter, asking why ABC had issued a mea culpa to Jarrett over Barr’s comments when the network has never called the president to apologize for ostensibly harsh coverage. Bob Iger of ABC called Valerie Jarrett to let her know that “ABC does not tolerate comments like those” made by Roseanne Barr. Gee, he never called President Donald J. Trump to apologize for the HORRIBLE statements made and said about me on ABC. Maybe I just didn’t get the call?
— Donald J. Trump (@realDonaldTrump) May 30, 2018 | ashraq/financial-news-articles | http://fortune.com/2018/05/30/roseanne-barr-ambien-tweet-sanofi/ |
TORONTO, May 28, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V:GLO) is pleased to announce its operating results for the 3 months ended March 31, 2018. Highlights of these results are as follows:
Net income for Q1 2018 was $3.7 million, up from $2.4 million in Q1 2017.
A drill program to test the Flank Zone area of the DASA deposit was initiated in January 2018, with 7,854 metres drilled in Q1 2018 with excellent results (see press releases dated February 22 nd , April 5 th and May 7 th , 2018).
CSA Global Pty Ltd. have been engaged to update the DASA resource, incorporating recent drill results and to provide potential mining scenarios.
Exploration drilling to expand the DASA deposit to the southwest and to the northeast is continuing.
Global Atomic continues to work cooperatively with Orano Mines Ltd. (formerly Areva) to evaluate plans to ship DASA material to its nearby mill for processing.
Global Atomic also announced the approval of the expansion and modernization of its electric arc furnace dust (“EAFD”) plant in Iskenderun, Turkey. The project will expand EAFD throughput to 110,000 tonnes per annum, from the current 60,000 tonnes per annum, producing concentrates containing 55 to 65 million pounds of zinc per annum. The new plant has been engineered using the best available technology employed by joint venture partner Befesa Zinc S.A.U. (“Befesa”), a world leader in the processing of EAFD.
Based on improved plant efficiencies, recovery rates are expected to improve and operating costs reduced. The cost of the project is approximately US $26 million, most of which is subject to a fixed price contract. Site construction is expected to begin in February 2019 and completed by September 2019. Existing cash balances and forecasted cash flow through January 2019, together with available bank lines of credit, should be sufficient to cover capital and other costs through to commissioning of the new plant.
Stephen G. Roman, Chairman, President and CEO of Global Atomic, stated, “We are excited about the current steel market improvements in Turkey and our modernization and expansion plans moving forward. In addition, the exceptional results at the DASA Project suggest this asset could generate significant value as Global Atomic continues with its development.”
QP Statement
George A. Flach, Vice President of Exploration, P.Geo. is the Qualified Person (QP) as defined in NI 43-101 and has prepared, supervised the preparation of, and approved the scientific technical disclosure in this news release.
About Global Atomic
Global Atomic is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production.
Global Atomics’ Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km 2 . Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration.
Global Atomics’ Base Metals Division holds a 49% interest in the BST joint venture which operates a re-processing facility located in Iskenderun, Turkey that converts EAFD (Electric Arc Furnace Dust) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”), holds a 51% interest in and is the operator of BST. Befesa is a market leader in EAFD recycling, capturing approximately 45% to 50% of the European EAFD market with facilities located throughout Europe and Korea.
Key contacts:
Stephen G. Roman George A. Flach, P.Geo.
Chairman, President & CEO Vice President, Exploration
Tel: (416) 368-3949 Tel: (416) 368-3949
Email: [email protected] Email: [email protected]
The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source:Global Atomic Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/28/globe-newswire-global-atomic-announces-1st-quarter-results-and-approval-of-turkish-plant-expansion.html |
May 3 (Reuters) - International Breweries PLC:
* Q1 ENDED MARCH 2018 LOSS BEFORE TAX OF 2.56 BILLION NAIRA VERSUS PROFIT OF 1.50 BILLION NAIRA YEAR AGO
* Q1 REVENUE OF 25.97 BILLION NAIRA VERSUS 9.44 BILLION NAIRA YEAR AGO Source text for Eikon: ([email protected])
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-international-breweries-posts-q1-l/brief-international-breweries-posts-q1-loss-before-tax-of-2-56-bln-naira-idUSFWN1SA0JV |
How Shire's infrastructure could help Takeda Pharmaceuticals: Analyst 6 Hours Ago Ronny Gal of Sanford C. Bernstein also says the management of Takeda Pharmaceuticals and Shire is expected to go on a "charm offensive" if a takeover deal is announced. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/how-shires-infrastructure-could-help-takeda-pharmaceuticals-analyst.html |
* Dow and S&P futures flat, Nasdaq up 0.15 pct
By Medha Singh
May 25 (Reuters) - U.S. stock market futures steadied on Friday, helped by a measured response by North Korea to President Donald Trump’s cancelling of a planned summit, while a slump in oil prices pressured energy stocks.
North Korea said it was still open to talks with the United States, saying it hoped the “Trump formula” could resolve the standoff over its nuclear weapons program.
The three main U.S. indexes ended only slightly lower on Thursday, recovering from what market participants said was a knee-jerk reaction to the cancelling of the summit.
Energy stocks were weighed down by a more than 2 percent drop in oil prices after Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed prices to their highest since 2014.
Shares of Exxon Mobil dipped 1.0 percent in premarket trading, while Chevron was off 1.0 percent. The S&P energy index ended down 1.7 percent on Thursday.
At 7:30 a.m. ET, Dow e-minis were up 6 points, or 0.02 percent. S&P 500 e-minis were down 0.5 points, or 0.02 percent and Nasdaq 100 e-minis were up 10.75 points, or 0.15 percent.
Among other stocks, Foot Locker jumped 14.3 percent after it reported a better-than-expected quarterly profit. Nike , for whom the footwear retailer is often seen as a leading indicator, gained 1.3 percent.
PayPal rose 1.2 percent after the company gave an upbeat long-term forecast on its investor day.
Design software maker Autodesk fell 4.8 percent after the AutoCAD owner forecast second-quarter profit below expectations.
Data due at 8:30 a.m. ET is likely to show overall orders for durable goods fell 1.4 percent in April, after rising 2.6 percent in March.
Federal Reserve Chairman Jerome Powell is scheduled to speak on “Financial Stability and Central Bank Transparency” at a conference in Stockholm, Sweden at 09:20 a.m. ET. (Reporting by Medha Singh in Bengaluru; editing by Patrick Graham)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-futures-steady-as-n-korea-keeps-talks-on-table-oil-weighs-idUSL3N1SW3XH |
May 2, 2018 / 12:18 PM / Updated 36 minutes ago Breast cancer screening failure may have shortened 270 lives in England Reuters Staff 3 Min Read
LONDON (Reuters) - As many as 270 women’s lives may have been shortened after an IT failure in England’s breast cancer screening programme meant 450,000 patients were not invited for appointments, Britain’s health minister said on Wednesday. FILE PHOTO: A doctor exams mammograms, as part of a regular cancer prevention medical check-up at a clinic in Nice, south eastern France January 4, 2008. REUTERS/Eric Gaillard/File Photo
Jeremy Hunt apologised in parliament for the “serious failure,” which he said was the result of a mistake in a computer system’s algorithm, and ordered an independent review.
“Our current best estimate, which comes with caveats ... is that there may be between 135 and 270 women who had their lives shortened as a result,” he said.
“Tragically there are likely to be some people in this group who would have been alive today if the failure had not happened.”
Britain’s state-funded National Health Service (NHS), which provides free healthcare to the entire population, is one of the country’s most popular institutions.
However, it is occasionally hit by failures and scandals which resonate widely across society as almost everyone receives NHS care throughout their lives.
The IT error took place in 2009 but only came to light in January this year, Hunt said.
Of the 450,000 women affected, 150,000 have died. The remaining women are now in their 70s. FILE PHOTO: A monitor shows the image of a breast cancer at a centre run by the "Reto" Group for Full Recovery of Breast Cancer in Mexico City October 18, 2012. REUTERS/Edgard Garrido/File Photo
“For them and others it is incredibly upsetting to know that you did not receive an invitation for screening at the correct time and totally devastating to hear you may have lost or be about to lose a loved one because of administrative incompetence,” said Hunt.
Women in England between the ages of 50 and 70 are normally invited for breast cancer screening every three years. The IT failure meant that the women affected missed out on a routine appointment before their 70th birthday.
Cancer Research UK, a non-governmental organisation, said the news was very concerning and advised any woman over 50 who had not had a mammogram in the last three years to book an appointment.
In the previous worst NHS patient care scandal, concerning poor practices at a small hospital in the English county of Staffordshire, an estimated 400 to 1,200 patients died between 2005 and 2009 as a result of inadequate care.
England’s breast screening failure follows unrelated news in Ireland last week that more than 200 cervical cancer test results should have resulted in earlier intervention.
The Irish government said 17 of the patients involved have since died, though it has not yet established the cause of death, and a further 1,500 women who developed cervical cancer over the last 10 years did not have their cases reviewed.
The government has ordered a statutory investigation into the scandal, which has dominated political debate and shaken confidence in the Irish health service. Reporting by Alistair Smout and Estelle Shirbon in London, Padraic Halpin in Dublin; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-health-cancer/serious-failure-in-english-breast-cancer-screening-may-have-shortened-lives-minister-idUKKBN1I31MF |
May 2, 2018 / 12:13 PM / Updated 9 minutes ago BRIEF-Lumentum Q3 GAAP Earnings Per Share $0.04 Reuters Staff
May 2 (Reuters) - Lumentum Holdings Inc: * LUMENTUM ANNOUNCES FISCAL THIRD QUARTER 2018 RESULTS
* Q3 NON-GAAP EARNINGS PER SHARE $0.78 * Q3 GAAP EARNINGS PER SHARE $0.04
* Q3 REVENUE $298.8 MILLION VERSUS I/B/E/S VIEW $292.2 MILLION
* Q3 EARNINGS PER SHARE VIEW $0.71 — THOMSON REUTERS I/B/E/S
* SEES Q4 2018 NON-GAAP EARNINGS PER SHARE $0.55 TO $0.75 * SEES Q4 2018 REVENUE $275 MILLION TO $300 MILLION
* Q4 EARNINGS PER SHARE VIEW $0.62, REVENUE VIEW $280.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-lumentum-q3-gaap-earnings-per-shar/brief-lumentum-q3-gaap-earnings-per-share-0-04-idUSASC09YZG |
* Canadian dollar at C$1.2880, or 77.64 U.S. cents * The price of oil falls 1.4 percent * Bond prices higher across the yield curve TORONTO, May 24 (Reuters) - The Canadian dollar weakened against its U.S. counterpart on Thursday as oil prices fell and investors weighed the potential imposition of U.S. tariffs on car imports. The Trump administration has launched a national security investigation into car and truck imports that could lead to new U.S. tariffs, similar to those imposed on imported steel and aluminum in March. The investigation comes as the United States renegotiates the North American Free Trade Agreement with Canada and Mexico to return more auto production to the United States. Canada is a major exporter of autos to the United States so its economy could be hurt by U.S. auto tariffs or failure to reach a deal on NAFTA. Oil is also one of Canada's major exports. Its price fell by the most in two weeks as expectations rose that OPEC will end an output deal that has been in place since the start of 2017. U.S. crude prices were down 1.4 percent at $70.84 a barrel. At 9:08 a.m. EDT (1308 GMT), the Canadian dollar was trading 0.3 percent lower at C$1.2880 to the greenback, or 77.64 U.S. cents. The currency traded in a range of C$1.2829 to C$1.2898. On Wednesday, it touched its weakest in more than one week at C$1.2916. The Bank of Canada will probably hold interest rates steady on May 30 as uncertain trade policy and indebted consumers necessitate caution, but firmer price and wage inflation will prompt two increases in the second half of 2018, a Reuters poll predicted. Canadian government bond prices were higher across the yield curve in sympathy with U.S. Treasuries. The two-year rose 2 Canadian cents to yield 2.016 percent and the 10-year gained 7 Canadian cents to yield 2.436 percent. (Reporting by Fergal Smith Editing by Nick Zieminski)
| ashraq/financial-news-articles | https://www.reuters.com/article/canada-forex/canada-fx-debt-c-slips-as-oil-prices-fall-u-s-mulls-auto-tariffs-idUSL2N1SV0PA |
15 Hours Ago | 03:07
Indonesia's massively popular ride-hailing start-up Go-Jek is expanding abroad.
It will invest about $500 million to move into four new markets in Vietnam , Thailand , Singapore and the Philippines over the next several months, the company said in a Thursday announcement.
Go-Jek said that it will provide "technological support and expertise" to local founding teams in each of the four markets. Those local companies would "determine their own brands and identities" and work to gain traction.
"We visited all those countries and we felt like the solutions that we provided in Indonesia will probably be suitable to some of these countries," Andre Soelistyo, president of Go-Jek, told CNBC's " Squawk Box " on Thursday. Dimas Ardian | Bloomberg | Getty Images
Initially, Go-Jek will start with ride-hailing before introducing additional services.
Go-Jek started off as a motorbike ride-hailing company and then moved into things like food delivery, groceries and payments . Last year, Go-Jek said it bought three financial technology , or fintech, companies to boost its presence in Indonesia's digital payments sector. .
The company's services are used in 50 cities across Indonesia and it is backed by well-known investors like Singapore's Temasek Holdings and Chinese tech giant Tencent . Competition with Grab
Expansion into the new markets will step up the rivalry between Go-Jek and Singapore-based company Grab, which has similar services such as ride-hailing, digital payments and food delivery.
The two start-ups already compete in Indonesia, where Grab is trying to establish a stronghold .
In March, Uber said it was selling its Southeast Asia business to Grab . That strengthened Grab's position in the individual markets across the region.
