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May 8, 2018 / 10:32 PM / Updated 25 minutes ago Malaysia's veteran leader Mahathir wins shock election victory Liz Lee , Fathin Ungku 5 Min Read
KUALA LUMPUR (Reuters) - An alliance of opposition parties spearheaded by Mahathir Mohamad won Malaysia’s general election on Thursday, official results showed, setting the veteran strongman on course for a return to the Prime Minister’s Office he occupied for 22 years.
Mahathir’s stunning defeat of the ruling coalition that has ruled the Southeast Asian country since independence from Britain six decades ago means that, at the age of 92, he will become the oldest elected leader in the world.
Official results at 4:08 a.m. (2008 GMT on Wednesday) showed that Mahathir’s Pakatan Harapan (Alliance of Hope) had won 112 of parliament’s 222 seats, clinching the simple majority required to rule.
Najib’s ruling coalition, Barisan Nasional (BN), had 79.
Two more seats remained to be announced.
Mahathir told a news conference he expected to be sworn in as prime minister later on Thursday.
“The time for change has come, and I hope the people in power realise this,” said Asifa Hanifah, a young woman who joined thousands of opposition supporters in central Kuala Lumpur who waved flags, cheered and honked car horns.
Few had expected Mahathir to prevail against a coalition that has long relied on the support of the country’s ethnic-Malay majority. Related Coverage Malaysia's election commission says can't comment on poll results yet
However, he joined hands with his one-time protege, the jailed politician Anwar Ibrahim, and together their alliance exploited public disenchantment over the cost of living and a multibillion-dollar scandal that has dogged Najib since 2015.
Mahathir has promised to seek a royal pardon for Anwar if they win the election and, once Anwar is free, to step aside and let him become prime minister.
Several key roads in the heart of the capital, where violence between races has played out in the past, were blocked off by police as evidence grew that Najib’s coalition was on the back foot. In a statement, the police appealed for calm and said that for now the situation was under control.
Najib’s United Malays National Organisation (UMNO) party postponed an evening news conference and said Najib, who has ruled the country for nearly 10 years, would address the media at 9:45 a.m. (0145 GMT) on Thursday.
Malaysia’s currency weakened in offshore trading on the election result, with the ringgit one-month non-deliverable forward falling 2.4 percent to 4.07 against the dollar. Mahathir Mohamad, former Malaysian prime minister and opposition candidate for Pakatan Harapan (Alliance of Hope) attends a news conference after general election, in Petaling Jaya, Malaysia, May 9, 2018. REUTERS/Lai Seng Sin “HISTORY IN THE MAKING”
The reverse for UMNO, the dominant partner in BN, takes Malaysia into uncharted political terrain, said Keith Leong, head of research at the KRA Group consultancy. “We are witnessing history being made in this country,” he said.
Ethnic-Malay Muslims have long tended to support BN for affirmative-action policies that give them government contracts, cheap housing and guaranteed university admissions.
Mahathir’s alliance, which counts on urban votes and support from the minority ethnic-Chinese and Indian communities, had hoped the veteran Malay leader would win over voters usually loyal to BN. That strategy appeared to have paid off.
“There has been a significant shift in the Malay vote,” said Rashaad Ali, an analyst with the S. Rajaratnam School of International Studies in Singapore.
Mahathir is a polarising figure and many voters are suspicious of him because of his iron-fist rule as prime minister from 1981 to 2003.
But 64-year-old Najib’s popularity dropped sharply over the past three years, partly due to a scandal over 1Malaysia Development Berhad (1MDB), a state fund from which billions of dollars were allegedly siphoned off.
Mahathir was once Najib’s mentor, but he left UMNO over the 1MDB affair and joined the opposition. Najib, who was chairman of 1MDB’s advisory board, has denied any wrongdoing and he has been cleared of any offence by Malaysia’s attorney general.
In an even more unlikely change of heart, Mahathir last year buried a feud with Anwar, 70, and the two agreed to join forces to topple Najib. Slideshow (8 Images)
Mahathir sacked Anwar as his deputy prime minister in 1998. Anwar then started a movement known as ‘Reformasi’ - reform - to end UMNO’s race- and patronage-based governance, but he was stopped in his tracks by charges of sodomy and graft, which he denied, but for which he was jailed.
Anwar was imprisoned again in 2015, when Najib was prime minister, after another sodomy charge, which he described as a politically motivated attempt to end his career. Additional reporting by A.Ananthalakshmi, Joseph Sipalan, Emily Chow, Praveen Menon and Rozanna Latiff; Writing by John Chalmers; Editing by Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-malaysia-election/malaysians-vote-in-toughest-election-yet-for-ruling-coalition-idUKKBN1I93E6 |
May 31, 2018 / 7:13 AM / Updated 2 hours ago Aussie shares end higher as Italy turmoil eases; NZ posts bumper month Reuters Staff
* Mining stocks lead ASX gains
* Healthcare stocks fall, Trump sees massive falls in drug prices
* NZ marks biggest monthly gain since Dec 2017 (Updates to close)
By Devika Syamnath
May 31 (Reuters) - Australian shares rode broad-based gains led by materials stocks to close higher on Thursday, tracking a global rally in equities as Italy’s political turmoil receded, but health stocks were hit by U.S. President Donald Trump’s talk of “voluntary massive drops” in drug prices.
The S&P/ASX 200 index rose 0.5 percent or 27.2 points to 6011.9. The benchmark marked a monthly gain of 0.5 percent.
Global markets were rattled this week when Italy’s two anti-establishment parties scrapped plans to form a coalition but some calm was restored when the parties renewed efforts to collaborate.
Australia’s mining stocks closed 1.8 percent higher and contributed most of the gains on the benchmark after commodity shares rose on upbeat metal prices.
Global mining heavyweights Rio Tinto and BHP Billiton gained 1.2 percent and 1.8 percent, respectively.
The index of financial stocks gave up earlier gains to end flat and Commonwealth Bank of Australia closed at its lowest in almost five years, down 0.4 percent.
“It’s just a currency expectations play. When the global guys think our currency is going to fall, they tend to sell out of our banks to reduce exposure to Australia,” said Mathan Somasundaram, Market Portfolio Strategist at Blue Ocean Equities.
The Australian dollar bounced off key chart support on Thursday but stayed trapped in a narrow band.
Healthcare stocks registered most of the losses on the index, down 0.5 percent.
Trump on Wednesday said he expects major drug companies to slash prices on their products in two weeks.
“If that is the case, that means healthcare costs are going to be going down. So pretty much all the global businesses like CSL, Cochlear, potentially their markets might get squeezed so that’s a worry,” said Somasundaram.
Index heavyweight CSL Ltd was the biggest drag, falling 0.7 percent in the session. Cochlear Ltd lost 1.1 percent.
Software developer MYOB Group had the biggest percentage loss on the benchmark, dropping 8.2 percent to close at its lowest in more than two years.
The fall followed news MYOB had scrapped its A$180 million ($136.15 million) acquisition of Reckon Ltd’s accounting practice software arm.
New Zealand’s benchmark S&P/NZX 50 index was 0.1 percent or 10.93 points higher at 8,658.79. The benchmark posted its best month since December 2017.
Consumer staples and healthcare stocks led gainers on the index, with Synlait Milk and Fisher & Paykel Healthcare up as much as 5.1 percent and 1.4 percent, respectively. ($1 = 1.3221 Australian dollars) (Reporting by Devika Syamnath in Bengaluru Editing by Eric Meijer) | ashraq/financial-news-articles | https://www.reuters.com/article/australia-stocks-close/aussie-shares-end-higher-as-italy-turmoil-eases-nz-posts-bumper-month-idUSL3N1T22QQ |
By Emily Price 2:43 PM EDT
Next time you’re in Sweden, you can grab a bottle of beer made from sewage. Nya Carnegiebryggeriet brewery, Carlsberg and the Swedish Environmental Research Institute (IVL) recently collaborated on a pilsner that includes organic malt, hops… and recycled wastewater.
The beer launched on May 25th.
Called PU:REST the idea behind the brew is to raise awareness about the ability to make wastewater into safe drinking water, which happened before the water made its way into the brew, Lonely Planet reports .
“Ultimately, this comes down to beating the drum for sustainable water treatment, and for the value of fresh water,” Staffan Filipsson of IVL said in a press release.
Purification for the water happens at Sweden’s Hammarby water treatment plant.
Nya Carnegiebryggeriet is jointly owned by Carlsberg and Brooklyn Brewery. The beer will be available this summer in Sweden at retailers as well as at some selected bars and festivals. | ashraq/financial-news-articles | http://fortune.com/2018/05/29/sweden-beer-recycled-wastewater/ |
(Adds share price, changes sourcing, adds background)
May 3 (Reuters) - Apple Inc's stock hit an all-time high on Friday after Warren Buffett's Berkshire Hathaway Inc disclosed it had bought 75 million more shares of the iPhone maker in the first three months of the year.
Buffett's increased stake, confirmed by a representative of the billionaire investor, pushed Apple's shares up as much as 3.8 percent to $183.65.
It was the stock's second significant gain this week after the Cupertino, California-based firm surprised Wall Street on Tuesday with resilient iPhone sales and quarterly results that topped expectations.
"If you look at Apple, I think it earns almost twice as much as the second most profitable company in the United States," Buffett told CNBC, which first reported https://www.cnbc.com/2018/05/03/buffetts-berkshire-hathaway-bought-stunning-75-m i l l i o n - a p p l e - s h a r e s - i n - f i r s t - q u a r t e r . h t m l the news on Thursday.
Buffett's Apple commitment over the past two years has surprised many, given his historical aversion to companies associated with the technology sector.
Berkshire's initial investment in Apple was small, suggesting it was made by one of Buffett's investment deputies, but with the latest stake purchase, it has grown to a massive 240.3 million shares worth $42.5 billion.
In February, Berkshire had said its Apple stake grew by about 23 percent since the end of September to roughly 165.3 million shares.
The billionaire investor recently sold out of an unsuccessful investment in IBM Corp, at the same time he was buying Apple.
Buffett has praised Apple Chief Executive Officer Tim Cook and suggested he views Apple more as a consumer company, despite its Silicon Valley pedigree.
However, there may also be another reason for the investment: Berkshire's cash position.
Berkshire has gone more than two years since a major acquisition, and Buffett said in his annual letter that he wants one or more "huge" non-insurance acquisitions to help him reduce Berkshire's $116 billion in cash and equivalents.
Buying Apple accomplishes that, even though Buffett would rather buy whole companies than their stocks.
Berkshire typically discloses its largest common stock holdings and percentage stakes in its quarterly and annual reports. The report for the first quarter is scheduled for release on Saturday morning, just before Berkshire's annual shareholder meeting in its Omaha, Nebraska hometown.
Apple reported $61.1 billion in revenue for the March quarter, up from $52.9 billion last year, and promised $100 billion in additional stock buybacks.
Apple did not immediately respond to a request for comment on Friday.
Up to Thursday's close, Apple stock had risen more than 5 percent since Berkshire disclosed on Feb. 14 that it had raised its stake in the company. (Reporting by Philip George and Sonam Rai in Bengaluru, Jonathan Stempel and Trevor Hunnicutt in New York; Editing by Amrutha Gayathri and Sai Sachin Ravikumar) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/reuters-america-update-2-apple-hits-record-high-after-buffetts-berkshire-increases-stake.html |
May 4 (Reuters) - MedCap AB (publ):
* HUGO PETIT LEAVES POSITION AS CFO IN MEDCAP Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-medcap-hugo-petit-leaves-position/brief-medcap-hugo-petit-leaves-position-as-cfo-idUSFWN1SB08U |
Jared Kushner finally received his permanent security clearance, but that doesn't necessarily mean he's escaped federal investigators' scrutiny.
Kushner's lawyer, Abbe Lowell, said on Wednesday that his client had passed an FBI background check, which had held his permanent security clearance in abeyance for more than a year.
"Having completed these processes, Mr. Kushner is looking forward to continuing the work the President has asked him to do," Lowell said in a statement.
Lowell also revealed that Kushner, 's son-in-law, met with special counsel Robert Mueller 's team for a second interview as part of the investigators' probe of potential links between Russia and the Trump campaign.
show chapters Rudy Giuliani says Trump son-in-law Jared Kushner is 'disposable' 3:02 PM ET Thu, 3 May 2018 | 01:12 That interview was conducted in April, Lowell told CNN — about a month before Kushner's permanent security clearance was granted.
