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BANGKOK (Thomson Reuters Foundation) - Vietnamese activist Khanh Nguy Thi knew early on that depending on coal to meet the country’s growing demand for energy would be a disaster for its people and the environment.
She also knew that listening to women in the villages, and involving government officials in the conversation, were key to a greener future for the Southeast Asian country.
It was Khanh’s combination of collaboration and pragmatism that helped convince Vietnam to rewrite its energy plan to reduce its dependency on coal, even as other activists in the region have struggled to make an impact.
“Energy is important for economic development, and it also has a huge impact on the environment and the people. But there was very little involvement of the civil society in the government’s energy plans,” said Khanh.
“Particularly women, who are also affected, but were not being heard, as decisions are made by men - it is important to listen to them,” she told the Thomson Reuters Foundation.
Khanh last week was named as one of the recipients of the prestigious Goldman Environmental Prize, known as the “Green Nobel”, which honors grassroots activism.
She was one of two Asians to win the prize, which this year was dominated by women.
Khanh’s work is critical as Vietnam develops a wave of new power plants to support economic growth that is among the fastest in Asia.
Khanh set up Green Innovation and Development Centre (GreenID) in 2011 to educate communities on renewable energy, and convince officials on the merits of clean energy.
She was instrumental in pushing the government to revise its long-term energy projections to reduce its planned coal expansion and cut emissions by up to 25 percent by 2030, in part by increasing power generated from wind, solar and biomass.
She also halted the construction of two hydro-power plants in a national park, and helped design a gender impact assessment manual for hydro developers.
Vietnam’s commitments are an exception in the region, where activists from Thailand to Cambodia are protesting coal-fired power plants and mega dams they say are harming the environment and forcing people off their lands.
“Renewable energy, if done well with the participation of stakeholders including farmers, can help achieve the Sustainable Development Goals and climate goals,” she said, referring to the U.N.’s set of global development goals to be met by 2030.
The objectives include key energy targets of ensuring universal access to modern energy and increasing the share of renewables used.
Vietnam is well placed to achieve those aims, “as we have abundant non-hydro renewable energy resources,” Khanh said.
“There is a great opportunity for our nation to move beyond coal. As the mother of three kids, I want to make sure there is clean water, clean air and a clean environment for our kids.”
Reporting by Rina Chandran @rinachandran. Editing by Jared Ferrie. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, women's rights, trafficking, property rights, climate change and resilience. Visit news.trust.org to see more stories.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vietnam-energy-environment/listening-to-womens-voices-in-vietnams-energy-debate-idUSKBN1I50U9 |
Bitcoin SEC official urges caution on ICOs A top SEC enforcement official says many so-called initial coin offerings launching new cryptocurrencies are securities offerings in disguise, which could be putting investors at risk. "They're raising a lot of money, but they're not complying with the rules that are in place to protect investors," says Valerie Szczepanik, SEC assistant director of enforcement and head of the agency's working group on cryptocurrencies. Roughly $9.8 billion has been raised through ICOs since 2016, according to financial research firm Autonomous Next. Chesnot | Getty Images Digital cryptocurrencies, Bitcoin, Ripple, Ethernum, Dash, Monero and Litecoin.
A top enforcement official with the Securities and Exchange Commission says many so-called "initial coin offerings" launching new cryptocurrencies are, in fact, securities offerings in disguise. And that could be putting investors at risk.
"They're raising a lot of money, but they're not complying with the rules that are in place to protect investors," said Valerie Szczepanik, SEC assistant director of enforcement and head of the agency's working group on cryptocurrencies.
Szczepanik spoke at a conference in New York on "The Future of Financial Fraud," staged by the University of California-Berkeley's Center for Law and Business.
Roughly $9.8 billion has been raised through ICOs since 2016, according to financial research firm Autonomous Next. About $3.5 billion was raised in the first three months of 2018 alone.
While Szczepanik did not single out any specific ICO, she said all too many are designed not to launch the currency but to raise money for the company behind it and allow investors to speculate — the very definition of a security under the law.
"What we're seeing is the issuance of these tokens before a platform is built," she said.
Yet she said they are not providing some of the basic transparency and disclosure required under the law.
As a result, she said, the commission is looking closely at the offerings and is already taking aggressive action to rein them in.
But the founder of a company that invests in digital currency platforms, appearing on the same panel, argued that securities laws in place since the Great Depression may need to be updated to take the rise of cryptocurrencies into account.
"Digital currency is here to stay," said Barry Silbert, CEO of Digital Currency Group. "Money is becoming digital."
But even Silbert acknowledged that ICOs are risky, which is why his company only invests in platforms as opposed to the currencies themselves.
"People are going to lose a lot of money (on ICOs)," he said.
Proponents of the currencies say the blockchain technology behind the digital currencies, if properly used, can actually combat fraud, since it creates a virtual ledger with every transaction.
"This technology enables a huge amount of transparency that is unprecedented in financial markets," said panelist Jonathan Levin, chief operating officer of Chainalysis, which helps companies identify the sources of funds behind the coin offerings.
Szczepanik said the SEC is trying to strike a balance between protecting investors and facilitating the emerging technology.
"We do not want to chill the markets," she said. "The promise of blockchain technology is not one that we want to ignore," she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/sec-official-urges-caution-on-icos.html |
GLENVIEW, Ill., May 04, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Illinois Tool Works Inc. (NYSE:ITW) declared a dividend on the company's common stock of $0.78 per share for the second quarter of 2018. The dividend equates to $3.12 per share on a full-year basis. The dividend will be paid on July 11, 2018 to shareholders of record as of June 29, 2018.
About Illinois Tool Works
ITW (NYSE:ITW) is a Fortune 200 global multi-industrial manufacturing leader with revenues totaling $14.3 billion in 2017. The company’s seven industry-leading segments leverage the unique ITW Business Model to drive solid growth with best-in-class margins and returns in markets where highly innovative, customer-focused solutions are required. ITW has approximately 50,000 dedicated colleagues in operations around the world who thrive in the company’s unique, decentralized and entrepreneurial culture.
www.itw.com
Media Contact
Illinois Tool Works
Trisha Knych
Tel: 224.661.7566
[email protected]
Source:Illinois Tool Works Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-itw-board-of-directors-declares-quarterly-dividend.html |
Robert Plant (@drrobertplant) is an associate professor at the School of Business Administration, University of Miami in Coral Gables, Florida. Blockchain technologies are becoming increasingly popular as mechanisms to track transactions between parties. The advantage of this technology over its predecessors is its ability to empower the trust relationship between the parties, even if they […]
To Read the Full Story Subscribe Sign In Previous For Children in the Hospital, VR May Be the Cure for Anxiety | ashraq/financial-news-articles | https://blogs.wsj.com/experts/2018/05/29/%e2%80%8bblockchain-may-be-good-for-security-but-not-so-good-for-privacy/ |
May 2 (Reuters) - Guangzhou Automobile Group :
* SAYS IT HAS RECEIVED 300 MILLION YUAN ($47.19 million) GOVERNMENT SUPPORTING FUND Source text in Chinese: bit.ly/2HPm0bP Further company coverage: ($1 = 6.3571 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-guangzhou-automobile-group-receive/brief-guangzhou-automobile-group-receives-300-million-yuan-government-supporting-fund-idUSH9N1S402J |
May 4, 2018 / 4:19 PM / Updated 2 hours ago Kvitova ousts Zhang to set up Prague Open final with Buzarnescu Reuters Staff 2 Petra Kvitova moved a step closer to winning a second title of the year when she beat China’s Zhang Shuai 7-6(6) 6-0 in the semi-finals of the Prague Open on Friday. FILE PHOTO: Czech Republic’s Petra Kvitova celebrates after winning her singles match against Germany’s Angelique Kerber to reach the Fed Cup Final in Stuttgart, Germany, April 22, 2018. REUTERS/Kai Pfaffenbach
The Czech, who is competing in her home tournament for the first time, faces Romanian Mihaela Buzarnescu in Saturday’s final.
Zhang held her own in an evenly contested first set against two-times Wimbledon champion Kvitova, and even led 5-1 in the tiebreak before her 28-year-old opponent settled into her stride.
Kvitova struck three winners as she roared back to claim the set and shatter Zhang’s confidence.
The second seed wrapped up the match in an hour an 18 minutes, sealing victory with a near-flawless second set in which she struck 15 winners and made three unforced errors.
“After the first set I was extremely calm, I was feeling very good and I believed in myself,” Kvitova said courtside.
Kvitova, who is vying for her second title of the year after winning the St Petersburg Ladies Trophy in February, will take on seventh-seed Buzarnescu, who came back to beat Italy’s Camila Giorgi 4-6 6-3 7-5 in the other semi-final.
In a marathon encounter lasting two hours and 25 minutes, Buzarnescu found herself on the back foot for extended periods thanks to Giorgi’s raw power, but clung before making her superior shot selection count.
She won while receiving, as Giorgi sent her serve crashing into the net for her eighth double fault of the match.
“I was so happy I was able to win - it’s a lot of stress, because I have my birthday today,” said Buzarnescu, who turned 30. “I never stopped believing.” Reporting by Aditi Prakash in Bengaluru, editing by Pritha Sarkar | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-prague-women/kvitova-ousts-zhang-to-set-up-prague-open-final-with-buzarnescu-idUKKBN1I521O |
BRUSSELS, May 29 (Reuters) - European Trade Commissioner Cecilia Malmstrom said on Tuesday she expected the United States to set a limit on EU exports of steel and aluminium even if it decides not to impose import duties.
“Realistically, if the U.S. decides to refrain from applying duties I expect them nonetheless to want to impose some sort of cap on EU exports,” Malmstrom told lawmakers in the European Parliament. (Reporting by Philip Blenkinsop; editing by Robert-Jan Bartunek)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-eu/eu-trade-chief-expects-u-s-import-caps-if-no-tariffs-applied-idUSS8N1QI022 |
Belgium attacker was a 'radicalized' convict 4:08am EDT - 01:17
Belgian authorities sought to deflect questions on Wednesday over the furlough of a convicted criminal, known to have been radicalized in jail, who killed three people in the Belgian city of Liege.
Belgian authorities sought to deflect questions on Wednesday over the furlough of a convicted criminal, known to have been radicalized in jail, who killed three people in the Belgian city of Liege. //reut.rs/2IYRQrf | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/belgium-attacker-was-a-radicalized-convi?videoId=431623252 |
May 22, 2018 / 9:17 PM / Updated 2 hours ago Relegated Stoke appoint Rowett as new manager Reuters Staff 1 Min Read
LONDON (Reuters) - Stoke City have appointed Derby County boss Gary Rowett as their new manager as they set about reclaiming their place in the Premier League after being relegated this season. FILE PHOTO: Soccer Football - Championship Play Off Semi Final Second Leg - Fulham vs Derby County - Craven Cottage, London, Britain - May 14, 2018 Derby County manager Gary Rowett before the match Action Images via Reuters/Tony O'Brien
The club’s website said the 44-year-old had signed a three-year contract after Stoke agreed a compensation package with Derby, who Rowett led into the Championship playoffs.
“We’re delighted to be able to move so quickly to secure Gary’s services and we are looking forward to working with him towards our objective of returning to the Premier League as soon as possible,” club owners Peter and John Coates said.
Stoke sacked Mark Hughes in January and parted company with his replacement Paul Lambert last week after the club’s 10-year stay in the top flight came to an end. Reporting by Martyn Herman; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-stk/relegated-stoke-appoint-rowett-as-new-manager-idUKKCN1IN2YO |
PHOENIX, May 30, 2018 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq:ASPU) today announced the appointment of Dr. Anne McNamara, Ph.D., RN, to Chief Nursing Officer at Aspen University. Dr. McNamara’s key responsibility will be to oversee the expansion of Aspen University’s BSN Pre-Licensure program across the country.
Aspen’s innovative hybrid (online/on-campus) program allows the majority of credits to be completed online (83 of 120 credits or 69%), with pricing offered at Aspen’s current low tuition rates of $150/credit hour for online general education courses and $325/credit hour for online core Nursing courses. For high school students with no prior college credits, the total tuition and fees is less than $50,000. Compared to the leading Nursing schools in the U.S., Aspen’s total tuition and fees is over 40% lower for high school graduates who complete the entire 120-credit program.
Dr. McNamara is well suited for this role with her deep knowledge of both undergraduate and graduate nursing programs. She is a nationally known nursing leader with more than 40 years of experience. Her background in nursing education has given her the skills to not only develop new nursing school campuses but also to work with healthcare systems and organizations across the United States. Dr. McNamara, formally the Dean of Nursing & Health Sciences at Grand Canyon University, has been working as a full-time consultant for Aspen University for the past year and has managed all aspects of Aspen University’s first BSN pre-licensure campus in Phoenix, AZ, set to open this coming July.
Dr. McNamara will be responsible for determining the next series of campus locations, working with state education departments and Boards of Nursing to approve new programs, oversee the appointment of campus directors, provide overall management of the pre-licensure programs, and ensure the delivery of quality student outcomes. Aspen is committed to developing high quality nursing programs that impact the critical shortage of nurses. The country will need to produce more than one million new registered nurses by 2022 to fulfill its health care needs according to the American Nurses Association’s estimates.
“Dr. McNamara understands the importance of providing the nursing community with high quality, high value nursing programs and has a proven track record managing nursing schools that deliver high passing scores on the National Council Licensing Examination (NCLEX). I look forward to working closely with Anne on this BSN Pre-Licensure program expansion initiative,” said Dr. Cheri St. Arnauld, Chief Academic Officer for Aspen Group, Inc.
About Aspen Group, Inc.:
Aspen Group, Inc. is a publicly held, for-profit post-secondary education company headquartered in New York, NY. It owns two accredited universities, Aspen University and United States University. Aspen Group’s vision is to make college affordable again in America.
Company Contact:
Aspen Group, Inc.
Michael Mathews, CEO
914-906-9159
Source:Aspen Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-aspen-university-promotes-dr-anne-mcnamara-to-chief-nursing-officer.html |
May 2, 2018 / 9:52 AM / Updated 10 hours ago Irish court rejects Facebook bid to delay EU data privacy case Conor Humphries 2 Min Read
DUBLIN (Reuters) - Ireland’s High Court has refused a request by Facebook to delay referral to Europe’s top court of a landmark privacy case that could strike down legal instruments used by U.S. tech companies to transfer EU users’ data to the United States. Facebook CEO Mark Zuckerberg speaks at Facebook Inc's annual F8 developers conference in San Jose, California, U.S. May 1, 2018. REUTERS/Stephen Lam
The case is the latest to question whether methods used by technology firms such as Google and Apple to transfer data outside the 28-nation European Union give EU consumers sufficient protection from U.S. surveillance.
The Irish High Court this month ordered the case to be referred to the EU’s top court to assess whether the methods used for data transfers - including standard contractual clauses and the Privacy Shield agreement - were legal.
It said the case raised well-founded concerns that there was an absence of an effective remedy in U.S. law compatible with EU legal requirements.
A ruling by the European Court of Justice (ECJ) against the legal arrangements could cause major headaches for thousands of companies, which make millions of these transfers every day.
Facebook on Monday sought a delay to ask the Irish Supreme Court for the right to appeal the referral, but High Court Judge Caroline Costello on Wednesday refused the request and ordered the referral to be made immediately.
“I am of the opinion that the court will cause the least injustice if it refuses any stay and delivers the reference immediately to the Court of Justice,” Costello told the court.
Facebook said it will still seek permission from the Irish Supreme Court to appeal the referral, but the move will not delay the ECJ’s hearing of the case.
The case, taken by Austrian privacy activist Max Schrems, was heard in Ireland because it is the location of Facebook’s headquarters for most of its markets outside the United States. Reporting by Conor Humprhies; Editing by Louise Heavens and David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-facebook-privacy-ireland/irish-high-court-refuses-facebook-bid-to-delay-privacy-case-referral-idUSKBN1I315J |
BUENOS AIRES (Reuters) - Argentina’s peso snapped its losing streak on Tuesday, closing 3.73 percent stronger at 24.10 per U.S. dollar after the central bank sold reserves but before the government reported 12-month inflation at a dizzying 25.5 percent.
The bank said it sold $791 million in the spot market to support the local currency on Tuesday. It has already sold billions of dollars of reserves on previous interventions and hiked interest rates to 40 percent.
Official data meanwhile showed April consumer prices rose 2.7 percent, bringing 12-month inflation to one of the highest rates in the world.
Weak fundamentals, skittishness regarding devaluation and concern over Argentina’s drought-hit soy harvest have helped put the economy, and the peso, under pressure. Gross domestic product is nonetheless expected to expand modestly this year.
The currency hit a record low on Monday, having weakened every trading day since May 3. Despite Tuesday’s gain, the peso remained 14.77 percent weaker since the start of the month and 22.61 percent so far this year.
The central bank increased interest rates on its short-term ‘Lebac’ securities to 40 percent from 26.3 percent in its monthly auction, it said on Tuesday. The monetary authority sold 620,930 billion pesos ($25.77 billion) in Lebacs, compared with the 615,877 billion pesos’ worth of securities that matured.
Argentina will not issue any new international bonds for the rest of this year, and perhaps not in 2019 either, Finance Minister Luis Caputo told reporters on Tuesday.
The wobbly currency last week drove the government to ask for a “high access stand-by arrangement” from the International Monetary Fund. The deal, which may impose fiscal belt-tightening conditions, is being negotiated in Washington.
The IMF negotiations carry political risks for President Mauricio Macri, in a country where many blame IMF-backed policies for a 2001-2002 economic meltdown.
Macri’s Cabinet Chief Marcos Pena told reporters on Tuesday that Argentina, and not the IMF, would dictate the terms of any agreement. He called on the country to work to lower Argentina’s deficit, particularly in the 2019 budget.
“We will have to sit down, all parties, with enormous openness, generosity and responsibility,” to hammer out a spending plan for next year, Pena said.
The government earlier this month lowered its fiscal deficit goal in 2018 to 2.7 percent of gross domestic product from 3.2 percent previously, in another bid to calm markets.
A pedestrian's shadow is cast next to an electronic board showing currency exchange rates in Buenos Aires' financial district, Argentina May 15, 2018. REUTERS/Martin Acosta Additional reporting by Maximiliano Rizzi and Eliana Raszewski; writing by Hugh Bronstein, Dave Sherwood and Caroline Stauffer; editing by Lisa Shumaker and Rosalba O'Brien
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-argentina-peso/argentina-peso-closes-higher-but-inflation-soars-to-25-5-percent-idUSKCN1IG3CW |
May 3 (Reuters) - OGE Energy Corp:
* Q1 EARNINGS PER SHARE $0.27 * SAYS REAFFIRMS 2018 EARNINGS GUIDANCE BETWEEN APPROXIMATELY $380 MILLION AND $410 MILLION OF NET INCOME, OR $1.90 TO $2.05 PER SHARE
* QUARTERLY OPERATING REVENUES $492.7 MILLION VERSUS $456.0 MILLION Source text: [ bit.ly/2FDh481 ]
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-oge-energy-posts-q1-earnings-per-s/brief-oge-energy-posts-q1-earnings-per-share-0-27-idUSFWN1SA0L4 |
May 23, 2018 / 5:08 PM / Updated 6 minutes ago Strict curbs on global warming would buoy world economy: study Alister Doyle 3 Min Read
OSLO (Reuters) - Stringent limits on global warming would bolster the world economy by averting tens of trillions of dollars in damage this century from heat waves, droughts and floods, a U.S. study said : Homes are severely damaged after a tornado hit the town of Emory, Texas, U.S., April 30, 2017. REUTERS/Brandon Wade/File Photo
The report, among the first to assess the economics of the 2015 Paris climate agreement, said the toughest temperature curbs would benefit 90 percent of the world’s population, especially in poor nations in Africa, Asia and Latin America.
The world’s biggest economies - the United States, China and Japan - would also gain if the world achieves the toughest targets, according to the study led by researchers at Stanford University and published in the journal Nature.
Russia, Canada and Nordic countries, where rising temperatures could boost farm output and limit deaths from winter cold, would be among a few nations to suffer economically from tough curbs on global warming, the study said.
The Paris accord, among almost 200 nations, set a goal of limiting a rise in average world surface temperatures to “well below” 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial times by 2100, while “pursuing efforts” for 1.5C (2.7F). FILE PHOTO: Beachgoers walk past condemned homes along heavily eroded shoreline at Vilando Beach, in the wake of Hurricane Irma and three nor'easters in the months since, north of St. Augustine, Florida, U.S., January 26, 2018. REUTERS/Gregg Newton/File Photo
“By the end of the century the world would be about three percent wealthier” under the 1.5C target relative to 2.0C, said the study’s lead author Marshall Burke, an assistant professor at Stanford’s School of Earth, Energy & Environmental Sciences.
“This represents about $30 trillion in cumulative benefits between now and 2100,” he told a telephone news conference. Such benefits would dwarf the likely costs of shifting the world economy from fossil fuels to cleaner energies.
U.S. President Donald Trump has weakened the ambitions of the Paris Agreement by planning to leave it and instead promote the U.S. fossil fuel industry. Slideshow (3 Images)
And average global temperatures are already 1C above pre-industrial times and on track for a warming of about 3C (5.4F), a trend that would sap 2100 GDP by more than 10 percent compared to a 1.5C limit, Burke said.
The report examined how countries have been affected by temperatures from 1960 to 2010 and projected the impacts into a warmer future, with more extreme weather.
Some other researchers questioned the methods.
“The results should be interpreted with caution,” Bob Ward, of the London School of Economics and Political Science, told Reuters. He said it was unlikely that “the impacts of future global warming can be simply extrapolated”.
The authors acknowledged many uncertainties about the future economy. Wider use of air conditioning in the tropics, for instance, might lift worker productivity and GDP as it has already done in nations such as Singapore, Burke said.
The study also omitted some big potential benefits, for instance if a 1.5C ceiling could avert a thaw of Greenland or Antarctica that would drive up sea levels and swamp coasts. Reporting by Alister Doyle; Editing by Mark Heinrich | ashraq/financial-news-articles | https://uk.reuters.com/article/us-climatechange-economics/strict-curbs-on-global-warming-would-buoy-world-economy-study-idUKKCN1IO2PC |
VANCOUVER, May 8, 2018 /PRNewswire/ - Nevsun Resources Ltd. (TSX:NSU) (NYSE MKT: NSU) ("Nevsun" or the "Company") today announced that its Board of Directors has unanimously rejected a non-binding unsolicited proposal (the "Non-Binding Unsolicited Proposal") led by Euro Sun Mining Inc. ("Euro Sun") and also including Lundin Mining Corporation ("Lundin"). The Non-Binding Unsolicited Proposal was dated April 30, 2018 and made public by Euro Sun and Lundin on May 7, 2018.
Nevsun shareholders do not need to take any actions in respect of the Non-Binding Unsolicited Proposal. The Non-Binding Unsolicited Proposal is not an offer capable of being accepted by the Company's shareholders nor does it disclose whether such an offer is intended to be made. It is merely a non-binding proposal by Euro Sun. If and when a formal proposal is actually made by Euro Sun, Nevsun shareholders will have 105 days to respond.
The Board's determination to reject this proposal was made after careful consideration and receipt of the recommendation of a special committee of its independent directors (the "Special Committee"), and after consultation with financial and legal advisors. The rejection follows an extensive engagement with Euro Sun's bidding partner Lundin over a period of months with regard to a possible transaction.
"The Nevsun Board of Directors is unanimous in its belief that the Non-Binding Unsolicited Proposal fails to reflect the strategic value of our asset base," said Ian Pearce, Chair of Nevsun's Board of Directors. "The Non-Binding Unsolicited Proposal also presents a problematic structure that could further undermine value to our shareholders."
The Non-Binding Unsolicited Proposal has serious deficiencies:
Does not fully value Timok, our world-class copper-gold project;
Has significant structural issues including C$100 million in estimated cash tax costs payable by Euro Sun, which is expected to be largely borne by existing Nevsun shareholders;
Overvalues Euro Sun's Rovina project, which is an unpermitted, capital intensive ultra-low-grade asset in Romania that Nevsun had previously evaluated and determined to be highly unattractive;
60% of the notional consideration offered comes from shares that have historically been volatile and do not provide certainty of value; and
Is fundamentally uncertain, as it is contingent on completion of Euro Sun shareholder approvals, waiver or expiry of a right of first refusal held by Freeport-McMoRan Exploration Company ("Freeport"), and due diligence.
Details of the Non-Binding Unsolicited Proposal
Under the Non-Binding Unsolicited Proposal, Euro Sun would acquire 100% of the shares of Nevsun. Lundin would not be acquiring Nevsun. Consideration would be C$2.00 per Nevsun share in cash, plus shares of Euro Sun and Lundin representing C$3.00 per Nevsun share. The value of the Euro Sun and Lundin shares would be based on the volume-weighted average trading price of Euro Sun shares and Lundin shares, respectively, on the Toronto Stock Exchange for the 30 trading days ending on the last trading day prior to signing a definitive agreement.
Upon acquisition of the Nevsun shares, Euro Sun would then vend Nevsun's European assets – including the Timok project – to Lundin. This would leave the producing Bisha mine in Eritrea as Euro Sun's principal asset. The transaction would require Euro Sun shareholder approval. The transfer from Euro Sun to Lundin is subject to a 60-day right of first refusal held by Freeport.
Reasons for Rejecting the Non-Binding Unsolicited Proposal
The Board believes that shareholders should be aware of the following:
Inadequate value : The Non-Binding Unsolicited Proposal does not attribute sufficient value to the world-class nature of Nevsun's Timok asset. Nevsun's Timok copper-gold project consists of an Upper Zone owned 100% by Nevsun and a Lower Zone, which is owned through a joint venture with Freeport. Lundin has indicated that it values Timok at C$4.00 per share. Nevsun does not agree with that valuation. With an after-tax NAV of US$1.82 billion, IRR of 80% and initial probable mineral reserve of 27 million tonnes, Timok Upper Zone is widely considered to be one of the highest quality copper projects in the world and deserves a premium valuation reflecting its value and potential. The Timok Lower Zone represents substantial value. Nevsun expects to release an initial resource statement for Timok Lower Zone this quarter. Problematic structure : The Non-Binding Unsolicited Proposal would dilute Nevsun's shareholders' exposure to Timok leaving them Bisha's assets and liabilities by virtue of their shareholdings of Euro Sun which are currently estimated at 77 percent of pro forma Euro Sun shares outstanding. The new Euro Sun, a Bisha-focused stand-alone entity, would face fundamental viability challenges, including: substantial value leakage due to transaction costs, including, based on preliminary tax advice, C$100 million of taxes payable. These costs would typically be borne by the acquirer, but under the Non-Binding Unsolicited Proposal are borne by Euro Sun – which is effectively Nevsun shareholders; a misaligned shareholder base, as many investors own Nevsun for exposure to Timok; and challenges raising capital to fund the ultra-low grade Rovina project. Euro Sun is not an attractive partner: Euro Sun is a junior, non-operating company with a market capitalization less than one-tenth of Nevsun's market capitalization. Euro Sun has faced difficulty raising financing. Its most significant shareholder is junior mining promoter Forbes & Manhattan.