But Soelistyo said that in light of the recent merger, users and other stakeholders in the new markets would more readily welcome Go-Jek's presence because that would give them a second option to choose from.
"With competition, service offering will be much better, all the players are forced to provide the best customer experience. That will be advantageous for the consumer," he said.
Earlier this year, Google invested in Go-Jek and said the move was in line with the tech giant's ambition to grow Indonesia's digital economy and start-up scene. But Google did not disclose the amount it invested in Go-Jek. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/indonesias-go-jek-announces-500-million-expansion.html |
May 2, 2018 / 8:27 PM / Updated 25 minutes ago U.S. adding prosecutors, judges to process immigrants at Mexico border Reuters Staff 2 Min Read
WASHINGTON (Reuters) - The United States is beefing up legal resources on the Mexican border to deal with a high-profile caravan of asylum seekers trying to enter the country, Attorney General Jeff Sessions said on Wednesday.
“We are not going to let this country be overwhelmed. People are not going to caravan or otherwise stampede our border,” Sessions told reporters.
He said the Justice Department was sending 35 additional assistant U.S. attorneys and 18 immigration judges to the Mexican border.
More than 100 people, mostly from Honduras, Guatemala and El Salvador, have been camped in a square near the entrance of the San Ysidro pedestrian bridge that leads from Mexico to California, waiting for their turn to enter the facility.
Forty-nine people, mostly women, children and transgender people, were let through on Wednesday to seek asylum, raising the total number who have crossed to 74, according to organizers of the group.
They are part of a caravan of migrants travelling across Mexico that has dwindled since peaking at about 1,500 people under pressure from U.S. President Donald Trump, who wants to toughen U.S. laws to make it harder for people to seek asylum, and Mexican authorities.
The U.S. Justice Department said on Monday it launched prosecutions against 11 “suspected” caravan members on charges of crossing the border illegally.
“We need legality and integrity in the system. People should wait their turn, ask to apply lawfully, before they get in our country,” Sessions said.
“We are sending a message worldwide: Don’t come illegally. Make your claim to enter America in the lawful way and wait your turn.” U.S. Attorney General Jeff Sessions in Washington, U.S., April 25, 2018. REUTERS/Yuri Gripas Reporting by Eric Beech; Writing by Mohammad Zargham; Editing by Peter Cooney | ashraq/financial-news-articles | https://in.reuters.com/article/usa-immigration-caravan-sessions/u-s-adding-prosecutors-judges-to-process-immigrants-at-mexico-border-idINKBN1I32UY |
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Global Atomic Corporation (“Global Atomic” or the “Company”), (TSX-V:GLO) is pleased to announce continuing positive results from its 2018 DASA Uranium Project drill program in the Republic of Niger, West Africa and a record zinc production year from its Zinc operations in Iskenderun, Turkey.
3D Model : DASA Open Pit and Underground Resources Model With Planned Drilling
Drill Hole Longitudinal Section 1925
Drill Hole Longitudinal Section 1950
At DASA, the focus of current drilling is to continue to define the “Flank Zone” area in order to complete an updated National Instrument 43-101 (“NI 43-101”) resource technical report by CSA Global Pty Ltd of Perth, Western Australia. Two holes just completed and probed have returned excellent results which continue to improve the overall DASA resource.
DASA Project Highlights:
Drill hole ASDH 126B intersected continuous high-grade mineralization from 58.5 meters to 262.6 meters returning a 204.1 meter intersection grading 8,062 ppm; including 28,490 ppm (2.85%) eU 3 O 8 over 28.2 meters. This hole was drilled vertically and oblique to the dip to prove that the mineralization is continuous and is therefore not an indication of the true thickness of the zone. Drill hole ASDH 563 intersected 7,277 ppm eU 3 O 8 over 107.3 meters including 12,456 ppm over 46.1 meters. This hole has been drilled perpendicular to the structure and approximates true thickness in this area. In drill hole ASDH 563 the probe was saturated for 8.5 meters from 231.2 meters to 239.7 meters. A new mineralized zone was discovered along strike and north of the main DASA deposit, called Tagama East, which has not been factored into the current resource estimate. See drill holes below. DASA drilling table (drills sections attached):
Hole From (meters) – To (meters) Length (meters) Grade (ppm eU 3 O 8 ) Flank Zone
ASDH 126B
including
58.5 - 262.6
187.1 – 215.3
204.1
28.2 8,062
28,490 ASDH 563
including
including 142.9 - 250.2
198.0 - 244.1
231.2 - 239.7 107.3
46.1
8.5 7,277
12,456
25,140 (saturated) Tagama East
DADH 380 521.4 – 544.5 23.1 1,027 DADH 386 290.5 – 315.8 25.3 1,759 * These are preliminary results based on gamma probing. Drillhole ASDH 563 is currently being probed with a Geiger-M ü ller probe, which will give a more accurate result. Final results will be released once chemical assaying is completed at ALS Global in Vancouver, Canada.
Drilling on the Flank Zone will continue for the next month in order to achieve a Measured and Indicated resource classification in this area. Further drilling on strike and down dip will continue in order to build the overall DASA resource. A number of high priority targets will be the focus of the exploration drilling.
Management expects the updated NI 43-101 resource estimate to be completed in Q3 2018 and a technical report prior to year-end 2018.
Mr. George Flach, P.Geo., VP, Exploration for Global Atomic said “The drilling, contractors and our local Nigerien team are making significant progress advancing this high value uranium project. DASA is proving to be an outstanding asset which continues to improve”.
3D Model : DASA Open Pit and Underground Resources Model With Planned Drilling is available at http://resource.globenewswire.com/Resource/Download/8fb1d627-13d4-4dea-b49b-640f5f96b183
Drill Hole Longitudinal Section 1925 is available at http://resource.globenewswire.com/Resource/Download/a71f0c3e-3d21-4673-beff-085c31062aad
Drill Hole Longitudinal Section 1950 is available at http://resource.globenewswire.com/Resource/Download/b7745820-ccda-4094-8616-92da0038a466
Zinc Operation Highlights:
2017 was a record year with 33 million pounds (100%) of zinc produced in concentrate (2016 – 22 million pounds). The Company’s 49% share of EBITDA of the joint venture was $10.8 million in 2017 (2016 – $4.6 million). The Company’s 49% share of the net earnings of the joint venture was $6.9 million in 2017 (2016 - $3.5 million) with earnings per share of $0.048 based on the currently outstanding 107 million shares. Based on Turkish earnings for 2017, a dividend of 47.3 million Turkish Lira was declared on April 27, 2018, with distribution to the joint venture partners in mid-May (the Company’s share is approximately $7.2 million). Steel market conditions in Turkey continue to improve and zinc prices remain strong. Based on improved market conditions, the Turkish joint venture is studying expansion and modernization of the Turkish plant, which will double production and reduce costs. The expansion is expected to be undertaken in 2019, with costs paid from operating earnings and available lines of credit.
Please visit the corporation’s website, www.globalatomiccorp.com , for the latest news and our 2017 Financial Statements and MD&A which are now posted to the website and www.sedar.com .
Investor Relations
Global Atomic also announced it has entered into an agreement with third party investor relations provider Renmark Financial Communications (“Renmark”) for the period February 1, 2018 through January 31, 2019 subject to a right of early termination in favour of the Company after the initial six month period. Renmark will provide investor relations services including investment community outreach programs, email distribution of news releases and broker presentations. Annual compensation is $54,000 payable in cash. Renmark was founded in 1999 by Henri Peron and based in Montreal, Quebec.
QP Statement
George A. Flach, Vice President of Exploration, P.Geo. is the Qualified Person (QP) as defined in NI 43-101 and has prepared, supervised the preparation of, and approved the scientific technical disclosure in this news release.
About Global Atomic
Global Atomic is a TSX Venture listed company providing a unique combination of high grade uranium development and cash flowing zinc concentrate production.
Global Atomics’ Uranium Division includes six exploration permits in the Republic of Niger covering an area of approximately 750 km 2 . Uranium mineralization has been identified on each of the permits, with the most significant discovery being the DASA deposit situated on the Adrar Emoles III concession, discovered in 2010 by Global Atomic geologists through grassroots field exploration.
Global Atomics’ Base Metals Division holds a 49% interest in the BST joint venture which operates a re-processing facility located in Iskenderun, Turkey that converts EAFD (Electric Arc Furnace Dust) into a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (“Befesa”), holds a 51% interest in and is the operator of BST. Befesa is a market leader in EAFD recycling, capturing approximately 45% to 50% of the European EAFD market with facilities located throughout Europe and Korea.
Key contacts:
Stephen G. Roman George A. Flach, P.Geo. Chairman, President & CEO Vice President, Exploration Tel: (416) 368-3949 Tel: (416) 368-3949 Email: [email protected] Email: [email protected] The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Source:Global Atomic Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-drill-program-at-dasa-continues-to-exceed-expectationsa2017-earnings-hit-new-record.html |
(Adds details, updates oil price, changes dateline from NEW DELHI)
RIYADH, May 18 (Reuters) - Saudi Arabia said on Friday it is consulting other oil producers in and outside OPEC to ensure the world has adequate supplies to support economic growth after prices hit $80 a barrel for the first time since 2014.
OPEC's most influential energy minister, Saudi Arabia's Khalid al-Falih, said in a Twitter post that he had called his counterparts in the United Arab Emirates, the United States and Russia, as well as major oil consumer South Korea, to "coordinate global action to ease global market anxiety."
Falih also said he had reassured the executive director of the International Energy Agency of "commitment to the stability of oil markets and the global economy" and that he would contact others over the next few days.
On Thursday, Falih called Indian Petroleum Minister Dharmendra Pradhan to assure him that supporting global economic growth was "one of the kingdom's key goals," the Saudi government said in a statement, after India expressed frustration with the recent surge in oil prices.
Oil prices held firm on Friday, with Brent crude trading at around $79.70 per barrel after the international benchmark broke through $80 for the first time since November 2014 the previous day.
The Saudi Energy Ministry said on Thursday that the kingdom together with other producers would ensure the availability of adequate supplies to offset any potential shortfalls.
India's Pradhan had expressed concern about the negative impact of escalating prices on consumers and especially the Indian economy, the world's third-largest oil consumer.
India is one of the world's fastest-growing energy consumers and its oil use lags only that of the United States and China.
The Organization of the Petroleum Exporting Countries and its ally Russia have cut their output since January 2017 to help reduce excessive global stockpiles.
So far, OPEC has said it sees no need to ease output restrictions despite a fall in global stocks to the group's desired levels and concerns among consuming nations that the price rally could lead to demand destruction.
OPEC member the UAE said on Thursday OPEC had bigger issues to consider than the impact of the U.S. decision to withdraw from the international nuclear deal with oil producer Iran, such as Venezuela's collapsing oil output.
U.S. President Donald Trump has also called on OPEC to help cool oil prices, saying they were artificially high. (Reporting by Nidhi Verma and Rania El Gamal; writing by Dmitry Zhdannikov and Marwa Rashad; Editing by Dale Hudson and Alexandra Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/reuters-america-update-2-saudi-arabia-assures-on-supply-as-oil-hits-80-a-barrel.html |
LEBEC, Calif. (AP) _ Tejon Ranch Co. (TRC) on Monday reported first-quarter net income of $1.5 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Lebec, California-based company said it had net income of 6 cents.
The real estate development company posted revenue of $13.5 million in the period.
Tejon shares have risen 22 percent since the beginning of the year. The stock has risen 14 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on TRC at https://www.zacks.com/ap/TRC | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/07/the-associated-press-tejon-1q-earnings-snapshot.html |
California almond growers brace for impact of China tariffs 8:52am BST - 01:35
As the U.S. and China prepare for trade talks in Washington today, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce. Ciara Lee reports.
As the U.S. and China prepare for trade talks in Washington today, farmers in California's Central Valley are bracing for the impact of China's increased tariffs on agricultural produce. Ciara Lee reports. //reut.rs/2L73nlz | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/17/california-almond-growers-brace-for-impa?videoId=427654449 |
CNBC Tech Check Morning Edition: May 15, 2018 2 Hours Ago CNBC’s Tech Check brings you the latest in tech news from CNBC’s 1 Market in the heart of San Francisco. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/cnbc-tech-check-morning-edition-may-15-2018.html |
May 29, 2018 / 3:20 PM / Updated 8 minutes ago Brazil competition body to probe firms involved in truckers' strike Reuters Staff 1 Min Read
BRASILIA, May 29 (Reuters) - Brazilian competition watchdog Cade said on Tuesday it started a preliminary investigation into companies allegedly backing a nationwide truckers’ strike that has partially blocked Brazil’s main roadways for more than a week.
Cade President Alexandre Barreto de Souza told reporters on the sidelines of a congressional hearing that he sees with “reservations” a government proposal to put a floor on freight prices. (Reporting by Leonardo Goy Writing by Ana Mano Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/brazil-transportation-competition/brazil-competition-body-to-probe-firms-involved-in-truckers-strike-idUSE6N1SV00P |
Justin Solomon | CNBC Carnival Corporation's CEO and President Arnold Donald.
Words have the power to transform your life. Just ask Arnold Donald, CEO of the world's largest leisure travel company, Carnival Corporation .
In junior high, Donald was recognized as an academically gifted student so his parents enrolled him at St. Augustine , an all-male, all-black Catholic high school in New Orleans.
Everyday, three times a day, the school blasted this message through its PA system: "Gentlemen prepare yourselves. You're going to run the world."
These nine words had a profound impact on a young Donald, who grew up in New Orleans' poverty-stricken, crime-ridden 9th Ward and attended high school during the civil rights movement.