Kushner, a senior White House advisor, sat with the special counsel for more than six hours in the interview, NBC News reported, citing a source familiar with the interview. He reportedly answered questions about Trump's presidential campaign, the post-election transition period and the firing of former FBI Director James Comey .
His first interview with Mueller's team, which was focused primarily on former national security advisor Michael Flynn , took place in November, according to NBC.
Different views The news seemed to bode well for Kushner, whose business dealings and past omissions to the government about his foreign contacts had been viewed by some as the reasons for his lengthy background review process.
Dilanian tweet
But former federal prosecutor Renato Mariotti says he wouldn't go that far.
"It's safe to say this clearance would not have been granted if his name wasn't Jared Kushner ," Mariotti said in an interview, referring to Kushner's relationship to the president. (Mariotti is a Democrat who is running for Illinois state attorney general.)
Kushner's family business debts have raised concerns that he is vulnerable to influence or manipulation in his role with the Trump administration. Kushner Companies' pursuit of business in China, for instance, has been viewed as a conflict of interest .
He also had to repeatedly update a security clearance form to include more than 100 contacts that were initially omitted — including some with foreign sources.
The form had been updated to include a meeting he attended with Kremlin-connected Russian lawyer Natalia Veselnitskaya in a June 2016 meeting at Trump Tower, alongside Donald Trump Jr . and former campaign chief Paul Manafort .
The meeting was pitched to Trump Jr. as an opportunity to learn compromising information about Trump's political opponent, Hillary Clinton .
Mariotti said it's possible that the officials conducting the background check decided to grant his permanent security clearance because they believed the risk that his access could pose to the United States "was manageable, or not significant enough to deny him clearance."
But passing the background check doesn't necessarily clear him of any wrongdoing, Mariotti added. " I would tell him he should not assume that means he's out of the woods with Mueller."
Lowell did not immediately respond to CNBC's request for comment.
Despite being a leading player in the Middle East peace process and U.S. relations with China, among other roles, Kushner maintained an interim security clearance that allowed him to access only high-level information.
His ability to view top secrets was reportedly downgraded in February by chief of staff John Kelly , who diminished the access of White House officials with interim clearances after former aide Rob Porter was accused of domestic abuse by two former wives.
Kushner's security clearance does suggest that, at the very least, the FBI does not consider him to be a foreign agent or untrustworthy with government secrets, said Steven Mulroy, a professor teaching constitutional law at the University of Memphis.
But Kushner could still face potential legal troubles over, for example, his initial failures to disclose contacts on his security form, Mulroy said. Although it may not pose an ongoing security threat, Mulroy said the question remains open whether Kushner broke the law with his omissions.
Mulroy also raised the possibility that Kushner's second meeting with the special counsel may have helped propel his background check to completion.
"It's possible that if Mueller thought Kushner was being cooperative and forthcoming, that might have allowed them to make a recommendation," Mulroy said.
Still, Mulroy said, "It doesn't mean he's completely in the clear." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/kushners-permanent-security-clearance-doesnt-mean-hes-in-the-clear.html |
M&T Bank Corp:
* SETS QUARTERLY CASH DIVIDEND OF $0.80PER SHARE * NEW DIVIDEND REPRESENTS AN INCREASE OF $0.05 PER SHARE, OR 7 PERCENT FROM PREVIOUS $0.75 PER SHARE DIVIDEND Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mt-bank-corporation-announces-incr/brief-mt-bank-corporation-announces-increased-common-stock-dividend-idUSASC0A2GN |
SAN DIEGO & LONG BEACH, Calif.--(BUSINESS WIRE)-- Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Molina Healthcare, Inc. (NYSE: MOH) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between October 31, 2014 and August 2, 2017. Molina provides Medicaid-related solutions to meet the health care needs of low-income families and individuals and to assist state agencies in their administration of the Medicaid program in the United States.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/molina-healthcare-inc
Molina Accused of Wrongly Touting High Expectations for Its Administrative Infrastructure
According to the complaint, Molina predicted that the company would grow revenues from $6 billion to $12 billion with the help of a scalable administrative infrastructure designed to accommodate Medicaid expansion. Despite these optimistic forecasts, the company's administrative infrastructure could not support rapid growth into existing Medicaid markets and new Patient Protection and Affordable Care Act health insurance marketplaces ("ACA Health Exchanges") in a cost-effective manner. On April 28, 2016, Molina reported a sharp earnings miss for the first quarter of 2016 and drastically cut full-year 2016 earnings guidance, citing higher costs associated with administrative capacity issues. Then, on February 15, 2017, Molina cautioned that the company could not commit to ACA Health Exchange participation beyond 2017. Finally, on August 2, 2017, Molina reported a net loss of $230 million for the second quarter of 2017, admitting that its administrative infrastructure was never designed to sustain rapid growth.
Molina Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, 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/20180503006778/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/2018/05/03/business-wire-robbins-arroyo-llp-molina-healthcare-inc-moh-misled-shareholders-according-to-a-recently-filed-class-action.html |
The Chicago Cubs and Willson Contreras had to wait an extra few hours on Saturday afternoon, but they picked up where they left off on Friday, jumping on their intracity rivals early in an 8-4 win over the visiting White Sox at Wrigley Field.
The Cubs won their fifth straight game, coming on the heels of a five-game losing streak. The White Sox have lost seven straight and 11 of 12 and, at 9-27, are the only major league team not to have reached 10 wins.
The mostly unfulfilled threat of storms delayed the start of the game for more than two hours.
The White Sox tried to rally in the top of the ninth, getting a swinging bunt single from Leury Garcia to lead off the frame. A two-base error on Cubs right fielder Kris Bryant on a fly ball hit by Trayce Thompson put runners at second and third with nobody out.
The Cubs brought in closer Brandon Morrow, who struck out pinch hitter Yolmer Sanchez and Daniel Palka but walked Tim Anderson to load the bases.
However, Morrow retired slugger Jose Abreu on a grounder to first base to complete his ninth save.
The Cubs, who scored five runs in the first inning in Friday’s 11-2 rout of the White Sox, jumped on starter James Shields (1-4) right away on Saturday.
Before a man had been retired, Anthony Rizzo smacked a three-run home run to the opposite field into the wind in left-center, his sixth homer of the season.
Cubs rookie David Bote added an RBI single before Shields ended the first inning, having thrown 36 pitches.
The Cubs added a run in the second on a single by Contreras, fresh off his two-homer, seven-RBI game on Friday. Contreras added another home run, a two-run shot, in the seventh inning on Saturday, his fourth of the season, giving him 19 RBIs on the year.
Contreras finished with three hits on the day.
Cubs starter Jon Lester (3-1), meanwhile, gave up only one run in 5 2/3 innings.
The only run he gave the White Sox scored on a groundout by Abreu in the sixth inning, plating Adam Engel, who led off with a double among his three hits on the day. A subsequent walk to Matt Davidson and single by Welington Castillo ended Lester’s day.
Lefty Justin Wilson came on to get Jose Rondon to ground into an inning-ending forceout.
Lester allowed four hits and three walks to go with five strikeouts.
The White Sox pulled closer in the eighth inning on Davidson’s 10th home run of the season, a three-run blast to right field off the Cubs’ third pitcher, Carl Edwards Jr.
Shields settled down after the first inning. At one point, he retired 11 batters in a row between the second and sixth innings.
In six innings, he gave up five runs on seven hits, with three walks and four strikeouts. He threw 100 pitches.
White Sox righty reliever Chris Beck allowed Contreras’ two-run home run in the seventh, and lefty Aaron Bummer issued a walk to force in another run later in the inning.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-chc-chw-recap/cubs-cruise-past-rival-white-sox-for-5th-straight-win-idUSMTZEE5DN4OVDE |
NSA collected 534 million phone records in 2017 01:29
The U.S. National Security Agency collected 534 million records of phone calls and text messages of Americans last year, more than triple gathered in 2016, a U.S. intelligence agency report released on Friday said.
The U.S. National Security Agency collected 534 million records of phone calls and text messages of Americans last year, more than triple gathered in 2016, a U.S. intelligence agency report released on Friday said. //reut.rs/2KEBlgP | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/05/nsa-collected-534-million-phone-records?videoId=424154375 |
May 23 (Reuters) - Nordson Corp:
* NORDSON - ENTERED AMENDMENT TO CO'S $705 MILLION TERM LOAN AGREEMENT TO EXTEND MATURITY DUE DATE OF $200 MILLION TRANCHE TO SEPT. 30, 2021 - SEC FILING Source text: ( bit.ly/2GKYU4w ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nordson-enters-amendment-to-cos-70/brief-nordson-enters-amendment-to-cos-705-mln-term-loan-agreement-idUSFWN1SU138 |
Japanese Prime Minister Shinzo Abe is the only leader from a major stakeholder country to not publicly arrange a meeting with North Korea's Kim Jong Un this year.
" Japan has been very isolated on the North Korean issue," said Richard McGregor, senior fellow at think tank the Lowy Institute in Australia.
Tokyo has, however, managed to show it's still part of the wider discussion on the reclusive regime after a trilateral meeting with China and South Korea on Wednesday, experts said.
Chinese President Xi Jinping and South Korean President Moon Jae-in have both met with Kim in the last few weeks. U.S. President Donald Trump , meanwhile, is expected to hold a meeting with Kim in coming weeks.
Because of those meetings, "for Japan, it was particularly important to try and play themselves back into this game, which of course, they are in the center of, whether they like it or not," McGregor told CNBC's "The Rundown."
The trilateral meeting, the first such event in three years, was held in Tokyo on Wednesday and came against the backdrop of domestic political concerns surrounding Abe.
On Wednesday, China, Japan and South Korea agreed to cooperate in seeking the denuclearization of the Korean Peninsula. Abe, for his part, praised efforts by the other two nations to engage North Korea and said further efforts on denuclearization were essential.
show chapters Differences remain after the trilateral summit, says analyst 15 Hours Ago | 02:19 Abe said after Wednesday's summit that his country will seek to normalize ties with North Korea if the nuclear and missile issues, along with that of the abduction of Japanese citizens, are solved comprehensively.
Pyongyang has admitted to kidnapping 13 Japanese citizens decades ago to train spies. Five have returned to Japan.
Even with a show of unity between the three East Asian countries, there are differences between Tokyo's stance on North Korea and Chinese and South Korean positions, said experts.
That is, Japan favors maximum pressure on the hermit regime, while the other two countries lean toward engagement.
"Abe, at some point, is going have to do some gymnastics. He's going to have to react to decisions that are being made at these summits that Japan is not a party to, and find a way to keep Japan engaged to still get what Japan wants out of the process," Tobias Harris, a Teneo Intelligence analyst, told CNBC's "Squawk Box."
—Reuters contributed to this report. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/japan-shows-its-still-part-of-the-north-korea-discussion-in-high-profile-summit.html |
* U.S. crude, gasoline inventories rise unexpectedly -EIA
* Brent-WTI spread near widest in three years
* OPEC set to meet next month to discuss policy (Updates prices)
LONDON, May 24 (Reuters) - Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran.
Benchmark Brent futures were down $1.08 at $79.72 a barrel by 1118 GMT, its largest one-day fall since May 8, while U.S. crude futures dropped 86 cents to $70.98 a barrel.
"This discussion about possible OPEC supply increases after the June meeting has put a brake on the oil price for the time being, so $80 is a big hurdle to overcome," Commerzbank strategist Carsten Fritsch said.
"If prices get above there, that will further intensify and increase the likelihood that OPEC will do something .. It's going to be very difficult to overcome this level on a sustainable basis before the OPEC meeting."
The Organization of Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices, OPEC and oil industry sources told Reuters.
Venezuela's output has fallen amid an economic crisis, while Iran's supply is threatened by U.S. sanctions.
These factors have helped push Brent and WTI to multi-year highs, with Brent breaking through an $80 threshold last week for the first time since November 2014.
"The chat is still that OPEC will do something at its June meeting in reaction to the looming prospect of a fall in crude production and exports from both Iran and Venezuela as the year progresses," said Greg McKenna, chief market strategist at CFD and FX provider AxiTrader.
OPEC and some non-OPEC major oil producers, which are scheduled to meet in Vienna on June 22, previously agreed to curb their combined output by about 1.8 million barrels per day (bpd) to boost oil prices and clear a supply glut.
Global inventories have been broadly falling. But commercial U.S. crude inventories rose <C-STK-T-EIA> by 5.8 million barrels in the week to May 18, beating analyst expectations for a drop of 1.6 million barrels, the Energy Information Administration (EIA) said on Wednesday.