The Bisha mine is 40% owned by the local government, which has no relationship with Euro Sun. A negative reaction by the government would compromise Bisha. As such, the Non-Binding Unsolicited Proposal is potentially destructive of significant shareholder value and the existing relationships with our partner associated with Bisha.
Euro Sun's Rovina project is marginal : Nevsun previously conducted due diligence on Euro Sun's only meaningful asset, the ultra-low grade, unpermitted Rovina development project in Romania. Nevsun found the Rovina asset to be unattractive. The capital requirements of the Rovina project, estimated to be US$509 million in Euro Sun's 2010 preliminary economic assessment would divert to Rovina Nevsun's cash on hand and cash generated from Nevsun's operations instead of being deployed to generate higher shareholder value in Bisha or Timok. Romania is historically a challenging jurisdiction for permitting mining projects.
Diminishing premium : The notional consideration that has been offered consists of three parts: C$2.00 in cash, C$2.00 in Lundin shares and C$1.00 in Euro Sun shares. The notional premium of 40% as of April 30, 2018, the date of the Non-Binding Unsolicited Proposal, declined to a much lower notional premium of approximately 30% just before the Non-Binding Unsolicited Proposal was made public by Euro Sun and Lundin. The true premium is even lower, however, as the notional premium does not reflect value leakage from tax and other transaction costs.
Value uncertainty : 60% of the value of the notional consideration is proposed to be in the form of Euro Sun and Lundin shares, which have historically been volatile and do not provide certainty of value. As such, Nevsun does not believe it is a fair characterization to describe this offer as being valued at C$5.00 per Nevsun share.
Deal uncertainty . The Non-Binding Unsolicited Proposal is subject to, among other things, a Euro Sun shareholder vote, waiver or expiry of Freeport's 60-day right of first refusal and completion of due diligence. Because no voting support agreements from Euro Sun's substantial shareholders were offered, the Non-Binding Unsolicited Proposal effectively gives Euro Sun a free, non-binding option on Nevsun.
Diligence : A notional 20% of the offered consideration is composed of shares in Euro Sun and a notional 40% of the offered consideration is composed of shares in Lundin. However, Nevsun has not been given an opportunity to conduct customary due diligence on either of those companies or their liabilities.
In summary, Nevsun's Board of Directors believes that the Non-Binding Unsolicited Proposal is not in the best interest of Nevsun or its stakeholders. Consistent with its fiduciary duties, the Board of Directors remains open to any transaction that is in the best interest of the Company.
Previous Engagement with Lundin
Lundin initially approached Nevsun in May 2017 to discuss a potential acquisition of Nevsun. Since then, Nevsun has engaged in good faith with Lundin to explore various transaction structures that may benefit the Company and create shareholder value.
In March 2018, Nevsun agreed to a month-long exclusivity period with Lundin. Following such exclusivity period, Lundin made a proposal to acquire only Timok and other exploration assets in Europe. Nevsun rejected the offer as inadequate for a number of reasons, including inadequate value and the structural difficulties associated with their offer.
Advisors
Counsel for Nevsun's Special Committee is Borden Ladner Gervais LLP. The Special Committee's independent financial advisor is Citi. Counsel for the Company is Blake, Cassels & Graydon LLP. The Company's financial advisor is BMO Capital Markets.
Forward Looking Statements
The above contains certain statements that are deemed forward-looking statements or forward-looking information within the meaning of the United States Private Securities Litigation Reform Act of 1995, and applicable Canadian securities laws. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "hopes", "intends", "estimated", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. Forward-looking statements are statements concerning the Company's current beliefs, plans and expectations about the future, including but not limited to statements and information made concerning: the value of the consideration in the Non-Binding Unsolicited Proposal; the tax and transaction costs of the Non-Binding Unsolicited Proposal;, the business, prospects and future activities of, and developments related to Euro Sun, Lundin or the Company; our goals, strategies, future growth and other events or conditions that may occur in the future, and are inherently uncertain. The actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, the risks more fully described in the Company's Annual Information Form for the fiscal year ended December 31, 2017 (the "AIF") and the Company's management discussion and analysis for the fiscal year ended December 31, 2017 (the "MD&A"), which are incorporated herein by reference. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future, except as required by law. For the reasons set forth above, investors should not place undue reliance on the Company's forward-looking statements.
Further information concerning risks and uncertainties associated with these forward-looking statements and our business can be found in our AIF and MD&A, which are available on the Company's website ( www.nevsun.com ), filed under our profile on SEDAR ( www.sedar.com ) and on EDGAR ( www.sec.gov ) under cover of Form 40-F.
About Nevsun Resources Ltd.
Nevsun Resources Ltd. is the 100% owner of the high-grade copper-gold Timok Upper Zone and 60.4% owner of the Timok Lower Zone in Serbia. The Timok Lower Zone is a partnership with Freeport-McMoRan Exploration Corporation ("Freeport"), which currently owns 39.6% and upon completion of any feasibility study, Nevsun Resources Ltd. will own 46% and Freeport will own 54%. Nevsun generates cash flow from its 60% owned copper-zinc Bisha Mine in Eritrea. Nevsun is well positioned with a strong debt-free balance sheet to grow shareholder value through advancing Timok to production.
NEVSUN RESOURCES LTD.
"Peter G.J. Kukielski"
Peter G.J. Kukielski
President & Chief Executive Officer
: releases/nevsun-board-rejects-euro-sun-led-non-binding-unsolicited-proposal-citing-inadequate-value-and-problematic-structure-300644503.html
SOURCE Nevsun Resources Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-nevsun-board-rejects-euro-sun-led-non-binding-unsolicited-proposal-citing-inadequate-value-and-problematic-structure.html |
May 18 (Reuters) - Deere & Co:
* SAYS DEERE RETAIL SALES FOR U.S. AND CANADA AG COMBINES IN APRIL 2018 WERE UP MORE THAN INDUSTRY Source text: ( bit.ly/2rRAhOc ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-deere-co-retail-sales-for-us-canad/brief-deere-co-retail-sales-for-u-s-canada-ag-combines-in-april-up-more-than-industry-idUSFWN1SP0HI |
SAO PAULO (Reuters) - Brazilian President Michel Temer said on Tuesday there was no chance that a nationwide truckers’ protest that has paralyzed Latin America’s biggest economy will spark a military coup and topple his government.
Brazil's President Michel Temer is seen in a big screen as he attends the Brazil Investment Forum 2018 opening ceremony in Sao Paulo, Brazil May 29, 2018. REUTERS/Paulo Whitaker Temer, speaking to a small group of foreign journalists at an investment forum in Sao Paulo, batted down questions about risks of a military intervention.
The nine-day trucker demonstration against diesel price hikes has emptied roads and left major cities running short on food, gasoline and medical supplies. The nationwide protest has been has been slow to unwind despite a raft of concessions that Temer offered over the weekend.
Some striking truckers are calling for a coup, it is a hotly debated topic on social media, and fringe groups who want the military in charge have been a constant presence during many anti-government protests that have taken place in recent years.
“There is zero chance of military intervention,” Temer said through a translator. “What I see is a rejection both in the Ministry of Defense and throughout the military forces to any kind of military intervention.”
Polling shows that Temer is Brazil’s least popular president since the nation’s 1964-85 military regime ended. He remains under investigation on graft allegations.
If Brazil’s Prosecutor General Raquel Dodge were to decide to charge Temer, it would be up to a congressional vote on whether or not he would be tried before the Supreme Court.
Temer last year fought off two such corruption charges. But it is not clear that he retains congressional support to survive any potential new charge, especially ahead of general elections in October and with Brazilians in polling consistently demonstrating deep dissatisfaction with leaders across the board.
TOUGH STANCE Brazil’s government has started talking tougher against the trucker protest, threatening to crack down on alleged political agitators contributing to the crisis.
Public Security Minister Raul Jungmann pledged hefty fines against distribution firms supporting the strike.
“Starting today, we will begin to find those infiltrators and we will fine those companies,” he said in a radio interview, adding that antitrust agency Cade would also investigate the fuel distributors involved. “They know the price they will pay for the suffering they have imposed on the Brazilian people.”
The more aggressive stance underscored the government’s mounting urgency to end the protest.
The highway blockades and fuel shortages have halted industries from automaking to sugarcane crushing, hammering exports of everything from beef and soybeans to coffee and cars.
Some factions within the loosely organised trucker movement have added to demands and ignored a call to demobilize by industry group Abcam, which spearheaded the early protests and says it represents 600,000 drivers.
Oil industry regulator ANP said fuel distribution had begun to improve in cities such as Rio de Janeiro and the capital Brasilia but it remained scarce in several regions including the business hub of Sao Paulo.
It will take at least a week for fuel distribution to return to normal, according to ANP.
Reporting by Simon Webb; Additional reporting by Brad Brooks in Sao Paulo, Pedro Fonseca and Rodrigo Viga Gaier in Rio de Janeiro; Writing by Brad Brooks; Editing by Brad Haynes and Susan Thomas
| ashraq/financial-news-articles | https://in.reuters.com/article/brazil-transportation/brazils-temer-says-no-threat-of-a-coup-amid-truckers-protest-idINKCN1IU22M |
May 14 (Reuters) - Tremont Mortgage Trust:
* REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 LOSS PER SHARE $0.31 Source text for Eikon: Further company coverage:
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tremont-mortgage-q1-loss-per-share/brief-tremont-mortgage-q1-loss-per-share-0-31-idUSASC0A1VU |
April 30 (Reuters) - Borgosesia:
* REPORTED ON FRIDAY FY SALES REVENUE OF EUR 0.7 MLN VS EUR 2.0 MLN YEAR GAO
* FY NET LOSS OF EUR 0.9 MLN VS LOSS OF EUR 2.6 MLN YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S717G |
Completion of follow on offering netting $45.7 million Issuance of new US patent Long-term safety study now has 250 subjects enrolled
FREMONT, Calif., May 15, 2018 (GLOBE NEWSWIRE) -- Zosano Pharma Corporation (NASDAQ:ZSAN) (“Zosano” or the “Company”) a clinical-stage biopharmaceutical company focused on providing rapid systemic administration of therapeutics to patients using its proprietary Adhesive Dermally-Applied Microarray (“ADAM™”) technology, today announced financial results for the first quarter ended March 31, 2018.
“We successfully completed an offering of 10 million shares of common stock at five dollars per share and passed the 250th mark in subjects enrolled in our long-term safety study, noting that the pain freedom and pain relief scores observed are consistent with the high degree of efficacy we achieved with M207 in our pivotal study”, stated John Walker Chairman and CEO. “With the newly issued IP protecting M207 through 2037, we are increasingly convinced that, if approved, M207 will be an important contributor to the treatment of migraines.”
Recent Business Highlights and Clinical Update
In March 2018, Zosano announced that US patent 9,918,932 was issued. This will provide patent protection through the early part of 2037. Also in March 2018, we announced that the 100th patient had been enrolled in our long-term safety study of M207. To date, we have successfully enrolled 250 patients in the study and, importantly, over 1,000 migraines have been treated with observed pain freedom scores at two hours of 42% and pain relief scores at two hours of 85%. In April 2018, Zosano announced the closing of the public offering of 10 million shares of its common stock at a price of five dollars per share. The net proceeds to Zosano from this offering were $45.7 million after deducting underwriting discounts and commissions.
Financial Results for the First Quarter Ended March 31, 2018
Zosano reported a net loss for the first quarter of 2018 of $8.2 million, or $4.16 per share on a basic and diluted basis, compared with a net loss of $7.0 million, or $6.89 per share on a basic and diluted basis, for the same quarter in 2017. Research and development (R&D) expenses for the first quarter of 2018 were $5.8 million, compared with $4.6 million for the same quarter in 2017. The increase was primarily attributable to an increase in clinical trial costs for the long-term safety study and to additional payroll costs resulting from new employees hired to support the long-term safety study. General and administrative (G&A) expenses for the first quarter of 2018 were $2.3 million, compared with $2.1 million for the same quarter in 2017. The increase was primarily attributable to increases in legal and tax expenses. As of March 31, 2018, we had cash and cash equivalents of $3.5 million, debt of $5.2 million, and approximately 2.0 million of common shares outstanding. In April 2018, Zosano announced the completion of a public offering of 10 million shares of common stock that generated aggregate net proceeds of $45.7 million.
About Migraine
Migraine is the leading cause of disability among neurological disorders in the United States according to the American Migraine Foundation. Migraine symptoms can include moderate to severe headache pain combined with nausea and vomiting, or abnormal sensitivity to light and sound. According to the Migraine Research Foundation, migraine affects 30 million men, women and children in the United States. Most migraines last between four and 24 hours, but some last as long as three days. According to published studies, 63% of migraine patients experience between one and four migraines per month. According to Decision Resources, prescription drug sales for migraine in the top seven countries were estimated to be $3.3 billion in 2015, and are expected to grow to over $10.0 billion in 2025. Triptans, a family of tryptamine-based drugs first sold in the 1990s, account for almost 75% of anti-migraine therapies prescribed at office visits.
About M207
M207 is our proprietary formulation of zolmitriptan delivered utilizing Zosano's proprietary ADAM technology. Zosano's ADAM technology consists of titanium microprojections coated with drug, and in the case of M207, our formulation of zolmitriptan. Our ADAM technology delivers drug by abrading the stratum corneum and allowing drug to be absorbed into the microcapillary system of the skin. In February 2017, the Company announced statistically significant results from the ZOTRIP trial, which demonstrated that the 3.8mg dose of M207 met both co-primary endpoints, achieving pain freedom and most bothersome symptom freedom at 2 hours. In November 2017, the Company announced the initiation of its long-term safety study evaluating M207 and expects to file an NDA for M207 in the fourth quarter of 2019.
About Zosano Pharma
Zosano Pharma Corporation is a clinical stage biopharmaceutical company focused on providing rapid systemic administration of therapeutics to patients using our proprietary ADAM technology. The Company previously announced positive results from our ZOTRIP study that evaluated M207, which is our proprietary formulation of zolmitriptan delivered via our ADAM technology, as an acute treatment for migraine, and is currently conducting a long-term safety study of M207. Zosano is focused on developing products where rapid administration of established molecules with known safety and efficacy profiles provides an increased benefit to patients, for markets where patients remain underserved by existing therapies. The Company anticipates that its current and future development programs may enable the Company to utilize a regulatory pathway that would streamline clinical development and accelerate the path towards commercialization. Learn more at www.zosanopharma.com .
Forward-Looking Statements
This press release contains forward-looking statements regarding the timing of expected clinical development milestones, sufficiency of our capital resources and need for future funding and other future events and expectations. Readers are urged to consider statements that include the words "may," "will," "would," "could," "should," "might," "believes," "estimates," "projects," "potential," "expects," "plans," "anticipates," "intends," "continues," "forecast," "designed," "goal," "unaudited," "approximately" or the negative of those words or other comparable words to be uncertain and forward-looking. These statements are subject to risks and uncertainties that are difficult to predict and actual outcomes may differ materially. These include risks and uncertainties, without limitation, associated with the process of discovering, developing and commercializing products that are safe and effective for use as human therapeutics, risks inherent in the effort to build a business around such products and other risks and uncertainties described under the heading "Risk Factors" in the Company's most recent annual report on Form 10-K. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot in any way guarantee that the future results, level of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. All forward-looking statements are based on information currently available to Zosano and Zosano assumes no obligation to update any such forward-looking statements.
Zosano Contact:
John Walker
Chief Executive Officer and Chairman of the Board
510-745-1200
ZOSANO PHARMA CORPORATION CONDENSED STATEMENTS OF OPERATIONS (unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2018 2017 Revenue $ - $ - Operating expenses: Research and development 5,806 4,626 General and administrative 2,260 2,122 Total operating expenses 8,066 6,748 Loss from operations (8,066 ) (6,748 ) Other expense: Interest expense, net (141 ) (247 ) Other income (expense), net 1 (2 ) Loss before provision for income taxes (8,206 ) (6,997 ) Provision for income taxes - - Net loss $ (8,206 ) $ (6,997 ) Net loss per common share ̶ basic and diluted $ (4.16 ) $ (6.89 ) Weighted-average shares used in computing net loss per common share ̶ basic and diluted 1,973 1,016
ZOSANO PHARMA CORPORATION SELECTED CONDENSED BALANCE SHEET DATA (in thousands) March 31, December 31, 2018 2017 (unaudited) Cash and cash equivalents $ 3,537 $ 11,651 Total current assets 5,507 13,393 Total assets 10,372 18,000 Secured promissory note 5,160 6,687 Total liabilities 11,391 10,952 Stockholders’ (deficit) equity (1,019 ) 7,048
Source:Zosano Pharma Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-zosano-pharma-reports-first-quarter-2018-financial-results-and-operational-update.html |
SINGAPORE, May 23 (Reuters) - Sinopec, Asia’s largest refiner, will boost U.S. crude oil imports to an all-time high as part of efforts by China to reduce its trade deficit with the United States, two sources with knowledge of the matter said on Wednesday.
The company’s trading arm Unipec has bought 16 million barrels, or about 533,000 barrels per day, of U.S. crude to load in June, they said, the largest volume ever to be lifted in a month by the company.
“The government has encouraged us to lift more U.S. crude,” one of the sources said.
Sinopec could not be immediately reached for comment.
Reporting by Florence Tan; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-china-sinopec-corp/chinas-sinopec-to-boost-u-s-crude-oil-imports-to-all-time-high-sources-idUSL3N1SU4DP |
May 9, 2018 / 9:23 AM / in 15 minutes UPDATE 1-Israel website group Wix.com boosts first-quarter revenue by 49 pct Reuters Staff
(Adds details, comments from president/CFO)
By Tova Cohen
TEL AVIV, May 9 (Reuters) - Wix.com, which helps small businesses build and operate websites, on Wednesday reported a smaller-than-expected loss in the first quarter and raised its revenue forecast for 2018 as more users convert to paid subscriptions.
The company reported a loss of 5 cents a share, excluding one-time items, compared with a loss of 18 cents a year earlier as revenue rose 49 percent to $137.8 million.
Analysts had forecast an adjusted loss of 10 cents a share on revenue of $135.8 million, according to Thomson Reuters I/B/E/S.
Wix offers free basic features for setting up websites but users must pay for extra services such as shopping carts, individual web addresses and site traffic analysis.
Wix’s Nasdaq-listed shares are up 50 percent so far in 2018 after a 29 percent gain last year.
The company has 125 million registered users. During the quarter it added 231,000 paid users to reach 3.4 million premium customers, up 29 percent from a year earlier.
Wix attributed this to product improvements, including Wix ADI, a web design product aimed at less tech savvy users that is increasing the number of sites completed.
Wix said another product gaining traction was Wix Code, aimed at professional web designers and developers.
“We are seeing many thousands of people using Wix Code. We are seeing a lot of people forming developers’ communities and they are starting to support each other,” President Nir Zohar told Reuters.
Chief Financial Officer Lior Shemesh said that every 100,000 subscriptions generate more than $165 million in future collections that drive growth. He estimated that the first quarter’s new users would generate more than $370 million in future collections in the next eight years with minimal added marketing investment.
Wix projects 2018 revenue of $594-$597 million, up from a previous estimate of $591-$595 million for a 40 percent gain from 2017. Analysts were forecasting revenue of $594 million.
For the second quarter, it estimates revenue of $144-$145 million, up 39-40 percent from a year earlier.
Wix has said that at this stage it is focused on cash generation rather than becoming profitable, as investors expect the company to invest in future growth.
Zohar said Wix’s growth strategy is not based on acquisition of competitors but it has made a few small purchases focused on new technologies and intends to continue to do so as opportunities arise. (Editing by Steven Scheer and Jane Merriman) | ashraq/financial-news-articles | https://www.reuters.com/article/wixcom-results/update-1-israel-website-group-wix-com-boosts-first-quarter-revenue-by-49-pct-idUSL8N1SG24A |
0 COMMENTS Activist investor Carl Icahn is suing AmTrust Financial Services Inc., AFSI -0.36% a firm in which he owns a 9.4% stake, over the company’s deal to go private.
Mr. Icahn said in a statement Monday that the $2.7 billion agreement to take AmTrust private—which was announced a few months ago —“is happening at the wrong price and at the wrong time.”
“The going-private transaction is an opportunistic attempt to take control of a company at historic lows, right before a period of expected recovery and possible earnings growth,” Icahn Capital LP said in a news release.
Icahn Capital is suing the workers’ compensation insurance company along with board members George and Leah Karfunkel and Chief Executive Officer Barry Zyskind. AmTrust has agreed to be taken private by both the Zyskind and Karfunkel families, as well as a Stone Point Capital unit.
Representatives for Stone Point and the families weren’t immediately available for comment.
Related
Icahn, Corvex Push for Sale of Energen—Potentially to Themselves Icahn Capital also said Monday that the Zyskind and Karfunkel families and the company “have manipulated the record date, which could result in a shareholder vote that severely tilts the playing field to advantage” those families “while blatantly disadvantaging the public shareholders.” Last week, the firm called on AmTrust’s board to set a new record date and push back the shareholder vote.
The Securities and Exchange Commission has been investigating AmTrust for almost five years, the company disclosed earlier this month. The regulator is looking at AmTrust’s accounting practices, among other things. AmTrust has said the investigation is ongoing. The Wall Street Journal had previously reported the SEC had been investigating the company’s accounting.
Shares of AmTrust rose 2.7% to $14.14 early afternoon on Monday. In the past year, they have climbed 17%.
The litigation from Mr. Icahn comes shortly after he and another activist investor, Darwin Deason, successfully beat back a merger deal between Xerox Corp. and Fujifilm Holdings Corp. , in part because of a lawsuit Mr. Deason filed to block the deal.
Write to Allison Prang at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/icahn-sues-amtrust-over-deal-to-go-private-1526927731 |
President Donald Trump said Tuesday that his administration has not yet reached a deal with Beijing to save telecom company ZTE.
The president contradicted a Wall Street Journal report indicating the Trump administration came to a tentative agreement with Beijing to revive the massive phone maker currently sanctioned by the U.S. government. Under the deal reported by the newspaper, ZTE would face financial penalties and have to make management changes. China could also pull back on billions of dollars in tariffs on U.S. agricultural products, according to the Journal.
Trump denied reports of an agreement, saying "there is no deal" and adding that "we'll see what happens." However, he said moments later that he may seek a fine of up to $1.3 billion and changes in management at ZTE — some of the parameters of the reported deal.
"What I envision is a very large fine of more than a billion dollars, could be [$1.3 billion]. I envision a new management, a new board and very, very strict security rules. And I also envision that they will have to buy a big percentage of their parts and equipment from American companies," the president said.
Trump's remarks came as Moon Jae-in , president of South Korea , visited the White House for pivotal discussions ahead of the planned U.S.-North Korea summit next month in Singapore. On Tuesday, Trump also said the meeting may not happen .
show chapters China and US outline plan to save ZTE 4 Hours Ago | 01:43 The potential agreement on ZTE sparked bipartisan backlash on Capitol Hill , as some lawmakers accused the president of caving to Chinese demands on trade and potentially compromising U.S. national security. The Senate Banking Committee overwhelmingly passed an amendment Tuesday limiting Trump's ability to remove sanctions on Chinese telecommunications companies. The panel approved the measure introduced by Sen. Chris Van Hollen, D-Md., by a 23 to 2 vote in a rebuke to Trump.
The president added Tuesday that he is "not satisfied" with trade talks with China that took place in Washington last week. He called the negotiations a "start" as his administration keeps working toward a final deal to address trade imbalances with Beijing.
"We have a long way to go," the president said, adding he wants the talks to go "fairly quickly."
The Trump administration previously barred U.S. companies from selling to ZTE due to the company's violation of American sanctions on North Korea and Iran. The Chinese firm has said the move threatened its survival.
Trump previously directed his Commerce Department to consider how it could help ZTE get back into business. On Tuesday, he reiterated that he decided to try to help the company after Chinese President Xi Jinping "asked me to look into it."
He also argued he did so because the inability to sell to ZTE is "really hurting American companies."
The U.S. is currently negotiating with China on the framework of a deal to potentially avoid tariffs levied by the world's two largest economies. Trump also hopes to spur China's buying of billions more in U.S. goods.
While Trump's top advisors have repeatedly said action on ZTE is an "enforcement" issue under the Commerce Department, the president has publicly said it is part of larger trade talks with Beijing. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/president-trump-says-there-is-no-deal-with-china-on-zte.html |
May 15, 2018 / 10:45 AM / Updated 29 minutes ago Lilly's migraine drug meets main goal in cluster headache trial Reuters Staff 2 Min Read
May 15 (Reuters) - Eli Lilly and Co said on Tuesday that patients with episodic cluster headache attacks had reduced symptoms when treated with its experimental migraine drug galcanezumab compared to those treated with a placebo.
However, Lilly said a second trial for patients with chronic cluster headache attacks failed.
Patients with episodic cluster headache treated with a 300 mg dose of galcanezumab experienced an average of 8.7 fewer headache attacks per week over a three-week period. Those receiving placebo reported 5.2 fewer attacks per week, it said.
Patients who participated in the trial had a baseline average of 17.5 cluster headache attacks per week. Cluster headaches are recurring, intense headaches that can occur several times daily during a “cluster period.”
Galcanezumab targets a protein associated with pain signaling called calcitonin gene-related peptide (CGRP). Lilly’s drug is part of a new class of drugs targeting CGRP in order to treat migraines being developed by companies including Amgen Inc , Teva and Allergan.
Lilly has already reported positive migraine data for galcanezumab, and expects a decision by the U.S. Food and Drug Administration by the third quarter 2018.
Amgen Inc’s Aimovig is likely to be the first drug in the class approved, with a decision expected by the FDA later this week.