At age 16, Donald decided that he was going to be a general manager at a Fortune 50 science-based global company and he began creating a career plan.
"I mapped it my junior year in high school and I kept mapping throughout college," the 63-year-old CEO tells CNBC Make It . show chapters 8:56 AM ET Tue, 26 Sept 2017 | 01:29
His first step was determining which college degrees would help him achieve his goal. "I said well, 'I'm going to have to have an MBA, a business degree,'" recalls Donald. But not just any business school would do.
Donald wanted to gain acceptance into the top MBA program, which meant that he needed the best credentials in order to stand out from the competition. So he pivoted and focused on selecting the right undergraduate courses.
Since he wanted to work at a science-based company, Donald chose to major in engineering at Washington University. Still, that wasn't enough.
"[I knew that] if I got two undergraduate degrees then that would differentiate me from other people applying to business school," he says.
Donald figured that other applicants would take a similar STEM path, so he pursed an economics degree at Carleton College in Minnesota. "I had to do a bunch more credits and everything but it made me different," says Donald. "My goal was to always differentiate and at the same time be prepared."
With two degrees, Donald knew that when an opportunity arose he'd be well-prepared to take advantage of it. "It's all about maximizing profitability," the CEO explains. His plan worked. show chapters 12:20 PM ET Wed, 30 Nov 2016 | 00:46
He received admission to the University Of Chicago Booth School of Business (voted the No. 1 business school in the country in 2018). While attending Booth, Donald revisiting his career outline after reaching out to "a gazillion" CEOs to find out how they got their positions.
"The takeaway I got was, make sure every job you have prepares you to excel in the next job," recalls Donald. The CEOs also advised the business student to focus on job content and responsibility, instead of title and money.
"So I mapped it out," he says. "I had a whole career plan and then I executed it."
Donald's decision to abide by his high school mantra of preparation served him well upon graduating from Booth. He received 20 job offers and accepted a position at Monsanto , the Missouri-based agricultural biotech company, where he quickly moved up in rank.
At the age of 32, Donald was named general manager at Monsanto and achieved the goal he had set half a lifetime ago.
After spending roughly two decades with the organization, Donald purchased Monsanto's Equal sugar substitute with a group of investors. Together, they created a new company called Merisant, with headquarters in Chicago. Donald led as CEO for three years before stepping down and remained as chairman for two more years before retiring at age 51. Getty Images The Carnival Breeze in Dubrovnik, Croatia.
In 2013, Carnival Corporation called him out of retirement. At the time, the Miami-based company was facing two public relations nightmares : In 2012, one of their ships had capsized off the coast of Italy, killing 32 people. Then in 2013, a ship suffered a power outage, which affected its sanitation system and left 4,200 passengers dealing with raw sewage and fecal matter.
Even though the economy was booming, Carnival's profits were stagnant and shareholders were getting agitated. In July 2013, Donald took over the company and almost five years later, the travel brand has experienced a remarkable turnaround.
For two consecutive years, the cruise line has boasted it's highest profits in the company's 45-year history and has nearly doubled its stock price from $34.85 in 2013 to $66.91 at the end of the first quarter of 2018, according to Carnival.
Donald's performance as CEO hasn't gone unnoticed either. In fact, CNBC's "Mad Money" host Jim Cramer called him "the man who may be the best turnaround artist of our time."
However, Donald says that his rise to the top of Carnival's $48 billion empire was simply a matter of internalizing St. Augustine's call nearly 50 years ago.
"If you prepare and [have] no excuses, you can pretty much do whatever you want," he says. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/carnival-ceo-went-from-poverty-to-running-48-billion-company.html |
* Energy stocks jump over 1 pct as oil tops $80
* Cisco, Walmart drop after earnings reports
* U.S. expects China to bring proposal to trade talks
* Dow down 0.15 pct, S&P up 0.01 pct, Nasdaq off 0.03 pct (Updates to early afternoon)
By Medha Singh
May 17 (Reuters) - A surge in energy and industrial shares kept Wall Street’s losses in check on Thursday, even as a rise in U.S. bond yields to a fresh seven-year high suggested more competition for equities.
The energy sector jumped 1.31 percent, giving the benchmark S&P 500 the biggest boost, as Brent crude touched $80 per barrel for the first time since November 2014.
The Russell 2000 index hit a record high for the second session in a row as small-cap companies continued to outperform.
Latest data showed the number of Americans on unemployment rolls last week fell to the lowest since 1973. Other data showed a pickup in factory activity in the mid-Atlantic region this month, with manufacturers saying they were asking for higher prices for their products.
The combination of a tightening labor market and firming inflation supports expectations the Federal Reserve will raise interest rates next month.
The industrial sector was up 0.6 percent, the second-biggest gainer among the 11 major S&P sectors.
“You have kind of a mixed bag of earnings numbers ... the economic data generally speaking was pretty good and that’s leading to a little bit of mild buying in the market,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
On the Russell 2000, Nolte said, “I think you’re starting to see people come into that because it’s the only index that has put in a new high and you’ve got some interest.”
At 12:46 p.m. ET the Dow Jones Industrial Average was down 36.95 points, or 0.15 percent, at 24,731.98, the S&P 500 was up 0.28 points, or 0.01 percent, at 2,722.74 and the Nasdaq Composite was down 3.81 points, or 0.05 percent, at 7,394.48.
The three rate-sensitive sectors, including real-estate and utilities, were the biggest losers.
The market had opened in the red, weighed by a drop in Cisco and a rise in U.S. 10-year Treasury yields to a seven-year high.
White House Chief Economic Adviser Larry Kudlow expects China to bring a proposal to the talks which would “extend the conversation and permit additional negotiations”.
Cisco fell 2.8 percent, the most on the Dow, after the company’s forecast indicated its transition to a software-focused business was a work in progress.
Walmart slipped 1.6 percent, reversing premarket gains, after it said profit margins were under pressure, despite sales and earnings beating expectations.
J.C. Penney tumbled 11.1 percent after its same-store sales missed estimates and the company cut its full-year profit forecast.
Advancing issues outnumbered decliners for a 1.52-to-1 ratio on the NYSE and for 1.97-to-1 ratio on the Nasdaq.
The S&P index recorded 24 new 52-week highs and four new lows, while the Nasdaq recorded 117 new highs and 21 new lows. (Reporting by Anil D’Silva in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-oil-surge-keeps-wall-streets-losses-in-check-idUSL3N1SO51F |
Getty Images Protesters demanding Prime Minister Najib Razak's resignation during a rally in Kuala Lumpur.
Senior officials at scandal-plagued state fund 1Malaysia Development Berhad (1MDB) withheld information from its board and took some decisions without the board's approval, according to a Malaysian government audit of the fund that was declassified on Tuesday.
Malaysia , under former Prime Minister Najib Razak , had classified the audit report in 2016 under the Officials Secrets Act when the fund's financial troubles were being investigated.
Reports had emerged by that time that about $700 million from 1MDB had gone to Najib's personal bank accounts. Najib denied any wrongdoing and the attorney general cleared him following local investigations.
After Najib lost last week's election, new Prime Minister Mahathir Mohamad said he would reopen investigations into 1MDB and declassify the audit report.
He barred Najib and his wife from leaving the country, and has replaced the attorney general who cleared Najib.
"In several instances, the 1MDB management had presented incomplete or inaccurate information to the 1MDB board before an important decision was made and had taken action without the approval of the 1MDB board," according to the audit report's executive summary seen by Reuters.
Auditor General Madinah Mohamad verified the authenticity of the report seen by Reuters.
1MDB did not immediately respond to a request for comment.
Between 2009 and 2015, several decisions involving high-value investments were made through 1MDB board resolutions without detailed discussion or evaluation, the report said.
Several high-risk investments were made in a very short time, and the 1MDB management went against the board's and the shareholders' wishes in some instances, it said.
"There were also instances where the 1MDB management gave inaccurate or different information to interested parties," the report said.
The U.S. Department of Justice has filed civil lawsuits alleging that over $4.5 billion was misappropriated from 1MDB by high-level officials and their associates.
The lawsuits seek to seize about $1.7 billion in assets, including a luxury yacht and paintings, that were bought with 1MDB funds. WATCH: What happened to 1MDB's money? show chapters | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/malaysia-elections-1mdb-scandal.html |
May 7, 2018 / 12:51 PM / in 10 minutes BRIEF-Sparton Corp Says Units Entered Amendment To Credit And Guaranty Agreement Reuters Staff 1 Min Read
May 7 (Reuters) - Sparton Corp:
* SPARTON CORP - ON MAY 3, CO, UNITS ENTERED AMENDMENT NO. 5 TO AMENDED AND RESTATED CREDIT AND GUARANTY AGREEMENT DATED SEPT 11, 2014
* SPARTON CORP - UNDER AMENDMENT TERMS, REVOLVING CREDIT FACILITY IS REDUCED FROM $125 MILLION TO $120 MILLION - SEC FILING Source text: ( bit.ly/2rpsrvY ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sparton-corp-says-units-entered-am/brief-sparton-corp-says-units-entered-amendment-to-credit-and-guaranty-agreement-idUSFWN1SE0Q7 |
• Blockchain Media Firm Civil Launches an Ambitious Studio to Build an ‘Open Marketplace for Journalists’ (by Jeff John Roberts) VENTURE DEALS
• Frontier Car Group , a Berlin-based tech startup which develop and operates used car marketplaces within emerging markets, raised $41 million in Series B funding. Investors include Balderton Capital, TPG Growth, Fraser McCombs Capital, and Autotech Ventures.
• Skykick , a Seattle-based provider of SaaS cloud automation and management products for Microsoft information technology service providers, raised $40 million in funding. Investors include Karl-Theodor zu Guttenberg , Craig Nerenberg, and Brenner West Capital.
• Soothe , a Las Vegas-based provider of massage services, raised $31 million in Series C funding. The Riverside Company led the round.
• Humu , a Mountain View, Calif.-based behavioral-change software company, raised $30 million in Series B funding. Institutional Venture Partners led the round .
• Bizongo , an India-based platform for packaging solutions, raised $22 million in Series B funding. B-Capital and International Finance Corporation led the round, and were joined by investors including Accel & IDG Ventures .
• Soft Robotics , a Cambridge, Mass.-based manufacturer of robotic grippers and control systems, raised $20 million in funding. Investors include Scale Venture Partners, Calibrate Ventures, Honeywell Ventures, Tekfen Ventures, Yamaha Motor Co., Ltd., and Hyperplane Venture Capital .
• Cera , a London-based technology-enabled homecare start-up, raised $17 million in Series A funding. Investors include Guinness Asset Management, Yabeo , and Kairos .
• BenchSci , a Canada-based AI-powered search engine for biological products, raised $8 million in Series A funding . iNovia Capital led the round, and was joined by investors including GradientVentures , Golden Venture Partners, Afore Capital, Real Ventures, and Radical Ventures.
• Passage AI , a Mountain View, Calif.-based developer of AI-powered conversational interfaces, raised $7.3 million in Series A funding. Blumberg Capital led the round.
• Regulus Cyber , an Israel-based developer of cyber security and operational solutions for drones, robots, and autonomous systems, raised $6.3 million in funding. Investors include Sierra Ventures, Canaan Partners Israel, the Technion and F2 Capital.
• Raven Telemetry , a Canada-based artificial intelligence company for manufacturing, raised $6.1 million in funding. Investors include Tobi Lütke, Harley Finkelstein, Rob Lander, and other angel investors.
• Trusted Key Solutions Inc. , a blockchain-based secure digital identity company, raised $3 million in seed funding. Founders Co-Op led the round, and was joined by investors including Pithia, Inc. Advertisement HEALTH AND LIFE SCIENCES DEALS
• Rapid Micro Biosystems , a Lowell, Mass.-based provider of automated, growth-based, rapid microbial detection technology for the healthcare product manufacturing sector, raised $60 million in funding. Investors include Bain Capital Life Sciences, Xeraya Capital, Asahi Kasei Medical, Longitude Capital, Quaker Partners, TVM Capital, and Richard K. Mellon and Sons. Advertisement PRIVATE EQUITY DEALS
• Pinewell Capital acquired Avon Engineered Fabrications Inc , a Picayune, Miss.-based maker of military-grade performance inflatable products. Financial terms weren’t disclosed.
• ProAmpac , which is owned by PPC Partners , acquired Gateway Packaging Company , a Tenn.-based flexible packaging and technical products company. Financial terms weren’t disclosed.
• Highline Aftermarket , a portfolio company of The Sterling Group , acquired South/Win , a Greensboro, N.C.-based maker of automotive fluids. Financial terms weren’t disclosed.
• MW Industries Inc , a portfolio company of American Securities , acquired LaVezzi Precision Inc , a Glendale Heights, Ill.-based maker of medical implants, device components and surgical instrumentation. Financial terms weren’t disclosed.
• Albireo Energy , which is backed by Huron Capital , acquired Energy Management Control Corp , a Long Island City, N.Y.-based provider of integrated building solutions in the New York City area. No financial terms were disclosed.
• Vorteq Coil Finishers LLC , a portfolio company of Peninsula Pacific, acquired Wheeling Services & Supply Inc , a Woodstock, Ill.-based producer of pre-painted aluminum products serving the residential building and construction market. Financial terms weren’t disclosed.
• TA Associates invested in Datix , a U.K.-based healthcare patient safety software provider. Financial terms weren’t disclosed. Advertisement OTHER DEALS
• Ontario Systems acquired Justice Systems, Inc. , a court case management software provider and electronic payments solutions for state and municipal court systems. Financial terms weren’t disclosed.
• FlockU , a King of Prussia, Penn.-based digital media company, was acquired by Becker Associates LLC . Financial terms weren’t disclosed.