The premium of Brent crude over U.S. West Texas Intermediate futures neared $8 a barrel, close to its widest in three years. <CL-LCO1=R>
Inventories of gasoline rose by 1.9 million barrels in the same week, just ahead of the Memorial Day holiday in the United States which typically marks the start of the summer driving season.
Refinery runs fell 7,000 bpd to 16.63 million bpd, 3.8 percent below the same week last year, according to the EIA data. (Additional reporting by Jane Chung in Seoul and Jessica Jaganathan in Singapore Editing by Adrian Croft and Edmund Blair) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/reuters-america-update-4-oil-slips-further-below-80-a-barrel-as-focus-on-opec-intensifies.html |
WASHINGTON (Reuters) - U.S. President Donald Trump said in a tweet on Saturday that his administration is unified in its approach to North Korea.
U.S. President Donald Trump gesticulates as he returns from a trip to trip to Annapolis, Maryland, in Washington, U.S. May 25, 2018. REUTERS/Carlos Barria “There is ZERO disagreement within the Trump Administration as to how to deal with North Korea...and if there was, it wouldn’t matter,” the president wrote on Twitter.
The statement follows media reports of a rift between Trump national security adviser John Bolton and Secretary of State Mike Pompeo over U.S. strategy on North Korea, as the two countries approach a possible summit between Trump and North Korean leader Kim Jong Un.
Reporting by David Morgan; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump/trump-says-his-administration-is-unified-on-north-korea-approach-idUSKCN1IR0IG |
Claims of 'dirty tricks' in Malaysia vote Wednesday, May 09, 2018 - 01:57
Malaysian politicians from both government and opposition camps complained of ''dirty tricks'' after voting in a general election began on Wednesday, as non-stop spam calls to their mobile phones disrupted communications with party organisers.
Malaysian politicians from both government and opposition camps complained of "dirty tricks" after voting in a general election began on Wednesday, as non-stop spam calls to their mobile phones disrupted communications with party organisers. //in.reuters.com/video/2018/05/09/claims-of-dirty-tricks-in-malaysia-vote?videoId=425200904&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/claims-of-dirty-tricks-in-malaysia-vote?videoId=425200904 |
Buy stocks amid the current fear gripping the markets, says Scott Colyer 8:06pm BST - 05:11
The CEO of Advisors Asset Management tells Reuters' Fred Katayama he favors value stocks and sees the S&P 500 rising to 3200 by year's end.
The CEO of Advisors Asset Management tells Reuters' Fred Katayama he favors value stocks and sees the S&P 500 rising to 3200 by year's end. //reut.rs/2KsyEPF | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/buy-stocks-amid-the-current-fear-grippin?videoId=423004214 |
May 2 (Reuters) - MILLET INNOVATION:
* ON TUESDAY ANNOUNCED ITS FY EBITDA AT 3.0 MILLION EUROS VS 4.4 MILLION EUROS YR AGO
* FY NET REVENUE 21.4 MILLION EUROS VS 23.2 MILLION EUROS YR AGO
* FY PROFIT 2.5 MILLION EUROS VS 3.1 MILLION EUROS YR AGO Source text: bit.ly/2HOsGXG
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S9191 |
May 28, 2018 / 4:10 Tennis-Djokovic's bid for second French Open off to glum-faced start Richard Lough 2 Novak Djokovic launched his campaign for a second French Open title with a moody victory over Brazilian qualifier Rogerio Dutra Silva on Monday, winning 6-3 6-4 6-4.
In his quest to become the first men’s player in the Open era to win each of the Grand Slams twice, Djokovic, who underwent surgery on his elbow after January’s Australian Open, looked unhappy even when he was stroking winners past his opponent.
“You don’t always get to feel your best but all you can do is try and get the best out of it,” the Serbian told a packed Philippe Chatrier court.
Djokovic, who didn’t play a competitive match between Wimbledon last July and Melbourne, endured a tough run into Roland Garros. He fell in the second rounds at Barcelona and Madrid before reaching the semi-finals in Rome, where he was defeated by world number one Rafael Nadal.
Djokovic has never lost to a player ranked as low as Dutra Silva at number 134, but the claycourt specialist pushed his opponent around the court drawing frequent outbursts of frustration from the Serb.
“He’s a fighter. It was a good test for the first match,” Djokovic told a news conference.
The 2016 Roland Garros champion said he felt he was beginning to play better and free of pain after “a long 12 months”. This year is the first that Djokovic has not won a tour-level title prior to the French Open.
Asked if the tour was too demanding on players he replied: “The fact is we have the longest season of all sports and that is unfortunately hurting a lot of players.
“We all try to be fit, get our bodies and mind in the best possible state so we can always compete at the highest level but it’s not always possible.”
Djokovic faces Spain’s unseeded Jaume Munar in the second round. (Reporting by Richard Lough Editing by Christian Radnedge) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-djokovic/tennis-djokovics-bid-for-second-french-open-off-to-glum-faced-start-idUKL5N1SZ3WW |
* All major U.S. stock indexes on track for worst day in 3 weeks
* U.S. yields spike after retail sales point to inflation
* U.S., China still ‘very far apart’ on trade -U.S. ambassador
* Indexes down: Dow 0.86 pct, S&P 500 0.81 pct, Nasdaq 0.99 pct (Updates to late afternoon, changes dateline to New York, changes byline)
By Stephen Culp
May 15 (Reuters) - A surge in U.S. government bond yields to their highest level in almost 7 years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.
All three major U.S. stock indexes were down nearly 1percent, on track to post their worst daily declines in three weeks.
Investors remain preoccupied by the run-up to high-level talks between China and the United States set to commence this week in Washington. U.S. ambassador to China Terry Branstad said the two countries remain “very far apart” regarding a tariff resolution, after which White House economic adviser Larry Kudlow told Politico he supports efforts to reach an agreement.
“In general terms, we have a trade skirmish not a trade war,” said Anthony Chan, Chase Chief Economist JP Morgan in New York. “Longer term, we believe these trade issues will be resolved but on a day-to-day basis they lead to some consternation from investors.”
U.S. retail sales increased at a moderate 0.3 percent in April as rising gasoline prices took a bite out of discretionary spending, according to the U.S. Commerce Department.
But core retail sales - which exclude gasoline, automobiles, building materials and food services - rose at a brisker 0.4 monthly pace over March, suggesting consumer spending is accelerating after its first quarter slowdown.
The yield on 10-year U.S. Treasury notes rose to its highest level since July 2011 on the news, raising expectations for further rate hikes from the Federal Reserve.
“It really tells you that there’s no justification at all for the Federal Reserve to slow down the growth pace, which tells you that maybe this hiking thing and long term yields is real,” Chan said.
At 2:28 p.m. ET, the Dow Jones Industrial Average fell 215.3 points, or 0.86 percent, to 24,684.11, the S&P 500 lost 22.13 points, or 0.81 percent, to 2,708 and the Nasdaq Composite dropped 73.69 points, or 0.99 percent, to 7,337.62.
The losses were broad based, with all 11 major S&P sectors in negative territory.
Home Depot Inc shares slipped 1.3 percent after the home improvement retailer missed sales forecasts as the long winter put a damper on demand for spring products.
Smaller rival Lowe’s was down 0.9 percent.
Declining issues outnumbered advancing ones on the NYSE by a 2.28-to-1 ratio; on Nasdaq, a 1.25-to-1 ratio favored decliners. (Reporting by Stephen Culp Editing by Nick Zieminski)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-slides-on-inflation-fears-trade-jitters-idUSL2N1SM1T5 |
May 9 (Reuters) - Selecta Biosciences Inc:
* SELECTA BIOSCIENCES ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDES CORPORATE UPDATE
* Q1 LOSS PER SHARE $0.71 * Q1 EARNINGS PER SHARE VIEW $-0.54 — THOMSON REUTERS I/B/E/S
* SELECTA HAD $83.5 MILLION IN CASH, CASH EQUIVALENTS, SHORT-TERM DEPOSITS, INVESTMENTS AND RESTRICTED CASH AS OF MARCH 31, 2018 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-selecta-biosciences-announces-q1-l/brief-selecta-biosciences-announces-q1-loss-per-share-0-71-idUSASC0A0YO |
HELSINKI, May 21 (Reuters) - HMD Global, the Finnish company with a license to sell Nokia-branded phones, said on Monday that it had raised $100 million of funding that it aims to spend to boost growth.
HMD, which sold around 70 million Nokia phones and generated sales of 1.8 billion euros ($2.1 billion) in its first year 2017, said it was planning to expand its Nokia smartphone range strongly and to double sales channels in key markets during 2018.
New investors include DMJ Asia Investment Opportunity Ltd and Foxconn’s subsidiary FIH Mobile. ($1 = 0.8520 euros) (Reporting by Jussi Rosendahl, editing by Johannes Hellstrom)
| ashraq/financial-news-articles | https://www.reuters.com/article/hmd-funding/nokia-phone-licensee-hmd-raises-funding-to-step-up-growth-idUSL5N1SS1MZ |
BERLIN, May 25 (Reuters) - German business confidence was unchanged in May after falling for five straight months, a survey showed on Friday, suggesting the mood among company executives in Europe’s biggest economy is steady despite the spectre of a global trade war.
The Munich-based Ifo economic institute said its business climate index held steady at 102.2, slightly beating a Reuters consensus forecast for a reading of 102.0.
“The declining trend in the Ifo Business Climate has stopped,” Ifo chief Clemens Fuest said. “The German economy is performing well in a difficult international situation.” (Reporting by Michelle Martin Editing by Paul Carrel)
| ashraq/financial-news-articles | https://www.reuters.com/article/germany-economy-ifo/german-business-morale-unchanged-in-may-idUSS8N1RV012 |
Marathon Petroleum’s $23.3 billion acquisition of Andeavor will create the largest U.S. oil refiner by capacity—and pad the pockets of some corporate insiders.
The transaction , announced on Monday, values Andeavor at about $152.27 a share, about 24% above the company’s Friday closing stock price. The deal is expected to close in the second half of 2018, if it gets regulatory and shareholder approval.
One of the big winners in the acquisition is Paul Foster, who holds nearly 6.5 million shares in Andeavor, according to recent U.S. Securities and Exchange Commission filings. Foster is the founder of Western Refining , an El Paso, Tex. company that he bought out of bankruptcy in the 1990s. Western Refining was acquired by Tesoro , which later rebranded as Andeavor, for $6.4 billion in 2017. Foster’s shares in Andeavor are valued at more than $988 million.
Other insiders who are big winners in this deal include Andeavor board member Jeff Stevens and CEO Greg Goff. Stevens owns nearly 1.2 million shares of Andeavor stock, which are now valued at more than $182 million. Goff holds 764,170 shares, an amount that includes 151,513 options to acquire common stock and 620 shares held under the Andeavor 401k plan, that are valued at more than $116 million.
The biggest Andeavor shareholder is The Vanguard Group, which holds a 15% stake worth more than $2.4 billion, according to SEC filings. | ashraq/financial-news-articles | http://fortune.com/2018/04/30/marathon-andeavor-deal-winners/ |
These are the two statements you most often hear about liquidity and ETFs:
ETFs are only as liquid as what they own. ETFs are only as liquid as what you see on the screen. Both of these are fundamentally flawed, and interact in interesting ways. And nowhere are there more histrionics about these issues than junk bonds and their ilk (say, bank loans).
The hand-wringing seems to be coming back in vogue, as articles start popping up about the looming crisis in corporate debt (say, these comments from Greg Lippmann at LibreMax) or Scott Minerd from Guggenheim (who's both extremely bearish and a lot smarter than I am) suggesting at the Milken conference this week that everyone pull their money from bank loan ETFs because of liquidity issues.
First, let's get one thing out of the way — the bond market's pretty darned big.
All told, the current outstanding U.S. debt is just about $40 trillion — or $10 trillion more than the entire U.S. equity market.
The red bars at the bottom there are corporates. Importantly, the percentage of outstanding debt that is corporate just doesn't vary much. In 1980, 21 percent of outstanding debt was corporate. Today 21 percent is corporate. At the peak, in 1981, it hit 22 percent. At its lowest — when prices got destroyed in the financial crisis, and the Treasury issued enormous volumes — it slid as low as 18 percent. None of that says whether any of this debt is good or bad, or cheap or expensive. It's just what it is.
More from ETF.com:
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Stocks & rates have room to run
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So what's the truth here? Like most things, it's complicated.
And while the daily trading was having a hard time keeping up, the reality of the past 15 years is that, for the most part, daily trading in corporates has stabilized at around 0.35 percent of the outstanding trading on a given day.