Lilly said an estimated 85-90 percent of cluster headache cases are “episodic” with attacks occurring in periods that last from seven days to one year, with pain-free remission periods of one month or longer. The rest are classified as “chronic” with attacks occurring for more than a year without a remission period, or with remission lasting less than a month. (Reporting by Michael Erman in New York; Editing by Gopakumar Warrier) | ashraq/financial-news-articles | https://www.reuters.com/article/lilly-migraine/lillys-migraine-drug-meets-main-goal-in-cluster-headache-trial-idUSL3N1SM24U |
April 30 (Reuters) - Nairobi Business Ventures Ltd:
* FY ENDED MARCH 2017 LOSS BEFORE TAX OF 32.8 MILLION SHILLINGS VERSUS PROFIT OF 6.3 MILLION SHILLINGS YEAR AGO
* FY 2017 REVENUE OF 46.8 MILLION SHILLINGS VERSUS 85.1 MILLION SHILLINGS YEAR AGO Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nairobi-business-ventures-reports/brief-nairobi-business-ventures-reports-fy-2017-loss-before-tax-of-32-8-mln-shillings-idUSFWN1S711B |
0 COMMENTS Marketing firm Didit is close to acquiring Gawker.com and if successful intends to relaunch the blog, known for publishing irreverent articles that were sometimes controversial, with a new editorial policy to only post content it considers to be positive.
Advisers liquidating the blog’s former publisher have a deal to sell the website to Didit for $1.13 million, an offer that is subject to higher offers at a potential auction, according to papers filed Tuesday in the U.S. Bankruptcy Court in New York. The agreement and terms of an auction must be approved by a judge. Based in Mineola, N.Y., Didit was founded in 1996.
Liquidators have tentatively set a July 12 date for the auction assuming they receive other qualified bids for the blog. Gawker ceased publishing new articles in August 2016, months after losing in court to professional wrestler Hulk Hogan whose $140 million judgment against publisher Gawker Media LLC forced the company into bankruptcy . The case was settled in chapter 11 for $31 million. The Hogan case concerned publishing excerpts from a video of a sexual encounter with the wife of a former friend.
Didit’s vision for Gawker is radically different than that of the blog’s founder Nick Denton , whose approach to adversarial journalism exposed the website to costly litigation. Gawker’s archives include an early expose on the drug bazaar Silk Road and articles published in 2014 and 2015 detailing allegations of sexual abuse against Bill Cosby and Harvey Weinstein. Mr. Denton wrote in Gawker’s final post that “It was a matter of pride that Gawker ran stories that couldn't be published elsewhere.”
Hulk Hogan, center, looks on in court moments after a jury returned its decision on March 21, 2016, in St. Petersburg, Fla. The professional wrestler’s $140 million judgment against Gawker Media forced the company into bankruptcy. Photo: Dirk Shadd/Press Pool Didit seeks to revive the blog with what it calls “Gawker for Good” — publishing what it considers positive news stories and “good gossip.” The firm would donate half of the advertising and sponsorship revenue it generates from new Gawker articles to non-profit organizations selected either by readers and people it partners with to develop content for the site, Didit co-founder Kevin Lee said in an interview with The Wall Street Journal.
“I think there is still a place for...good gossip. I don’t think you need to run a click baity, salacious gossip site,” Mr. Lee said.
Mr. Lee, 53 years old, said he began developing his idea for the new marketing platform in September and launched a separate Didit-owned site called BriefMe.com to test the idea. He said he had been looking for existing sites that would be recognizable to readers and decided “on a lark” to place a bid for Gawker after previously looking into acquiring the local news websites DNAInfo and Gothamist after they were shut down last year.
Mr. Lee said he didn’t expect he would get this close to acquiring Gawker when he initially considered bidding on the site and said he is interested in seeing if others will place bids on the blog.
Mr. Lee said he doesn’t have experience in journalism but said if the bid for Gawker succeeds, he would hire people who did. Didit describes itself as a fully integrated marketing and communications firm.
“I do have concerns that it’s not going to be easy, but on the flip side, nothing really fun in life is easy,” Mr. Lee said. “It’s more fun to take on challenges that make you think all the time.”
The fate of Gawker is one of the last open questions in the publisher’s nearly two-year-old bankruptcy. Liquidators began shopping the blog in the fall but the sale process was slowed after billionaire Peter Thiel revealed his interest in acquiring the site . Mr. Thiel secretly funded Mr. Hogan’s legal case against Gawker. Mr. Hogan is entitled to 45% of the proceeds from the eventual sale of the Gawker site, according to his settlement.
Mr. Lee said he had been concerned about Mr. Thiel’s interest in Gawker as well as the involvement of lawyer Charles Harder who is representing plaintiffs in two defamation lawsuits against Gizmodo Media Group, a Univision Communications Inc. subsidiary that acquired the other Gawker Media blogs in 2016.
Mr. Harder in a September email to the Journal said “It would be the responsible thing to do for a new buyer to remove articles from Gawker.com that violate defamation laws, privacy laws or journalism ethics (Google ‘SPJ Code of Ethics’),”referring to the Society of Professional Journalists.
Didit has agreed to make a copy of the existing Gawker archive, court papers say. Mr. Lee said he believes it’s important that a record of Gawker’s existing stories are preserved, saying “we don’t have the wherewithal to fight assaults on the archive.”
Judge Stuart Bernstein earlier this month approved a standstill agreement between Mr. Thiel and Gawker Media. Mr. Thiel agreed to withdraw from the sale process and to provide the eventual buyer a legal release for articles in the Gawker archive. In exchange, lawyers representing the publisher dropped a potential legal case against Mr. Thiel.
Gregg Galardi, a Ropes & Gray LLP bankruptcy lawyer representing Gawker Media, said at a court hearing when the agreement was approved that the estate has received a handful of bids for the website. Assets for sale include the Gawker domain, social media accounts and nearly 200,000 published articles.
A group of former Gawker Media employees launched a crowdfunding campaign late last year to fund a bid for the site but fell short of their $500,000 goal.
Write to Jonathan Randles at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/digital-advertising-firm-didit-close-to-acquiring-gawker-com-1527626284 |
April 30 (Reuters) - Sylogist Ltd:
* Q2 REVENUE ROSE 15 PERCENT TO C$9.3 MILLION * Q2 EARNINGS PER SHARE C$0.11 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sylogist-reports-q2-earnings-of-c0/brief-sylogist-reports-q2-earnings-of-c0-11-share-idUSFWN1S71HK |
8 COMMENTS Photo: Luci Gutierrez
Numerical work and logical thinking are featured in the coach’s latest offerings.
Close to a Quart
You are at a river and have two empty containers capable of holding exactly π (= 3.14159…) and e (= 2.7182818…) quarts of water.
How many transfers of water will it take you to get water in one container that is within 1% of a quart?
Math Party
At an annual party for a group of math professors, a couple tells a guest, “We have been married 10 years. One year ago we gave Jones the sum and product of the ages of our three children, but Jones didn’t get their ages right. Smith missed the problem earlier tonight, having heard the current sum and product of our children’s ages.” Assume all children’s ages are whole numbers less than 10.
How old are the couple’s children? | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/03/varsity-math-week-138/ |
GAZA (Reuters) - Israeli forces killed a Palestinian near the Gaza border on Tuesday, local health officials said, as Palestinian protesters turned out in smaller numbers than on Monday, when dozens were killed by Israeli gunfire.
The 51-year-old man was fatally shot along the frontier in the central Gaza Strip after thousands of Palestinians took part in funerals for Monday’s dead.
Reporting by Nidal al-Mughrabi; Writing by Jeffrey Heller in Jerusalem
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-israel-palestinians-casualties/israeli-troops-kill-palestinian-near-gaza-border-health-officials-idUSKCN1IG24X |
Atari's Not The Only Old-School Gaming Console Coming Back. Intellivision Is Too BXFK4T games, video game "Intellivision" (Intelligent Television), boxed console, Germany, 1979, 1970s, 70s, 20th century, historic, hi Alamy Stock Photo By Chris Morris 11:49 AM EDT
Atari has been raising eyebrows for a few months with word of its forthcoming console system , but it’s not the only classic system aiming to make a comeback. Intellivision says it plans to release a home console as well.
The new system, which does not yet have a formal name, will feature a “new concept, design and approach to gaming” says the company, which seemingly rules out a retro device, akin to Nintendo’s NES Classic. It plans to offer more details about the device during a Facebook Q&A Thursday at noon PT and at the upcoming E3 video game trade show. The big reveal, though, will come on Oct. 1, the company says.
Intellivision was one of Atari’s chief rivals in the early days of home video game systems. And the revived company says some of the original team members are playing a role in the creation, development, and software of the new system. Tommy Tallarico, who has long ties to the music side of the video game industry, has been named president of the company—and says there are no plans to try to compete directly with Sony, Microsoft , or Nintendo.
Intellivision’s resurrection comes as Atari has launched an Indiegogo page for its Atari VCS . The company has continued to offer few hard details about what the VCS will do. At a price of $199 and $299, though, it will come with 100 classic games installed. Whether it will support new games and what those will be, though, remains a mystery.
That’s not stopping people from shelling out money based on nostalgia. The fundraiser/pre-order page has raised over $1.5 million to date. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/30/atari-intellivision-classic-gaming-console/ |
HAUPPAUGE, N.Y., Air Industries Group (NYSE AMEX:AIRI):
Air Industries Group (“Air Industries” or the “Company”), an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors, in conjunction with the filing of its March 30, 2018 Form 10Q with the Securities and Exchange Commission (“SEC”), announces today, its Fiscal 2018 First Quarter results.
The First Quarter of 2018 Adjusted EBITDA was slightly positive and exceeded the Company’s guidance previously issued on April 19, 2018. The solid financial results reflect managements’ ability to meet customer demands while focusing on profitability.
Sale of Welding Metallurgy Inc.
As announced on March 21, 2018, the Company has entered into a definitive sale agreement (subject to conditions) to sell Welding Metallurgy Inc. (“WMI”) As such, the results of WMI are excluded from continuing operations and are reported as discontinued operations. Management continues to anticipate closing this transaction by the end of the 2nd Quarter.
First Quarter Fiscal 2018 Highlights From Continuing Operations
Consolidated net sales were $12.24 million in the First Quarter of 2018 and were similar to prior year’s comparative results of $12.26 million (excluding sales related to AMK which was sold in the First Quarter of 2017). This reflects an increase in sales at Complex Machining offset slightly by a decrease at Sterling.
Consolidated gross profit from operations was $2.0 million which represents a decrease of $0.52 million as compared to First Quarter of fiscal 2018. This decrease was primarily the result of a difference in the product mix of sales from Complex Machining partially offset by cost reduction and productivity initiatives that were successfully completed. The Company’s cost reductions will continue throughout Fiscal 2017.
Operating expenses were $2.62 million or a slight increase compared to $2.46 million achieved in fiscal 2017 First Quarter.
Adjusted EBITDA from continuing operating operations was $0.236 million reflecting the successful steps the Company has taken on its path to profitability. Adjusted EBITDA is a non-GAAP financial measure which is reconciled to the most directly comparable GAAP financial measure.
Funded Backlog was $101 million.
Liquidity continues to improve as Management diligently manages working capital in order to execute on Backlog and focus on profitability.
New management remains focused on meeting customer needs and profitability and continues to believe in continuing quarterly improvements in Adjusted EBITDA through fiscal 2018. Mr. Lou Melluzzo, CEO of Air Industries said, “We continue to execute on our existing Backlog, managing working capital, increasing our inventory turnover, improving operating efficiencies, reducing costs, and delivering for our customers.”
Investor Conference Call
Management will host a conference call on Wednesday, May 16 th at 4:30PM EDT.
Conference Toll-Free Number – 1-866-564-7431
Conference ID – 788 3973
Passcode – 948 743
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (AIRI) is an integrated manufacturer of precision equipment assemblies and components for leading aerospace and defense prime contractors.
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Adjusted EBITDA
The Company uses Adjusted EBITDA, a Non-GAAP financial measure as defined by the SEC, as a supplemental profitability measure because management finds it useful to understand and evaluate results, excluding the impact of non-cash depreciation and amortization charges, stock based compensation expenses, and nonrecurring expenses and outlays, prior to consideration of the impact of other potential sources and uses of cash, such as working capital items. This calculation may differ in method of calculation from similarly titled measures used by other companies and may be different than the EBITDA calculation used by our lenders for purposes of determining compliance with our financial covenants. This Non-GAAP measure may have limitations when understanding performance as it excludes the financial impact of transactions such as interest expense necessary to conduct the Company’s business and therefore are not intended to be an alternative to financial measure prepared in accordance with GAAP. The Company has not quantitatively reconciled its forward looking Adjusted EBITDA target to the most directly comparable GAAP measure because such items such as amortization of stock-based compensation and interest expense, which are specific items that impact these measures, have not yet occurred, are out of the Company’s control, or cannot be predicted. For example, quantification of stock-based compensation is not possible as it requires inputs such as future grants and stock prices which are not currently ascertainable.
Reconciliation of GAAP to Adjusted EBITDA:
Three Months Ended March 31, 2018 2017 Net Loss $ (1,468,000 ) $ (1,154,000 ) Gain on Sale of Subsidiary - (451,000 ) Loss from Discontinued Operations 92,000 - Adjusted Loss (1,376,000 ) (1,605,000 ) Interest Expense 777,000 893,000 Depreciation of property and equipment 722,000 728,000 Amortization of intangible assets 38,000 304,000 Income Taxes paid 2,000 - Non-cash compensation expense 83,000 (73,000 ) Deferred gain on sale of real estate (10,000 ) (10,000 ) Adjusted Ebitda $ 236,000 $ 237,000
Contact Information
Air Industries Group
631.881.4913
[email protected]
Source:Air Industries Group, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-air-industries-group-announces-solid-2018-first-quarter-results-as-management-continues-to-drive-revenue-while-focusing-on.html |
May 3 (Reuters) - JetPay Corp:
* JETPAY CORP SAYS ON APRIL 30, UNIT ENTERED INTO SETTLEMENT AGREEMENT WITH VALLEY NATIONAL BANK - SEC FILING
* JETPAY CORP - ON APRIL 30, UNIT RECEIVED SETTLEMENT PAYMENT OF $2.2 MILLION Source text for Eikon: ( bit.ly/2FEXc4p )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-jetpay-corp-unit-enters-into-settl/brief-jetpay-corp-unit-enters-into-settlement-agreement-with-valley-national-bank-idUSFWN1SA1AR |
ISTANBUL, May 30 (Reuters) - Turkey’s lira hit its firmest level in nearly two weeks on Wednesday, a day after top economic officials met with investors in London in an attempt to soothe concerns about the direction of monetary policy under President Tayyip Erdogan.
The lira’s recent recovery - it has now firmed for three straight sessions - came after a market rout last week that forced the central bank to hike rates by 3 percentage points at an emergency meeting. It has since announced plans to move to a single policy rate, something long sought by investors.
Still, the market remain cautious. Ratings agency Moody’s on Wednesday slashed its forecast for Turkey’s 2018 economic growth to 2.5 percent from 4 percent previously, citing the sell-off in the lira and the impact of double-digit inflation on growth.
“There was the rate hike last week and this week they announced the central bank would simplify its policy framework,” said Per Hammarlund, chief emerging markets strategist at SEB.
“This suggests the central bank will be more autonomous when it sets interest rates and monetary policy – it could change in future but for now it signals the central bank will be more independent and that’s very good news for the lira.”
The lira was at 4.4930 to the dollar at 0812 GMT, firming some 1 percent and not far off its firmest since May 18. Last week it hit a record low of 4.9290, prompting the emergency move by the central bank.
The main stock index was little changed.
Deputy Prime Minister Mehmet Simsek and Turkish Central Bank Governor Murat Cetinkaya met with investors in London on Tuesday.
At the meetings they dialled back on Erdogan’s combative messages on interest rate policy and insisted the central bank has freedom to defend the lira, according to investors who met them.
On Wednesday Simsek said on Twitter that the meetings were “beneficial” and that Turkey would prioritise the fight against inflation and the current account deficit.
Separately, official data showed that the economic confidence index fell to 93.5 points in May, further easing from a five-month high in January. (Additional reporting by Claire Milhench in London Editing by David Dolan)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-currency/turkish-lira-firms-shrugging-off-moodys-after-economy-officials-meet-investors-idUSL5N1T00U1 |
NEW DELHI (Reuters) - Indian Prime Minister Narendra Modi’s ruling party was set on Tuesday to win the largest number of seats in a big southern state election, giving him momentum for a re-election bid next year and opening a path for more reforms.
Supporters of India's ruling Bharatiya Janata Party (BJP) celebrate as they carry cut-outs of their party's President Amit Shah and India's Prime Minister Narendra Modi after learning of the initial poll results of Karnataka state assembly elections, in Bengaluru, India, May 15, 2018. REUTERS/Abhishek N. Chinnappa A government in Karnataka led by the Bharatiya Janata Party (BJP) will help Modi silence critics who said his popularity had waned after the rocky adoption of a nationwide sales tax and a ban on high-value bank notes late in 2016.
The BJP was leading in 105 seats in Karnataka’s 225-member state assembly, the Election Commission of India said, with the opposition Congress party leading in 75.
A party must have 113 seats to form a government and the BJP will probably have to seek the backing of smaller parties.
The Congress said it was ready to support a regional party that was coming third to form a government to stop the Hindu nationalist BJP from taking power.
But analysts said the state governor would likely ask the BJP to make a bid for power because it would emerge as the biggest party in the new house.
“The result provides some reassurance to the BJP that its popularity remains intact,” said Shilan Shah, a senior India economist at Capital Economics.
“That could embolden the government to pursue reforms in future, including loosening foreign direct investment restrictions and moves towards privatization.”
If it forms a government in Karnataka, the BJP and its allies would govern 22 of India’s 29 states.
Outgoing Chief Minister of the southern state of Karnataka Siddaramaiah (C) and Janata Dal (Secular) leader H. D. Kumaraswamy (R) speak with the media outside the governor's house in Bengaluru, India, May 15, 2018. REUTERS/Abhishek N. Chinnappa A strong showing in the state, which has a population roughly equal to that of France, would allow Modi to aggressively push forward his reform agenda without fear of political backlash.
It also gives the BJP a southern beachhead, besides its core base in India’s north and west.
LESS CHANCE OF ‘POPULIST ACTIONS’ In the last four years, Modi has moved to boost the economy, but shied away from politically sensitive reforms to revamp the labor sector and land acquisition, which the World Bank called for in March.
His government faced sniping in recent weeks over soaring fuel prices, a decision to privatize state carrier Air India and a lack of jobs for millions of young people entering the workforce every year. Higher oil prices have added to inflationary pressure.
But the favorable vote for the BJP would reduce the chances that Modi would need to compensate for unpopular reforms with pre-election handouts.
“If this regional election had resulted in Modi losing, that could have potentially raised the risk of more populist actions,” said Aidan Yao, senior emerging Asia economist at Axa Investment Managers in Hong Kong.
Slideshow (2 Images) Modi’s victory in Karnataka, where he led his party’s campaign, showed he remains the top vote-getter in Indian politics, leaving Rahul Gandhi, the young leader of the main opposition Congress party, struggling.
“The win definitely enhances the prospect of Prime Minister Modi for another term,” said political commentator N. Ram.
The benchmark stock NSE index gained more than 1 percent and 10-year government bond yields were steady at 7.86 percent despite inflation surprising on the upside earlier in the day.
Farm distress in Karnataka was an election issue, as it is in other parts of India, and Modi could still raise spending on farm subsidies, rural employment, health insurance and housing, an official said.
“In the coming months, we could see more allocations for jobs programs, healthcare and the farm sector,” another senior government adviser said.
MODI VS GANDHI Karnataka, with a population of 66 million, is home to the technology hub of Bengaluru. It is the first major state electing an assembly this year, to be followed by three more.
Celebrations erupted outside the BJP headquarters in Bengaluru, with supporters shouting victory slogans and waving the party flag as results trickled in.
The loss of the state is a major setback for Congress and its president, Gandhi, the fifth-generation scion of India’s famed Nehru-Gandhi dynasty.
“His authority is weakened and it is difficult for the Congress now to stake a claim on the leadership of the opposition,” said Satish Misra, a political analyst at the Observer Research Foundation in New Delhi, the capital.
Congress was “disappointed” with the results, said its spokesman Sanjay Jha, but he defended Gandhi’s campaigning.
“He raised issues that mattered, unlike PM Modi, who indulged in hollow rhetoric,” Jha told Reuters.
Additional reporting by Manoj Kumar in New Delhi and Suvashree Choudhury in MUMBAI; Editing by Sanjeev Miglani and Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-india-election/modis-party-congress-in-close-fight-in-indian-state-early-vote-count-idUSKCN1IG0CG |
SHANGHAI, - Yum China Holdings, Inc. (the "Company" or "Yum China") (NYSE: YUMC) today reported unaudited results for the first quarter ended March 31, 2018. Reported GAAP results include Special Items, which are excluded from adjusted measures. Special Items are not allocated to any segment and therefore only impact reported GAAP results of Yum China. See "Reconciliation of Reported GAAP Results to Adjusted Measures" within this release.
First Quarter Highlights
Total revenues increased 15% year over year to $2.2 billion from $1.9 billion (6% year over year increase excluding foreign currency translation ("F/X")). Total system sales grew 6% year over year, with 9% growth at KFC partially offset by 1% decline at Pizza Hut, excluding F/X. Same-store sales grew 3% year over year, with an increase of 5% at KFC partially offset by a 5% decrease at Pizza Hut, excluding F/X. R estaurant margin was 17.9%, as compared with 20.4% in the prior year period. Operating P rofit increased 33% year over year to $395 million from $296 million (22% year over year increase excluding F/X). Excluding Special Items, A djusted O perating P rofit was $297 million for the first quarter of 2018, as compared with $296 million in the prior year period (8% year over year decrease excluding F/X). Net Income increased 41% to $288 million from $204 million in the prior year period. Effective tax rate was 26.6%. Diluted EPS was $0.72, as compared with $0.52 in the prior year period. Excluding Special Items, Adjusted Diluted EPS was $0.53. Completed the acquisition of an additional 36% equity interest in an unconsolidated affiliate that operates KFC stores in Wuxi, China ("Wuxi KFC"), for cash consideration of approximately $98 million, bringing Yum China's equity interest in Wuxi KFC to 83%. A gain of $98 million was recorded from the re-measurement of our previously held equity interest. Opened 203 new restaurants during the quarter, bringing total store count to 8,112 across more than 1,200 cities. Online delivery contributed 16% to Company sales, up from 13% in the prior year period. Delivery services now available in 970 cities, up from 700 cities in the prior year period. As of March 31, 2018, the KFC loyalty program had more than 120 million members and the Pizza Hut loyalty program had over 40 million members. Mobile payment accounted for approximately 56% of Company sales in the first quarter of 2018, as compared to 31% in the prior year period.
Key Financial Results
First Quarter
% Change
System
Sales
Same-Store
Sales
Net New
Units
Operating
Profit
Yum China
+6
+3
+6
+33
KFC
+9
+5
+6
+21
Pizza Hut
(1)
(5)
+5
(58)
First Quarter
(in US$ million, except
% Change
for per share data and percentages)
2018
2017
Reported
Ex F/X
Operating Profit
$
395
$
296
+33
+22
Adjusted Operating Profit 1
$
297
$
296
—
(8)
Net Income
$
288
$
204
+41
+29
Basic Earnings Per Common Share
$
0.75
$
0.53
+42
+28
Adjusted Basic EPS Per Common Share 1
$
0.55
$
0.53
+4
(6)
Diluted Earnings Per Common Share
$
0.72
$
0.52
+38
+25
Adjusted Diluted EPS Per Common Share 1
$
0.53
$
0.52
+2
(6)
1 See "Reconciliation of Reported GAAP R esults to Adjusted Measures" included in the accompanying tables of this release for further details.
Note: All comparisons are versus the same period a year ago.
NM refers to changes over 100%, from negative to positive amounts or from zero to an amount.
Yum China's fiscal first quarter 2018 includes January, February and March results.
Percentages may not recompute due to rounding.
System sales and same-store sales percentages exclude the impact of F/X.
Prior period results have been recast for the change of fiscal quarter, same-store sales growth definition and adoption of new revenue accounting standard.
CEO and CFO Comments
"We are pleased to start 2018 with positive system sales and same-store sales growth for the Company. The strong operational and financial performance of KFC is particularly encouraging as it successfully lapped two strong first quarters in 2017 and 2016. During the quarter, while Pizza Hut had some challenges with same-store sales growth and restaurant margin, we remain committed to our revitalization plan and key focus areas to drive sales growth. We believe our focus on food innovation and customer experience, together with the execution of strategic priorities in digital and delivery, has enabled us, and will continue to enable us, to build a stronger Yum China," said Joey Wat, CEO of Yum China.
"As part of our capital allocation strategy to invest in and grow our core brands, we acquired an additional 36% interest in Wuxi KFC, increasing our total equity interest to 83%. In 2018, we now expect our annual new build to reach 600-650 units, increasing from the previously announced 550-600 units. We will continue to invest in digital and delivery, which we believe will drive long-term growth," remarked Jacky Lo, CFO of Yum China.
Dividend and Share Repurchase
The Board of Directors declared a cash dividend of $0.10 per share on Yum China's common stock, payable as of the close of business on June 20, 2018 to stockholders of record as of the close of business on May 30, 2018. Yum China did not repurchase any shares during the first quarter of 2018.
New-Unit Development and Asset Upgrade
We opened 203 new restaurants and remodeled 125 restaurants in the first quarter of 2018.
New Units
Restaurant Count
First
As of March 31
Quarter
2018
2017
Yum China
203
8,112
7,653
KFC
144
5,602
5,277
Pizza Hut
41
2,214
2,105
Little Sheep, East Dawning, Taco Bell
18
296
271
Restaurant Margin
In the first quarter of 2018, Yum China restaurant margin was 17.9%, as compared with 20.4% in the prior year period, primarily attributable to the investment in product upgrades and promotions at Pizza Hut and its sales deleveraging.
First Quarter
2018
2017
% ppts
change
Yum China
17.9
%
20.4
%
(2.5)
KFC
20.9
%
20.8
%
+0.1
Pizza Hut
10.5
%
19.7
%
(9.2)
Digital and Delivery
Over 120 million loyalty program members for KFC and over 40 million for Pizza Hut, an increase of 50 million and 20 million year over year, respectively. Mobile payments accounted for approximately 56% of Company sales in the quarter, an increase of 25 percentage points year over year. Delivery contributed to 16% of Company sales in the first quarter of 2018, an increase of 3 percentage points year over year.