• Nokia will sell its health division to Eric Carreel, the co-founder and former chairman of Withings. Financial terms weren’t disclosed. Advertisement IPOs
• QSR Brands, a Malaysian fast-food operator, is weighing an IPO of 2 billion ringgit ($510 million). Johor Corp backs the firm. Read more.
• Huya Broadcasting, a Guangzhou-based eSports live streaming platform spinning out of YY, says it plans to raise $165 million in an IPO on 15 million ADSs priced between $10 to $12. The firm posted revenue of $335.8 million and loss of $12.4 million in 2017. YY (55.5% pre-IPO) and Tencent (39.8%) back the firm. Credit Suisse, Goldman Sachs, and UBS Investment Bank are underwriters in the deal. It plans to list on the NYSE as “HUYA.” Read more .
• Carbon Black , a Waltham, Mass.-based cloud-based security software maker, said it plans to raise $144 million in an IPO on 8 million shares priced between $17 to $18. The firm posted revenue of $162 million and loss of $55.2 million in 2017. Atlas Venture ( 17% pre-IPO), Highland Capital Partners (14.9%), Kleiner Perkins Caufield & Byers (8.8%), Point 406 Ventures (7.7%), and Sequoia Capital (9.9%) back the firm. Morgan Stanley and J.P. Morgan are underwriters in the deal. The firm plans to list on the Nasdaq as “CBLK.” Read more .
• Alzheon , a Framingham, Mass.-based biopharmaceutical firm developing Alzheimer’s disease, withdrew plans for a $70 million IPO. The firm posted loss of $5.5 million in 2017. Ally Bridge Group (17.5%) and Aptus Holdings (5.2%) back the firm. Citigroup and Piper Jaffray were joint bookrunners in the deal. The firm planned to list on the Nasdaq as “”ALZH.” Read more . Advertisement EXITS
• BeneVir Biopharm, Inc , a Gaithersburg, Md.-based biotechnology company developing oncolytic immunotherapies for the treatment of cancer, agreed to be acquired by Janssen Biotech, Inc, for $1.04 billion. The seller was Pansend Life Sciences of HC2 Holdings.
• Marketo acquired Bizible , a Seattle-based provider of marketing performance management software. Financial terms weren’t disclosed. Bizible had raised approximately $37.7 million in venture funding from investors including Scale Venture Partners, Madrona Venture Partners, MHS Capital and Investment Group of Santa Barbara.
• High Road Capital Partners sold All Integrated Solutions, a Wisconsin-based distributor of industrial OEM fasteners, Class C components and MRO products, to MSC Industrial Supply Co, for about $86 million.
Cisco (NASDAQ: CSCO) will acquire Accompany , a Los Altos, Calif.-based provider of a relationship intelligence platform. Financial terms weren’t disclosed. Advertisement FIRMS + FUNDS
• LS Power Equity Advisors LLC , a New York-based power and energy infrastructure manager, raised $2.25 billion for its fourth fund, LS Power Equity Partners IV.
• GoldPoint Partners LLC , a New York-based private equity firm, raised $850 million for its sixth co-investment fund.
• Goodwater Capital , a San Mateo, Calif.-based venture capital firm, has set a $350 million target for its third fund, according to an SEC filing . Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/02/term-sheet-wednesday-may-2/ |
MOSCOW (Reuters) - Russian lawmakers unanimously approved in its first reading on Tuesday a bill that makes it a criminal offence to observe sanctions imposed by the United States or other countries, as part of counter-sanctions measures against Washington.
The United States last month imposed sanctions on some of Russia’s biggest companies and businessmen, striking at allies of President Vladimir Putin to punish Moscow for its alleged meddling in the 2016 U.S. presidential election and other “malign activities”.
The draft bill, which will have its second reading on Thursday, would make refusing to supply services or do business with a Russian citizen, citing U.S. or other sanctions, a crime punishable by up to four years in jail.
Any person or representatives of legal entities in Russia found guilty of such an offence could also face other limits on their freedom or fines of up to 600,000 roubles ($9,696).
The bill would also make it a criminal offence for Russian citizens to help foreign governments sanction Russia by providing advice or information.
That offence would be punishable by up to three years in jail or other restrictions on an individual’s freedom, or by a fine of up to 500,000 roubles.
Initially lawmakers vowed to impose restrictions on a wide range of goods and services from the United States, including medicine and agricultural products.
But they have since diluted the proposed counter-sanctions measures, removing language that targeted specific goods and sectors because of fears about the potential impact on Russian consumers and industries.
The draft law, which has caused concern and uncertainty among investors in Russian assets, is likely to be changed in subsequent readings before it is signed by Putin.
Prime Minister Dmitry Medvedev last month voiced support for the initiative and pledged that the government would help companies targeted by U.S. sanctions.
($1 = 61.8782 roubles)
Reporting by Darya Korsunskaya; Writing by Gabrielle Tétrault-Farber; Editing by Catherine Evans
| ashraq/financial-news-articles | https://in.reuters.com/article/usa-russia-sanctions-parliament/russia-inches-towards-making-observation-of-u-s-sanctions-a-crime-idINKCN1IG1ME |
WAYNE, Pa., May 24, 2018 (GLOBE NEWSWIRE) -- Elemica, the leading Digital Supply Network for process manufacturing industries, announces the company’s first quarter results of 2018 highlighting substantial network growth and new product innovations.
The Elemica Digital Supply Network had significant network expansion in the first quarter with traffic growing 10 percent year-over-year in Q1. Shipment traffic grew substantially based on new product expansions of Elemica Trace .
“Elemica’s growth can be attributed to our clients needing our expertise and technology to undergo a Digital Transformation that connects, automates, anticipates and transforms their enterprise for their business growth initiatives,” said John Blyzinskyj, CEO of Elemica. “Our digital supply network enables businesses to grow their top and bottom lines, mitigate risk and improve customer satisfaction across all their trading partners.”
In the first quarter, Elemica introduced three new transformative solutions that aid in digital transformation by extending connection, automation, and anticipation capabilities between trading partners:
Elemica QuickLink Email Logistics allows clients to onboard their logistics service providers cost effectively by connecting and automating their shipping processes through email. Elemica QuickLink Email P2P enables clients and their suppliers to send and confirm purchase orders and invoices automatically with each other. Elemica Trace provides real-time shipment and risk visibility to customer service, transport planners, and supply chain managers, allowing them to monitor and proactively manage the movement of products to customers and inbound to manufacturing centers.
Additionally, Rich Katz, CTO of Elemica, recently joined the Forbes Technology Council, a hand-selected, curated network of peers sharing thought leadership and best practices with each other and the industry.
The Elemica Digital Supply Network accelerates digital transformation for our clients by managing the products they buy, sell, and move through their extended supply chains with real-time visibility. The Elemica Digital Supply Network improves customer service, reduces costs throughout operations, and sustains profitable growth.
About Elemica
Elemica is the leading Digital Supply Network for the process manufacturing industries. Elemica accelerates digital transformation by replacing manual and complex approaches with efficient and reliable ones. Launched in 2000, customers like BASF, BP, Continental, The Dow Chemical Company, DuPont, The Goodyear Tire & Rubber Company, LANXESS, Michelin, Shell, Solvay, Sumitomo Chemical, Wacker and more process nearly $400B in commerce value annually on the network. Elemica drives bottom line results by promoting reduced cost of operations, faster process execution, automation of key business processes, removal of transactional barriers, and seamless information flow between trading partners. For more information, visit www.elemica.com .
For More Information, Contact:
Becky Boyd
MediaFirst
(770) 642-2080 x 214
[email protected]
Source: Elemica | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/globe-newswire-elemica-reports-double-digit-network-growth-and-announces-new-product-innovations-in-first-quarter-2018.html |
MOSCOW, May 30 (Reuters) - Russian consumer electronics retailer M.Video said on Wednesday its board had proposed no dividend be paid on its 2017 results.
M.Video said it had taken the decision in order to focus on the company’s online and offline expansion. (Reporting by Olga Sichkar Writing by Tom Balmforth Editing by Maria Kiselyova)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/mvideo-dividend/russias-m-video-says-proposes-no-dividend-to-be-paid-for-2017-idUSR4N1SS02N |
May 15, 2018 / 4:49 PM / Updated 13 minutes ago CANADA STOCKS-TSX inch higher as Air Canada lifts industrial stocks Reuters Staff 3 Min Read
(Adds details, updates prices)
May 15 (Reuters) - Canada’s main stock index reversed course to edge higher on Tuesday, as gains in industrial stocks led by Air Canada more than offset a drop in miners due to declining gold prices.
* At 12:13 p.m. ET (1613 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 9.44 points, or 0.06 percent, at 16,095.05.
* Six of the index’s 11 major sectors were higher, led by the industrials sector, which rose 0.6 percent.
* Air Canada rose 3.9 percent after JP Morgan upgraded the stock to “overweight” from “neutral.”
* The materials sector, which includes precious and base metals miners, lost 0.7 percent as gold futures slipped 0.9 percent to $1,304.7 an ounce, while copper prices dropped 1.2 percent to $6,800 a tonne.
* The biggest drags on the sector were Barrick Gold and Agnico Eagle, which fell 1.9 percent and 1 percent, respectively.
* The Canadian dollar hit a near one-week low against its U.S. counterpart as the greenback broadly rose and investors weighed prospects of a deadline being met for a new North American Free Trade Agreement between Canada, the United States and Mexico.
* Mexico’s economy minister said he saw diminishing chances for a new NAFTA ahead of a May 17 deadline to present a deal that could be signed by the current U.S. Congress.
* On the TSX, 119 issues were higher, while 119 issues declined, with 100.34 million shares traded.
* The largest percentage gainers on the TSX were Element Fleet Management, which jumped 18.6 percent, and Boyd Group Income Fund, which rose 4.7 percent. Both the companies reported first-quarter results.
* Keyera Corp fell 3.9 percent, the most on the TSX, on plans to develop a crude oil storage and blending terminal in Cushing, Oklahoma. The second biggest decliner was Semafo Inc, which was down 3.5 percent.
* The most heavily traded shares by volume were Element Fleet Management, Neovasc Inc and Aurora Cannabis , which was down 1.0 percent.
* The TSX posted 15 new 52-week highs and seven new lows.
* Across all Canadian issues there were 35 new 52-week highs and 64 new lows, with total volume of 160.01 million shares. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur) | ashraq/financial-news-articles | https://www.reuters.com/article/canada-stocks/canada-stocks-tsx-inch-higher-as-air-canada-lifts-industrial-stocks-idUSL3N1SM66A |
May 16, 2018 / 7:35 PM / Updated 31 minutes ago Former Indian central bank boss says won't apply for top BoE job
LONDON (Reuters) - Former Reserve Bank of India Governor Raghuram Rajan said on Wednesday he did not intend to apply for the job of governor of the Bank of England which is due to come vacant next year. FILE PHOTO: Then Reserve Bank of India (RBI) Governor Raghuram Rajan listens to questions during a news conference at the RBI headquarters in Mumbai, India, August 9, 2016. REUTERS/Danish Siddiqui/File Photo
“I have a very good job at the University of Chicago and I actually am an academic, not a professional central banker. I am very happy where I am,” Rajan told reporters after an event in London hosted by the University of Chicago’s Booth School of Business, where he is a finance professor.
“I think I’ve said all I can say. I’m not going to apply for a job anywhere, absolutely.”
Asked what he would do if he were approached to fill the role, he said he had already answered a similar question.
Rajan was the RBI’s governor until September 2016 and has been mentioned by analysts as a possible future BoE governor after Mark Carney - who previously headed Canada’s central bank - steps down at the end of June 2019. Reporting by David Milliken; Editing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-boe-rajan/former-indian-central-bank-boss-says-wont-apply-for-top-boe-job-idUKKCN1IH2SE |
* MSCI ejects 9 firms, adds 11 to MSCI China A Inclusion Index
* Shanghai Electric added while Shanghai Lujiazui deleted
* Imminent China MSCI entry has rekindled interest in blue-chips (Adds analyst Quote: , inflow estimate, updates stock prices)
By Samuel Shen and Brenda Goh
SHANGHAI, May 15 (Reuters) - MSCI, the U.S. index publisher, said on Tuesday it will include 234 Chinese large cap stocks in its global and regional indexes on June 1, setting the stage for capital markets in the world’s second-biggest economy to get a boost from a potential surge of foreign money.
In a quarterly review, MSCI ejected nine companies and added 11 from the proposed MSCI China A Inclusion Index, slightly altering the expected weighting that the Chinese stocks will have in MSCI’s emerging market index. It did not explain why some companies were added or removed.
The 234 yuan-denominated stocks, or China A-shares, will represent an aggregate weight of 0.39 percent in the MSCI Emerging Markets Index at a 2.5 percent partial inclusion factor during the first step of the China entry. The second phase of the entry will take place in September, which will double A-shares’ aggregate weight to 0.78 percent.
The long-awaited inclusion of Chinese stocks in MSCI’s indexes next month is expected to draw increased foreign capital into China’s markets, where foreign ownership now amounts to about 2 percent.
The inclusion “sends a message that global investors can’t afford to ignore onshore China equities anymore”, Howard Wang, Head of Greater China Equities at J.P. Morgan Asset Management, wrote in a note.
The U.S. asset manager expects that in the next five years, China A-shares’ weighting in the MSCI EM index could rise to 9 percent, bringing in about $230 billion of index flows.
For an MSCI inclusion explainer, click
The top five companies added to the China A Inclusion Index on Tuesday by market cap were Shanghai Electric Group , Zhangzhou Pientzehuang Pharmaceutical Ltd Heilan Home Co Ltd, Zhejiang Century Huatong Group Co and Perfect World Co Ltd .