Of course, there are huge "haves" and "have nots" in there. CVS bonds may trade like water, but there are huge swaths of the market that might not trade at all on a given day. And therein lies the rub: how you think about what happens to big baskets of bonds on a day when everyone wants to sell.
My old partner Matt Hougan used to talk about how ETFs in junk bonds provided "transcendent liquidity." I made fun of him for it at the time, but the idea is simple: An ETF like the iShares iBoxx USD High Yield Corporate Bond ETF ( HYG ) trades an average of $1.2 billion a day, yet the entire corporate bond market only trades $30 billion a day. That's a billion dollars going back and forth, at miniscule spreads, while the actual underlying bonds are often barely trading.
In fact, the average bond in HYG trades, on average, only $2.5 million a day, and the least liquid bonds literally haven't traded in the past month. Taken as a portfolio, the total volume of all the bonds on an average day is just $2.5 billion. Whether that makes HYG's $1.2 billion "transcendent" I'll leave to the poets.
So let's imagine what happens on the terrible day in the future when everyone decides to get out. Imagine there's some rash of default announcements at noon on a Tuesday. How does that information get processed by the market?
The 5 steps to understand how a bond prices There's actually a great theoretical framework for this in an academic article (Xu & Yin, International Review of Finance, March 2017) from last year, but I'll summarize the basics here:
1. At noon, the ETF and the bonds are trading at the same price, call it $20. This is the old, stupid price, before we have the new information that things are awful. This is the equilibrium state.
2. At 12:01, there's new information that the market processes. $20 is now the "dumb" price, and there's a new theoretical "smart" price. Let's say that's $15. A 25 percent down day is a rout by any measure.
3. Market participants, who are always profit-motivated, will sell (and sell short!) at any price over the new, smart price. So they look for the opportunities, and lo and behold, here's all this liquidity available in the ETF! Inevitably, a huge amount of trading happens immediately, driving down the price of the ETF. At 12:02, the ETF is now trading closer to the "smart" price, call it $15.
Note that because the NAV of the fund — in this case, the intraday net asset value — hasn't moved yet, because in this moment, none of the underlying bonds have changed prices, and no bond services have issued new indicative prices for the less liquid holdings. So we'd now say it's trading at a discount.
4. Now it gets interesting. At 12:02, there's now this big discount happening, and a new set of market participants enter the fray — arbitrageurs. In this case, we have authorized participants , who know that they can swap the actual bonds for shares of the ETF, and vice versa. They now come in and do two things.
They start buying up shares of the ETF, while simultaneously selling the bonds, putting real prices in the market. This pushes the ETF trading price and the value of the bonds closer together, and slows the decline of the ETF in the process. At this point, the less liquid bond market comes online in full force, and the selling pressure on the ETF's holdings will begin in earnest.
5. By the end of the day, these counteracting forces and disparate market participants have had time to absorb the new information, and work out any friction from the system, and the ETF and the net asset value settle back into equilibrium at the new, smart price of $15.
It's also worth noting that, while the above straw man posits a sudden shock, we see this play out every day in ETFs. When lots of money wants in, ETFs tracking less liquid securities like junk bonds trade at a perceived premium until the market shakes out the noise. When lots of money wants out, the opposite happens:
The problem — particularly for folks who aren't living this stuff day to day — is in how you perceive what's going on here. Without context, you can spin the (false) narrative that "the ETF went down, and crashed the bond market." In fact, what happened is that the market — the whole market — decided that bonds were overvalued; thus, prices were going to come down no matter what.
All the ETF did was provide for a more orderly mechanism of implementing the price discovery. (For folks who want to wade more into those deep waters, I'd point you to several excellent pieces from BlackRock on this topic, here and here ).
But it's important to note — if, at the end of the day, people really hate the underlying assets here, and there's really nobody who wants to step in and be the buyer of last resort, there's nothing magical about the ETF that will provide a bottom.
In the above hypothetical example, junk bonds are junk bonds, and if everyone takes their marbles and goes home, well, they're going to crash. The opposite is true of course — if everyone starts piling into junk bonds in a hurry, they'll "crash up" just as fast.
The lesson here for investors is one I repeat so often I'm thinking of getting a tattoo: Know what you own and why you own it.
If you're buying into a volatile, illiquid corner of the market, you should be prepared for how your investment will react to new information. The fact that you can get in and out through a highly liquid ETF is a convenience, but it's not a panacea that makes risk go away—it just makes the process of engaging and disengaging that risk easier.
— By Dave Nadig, managing director of ETF.com
Dave Nadig can be reached at [email protected]
To get the latest ETF news in your inbox, sign up for ETF.com’s ETF newsletter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-next-bond-crash-an-etf-story.html |
May 22, 2018 / 11:22 PM / Updated 4 hours ago Trump lawyer Cohen's business partner cooperating with prosecutors - NY Times Reuters Staff 3 Min Read
(Reuters) - A business partner of U.S. President Donald Trump’s personal lawyer Michael Cohen has agreed to cooperate with prosecutors in investigations, the New York Times reported on Tuesday. FILE PHOTO: U.S. President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, U.S., April 13, 2018. REUTERS/Jeenah Moon/File Photo
Evgeny Freidman, a Russian immigrant who is known as the Taxi King, will avoid jail time and will assist government prosecutors in state or federal investigations, the newspaper report said, citing a person briefed on the matter.
The New York State Attorney General’s Office said in a press release that Freidman had pleaded guilty to a criminal charge on Tuesday in an Albany, New York, courtroom, but it made no mention of whether he was cooperating with prosecutors.
Freidman has been Cohen’s partner in the taxi business for years, even after New York City regulators barred Freidman last year from continuing to manage taxi medallions, the New York Times said.
Freidman, when asked by Reuters about the report, declined in a text message to answer any questions about cooperating with prosecutors or the terms of his agreement.
“This is me taking responsibility for my actions! ... Michael is a dear dear personal friend and a passive client! That’s it! ...I hate that I have been grouped in this runaway train that I am not a part of!” Freidman said by text.
Freidman’s lawyer, Patrick Egan, declined to comment on the Times report.
Freidman had been accused of failing to pay more than $5 million (3.72 million pounds) in taxes and five other criminal counts each carrying maximum prison sentences of up to 25 years. In pleading guilty to a single count of criminal tax fraud, Freidman will be sentenced to five years’ probation, the attorney general’s office said.
A spokeswoman for the New York state attorney general did not immediately respond to a request for comment from Reuters. Cohen did not immediately respond to a request for comment.
Federal prosecutors in New York are investigating Cohen for possible bank and tax fraud, possible campaign law violations and perhaps other matters related to Trump’s presidential campaign, a person familiar with the probe has said.
The investigation into Cohen arose in part from Special Counsel Robert Mueller’s inquiry into possible collusion between Trump’s 2016 presidential campaign and Russia, something that Trump has repeatedly denied. Reporting by Eric Beech in Washington; editing by Grant McCool and Cynthia Osterman | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia-cohen/trump-lawyer-cohens-business-partner-cooperating-with-prosecutors-ny-times-idUKKCN1IN35O |
If you thought or were told you didn't qualify for the Public Service Loan Forgiveness program because you were not enrolled in a qualifying repayment plan — typically an income-driven plan — the Department of Education might still let you off the hook.
Congress has allocated $350 million to offer forgiveness to student loan borrowers who meet all requirements for the program except that they were enrolled in graduated or extended repayment plans, which are ineligible for relief.
To qualify, you'll still need to have a loan from the Direct program, have made all of your payments in full and on time , and have worked 10 years in a public service job with a qualifying employer .
The forgiveness plan will be given out on a "first-come, first-served" basis, until the money runs out.
The Department said it would establish the procedures within 60 days of its announcement, which would mean you could apply starting May 22, "though it is not uncommon for the administration to miss such deadlines," said Mark Kantrowitz, a student loan expert.
Still, borrowers should check in with the department. Considering that there are potentially many newly eligible debtors, the money may not last long at all and you'll want to be one of the first applicants the Department reviews, said Kantrowitz.
"You don't want to be playing a game of musical chairs and be the one left out," he said.
Emily Rose Bennett | The New York Times Many student loan borrowers thought they were paying their way toward student loan forgiveness, only to learn they are not eligible for one technical reason or another. The public service program, established by President George W. Bush in 2007, allows student loan borrowers who pursue government or non-profit public service jobs to wipe out their remaining debt after 10 years of on-time payments.
In 2013, the Consumer Financial Protection Bureau estimated that 1 in 4 American workers could be eligible for forgiveness. But last year, the agency reported that a range of student loan industry practices "delay, defer or deny access" to that consumer protection.
Many students believe they're paying their way toward forgiveness, only to find they hold a loan or are enrolled in a repayment plan that disqualifies them.
Since the department first began accepting requests in October 2017, some 16,000 people have applied, a spokesman told CNBC. In March, the Department expected just 1,000 people to be eligible for the forgiveness though.
Public Service Loan Forgiveness program expected to grow quickly Year Loans forgiven 2017 $5 million 2018 $25 million 2019 $250 million 2020 $1.25 billion 2021 $5 billion 2022 $15 billion Source, student loan expert Mark Kantrowitz Nancy Conneely, director of policy at AccessLex Institute, which provides financial education to students and schools, applauded the funding.
"This is a great first step in ensuring the program is doing what it was intended to do —incentivize people to work in public service," she said.
But Jonathan Fansmith, director of government relations at the American Council on Education, said the $350 million is not enough to cover all the borrowers who would be eligible if they were simply enrolled in a different repayment plan.
Senate Democrats tried to secure $4 billion to mend the program.
The "first-come, first-served" stipulation, Fansmith added, was also surprising.
"You usually don't see that in federal policy," he said. "Loans work like an entitlement."
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Retire in paradise: 5 countries where you can live the dream | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/you-have-a-brief-window-to-get-in-on-this-student-loan-forgiveness-deal.html |
May 5, 2018 / 2:21 PM / in 7 hours Iran to stand up to Trump 'bullying' over nuclear deal - security official Reuters Staff 1 Min Read
DUBAI (Reuters) - Iran is determined to reject demands by U.S. President Donald Trump for changes to its nuclear accord, which amount to bullying, a senior Iranian security official said on Saturday.
Trump has said that unless European allies rectify “flaws” in Tehran’s 2015 nuclear agreement with world powers by May 12 he will refuse to extend U.S. sanctions relief for Iran.
“This is an international agreement ... and we certainly have the capacity to defeat your bullying,” Ali Shamkhani, secretary of Iran’s Supreme National Security Council, said in remarks broadcast on state television.
“You are saying that you do not accept something that was set up under the last president and it should be changed,” Shamkhani said, addressing Trump.
“Who, then, guarantees that if something is done with you, the next president won’t come and refuse to accept it?” Reporting by Dubai newsroom; Editing by Janet Lawrence | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-usa/iran-to-stand-up-to-trump-bullying-over-nuclear-deal-security-official-idUKKBN1I60JA |
TORONTO, May 09, 2018 (GLOBE NEWSWIRE) -- SmartCentres Real Estate Investment Trust ("SmartCentres" or the "Trust") (TSX:SRU.UN) is pleased to report positive financial and operating results for the first quarter ended March 31, 2018.
Key business development highlights for the three months ended March 31, 2018 include the following:
• In January 2018, the Trust and Jadco (an unrelated party) formed a 50:50 joint venture known as Laval Centre Apartments Limited Partnership, into which the Trust contributed development lands located in Laval, Quebec.
• On February 12, 2018, the Trust announced, that along with Penguin, it had entered into a joint venture with Revera Inc., a leading owner, operator and investor in the senior living sector to jointly develop new retirement living residences across Canada.
• Management changes:
On February 14, 2018, the Board of Trustees announced that Huw Thomas, the Trust’s current CEO, will be stepping down at the end of his five-year contract in June 2018, but will be remaining as a trustee of the Trust. Mitchell Goldhar, the Trust’s current non-executive Chairman and largest Unitholder, will become Executive Chairman and in that role will increase his already significant involvement in all aspects of the Trust’s business, including strategy, development, intensification initiatives, leasing and finance. Peter Forde, the Trust’s current President and COO will assume the President and CEO role on Huw Thomas’ departure. This leadership transition is a logical step as the Trust focuses more on development and intensification opportunities on virtually its entire shopping centre portfolio.