Conference Call
Yum China Holdings, Inc. will host a conference call to review the Company's financial performance and strategies at 8:00 p.m. US Eastern Time on Tuesday, May 1, 2018 ( 8:00 a.m. Beijing/HK time on Wednesday, May 2, 2018). A copy of the presentation will be available on the Yum China Holdings, Inc. website, http://ir.yumchina.com
US:
+1-845-675-0437
Hong Kong:
+852-3018-6771
Mainland China:
400-620-8038 or 800-819-0121
International:
+65-6713-5090
Passcode:
Yum China
A replay of the conference call may be accessed by phone at the following numbers until May 9, 2018:
US:
+1-855-452-5696
International:
+61-2-8199-0299
Passcode:
6876657
The webcast and the playback can be accessed via the internet by visiting the Yum China Holdings, Inc. website, http://ir.yumchina.com
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "project," "likely," "will," "continue," "should," "forecast," "outlook" or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements include, without limitation, statements regarding the future business plans, earnings and performance of Yum China, anticipated effects of population and macroeconomic trends, statements regarding the capital structure of Yum China, and beliefs regarding the long-term drivers of Yum China's business. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We cannot assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements, including, without limitation: whether we are able to achieve development goals at the times and in the amounts currently anticipated, if at all, the success of our marketing campaigns and product innovation, our ability to maintain food safety and quality control systems, our ability to control costs and expenses, including tax costs, as well as changes in political, economic and regulatory conditions in China. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the Securities and Exchange Commission (including the information set forth under the captions "Risk Factors" and "Forward-Looking Statements" in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results.
About Yum China Holdings, Inc.
Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a Mexican-inspired quick-service restaurant brand. Yum China also owns the Little Sheep and East Dawning concepts outright. The Company had more than 8,100 restaurants and more than 450,000 employees in over 1,200 cities at the end of March 2018. For more information, please visit http://ir.yumchina.com
Investor Relations Contacts:
Millicent Tu, +86 21 2407 7905
Vice President, Investor Relations
[email protected]
Florence Lip, +86 21 2407 7678
Director, Investor Relations
[email protected]
Media Contact:
Joanna Jiang, +86 21 2407 7510
Director, Financial Media
[email protected]
Yum China Holdings, Inc.
Consolidated Statements of Income
(amounts in US$ million, except for per share amounts)
(unaudited)
Quarter Ended
% Change
3/31/2018
3/31/2017
B/(W)
Revenues
Company sales
$
2,016
$
1,738
16
Franchise fees and income
40
36
11
Revenues from transactions with
franchisees and unconsolidated affiliates
161
147
9
Other revenues
4
5
(23)
Total revenues
2,221
1,926
15
Costs and Expenses, Net
Company restaurants
Food and paper
594
486
(22)
Payroll and employee benefits
442
368
(20)
Occupancy and other operating expenses
619
530
(17)
Company restaurant expenses
1,655
1,384
(20)
General and administrative expenses
114
98
(18)
Franchise expenses
20
18
(12)
Expenses for transactions with
franchisees and unconsolidated affiliates
160
147
(9)
Other operating costs
4
3
(26)
Other income, net
(127)
(20)
NM
Total costs and expenses, net
1,826
1,630
(12)
Operating Profit
395
296
33
Interest income, net
8
4
99
Income Before Income Taxes
403
300
34
Income tax provision
(107)
(90)
(19)
Net income – including noncontrolling interests
296
210
41
Net income – noncontrolling interests
8
6
24
Net Income – Yum China Holdings, Inc.
$
288
$
204
41
Effective tax rate
26.6
%
30.0
%
3.4
ppts.
Basic Earnings Per Common Share
$
0.75
$
0.53
Weighted average shares outstanding (in millions)
386
388
Diluted Earnings Per Common Share
$
0.72
$
0.52
Weighted average shares outstanding (in millions)
401
395
Cash Dividends Declared Per Common Share
$
0.10
$
—
Company sales
100.0
%
100.0
%
Food and paper
29.4
27.9
(1.5)
ppts.
Payroll and employee benefits
21.9
21.2
(0.7)
ppts.
Occupancy and other operating expenses
30.8
30.5
(0.3)
ppts.
Restaurant margin
17.9
%
20.4
%
(2.5)
ppts.
Operating margin
19.6
%
17.0
%
2.6
ppts.
Percentages may not recompute due to rounding.
Yum China Holdings, Inc.
KFC Operating Results
(amounts in US$ million)
(unaudited)
Quarter Ended
% Change
3/31/2018
3/31/2017
B/(W)
Revenues
Company sales
$
1,444
$
1,199
20
Franchise fees and income
37
34
10
Revenues from transactions with
franchisees and unconsolidated affiliates
17
17
—
Total revenues
1,498
1,250
20
Costs and Expenses, Net
Company restaurants
Food and paper
424
353
(20)
Payroll and employee benefits
293
241
(21)
Occupancy and other operating expenses
426
356
(20)
Company restaurant expenses
1,143
950
(20)
General and administrative expenses
46
39
(19)
Franchise expenses
19
17
(12)
Expenses for transactions with
franchisees and unconsolidated affiliates
17
17
—
Other income, net
(23)
(18)
27
Total costs and expenses, net
1,202
1,005
(20)
Operating Profit
$
296
$
245
21
Company sales
100.0
%
100.0
%
Food and paper
29.3
29.4
0.1
ppts.
Payroll and employee benefits
20.3
20.1
(0.2)
ppts.
Occupancy and other operating expenses
29.5
29.7
0.2
ppts.
Restaurant margin
20.9
%
20.8
%
0.1
ppts.
Operating margin
20.6
%
20.5
%
0.1
ppts.
Percentages may not recompute due to rounding.
Yum China Holdings, Inc.
Pizza Hut Operating Results
(amounts in US$ million)
(unaudited)
Quarter Ended
% Change
3/31/2018
3/31/2017
B/(W)
Revenues
Company sales
$
564
$
527
7
Franchise fees and income
1
1
25
Total revenues
565
528
7
Costs and Expenses, Net
Company restaurants
Food and paper
167
129
(29)
Payroll and employee benefits
147
124
(19)
Occupancy and other operating expenses
190
170
(12)
Company restaurant expenses
504
423
(19)
General and administrative expenses
28
25
(14)
Franchise expenses
1
1
(20)
Other income, net
(2)
(1)
NM
Total costs and expenses, net
531
448
(18)
Operating Profit
$
34
$
80
(58)
Company sales
100.0
%
100.0
%
Food and paper
29.7
24.5
(5.2)
ppts.
Payroll and employee benefits
26.1
23.5
(2.6)
ppts.
Occupancy and other operating expenses
33.7
32.3
(1.4)
ppts.
Restaurant margin
10.5
%
19.7
%
(9.2)
ppts.
Operating margin
6.0
%
15.1
%
(9.1)
ppts.
Percentages may not recompute due to rounding.
Yum China Holdings, Inc.
Consolidated Balance Sheets
(amounts in US$ million)
(unaudited)
3/31/2018
12/31/2017
ASSETS
Current Assets
Cash and cash equivalents
$
1,318
$
1,059
Short-term investments
276
205
Accounts receivable, net
63
81
Inventories, net
261
297
Prepaid expenses and other current assets
203
160
Total Current Assets
2,121
1,802
Property, plant and equipment, net
1,755
1,691
Goodwill
291
108
Intangible assets, net
161
101
Investments in unconsolidated affiliates
44
95
Other assets
412
385
Deferred income taxes
110
105
Total Assets
4,894
4,287
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
Current Liabilities
Accounts payable and other current liabilities
1,114
985
Income taxes payable
106
39
Total Current Liabilities
1,220
1,024
Capital lease obligations
29
28
Other liabilities and deferred credits
442
388
Total Liabilities
1,691
1,440
Redeemable Noncontrolling Interest
5
5
Equity
Common stock, $0.01 par value; 1,000 million shares authorized;
390 million shares and 389 million shares issued at March 31, 2018
and December 31, 2017, respectively; 386 million shares and 385 million shares
outstanding at March 31, 2018 and December 31, 2017, respectively
4
4
Treasury stock
(148)
(148)
Additional paid-in capital
2,381
2,375
Retained earnings
646
397
Accumulated other comprehensive income
224
137
Total Equity – Yum China Holdings, Inc.
3,107
2,765
Noncontrolling interests
91
77
Total Equity
3,198
2,842
Total Liabilities, Redeemable Noncontrolling Interest and Equity
$
4,894
$
4,287
Yum China Holdings, Inc.
Consolidated Statements of Cash Flows
(amounts in US$ million)
(unaudited)
Quarter Ended
3/31/2018
3/31/2017
Cash Flows - Operating Activities
Net income – including noncontrolling interests
$
296
$
210
Depreciation and amortization
118
96
Gain from re-measurement of equity interest upon acquisition
(98)
—
Deferred income taxes
23
(1)
Equity income earned from investments in unconsolidated affiliates
(23)
(21)
Distributions received from unconsolidated affiliates
36
27
Share-based compensation
6
5
Changes in accounts receivable
11
14
Changes in inventories
48
26
Changes in prepaid expenses and other current assets
(7)
4
Changes in accounts payable and other current liabilities
85
(63)
Changes in income taxes payable
63
58
Other, net
(7)
(19)
Net Cash Provided by Operating Activities
551
336
Cash Flows - Investing Activities
Capital spending
(111)
(112)
Purchases of short-term investments
(160)
(100)
Maturities of short-term investments
93
—
Proceeds from refranchising of restaurants
1
2
Acquisition of business, net of cash acquired
(88)
—
Other, net
(2)
(1)
Net Cash Used in Investing Activities
(267)
(211)
Cash Flows - Financing Activities
Payment of capital lease obligation
—
(1)
Payment of short-term borrowings assumed from acquisition
(10)
—
Cash dividends paid
(39)
—
Other, net
(2)
(10)
Net Cash Used in Financing Activities
(51)
(11)
Effect of Exchange Rates on Cash and Cash Equivalents
26
4
Net Increase in Cash and Cash Equivalents
259
118
Cash and Cash Equivalents – Beginning of Period
1,059
885
Cash and Cash Equivalents – End of Period
$
1,318
$
1,003
Reconciliation of Reported GAAP Results to Adjusted Measures
(amounts in US$ million, except for per share amounts)
(unaudited)
In this press release:
The Company provides certain percentage changes excluding the impact of foreign currency translation ("F/X"). These amounts are derived by translating current year results at prior year average exchange rates. We believe the elimination of the F/X impact provides better year-to-year comparability without the distortion of foreign currency fluctuations. System sales growth reflects the results of all restaurants regardless of ownership, including Company-owned, franchise and unconsolidated affiliate restaurants that operate our Concepts, except for non-Company-owned restaurants for which we do not receive a sales-based royalty. Sales of franchise and unconsolidated affiliate restaurants typically generate ongoing franchise fees for the Company at a rate of approximately 6% of system sales. Franchise and unconsolidated affiliate restaurant sales are not included in Company sales on the Consolidated Statements of Income; however, the franchise fees are included in the Company's revenues. We believe system sales growth is useful to investors as a significant indicator of the overall strength of our business as it incorporates all of our revenue drivers, Company and franchise same-store sales as well as net unit growth. Effective January 1, 2018, the Company revised its definition of same-store sales growth to represent the estimated percentage change in sales of food of all restaurants in the Company system that have been open prior to the first day of our prior fiscal year. We refer to these as our "base" stores. Previously, same-store sales growth represented the estimated percentage change in sales of all restaurants in the Company system that have been open for one year or more, and the base stores changed on a rolling basis from month to month. This revision was made to align with how management measures performance internally and focuses on trends of a more stable base of stores. Prior period results have been recast accordingly. Company Restaurant profit ("Restaurant profit") is defined as Company sales less expenses incurred directly by our Company-owned restaurants in generating Company sales. Company restaurant margin percentage is defined as Restaurant profit divided by Company sales.
In addition to the results provided in accordance with US Generally Accepted Accounting Principles ("GAAP") in this press release, the Company provides measures adjusted for Special Items, which include Adjusted Operating Profit, Adjusted Diluted Earnings Per Common Share, Adjusted Effective Tax Rate and Adjusted EBITDA, which we define as net income including noncontrolling interests adjusted for income tax, interest income, depreciation, amortization and other items, including store impairment charges. The Special Item for the quarter ended March 31, 2018 represents a gain recognized from the re-measurement of our previously held equity interest at fair value upon acquisition, as described in the accompanying notes. The Company excludes impact from Special Items for the purpose of evaluating performance internally. Special Items are not included in any of our segment results. These adjusted measures are not intended to replace the presentation of our financial results in accordance with GAAP. Rather, the Company believes that the presentation of these adjusted measures provide additional information to investors to facilitate the comparison of past and present results, excluding those items that the Company does not believe are indicative of our ongoing operations due to its nature. These adjusted measures should not be considered in isolation or as a substitute for GAAP financial results, but should be read in conjunction with the unaudited Consolidated Statements of Income and other information presented herein. A reconciliation of the most directly comparable GAAP measures to adjusted measures follows.
Quarter Ended
3/31/2018
3/31/2017
Detail of Special Items
Gain from re-measurement of equity interest upon acquisition (b)
98
—
Special Items Income - Operating Profit
98
—
Tax Expenses on Special Items (c)
(24)
—
Special Items Income, net of tax – including noncontrolling interests
74
—
Special Items Income, net of tax – noncontrolling interests
—
—
Special Items Income, net of tax –Yum China Holdings, Inc.
74
—
Weighted Average Diluted Shares Outstanding
401
395
Special Items Diluted Earnings Per Common Share
0.19
—
Reconciliation of Operating Profit to Adjusted Operating Profit
Operating Profit
395
296
Special Items Income - Operating Profit
98
—
Adjusted Operating Profit
297
296
Reconciliation of EPS to Adjusted EPS
Diluted Earnings Per Common Share
0.72
0.52
Special Items Diluted Earnings Per Common Share
0.19
—
Adjusted Diluted Earnings Per Common Share
0.53
0.52
Reconciliation of Effective Tax Rate to Adjusted Effective Tax Rate
Effective Tax Rate
26.6
%
30.0
%
Impact on Effective Tax Rate as a result of Special Items
(0.5)
%
(0.0)
%
Adjusted Effective Tax Rate
27.1
%
30.0
%
Reconciliation of Net Income to Adjusted EBITDA
(amounts in US$ million)
(unaudited)
Net income, along with the reconciliation to Adjusted EBITDA, is presented below.
Quarter Ended
3/31/2018
3/31/2017
Reconciliation of Net Income to Adjusted EBITDA
Net Income – Yum China Holdings, Inc.
288
204
Net income – noncontrolling interests
$
8
$
6
Income tax provision
107
90
Interest income, net
(8)
(4)
Operating Profit
395
296
Depreciation and amortization
118
96
Store impairment charges
2
4
Special Items Income - Operating Profit
(98)
—
Adjusted EBITDA
$
417
$
396
Unit Count by Brand
KFC
2017
New Builds
Closures
Refranchised
Others
2018
Company-owned
4,112
108
(22)
(2)
157
4,353
Unconsolidated affiliates
891
33
(5)
—
(157)
762
Franchise
485
3
(3)
2
—
487
Total
5,488
144
(30)
—
—
5,602
Pizza Hut
2017
New Builds
Closures
Refranchised
2018
Company-owned
2,166
40
(22)
(1)
2,183
Franchise
29
1
—
1
31
Total
2,195
41
(22)
—
2,214
All Other Segments
2017
New Builds
Closures
2018
Company-owned
29
1
(3)
27
Franchise
271
17
(19)
269
Total
300
18
(22)
296
Yum China Holdings, Inc.
Segment Results
(amounts in US$ million)
(unaudited)
Quarter Ended 3/31/18
KFC
Pizza Hut
All Other
Segments
Corporate
and
Unallocated (1)
Total
Company sales
$
1,444
$
564
$
8
$
—
$
2,016
Franchise fees and income
37
1
2
—
40
Revenues from transactions with
franchisees and unconsolidated affiliates
17
—
7
137
161
Other revenues
—
—
3
1
4
Total revenues
$
1,498
$
565
$
20
$
138
$
2,221
Company restaurant expenses
1,143
504
8
—
1,655
General and administrative expenses
46
28
7
33
114
Franchise expenses
19
1
—
—
20
Expenses for transactions with
franchisees and unconsolidated affiliates
17
—
6
137
160
Other operating costs
—
—
3
1
4
Other income, net
(23)
(2)
—
(102)
(127)
1,202
531
24
69
1,826
Operating Profit (Loss)
$
296
$
34
$
(4)
$
69
$
395
Quarter Ended 3/31/17
KFC
Pizza Hut
All Other
Segments
Corporate
and
Unallocated (1)
Total
Company sales
$
1,199
$
527
$
12
$
—
$
1,738
Franchise fees and income
34
1
1
—
36
Revenues from transactions with
franchisees and unconsolidated affiliates
17
—
5
125
147
Other revenues
—
—
5
—
5
Total revenues
$
1,250
$
528
$
23
$
125
$
1,926
Company restaurant expenses
950
423
11
—
1,384
General and administrative expenses
39
25
3
31
98
Franchise expenses
17
1
—
—
18
Expenses for transactions with
franchisees and unconsolidated affiliates
17
—
5
125
147
Other operating costs
—
—
3
—
3
Other income, net
(18)
(1)
—
(1)
(20)
Total costs and expenses, net
1,005
448
22
155
1,630
Operating Profit (Loss)
$
245
$
80
$
1
$
(30)
$
296
The above tables reconcile segment information, which is based on management responsibility, with our Consolidated Statements of Income.
(1)
Corporate and unallocated expenses comprise items that are not allocated to segments for performance reporting purposes. Amount includes revenues and expenses associated with transactions with franchisees and unconsolidated affiliates such as inventory procurement and other services provided to franchisees and unconsolidated affiliates. The Corporate and Unallocated column in the above tables includes, among other amounts, all amounts that we have deemed Special Items. See "Reconciliation of Reported GAAP Results to Adjusted Measures".
Notes to the Consolidated Statements of Income, Consolidated Balance Sheets
and Consolidated Statements of Cash Flows
(amounts in US$ million)
(unaudited)
(a)
Amounts presented as of and for the quarter ended March 31, 2018 are unaudited.
(b)
As a result of the acquisition of Wuxi KFC, the Company recognized a gain of $98 million from the re-measurement of our previously held 47% equity interest at fair value, which was not allocated to any segment for performance reporting purposes.
(c)
The tax expense was determined based upon the nature as well as the jurisdiction of each Special Item at the applicable tax rate.
releases/yum-china-reports-first-quarter-2018-results-300639915.html
SOURCE Yum China Holdings, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-yum-china-reports-first-quarter-2018-results.html |
WASHINGTON, May 17 (Reuters) - For details of the U.S. Treasury’s auctions of 13-week, 26-week and 52-week bills next week, see:
13-week bills here
26-week bills here
52-week bills here
Washington economics newsroom
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-debt-bills/u-s-treasury-to-sell-116-bln-in-bills-idUSW1N1RW05A |
TORONTO, May 14, 2018 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), a leading global provider of fleet management and fleet-focused business services, today announced the appointment of Jay Forbes as its new Chief Executive Officer and a significant refresh of the Company’s Board of Directors (the “Board”) that includes the planned addition of four new independent directors. The Company also announced that it will hold its annual general meeting of shareholders on June 26, 2018 (the “2018 Annual Meeting”).
CEO Appointment – Jay Forbes
Element is pleased to announce the appointment of Jay Forbes as Chief Executive Officer of the Company, effective June 1, 2018. Today’s announcement follows a comprehensive CEO search process undertaken by the Board and its external advisors, in which both internal and external candidates were considered. Until June 1, Dan Jauernig will remain Acting Chief Executive Officer of the Company and will then resume his responsibilities as President and Chief Operating Officer of Element. Along with the rest of the executive leadership team at Element, Mr. Jauernig will ensure continuity and smooth onboarding for Mr. Forbes.
“Jay Forbes has a demonstrated track record of success for helping organizations understand and realize their full potential. His skills and experience will be invaluable to us as we look to realize the promise inherent in the global fleet management platform that Element has created over the past seven years,” said The Hon. Brian Tobin, P.C., O.C., Chairman of the Board. “Combined with the addition of four new, highly qualified independent directors to bolster the expertise of our Board, this represents a tremendous step forward in Element’s evolution.”
Mr. Forbes is a proven business leader who has brought a fresh strategic perspective to a variety of industry settings to create immediate and lasting value for investors, customers and employees. With a deep passion for serving customers, Mr. Forbes brings operational expertise, strong financial acumen, and a firm grasp of technology.
Mr. Forbes commented, “Element is a truly remarkable company, having gone from concept to global leadership in the fleet leasing and service industry in seven short years. I am truly looking forward to working with my new colleagues to strengthen our current customer offerings such that we continue to grow with them in the years to come. Accordingly, we will use the next few months to better understand how we can further strengthen our business model and refine our strategies to the benefit of our customers and investors.”
Most recently, from 2015 to 2017, Mr. Forbes was President and CEO of Manitoba Telecom Services, where he designed and executed a customer-centric strategy that created $1.1 billion in shareholder value. Similarly, Mr. Forbes made a significant impact during his tenure as President and CEO of Teranet Inc., a world-leading developer, operator and owner of electronic land registration systems, where he developed an information services growth strategy to yield billions in high-margin revenues.
Mr. Forbes’ other leadership roles included President at Ingram Micro Inc., where he successfully restructured the business to improve profitability at the onset of an economic recession, and President and CEO / CFO at Aliant Inc., where he repositioned the business to become the second largest regional telecom services provider in North America, delivering $2 billion in shareholder value. In the past, Mr. Forbes has also served as CFO at real estate and energy companies. Mr. Forbes holds a Bachelor of Commerce degree from Dalhousie University, is a Chartered Professional Accountant, a Fellow of the Chartered Professional Accountants of Nova Scotia (FCPA, FCA), and has completed the Institute of Corporate Directors program. He is a director at Economical Insurance and previously was a director at MTS, Stratos Global Corporation and Aliant Inc., in addition to a number of not-for-profit organizations.
Addition of Four New Independent Directors
Element also announced today that as a result of agreements with some of the Company’s significant shareholders, and Element’s own normal course board process to refresh the Board, the Company will undertake a reconstitution of its Board that will result in eight of nine nominees at the 2018 Annual Meeting being independent of the Company.
Rubin McDougal and Keith Graham, two independent directors, have been appointed to the Board, effective immediately. Mr. McDougal brings extensive public company, finance, credit, logistics and financial reporting experience to the Board. Mr. Graham has extensive business and investment and asset management expertise.
The Company also announced that it will nominate for election at the 2018 Annual Meeting two additional independent directors, Andrew Clarke and Alexander Greene. Mr. Clarke and Mr. Greene each have strong backgrounds in transportation services, logistics and finance, as well as a broad range of public company executive and board-level experience.
Mr. Forbes will also join the Board immediately.
As a result, the Company intends to nominate a slate of the following nine individuals for election to the Board at the 2018 Annual Meeting:
Current independent directors Brian Tobin (Chairman), Paul Damp, Joan Lamm-Tennant and Bill Lovatt; Independent directors Rubin McDougal and Keith Graham; and CEO Jay Forbes, all of whom were appointed to the Board on May 14, 2018; and Independent nominees Andrew Clarke and Alexander Greene.
“Rubin, Keith, Andrew and Alex bring considerable expertise in transportation, technology and finance. The Board is excited to welcome these highly-qualified individuals to the Element team and eager to benefit from their deep expertise and experience for the benefit of the Company and its shareholders. We are pleased to have agreed to the addition of Rubin, Keith and Andrew with some of our largest shareholders, and we believe that the reconstituted Board will help drive significant value for all shareholders,” said The Hon. Brian Tobin.
In addition, Steven Hudson and Richard Venn have advised the Company that they will not be standing for re-election to the Board at the 2018 Annual Meeting.
“The Board thanks Steve and Richard for their many years of valuable service and the significant role they each played in firmly establishing Element as a leader in global fleet management. In particular, I want to acknowledge Steve Hudson’s contribution as founder and builder of the Element Fleet platform, both as CEO and for the last year and a half as Vice-Chairman of the Board,” stated The Hon. Brian Tobin.
Mr. Greene was identified as a director candidate as part of the Board’s normal course board refreshment process. The appointments of Mr. McDougal and Mr. Graham were made pursuant to separate agreements (the “ Nomination Agreements ”) entered into by the Company with each of EdgePoint Wealth Management Inc., Lion Point Capital, LP and Ancora Advisors, LLC (which respectively own approximately 4.3%, 4.6% and 2.5% of Element’s issued and outstanding common shares) as a result of discussions with such shareholders regarding the composition of the Board. Under the terms of the Nomination Agreements, the Company has agreed to nominate Mr. McDougal, Mr. Graham and Mr. Clarke for election to the Board at the 2018 Annual Meeting. The Nomination Agreements contain customary standstill restrictions that terminate following the Company’s 2019 annual general meeting of shareholders. The Nomination Agreements will be available under the Company’s profile on SEDAR at www.sedar.com .
“We are pleased to have worked constructively with Brian Tobin and the Element Board to reach an agreement to reconstitute and strengthen the Board with new independent directors. The appointment of these new directors will bring additional insights and valuable expertise to Element as it focuses on executing its strategic plan for enhancing shareholder value,” said Fred DiSanto, Chief Executive Officer and Chairman of Ancora Advisors LLC.
About Alexander Greene
Alexander Greene has over 35 years of corporate finance and private equity experience. Mr. Greene served as a Managing Partner and Head of US Private Equity at Brookfield Asset Management Inc. from 2005 to 2014. Prior to joining Brookfield, Mr. Greene was a Managing Director and Co-Head of Carlyle Strategic Partners, a private equity fund of The Carlyle Group, and a Managing Director at Wasserstein Perella where he served as an investment banker to large and mid-cap businesses, focusing on leveraged finance and recapitalization transactions. Mr. Greene is presently Chairman of the Board of Modular Space Corporation, a leading North American supplier of temporary modular space and permanent modular construction; a director of USA Truck Inc., a publicly traded dry van truckload carrier; and a director of Ambac Financial Group, a publicly traded provider of financial guarantees, in addition to having served as a director of other private and publicly traded companies. Mr. Greene is President of the Armonk Independent Fire Company and holds a bachelor’s degree in Finance from The George Washington University.