Shanghai Electric shares rose some 4 percent on Tuesday after the news, while Heilan Home gained 2.4 percent.
The top five companies deleted from an earlier draft of the list, also by market cap, were Shanghai Lujiazui Finance & Trade Zone Development Co, Jiangsu Bicon Pharmaceutical , Pacific Securities Co, Cosco Shipping Energy Transportation Co and Guizhou Group Pharmaceutical Co.
Lujiazui Finance & Trade, Pacific Securities and Cosco Shipping Energy fell around 1 percent each on Tuesday.
The overall market bounced around but ended higher. The Shanghai Composite Index was up 0.58 percent and the CSI 300 index rose 0.38 percent.
The MSCI China A Inclusion Index is heavily weighted toward financials, consumer, and real estate.
The firms include China’s biggest lenders such as the Industrial and Commercial Bank of China, Bank of China and China Construction Bank , the country’s top consumer brands Kweichow Moutai and Qingdao Haier, as well as China’s major metal producers including Baoshan Iron & Steel.
Telecommunications equipment maker ZTE Corp, which has been buffeted by trade frictions between China and the United States, remained on the list and will be among those included.
LIQUIDITY BOOST Although much of the impact has been priced in already, the imminent China MSCI entry has rekindled interest in Chinese blue-chips recently.
Raymond Ma, portfolio manager at Fidelity International said he believed the inclusion of A-shares in the MSCI indices would help the A-share market to become more sophisticated, improve liquidity and be driven by fundamentals rather than speculative factors.
“I am most constructive on consumer, information technology and industrials sectors after the MSCI inclusion,” he said.
“Thanks to ongoing consumption and industrial upgrading in China, these sectors are likely to deliver sustainable and solid growth in the next three to five years. We expect them to outperform in the medium to long term.”
Over the past two months, Chinese mutual fund houses have raised over 10 billion yuan through a dozen newly-launched funds that track MSCI’s A-share indexes, while April’s foreign inflows via the Shanghai-Hong Kong stock connect hit a monthly record.
MSCI said last June that Chinese stocks could initially represent a 0.73 percent weighting in the MSCI EM Index at a 5 percent partial inclusion factor, with the inclusion to be completed in a two-stage process, on June 1, and on September 3.
MSCI’s latest announcement means the China A-share weighting would rise slightly to roughly 0.78 percent.
Irmak Surenkok, portfolio specialist at T. Rowe Price, said that foreign investor participation in A-shares increased by about 30 percent since MSCI’s China inclusion announcement last year.
However their share was still modest at little over 2 percent, compared with nearly 40 percent foreign participation in other Asian markets such as Taiwan and Korea, he said.
“While many investors focus on top-down indicators such as GDP growth or the debt burden, in our view, it is the underlying bottom-up opportunities that illustrate how compelling and still under-appreciated the China investment story is.”
Darwin Hung, index analyst at Instinet Pacific Ltd, said that investors don’t expect MSCI to accelerate the inclusion of A-shares in the short-term.
However, “everyone will still be interested to know when MSCI will expand the list to include midcap and non-Stock Connect stocks as that would greatly increase the weighting of A-shares in its Emerging Market Index,” he said. (Additional reporting by Rodrigo Campos and Trevor Hunnicut in New York; editing by Richard Pullin, John Ruwitch & Shri Navaratnam)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-msci/update-1-msci-to-add-234-china-a-shares-to-main-indexes-idUSL3N1SM059 |
Tuesday afternoon, Starbucks closed 8,000 of its stores for an afternoon of racial sensitivity training. The coffee chain's mass closure comes one month after two black men were arrested at a Philadelphia location while waiting to meet a friend, prompting national outcry.
Though the company's sensitivity training is a promising first step in addressing racial bias in the workplace, diversity experts note that it should be implemented well before a national scandal, rather than as a response to public backlash. In order to be effective, sensitivity training must be part of a holistic top-down company culture that promotes diversity and inclusion.
"Unconscious bias training is important, but it's a baseline," says Frans Johansson, diversity expert and founder of strategy and innovation consulting firm The Medici Group . "You need an overarching philosophy about why diversity and inclusion matters."
Companies must establish this culture from the onset, he tells CNBC Make It . From there, they can then develop comprehensive racial based training that targets things like improving customer service and enhancing employee performance.
Ripa Rashid , co-president at the Center for Talent and Innovation, agrees that sensitivity training must be part of a larger scale multi-pronged effort. But what she often sees are companies reacting to scandals. Rashid calls these "wartime instances."
"So a bad thing happens, either dollars are lost or there's a brand hit or a reputation hit, and the crisis management system goes into action," she tells CNBC Make It .
However, what really speaks volumes is what a company does during "peacetime," she says.
show chapters Ebony's Linda Johnson Rice joins Tesla's board of directors 12:59 PM ET Fri, 21 July 2017 | 00:51 "It really sends a signal about what you stand for in your role as economic player in America," explains Rashid. "We do encourage organizations to get ahead of this."
There are three core ways to promote a culture of racial inclusion that "go beyond training," she says.
First, organizations must hire a diverse C-suite. Organizations with diverse decision-makers at the executive level have a "higher chance of being preemptive around these types of issues," says Rashid.
Next, businesses must understand how their employees and customers feel. To get ahead of the curve, Rashid advises that companies include questions about racial bias on employee and customer engagement surveys.
She suggests questions like, How included do you feel? Do you feel like you're working in a safe space? Do you feel like you're treated equally?
Finally, organizations must hold themselves accountable when it comes to tackling racial bias and consistently be making progress on it, says Rashid.
Last month, Starbucks announced that its sensitivity training would focus on implicit bias , which deals with how people ascribe certain characteristics to individuals based on how they were brought up, says Rashid. This strategy mirrors that used by companies like Facebook and Google .
However, Rashid says that the arrest of the two black men in Philadelphia is a clear case of explicit bias, because the men were racially profiled. "There's nothing implicit about that kind of bias," she says, "so I think the first step is to really distinguish what kinds of bias you're talking about."
She adds that companies often hide under the nomenclature of implicit bias, which implies that these biases can't be helped. But that's not true, she says. Instead of differentiating between implicit and explicit bias, Rashid advises that companies focus on racial bias as a whole, rather than getting bogged down in the terminology.
As for sensitivity training, she emphasizes that it's not a "once and done" strategy, but instead, it requires "constant vigilance."
Like this story? Like CNBC Make It on Facebook .
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show chapters Women read from the viral Google memo that argues men are better leaders 10:22 AM ET Wed, 9 Aug 2017 | 01:20 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/3-reasons-all-companies-should-have-racial-bias-training.html |
WASHINGTON (Reuters) - Less than a week after the Trump administration threatened to impose tariffs of up to 25 percent on foreign-built automobiles, the U.S. government on Tuesday said it would hold public hearings on whether the import of vehicles and auto parts represents national security risks.
FILE PHOTO: U.S. President Donald Trump talks with auto industry leaders, including General Motors CEO Mary Barra (4th L) and United Auto Workers (UAW) President Dennis Williams (4th R) at the American Center for Mobility in Ypsilanti Township, Michigan, U.S. on March 15, 2017. REUTERS/Jonathan Ernst/File Photo The Commerce Department announced in the Federal Register that it would hold two days of public comments in July on its probe of auto imports. Already, the tariff proposal has drawn condemnation from Republican lawmakers and business groups. A group representing major automakers said last week that it was “confident that vehicle imports do not pose a national security risk.”
The administration launched an investigation to determine whether vehicle and parts imports were threatening the industry’s health and ability to develop advanced technologies. The probe could lead to new U.S. tariffs similar to those imposed on imported steel and aluminum in March.
The U.S. Chamber of Commerce noted U.S. auto production has doubled over the past decade, and said tariffs “would deal a staggering blow to the very industry it purports to protect and would threaten to ignite a global trade war.”
The department’s notice sought written comments by June 22 with rebuttal comments due by July 6. Public hearings are planned for July 19-20 in Washington.
“There is evidence suggesting that, for decades, imports from abroad have eroded our domestic auto industry,” Commerce Secretary Wilbur Ross said in a statement last week, promising a “thorough, fair and transparent investigation.”
The notice said Commerce wants input on issues including “domestic production needed for projected national defense requirements” and how the analysis changes if it considers U.S.-owned automotive capacity versus foreign-owned automakers.
The department is also seeking comments on whether “innovation in new automotive technologies is necessary to meet projected national defense requirements” and on “displacement of any domestic automobiles and automotive parts causing substantial unemployment, decrease in the revenues of government, loss of investment or specialized skills and productive capacity.”
Last week’s probe announcement sparked a broad selloff in shares of Asian automakers including Toyota Motor Corp ( 7203.T ), Nissan Motor Co ( 7201.T ), Honda Motor Co ( 7267.T ) and Hyundai Motor Co ( 005380.KS ), which count the United States as a key market.
President Donald Trump had told automakers this month he was considering tariffs of up to 25 percent on imported passenger vehicles, up from 2.5 currently.
The administration is also trying to renegotiate the North American Free Trade Agreement to return more auto production to the United States. Some officials say the auto tariff probe is aimed in part at prodding Canada and Mexico to reach agreement on new auto provisions. U.S. auto tariffs do not apply to vehicles assembled under NAFTA.
Reporting by David Shepardson; Editing by David Gregorio
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-autos/u-s-sets-public-hearings-on-auto-import-tariff-probe-idUSKCN1IU271 |
Michael Frank ran his finger down his medical bill, studying the charges and pausing in disbelief. The numbers didn't make sense.
His recovery from a partial hip replacement had been difficult. He'd iced and elevated his leg for weeks. He'd pushed his 49-year-old body, limping and wincing, through more than a dozen physical therapy sessions.
The last thing he needed was a botched bill.
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His December 2015 surgery to replace the ball in his left hip joint at NYU Langone Medical Center in New York City had been routine. One night in the hospital and no complications.
He was even supposed to get a deal on the cost. His insurance company, Aetna , had negotiated an in-network "member rate" for him. That's the discounted price insured patients get in return for paying their premiums every month.
But Frank was startled to see that Aetna had agreed to pay NYU Langone $70,000. That's more than three times the Medicare rate for the surgery and more than double the estimate of what other insurance companies would pay for such a procedure, according to a nonprofit that tracks prices.
Fuming, Frank reached for the phone. He couldn't see how NYU Langone could justify these fees. And what was Aetna doing? As his insurer, wasn't its duty to represent him, its "member"? So why had it agreed to pay a grossly inflated rate, one that stuck him with a $7,088 bill for his portion?
Frank wouldn't be the first to wonder. The United States spends more per person on health care than any other country. A lot more. As a country, by many measures, we are not getting our money's worth. Tens of millions remain uninsured. And millions are in financial peril: About 1 in 5 is currently being pursued by a collection agency over medical debt. Health care costs repeatedly top the list of consumers' financial concerns.
Experts frequently blame this on the high prices charged by doctors and hospitals. But less scrutinized is the role insurance companies — the middlemen between patients and those providers — play in boosting our health care tab. Widely perceived as fierce guardians of health care dollars, insurers, in many cases, aren't. In fact, they often agree to pay high prices, then, one way or another, pass those high prices on to patients — all while raking in healthy profits.
ProPublica and NPR are examining the bewildering, sometimes enraging ways the health insurance industry works, by taking an inside look at the games, deals and incentives that often result in higher costs, delays in care or denials of treatment. The misunderstood relationship between insurers and hospitals is a good place to start.
Today, about half of Americans get their health care benefits through their employers, who rely on insurance companies to manage the plans, restrain costs and get them fair deals.
But as Frank eventually discovered, once he'd signed on for surgery, a secretive system of pre-cut deals came into play that had little to do with charging him a reasonable fee.
After Aetna approved the in-network payment of $70,882 (not including the fees of the surgeon and anesthesiologist), Frank's coinsurance required him to pay the hospital 10 percent of the total.
When Frank called NYU Langone to question the charges, the hospital punted him to Aetna, which told him it paid the bill according to its negotiated rates. Neither Aetna nor the hospital would answer his questions about the charges.
Frank found himself in a standoff familiar to many patients. The hospital and insurance company had agreed on a price and he was required to help pay it. It's a three-party transaction in which only two of the parties know how the totals are tallied.
Frank could have paid the bill and gotten on with his life. But he was outraged by what his insurance company agreed to pay. "As bad as NYU is," Frank said, "Aetna is equally culpable because Aetna's job was to be the checks and balances and to be my advocate."
And he also knew that Aetna and NYU Langone hadn't double-teamed an ordinary patient. In fact, if you imagined the perfect person to take on insurance companies and hospitals, it might be Frank.
For three decades, Frank has worked for insurance companies like Aetna, helping to assess how much people should pay in monthly premiums. He is a former president of the Actuarial Society of Greater New York and has taught actuarial science at Columbia University. He teaches courses for insurance regulators and has even served as an expert witness for insurance companies.
The hospital and insurance company may have expected him to shut up and pay. But Frank wasn't going away.
Patients fund the entire health care industry through taxes, insurance premiums and cash payments. Even the portion paid by employers comes out of an employee's compensation. Yet when the health care industry refers to "payers," it means insurance companies or government programs like Medicare.
Patients who want to know what they'll be paying — let alone shop around for the best deal — usually don't have a chance. Before Frank's hip operation he asked NYU Langone for an estimate. It told him to call Aetna, which referred him back to the hospital. He never did get a price.
Imagine if other industries treated customers this way. The price of a flight from New York to Los Angeles would be a mystery until after the trip. Or, while digesting a burger, you'd learn it cost 50 bucks.
A decade ago, the opacity of prices was perhaps less pressing because medical expenses were more manageable. But now patients pay more and more for monthly premiums, and then, when they use services, they pay higher co-pays, deductibles and coinsurance rates.