Financial highlights for the three months ended March 31, 2018 include the following:
• Net income and comprehensive income was $100.5 million, as compared to $60.0 million for the same quarter last year, representing an increase of $40.5 million or 67.4%. (1)
• Net rental income was $120.9 million, as compared to $116.3 million for the same quarter last year, representing an increase of $4.6 million or 4.0%. (1)
• Cash flows provided by operating activities was $44.1 million, as compared to $56.3 million over the same quarter last year, representing a decrease of $12.2 million or 21.7%. (1)
• Net income excluding loss on disposition and fair value adjustments was $84.8 million, as compared to $76.7 million over the same quarter last year, representing an increase of $8.1 million or 10.6%. (2)
• FFO with one time adjustment and transactional FFO increased by $6.0 million or 7.2% to $89.8 million and by $0.02 or 3.7% to $0.56 on a per Unit basis. (2)
• ACFO with one time adjustment increased by $3.9 million to $81.8 million compared to the same quarter in 2017. (2)
• Payout ratio to ACFO with one time adjustment increased by 0.6% to 86.1% compared to the same quarter of 2017. (2)
• Same properties' NOI decreased by $0.5 million or 0.4% compared to the same quarter of 2017. Excluding the impact of a $1.1 million reversal of previously recorded general bad debt provisions included in 2017, year-over-year same property growth for the three months ended March 31, 2018 would have been 0.5%. (2)
• Earnouts and Developments including equity accounted investments totaling $14.0 million were completed and transferred to income properties at an average yield rate of 6.5% on investment. (2)
Subsequent to Quarter End:
• On April 10, 2018, the Trust announced that construction has begun on the first two towers of Transit City Condos in partnership with CentreCourt. Located in SmartCentres Place, next to the new subway station in the VMC, Transit City Condos consists of three towers of 55 storeys each, totalling over 1,700 units. All the units in each of the three towers are sold out and financing is in place for the first two towers and is expected to soon be finalized for the third tower.
(1) Represents a GAAP measure.
(2) Represents a non-GAAP measure.
"During the first quarter of the year, we remained focused on the execution of our two core strategies of optimizing the performance of our core retail portfolio despite sub optimal market conditions, and creating and now increasingly executing on our multitude of development opportunities. Our future success will in large part be built on the capability and experience of our development team and they continue to deliver quality projects on time and on budget, which bodes very well for significant future value creation for our Unitholders," said Huw Thomas, SmartCentres CEO.
Selected Consolidated Financial and Operational Information:
The consolidated financial and operational information shown in the table below includes the Trust’s share of equity accounted investments and represents key financial and operational information for the three months ended March 31, 2018, December 31, 2017 and March 31, 2017. With the exception of net income and comprehensive income, cash flows provided by operating activities, total assets, and equity, all other items represent non-GAAP financial measures.
(in thousands of dollars, except per Unit and other non-financial data) March 31, 2018
December 31, 2017 March 31, 2017 Consolidated Financial and Operational Information Net income and comprehensive income (1) 100,466 101,911 59,999 Cash flows provided by operating activities (1) 44,063 137,492 56,338 Rentals from investment properties (1) 195,382 193,925 183,167 Net income and comprehensive income excluding loss on disposition and fair value adjustments (2) 84,815 99,108 76,704 Number of retail and other properties 153 154 142 Number of properties under development 7 7 8 Number of office properties 1 1 1 Number of mixed-use properties 2 1 1 Total number of properties with an ownership interest 163 163 152 Gross leasable area (in thousands of sq. ft.) 34,158 34,157 32,025 Future estimated development area (in thousands of sq. ft.) 3,961 4,038 4,068 Lands under Mezzanine Financing (in thousands of sq. ft.) 615 614 701 Occupancy rate 98.0 % 98.2 % 98.1 % Average lease term to maturity 5.7 years
5.8 years 6.1 years Net rental rate (per occupied sq. ft.) $ 15.29 $ 15.28 $ 15.24 Net rental rate excluding Anchors (per occupied sq. ft.) $ 21.67 $ 21.61 $ 21.83 Financial Information Investment properties (2)(3) 8,984,949 8,952,467 8,427,532 Total assets (1) 9,416,938 9,380,232 8,886,478 Total unencumbered assets (2) 3,524,500 3,387,000 2,744,600 Debt (2)(3) 4,269,593 4,318,330 4,031,172 Debt to Aggregate Assets (2)(3) 45.0 % 45.4 % 45.0 % Debt to Gross Book Value (2)(3) 51.8 % 52.3 % 52.5 % Interest Coverage (2)(3) 3.1
X 3.1 X 3.1 X Debt to Adjusted EBITDA (2)(3) 8.5
X 8.4 X 8.4 X Equity (book value) (1) 4,871,886 4,827,457 4,669,726
(1) Represents a GAAP measure. (2) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and accordingly may not be comparable. (3) Includes the Trust's share of equity accounted investments. The following table represents key financial, per Unit, and payout ratio information for the three months ended March 31, 2018 and March 31, 2017.
(in thousands of dollars, except per Unit information) Three Months Ended
March 31, 2018
Three Months Ended
March 31, 2017 Variance Financial Information Net income and comprehensive income (1) 100,466 59,999 40,467 Rentals from investment properties (1) 195,382 183,167 12,215 Net income and comprehensive income excluding loss on disposition and fair value adjustments (2) 84,815 76,704 8,111 NOI (2)(3) 122,839 117,094 5,745 FFO (2)(3) 89,287 81,188 8,099 FFO with one time adjustment and before transactional FFO (2)(3) 89,287 83,728 5,559 FFO with one time adjustment and transactional FFO (2)(3) 89,777 83,728 6,049 ACFO (2)(3)(4) 81,808 75,400 6,408 ACFO with one time adjustment (2)(3) 81,808 77,940 3,868 Distributions declared 70,408 66,650 3,758 Surplus of ACFO with one time adjustment over distributions declared (2) 11,400 11,290 110 Surplus of ACFO with one time adjustment over distributions paid (2) 24,794 23,539 1,255 Units outstanding (5) 160,173,698 156,072,260 4,101,438 Weighted average – basic 159,943,580 155,882,593 4,060,987 Weighted average – diluted (6) 160,687,906 156,500,558 4,187,348 Per Unit Information (Basic/Diluted) Net income and comprehensive income $0.63/$0.63
$0.38/$0.38 $0.25/$0.25 Net income and comprehensive income excluding fair value adjustments $0.53/$0.53
$0.49/$0.49 $0.04/$0.04 FFO with one time adjustment and before transactional FFO (2)(3) $0.56/$0.56
$0.54/$0.54 $0.02/$0.02 FFO with one time adjustment and transactional FFO (2)(3) $0.56/$0.56
$0.54/$0.54 $0.02/$0.02 Distributions declared $ 0.437 $ 0.425 $ 0.012 Payout ratio Information Payout ratio to ACFO (2)(3)(4) 86.1 % 88.4 % (2.3 )% Payout ratio to ACFO with one time adjustment (2)(3) 86.1 % 85.5 % 0.6 %
(1) Represents a GAAP measure. (2) Represents a non-GAAP measure. The Trust's method of calculating non-GAAP measures may differ from other reporting issuers' methods and accordingly may not be comparable. (3) Includes the Trust's share of equity accounted investments. (4) The calculation of the Trust’s ACFO and related ACFO payout ratio, including comparative amounts, is a new financial metric pursuant to the February 2018 REALpac White Paper on ACFO. Comparison with other reporting issuers may not be appropriate. Payout ratio is calculated as declared distributions divided by ACFO. (5) Total Units outstanding include Trust Units and LP Units, including Units classified as liabilities. LP Units classified as equity in the consolidated financial statements are presented as non-controlling interests. (6) The diluted weighted average includes the vested portion of the deferred unit plan. Operational Highlights
Net income and comprehensive income for the quarter ended March 31, 2018 increased by $40.5 million compared to the same quarter last year. The primary reasons for the increase pertain to: (i) fair value adjustments on revaluation of investment properties being higher by $24.6 million principally due to changes in lease and NOI assumptions relating to the Trust's portfolio; (ii) a $6.0 million increase in fair value adjustment on financial instruments principally due to the reduction in the Trust's unit price compared to the prior period (as the financial instruments are fair valued at the balance sheet date); (iii) a $4.6 million increase in net rental income attributed to the growth of the portfolio, predominantly from the properties acquired pursuant to the Arrangement; (iv) a $3.6 million increase in earnings from equity accounted investments, primarily due to both an increase in rental revenues (from the Arrangement) of $0.8 million and an increase in the fair value adjustment on investment properties of $3.2 million, partially offset by an increase in operating costs of $0.5 million; (v) a $2.0 million decrease in general and administrative expenses, principally resulting from both $1.1 million in lower Long Term Incentive Plan (LTIP) and Deferred Unit Plan (DUP) costs that are tied directly to the Trust’s Unit price and $0.9 million in higher capitalized amounts, and (vi) a $0.2 million acquisition related gain, net, offset by (vii) a $0.5 million loss on sale of investment properties.
For the three months ended March 31, 2018, NOI increased by $5.7 million or 4.9% compared to the same quarter in 2017, which was primarily due to: (i) a $13.8 million increase in rentals from investment properties attributed to the growth of the portfolio, predominantly from the properties acquired pursuant to the Arrangement, and other Earnouts, offset by (ii) a $6.2 million increase in recoverable property operating costs primarily attributed to the properties acquired pursuant to the Arrangement, (iii) a $1.3 million increase in non-recoverable costs primarily attributed to the reversal in the three months ended March 31, 2017 of previously recognized general bad debt provisions, and (iv) a $0.6 million increase in property management fees costs principally resulting from additional costs associated with the properties acquired pursuant to the Arrangement.
With respect to the total recovery ratio (including the Trust's share of equity accounted investments) both including and excluding prior year adjustments, the Trust recovered 96.5% and 96.5%, respectively, of total recoverable expenses during the three months ended March 31, 2018, compared to 96.1% and 96.2%, respectively, in the same quarter last year.
FFO and ACFO Highlights
FFO
For the three months ended March 31, 2018, FFO with one time adjustment and transactional FFO increased by $6.0 million or 7.2% to $89.8 million, and by $0.02 or 3.7% to $0.56 on a per Unit basis. The increase in FFO with one time adjustment and transactional FFO was primarily due to: (i) a $5.7 million increase in NOI, (ii) a $0.5 million gain on sale of land to a joint-venture, (iii) a $0.4 million adjustment for supplemental contribution, partially offset by (iv) an acquisition related gain, net of $0.2 million, and (v) a $0.2 million decrease in indirect interest with respect to the development portion of equity accounted investments.
ACFO
For the three months ended March 31, 2018, ACFO with one time adjustment increased by $3.9 million to $81.8 million compared to the same quarter in 2017. This increase of $3.9 million was primarily due to: (i) a $15.9 million increase in adjustments to working capital items that are not indicative of sustainable cash available for distribution, partially offset by (ii) a $12.3 million decrease in cash flows provided by operating activities.
The payout ratio relating to ACFO with one time adjustment for the three months ended March 31, 2018 increased by 0.6% to 86.1% compared to the same quarter last year, for the reasons noted above.
Non-GAAP Measures
The non-GAAP measures used in this Press Release, including FFO, Transactional FFO, ACFO, NOI, Same Property NOI, average yield rates, and payout ratio do not have any standardized meaning prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. These non-GAAP measures are more fully defined and discussed in the 'Management Discussion and Analysis' ("MD&A") of the Trust for the three months ended March 31, 2018, available on SEDAR at www.sedar.com .
Full reports of the financial results of the Trust for the three months ended March 31, 2018 are outlined in the unaudited interim condensed consolidated financial statements and the related MD&A of the Trust, which are available on SEDAR at www.sedar.com . In addition, supplemental information is available on the Trust's website at www.smartcentres.com .
Conference Call
SmartCentres will hold a conference call on Wednesday, May 9, 2018 at 5:30 p.m. (ET). Participating on the call will be members of SmartCentres’ senior management.
Investors are invited to access the call by dialing 1-800-239-9838. You will be required to identify yourself and the organization on whose behalf you are participating. A recording of this call will be made available Wednesday, May 9, 2018 beginning at 8:30 p.m. (ET) through to 8:30 p.m. (ET) on Wednesday, May 16, 2018. To access the recording, please call 1-888-203-1112 and enter the Replay Passcode 3429172#.
About SmartCentres
SmartCentres is one of Canada’s largest real estate investment trusts with total assets of approximately $9.4 billion. It owns and manages 34 million square feet of retail space in value-oriented, principally Walmart-anchored retail centres, having the strongest national and regional retailers as well as strong neighbourhood merchants. The retail centres continue to experience industry-leading occupancy levels of 98.0%. In addition, SmartCentres is a joint-venture partner in the Premium Outlets locations in Toronto and Montreal with Simon Property Group.