About Rubin McDougal
Rubin McDougal provides advisory support to a broad range of privately held enterprises and has served in global finance leadership roles in Asia, Europe and the United States. From 2014 to 2017, Mr. McDougal was a director of Novitex Enterprise Solutions, a managed services provider in the document outsourcing industry, where he also acted as Chair of the Audit Committee. From 2009 to 2016, Mr. McDougal acted as the Chief Financial Officer of CEVA Logistics, a global supply chain services provider based in Amsterdam. Prior to this, Mr. McDougal acted as Chief Financial Officer of CNH Global NV, a manufacturer and financial services provider in the agricultural and construction equipment industries, from 2006 to 2009. Mr. McDougal has extensive public-company compliance and financial reporting experience, having successfully guided both well-capitalized and highly-leveraged financial organizations. Mr. McDougal holds a Master of Business Administration from Western Michigan University.
About Keith Graham
Keith Graham is the Founder and President of Rondeau Capital Inc., a private investment and advisory company. Mr. Graham has over 25 years of experience as a Portfolio Manager and Senior Executive with firms such as AGF Funds Inc., a diversified global asset management firm, Trimark Investments, a privately-owned investment management firm, and Ontario Teachers’ Pension Plan, one of the world’s largest single-profession pension plans and private equity investors. Mr. Graham holds the Chartered Financial Analyst designation and earned a Master of Business Administration from the Ivey School of Business at the University of Western Ontario.
About Andrew Clarke
Andrew Clarke has 20 years of experience in the transportation industry. Since 2015, Mr. Clarke has been the Chief Financial Officer of C.H. Robinson, Inc. of Minneapolis, Minnesota, a NASDAQ-listed corporation and one of the world’s largest third-party logistics providers. From 2007 until 2013, Mr. Clarke was the Chief Executive Officer of Panther Expedited Services, Inc. of Seville, Ohio, a premium logistics provider that focuses on the automotive, life sciences, governmental and manufacturing segments. From 2001 to 2006, Mr. Clarke served in various executive roles, including as Senior Vice President and Chief Financial Officer, at Forward Air Corporation, a NASDAQ-listed, diversified transportation services corporation. Mr. Clarke has been a director of several public companies, including Forward Air Corporation and Pacer International, Inc., a publicly-traded company engaged in third-party logistics services, where he served as Chairman of the Audit Committee and member of the Compensation and Nominating & Corporate Governance Committees. Mr. Clarke holds a Master of Business Administration from the University of Chicago Booth School of Business.
2018 Annual Meeting
The 2018 Annual General Meeting of the Company will be held on June 26, 2018 at 9 a.m. (Toronto Time) at the offices of Blake, Cassels & Graydon, LLP, 199 Bay Street, Suite 4000, Commerce Court West, Toronto, Ontario, Canada. Matters to be considered at the 2018 Annual Meeting include the election of directors and an advisory “say-on-pay” vote for shareholders in respect of the Company’s approach to executive compensation.
Further details regarding all matters to be put forward to shareholders at the 2018 Annual Meeting will be set forth in the Company’s management information circular, which will be available under the Company’s profile on SEDAR at www.sedar.com and the Company’s website at www.elementfleet.com .
First Quarter Results Conference Call
Element will hold its first quarter 2018 results conference call on May 15, 2018 at 9:00 am ET as previously indicated. The Company looks forward to the opportunity to discuss its financial results at that time.
About Element Fleet Management Corp.
Element Fleet Management Corp. (TSX:EFN) is a leading global fleet management company, providing world-class management services and financing for commercial vehicle and equipment fleets. Element's suite of fleet management services spans the total fleet lifecycle, from acquisition and financing to program management and remarketing – helping customers optimize performance and improve productivity. For more information, visit www.elementfleet.com .
Contact:
Zev Korman
SVP Investor Relations
(416) 646-5421
[email protected]
This release includes forward-looking statements regarding Element. Such statements are based on the current expectations and views of future events of the Company’s business. In some cases, the forward-looking statements can be identified by words or phrases such as “may”, “will”, “expect”, “plan”, “anticipate”, “intend”, “potential”, “estimate”, “believe” or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including, but not limited to, the appointment or nomination of new independent directors to the Board, including the timing of any such appointments or nominations, and the intention of certain directors to seek re-election at future meetings of the Company’s shareholders, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element and many other factors beyond the control of the Company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and information. These and other risks and uncertainties, as well as other information related to the Company, are discussed in the Company’s various public filings available on SEDAR and can be accessed at www.sedar.com . Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Source: Element Fleet Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-element-fleet-management-names-jay-forbes-as-chief-executive-officer-and-announces-intention-to-refresh-the-board-with-four.html |
Spotify CEO speaks out on hate content policy: 'We rolled this out wrong' 1 Hour Ago CNBC's Julia Boorstin provides highlights from the Code Conference in Southern California, including comments from Spotify CEO Daniel Ek on hate speech. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/spotify-ceo-speaks-out-on-hate-content-policy-we-rolled-this-out-wrong.html |
SONOMA, Calif. (AP) — Authorities say a sheriff's deputy was shot and wounded while responding to a report of a disturbance at a car wash in California's Sonoma County.
Sheriff's officials say the deputy was hospitalized in good condition following the shooting Sunday about a mile (1.6 kilometers) west of downtown Sonoma.
A 19-year-old suspect, a worker at the car wash, was arrested.
The San Francisco Chronicle reports two deputies responded when a car wash manager reported an employee was acting strangely and refused to go home after being asked to leave.
Officials say the employee opened fire, striking one of the deputies. The newspaper says at least one of the deputies returned fire, but did not hit the suspect.
A handgun was recovered at the scene. Investigators have not identified a motive. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/the-associated-press-sheriffs-deputy-shot-wounded-at-car-wash-worker-arrested.html |
LONDON (Reuters) - European shares rose on Wednesday, boosted by some strong earnings updates and a rising tech sector after results from Apple exceeded weak expectations.
The German share price index, DAX board, is seen at the stock exchange in Frankfurt, Germany, March 21, 2018. REUTERS/Tilman Blasshofer Shares in AMS ( AMS.S ), which provides the facial recognition technology used in Apple’s iPhones, jumped 7 percent after Apple ( AAPL.O ) surprised the market with solid iPhone X sales, confounding fears of a much weaker performance.
Apple shares were up 4 percent.
Other chipmakers STMicroelectronics ( STM.MI ), Infineon ( IFXGn.DE ), BE Semiconductor ( BESI.AS ) and ASML ( ASML.AS ) also posted sharp gains after the tech giant’s results helped sentiment on the sector.
Europe’s tech sector .SX8P rose 1.2 percent to a six-week high.
It helped the pan-European STOXX 600 end up 0.7 percent at its highest level since Feb 5, little affected by data showing that euro zone economic growth slowed as expected at the start of 2018.
A drop in the euro provided support, helping the exporter-heavy DAX index .GDAXI outperfrom with a rise of 1.5 percent, while Italy's FTSE MIB .FTSEMIB rose 1.2 percent to its highest level since October 2009, as government debt rose on dimming prospects of a snap election.
Mining stocks .SXPP jumped 2.8 percent, providing the bedrock for Europe’s gains as copper prices recovered on strong China factory data.
Broadly strong earnings have been the main engine of the European index in recent weeks.
Thomson Reuters data showed that so far earnings growth for the euro zone MSCI EMU index was down 1.3 percent for the first quarter, while MSCI Europe companies have reported 0.5 percent earnings growth.
Earnings for the Europe-wide index have delivered a 1.2 percent surprise thus far, meaning results have outperformed analysts’ expectations. Deutsche Bank strategists said results beats were set to increase.
“The gross beat ratio, at 44 percent, is low, but our gross beats model - based on moves in the euro, commodities and global macro surprises - suggests that this is set to pick up during the remainder of the season,” wrote Deutsche Bank’s equity strategy team.
“Tech, consumer staples and energy have seen the strongest earnings per share (EPS) growth for the companies that have reported so far,” they added, saying financials and industrials have been the weakest.
On Wednesday British satellite firm Inmarsat ( ISA.L ) led the pack, jumping 8.1 percent after reporting stronger first-quarter revenue.
Shares in Swedish oil firm Lundin Petroleum ( LUPE.ST ) rose 4.3 percent after it became the latest European oil company to beat earnings expectations, helped by higher output.
Danish hearing aid company GN Store Nord ( GN.CO ) gained 7 percent after announcing a 1 billion Danish krone share buyback and beating profit expectations.
Among results disappointments, Paddy Power Betfair ( PPB.L ) was among the worst-performing on the European index, down 4 percent after first-quarter earnings fell. The bookmaker also announced a 500 million pound share buyback program.
British online grocer Ocado ( OCDO.L ) pared rose 3.5 percent after it signed a partnership deal with Swedish grocer ICA ( ICAA.ST ) to develop its online business.
Reporting by Helen Reid and Danilo Masoni Editing by Keith Weir and Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-europe-stocks/tech-stocks-and-miners-drive-european-shares-higher-after-apple-results-idUSKBN1I30TP |
May 9 (Reuters) - Kala Pharmaceuticals Inc:
* KALA PHARMACEUTICALS INC - PDUFA TARGET ACTION DATE FOR INVELTYS IS AUGUST 24, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kala-pharmaceuticals-pdufa-target/brief-kala-pharmaceuticals-pdufa-target-action-date-for-inveltys-is-august-24-2018-idUSFWN1SG1MK |
Voya Financial Inc:
* VOYA FINANCIAL TO ACQUIRE PEN-CAL ADMINISTRATORS
* VOYA FINANCIAL INC - TERMS OF TRANSACTION WERE NOT DISCLOSED, AND ARE NOT MATERIAL TO VOYA’S FINANCIAL POSITION.
* VOYA FINANCIAL INC - TERMS OF TRANSACTION WERE NOT DISCLOSED
* VOYA FINANCIAL INC - PEN-CAL WILL BECOME PART OF VOYA’S RETIREMENT BUSINESS OPERATING UNIT
* VOYA FINANCIAL INC - AS PART OF DEAL, PEN-CAL WILL RE-BRAND TO VOYA Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-voya-financial-to-acquire-pen-cal/brief-voya-financial-to-acquire-pen-cal-administrators-idUSASC0A1S0 |
Closing Bell Exchange: Great time to step into energy 1 Hour Ago Rene Nourse, Urban Wealth Management; Gordon Charlop, Rosenblatt Securities; and CNBC's Rick Santelli, discuss the day's market activity. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/closing-bell-exchange-energy.html |
The Obamas are headed to Netflix.
The company announced Monday that the former first couple have signed a multiyear agreement to produce films and series for Netflix. The deal can include scripted and unscripted series, as well as documentaries and features. The content will be produced by Higher Ground Productions.
Getty Images "One of the simple joys of our time in public service was getting to meet so many fascinating people from all walks of life, and to help them share their experiences with a wider audience," the former president said in a statement. "That's why Michelle and I are so excited to partner with Netflix — we hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world."
Obama previously appeared on Netflix's "My Next Guest Needs No Introduction with David Letterman."
Netflix chief content officer Ted Sarandos said in a statement the Obamas "are uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better." A New York Times report in March said Obama's projects are not intended to address President Donald Trump or conservatives. Instead, it would focus on inspirational content.
WATCH: Obama says Trump's Iran decision misguided show chapters Obama says Trump's decision on Iran was 'misguided' 4:33 PM ET Tue, 8 May 2018 | 00:40 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/barack-and-michelle-obama-sign-multi-year-deal-with-netflix.html |
EU reduces farm aid to cut costs, France says unacceptable Published 18 Hours Ago Reuters
PARIS, May 2 (Reuters) - The European Commission on Wednesday proposed to reduce farm subsidies and leave more latitude to member states under the bloc's Common Agriculture Policy (CAP), drawing swift condemnation from France, which called the move "unthinkable".
The CAP proposal comes as part of a bigger, new, multi-year EU budget set to trigger battles among member states over how to fill the funding gap left by Britain's exit next year.
In an effort to cut costs and promote other policies, farmers will see aid shrink in the 2021-2027 period to 365 billion euros ($438 billion), down 5 percent from the current CAP, the Commission said.
This would represent a share of less than 30 percent of the total budget of 1.279 trillion euros, down from more than 45 percent 20 years earlier.
"Against the backdrop of Brexit and demands to fund new and emerging priorities, the CAP budget is being reduced by a modest 5 percent," European Commissioner for Agriculture and Rural Development Phil Hogan said in a statement.
France, by far the largest beneficiary of the CAP, said the proposals were unacceptable.
"For Stephane Travert, the Agriculture and Food Minister, such a drastic, massive and blind cut is simply unthinkable," the ministry said in a statement.
"It poses an unprecedented risk to farms' viability by seriously impacting farmers' incomes, for whom direct aid is an essential safety net. France cannot accept any decline in direct income for farmers."
In the proposals, which need to be approved by member states, EU countries will have to cap subsidies for large farms or impose degressive payments depending on farm size, with the rest redistributed to small and medium-sized ones.
"Direct payments to farmers will remain an essential part of the policy, but will be streamlined and better targeted," the Commission wrote in its proposal.
Direct payment levels per hectare among member states will also continue to converge towards the EU average, it said.
The Commission also aims to introduce greater conditionality to direct payments with a significant part of funding to be ring-fenced for actions beneficial to the climate, the environment and rural development.
"This system will provide greater flexibility for member states, allowing them to better target environmental objectives and be more ambitious," it said.
The proposal to give member states more room to maneuver has been criticised by farm unions as a Commission attempt to go back on the CAP's initial idea of a common policy.
The Commission also proposed a new reserve to address crises linked notably by unforeseeable developments in international markets.
Farmers across the agriculture sector, from milk to grains and sugar, have suffered sharp drops in revenues in recent years due to hefty global supplies.
EU farmers group COPA-COGECA, reacting on Twitter, expressed "strong disappointment with the cuts".
"A strong budget is needed for a sustainable, modern EU agriculture sector delivering on various fronts," it said. ($1 = 0.8331 euros) (Reporting by Sybille de La Hamaide; Editing by Dale Hudson) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/reuters-america-eu-reduces-farm-aid-to-cut-costs-france-says-unacceptable.html |
TORONTO, May 18, 2018 (GLOBE NEWSWIRE) -- TDb Split Corp. ("TDb Split") declares its regular monthly distribution of $0.05000 for each Class A share ($0.60 annually) and $0.04375 for each Preferred share ($0.525 annually). Distributions are payable June 8, 2018 to shareholders on record as at May 31, 2018.
Since inception, Class A shareholders have received a total of $5.35 per share and Preferred shareholders have received a total of $5.68 per share inclusive of this distribution, for a combined total of $11.03.
TDb Split invests in common shares of Toronto-Dominion Bank, a leading Canadian Financial institution.
Distribution Details Class A Share (XTD) $0.05000 Preferred Share (XTD.PR.A) $0.04375 Ex-Dividend Date: May 30, 2018 Record Date: May 31, 2018 Payable Date: June 8, 2018 Investor Relations: 1-877-478-2372
Local: 416-304-4443
www.tdbsplit.com
[email protected]
Source:TDb Split Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-tdb-split-corp-aregular-monthly-dividend-declaration-for-class-aa-preferred-share.html |
Eddie Rosario had two hits and scored three runs to back five strong innings on the mound by Jake Odorizzi as the Minnesota Twins rolled to a 7-1 victory over host St. Louis on Tuesday afternoon at Busch Stadium, sweeping the two-game interleague series from the Cardinals.
The win was the fifth straight for the Twins, who outscored St. Louis 13-1 in the series and pounded out 21 hits over the two games while limiting the Cardinals to just six.
St. Louis, which has lost two straight after winning five in a row, hurt its cause with three errors.
Odorizzi (3-2) garnered the victory for Minnesota, surrendering a run on two hits and two walks while striking out three. Odorizzi left with a 5-1 lead after throwing 93 pitches.
Ryan Pressly worked two innings, and Taylor Rogers and Phil Hughes hurled one each to secure the win for Odorizzi. Each of the three relievers faced the minimum of batters, as the Cardinals left just two runners on base in the game.
Carlos Martinez (3-2) took the loss for the Cardinals, allowing four runs (two earned) and four hits in five innings of work. Martinez struck out two and walked three.
The Cardinals stuck first, scoring in the opening inning on Jose Martinez’s solo home run over the center field fence.
Minnesota responded with run in the second as Ehire Adrianza’s sacrifice fly drove home Rosario. The Twins took the lead in the fourth when Mitch Garver singled in Rosario and played add-on in the fifth as Robbie Grossman’s double plated Brian Dozier and Rosario.
Logan Morrison’s single in the sixth pushed Adrianza to the plate and made the score 5-1. Eduardo Escobar then ripped a two-run home run in the seventh to push the Twins’ advantage to 7-1.
The Twins and Cardinals each have the day off on Wednesday before heading to the West Coast to begin four-game series in Los Angeles and San Diego, respectively.
Minnesota will play the Angels, with right-hander Jose Berrios (3-3, 3.98 ERA) getting the ball Thursday for the Twins while Los Angeles’ starting pitcher is still to be determined.
Right-hander Miles Mikolas (4-0, 2.70 ERA) gets the start for the Cardinals on Thursday and will be opposed by Padres right-hander Jordan Lyles (0-0, 3.66).
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-stl-min-recap/rosario-odorizzi-lead-twins-to-sweep-of-cardinals-idUSMTZEE58FFB5AP |
May 16, 2018 / 8:33 AM / Updated 2 hours ago Maradona appointed Dynamo Brest chairman in Belarus Reuters Staff 1 Min Read
(Reuters) - Argentina great Diego Maradona has been appointed as the chairman of Dynamo Brest on a three-year contract, the Belarusian Premier League team said on Wednesday. FILE PHOTO: Soccer Football - Al Fujairah v Khor Fakkan - UAE First Division - Fujairah stadium, Fujairah, United Arab Emirates - April 27, 2018 - Al Fujairah's manager Diego Maradona of Argentina reacts during the match. REUTERS/Christopher Pike
A 1986 World Cup winner, Maradona stepped down from his role as the coach of Al-Fujairah FC last month after the United Arab Emirates club failed to gain automatic promotion to the first division.
"Diego Maradona will supervise the areas of club's strategic development, and also cooperate with its all structural departments, including the Academy of Dynamo Brest," the club said in a statement on their website en.dynamo-brest.by .
The former Barcelona and Napoli forward previously managed UAE team Al-Wasl along with the Argentina national team from 2008 to 2010.
The 57-year-old will take charge of Dynamo, who are eighth in their league, after the conclusion of this year’s World Cup in Russia. Reporting by Aditi Prakash in Bengaluru; Editing by Amlan Chakraborty | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-maradona/maradona-appointed-dynamo-brest-chairman-in-belarus-idUKKCN1IH0UV |
European Union Italy's president refuses to certify minister, denying the prime minister the ability to form government The Italian president refused to certify a minister put forward by populist parties, sowing new uncertainty in the country. The impasse may trigger a new election. Published 14 Hours Ago The Associated Press Franco Origlia/Getty Images Giuseppe Conte delivers a declaration after a meeting with Italian President Sergio Mattarella as part of consultations for a new government at the Quirinale Palace on May 23, 2018 in Rome, Italy.
Italy's political landscape grew even shakier Sunday after the president refused to approve a proposed Cabinet minister with views critical of the euro currency and the premier-designate quit his bid to form a populist coalition government.
After being summoned to and emerging from the Quirinal presidential palace, Premiere-Designate Giuseppe Conte did not say why he couldn't form what would have been Western Europe's first populist government.
But Italian President Sergio Mattarella told the nation minutes later he had refused to accept the nominee the euroskeptic League and 5-Star Movement parties had put forward as economy minister.
League leader Matteo Salvini in recent days had virtually given an ultimatum over the economy minister pick to Mattarella, whose duties as head of state include sanctioning a new Cabinet. The president said he approved all of the other Cabinet picks, but rejected the coalition partners' choice for the economy portfolio out of concern it would have a negative effect on financial markets and the Italian economy.
The economy ministry "always constitutes an immediate message of trust or alarm" for financial markets, Mattarella said, adding that he had asked for someone who was not `'supporting a position expressed more than once that could probably, or in fact inevitably, provoke Italy's exit from the euro."
Mattarella said he was considering political party leaders' request for another election and would announce his next move `'in the next hours."
The previous parliamentary election, held March 4, failed to produce a party with enough support to govern singlehandedly. League leader Salvini and fellow euroskeptic Luigi Di Maio of the 5-Star Movement agreed this month to join their rival forces in a coalition to break the political impasse.
With neither of them willing to back the other as premier, however, they ended up tapping political novice Conte, a law professor at the University of Florence and a 5-Star supporter. A presidential palace official, Ugo Zampetti, told reporters Sunday night that Conte "has given back the mandate" Mattarella gave him four days earlier to try to form a government.
While Conte held his final talks with the president, Salvini was telling right-wing supporters he had refused to submit to a presidential veto of his choice for economy minister, Paolo Savona. Savona is a former industry minister who has questioned whether Italy at some point should ditch the euro as its official currency,
Anticipating Mattarella's decision, Salvini seethed. "We're not a free country," he said at a political rally. "We've got limited sovereignty."
Earlier Sunday, an Italian economics-focused web site, scenarieconomici.it, carried a statement from Savona that appeared aimed at assuaging doubts about his commitment to the euro currency and the European Union's rules.
"I want a different Europe, stronger but fairer," Savona was quoted as saying. Di Maio also scathingly criticized Mattarella's veto of Savona as `'incomprehensible." "This is not a free democracy," Di Maio said.
Di Maio's Movement is the largest party in the new Parliament but remains far short of having an absolute majority.
Italy's outgoing economy minister, Pier Carlo Padoan, said in a TV interview Sunday that the real problem isn't Savona, whom he described as having a good background for the post.
Instead, what Padoan finds worrisome is the "clearly unsustainable" platform of a populist government "that doesn't rule out a Plan B: that is, in the face of European pressures, one must leave Europe." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/italys-president-refuses-to-certify-minister-denying-bid-to-form-a-new-govt.html |
– Reports First Quarter Net Income of $0.33 per diluted share –
– Reports First Quarter AFFO of $0.36 per diluted share –
– Initiates Guidance for Full Year 2018 –
LAS VEGAS--(BUSINESS WIRE)-- VICI Properties Inc. (NYSE:VICI) (“VICI Properties” or the “Company”), an experiential-asset real estate investment trust, today reported results for the quarter ended March 31, 2018.
First Quarter Highlights:
Net revenues for the quarter ended March 31, 2018 were $218.3 million and included $211.5 million of rental revenues. Net income attributable to common shareholders was $112.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2018. NAREIT-defined Funds from Operations (“FFO”) attributable to common shareholders was $112.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2018. Adjusted Funds from Operations (“AFFO”) attributable to common shareholders was $125.0 million, or $0.36 per diluted share, for the quarter ended March 31, 2018. On February 5, 2018, the Company completed an initial registered public offering (“IPO”) of 69,575,000 shares of common stock at an offering price of $20.00 per share. On April 13, 2018, the Company paid a pro rated quarterly cash dividend of $0.16 per share of common stock for the period from February 5, 2018 to March 31, 2018, based on a quarterly distribution rate of $0.2625 per share.
Transaction Subsequent to First Quarter:
On April 24, 2018, a subsidiary of the Company, VICI Properties 1 LLC (“VICI PropCo”) entered into interest rate swap transactions with several global financial institutions as counterparties. Each transaction has an effective date of May 22, 2018 and a termination date of April 22, 2023. The transactions have an aggregate notional amount of $1.5 billion, and effectively fix at 2.8297% the LIBOR portion of the interest rate on the outstanding debt under VICI PropCo’s existing credit facility.
Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “Our first quarter of 2018 represented the next key stage in our evolution into a best-in-class institutional-quality REIT. Building on the transformative initiatives we undertook at the end of 2017, on January 31st, we successfully executed the fourth largest REIT IPO ever, by raising $1.4 billion. The transaction enabled us to further deleverage our balance sheet and now we have approximately $1.3 billion of dry powder to finance our portfolio-building opportunities in an accretive manner.”
Financial Results – Quarter Ended March 31, 2018
Net revenue for the quarter ended March 31, 2018 was $218.3 million and was comprised of $211.5 million from the real property business and $6.8 million from the golf course business. Real property business revenue of $211.5 million was generated from rent and reimbursements of property taxes under our leases.
Net income attributable to common shareholders was $112.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2018.
FFO attributable to common shareholders was $112.1 million, or $0.33 per diluted share, for the quarter ended March 31, 2018.
AFFO attributable to common shareholders was $125.0 million, or $0.36 per diluted share, for the quarter ended March 31, 2018.
Balance Sheet
As of March 31, 2018, the Company had $4.1 billion in total debt and $918.2 million in cash and cash equivalents, excluding restricted cash of $13.8 million. The Company’s capitalization using the face value of outstanding indebtedness as of March 31, 2018 was as follows:
(in millions) March 31, 2018 Revolving Credit Facility $ - Term Loan B Facility 2,100.0 CPLV CMBS Debt 1,550.0 Second Lien Notes 498.5 Total debt outstanding, face value $ 4,148.5 $ 918.2 In connection with the IPO, the Company raised aggregate proceeds of $1,391.5 million, resulting in net proceeds of approximately $1,307.0 million after underwriting discounts, commissions and expenses. The Company utilized a portion of the net proceeds from the IPO to:
pay down $300.0 million of indebtedness outstanding under the Revolving Credit Facility; redeem $268.4 million in aggregate principal amount of the Second Lien Notes at a redemption price of 108% plus accrued and unpaid interest to the date of the redemption; and repay $100.0 million of the Term Loan B Facility.
Guidance
The Company is providing estimated net income and AFFO per share guidance for the full year of 2018. The Company estimates that net income attributable to common shareholders for the year ending December 31, 2018 will be between $1.44 and $1.46 per diluted share. The Company estimates AFFO per share for the year ending December 31, 2018 will be between $1.39 and $1.41 per diluted share.
For the Year Ending December 31, 2018: Low High Estimated net income attributable to common shareholders per diluted share $ 1.44 $ 1.46 Estimated real estate depreciation per diluted share - - Estimated Funds From Operations (FFO) per diluted share $ 1.44 $ 1.46 Estimated direct financing lease adjustments per diluted share
(0.15 ) (0.15 ) Estimated loss on extinguishment of debt, acquisition and transaction costs,
non-cash stock based compensation, amortization of debt issuance costs and OID, other depreciation, capital expenditures per diluted share
0.10
0.10
Estimated Adjusted Funds From Operations (AFFO) 1 per diluted share
$ 1.39 $ 1.41 The estimates set forth above reflect management’s view of current and future market conditions, including assumptions with respect to the earnings impact of the events referenced in this release and otherwise to be referenced during the conference call referred to below. These estimates do not include the impact on operating results from possible future acquisitions or dispositions, capital markets activity, or other non-recurring transactions. The estimates set forth above may be subject to fluctuations as a result of several factors and there can be no assurance that the Company’s actual results will not differ materially from the estimates set forth above.