Employers are equally captive to the rising prices. They fund benefits for more than 150 million Americans and see health care expenses eating up more and more of their budgets.
Richard Master, the founder and CEO of MCS Industries Inc. in Easton, Pennsylvania, offered to share his numbers. By most measures MCS is doing well. Its picture frames and decorative mirrors are sold at Walmart , Target and other stores and, Master said, the company brings in more than $200 million a year.
But the cost of health care is a growing burden for MCS and its 170 employees. A decade ago, Master said, an MCS family policy cost $1,000 a month with no deductible. Now it's more than $2,000 a month with a $6,000 deductible. MCS covers 75 percent of the premium and the entire deductible. Those rising costs eat into every employee's take-home pay.
Economist Priyanka Anand of George Mason University said employers nationwide are passing rising health care costs on to their workers by asking them to absorb a larger share of higher premiums. Anand studied Bureau of Labor Statistics data and found that every time health care costs rose by a dollar, an employee's overall compensation got cut by 52 cents.
Master said his company hops between insurance providers every few years to find the best benefits at the lowest cost. But he still can't get a breakdown to understand what he's actually paying for.
"You pay for everything, but you can't see what you pay for," he said.
Master is a CEO. If he can't get answers from the insurance industry, what chance did Frank have?
Frank's hospital bill and Aetna's "explanation of benefits" arrived at his home in Port Chester, New York, about a month after his operation. Loaded with an off-putting array of jargon and numbers, the documents were a natural playing field for an actuary like Frank.
Under the words, "DETAIL BILL," Frank saw that NYU Langone's total charges were more than $117,000, but that was the sticker price, and those are notoriously inflated. Insurance companies negotiate an in-network rate for their members. But in Frank's case at least, the "deal" still cost $70,882.
With a practiced eye, Frank scanned the billing codes hospitals use to get paid and immediately saw red flags: There were charges for physical therapy sessions that never took place, and drugs he never received. One line stood out — the cost of the implant and related supplies. Aetna said NYU Langone paid a "member rate" of $26,068 for "supply/implants." But Frank didn't see how that could be accurate. He called and emailed Smith & Nephew, the maker of his implant, until a representative told him the hospital would have paid about $1,500. His NYU Langone surgeon confirmed the amount, Frank said. The device company and surgeon did not respond to ProPublica's requests for comment.
Frank then called and wrote Aetna multiple times, sure it would want to know about the problems. "I believe that I am a victim of excessive billing," he wrote. He asked Aetna for copies of what NYU Langone submitted so he could review it for accuracy, stressing he wanted "to understand all costs."
Aetna reviewed the charges and payments twice — both times standing by its decision to pay the bills. The payment was appropriate based on the details of the insurance plan, Aetna wrote.
Frank also repeatedly called and wrote NYU Langone to contest the bill. In its written reply, the hospital didn't explain the charges. It simply noted that they "are consistent with the hospital's pricing methodology."
Increasingly frustrated, Frank drew on his decades of experience to essentially serve as an expert witness on his own case. He gathered every piece of relevant information to understand what happened, documenting what Medicare, the government's insurance program for the disabled and people over age 65, would have paid for a partial hip replacement at NYU Langone — about $20,491 — and what FAIR Health, a New York nonprofit that publishes pricing benchmarks, estimated as the in-network price of the entire surgery, including the surgeon fees — $29,162.
He guesses he spent about 300 hours meticulously detailing his battle plan in two inches-thick binders with bills, medical records and correspondence.
ProPublica sent the Medicare and FAIR Health estimates to Aetna and asked why they had paid so much more. The insurance company declined an interview and said in an emailed statement that it works with hospitals, including NYU Langone, to negotiate the "best rates" for members. The charges for Frank's procedure were correct given his coverage, the billed services and the Aetna contract with NYU Langone, the insurer wrote.
NYU Langone also declined ProPublica's interview request. The hospital said in an emailed statement it billed Frank according to the contract Aetna had negotiated on his behalf. Aetna, it wrote, confirmed the bills were correct.
After seven months, NYU Langone turned Frank's $7,088 bill over to a debt collector, putting his credit rating at risk. "They upped the ante," he said.
Frank sent a new flurry of letters to Aetna and to the debt collector and complained to the New York State Department of Financial Services, the insurance regulator, and to the New York State Office of the Attorney General. He even posted his story on LinkedIn.
But no one came to the rescue. A year after he got the first bills, NYU Langone sued him for the unpaid sum. He would have to argue his case before a judge.
You'd think that health insurers would make money, in part, by reducing how much they spend.
Turns out, insurers don't have to decrease spending to make money. They just have to accurately predict how much the people they insure will cost. That way they can set premiums to cover those costs — adding about 20 percent for their administration and profit. If they're right, they make money. If they're wrong, they lose money. But, they aren't too worried if they guess wrong. They can usually cover losses by raising rates the following year.
Frank suspects he got dinged for costing Aetna too much with his surgery. The company raised the rates on his small group policy — the plan just includes him and his partner — by 18.75 percent the following year.
The Affordable Care Act kept profit margins in check by requiring companies to use at least 80 percent of the premiums for medical care. That's good in theory but it actually contributes to rising health care costs. If the insurance company has accurately built high costs into the premium, it can make more money. Here's how: Let's say administrative expenses eat up about 17 percent of each premium dollar and around 3 percent is profit. Making a 3 percent profit is better if the company spends more.
It's like if a mom told her son he could have 3 percent of a bowl of ice cream. A clever child would say, "Make it a bigger bowl."
Wonks call this a "perverse incentive."
"These insurers and providers have a symbiotic relationship," said Wendell Potter, who left a career as a public relations executive in the insurance industry to become an author and patient advocate. "There's not a great deal of incentive on the part of any players to bring the costs down."
Insurance companies may also accept high prices because often they aren't always the ones footing the bill. Nowadays about 60 percent of the employer benefits are "self-funded." That means the employer pays the bills. The insurers simply manage the benefits, processing claims and giving employers access to their provider networks. These management deals are often a large, and lucrative, part of a company's business. Aetna, for example, insured 8 million people in 2017, but provided administrative services only to considerably more — 14 million.
To woo the self-funded plans, insurers need a strong network of medical providers. A brand-name system like NYU Langone can demand — and get — the highest payments, said Manuel Jimenez, a longtime negotiator for insurers including Aetna. "They tend to be very aggressive in their negotiations."
On the flip side, insurers can dictate the terms to the smaller hospitals, Jimenez said. The little guys, "get the short end of the stick," he said. That's why they often merge with the bigger hospital chains, he said, so they can also increase their rates.
Other types of horse-trading can also come into play, experts say. Insurance companies may agree to pay higher prices for some services in exchange for lower rates on others.
Patients, of course, don't know how the behind-the-scenes haggling affects what they pay. By keeping costs and deals secret, hospitals and insurers dodge questions about their profits, said Dr. John Freedman, a Massachusetts health care consultant. Cases like Frank's "happen every day in every town across America. Only a few of them come up for scrutiny."
In response, a Tennessee company is trying to expose the prices and steer patients to the best deals. Healthcare Bluebook aims to save money for both employers who self-pay, and their workers. Bluebook used payment information from self-funded employers to build a searchable online pricing database that shows the low-, medium- and high-priced facilities for certain common procedures, like MRIs. The company, which launched in 2008, now has more than 4,500 companies paying for its services. Patients can get a $50 bonus for choosing the best deal.
Bluebook doesn't have price information for Frank's operation — a partial hip replacement. But its price range in the New York City area for a full hip replacement is from $28,000 to $77,000, including doctor fees. Its "fair price" for these services tops out at about two-thirds of what Aetna agreed to pay on Frank's behalf.
Frank, who worked with mainstream insurers, didn't know about Bluebook. If he had used its data, he would have seen that there were facilities that were both high quality and offered a fair price near his home, including Holy Name Medical Center in Teaneck, New Jersey, and Greenwich Hospital in Connecticut. NYU Langone is one of Bluebook's highest-priced, high-quality hospitals in the area for hip replacements. Others on Bluebook's pricey list include Montefiore New Rochelle Hospital in New Rochelle, New York, and Hospital for Special Surgery in Manhattan.
ProPublica contacted Hospital for Special Surgery to see if it would provide a price for a partial hip replacement for a patient with an Aetna small-group plan like Frank's. The hospital declined, citing its confidentiality agreements with insurance companies.
Frank arrived at the Manhattan courthouse on April 2 wearing a suit and fidgeted in his seat while he waited for his hearing to begin. He had never been sued for anything, he said. He and his attorney, Gabriel Nugent, made quiet conversation while they waited for the judge.
In the back of the courtroom, NYU Langone's attorney, Anton Mikofsky, agreed to talk about the lawsuit. The case is simple, he said. "The guy doesn't understand how to read a bill."
The high price of the operation made sense because NYU Langone has to pay its staff, Mikofsky said. It also must battle with insurance companies who are trying to keep costs down, he said. "Hospitals all over the country are struggling," he said.
"Aetna reviewed it twice," Mikofsky added. "Didn't the operation go well? He should feel blessed."
When the hearing started, the judge gave each side about a minute to make its case, then pushed them to settle.
Mikofsky told the judge Aetna found nothing wrong with the billing and had already taken care of most of the charges. The hospital's position was clear. Frank owed $7,088.
Nugent argued that the charges had not been justified and Frank felt he owed about $1,500.
The lawyers eventually agreed that Frank would pay $4,000 to settle the case.
Frank said later that he felt compelled to settle because going to trial and losing carried too many risks. He could have been hit with legal fees and interest. It would have also hurt his credit at a time he needs to take out college loans for his kids.
After the hearing, Nugent said a technicality might have doomed their case. New York defendants routinely lose in court if they have not contested a bill in writing within 30 days, he said. Frank had contested the bill over the phone with NYU Langone, and in writing within 30 days with Aetna. But he did not dispute it in writing to the hospital within 30 days.
Frank paid the $4,000, but held on to his outrage. "The system," he said, "is stacked against the consumer." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/why-your-health-insurer-doesnt-care-about-your-big-bills.html |
May 2, 2018 / 12:35 AM / Updated 25 minutes ago Oil steady on Iran sanction worries, but surging U.S. supplies cap market Henning Gloystein 3 Min Read
SINGAPORE (Reuters) - Oil prices were stable on Wednesday, supported by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains. Oil pumps are seen at sunset outside Vaudoy-en-Brie, near Paris, France April 23, 2018. REUTERS/Christian Hartmann
Brent crude oil futures LCOc1 were at $73.14 per barrel at 0148 GMT, virtually unchanged from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.2 percent, at $67.40 per barrel.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran’s nuclear program.
Iran’s oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry’s news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran’s oil.
The United States, however, has expressed doubts over Iran’s sincerity in implementing those curbs and has threatened to re-impose sanctions.
Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its oil exports.
“If Trump abandons the deal, he risks a spike in global oil prices... The re-introduction of U.S. sanctions would hurt Iran’s ability to transact in dollars,” said Ole Hansen, head of commodity strategy at Saxo Bank.
“A re-introduction of sanctions without seeing other OPEC-members increase production could remove an estimated 300,000-500,000 bpd of Iranian barrels,” he added.
Despite the threat of new Iran sanctions, other factors prevented crude prices from rising further.
U.S. crude inventories rose by 3.4 million barrels to 432.575 million in the week to March 27, according to a report by the American Petroleum Institute (API) on Tuesday.
The rising inventories are in part a result of soaring U.S. production C-OUT-T-EIA, which has jumped by more than a quarter in the last two years to 10.6 million barrels per day (bpd), making the United States the world’s number two crude oil producer behind only Russia, with 11 million bpd.
“Oil supplies (from the United States) are continuing to grow and there are no signs of a reversal,” said Fawad Razaqzada, market analyst at futures brokerage Forex.com.
U.S. drillers added five oil rigs looking for new production in the week to April 27, according to energy services firm Baker Hughes, bringing the total count to a March 2015 high of 825.
(Graphic: Russia vs Saudi vs U.S. oil production - reut.rs/2KdnFtj ) Reporting by Henning Gloystein; editing by Richard Pullin | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-oil/oil-prices-rise-on-iran-sanction-worries-despite-surging-u-s-supplies-idUKKBN1I302R |
May 22 (Reuters) - International Game Technology PLC :
* ANNOUNCES VARIABLE FORWARD TRANSACTION BY DE AGOSTINI S.P.A. AND PRICING OF RELATED REGISTERED PUBLIC OFFERING OF IGT ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY-DE AGOSTINI ENTERED VARIABLE FORWARD TRANSACTION WITH CREDIT SUISSE INTERNATIONAL RELATING TO 18 MILLION IGT ORDINARY SHARES
* IGT IS NOT A PARTY TO FORWARD TRANSACTION, AND IS NOT ISSUING OR SELLING ANY IGT ORDINARY SHARES
* INTERNATIONAL GAME TECHNOLOGY- CREDIT SUISSE OR ITS AFFILIATES HAVE BORROWED 13.2 MILLION IGT SHARES AND SOLD SUCH IGT ORDINARY SHARES AT $28.25/ EARNINGS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-de-agostini-has-entered-into-a-var/brief-de-agostini-has-entered-into-a-variable-forward-transaction-with-credit-suisse-international-for-18-mln-igt-shares-idUSASC0A3BP |
May 10, 2018 / 1:08 PM / in 6 minutes BRIEF-CityCenter Announces Closing Of Incremental Term Loan And Amendments To Its Credit Facilities Reuters Staff 1 Min Read
May 10 (Reuters) - MGM Resorts International:
* CITYCENTER ANNOUNCES CLOSING OF INCREMENTAL TERM LOAN AND AMENDMENTS TO ITS CREDIT FACILITIES Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-citycenter-announces-closing-of-in/brief-citycenter-announces-closing-of-incremental-term-loan-and-amendments-to-its-credit-facilities-idUSASC0A1H4 |
$285.9 million in sales, up 19.9 percent compared to Q1 2017, and a sequential increase of 7.6 percent GAAP diluted EPS of $0.24, up 41.5 percent compared to Q1 2017 $17.9 million in earnings before interest, taxes, depreciation and amortization (“EBITDA”) Net debt of $238.6 million with $12.6 million in cash on the balance sheet
HOUSTON--(BUSINESS WIRE)-- DXP Enterprises, Inc. (NASDAQ: DXPE) today announced financial results for the first quarter The following are results for the three months ended March 31, 2018, compared to the three months ended March 31, 2017. A reconciliation of the non-GAAP financial measures can be found in the back of this press release.