SmartCentres is expanding the breadth of its portfolio to include residential (single-family, condominium and rental), retirement homes, office, and self-storage, either on its large urban properties such as the Vaughan Metropolitan Centre or as an adjunct to its well-located existing shopping centres. For more information on SmartCentres, visit www.smartcentres.com .
Certain statements in this Press Release are " " that reflect management's expectations regarding the Trust's future growth, results of operations, performance and business prospects and opportunities as outlined under the headings "Business Overview and Strategic Direction" and "Outlook". More specifically, certain statements contained in this Press Release, including statements related to the Trust's maintenance of productive capacity, estimated future development plans and costs, view of term mortgage renewals including rates and upfinancing amounts, timing of future payments of obligations, intentions to secure additional financing and potential financing sources, and vacancy and leasing assumptions, and statements that contain words such as "could", "should", "can", "anticipate", "expect", "believe", "will", "may" and similar expressions and statements relating to matters that are not historical facts, constitute " ". These are presented for the purpose of assisting the Trust's Unitholders and financial analysts in understanding the Trust's operating environment, and may not be appropriate for other purposes. Such reflect management's current beliefs and are based on information currently available to management. However, such involve significant risks and uncertainties, including those discussed under the heading "Risks and Uncertainties" and elsewhere in the Trust's Management's Discussion & Analysis for the three months ended March 31, 2018 and under the heading "Risk Factors" in its Annual Information Form for the year ended December 31, 2017. A number of factors could cause actual results to the results discussed in the . Although the contained in this Press Release are based on what management believes to be reasonable assumptions, the Trust cannot assure investors that actual results will be consistent with these . The contained herein are expressly qualified in their entirety by this cautionary statement. These are made as at the date of this Press Release and the Trust assumes no obligation to update or revise them to reflect new events or circumstances unless otherwise required by applicable securities legislation.
For more information, please contact:
Huw Thomas Peter Sweeney Chief Executive Officer Chief Financial Officer SmartCentres SmartCentres (905) 326-6400 ext. 7649 (905) 326-6400 ext. 7865 [email protected] [email protected] The Toronto Stock Exchange neither approves nor disapproves of the contents of this Press Release.
Source: SmartCentres Real Estate Investment Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-smartcentres-real-estate-investment-trust-releases-first-quarter-results-for-2018.html |
April 30(Reuters) - Shanghai Zhangjiang Hi-Tech Park Development Co Ltd
* Says it plans to pay cash dividend of 1 yuan per 10 shares (before tax) to the company’s shareholders for 2017
Source text in Chinese: goo.gl/JzfJ9D
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-shanghai-zhangjiang-hi-tech-park-d/brief-shanghai-zhangjiang-hi-tech-park-development-announces-2017-dividend-payment-idUSL3N1S73Q5 |
SOUTH SAN FRANCISCO, Calif., May 21, 2018 (GLOBE NEWSWIRE) -- MyoKardia, Inc. (Nasdaq:MYOK), a clinical-stage biopharmaceutical company pioneering a precision medicine approach for the treatment of heritable cardiovascular diseases, today announced that it has commenced a proposed underwritten public offering of 3,750,000 shares of its common stock. All shares of common stock will be offered by MyoKardia. In addition, MyoKardia expects to grant the underwriters a 30-day option to purchase an additional 562,500 shares of common stock at the public offering price, less the underwriting discount.
MyoKardia anticipates using the net proceeds from the offering, together with its existing cash, cash equivalents and short-term and long-term investments, to fund research and development activities for its development programs, including, but not limited to, its planned Phase 3 EXPLORER-HCM clinical trial of mavacamten and its planned Phase 2 clinical trial of MYK-491, as well as its other ongoing and planned clinical trials for mavacamten and MYK-491, its ongoing preclinical, discovery and research programs and the expansion of its platform, and for working capital and other general corporate purposes.
J.P. Morgan Securities, BofA Merrill Lynch, Credit Suisse and Wells Fargo Securities are acting as joint bookrunning managers for the proposed offering. The offering is subject to market and other customary closing conditions, and there can be no assurance as to whether or when the offering may be completed.
The shares described above are being offered by MyoKardia pursuant to an automatic shelf registration statement on Form S-3, including a base prospectus, that was previously filed by MyoKardia with the Securities and Exchange Commission (SEC) and automatically became effective upon filing on March 8, 2018. A preliminary prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov . Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering, when available, may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free (866) 803-9204, or by email at [email protected] ; BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by email at [email protected] ; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010, or by telephone at (800) 221-1037, or by email at [email protected] ; or Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York, 10152, at (800) 326-5897 or email a request to [email protected] . The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About MyoKardia
MyoKardia is a clinical-stage biopharmaceutical company pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious and rare cardiovascular diseases. MyoKardia’s initial focus is on the treatment of heritable cardiomyopathies, a group of rare, genetically driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. MyoKardia has used its precision medicine platform to generate a pipeline of therapeutic programs for the chronic treatment of two of the most prevalent forms of heritable cardiomyopathy – hypertrophic cardiomyopathy (HCM), and dilated cardiomyopathy (DCM). MyoKardia’s most advanced product candidate is mavacamten (formerly MYK-461), a novel, oral, allosteric modulator of cardiac myosin intended to reduce hypercontractility. Mavacamten is advancing into a pivotal Phase 3 clinical trial, known as EXPLORER-HCM in patients with symptomatic, obstructive HCM. MyoKardia is also developing mavacamten in a second indication, non-obstructive HCM, in the Phase 2 MAVERICK-HCM clinical trial. MYK-491, MyoKardia’s second product candidate, is designed to increase the overall extent of the heart’s contraction in DCM patients by increasing cardiac contractility. MyoKardia is currently evaluating MYK-491 in a Phase 1b study in DCM patients. A cornerstone of the MyoKardia platform is the Sarcomeric Human Cardiomyopathy Registry (SHaRe), a multi-center, international repository of clinical and laboratory data on individuals and families with genetic heart disease, which MyoKardia helped form in 2014. MyoKardia’s mission is to change the world for patients with serious cardiovascular disease through bold and innovative science.
Forward-Looking Statements
Statements MyoKardia makes in this press release may include statements which are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are usually identified by the use of words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “seeks,” “should,” “will,” and variations of such words or similar expressions. MyoKardia intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Securities Exchange Act and is making this statement for purposes of complying with those safe harbor provisions. These forward-looking statements, including references to MyoKardia’s expectations regarding the advancement into a pivotal Phase 3 trial, completion, timing and size of its proposed public offering, its expectations with respect to granting the underwriters a 30-day option to purchase additional shares and the anticipated use of proceeds therefrom, reflect its current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to MyoKardia and on assumptions it has made. Although MyoKardia believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, it can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond MyoKardia’s control including, without limitation, risks associated with the development and regulation of its product candidates, as well as those set forth in its Quarterly Report on Form 10-Q for the quarter ended March 31, 2018 and its other filings with the SEC. Except as required by law, MyoKardia assumes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Michelle Corral
Senior Director, Corporate Communications and Investor Relations
MyoKardia, Inc.
650-351-4690
[email protected]
Source:MyoKardia, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-myokardia-announces-proposed-public-offering-of-common-stock.html |
Getty Images Former MGM Chairman and CEO, Gary Barber. Former MGM Holdings Chief Executive Officer Gary Barber, who was ousted earlier this year, is speaking to investment banks about financing an offer to acquire the privately held U.S. movie studio, five people familiar with the matter said on Monday.
MGM could be worth more than $5 billion including debt, and it is far from certain that Barber can raise the funds for a bid, the sources said. His potential bid, however, is aimed at convincing the hedge funds that own and control MGM to explore a sale, the sources added.
Barber owns about 9 percent of MGM through stock options after serving as its CEO between 2010 and 2018, according to the sources. He was let go abruptly in March from MGM after signing a five-year extension to his contract, according to the sources. MGM at the time did not give a reason for his departure.
The sources asked not to be identified because the matter is confidential.
Anchorage Capital Group, the largest shareholder, along with the other owners, have high valuation expectations for the company and believe the company can still grow in value, the sources said.
A representative for Anchorage and another MGM owner, Highland Capital Management, declined to comment. Barber and MGM could not be reached for comment. Solus Alternative Asset Management, another investor in MGM, did not immediately respond to a request for comment.
Famous for its library that includes the James Bond franchise, "Rocky" and other classic movies, MGM co-produces and distributes television shows such as "The Handmaid's Tale" on Hulu, "Vikings" on A&E and "Fargo" on FX. It also owns MGM-branded U.S. channels that play its films and international networks.
Barber led the company's turnaround following its emergence from bankruptcy in 2010. Since Barber's departure, MGM's board created an "office of the CEO" comprised of a group of senior leaders to run the company.
Anchorage has a roughly 35 percent stake, according to sources, while a filing showed that Highland and Solus each own more than 10 percent of the company.
The hedge funds were creditors for MGM before it filed for bankruptcy, and it is unusual for them to keep their ownership stakes for almost a decade.
MGM has so far been in an acquisitive mode, rather than showing any willingness to sell. It bought the 81 percent stake in U.S. channel Epix it did not already own from Viacom and Lions Gate Entertainment for about $1 billion last year.
MGM has about $1.9 billion in debt, including a revolving credit line, according to Thomson Reuters Loan Pricing Corp. It generated annual revenue of $1.3 billion last year, up from $1.18 billion a year earlier. It reported net income of $548 million last year, up from $155 million in 2016. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/ousted-mgm-ceo-explores-a-bid-for-the-us-movie-studio-sources.html |
May 2, 2018 / 12:48 PM / in 12 minutes BRIEF-Arena Pharmaceuticals To Release Q1 Financial Results And Provide Corporate Update On Tuesday, May 8 Reuters Staff 1 Min Read
May 2 (Reuters) - Arena Pharmaceuticals Inc:
* ARENA PHARMACEUTICALS TO RELEASE FIRST QUARTER 2018 FINANCIAL RESULTS AND PROVIDE CORPORATE UPDATE ON TUESDAY, MAY 8 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-arena-pharmaceuticals-to-release-q/brief-arena-pharmaceuticals-to-release-q1-financial-results-and-provide-corporate-update-on-tuesday-may-8-idUSASC09Z01 |
May 15, 2018 / 5:34 AM / Updated 9 hours ago Giants, Eli Manning settle memorabilia lawsuit Reuters Staff 2 Min Read
Eli Manning, the New York Giants and Steiner Sports, a memorabilia company, reached a settlement Monday that ended a civil lawsuit accusing the quarterback of fraudulently passing off helmets as “game-used.” Dec 31, 2017; East Rutherford, NJ, USA; New York Giants quarterback Eli Manning (10) throws the ball during the first quarter against the Washington Redskins at MetLife Stadium. Mandatory Credit: Vincent Carchietta-USA TODAY Sports
No financial terms were announced.
The Giants wrote in a statement, “The compromise agreement, entered into by all parties, should not be viewed as supporting any allegations, claims or defenses. All parties are grateful to have the matter, which began in 2014, concluded and are now focused on football, the fans and the future.”
The lawsuit, filed in 2014, was due to start in Hackensack, N.J., next week after a week’s postponement.
Plaintiffs Eric Inselberg, Michael Jakab and Sean Godown alleged that in 2010, Manning sent an email asking a Giants equipment manager for two helmets that “can pass as game-used.” Manning has a deal with Steiner Sports to provide memorabilia. Brandon Steiner, founder and chairman of Steiner Sports Marketing, sits in the old New York Yankee Stadium seats of owner George Steinbrenner inside his warehouse in New Rochelle, New York, in this April 27, 2010 file photo. REUTERS/Shannon Stapleton/Files
The Giants and Manning maintained that they never did anything wrong.
Newsday obtained a Manning deposition from 2017 in which he said of the email to the equipment manager, “I believe I’m asking for two helmets that can satisfy as being game-used — satisfy the requirement of being game-used.”
Manning was expected to testify in the case, as was Giants co-owner John Mara (who was listed as a co-defendant) and Steiner Sports CEO Brandon Steiner.
Manning, 37, is set for his 15th NFL season this fall. He is a two-time Super Bowl champion and a four-time Pro Bowl performer.