Conference Call and Webcast
The Company will host a conference call and audio webcast on Friday, May 4, 2018 at 10:00 a.m. Eastern Time (ET), during which management will discuss the first quarter results and provide commentary on business performance. A question and answer session with analysts and investors will follow the prepared remarks.
The conference call can be accessed by dialing 866-393-4306 (domestic) or 734-385-2616 (international). An audio replay of the conference call will be available from 12:00 p.m. ET on May 4, 2018 through May 11, 2018 and can be accessed by dialing 855-859-2056 (domestic) or 404-537-3406 (international) and entering the passcode 1359629.
1
AFFO is a non-GAAP measure that is used as a supplemental operating measure to evaluate the Company’s operating performance. We calculate AFFO by adding or subtracting from FFO direct financing lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), impairment charges on non-real estate assets, amortization of capitalized leasing costs and debt extinguishment gains and losses. See Non-GAAP Financial Measures below for additional information relating to AFFO.
A live audio webcast of the conference call will be available through the “Investors” section of the Company’s website, www.viciproperties.com . A replay of the webcast will be archived on the Company’s website.
About VICI Properties
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 20 gaming facilities comprising over 36 million square feet and features approximately 14,500 hotel rooms and more than 150 restaurants, bars and nightclubs. Its properties are leased to leading brands such as Caesars, Horseshoe, Harrah’s and Bally’s, which prioritize customer loyalty and value through great service, superior products and constant innovation. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com .
This press release contains within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are You should exercise caution in interpreting and relying on because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect the Company’s business, results of operations and financial position are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. Actual operating results may differ materially from what is expressed or forecast in this press release. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.
Non-GAAP Financial Measures
This press release presents Funds From Operations (“FFO”), FFO per diluted share, Adjusted Funds From Operations (“AFFO”), AFFO per diluted share and Adjusted EBITDA, which are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures (i) do not represent cash flow from operations as defined by GAAP; (ii) should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO, FFO per diluted share, AFFO, AFFO per diluted share and Adjusted EBITDA as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs. In addition, these measures should not be viewed as measures of liquidity, our ability to make cash distributions, or our ability to make interest payments on our indebtedness. We believe FFO, FFO per diluted share, AFFO, AFFO per diluted share and Adjusted EBITDA provide a meaningful perspective of the underlying operating performance of our business.
FFO is a non-GAAP financial measure that is considered a supplemental measure for the real estate industry and a supplement to GAAP measures. Consistent with the definition used by The National Association of Real Estate Investment Trusts (“NAREIT”), we define FFO as net income (or loss) (computed in accordance with GAAP) excluding gains (or losses) from sales of property plus real estate depreciation. AFFO is a non-GAAP measure that is used as a supplemental operating measure to evaluate the Company’s operating performance. We calculate AFFO by adding or subtracting from FFO direct financing lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), impairment charges on non-real estate assets, amortization of capitalized leasing costs and debt extinguishment gains and losses.
We define Adjusted EBITDA as net income as adjusted for gains (or losses) from sales of property, real estate depreciation, direct financing lease adjustments, transaction costs incurred in connection with the acquisition of real estate investments, non-cash stock-based compensation expense, amortization of debt issuance costs and original issue discount, other non-cash interest expense, non-real estate depreciation (which is comprised of the depreciation related to our golf course operations), impairment charges on non-real estate assets, amortization of capitalized leasing costs, debt extinguishment gains and losses, provision for income taxes and interest expense, net.
In our calculation of AFFO and Adjusted EBITDA, while we do not label transaction costs incurred in connection with the acquisition of real estate investments as non-recurring, infrequent, or unusual, management believes that it is helpful to adjust for these expenses when they do occur to allow for comparability of results between periods because each acquisition is (and will be) of varying size and complexity and may involve different types of expenses depending on the type of property being acquired and from whom.
Because not all companies calculate FFO, FFO per diluted share, AFFO, AFFO per diluted share and Adjusted EBITDA in the same way we do and other companies may not perform such calculations, those measures as used by other companies may not be consistent with the way we calculate such measures and should not be considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities. Our presentation of these measures does not replace the presentation of our financial results in accordance with GAAP.
Reconciliations of net income to FFO, FFO per diluted share, AFFO, AFFO per diluted share and Adjusted EBITDA are included in this release.
VICI Properties Inc. Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share data)
March 31,
2018
December 31,
2017
Assets Investment in direct financing leases, net $ 8,281,557 $ 8,268,643 Real Estate Investments: Accounted for using the operating method 1,110,400 1,110,400 Land 73,600 73,600 Property and equipment used in operations, net 73,739 74,300 918,215 183,646 Restricted cash 13,808 13,760 Other assets 14,920 15,363 Total assets $ 10,486,239 $ 9,739,712 Liabilities Debt, net $ 4,119,263 $ 4,785,756 Accrued interest 25,387 21,595 Deferred financing liability 73,600 73,600 Deferred revenue 60,929 68,117 Dividends payable 59,221 - Accounts payable and accrued expenses 9,221 10,562 Deferred income taxes 3,718 3,718 Total liabilities 4,351,339 4,963,348 Shareholders’ equity Common stock, $0.01 par value, 700,000,000 shares authorized and 370,128,832 and 300,278,938 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 3,701 3,003 Preferred stock, $0.01 par value, 50,000,000 shares authorized, 12,000,000 shares issued and no shares outstanding at March 31, 2018 and December 31, 2017, respectively - - Additional paid in capital 5,952,636 4,645,824 Retained earnings 95,563 42,662 Total VICI shareholders’ equity 6,051,900 4,691,489 Non-controlling interests 83,000 84,875 Total shareholders’ equity 6,134,900 4,776,364 Total liabilities and shareholders’ equity $ 10,486,239 $ 9,739,712 VICI Properties Inc. Condensed Consolidated Statement of Operations (Unaudited) (In thousands, except share and per share data)
Three Months Ended March 31, 2018 Revenues Earned income from direct financing leases $ 182,036 Rental income from operating leases 12,209 Tenant reimbursement of property taxes 17,243 Golf-related 6,788 Net revenues 218,276 Operating expenses General and administrative 7,308 Depreciation 906 Property taxes 17,243 Golf-related 4,095 Total operating expenses 29,552 Operating income 188,724 Interest expense (52,875 ) Interest income 1,678 Loss from extinguishment of debt (23,040 ) Income before taxes 114,487 Income tax expense (384) Net income 114,103 Less: Net income attributable to non-controlling interests (1,981 ) Net income attributable to common shareholders $ 112,122 Weighted average number of common shares outstanding Basic 342,900,842 Diluted 343,056,532 Common per share data Basic earnings per common share $ 0.33 Diluted earnings per common share $ 0.33 Dividends declared per common share $ 0.16 VICI Properties Inc. Reconciliation of Net Income to FFO, FFO per Diluted Share, Adjusted FFO, Adjusted FFO per Diluted Share and Adjusted EBITDA (amounts in thousands, except share and per share data)
Three Months Ended March 31, 2018 Net income attributable to common shareholders $ 112,122 Real estate depreciation - Funds From Operations (FFO) 112,122 Direct financing lease adjustments attributable to common shareholders (12,914 ) Loss on extinguishment of debt 23,040 Non-cash stock compensation 391 Amortization of debt issuance costs and original issue discount 1,494 Other depreciation 906 Adjusted Funds From Operations (AFFO) 125,039 Interest expense, net 49,703 Income tax expense 384 Adjusted EBITDA $ 175,126 Weighted average number of common shares outstanding Diluted 343,056,532 FFO per share Diluted $ 0.33 AFFO per share Diluted $ 0.36
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006606/en/
Investor:
[email protected]
(725) 201-6415
or
ICR
Jacques Cornet
[email protected]
or
Media:
[email protected]
(725) 201-6414
or
ICR
Phil Denning, (646) 277-1258
[email protected]
or
Jason Chudoba, (646) 277-1249
[email protected]
Source: VICI Properties Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-vici-properties-inc-announces-first-quarter-2018-results.html |
May 14, 2018 / 2:03 PM / in an hour RPT-Puerto Rico bondholders propose debt deal, oversight board rejects Reuters Staff 1 Min Read
(Repeats to attach to corrected alerts, no change to text of story)
NEW YORK, May 14 (Reuters) - Puerto Rico’s biggest bondholder groups on Monday unveiled a proposal to settle a dispute covering around half of the bankrupt U.S. territory’s $71.5 billion in debt, a crucial step toward resolving the storm-ravaged island’s bankruptcy.
However, the terms of the deal were immediately rejected by Puerto Rico’s federally appointed financial oversight board, casting doubt on whether it can gain approval under the island’s bankruptcy process.
Under the deal, so-called COFINA bondholders would receive certificates entitling them to 52.5 percent of sales tax revenue, which would be owned by a newly created trust. General obligation bondholders would receive 46.2 percent of sales tax cash flows under the trust. (Reporting By Nick Brown, Editing by Daniel Bases and Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-puertorico-debt/rpt-puerto-rico-bondholders-propose-debt-deal-oversight-board-rejects-idUSL5N1SL5BH |
* Canadian dollar at C$1.2766, or 78.33 U.S. cents
* Loonie hits strongest since April 20 at C$1.2743
* Bond prices higher across flatter yield curve
TORONTO, May 10 (Reuters) - The Canadian dollar strengthened to a nearly three-week high against its U.S. counterpart on Thursday as oil prices climbed, while data showing U.S. consumer prices rebounded less than expected in April weighed on the greenback. The price of oil, one of Canada's major exports, headed for its largest weekly increase in a month, as the market prepared for potential disruption to crude flows from major exporter Iran in the face of U.S. sanctions.
U.S. crude prices were up 0.1 percent at $71.24 a
barrel.
The U.S. dollar extended losses against a basket of
major currencies after the consumer price data. Some investors have been expecting an acceleration in inflation to allow the Federal Reserve to hike interest rates faster. At 9:10 a.m. EDT (1310 GMT), the Canadian dollar was trading 0.7 percent higher at C$1.2766 to the greenback, or 78.33 U.S. cents. The currency touched its strongest level since April 20 at C$1.2743. The loonie has rebounded as much as 2 percent since hitting on Tuesday a nearly seven week low at C$1.2998. Canadian new home prices were unchanged in March, as expected, as higher prices in Ottawa were offset by a weaker Toronto market, data from Statistics Canada showed. Canadian government bond prices were higher across a flatter yield curve in sympathy with U.S. Treasuries. The two-year rose 1 Canadian cent to yield 1.953 percent and the
10-year gained 13 Canadian cents to yield 2.379
percent. The 2-year yield touched its highest intraday since June 2011 at 1.964 percent. Canada's jobs report for April is due on Friday.
(Reporting by Fergal Smith; Editing by Bernadette Baum) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-canada-fx-debt-c-gains-to-3-week-high-boosted-by-higher-oil-prices.html |
April 30 (Reuters) - Imobiliaria Construtora Grao Para SA :
* FY NET LOSS 382,480 EUROS VERSUS LOSS 423,135 EUROS YEAR AGO
* FY TOTAL OPERATING REVENUE 132,433 EUROS VERSUS 114,526 EUROS YEAR AGO Source text: bit.ly/2ra8n0j
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-imobiliaria-construtora-grao-para/brief-imobiliaria-construtora-grao-para-fy-net-loss-at-382480-euros-idUSFWN1S7151 |
May 10 (Reuters) - C.H. Robinson Worldwide Inc:
* C.H. ROBINSON WORLDWIDE DECLARES QUARTERLY CASH DIVIDEND AND INCREASES SHARE REPURCHASE AUTHORIZATION
* C.H. ROBINSON WORLDWIDE INC - BOARD OF DIRECTORS INCREASED COMPANY’S SHARE REPURCHASE AUTHORIZATION BY AN ADDITIONAL 15 MILLION SHARES OF COMMON STOCK
* C.H. ROBINSON WORLDWIDE INC - DECLARED A REGULAR QUARTERLY CASH DIVIDEND OF 46 CENTS PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ch-robinson-worldwide-declares-qua/brief-c-h-robinson-worldwide-declares-quarterly-cash-dividend-idUSASC0A1M6 |
May 27, 2018 / 5:52 PM / Updated 18 minutes ago Motor racing: Patrick's career comes to crashing end at Indy 500 Steve Keating 2 Min Read
INDIANAPOLIS (Reuters) - Danica Patrick’s racing career came to a crashing end on Sunday when her car slammed nose first into a wall before the midway point of Indianapolis 500. May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Danica Patrick puts on her helmet prior to the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports
Patrick, the only woman to win an IndyCar race and start from pole at the Daytona 500, lost control on lap 68 of the 200-lap race, hitting the wall coming out of corner two then spinning across the track before coming to rest.
The 36-year-old American climbed out of the car and appeared uninjured.
She was examined at the Indianapolis Motor Speedway medical center and released. May 27, 2018; Indianapolis, IN, USA; IndyCar Series driver Danica Patrick prior to the 102nd Running of the Indianapolis 500 at Indianapolis Motor Speedway. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports
“First thing I said was that I’m not really sure what happened,” said Patrick. “It just seemed to come around and seemed pretty late off the corner.
“They said they looked back at the data and it was kind of a little lift in the middle, a little bit of understeer and then back to it and it just swung.” Slideshow (4 Images)
Patrick, who announced last November that she would retire with the “Danica Double” contesting America’s two biggest races the Daytona and Indy 500s, saw both end the same way — in crashes.
After qualifying seventh, the Indy 500 had promised the possibility of something special.
During a 14-year career, evenly split between IndyCar and NASCAR, it was the Indy 500 that provided most of the material for Patrick’s career highlight reel and made her one of North America’s most recognizable athletes.
Her third-place finish in 2009 remains the best-ever result by a woman in the Indy 500 while her resume also includes a fourth in 2005 (her rookie debut) and sixth in 2006.
“Yeah, It’s an entire career. But what really launched it was this,” said Patrick. “It’s both of them.
“I’ve had a lot of good fortune here and did still have some this month.
“It just didn’t come on race day but we had some good moments.” Reporting by Steve Keating in Indianapolis; Editing by Clare Fallon | ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-indy-indy500/motor-racing-patricks-career-comes-to-crashing-end-at-indy-500-idUSKCN1IS0OE |
May 2, 2018 / 9:16 PM / Updated an hour ago JUSTIN LANGER NAMED AUSTRALIA CRICKET COACH - CRICKET AUSTRALIA Reuters Staff | ashraq/financial-news-articles | https://uk.reuters.com/article/justin-langer-named-australia-cricket-co/justin-langer-named-australia-cricket-coach-cricket-australia-idUKMT1ALTL8N1S98NA1 |
WASHINGTON, May 3 (Reuters) - The U.S. Security and Exchange Commission (SEC) on Thursday ordered music mogul and businessman Jay-Z to explain details of the sale of his clothing line to determine whether it violated federal security laws.
The regulator wants to question Shawn “Jay-Z” Carter about the $200 million sale of his Rocawear clothing label in 2007 to the Iconix Brand Group, Inc, the SEC said in a statement.
“The Commission seeks Carter’s testimony to inquire about, among other things, Carter’s joint ventures with Iconix,” the SEC said, adding that it had questions about whether federal securities laws were breached.
“We are aware that the SEC is seeking information on Iconix’s financial reporting. Mr. Carter had no role in that reporting or Iconix’s other actions as a public company,” a representative for Jay-Z said in a statement to CNBC.
“Mr. Carter is private citizen who should not be involved in this matter,” the statement said.
In November, Carter failed to appear after an initial SEC order. In February, the SEC issued a second subpoena for Carter’s testimony. He declined to appear or provide any dates on which he would be available, the SEC statement said.
Jay-Z continued as chief creative officer of the Rocawear brand after the 2007 sale. Iconix also entered a separate joint venture with the rapper as part of the sale to identify brands to be acquired or developed. (Reporting by Katanga Johnson Editing by Tom Brown)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/sec-jayz/u-s-regulator-orders-jay-z-to-testify-on-sale-of-clothing-brand-idUSL1N1SA17R |
May 29 (Reuters) - Mitsubishi UFJ Financial Group Inc , the world’s fifth-largest bank, has hired Susan Tether as head of corporate communications for EMEA and international securities, excluding Japan.
Tether has recently led corporate communications at Intermediate Capital Group and Santander UK. (Reporting by Munsif Vengattil)
| ashraq/financial-news-articles | https://www.reuters.com/article/mufj-moves-tether/moves-mufg-appoints-susan-tether-as-head-of-corporate-communications-idUSL3N1T04XG |
Google is expected to unveil plans for A.I. and AR technologies 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/google-is-expected-to-unveil-plans-for-a-i-and-ar-technologies.html |
May 4 (Reuters) - Liaoning SG Automotive Group Co Ltd :
* SAYS UNIT RECEIVES NEW ENERGY CAR SUBSIDIES OF 111.6 MILLION YUAN ($17.55 million) Source text in Chinese: bit.ly/2KzVQeB Further company coverage: ($1 = 6.3598 Chinese yuan renminbi) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-liaoning-sg-automotives-unit-recei/brief-liaoning-sg-automotives-unit-receives-new-energy-car-subsidies-of-111-6-mln-yuan-idUSH9N1S9005 |
May 3, 2018 / 3:58 PM / Updated 21 minutes ago Insurer AXA's first-quarter revenues dip 2.7 percent Reuters Staff 2 Min Read
PARIS (Reuters) - AXA ( AXAF.PA ), France’s biggest insurer, said on Thursday that its first-quarter revenues had fallen 2.7 percent, pressured by a stronger euro which impacted the value of its sales. FILE PHOTO: A logo of insurer Axa is seen at the entrance of the company's headquarters in Brussels, Belgium March 5, 2018. REUTERS/Yves Herman/File Photo GLOBAL BUSINESS WEEK AHEAD
Group revenue fell to around 30.8 billion euros ($36.8 billion). AXA derives at least 15 to 20 percent of revenues in U.S. dollars, and the dollar’s weakness against the euro means those revenues count for less when converted back into euros.
The euro rose 2.5 percent in the first quarter this year, with the level of the euro/dollar at the end of the first quarter 16 percent higher than the end of Q1 last year. EUR=
On a comparable basis factoring in constant exchange rates, AXA’s revenues were up by 2.2 percent, helped by a stronger growth in life and savings and health activities in France.
AXA, Europe’s second-biggest insurer by market value behind Allianz ( ALVG.DE ), could collect more than $5 billion from this month’s initial public offering of its U.S. life and asset management arm, ahead of its agreed $15 billion acquisition of XL Group ( XL.N ).
($1 = 0.8361 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/us-axa-results/insurer-axas-q1-revenues-dip-2-7-percent-idUKKBN1I421E |
Kim Jong Un and China's Xi met in secret, again 11:21am EDT - 01:16
China's state-run media revealed on Tuesday that North Korean leader Kim Jong Un made an unannounced visit to Chinese President Xi Jinping the day prior, what appears to be the second trip to that country that Kim has made in the last two months.
China's state-run media revealed on Tuesday that North Korean leader Kim Jong Un made an unannounced visit to Chinese President Xi Jinping the day prior, what appears to be the second trip to that country that Kim has made in the last two months. //reut.rs/2KFYU9j | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/kim-jong-un-and-chinas-xi-met-in-secret?videoId=424985973 |
Iran’s nuclear capabilities have been the subject of global hand-wringing for more than two decades. While Iran’s leaders long insisted the country was not building nuclear weapons, its enrichment of uranium and history of deception created deep mistrust. After more than two years of negotiations and threats to bomb the country’s facilities, Iran and world powers agreed in 2015 to settle the dispute. The deal set limits on the Islamic Republic’s nuclear work in exchange for relief from economic sanctions that crimped oil exports and hobbled its economy. However, on May 8, U.S. President Donald Trump announced that he was withdrawing the U.S. from the agreement , creating uncertainty over whether the constraints on the Iranian program would hold.
The Situation Trump had called the pact the “worst deal ever” and had repeatedly threatened to upend it one way or another. Under the agreement − which was signed by Iran, the U.S., China, France, Russia, Germany, the U.K. and the European Union − Iran maintains the ability to enrich uranium for peaceful purposes. It retains about 5,000 centrifuges capable of separating the uranium-235 isotope from uranium ore. For 15 years, it agreed to refine the metal to no more than 3.7 percent enrichment, the level needed to fuel nuclear power plants, and pledged to limit its enriched-uranium stockpile to 300 kilograms, 3 percent of its stores in May 2015. The International Atomic Energy Agency verified that Iran eliminated its stockpile of 20 percent-enriched uranium, which can be used to make medical isotopes and to power research reactors but could also be purified to weapons-grade at short notice. Inspectors also confirmed that Iran destroyed a reactor capable of producing plutonium. Subsequent IAEA assessments since the deal took effect found Iran sticking to its obligations. U.S. officials estimated that the pact extended the time it would take Iran to produce enough fissile material for a bomb from a few months to a year. Trump says that, because of its sunset clauses, the deal will “give” Iran nuclear weapons. He also objects that Iran’s long-range missile program was not curtailed by the agreement. In retreating from the deal, he said he would reinstate financial sanctions on Iran that were lifted under the accord.
The Background Iranian statements and international contacts with Pakistani scientists prompted the U.S. Central Intelligence Agency to warn in 1992 that the Persian Gulf country could develop a nuclear weapon. While Iran reaffirmed its commitment to the 1968 nuclear Non-Proliferation Treaty, it wanted the country’s “right” to enrich uranium recognized before it made concessions. Few countries were prepared to do that during the eight-year presidency of Mahmoud Ahmadinejad, who threatened Israel with destruction. The breakthrough came after more moderate President Hassan Rouhani was elected in 2013.
The Argument Middle East powers including Israel and Saudi Arabia have criticized the agreement, saying it empowers Iran’s theocratic regime to the detriment of regional security. Critics in the U.S. Congress say Iran can’t be trusted to make any fissile material, whether for energy, medicine or bombs. Skeptics aren’t satisfied by IAEA verification. They point out that Iran only acknowledged its two main uranium enrichment plants after they were exposed by people outside the country. Supporters of the deal say Iran would never agree to abandon enrichment entirely and that a decade’s worth of sanctions failed to stop its nuclear program. Keeping an enrichment capability was important to Iran, presumably for reasons of national pride. Like other enriching countries such as Argentina, Brazil, Japan and South Africa, the technology gives Iran the ability to pursue nuclear weapons should it choose to break its commitments. Defending the agreement, Trump’s predecessor, Barack Obama, has said that it prevented another war in the Middle East. Without a deal, supporters say, Iran would have been left free to pursue its nuclear ambitions unchecked by world powers and without the pact’s onerous inspections. | ashraq/financial-news-articles | http://fortune.com/2018/05/08/trump-iran-nuclear-deal-what-is/ |
They don’t sell new homes like they used to. A big reason why is they don’t make them like they used to.
Sales of newly built single-family homes fell 1.5% in April from a month earlier to a seasonally adjusted annual rate of 662,000, the Commerce Department said Wednesday. Economists had expected 679,000. There were also downward revisions to earlier months.
Sales... | ashraq/financial-news-articles | https://www.wsj.com/articles/why-home-sales-are-weak-1527097148 |
Stocks end session in the green 3 Hours Ago The Fed says it will let inflation run above the 2% goal while trade talks with China remain uncertain. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/stocks-end-session-in-the-green.html |
7 COMMENTS Download PDF
Please don’t post any spoilers until after the contest deadline.
PLAY PRINT | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/24/going-head-to-head-crossword-contest-may-25/ |
SAN DIEGO & THOMASVILLE, Ga.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Flowers Foods, Inc. (NYSE: FLO) breached their fiduciary duties to shareholders. Flowers Foods produces and markets bakery products in the United States.
Investors filed a class action complaint against Flowers Foods for alleged violations of the Securities Exchange Act of 1934 between February 7, 2013 and August 10, 2016. The complaint alleges that Flowers Foods' business model, which relies on the misclassification of distributors as independent contractors, exposed the company to existential risk and made the company's statements about its business, operations, and prospects false and misleading. Flowers revealed in August 2016 that the U.S. Department of Labor ("DOL") notified the company that it was scheduled for a compliance review under the Fair Labor Standards Act ("FLSA"). If the DOL finds Flowers in violation of the FLSA, Flowers could reportedly be liable for up to $1 billion in back wages, penalties, fines, and health care. On March 23, 2018, the Honorable W. Louis Sands of the U.S. District Court for the Middle District of Georgia, Valdosta Division denied in part Flowers Foods' motion to dismiss, paving the way for litigation to proceed.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/flowers-foods-inc
Flowers Foods Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected] , or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509006544/en/
Robbins Arroyo LLP
Leonid Kandinov
(619) 525-3990 or Toll Free (800) 350-6003
[email protected]
www.robbinsarroyo.com
Source: Robbins Arroyo LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-robbins-arroyo-llp-announces-that-flowers-foods-inc-flo-securities-class-action-survives-motion-to-dismiss.html |
May 8 (Reuters) - CAS Medical Systems Inc:
* CAS MEDICAL SYSTEMS - ENTERED A LOAN AND SECURITY AGREEMENT WITH EAST WEST BANK PROVIDING A 48-MONTH TERM LOAN OF $10 MILLION - SEC FILING
* CAS MEDICAL SYSTEMS - AGREEMENT ALSO PROVIDING A REVOLVING LOAN IN MAXIMUM OF $2 MILLION WHICH EXPIRES MAY 8, 2022 Source text: ( bit.ly/2jIV3M8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cas-medical-systems-says-entered-a/brief-cas-medical-systems-says-entered-a-loan-and-security-agreement-with-east-west-bank-providing-a-48-month-term-loan-of-10-mln-idUSFWN1SF189 |
WASHINGTON (Reuters) - U.S. President Donald Trump said on Friday he was pleased that North Korea said it was still open to talks after his abrupt cancellation of a planned June 12 meeting.
“Very good news to receive the warm and productive statement from North Korea. We will soon see where it will lead, hopefully to long and enduring prosperity and peace. Only time (and talent) will tell!” Trump said on Twitter.