First Quarter 2018 financial highlights:
Sales increased 19.9 percent to $285.9 million, compared to $238.5 million for the first quarter of 2017, and 7.6 percent compared to the fourth quarter of 2017. Earnings per diluted share for the first quarter was $0.24 based upon 18.7 million diluted shares, compared to $0.17 per share in the first quarter of 2017, based on 18.2 million diluted shares Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter was $17.9 million compared to $15.5 million for the first quarter of 2017, an increase of 15.5 percent. EBITDA as a percentage of sales was 6.3 percent and 6.5 percent, respectively, comparing the first quarter of 2018 versus 2017.
David R. Little, Chairman and CEO, remarked, “During the first quarter of 2018 we experienced broad-based demand improvement across our key end markets and regions. DXP’s first quarter 2018 sales were $285.9 million, or a 19.9 percent increase over the first quarter of 2017. DXP’s positive results demonstrate how we have strengthened our business organically and through acquisitions. Organic sales increased 15.4 percent and acquisitions added $10.6 million in sales. EBITDA grew 15.5 percent. During the first quarter, sales were $175.4 million for Service Centers, $67.6 million for Innovative Pumping Solutions and $42.9 million for Supply Chain Services. Business segment operating income increased 25.6 percent year-over-year and increased 9.6 percent sequentially. Total DXP operating profit and EPS both grew on a double-digit percentage basis versus the prior year, reflecting the positive pull through and operating leverage we expect to continue. Our customers and suppliers look to DXP to provide a broad portfolio of products, value-added services and leading supply chain solutions. Overall, we are very pleased with the progress DXP is making. I am confident in our team’s ability to be customer driven experts in MROP solutions and deliver value to our customer operations and supply chains in 2018 and beyond.”
Kent Yee, CFO, added, “Our first quarter sequential and year-over-year financial results were great to see. This is our fifth consecutive quarter of sequential sales increases. We announced the acquisition of Application Specialties, Inc., a leading provider of high tolerance and standard cutting tools, abrasives, coolants and machine shop supplies. We closed the ASI acquisition on January 1 st and are excited to welcome the ASI team to DXP. Total debt outstanding as of March 31, 2018 was $251.3 million. DXP’s secured leverage ratio or net debt to EBITDA ratio was 3.4:1.0. We look forward to the momentum continuing and a positive fiscal year 2018.”
We will host a conference call regarding 2018 first quarter results on the Company’s website ( www.dxpe.com ) Tuesday, May 8, 2017 at 4 pm CST. Web participants are encouraged to go to the Company’s website at least 15 minutes prior to the start of the call to register, download and install any necessary audio software. The online archived replay will be available immediately after the conference call at www.dxpe.com .
Non-GAAP Financial Measures
DXP supplements reporting of net income with non-GAAP measurements, including EBITDA, Adjusted EBITDA and free cash flow. This supplemental information should not be considered in isolation or as a substitute for the unaudited GAAP measurements. Additional information regarding EBITDA and free cash flow referred to in this press release are included below under "--Unaudited Reconciliation of Non-GAAP Financial Information."
The Company believes EBITDA provides additional information about: (i) operating performance, because it assists in comparing the operating performance of the business, as it removes the impact of non-cash depreciation and amortization expense as well as items not directly resulting from core operations such as interest expense and income taxes and (ii) the performance and the effectiveness of operational strategies. Additionally, EBITDA performance is a component of a measure of the Company’s financial covenants under its credit facility. Furthermore, some investors use EBITDA as a supplemental measure to evaluate the overall operating performance of companies in the industry. Management believes that some investors’ understanding of performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing ongoing results of operations. By providing this non-GAAP financial measure, together with a reconciliation from net income, the Company believes it is enhancing investors’ understanding of the business and results of operations, as well as assisting investors in evaluating how well the Company is executing strategic initiatives.
About DXP Enterprises, Inc.
DXP Enterprises, Inc. is a leading products and service distributor that adds value and total cost savings solutions to industrial customers throughout the United States, Canada, Mexico and Dubai. DXP provides innovative pumping solutions, supply chain services and maintenance, repair, operating and production ("MROP") services that emphasize and utilize DXP’s vast product knowledge and technical expertise in rotating equipment, bearings, power transmission, metal working, industrial supplies and safety products and services. DXP's breadth of MROP products and service solutions allows DXP to be flexible and customer-driven, creating competitive advantages for our customers. DXP’s business segments include Service Centers, Innovative Pumping Solutions and Supply Chain Services. For more information, go to www.dxpe.com .
The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. In some cases, you can identify forward-looking statements by terminology such as, but not limited to, “may,” “will,” “should,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “goal,” or “continue” or the negative of such terms or other comparable terminology. For more information, review the Company’s filings with the Securities and Exchange Commission.
DXP ENTERPRISES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
($ thousands, except per share amounts)
Three Months Ended
March 31,
2018 2017 Sales $ 285,936 $ 238,527 Cost of sales 209,491 174,012 Gross profit 76,445 64,515 Selling, general and administrative expenses 65,296 56,279 Operating income 11,149 8,236 Other income, net (22 ) (228 ) Interest expense 5,041 3,653 Income before income taxes 6,130 4,811 Provision for income taxes 1,636 1,817 Net income 4,494 2,994 Less: Net loss attributable to non-controlling interest (57 ) (139 ) Net income attributable to DXP Enterprises, Inc. 4,551 3,133 Preferred stock dividend 23 23 Net income attributable to common shareholders $
4,528
$
3,110
Diluted earnings per share attributable to DXP Enterprises, Inc. $ 0.24 $ 0.17 Weighted average common shares and common equivalent shares outstanding
18,741
18,249
Business segment financial highlights:
Service Centers’ revenue for the first quarter was $175.4 million, an increase of 17.9 percent year-over-year with a 9.0 percent operating income margin. Organic sales increased 10.8 percent year-over-year. Innovative Pumping Solutions’ revenue for the first quarter was $67.6 million, an increase of 37.9 percent year-over-year with a 9.4 percent operating income margin. Supply Chain Services’ revenue for the first quarter was $42.9 million, an increase of 5.3 percent year-over-year with a 9.4 percent operating margin.
SEGMENT DATA
($ thousands, unaudited)
Sales
by Segment
Three Months Ended
March 31,
Operating Income
by Segment
Three Months Ended
March 31,
2018
2017
2018
2017
Service Centers $ 175,362 $ 148,713 $ 15,830 $ 13,340 Innovative Pumping Solutions 67,642 49,058 6,382 3,510 Supply Chain Services 42,932 40,756 4,054 4,058 Total DXP $ 285,936 $ 238,527 $ 26,266 $ 20,908 Reconciliation of Operating Income for Reportable Segments
($ thousands, unaudited)
Three Months Ended
March 31,
2018 2017 Operating income for reportable segments $ 26,266 $ 20,908 Adjustment for: Amortization of intangibles 4,358 4,316 Corporate expense 10,759 8,356 Total operating income 11,149 8,236 Interest expense 5,041 3,653 Other income, net (22 ) (228 ) Income before income taxes $ 6,130 $ 4,811
Unaudited Reconciliation of Non-GAAP Financial Information
The following table is a reconciliation of Adjusted EBITDA**, a non-GAAP financial measure, to income before income taxes, calculated and reported in accordance with U.S. GAAP ($ thousands, unaudited).
Three Months Ended
March 31,
Three Months
Ended
December 31,
2018 2017 2017 Income before income taxes $ 6,130 $ 4,811 $ 4,138 Plus: interest expense 5,041 3,653 4,481 Plus: depreciation and amortization 6,714 7,015 7,188 EBITDA $ 17,885 $ 15,479 $ 15,807 Plus: NCI before tax 57 224 (1 ) Plus: Stock compensation expense 446 533 316 Adjusted EBITDA $ 18,388 $ 16,236 $ 16,122 **Adjusted EBITDA – earnings before interest, taxes, depreciation and amortization
DXP ENTERPRISES, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
($ thousands, except per share amounts)
As of March 31, 2018
As of December 31, 2017
ASSETS Current assets: Cash $ 12,646 $ 22,047 Restricted Cash 399 3,532 Trade accounts receivable, net of allowances for doubtful accounts 168,176 167,272 Inventories 103,194 91,413 Costs and estimated profits in excess of billings on uncompleted contracts 35,534 26,915 Prepaid expenses and other current assets 4,580 5,296 Federal income taxes recoverable - 1,440 Total current assets 324,529 317,915 Property and equipment, net 52,257 53,337 Goodwill 194,074 187,591 Other intangible assets, net of accumulated amortization 80,037 78,525 Other long-term assets 1,707 1,715 Total assets $ 652,605 $ 639,083 LIABILITIES AND EQUITY Current liabilities: Current maturities of long-term debt $ 3,387 $ 3,381 Trade accounts payable 90,930 80,303 Accrued wages and benefits 14,411 18,483 Customer advances 2,718 2,189 Billings in excess of costs and estimated profits on uncompleted contracts 4,156 4,249 Other current liabilities 16,152 16,220 Total current liabilities 131,754 124,825 Long-term debt, less current maturities and unamortized debt issuance costs 238,217 238,643 Deferred income taxes 8,429 7,069 Total long-term liabilities
246,646
245,712
Equity: Total DXP Enterprises, Inc. equity 273,914 267,979 Non-controlling interest 291 567 Total Equity 274,205 268,546 Total liabilities and equity $ 652,605 $ 639,083
The following table is a reconciliation of Free Cash Flow***, a non-GAAP financial measure, to cash flow from operating activities, calculated and reported in accordance with U.S. GAAP ($ thousands, unaudited).
Three Months Ended March 31,
2018 2017 Net cash provided by operating activities $ (1,606 ) $ (2,190 ) Less: purchase of equipment 791 601 Free Cash Flow $ (2,397 ) $ (2,791 ) Plus: Outstanding Checks 17,130 - Adjusted Free Cash Flow $ 14,733 $ (2,791 )
***Outstanding Checks – Accounting rules require companies to net outstanding check balances against cash that is available. Prior to DXP’s Q3 refinancing, DXP did not have cash on its balance sheet with its primary lender to net the outstanding checks, thus they were included in the accounts payable balance.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180508006616/en/
DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com
Source: DXP Enterprises, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/business-wire-dxp-enterprises-reports-first-quarter-2018-results.html |
AACHEN, Germany (Reuters) - Germany must wean itself off the “fetish” of fiscal conservatism if it has ambitions to become a leading force for European renewal, French President Emmanuel Macron said on Thursday.
The European Union needed to integrate more closely in the face of outside threats and resurgent nationalism within its borders. That included establishing a standalone euro zone budget he said, after receiving a German prize for his contribution to European unification.
In terms of their recipe for Europe, Macron and German Chancellor Angela Merkel are broadly aligned on migration, defense and security.
But they are at odds on economics and finance, with Merkel reluctant to take steps - such as setting up a euro zone budget - that might lead to Germany carrying greater liability for other euro zone countries’ problems.
Macron said he disagreed with those who branded Germany selfish and against reform, but it was time Berlin let go of old obsessions.
French President Emmanuel Macron signs a book after being awarded the Charlemagne Prize during a ceremony in Aachen, Germany May 10, 2018. REUTERS/Wolfgang Rattay “In Germany there cannot be a perpetual fetish for budget and trade surpluses, because they are always made at the expense of certain others,” Macron said, adding that a north-south divide between wealthy and poorer nations that emerged during the financial crisis should not be allowed to resurface.
Merkel, who spoke before Macron received the Charlemagne Prize - an annual award bestowed by the city of Aachen - commended his “enthusiasm... commitment (and)... courage” in support of European integration.
But while lavish in her praise for the 40-year-old Macron since he swept to power a year ago, Merkel has largely poured cold water on his ideas for reinforcing economic and monetary union.
Slideshow (11 Images) She acknowledged that Paris and Berlin differed on how to strengthen the euro zone, but she said both countries would present a roadmap as planned by June.
“These are difficult discussions, due to different cultures,” Merkel said. “(But)... we will strengthen the euro zone, we will make it more competitive.”