—Field Level Media | ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-nyg-manning-lawsuit/giants-eli-manning-settle-memorabilia-lawsuit-idUSKCN1IG0JA |
April 30 (Reuters) - Celebrate International Holdings Ltd :
* SUEN YICK LUN HAS BEEN APPOINTED AS AN EXECUTIVE DIRECTOR
* LAW WAI CHING AND LO SIK YIN RESIGNED AS EXECUTIVE DIRECTORS Source text from Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-celebrate-international-holdings-a/brief-celebrate-international-holdings-appoints-suen-yick-lun-as-an-executive-director-idUSFWN1S70Y2 |
Mark Zuckerberg tells EU 'sorry' for data leak Tuesday, May 22, 2018 - 02:07
Facebook boss Mark Zuckerberg apologized to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world’s biggest social media network.
Facebook boss Mark Zuckerberg apologized to European Union lawmakers on Tuesday for a massive data leak, in his latest attempt to draw a line under a scandal that has rocked the world’s biggest social media network. //reut.rs/2KKVW2l | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/22/mark-zuckerberg-tells-eu-sorry-for-data?videoId=429382344 |
May 15, 2018 / 10:52 AM / Updated 5 hours ago Samsung in talks with ZTE, others to supply mobile processor chips: executive Joyce Lee , Ju-min Park 4 Min Read
HWASEONG, South Korea (Reuters) - Samsung Electronics is in talks with several smartphone makers including China’s ZTE to supply mobile processor chips, a senior executive said, a move that will bring it in more direct competition with larger rival Qualcomm. FILE PHOTO: Samsung Electronics' Exynos 9 series mobile processor chips are seen in this undated handout picture provided by Samsung on May 14, 2018. Samsung Electronics/Handout via REUTERS
The South Korean tech giant generates the bulk of its profit from its basic memory chips and has been beefing up development of logic chips such as mobile processors, image sensors and automotive chips to diversify.
Its flagship Exynos mobile chips power Samsung’s Galaxy line of smartphones, but the chipset has only one external smartphone client - China’s Meizu Technology.
“We are talking to all OEMs,” Inyup Kang, head of Samsung’s logic chip developer called System LSI, told Reuters in an interview, referring to original equipment manufacturers.
Kang, a former Qualcomm executive, said he expects to announce a new client for its Exynos chipsets in the first half of 2019.
Its search for new clients for the Exynos chips comes as the United States banned its companies from selling components to China’s ZTE for seven years after it violated the terms of a settlement deal for illegally shipping goods made with U.S. parts to Iran and North Korea.
That has created urgency for ZTE to diversify its suppliers, analysts said, although attempts to resolve the issue have picked up some pace after U.S. President Donald Trump pledged on Sunday to help ZTE “get back into business, fast”.
Samsung later said in a statement to Reuters that there is no certainty a deal will be reached with ZTE, and its policy is to treat all vendors equally.
Its efforts like that will put further pressure on the industry leader Qualcomm, which said last month it expects the loss of business with ZTE to lower its profits by 3 cents per share next quarter.
Samsung is ranked far behind competitors Qualcomm and Apple in mobile processing chips, but the use of Exynos chips by its own smartphone business helped it become the fastest growing player in the segment, according to research firm Counterpoint.
Samsung’s System LSI business saw a 27 percent rise in shipments last year, Counterpoint says.
Qualcomm also faces competition from Chinese companies such as Huawei Technologies [HWT.UL], which uses its own processing chips called HiSilicon in its flagship smartphones. CHIPS FOR AUTOS
As the smartphone market slows, Samsung’s logic chip division also plans to seek growth in new fields such as fifth-generation mobile network technology (5G) and automotive, Kang said.
He said Samsung is in discussion with multiple automobile companies to develop chips for autonomous driving, declining to name the car makers. It said in January that it is providing automaker Audi with Exynos processor chips.
System LSI still uses Samsung’s foundry for all of its manufacturing needs, but is in talks with other contract manufacturers to diversify production in areas Samsung’s foundry isn’t prepared for yet, such as high-voltage automotive products, Kang said.
TSMC is the world’s top contract chip manufacturer, followed by the likes of U.S.-based Global Foundries, Taiwan-based UMC and Samsung.
Samsung’s semiconductor business, reporting a 2017 operating profit of 35.2 trillion won ($33 billion), contributed more than 65 percent of the whole firm’s record annual profit of 53.65 trillion won last year.
Out of this semiconductor business, memory chips contributed about 96 percent of the profits as it rode a “boom” cycle, while System LSI and foundry took up the rest with about 1.44 trillion won in 2017 operating profits, according to data from Mirae Asset Daewoo Securities.
Kang said his business is expected to see a 5-10 percent revenue growth this year in dollar terms. He declined to provide last year’s growth rate. Reporting by Joyce Lee and Ju-min Park; Editing by Muralikumar Anantharaman and Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-samsung-elec-chips-interview/samsung-in-talks-with-zte-others-to-supply-mobile-processor-chips-executive-idUSKCN1IG1HB |
KUALA LUMPUR (Reuters) - Malaysia’s previous government committed to making lease payments of 201.4 billion ringgit ($50.62 billion) for several projects that were designed to circumvent the federal government guarantee and debt limits, the new finance minister said on Thursday.
FILE PHOTO: Chief minister of Malaysia's state of Penang Lim Guan Eng of the opposition Democratic Action Party smiles as he leaves a meeting in Kuala Lumpur April 4, 2013. REUTERS/Bazuki Muhammad The lease obligations, along with official debt and government guarantees, bring Malaysia’s total debt and liabilities to about 1.087 trillion ringgit as of Dec. 31 2017, or 80.3 percent of gross domestic product, Finance Minister Lim Guan Eng told a news conference.
Prime Minister Mahathir Mohamad, who led an opposition alliance to victory over Najib’s Barisan Nasional coalition on May 9, said this week that Malaysia’s debt had climbed to over 1 trillion ringgit due to abuses by Najib’s government.
His comments created some uncertainty as the central bank had put the official debt figure at about 685 billion ringgit at the end of last year.
But Lim’s explanation about the lease obligations spelt out how the government’s liabilities had ballooned.
Lim said Najib’s administration committed the government to making lease payments for rental, maintenance and other charges for public private partnership (PPP) projects such as the construction of schools, roads and hospitals.
“The lease commitments, which were designed specifically to circumvent the federal government guarantee and debt limits, amounts to 201.4 billion ringgit (as of 2017),” he said.
Earlier this week, Lim said the Najib government had deceived the public and parliament over the country’s financial situation and state fund 1Malaysia Development Berhad (1MDB). He also said treasury officials and the country’s auditor general were unable to access certain accounts and reports in the finance ministry.
In a late night Facebook post on Wednesday, Najib said Mahathir and his finance minister’s “alarming and confusing” remarks about the country’s debts and 1MDB liabilities “tell half the story” and had caused the stock market to fall.
Trinh Nguyen, senior economist at Natixis, said the markets had been aware of the government debt and guarantees, but did not know about the lease commitments.
“The question is whether the PPP debt generates any income, or is it similar to 1MDB, which basically is insolvent,” she said, adding that if the PPP debt is self-sustaining, it will not take a lot out of the expenditure budget.
Immediately after the election win, Mahathir reopened investigations into 1MDB and barred Najib from leaving the country. He has also vowed to review several policies and projects implemented by Najib’s government.
Najib returned to Malaysia’s anti-graft agency on Thursday to resume his explanation for the suspicious transfers of $10.6 million dollars into his bank account.
Reporting by Joseph Sipalan, Praveen Menon and A. Ananthalakshmi, Editing by Simon Cameron-Moore
| ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-debt/malaysia-finance-minister-says-official-government-liabilities-80-percent-of-gdp-idUSKCN1IP1G8 |
May 3, 2018 / 8:01 AM / Updated 19 minutes ago EU puts spoke in wheel of cheap Chinese e-bike imports Philip Blenkinsop 3 Min Read
BRUSSELS (Reuters) - Chinese electric bicycles will have to be registered in the EU in a move by the bloc to curb cheap imports which European manufacturers say are flooding the market. FILE PHOTO: Electric bikes made by French company Moustache displayed during the Cycle Show 2013 in Paris September 13, 2013. The show, which runs from September 13 to September 16, presents 457 brands with racing bikes, urban and electric bicycles, equipment and accessories for cycling fans. REUTERS/Charles Platiau/File Photo
The European Commission had sufficient evidence to show that Chinese manufacturers were dumping e-bikes - which have electric motors to help with pedaling - in Europe and were receiving subsidies, the European Union’s official journal said.
In the latest in a series of EU studies into and measures against Chinese exports ranging from solar panels to steel, the Commission has launched anti-dumping and anti-subsidy investigations into e-bikes.
The registration system for e-bikes would allow eventual duties to be backdated to early in May, the EU journal said. FILE PHOTO: A man rides an electric bicycle through a hutong alley decorated with Spring Festival lanterns in an old neighbourhood of Beijing ahead of the Chinese Lunar New Year, China February 7, 2018. REUTERS/Thomas Peter/File Photo
The European Bicycle Manufacturers Association (EBMA), whose complaints prompted the investigations, says Chinese companies are selling e-bikes in the EU at prices which are sometimes below the cost of production, aided by subsidies.
EBMA had called for registration, arguing that a surge of low-priced imports could result in a stockpile before the main 2018 selling season, undermining the effect of potential duties.
The Commission has until July 20 to determine whether to impose provisional anti-dumping duties. If imposed, they would also apply to the period during which imports are registered. The EU official journal said that this would start on Friday.
The Light Electric Vehicle Association in Europe, a group of retailers, distributors and producers opposed to measures, said the registration move was a setback, but that duties were not a certainty. Retroactive collection of them would be confirmed only by a final EU decision expected in January 2019.
Exports from Chinese producers, which include Battle-Fushida, Aima and Tianjin Golden Wheel, rose by 82 percent from November 2017 to February 2018, compared with the same period a year earlier, the journal said. Prices were 8 percent lower.
Taiwan’s Giant ( 9921.TW ), one of the world’s largest bicycle makers with factories in China as well as the Netherlands, had denied that imports rose substantially, the EU journal said.
EBMA said it welcomed what it said was a vital first step to defend the EU industry, coming in time to prevent a surge of e-bike imports through the main summer sales months. Reporting by Philip Blenkinsop; Editing by Alexander Smith and David Stamp | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-china-bicycles/eu-moves-to-curb-imports-of-chinese-e-bikes-idUSKBN1I40OC |
Russian President Vladimir Putin has become something of a "persona non grata" in the West, but at home he's more popular than ever.
Putin's popularity is something of an enigma given that much of Russia's economic problems are largely to blame on the Kremlin's arguably reckless decisions in recent years. Still, what voters have cared about is that, thanks to their strongman leader, Russia has re-established itself on the world stage as a political and military force to be reckoned with.
The turning point for Putin's leadership was in early 2014, when Russia audaciously reclaimed Crimea from Ukraine, stating that it was carrying out the will of the peninsula's people after a referendum. The vote was deemed illegal and the annexation widely condemned by the West. But at home, Putin's approval rating soared from 69 percent in February that year to 80 percent in March, according to the independent Levada Center. His rating has stayed in the low-to-mid-eighties ever since — an achievement that few leaders can boast.
When Moscow was subject to international condemnation and economic sanctions from the U.S., European Union and others, Russians loved Putin even more because he had put Russia back on the map, and Crimea back in Russia.
Needless to say, international markets saw it differently with a rapid and dramatic slump in the Russian ruble and capital flight ensuing. But even that did little to dampen Russians' enthusiasm for Putin.
show chapters Trump: I congratulated Putin on his victory 3:02 PM ET Tue, 20 March 2018 | 01:45 Yes, Russia's military intervention in Syria proved unpopular and petitions were filed when the government made a show of bulldozing tons of "contraband" European cheese, fruit and meat (banned in retaliation for EU sanctions) when it could have been given to the poor. Yet the majority of Russians remained loyal to Putin, buying into an "us versus them" rhetoric and stoically trudged through the two-year recession that followed as oil prices slumped, adding insult to Russia's economic injury.
In March 2018, Putin unsurprisingly won a re-election for a fourth term as president. But strangely enough given the lack of competition, he felt the need to make many grand pledges to the Russian people ahead of the vote, setting himself some big challenges that he now has to fulfill.
He vowed to halve Russia's poverty rate — 20 million of the country's 140 million population lived in poverty, he said — and create "modern, high-paying jobs" and long-term income growth. On top of that, he promised infrastructure improvements to schools and hospitals and affordable housing, vowed to improve life expectancy and enrich the regions, as well as fixing potholes. Some things are universal, it would seem.