Reporting by Doina Chiacu
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump/trump-welcomes-north-korean-response-to-talk-cancellation-idUSKCN1IQ1NH |
asset cap hit@ (Adds comments from CEO Tim Sloan)
BOSTON, May 10 (Reuters) - Wells Fargo & Co on Thursday said the aftertax impact on net income of a regulatory cap on its assets will be less than $100 million in 2018, and gave an outlook for 2019 expenses that was slightly lower than analyst expectations.
In an opening presentation, Wells Fargo Chief Executive Tim Sloan said the bank is making plans to operate under the asset cap for the first part of 2019 and acknowledged that "we have not executed as well as we could have" on compliance and risk oversight areas.
Wells Fargo Treasurer Neal Blinde said the bank had previously expected the reduction to net income from the asset cap would be between $300 to $400 million. But lower deposit and loan growth trends give us some headroom within the cap, leading to the updated figure of less than $100 million, he said.
In an investor presentation posted on the San Francisco bank's website, Wells Fargo said it expects net interest income to be "relatively stable" in 2018 as projected higher interest rates will be offset by lower earning assets and increases in deposit costs.
The bank's shares were up 0.5 percent in morning trading.
For 2018, the bank said it expects that total noninterest expenses will be between $53.5 billion and $54.5 billion, and between $52 billion and $53 billion for 2019. Both ranges include typical operating losses and exclude litigation and remediation items, the bank said.
Analysts on average expected 2019 noninterest expenses of $53.2 billion, according to Thomson Reuters I/B/E/S.
Sloan vowed to improve service to customers, who he said "want convenience and access," and said the bank is launching a new advertising campaign to re-establish its brand after a series of sales practices scandals.
Investors said this week they were looking for updates on how long the bank would stay in the regulatory doghouse, and would be looking for details about costs as questions remained about the lender's ability to grow its balance sheet.
The scandals over sales and lending practices at Wells Fargo has cast a dark cloud over the bank, which previously was known for its ability to consistently grow revenue and earnings in the post-crisis era.
It is now under orders by the Federal Reserve to keep assets below $1.95 trillion until governance and controls improve, which has complicated matters as the bank tries to improve its closely watched efficiency ratio measuring costs per dollar of revenue.
Wells Fargo has revamped its leadership since the scandal erupted in 2016 and got a boost on April 24 when directors including Chief Executive Tim Sloan and Chair Elizabeth Duke handily won shareholder support. (Reporting by Ross Kerber; Editing by Meredith Mazzilli and Bernadette Baum) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/reuters-america-update-2-wells-fargo-gives-better-than-expected-expense-outlook-shrinks-asset-cap-hit.html |
May 16, 2018 / 11:55 AM / Updated 21 minutes ago Gaspar Noe's 'Climax' takes Cannes on a drug-fuelled dance Robin Pomeroy 3 Min Read
CANNES, France (Reuters) - Gaspar Noe seems almost disappointed by the largely enthusiastic response to the film he premiered in Cannes this week. 71st Cannes Film Festival - Screening of the film "BlacKkKlansman" in competition - Red Carpet Arrivals - Cannes, France May 14, 2018. Gaspar Noe and the team of the film "Climax" arrive. REUTERS/Regis Duvignau
The Argentine director takes pride in the provocateur status he earned with films such as “Irreversible”, in which Monica Bellucci undergoes a 9-minute rape scene, the drug-addled “Enter the Void” and “Love”, which features 3-D unsimulated sex.
Now he has brought “Climax” to the Cannes Film Festival, a film Peter Bradshaw, from Britain’s Guardian newspaper, described as a “satanic dance-troupe freak-out of sex and despair”. Noe’s team told him to expect his toughest press reaction yet.
“My publicist announced me it was going to be much harder with this movie than with ‘Love’ or ‘Enter the Void’,” Noe told Reuters on the beach at Cannes.
“We had 75 percent bad press on ‘Enter the Void’ and 85 percent bad press on ‘Love’. I (said I) hope we get 90-95 percent (on ‘Climax’), but the wind turned the other way, most of the press is extremely good.”
The movie’s premise is simple. A troupe of young dancers are enjoying a post-rehearsal party which starts to get nasty when they realize someone has spiked the punch with LSD.
“It’s a bad night out,” Noe, 54, said. “It starts as something joyful ... something that was supposed to turn great turns awful.”
While there is violence and horror aplenty in “Climax”, Noe’s cast of top-notch dancers deliver stunning performances filmed by a swirling - sometimes upside down - camera that is mesmerizing and disconcerting.
Not all reviews have been great. Variety’s Owen Gleiberman said it was “like watching ‘Fame’ directed by the Marquis de Sade with a Steadicam”.
Rating the film A-, IndieWire critic Eric Cohn said: “Noe’s remarkable psychedelic ride is his most focused achievement, a concise package of sizzling dance sequences and jolting developments that play like a slick mashup of the ‘Step Up’ franchise and ‘Salo, or the 120 Days of Sodom’”.
“I got used to having mostly bad reviews and I kind of enjoy it,” said Noe. “I have to deal with the opposite.”
“Climax” is in the Directors’ Fortnight competition at the Cannes Film Festival, a side event to the main race for the Palme d’Or. The festival runs to May 19. Reporting by Robin Pomeroy; Editing by Alison Williams | ashraq/financial-news-articles | https://in.reuters.com/article/us-filmfestival-cannes-gaspar-noe/gaspar-noes-climax-takes-cannes-on-a-drug-fuelled-dance-idINKCN1IH1HL |
May 7 (Reuters) - GeoPark Ltd:
* GEOPARK REPORTS FIRST QUARTER 2018 RESULTS * GEOPARK LTD QTRLY CONSOLIDATED OIL AND GAS PRODUCTION UP 28% TO 32,195 BOEPD
* GEOPARK LTD QTRLY REVENUES INCREASED BY 86% TO $123.9 MILLION
* GEOPARK - ADDING IN PRODUCTION FROM NEW ACQUISITION IN ARGENTINA, SEES 2018 CONSOLIDATED PRODUCTION TO FURTHER INCREASE TO AVERAGE 35,500-36,500 BOEPD Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-geopark-reports-first-quarter-cons/brief-geopark-reports-first-quarter-consolidated-oil-and-gas-production-up-28-pct-to-32195-boepd-idUSFWN1SE0ZR |
May 4 (Reuters) - UOL Group Ltd:
* RAISES INTEREST IN UNITED INDUSTRIAL CORPORATION TO 714 MILLION UIC SHARES OR 49.845% OF UIC’S ISSUED CAPITAL Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-uol-group-raises-interest-in-unite/brief-uol-group-raises-interest-in-united-industrial-corporation-idUSFWN1SB0PC |
Brown-Forman CEO to retire at year's end Paul C. Varga, who has led Brown-Forman for more than a decade, will retire at year's end. Lawson E. Whiting will be the next CEO of Brown-Forman, which is best known for its Jack Daniel's Tennessee Whiskey brand. Published 6 Hours Ago Source: Brown Forman Paul C. Varga, CEO of Brown Forman.
Paul C. Varga, who has led Brown-Forman for more than a decade, will retire at year's end, and will be succeeded as CEO by another executive at the spirits company best known for its Jack Daniel's Tennessee Whiskey brand.
The next CEO at the Louisville-based company will be Lawson E. Whiting, who currently serves as chief operating officer. Varga will remain on Brown-Forman's board of directors after stepping down as CEO.
Varga focused during his tenure on Brown-Forman's premium spirits portfolio while expanding its global markets and overseeing the release of brand extensions.
The company built on its best-known brand by rolling out Jack Daniel's Tennessee Honey and Jack Daniel's Tennessee Fire, capitalizing on an industrywide trend toward flavored whiskeys. The company has rejuvenated its Old Forester bourbon brand, and is set to officially open its new downtown Louisville distillery for the historic brand next month.
The company expanded its global reach, and its products now are sold in more than 165 countries.
Brown-Forman's extensive brand lineup also includes Finlandia, Korbel, el Jimador, Woodford Reserve, Canadian Mist, Herradura, Sonoma-Cutrer and Early Times. The company has nearly 4,700 employees.
The company is looking for a smooth leadership transition, and Varga said Tuesday that Lawson is "ideally suited" to assume the role as CEO.
"In determining the best time to implement the final piece of this succession plan, I naturally considered the readiness of the company to navigate a leadership transition such as this, and now is the right time," Varga said.
Whiting, 49, is a 21-year Brown-Forman executive who began his career in corporate development and investor relations. Since then he has held several roles, including assignments in finance, marketing and commercial functions in the United States and Europe. He helped reshape Brown-Forman's portfolio as chief brands and strategy officer.
Whiting said he will take over as CEO at a time when the company is performing well. He said he looks forward to leading Brown-Forman's next rounds of growth.
"We will continue to focus on the premium American whiskey category and further strengthen our super-premium brand portfolio," Whiting said.
Varga will be capping a 31-year career at Brown-Forman. George Garvin Brown IV, chairman of the company's board, on Tuesday praised Varga for transforming the company's extensive spirits portfolio.
"Paul entered the leadership ranks at a time when the future of American whiskey was in doubt, even in the United States," he said. "He will retire having successfully grown the Jack Daniel's franchise into one of the most valuable spirits trademarks in the world." Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/brown-forman-ceo-to-retire-at-years-end.html |
Allison Transmission Holdings Inc:
* ALLISON TRANSMISSION ANNOUNCES FRED BOHLEY AS NEXT CFO * ALLISON TRANSMISSION HOLDINGS INC - BOHLEY HAS BEEN WITH ALLISON TRANSMISSION SINCE 1991 AND CURRENTLY SERVES AS VICE PRESIDENT, FINANCE AND TREASURER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-allison-transmission-announces-fre/brief-allison-transmission-announces-fred-bohley-as-next-cfo-idUSFWN1SI162 |
MADRID (Reuters) - In the Guadalix mountains outside Madrid, Argentine horse whisperer Fernando Noailles uses his animals to help people suffering from stress and anxiety.
Fernando Noailles, emotional therapist, caresses one of his horses in Guadalix de la Sierra, outside Madrid, Spain, May 31, 2016. Noailles uses his animals to help people suffering from stress and anxiety. REUTERS/Juan Medina The 57-year-old, who spent many years in the Patagonian wilderness living with horses, uses the animals as a way for patients to interpret and control their emotions.
People who come to his sessions spend time with the horses and learn through the movement of the animal what mental state they themselves are in, says Noailles, who charges up to 120 euros per session.
“The horse is a mirror,” he says. “They are gregarious creatures, born to live in herds.”
(Click reut.rs/2J5bmBk to see a package of pictures.)
Fernando Noailles, emotional therapist, lays on top of his horse named Madrid in Guadalix de la Sierra, outside Madrid, Spain, May 31, 2016. Noailles uses his animals to help people suffering from stress and anxiety. REUTERS/Juan Medina The therapy consists in monitoring how the horse responds to the client’s moods. From watching the horse’s reaction, the client learns how to identify and control emotions, he says.
“People in the first session, when they are in a difficult state of mind, see a horse that doesn’t stop, that moves, that even gallops. The horse is showing you a mind that doesn’t stop, that is tormented,” he says.
Slideshow (16 Images) Loreto Garcia has spent two years in sessions with Noailles to help her cope with stress.
“Fernando sees the reaction of the horse - he can tell if I’m centered in the moment, how I feel. He uses the horse as a guide to let him know how the session is going,” she says.
Reporting by Juan Medina; Writing by Sonya Dowsett; Editing by Hugh Lawson
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April 30, 2018 / 2:07 PM / Updated 10 hours ago UPDATE 2-PGA Fedex Cup Rankings Reuters Staff 2 Min Read Apr 30 (OPTA) - The PGA Fedex Cup Rankings on Apr 29 Rnk Prv Total 1. (1) Justin Thomas (US) $5,221,300 2. (2) Bubba Watson (US) 3,690,454 3. (3) Patrick Reed (US) 3,580,252 4. (4) Phil Mickelson (US) 3,366,551 5. (5) Dustin Johnson (US) 3,209,658 6. (6) Patton Kizzire (US) 3,177,988 7. (7) Justin Rose (England) 3,057,163 8. (8) Jon Rahm (Spain) 2,787,698 9. (9) Rickie Fowler (US) 2,624,060 10. (16) Pat Perez (US) 2,608,341 11. (10) Tony Finau (US) 2,603,235 12. (11) Jason Day (Australia) 2,371,166 13. (18) Patrick Cantlay (US) 2,305,409 14. (12) Paul Casey (England) 2,288,135 15. (13) Luke List (US) 2,277,395 16. (14) Andrew Landry (US) 2,228,754 17. (15) Marc Leishman (Australia) 2,211,914 18. (17) Alex Noren (Sweden) 2,183,059 19. (19) Brian Harman (US) 2,164,942 20. (20) Cameron Smith (Australia) 2,158,880 21. (21) Bryson DeChambeau (US) 2,150,387 22. (22) Rory McIlroy (Northern Ireland) 2,146,263 23. (24) Brendan Steele (US) 2,145,435 24. (23) Chez Reavie (US) 2,105,590 25. (28) Chesson Hadley (US) 2,061,927 | ashraq/financial-news-articles | https://uk.reuters.com/article/golf-pga-rankings/update-2-pga-fedex-cup-rankings-idUKMTZXEE4U04IGV9 |
May 9 (Reuters) - Freshii Inc:
* FRESHII INC. ANNOUNCES FIRST QUARTER FISCAL 2018 RESULTS * FRESHII INC - SYSTEM-WIDE SALES GREW TO $39.0 MILLION IN Q1 2018, AN INCREASE OF 34%
* FRESHII INC - SAME-STORE SALES GROWTH FOR Q1 2018 WAS 1.6%
* FRESHII INC - REITERATES ITS OUTLOOK FOR PERIOD THROUGH END OF FISCAL 2019 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-freshii-q1-same-store-sales-growth/brief-freshii-q1-same-store-sales-growth-1-6-pct-idUSASC0A18Z |
30 COMMENTS I first became aware of Tom Wolfe, who died Monday at 88, when an English teacher at my Jesuit high school in Maine turned me on to (classical reference in that phrase) his 1975 exercise in New Journalism, “The Electric Kool-Aid Acid Test.”
Wow. I mean WOW! South Portland, Maine, had never encountered anything like it. Shakespeare, yes. Dante, but of course. Even a little Virgil and Descartes along the way. But this hypersonic chronicle about the novelist Ken Kesey (“One Flew Over the Cuckoo’s Nest”) and his Merry Pranksters motoring around California in a school bus decked out in Day-Glo psychedelic paint riding the ineffable wave of 1960s excess? That was something entirely new.
You’ll know one of Kesey’s slogans, which entered the language thanks to Wolfe: “You’re either on the bus or you’re off the bus.” I was decidedly on the Tom Wolfe bus.
Next up was “The Kandy-Kolored Tangerine-Flake Streamline Baby,” a collection of essays published a decade before “The Electric Kool-Aid Acid Test.” Who knew that anyone could write with such serve, with SO MANY CAPITAL LETTERS and EXCLAMATION POINTS!!!? When you’re 16 and have been battened on “The Scarlet Letter” and Kipling’s “If,” it is both a revelation and an emancipation.
I gobbled up a lot of Tom Wolfe’s work as a teenager. Particularly choice was “The Right Stuff,” his magisterial documentary about the origins of the Mercury space program and birth of NASA. What I appreciated then was mostly Wolfe’s style, his sheer exuberance.
Only later did I come to appreciate the stiletto-like polemic concealed beneath the sheath of rhetorical efflorescence.
In “The Painted Word” (1975), Wolfe produced a classic send-up of the insufferable pretensions of the art world circa 1960-70, when Abstract Expression had crested and the hour of Conceptual Art was nigh. Art critics—certain art critics, the happy few, the band of brothers—ruled the roost. Their reign was so conspicuous that Wolfe imagined a museum of the future in which passages from the brotherhood’s writings would be blown up poster-size, illustrated by tiny postcard images of the artworks they commented on. “No more realism,” Wolfe wrote, “no more representation objects, no more lines, colors, forms, and contours, no more pigments, no more brushstrokes. . . . Art made its final flight, climbed higher and higher in an ever-decreasing tighter-turning spiral until . . . it disappeared up its own fundamental aperture . . . and came out the other side as Art Theory!”
Wolfe performed a similar balloon-puncturing, emperor’s-new-clothes-revealing service for the grim modernist architecture of Le Corbusier and other enemies of architectural commodiousness in “From Bauhaus to Our House” (1981).
It was delicious, all of it, and followed the poet Horace’s injunction to delight as well as instruct. Wolfe was fun, no doubt about it.
But he also made serious points about the state of our culture: the sad, dehumanizing state of architecture and the built environment, and the horrible amalgam of snobbery, money and ostentatious historical ignorance and lack of talent in the art world.
Wolfe came back to the art world in his fourth novel, “Back to Blood” (2012), which contains a painfully funny evisceration of the Art Basel Miami Beach fair, an epicenter of emetic folly and pretentiousness. One punter spent “$17 million on six obscene pieces of glass,” fabricated not by the artist but by a contract glassblower. As a seductive female consultant explained, “No cutting-edge artist touches materials anymore, or instruments.” Asked what she meant by “instruments,” she said, “Oh, you know . . . paintbrushes, clay, shaping knives, chisels . . . all that’s from the Manual Age. Remember painting? That seems so 1950s now.”
Wolfe was a profound observer of culture, a sort of super-sociologist who could emit singing prose and deliver deadly characterizations. Another classic piece was “Tiny Mummies!,” his hilarious send-up of the New Yorker under the reign of the ever-so-decorous William Shawn, the punctilious, soft-spoken, quietly domineering, politically correct czar of the magazine every aspiring writer wanted to write for.
Everyone except Tom Wolfe, apparently, for his brutal (if laugh-out-loud funny) send up of the New Yorker assured that it would be one place his prose never appeared.
I am not sure exactly when I became aware that, in addition to being funny and percipient, Tom Wolfe was also politically mature.
Probably it was obvious all along. You couldn’t read “Radical Chic” (1970), Wolfe’s stunning account of a fundraiser for the Black Panthers at Leonard Bernstein’s 13-room Park Avenue penthouse, without realizing that he was not at one with the left-wing politics of the 1960s.
Instead, born in Virginia, Tom Wolfe was that nearly extinct creature, the Southern gentleman. In later years, he was famous to the public for his immaculate three-piece white suits, shirts with high collars, and fancy shoes with spats. That sartorial elegance bespoke a deep embrace of tradition, tinctured with just the right amount of satire to be amusing.
I got to know Tom only in the last 15 years of his life. I believe I was first introduced to him by our friend Bill Buckley, but in any event we met casually on and off at various events and gatherings throughout the years. He was unfailingly courteous and jovial. At one of our last meetings, a year or so ago, he introduced himself when people went around the table as a “freelance writer,” which I suppose was accurate, in its way.
By the time of his death, Wolfe was probably best known as a novelist, a contingency that I believe would have pleased him greatly. His first novel, “The Bonfire of the Vanities,” a huge best seller, perfectly summed up the excesses of the 1980s and gave to the world a character indistinguishable from the Rev. Al Sharpton avant la lettre.
With the passing of Tom Wolfe we have lost one of our greatest, if not our greatest, men of letters. He was—to cite the title of one of his novels—a man in full. His many friends will miss him. Our culture is the poorer for his absence.
Mr. Kimball is editor and publisher of the New Criterion and president and publisher of Encounter Books. | ashraq/financial-news-articles | https://www.wsj.com/articles/tom-wolfe-had-the-right-stuff-1526423230 |
Hybrid-electric aircraft race heats up 11:54am EDT - 01:42
Seattle's Zunum Aero is one of an estimated seventy companies worldwide, ranging from start-ups to the largest manufacturers, developing some form of hybrid-electric aircraft. Angela Moore reports. ▲ Hide Transcript ▶ View Transcript
Seattle's Zunum Aero is one of an estimated seventy companies worldwide, ranging from start-ups to the largest manufacturers, developing some form of hybrid-electric aircraft. Angela Moore 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/2L0WLoX | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/hybrid-electric-aircraft-race-heats-up?videoId=426851600 |
0 COMMENTS Cyber insurance is still a young field that can be unproven and unpredictable enough to leave some companies uncertain of what kind of policies to buy and how much to spend.
Warren Buffett, at Berkshire Hathaway Inc.’s annual shareholder meeting last weekend, questioned the ability of insurers to quantify accurately the ultimate damage from a cyber attack.
“We can figure the probability of a quake or a hurricane but don’t know as much in cyber,” Mr. Buffett said. “It’s uncharted territory on the insurance side and will get worse, not better.”
Mr. Buffett doesn’t want Berkshire Hathaway to be a top player in the cyber insurance market because of this, he said, save for “writing some cyber policies to remain competitive.”
With just 20 years of actuarial data on cyberattacks -- a short timeframe in the insurance industry -- companies can take a few steps to make sure they get the right kind of coverage by piecing together different policies for specific risks, cyber insurance experts said.
The adoption rate of cyber insurance is about 55% among Fortune 500 companies, 35% for small to medium-sized businesses and 10% for smaller businesses, said Tracie Grella, global head of cyber risk insurance at insurer American International Group Inc. Growth in the adoption of cybersecurity policies has been steady at around 20% per year for the past five years, she said.
U.S. companies paid $2.1 billion in insurance premiums in 2017, up from $1.4 billion in 2016, according to credit-ranking company Fitch Ratings Inc. in a report released Wednesday.
After revealing a large breach in 2017, Equifax Inc. has recouped from insurance $125 million of its $239 million in losses as of March 1, according to regulatory filings by the company. After FedEx Corp. experienced a NotPetya ransomware attack in 2017, the company said it incurred about $300 million in lost sales, and that it did not have cyber insurance coverage. FedEx declined to comment.
The two decades of actuarial data that insurers rely on is substantial enough to identify some trends, AIG’s Ms. Grella said. They include the costs associated with credit monitoring, of hiring a forensics firm and of mitigating a malware attack that destroys company equipment, she said.
Cyber insurance products vary, she said, partly because the market is segmented by industry rather than by geography and other traditional insurance factors. Historically, companies in a hurricane zone, say, might have a narrow range of flood insurance products. But the calculations aren’t as clear cut with cybersecurity, with incidents playing out differently at a health-care company, for example, than at a credit-card processor. There are differences in equipment, regulatory exposure and data collected at those firms, she said.
Companies should conduct detailed risk assessments before deciding on an insurance policy, Ms. Grella said. That includes determining exposure to third parties, the cost of downtime from a ransomware attack and the amount of consumer data the enterprise handles.
What is cyber insurance good for? Executives and board members should think of cyber insurance as a tool to cover incidental expenses, said Nick Donofrio, a director on the boards of government contractor Mitre Corp., vehicle-technology company Aptiv PLC and others.
Policies can provide incident notifications as part of a so-called pre-breach package, he said, as well as access to investigators and funds to cover credit monitoring after a breach. Board members should be realistic, however, and understand that no single cyber policy will cover damages to the company’s reputation after a breach, he said.
Companies that most need coverage are those with exposure to credit-card risk, online processing of payments and cyber liability to executives and officers, said Gerry Glombicki, a director in Fitch’s U.S. insurance group.
Government contractors also need to consider coverage, said Patrick Wylie, chief executive of Greenhat Solutions LLC, a small business that provides cybersecurity education services. Understanding the limits of cyber insurance, specifically the difficulties of translating complex security issues into legal language, didn’t deter Mr. Wylie from buying it for his business, he said. It’s necessary as a third-party to prove he can be resilient and secure enough to work with larger firms and agencies, he said.
Write to Kate Fazzini at [email protected] . | ashraq/financial-news-articles | https://www.wsj.com/articles/cyber-insurance-companies-must-weigh-uncertainties-in-an-unproven-market-1525987315 |
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- RSI International Systems Inc . (TSX-V:RSY ) (“RSI” or the “Company”) has provided the following commentary further to its first quarter 2018 interim financial statements as released May 18, 2018.
RSI President and CEO, Tim Major commented, “We are pleased to resume our progress in becoming Operating Free Cash Flow positive after getting off trend in Q3 and Q4 last year. With the payments resulting from a customer billing dispute and the costs of significantly reducing our monthly office space fully provided for in Q4 2017, two major cost hurdles are behind us and this will help our financial performance going forward”.
As discussed in a news release November 3, 2017, although the Company had made tremendous progress in cutting expenses and streamlining operations to that point in 2017, it was expected that a customer billing dispute would cause the Company’s progress towards becoming Operating Free Cash Flow positive to be interrupted until the benefits of some cuts materialized in the earlier parts of 2018. As further detailed in news releases from April 20 and February 18, 2018, the Company settled the billing dispute with the customer in part by agreeing to pay the customer $130,000 in twelve installments, beginning March 1, 2018. Although the monthly payments are made in future periods, under accounting rules, the total amount of the payments was recorded in Q4 2017. In these news releases, the Company also discussed reducing its leased office space, with projected savings of approximately $25,000 to $30,000 a month, beginning February 1, 2018. In order to effect this reduction, the Company incurred a one-time fee of approximately $90,000 in Q4 2017.
Mr. Major concluded, “We had some difficult decisions to make in 2017, and in particular towards the end of the year. We believe that the Company is now set to reap the financial benefits of these and other decisions, as we continue to improve the Company’s financial health and best position ourselves to deliver value to our shareholders”.
For more information on these matters, please see the Company’s Financial Statements and Management Discussion & Analysis, as released May 18, 2018. For more information on the Company’s products and services, please visit www.roomkeypms.com
As illustrated in Table 1 below, during the twelve months of 2017, the Company significantly reduced its Operating Free Cash Flow deficit versus the same period in 2016 from (-$1,281,128) to (-$727,387) respectively, or 43%. This improvement was despite the large, two above- detailed costs, which caused the trend to be significantly interrupted in Q3 and Q4 2017. In Q1 2018, the Company has reduced its Operating Free Cash Flow deficit versus the prior two quarters and believes it is back on trend towards its goal of becoming Operating Free Cash Flow positive.