Reporting by Reuters TV in Aachen, Richard Lough in Paris and Michael Nienaber in Berlin, editing by Gareth Jones and John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-macron-charlemagne/macron-receiving-charlemagne-prize-calls-for-ambitious-european-budget-idUSKBN1IB1FF |
Fed’s Quarles on Trump’s new tariffs and interest rates 48 Mins Ago CNBC’s Steve Liesman discusses President Trump’s new tariffs with Federal Reserve Vice Chairman Randal Quarles. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/feds-quarles-tariffs-interest-rates.html |
Understanding the aims of Chinese who buy real estate overseas 5 Hours Ago Carrie Law of Juwai.com says a lot of the company's users are interested in buying property overseas for the purposes of investment, education, emigration or capital gains. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/understanding-the-aims-of-chinese-who-buy-real-estate-overseas.html |
May 2 (Reuters) - AAC Holdings Inc:
* Q1 LOSS PER SHARE $0.01 * Q1 EARNINGS PER SHARE VIEW $0.12 — THOMSON REUTERS I/B/E/S
* Q1 ADJUSTED NON-GAAP EARNINGS PER SHARE $0.13
* Q1 REVENUE $78.5 MILLION VERSUS I/B/E/S VIEW $75.9 MILLION
* MAINTAINS ITS PREVIOUSLY ISSUED 2018 OUTLOOK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aac-holdings-reports-q1-loss-per-s/brief-aac-holdings-reports-q1-loss-per-share-0-01-idUSASC09Z50 |
HOUSTON, April 30, 2018 (GLOBE NEWSWIRE) -- NCS Multistage Holdings, Inc. (“NCS” or the “Company”) (NASDAQ:NCSM) will host a conference call to discuss its first quarter 2018 results on Tuesday, May 8, 2018 at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). NCS will issue its first quarter 2018 earnings release the evening prior to the conference call.
To join the conference call from within the United States, participants may dial (844) 400-1696. To join the conference call from outside of the United States, participants may dial (703) 736-7385. The conference access code is 7067549. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investors section of the Company’s website, http://www.ncsmultistage.com .
An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing (855) 859-2056 within the United States or (404) 537-3406 outside of the United States. The conference call replay access code is 7067549. The replay will also be available in the Investors section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.
NCS Multistage Holdings, Inc. is a leading provider of highly engineered products and support services that facilitate the optimization of oil and natural gas well completions and field development strategies. The Company provides products and services to exploration and production companies for use in horizontal wells in unconventional oil and natural gas formations throughout North America and in selected international markets, including Argentina, China and Russia. The Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “NCSM.” Additional information is available on the Company’s website, www.ncsmultistage.com .
Contact:
Ryan Hummer
Chief Financial Officer
+1 281-453-2222
[email protected]
Source:NCS Multistage Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/04/30/globe-newswire-ncs-multistage-holdings-inc-schedules-first-quarter-2018-earnings-release-and-conference-call.html |
May 17, 2018 / 11:55 AM / Updated 12 minutes ago Bosnia declines to extradite man sought by Tunisia over 2016 killing Reuters Staff 2 Min Read
SARAJEVO (Reuters) - A Bosnian court said on Thursday it had rejected a request from Tunisia to hand over a Bosnian national wanted on terrorism charges over his alleged role in the 2016 killing of a Tunisian whom Palestinian group Hamas said was one of its members.
The state court concluded that Elvir Sarac, who was arrested this week on Interpol’s red warrant, could not be extradited to Tunisia because the two countries have no bilateral treaty allowing extradition of their nationals for prosecution.
Neither Bosnia or Tunisia are signatories to international conventions which could provide for extradition under special circumstances, the court said in a statement to Reuters. It did not provide more detail on further proceedings.
Bosnian judge Branko Peric has said Sarac was suspected by Tunisia of “instigating terrorist acts and of membership of a terrorist organisation, as well as of harming public order and international security”. Sarac has denied any wrongdoing.
Mohammed Zawari, an aerospace engineer and drone expert, was shot dead in December 2016 near the city of Sfax. Tunisian authorities said they had arrested 10 Tunisians but that two foreigners suspected of plotting the killing had escaped.
Hamas blamed Israel for the killing of Zawari, who had been a member of its organisation for 10 years, it said.
Police in Croatia arrested a Bosnian citizen wanted by Tunisia for the same assassination in March.
A Croatian court ruled last week that he could be extradited to Tunisia, although his lawyers said they would appeal. Reporting by Maja Zuvela; Editing by Catherine Evans | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-bosnia-crime-tunisia/bosnia-declines-to-extradite-man-sought-by-tunisia-over-2016-killing-idUKKCN1II1MS |
EWING, NJ, May 30, 2018 (GLOBE NEWSWIRE) -- TGI SOLAR POWER GROUP INC. (OTCMarkets: TSPG) (“TGI”), a diversified technology company, today announced the addition of new members to its advisory team. The newest advisory board member is Ben RG Hedenberg, who will join TGI's team of industry leaders, business and research experts.
Ben RG Hedenberg, LL.M. is the founder of Big Ben Ventures and possesses a unique mix of legal, financial, operational and technical knowledge, which complements and extends Big Ben's entrepreneurial and financial expertise. He has extensive experience in new business start-ups and development. Proven entrepreneurial skills in introducing cutting edge technologies, including strategic planning, market analysis and fundraising. Before funding Big Ben he spent four years in the 1980 as CEO and President for CD Plant AB (Sweden). Lead the process from planning to commercialization of the largest production unit for Optical Disc’s in Northern Europe; at the time a leading edge technology. He was the founder of the art music record company The Big Ben Phonogram Company Ltd. (U.K.). Successfully released records on the global market, including artists as Sir Yehudi Menuhin and Christoph Eschenbach. In the 1990s Ben spent four years as Executive Director, Bready International B.V. Responsible for strategic planning and fundraising for a new and unique system utilizing a hardware and software combined in an innovative system. For the past eight years Ben has been committed to innovation projects within information technology, clean technology, digital communications, intermodal transportation, combined food science and appliance projects, Internet sales and marketing projects, as well as to restructure business entities and to develop business plans, strategies and carry out mergers.
He holds a Masters of Laws Degree (LL.M.) from the Lund University in Sweden, and has written a Graduate Thesis on the subject "The Inventive Step" (with distinction). Member of the Swedish-American Chambers of Commerce.
TGI continues to make progress with its manufacturing partners in gearing up for the production of Specialty Electric Vehicles. TGI and its partners are beginning detailed engineering to prepare low cost foreign manufacturing of US designed electrics vehicles to serve demand in growing foreign market demand.
About evTransportation Services, Inc, ( http://evtaas.com) . evTS’ mission is to become the premier company in the fleet management solutions business through the design and development of energy efficient all-electric utility vehicles for the “Essential Services” transportation market, providing tightly integrated vehicle connectivity.
For more information, please see www.otcMarkets.com under ticker symbol "TSPG", and visit our Facebook page https://www.facebook.com/TGISolarPower/
About TGI Solar: TGI SOLAR POWER GROUP INC. is a diversified holding company. TGI's strategy is to acquire innovative and patented technologies, components, processes, designs and methods with commercial value that will give competitive market advantage and generate shareholder value.
Safe Harbor Statements under the Private Securities Litigation Reform Act of 1965: Those statements contained herein which are not historical are forward-looking statements, and as such, are subject to risks and uncertainties that could cause actual operating results to materially differ from those contained in the forward-looking statements. Such statements include, but are not limited to, certain delays that are beyond the company's control, with respect to market acceptance of new technologies, or product delays in the testing and evaluation of products, and other risks, as detailed in the company's periodic filings with the Securities and Exchange Commission
For further info: [email protected] 609-201-2099
Source:TGI Solar Power Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-tgi-expands-leadership-and-advisory-board-welcomes-new-member-to-the-advisory-board.html |
YEREVAN, May 2 (Reuters) - Protesters in Armenia on Wednesday blocked some routes into the capital, Yerevan, and a road to the airport, after protest movement leader Nikol Pashinyan announced a nationwide campaign of civil disobedience.
The ruling Republican Party thwarted Pashinyan’s bid to take over as prime minister on Tuesday.
“We will be staying here,” David, 19, one of those who blocked the road to the airport, told Reuters.
Protesters also blocked several cross-roads in the city centre. (Reporting by Margarita Antidze and Hasmik Mkrtchyan; Editing by Clarence Fernandez)
| ashraq/financial-news-articles | https://www.reuters.com/article/armenia-politics-protests/armenia-protesters-block-routes-to-capital-road-to-airport-idUSL8N1S90ND |
•‘That’s Not a Good Use of My Time:’ Bill Gates Says He Turned Down a Job Offer From Donald Trump (by David Meyer)
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WhatsApp founder plans to leave after broad clashes with Facebook . Didi vs. Meituan: China’s biggest tech battle heats up . World’s second most valuable cryptocurrency is under regulatory scrutiny . VENTURE DEALS
• Hustle , a San Francisco-based peer-to-peer (P2P) messaging platform, raised $30 million in Series B funding. Insight Venture Partners led the round, and was joined by investors including GV and Salesforce Ventures.
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• ZeroCater , a San Francisco-based provider of office catering and snacks, raised $12 million in Series B funding. Cleveland Avenue LLC led the round, and was joined by investors including Romulus Capital and Struck Capital.
• Algolux Inc. , a Canada-based provider of machine-learning stacks for autonomous vision and imaging, raised $10 million in Series A funding. General Motors Ventures led the round, and was joined by investors including Drive Capital , Intact Ventures, and Real Ventures .
• Paragraf , a U.K.-based graphene technology development company, raised £2.9 million ($4 million) in seed funding. Cambridge Enterprise led the round, and was joined by investors including Parkwalk Advisors, Amadeus Capital Partners, and IQ Capital Partners.
• Covee , a network for decentralized data science collaboration, raised €1.35 million ($1.62 million) in seed funding. LocalGlobe led the round, and was joined by investors including Atlantic Labs . Advertisement HEALTH AND LIFE SCIENCES DEALS
• Crescendo Biologics Ltd , a U.K.-based biopharmaceutical company, raised $70 million in Series B funding. Andera Partners led the round, and was joined by investors including Quan Capital.
• Attenua Inc , a developer of new chronic cough treatments, raised $35 million in Series A funding. Omega Funds led the round, and was joined by investors including Abingworth, OrbiMed and Redmile Group LLC.
• NovellusDx , an Israel-based provider of functional genomics, raised $6 million in funding. Investors include Helsinn Group, Bio Capital Impact Fund and Windham Venture Partners. Advertisement PRIVATE EQUITY DEALS
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• Peter C. Foy & Associates Insurance Services LLC , which is backed by BHMS and Madison Capital , made four acquisitions: R.L. Milsner, Inc. Insurance Brokerage, Senex Insurance Services, Inc, Stratton Agency and Clark & Associates of Nevada Inc . Financial terms weren’t disclosed.
• Anne Arundel Dermatology Management , a portfolio company of New MainStream Capital, acquired Tideway Dermatology , a Maryland-based dermatology practice. Financial terms weren’t disclosed.
• Warren Equity Partners acquired Meridian Waste , a St. Louis, Mo., and Richmond, Va.-based solid waste company. No financial terms were disclosed.
• Future Planet Capital acquired a stake in Halo Neuroscience , a San Francisco-based developer of a neurostimulation headset, for $1 million. Advertisement OTHER DEALS
• Walmart Inc. will sell its British arm Asda Group Ltd. to rival J Sainsbury in a deal that values the chain at about £7.3 billion ($10.1 billion), according to the Wall Street Journal. Under the terms of the deal, Walmart gets a 42% stake in the combined company and almost £3 billion in cash. Read more. Advertisement IPOs
• Tencent Music , the Chinese music streaming giant, has called for banks to pitch for its $4 billion IPO in the U.S., IFR reports citing sources. Read more .
• Vinhomes JSC , a Vietnamese property developer, filed to raise $1.4 billion in the countries largest ever IPO. Read more.
• Kiniksa Pharmaceuticals , a Lexington, Mass.-based firm creating products for autoimmune conditions, filed for an IPO of up to $100 million. Goldman Sachs and J.P. Morgan are underwriters in the deal. Baker Bros. Advisors backs the firm. The firm plans to list on the Nasdaq as “KNSA.” Read more.
• Greensky , an Atlanta, Ga.-based sales platform, filed to raise $100 million in an IPO. Pacific Investment Management Company and TPG back the firm. Goldman Sachs, J.P. Morgan, and Morgan Stanley are underwriters in the deal. The firm plans to list as “GSKY.” It has not yet chosen an exchange. Read more .
• Evelo Biosciences , a Cambridge, Mass.-basd biotech focused on the gut, said it plans to raise $85 million in an IPO of 5.31 million shares priced between $15 to $17. Flagship Pioneering (68% pre-offering) and Fidelity (7%) back the firm. Morgan Stanley, Cowen, and BMO Capital are underwriters in the deal. The firm plans to list on the Nasdaq as “EVLO.” Read more .
• Scholar Rock Holding , a Cambridge, Mass.-based biotech developing diseases in which protein growth plays a main factor, filed to raise $75 in an IPO. Fidelity (15%), Polaris Venture (14%), ARCH Venture ( 14%), and Artal International (10%) back the firm. Jefferies, Cowen, and BMO Capital Markets are underwriters in the deal. Read more . Advertisement EXITS
• Greenbriar Equity Group sold Ryan Herco Flow Solutions , a Burbank, Calif.-based specialty distributor of flow solutions for mission-critical fluids, to SunSource . Financial terms weren’t disclosed.
• EQT agreed to sell Piab Group , a Sweden-based supplier of industrial vacuum technology solutions like vacuum ejectors, suction cups and vacuum conveyors, to Patricia Industries , a part of Investor AB . Financial terms weren’t disclosed. Advertisement
• Andra Capital raised more than $500 million for its blockchain-focused late-stage technology growth fund.
• Sky9 Capital , a China-focused venture firm, raised $200 million for its third fund. Advertisement | ashraq/financial-news-articles | http://fortune.com/2018/05/01/term-sheet-tuesday-may-1/ |
April 30 (Reuters) - RGC Resources Inc:
* Q2 EARNINGS PER SHARE $0.47 * QTRLY REVENUES $24.9 MILLION VERSUS$21.9 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rgc-resources-reports-q2-eps-of-04/brief-rgc-resources-reports-q2-eps-of-0-47-idUSASC09YCL |
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