Table 1 ( All figures C$ and taken from the Company’s applicable period financial statements )
Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Cash Flow from Operations $ 9,524 $(256,696) $ (91,055) $ (76,683) $ 48,554 $ 112,500 $ 10,717 $(343,840) $ (97,194) Equipment & Technology Investment $(198,921) $(262,343) $(203,508) $(201,446) $(158,283) $(174,824) $(166,762) $ (55,449) $ (27,854) OPERATING FREE CASH FLOW $(189,397) $(519,039) $(294,563) $(278,129) $(109,729) $ (62,324) $(156,045) $(399,289) $(125,048) Change in Working Capital $ (20,175) $(114,365) $ 176,836 $ (49,375) $ 19,551 $ (30,255) $(126,987) $ 400,404 $ (6,900) Net Free Cash Flow $(209,572) $(633,404) $(117,727) $(327,504) $ (90,178) $ (92,579) $(283,032) $ 1,115 $(131,948) The Company defines Operating Free Cash Flow as cash flows from business activities that are not related to working capital management and financing activities. It calculates the figure from the Statements of Cash Flows as the sum of Cash provided by / used in operating activities, minus bad debt expense, before changes in non-cash working capital items, and Cash Used in Investing Activities. Versus Basic or Net Free Cash Flow, Operating Free Cash Flow does not take into account changes to non-cash working capital items and financing activities as those activities can have significant timing components that are not directly related to the operating activities of the business during a particular period and therefore, have the potential to mask the true operational cash flow of the business.
Neither the 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.
About RSI
RSI International Systems Inc. is the developer of RoomKeyPMS, a web-based Property Management System (PMS) that incorporates a fully integrated Online Reservation Booking engine and seamless real-time connectivity to the major Global Distribution and Internet Distribution Systems. RSI markets its RoomKeyPMS and a number of other proprietary “hosted” software solutions to a wide variety of Hospitality Industry clients around the world. For more information, please see our website at www.roomkeypms.com
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking statements. Any statements that are not strictly historical fact are considered "forward-looking statements." Forward-looking statements cannot be guaranteed and involve assumptions and are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and not place undue reliance upon forward-looking statements. Any forward-looking statements made herein are made as of the date hereof, and the Company assumes no obligation and disclaims any intention to revise or update any forward-looking information and statements except as required by applicable laws.
For more information, please contact:
RSI Systems International Inc.
Tim Major, President & CEO
604-914-3711
[email protected]
Source:RSI International Systems Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-rsi-resumes-trend-towards-becoming-free-cash-flow-positive.html |
Apple continues to face trouble with its MacBook Pro keyboard design.
Law firm Girard Gibbs has filed a class-action lawsuit against Apple, alleging that the company’s “butterfly” keyboards inside its recently released MacBooks and MacBook Pros are “prone to fail,” Apple-tracking MacRumors is reporting after obtaining the court documents. The lawsuit, which was filed in the Northern California District, was filed on behalf of two MacBook Pro owners. It also backs a proposed class that includes anyone who purchased a MacBook in 2015 or later or a MacBook Pro from 2016 or later that has the butterfly keyboard.
“Consumers have reported that Apple’s new keyboard has resulted in sticky and unresponsive keys, which interfere with a user’s ability to type,” the law firm wrote on a page on its website about the alleged defect. “Because of the new keyboard design, consumers report that fixing affected keys requires replacing the whole keyboard, which costs $700.”
When Apple announced the butterfly keyboard design a few years ago, the company argued it would create a more accurate and reliable typing experience. The “butterfly” refers to the way in which the mechanism under each key reacts when you press down on the key. The idea was to create a better keyboard in Macs and something better than what you’d find on a Windows-based PC.
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Soon after it launched, however, users started complaining of its poor performance. They reported that keys would stick and in some cases be rendered useless. Even Apple watchers and reviewers complained of its poor design.
Earlier this month, a petition was posted to Change.org requesting signatures that called on Apple to speak up about the problem. Within two days, it attracted 7,500 signatures . As of this writing, it has more than 22,000—and more signatures are pouring in every few minutes.
According to MacRumors, the class-action lawsuit alleges that Apple has “failed and continues to fail to disclose” problems with its butterfly keyboard . It says Apple’s actions are violating several competition and regulatory laws, including California’s Unfair Competition Law and the Magnuson-Moss Warranty Act. The lawsuit is seeking damages for the class, as well as an acknowledgement by Apple that there’s a problem with its keyboard design.
Apple did not respond to a Fortune request for comment on the lawsuit. | ashraq/financial-news-articles | http://fortune.com/2018/05/14/apple-macbook-pro-butterfly-keyboard-lawsuit/ |
May 15 (Reuters) - Mosaic Capital Corp:
* SAYS REVENUE UP 17 PERCENT, TO $68 MILLION * QTRLY EARNINGS PER SHARE $0.63 Source text for Eikon: Further company coverage: ([email protected])
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mosaic-capital-corporation-reports/brief-mosaic-capital-corporation-reports-qtrly-earnings-per-share-0-63-idUSASC0A260 |
Hot weekend to boost growth of U.S. Midwest corn, soy crops Julie Ingwersen Published 8 Hours Ago Reuters
CHICAGO, May 25 (Reuters) - Sizzling temperatures in the U.S. Midwest and Plains this Memorial Day weekend should help spur the growth of young corn and soybean crops following planting delays due to cold weather last month, agricultural meteorologists said on Friday.
Highs should reach the low to mid 90s degrees Fahrenheit (32 to 35 Celsius) in much of the Midwest through Monday.
"Generally it's a net positive," Kyle Tapley, meteorologist with Radiant Solutions, said of the heat. "It's not going to be excessively hot where it's going to cause any stress. It's still early enough in the season that it's going to help germination."
The U.S. corn crop was 81 percent seeded as of May 20, the U.S. Department of Agriculture said, matching the five-year average, as farmers caught up with fieldwork after a cold April stalled early planting. Illinois, the No. 2 U.S. corn state, recorded its second-coldest April on record.
The USDA is expected to release its first weekly condition ratings for the 2018 corn crop on May 29.
The late-May heat is expected to ease in early June, but temperatures are likely to remain above normal, said Joel Widenor of the Commodity Weather Group.
Most of the Midwest should have adequate moisture, with scattered rains expected over the next several days favoring the northwestern Midwest and northern Plains.
However, dry patches have emerged in parts of the Corn Belt that bear watching, the meteorologists said, particularly in west-central Illinois and Missouri.
Even in Minnesota and the Dakotas, where planting progress lagged the most, "there are more counties running with (moisture) deficits than those with a surplus," said Widenor.
HEAT TO RIPEN PLAINS WHEAT
In the southern Plains winter wheat belt, weekend temperatures could top 100 degrees Fahrenheit (38 Celsius), particularly in Oklahoma and the Texas Panhandle.
The region's hard red winter wheat crop already endured months of drought, and the hot spell won't improve yield prospects. But the crop's maturity has lagged the normal pace, and the heat should speed the ripening process and possibly improve grain quality.
Earlier this month the winter wheat in Kansas, the top U.S. producer, was two to three weeks behind schedule, said Jordan Hildebrand, program assistant with the Kansas Wheat Commission.
Now, Hildebrand said, "A lot of (farmers) think they will be on track with an average harvest time. But there won't be as many kernels." (Reporting by Julie Ingwersen Editing by James Dalgleish) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-hot-weekend-to-boost-growth-of-u-s-midwest-corn-soy-crops.html |
Imagine if liberal groups discovered that President Trump’s Internal Revenue Service was targeting them for heightened scrutiny or harassment. The media and Democrats would decry this assault on the First Amendment and declare the U.S. on the brink of autocracy. The scandal would dominate the midterms, and the legitimacy of the election would be called into question.
Strangely enough, the IRS did target organs of the opposition party during the last administration, but the episode has largely faded from public memory without... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-unresolved-irs-scandal-1525905500 |
Home-sharing platform Airbnb has been increasingly under fire from city authorities attempting to limit residential rentals through the online marketplace.
Arguing in the company's defense this week, Airbnb co-founder and Chief Technology Officer (CTO) Nathan Blecharczyk told CNBC in Paris that this is largely a result of "misinformation" and hurts ordinary people.
Varying local regulations, which often fine users as well as Airbnb for breaching local rules on property renting, are "punitive" to regular people and hit many users' sources of income, Blecharczyk said during the Organization for Economic Cooperation and Development's (OECD) annual forum this week.
City regulators have been cracking down on the rental service. In Berlin, owners who rent more than half of their properties out without city council permission could face up to $100,000 in fines. Dublin requires planning permission for users who want to change the use of their property for short-term lets. New York City's mayor in 2016 signed a bill to fine landlords letting out their properties for less than 30 days, while London requires planning permission for rentals longer than 90 days.
The local officials claim that houses used for Airbnb renting end up inflating property prices and have a negative impact on the community, while the company's executives say it only increases prices "on the margins." Varying metrics examining the platform's market impact have produced conflicting results, but the rise of short-term rentals has taken thousands of houses off the market in individual cities and increased demand in already high-demand areas.
Court date Parisian laws forbid owners from renting for more than 120 days of the year, and the city is now taking Airbnb to court over claims that 43,000 homes listed on the site are not registered with the government.
show chapters Airbnb CEO: Will be ready to IPO next year but don't know if we will 3:28 PM ET Wed, 30 May 2018 | 00:39 "It's easy to come up with regulations that sound reasonable on paper but in practice can prove difficult and needlessly harmful to the business. So sometimes we do need to push back," Blecharczyk said, adding that the company would rather engage in a back and forth discussion than immediately complying with demands. The company says it has partnerships with over 400 jurisdictions and has remitted more than half a billion dollars in tourist taxes to various governments.
Airbnb and French authorities will go head-to-head in court on June 12. If Paris wins, it could remove up to 84 percent of the city's Airbnb rentals from the website. The company paid $1.6 million in fines last year, according to deputy mayor for housing Ian Brossat, who told local media that "Airbnb does not respect the law," and has "not made the slightest effort" to do so.
Airbnb responded by pointing to Parisian laws as "complex and confusing," and more suited to professional real estate players than regular homeowners.
'Shut out of an economic opportunity' "That's why we take a hard stance, especially when you consider this impacts many ordinary people, for whom if they can't meet the requirement, they are shut out of an economic opportunity," Blecharczyk said. "And when we feel particularly strongly is when we feel we have an obligation to stand up for the wellbeing of our hosts," the CTO added, stressing that "that doesn't mean the professionals, I'm talking about the ordinary people."
Blecharczyk also pointed to Amsterdam, which he said has one of the strictest private renting policies of the more than 65,000 cities where Airbnb operates. The city caps hosting at 60 days.
Source: Airbnb Airbnb’s founders (left to right): Nathan Blecharcyk, Brian Chesky, and Joe Gebbia He called the policy "unnecessarily punitive to ordinary people who want to do home sharing responsibly," and while admitting that unlawful activity was still taking place, called for "another way to address it." This could include different models, the CTO described, that have been developed in other cities according to those cities' needs.
These tensions are emblematic of the wider debate over how to regulate the gig economy, something public authorities have struggled with as new and popular service providers challenge the paradigms of traditional business.
As of March 2018, Airbnb had 150 million users and 640,000 hosts across more than 191 countries. The average amount a host earns annually from renting their space on the platform is $7,350, according to TechCrunch.com, and the company takes a 3 percent cut.
Correction: This story has been updated to reflect that Dublin requires planning permission for users who want to change the use of their property for short-term lets and also that Amsterdam caps hosting at 60 days. It has also been updated to state that Airbnb says it has partnerships with over 400 jurisdictions. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/airbnb-regulations-are-punitive-to-ordinary-people-co-founder-says.html |
May 15 (Reuters) - Prometic Life Sciences Inc:
* PROMETIC REPORTS ITS 2018 FIRST QUARTER HIGHLIGHTS AND FINANCIAL RESULTS
* PROMETIC LIFE SCIENCES INC - TOTAL REVENUES FOR Q1 ENDED MARCH 31, 2018 WERE $4.3 MILLION COMPARED TO $4.9 MILLION FOR Q1 ENDED MARCH 31, 2017
* PROMETIC LIFE SCIENCES INC - CORP INCURRED NET LOSS OF $34.6 MILLION FOR QUARTER VERSUS A NET LOSS OF $29.1 MILLION Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-prometic-life-sciences-incurred-ne/brief-prometic-life-sciences-incurred-net-loss-of-34-6-mln-for-quarter-idUSASC0A2I1 |
Banking regulation has gotten stricter and more transparent in the days since the financial crisis, though more adjustments are likely ahead, Federal Reserve Chairman Jerome Powell said Friday.
The central bank chief cited stress testing as one particular area where openness has both helped stabilize the financial system and given the public more confidence that institutions are prepared for the next crisis.
"In the financial stability realm, the case for enhanced transparency is not just about being accountable; it is also about providing credible information that can help restore and sustain public confidence in the financial system," Powell said in a speech delivered in Stockholm at the Riksbank, Sweden's central bank, on the past and future of central banking, according to prepared remarks.
show chapters Powell 'very clear' on rates, says economist 9:23 AM ET Mon, 9 April 2018 | 03:28 Stress tests "have placed special demands on transparency and accountability, and we have worked hard to explain them to the public. The framework is still evolving, and we will need to be open to making changes and to new ways to enhance transparency and accountability."
His speech did not delve into monetary policy and offered no clues as to how he feels about where interest rates are headed.
Instead, Powell reviewed the progress made since the financial crisis exploded in 2008. He said the new rules come amid "a time of intense scrutiny and declining trust in public institutions in many places around the world."
Since the crisis, regulators have required banks to carry increased capital levels and to lessen their risk-taking. President Donald Trump on Thursday signed a bill that rolls back some of those regulations , largely in an effort to make the rules less onerous for regional and community banks.
Powell largely praised the post-crisis steps, though he said progress has to continue in reviewing the rules to make sure they're working as intended.
"At the Fed, we are committed to transparency as we assess the efficacy and efficiency of post-crisis reforms," he said. "The post-crisis framework remains novel and unfamiliar. Some of these new policies, such as stress testing and resolution planning, are inherently complex and challenging for all involved. As a result, transparency and accountability around financial stability tools present particular challenges."
Powell promised to continue to review how the regulatory framework is communicated to the public and banks.
"While future innovations may well improve the delivery of financial services and make the system stronger, they may also contain the seeds of potential future systemic vulnerabilities. We will need to keep up with the pace of innovation, which will doubtless require changes to our approach to financial stability," he said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/fed-chief-powell-were-still-assessing-efficiency-of-banking-reforms.html |
GAITHERSBURG, Md., May 02, 2018 (GLOBE NEWSWIRE) -- Novavax, Inc. (Nasdaq:NVAX) today announced it will report its first and operating results following the close of U.S. financial markets on Wednesday, May 9, 2018.
Conference call details are as follows:
Date: May 9, 2018 Time: 4:30 p.m. U.S. Eastern Time (ET) Dial-in number: (877) 212-6076 (Domestic) or (707) 287-9331 (International) Passcode: 3687883 Webcast: www.novavax.com , “Investors”/ “Events”
Conference call and webcast replay:
Dates: Starting at 7:30 p.m. ET, May 9, 2018 until 7:30 p.m. ET May 16, 2018 Dial-in number: (855) 859-2056 (Domestic) or (404) 537-3406 (International) Passcode: 3687883 Webcast: www.novavax.com , “Investors”/ “Events”, until August 9, 2017
About Novavax
Novavax, Inc. (Nasdaq:NVAX) is a clinical-stage biotechnology company committed to delivering novel products to prevent infectious diseases. Its RSV and influenza nanoparticle vaccine candidates are Novavax’ most advanced clinical programs and are at the forefront of Novavax’ efforts to improve global health. For more information, please visit www.novavax.com .
Contact:
Investors
Erika Trahan
Senior Manager, Investor & Public Relations
[email protected]
240-268-2000
Westwicke Partners
John Woolford
[email protected]
443-213-0506
Media
Sam Brown
Mike Beyer
[email protected]
312-961-2502
Source:Novavax, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-novavax-to-host-conference-call-to-discuss-first-quarter-financial-results-on-may-9-2018.html |
(Refiles to fix typographical error in second paragraph, adds ticker)
PARIS, May 9 (Reuters) - France’s Societe Generale named Alexandre Fleury as head of equities and equity derivatives, it said on Wednesday.
Fleury was previously global head of equities structured products and structured financing at Bank of America Merrill Lynch.
He would replace Richard Quessette who had left the firm in late April.
“This appointment will allow the bank to strengthen its edge as a global leader in derivatives,” Frank Drouet, SocGen’s head of global markets said in a statement. (Reporting by Maya Nikolaeva; Editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/socgen-moves/socgen-poaches-head-of-equities-trading-from-bofaml-idUSFWN1SG19A |
May 2 (Reuters) - CENTRIC HOLDINGS SA :
* Reported on Monday, FY 2017 INCOME AT EUR 1.4 MLN VS EUR 0.9 MLN YR AGO
* FY NET LOSS AT EUR 12.6 MLN VS LOSS EUR 3.2 MLN YR AGO * FY NET CASH ON DEC. 31, AT EUR 11.8 MLN VS EUR 1.4 MLN YR AGO
Source text : bit.ly/2JJoLM4
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S90PK |
The opportunity in China continues to be 'immense': SAP executive 13 Hours Ago SAP's Adaire Fox-Martin speaks about the "incredible" opportunities for multinationals to work closely with China, particularly in the artificial intelligence sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/the-opportunity-in-china-continues-to-be-immense-sap-executive.html |
May 10 (Reuters) - Arthur J Gallagher & Co:
* PALLADIUM EQUITY PARTNERS ENTERS INTO DEFINITIVE AGREEMENT TO SELL PRONTO INSURANCE TO ARTHUR J. GALLAGHER & CO.
* PALLADIUM EQUITY PARTNERS- ONE OF ITS AFFILIATED FUNDS SIGNED AGREEMENT TO SELL PRONTO HOLDCO LLC TO RISK PLACEMENT SERVICES INC Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-palladium-equity-partners-enters-a/brief-palladium-equity-partners-enters-agreement-to-sell-pronto-insurance-to-arthur-j-gallagher-co-idUSASC0A1NW |
May 18, 2018 / 11:43 AM / Updated an hour ago New owner says will sustain legacy of Cambodian newspaper Prak Chan Thul 2 Min Read
PHNOM PENH (Reuters) - The new owner of Cambodia’s Phnom Penh Post newspaper said on Friday he had saved the English-language daily from closure and rejected fears the sale threatened media freedom. Phnom Penh Post's new owner Sivakumar Ganapathy speaks during a news conference in Phnom Penh, Cambodia, May 18, 2018. REUTERS/Samrang Pring
At a news conference in the capital Phnom Penh, Malaysian investor Sivakumar Ganapathy discussed his negotiations with the Post’s former owner, Australian businessman Bill Clough, and events after the sale.
Ganapathy said his media background made it possible to continue the Post’s legacy of “fair and balanced reporting and commentary in upholding true journalistic values”. Phnom Penh Post's new owner Sivakumar Ganapathy (R) leaves after a news conference in Phnom Penh, Cambodia, May 18, 2018. REUTERS/Samrang Pring
“And this was the common ground in which Bill and myself reached an agreement in principle,” he said. Slideshow (2 Images)
The sale comes during a crackdown by Cambodian Prime Minister Hun Sen and his allies against perceived critics, including opposition politicians, independent media and human rights groups ahead of a general election in July.
One international rights group said the sale of the Post, which has built a reputation for independent reporting that can be critical of the government, was a “disaster” for media freedom in the country.
The Post was reportedly slapped with a $5 million tax bill last year, according to reports by the Australian Broadcasting Corporation.
“I wish to stress at this juncture that had I not purchased the Phnom Penh Post, the newspaper would have to shut down due to its financial situation,” Ganapathy said.
After the deal was announced, the newspaper’s editor-in-chief said he was fired for allowing the publication of an article about the sale, while several staff members said on social media that they had quit.
When asked if Post journalists would be allowed to write articles critical of the government, he replied: “Why is it that you should be critical? I’d rather state the facts. Our job is to state the facts.” Reporting by Prak Chan Thul; Additional reporting and writing by Amy Sawitta Lefevre; Editing by Darren Schuettler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cambodia-politics-media/new-owner-says-will-sustain-legacy-of-cambodian-newspaper-idUKKCN1IJ1FL |
EditorsNote: Fixed Torres’ age at Colon’s MLB debut — three months old, not four
Rookie Gleyber Torres recorded his first career multi-homer game as the New York Yankees posted a 10-5 victory over the host Texas Rangers on Monday night at Globe Life Park.
At 21 years, 159 days, Torres became the second-youngest Yankee to homer twice in a game, according to the YES Network. Only Hall of Famer Mickey Mantle (20 years, 296 days) was younger when he did it Aug. 11, 1952, against the Boston Red Sox at Yankee Stadium.
Torres homered twice off Bartolo Colon (2-2), whose major league debut occurred on April 4, 1997, when the second baseman was three months old. It also was the 12th multi-homer game by a Yankee this season.
Torres hit a two-run homer in the second and homered again in the sixth after being by a pitch in the fourth. It was his fifth and sixth homers since making his major league debut on April 22.
The Yankees won for the 22nd time in 26 games by hitting at least four homers in a third straight game for the first time in team history.
Neil Walker hit his first homer and added an RBI double while making his first start of the season at third base.
Aaron Judge and Aaron Hicks also homered for the Yankees, who have 14 homers in their last three games and are the first team to get at least four homers in three straight games on the same road trip since the Milwaukee Braves did it June 8-10, 1961.
Giancarlo Stanton lifted a sacrifice fly and Didi Gregorius, who began the game with one hit in his previous 45 at-bats, added an RBI double.
Masahiro Tanaka (5-2) allowed four runs and three hits in five innings.
Joey Gallo hit a solo homer, Rougned Odor hit a three-run homer off Tanaka while Ronald Guzman homered off Chad Green as Texas lost for the seventh time in nine games.
Colon allowed six runs and eight hits in 5 1/3 innings.
Two pitches after Walker’s double, Torres deposited Colon’s 0-1 fastball into the left field seats for a 3-0 lead.
After Gallo opened the second with his 14th homer, Walker made it 4-1 with his first homer of the season in the fourth. Odor tied the game in the bottom of the inning with his first homer of the season, but the Yankees quickly regained the lead on Judge’s homer leading off the fifth onto the grass beyond the center field fence.
After Judge’s homer in the fifth snapped an 0-for-17 slide, Torres made it 6-4 an inning later by sending Colon’s 2-0 fastball over the center field fence.
After Torres’ second homer chased Colon, Stanton lifted a sacrifice fly and Gregorius doubled off Matt Bush. Hicks capped the scoring with a two-run drive in the ninth.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-tex-nyy-recap/torres-hits-2-hrs-as-red-hot-yankees-crush-rangers-idUSMTZEE5M41OP2V |
Quarter of contrasts on the global markets: Societe Generale CEO 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/quarter-of-contrasts-on-the-global-markets-societe-generale-ceo.html |
Crowds gather for glittering royal wedding 5:09am EDT - 01:03 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/19/crowds-gather-for-glittering-royal-weddi?videoId=428361743 |
von Rickenbach recognized for accomplishments and inspired service; also honored with the CARE Lifetime Achievement Award and recognized as Honoree at the Biomedical Science Careers Program Evening of Hope
BOSTON--(BUSINESS WIRE)-- PAREXEL International Corporation, the world’s leading innovator of biopharmaceutical services, announced today that Josef von Rickenbach, PAREXEL co-founder and Chairman of the Board of Directors, is the recipient of a 2018 Ellis Island Medal of Honor from the Ellis Island Honors Society (EIHS). Mr. von Rickenbach was honored with the recognition at a ceremony on Ellis Island on May 12.
The Ellis Island Medals of Honor are presented annually to a select group of individuals whose accomplishments in their field and inspired service to our nation are cause for celebration. The honor recognizes individuals who have made it their mission to share their wealth of knowledge, indomitable courage, boundless compassion, unique talents and selfless generosity with those less fortunate. The Medal has been officially recognized by both Houses of Congress as one of our nation’s most prestigious awards and is annually memorialized in the Congressional Record. Past Ellis Island Medal of Honor recipients include seven Presidents of the United States, Vice-President Joe Biden, Supreme Court Justice Sandra Day O’Connor and several Nobel laureates.
“I have always had a strong belief in both the great opportunities that exist in America, and the need to understand and respect the global environment in which we live and work. As such, I am deeply honored to receive an Ellis Island Medal of Honor from the Ellis Island Honors Society,” Mr. von Rickenbach said. “This prestigious recognition symbolizes the great diversity, integrity, passion and courage of America, all fundamental values that PAREXEL was built on, and I am truly humbled to be recognized among this remarkable list of honorees.”
A native of Switzerland, Mr. von Rickenbach co-founded PAREXEL in 1982 and retired as CEO earlier this year. During his tenure, he led the company’s approximately 18,000 employees to meaningfully contribute to 99 percent of the 200 top-selling biopharmaceuticals in the world today, products that help address patient needs in oncology, neurology, infectious disease, and countless other disease conditions. Mr. von Rickenbach became a U.S. citizen in 2002.
“Now more than ever it's vital we recognize, celebrate, and embrace the diversity and backgrounds of all of the Americans who enrich and build upon the foundation of this great country,” said Nasser J. Kazeminy, Chairman of EIHS. “At the Ellis Island Honors Society, we want to focus on the future by honoring our past and present and with the Ellis Island Medals of Honor, we’re recognizing leaders and everyday heroes who are making a positive impact in order to build a better, brighter future for all Americans.”
In addition to the Ellis Island Medal of Honor, Mr. von Rickenbach was recently recognized by Informa’s Pharma Intelligence, receiving the Lifetime Achievement Award at the Clinical and Research Excellence Awards. He was also an Honoree at the Evening of Hope event benefitting the Biomedical Science Careers Program (BSCP), a non-profit organization that provides students of every race, ethnic background, gender and financial status with encouragement, support and guidance needed for the successful pursuit of biomedical science and other science-related careers.
About PAREXEL International
PAREXEL International Corporation is the world’s leading innovator of biopharmaceutical services. We simplify our clients’ journey of transforming scientific discoveries into new medical treatments for patients with high-quality Phase I-IV clinical research, regulatory, consulting and market access services. PAREXEL develops breakthrough innovations and solutions by leveraging its comprehensive therapeutic, technical and functional expertise, in more than 100 countries around the world. For more information, visit www.PAREXEL.com .
PAREXEL and PAREXEL Informatics are trademarks or registered trademarks of PAREXEL International Corporation or its affiliates. All other trademarks are the property of their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514005038/en/
PAREXEL Contacts:
Media:
Wendy Ryan
Tel.: +1 781-434-5104
Email: [email protected]
or
Kathryn McMahon Arrigg, PAN Communications
Tel.: +1 617-502-4300
Email: [email protected]
Source: PAREXEL International Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-parexel-co-founder-and-board-chairman-josef-von-rickenbach-receives-2018-ellis-island-medal-of-honor.html |
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