Analysts are now asking whether Putin has a magic money tree growing somewhere in the Taynitsky Garden within the Kremlin. Liza Ermolenko, an economist at Barclays Capital, told CNBC that Putin's promises to increase spending on health care and infrastructure alone were equivalent to $162 billion or close to 2 percent of gross domestic product (GDP) per year over the next six years, and that "it remains unclear how this can be financed."
It could mean that Putin might have to make some unpopular choices, like increasing the retirement age and increasing VAT, she said, as well as implementing other structural reforms that could prove unpopular with voters. The potholes might have to wait. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/28/putin-might-look-invincible-but-the-big-challenge-is-keeping-russians-happy.html |
WASHINGTON, May 21 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Monday significant issues remained in talks between the United States, Mexico and Canada to renegotiate the North American Free Trade Agreement(NAFTA).
“There are still some very significant, open issues,” Mnuchin said in an interview on CNBC. He said the Trump administration remained focused on crafting a new NAFTA deal that would require congressional approval, but that Trump could consider a possible so-called ‘skinny deal’ that would not. (Reporting by Susan Heavey and Jason Lange)
| ashraq/financial-news-articles | https://www.reuters.com/article/trade-nafta/significant-issues-remain-with-nafta-renegotiations-mnuchin-idUSS0N1NU02G |
May 23, 2018 / 5:38 PM / Updated 35 minutes ago Venezuela frees bank executives jailed for currency 'attacks' Reuters Staff 2 Min Read
CARACAS (Reuters) - The 11 executives of Venezuela’s top bank, Banesco SA, arrested earlier this month for allegedly “attacking” the OPEC member country’s rapidly weakening currency, have been released, chief prosecutor Tarek Saab said on Wednesday. FILE PHOTO - A man walks out from a Banesco bank branch in Caracas, Venezuela May 4, 2018. REUTERS/Carlos Garcia Rawlins
Four female executives have been freed and seven male executives were being freed on Wednesday, Saab told local television channel Globovision in an interview.
“With that, they are all free ... but obviously our investigations are continuing,” said Saab, a former ruling party governor.
Banesco, whose chairman, Juan Carlos Escotet, also has Spanish nationality, confirmed the release and thanked former Spanish Prime Minister Jose Luis Rodriguez Zapatero for his help. Zapatero was in Venezuela on President Nicolas Maduro’s invitation to oversee Sunday’s strongly criticized presidential election.
“Banesco would like to publicly thank (Zapatero) for his tenacious and effective work, which achieved the liberation of the 11 executives of our organization,” said Banesco spokesman Jesus Escorche.
In the biggest crackdown on the financial sector since the administration of late leftist leader Hugo Chavez, the government of his successor, President Nicolas Maduro, in early May said it was taking over Banesco for 90 days and jailing its top executives.
Prosecutor Saab said his office also had launched four new investigations into state oil company PDVSA, but declined to offer specifics. Reporting by Deisy Buitrago, Vivian Sequera, Andreina Aponte and Corina Pons in Caracas; writing by Alexandra Ulmer; editing by Nick Zieminski and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-venezuela-bank/venezuela-says-all-jailed-banesco-bank-executives-have-been-freed-idUSKCN1IO2SW |
Sen. Mark Warner said President Donald Trump 's ambivalent stance on Chinese telecommunications company ZTE is "very dangerous."
"This is a company that poses a national security threat," the Democrat from Virginia told CNBC on " Power Lunch " on Tuesday. "And if that threat is real, and we're going to listen to the intelligence community, this is a company that has violated American sanctions rules."
"For [Trump] to arbitrarily, depending on which day ... he wants to tweet, to decide whether this ought to have the kind of sanctions that the law implied or is he going to arbitrarily choose another route, I find that very dangerous. And not the way we want to send a message ... to a country like China ."
On Tuesday, the president said his administration had not yet reached an agreement on whether to save ZTE. The company is currently under sanctions by the U.S. government.
At a press conference, Trump denied a Wall Street Journal report saying his administration had reached a tentative deal with Beijing. Still, moments later he said he may seek "a very large fine" against the company, up to $1.3 billion, and would like to see new management at ZTE — some of the framework outlined in the deal reported by the Journal.
Warner said many of his constituents are concerned that the president is "arbitrarily pick[ing] out a company" — one that has been the subject of security concerns, no less — and using it as a "trading chip."
The senator added that Trump has been "outfoxed" in negotiations with China, a country he said operates "on a different set of rules."
"It is the unanimous agreement of the intelligence community that they don't think we should be buying ZTE equipment," said Warner, who is also vice chairman of the Senate Intelligence Committee.
"The president, who seems to be not informed with what his own intelligence community's conclusions are, one day he says he's going to be tough, the next day he's talking about saving Chinese jobs, and now he's got this kind of in-the-middle position," Warner said. "I don't think that's how we ought to be operating." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/zte-is-a-national-security-threat-says-sen-mark-warner.html |
May 29, 2018 / 8:31 PM / Updated 14 minutes ago WellCare Health to buy Meridian for $2.5 billion Reuters Staff 1 Min Read
(Reuters) - Health insurer WellCare Health Plans Inc said on Tuesday it agreed to buy for-profit managed care company Meridian for $2.5 billion in cash.
Meridian is expected to generate more than $4.3 billion in total revenue in 2018, WellCare said in a statement. Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva | ashraq/financial-news-articles | https://www.reuters.com/article/us-meridian-m-a-wellcare-health/wellcare-health-to-buy-meridian-for-2-5-billion-idUSKCN1IU2OG |
May 8 (Reuters) - Vectrus Inc:
* Q1 EARNINGS PER SHARE $0.54 * Q1 REVENUE $320.5 MILLION VERSUS I/B/E/S VIEW $306.2 MILLION
* SEES FY 2018 REVENUE $1.215 BILLION TO $1.285 BILLION * Q1 EARNINGS PER SHARE VIEW $0.66 — THOMSON REUTERS I/B/E/S
* INCREASED 2018 GUIDANCE FOR REVENUE, NET INCOME, AND DILUTED EPS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vectrus-reports-q1-earnings-per-sh/brief-vectrus-reports-q1-earnings-per-share-0-54-idUSASC0A0OD |
May 7, 2018 / 1:05 PM / Updated 8 hours ago Humanist Italian film director Olmi dies Reuters Staff 2 Min Read
ROME (Reuters) - Ermanno Olmi, one of Italy’s great post-war directors, who won top awards at both the Cannes and Venice film festivals, has died at the age of 86, his family said on Monday. FILE PHOTO: Director Ermanno Olmi poses at the 69th Venice Film Festival in Venice September 5, 2012. REUTERS/Tony Gentile/File Photo
Olmi was hailed as a humanist moviemaker and a visual poet who once described his own work as being “halfway between the cinema of make believe and the cinema of documentary”.
He won the coveted Golden Palm in Cannes in 1978 for “The Tree of Wooden Clogs”, a three-hour depiction of harsh peasant life in 19th century Italy, with a cast of non-professional actors who all spoke in their native, northern Italian Bergamasque dialect.
It tells the story of a father who secretly cut down a small tree in order to make clogs so his son could walk to school. When the rich landowner found out, he expelled the family from the farm as an example to other workers.
A decade later, he won the Golden Lion at Venice for “The Legend of the Holy Drinker”, which featured well-known actors and followed the tribulations of an alcoholic homeless man in Paris as he sought to repay a debt to a local Church.
Working well into old age, Olmi also made “The Profession of Arms”, released in 2001, which depicted the final days of young renaissance soldier Giovanni De Medici, and the 2014 anti-war movie “Greenery Will Bloom Again”.
“With Ermanno Olmi, we are losing a cinematic master and a great figure of culture and life. His enchanted vision told us about, and made us understand, the roots of our country,” Prime Minister Paolo Gentiloni wrote on Twitter.
Olmi said he was inspired by the Italian neorealism movement, which championed working-class heroes and spurned established stars. He carried its traditions forward long after its popularity as an art form had peaked.
Olmi had suffered for many years from a rare autoimmune illness known as Guillain-Barré syndrome. Italian media reported that he was taken to hospital on Friday in his hometown of Asiago and died on Sunday night. Reporting by Crispian Balmer, editing by Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-film-italy-olmi/humanist-italian-film-director-olmi-dies-idUKKBN1I81CF |
May 2 (Reuters) - NiSource Inc:
* NISOURCE REPORTS FIRST QUARTER 2018 EARNINGS * Q1 NON-GAAP OPERATING EARNINGS PER SHARE $0.77
* Q1 GAAP EARNINGS PER SHARE $0.82 * Q1 EARNINGS PER SHARE VIEW $0.76 — THOMSON REUTERS I/B/E/S
* ON TRACK FOR $1.7 BILLION TO $1.8 BILLION OF UTILITY INFRASTRUCTURE INVESTMENTS IN 2018
* CONTINUES TO EXPECT TO INVEST $1.6 BILLION TO $1.8 BILLION IN ITS UTILITY INFRASTRUCTURE PROGRAMS THROUGH 2020 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nisource-q1-non-gaap-operating-eps/brief-nisource-q1-non-gaap-operating-eps-0-77-idUSL8N1S93CQ |
Electric carmaker Tesla has seen a flurry of senior executive exits in recent months at a time when the company is looking to speed up production of its Model 3 sedan, a mid-market car crucial to its success and future profitability, and developing multiple new vehicles, including a Semi truck.
Here is a list of executive departures since 2016:
2018 May - Matthew Schwall, director of field performance engineering, exits to join Alphabet's self-driving unit, Waymo.
April - Georg Ell, director of Tesla's Western Europe operations, leaves to head UK-based Smoothwall.
March - Chief Accounting Officer Eric Branderiz exits after joining in October 2016.
March - Susan Repo, corporate treasurer and vice president of finance, exits to become chief financial officer at another company.
February - Jon McNeill, president of global sales and services, leaves to join ride-hailing company Lyft as chief operating officer.
January - Jason Mendez, director of manufacturing engineering, leaves after more than 12 years.
January - Will McColl, manager of equipment engineering, leaves after seven years.
2017 November - Jon Wagner, director of battery engineering, who joined in 2013 exits to launch a battery and powertrain startup in California .
September - Diarmuid O'Connell, vice president of business development, departs.
August - Kurt Kelty, director of battery technology and then one of the longest serving company executives, exits. He led negotiations with Panasonic on the company's gigafactory in Nevada .
July - SolarCity co-founder Peter Rive leaves the company, eight months after Tesla bought the biggest U.S. residential solar panel maker.
June - Chris Lattner, vice president of autopilot leaves within six months of joining.
June - SolarCity founder Lyndon Rive leaves the electric vehicle maker.
May - Arnnon Geshuri, who led HR at Tesla for more than eight years, departs.
April - Chief Financial Officer Jason Wheeler leaves to pursue public policy projects; replaced by Deepak Ahuja, who served as CFO before Wheeler.
March - Mark Lipscomb, vice president of human resources, departs to join streaming service provider Netflix .
March - Satish Jeyachandran, director of hardware engineering, leaves after seven years with the company; later joins Waymo.
March - David Nister, vice president of autopilot vision, departs to join chipmaker Nvidia .
March - Klaus Grohmann ousted after a clash with CEO Elon Musk over the strategy at Grohmann's firm, which Tesla had acquired in November. Grohmann Engineering helped companies design highly automated factories.
January - JLM Energy says Ardes Johnson, who worked as director of sales at Tesla Energy, joins as a vice president.
January - Sterling Anderson, head of Tesla's autopilot system, leaves the company.
2016 December - Mateo Jaramillo, vice president of Tesla Energy, leaves after seven years.
July - Rich Heley, vice president of product technology, departs to join Facebook .
May - Josh Ensign, vice president of manufacturing, leaves; joins startup Proterra as chief operating officer.
May - Greg Reichow, vice president of production, leaves as the company prepares to launch Model 3, and sharply ramp up production.
April - James Chen, vice president of regulatory affairs and deputy general counsel, leaves to join rival Faraday Future.
March - Ricardo Reyes, vice president of global communications, leaves.
March - Michael Zanoni, vice president of finance and worldwide controller, departs to join Amazon .
January - Chief Information Officer Jay Vijayan leaves Tesla to create his own startup. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/tesla-executive-departures-since-2016.html |
BOGOTÁ, Colombia—The Colombian government denied reports it is investigating a top former rebel commander for conspiring to traffic in drugs, allegations that have added further uncertainty to fragile peace accords that ended a half-century of conflict.
On Saturday, The Wall Street Journal, quoting people familiar with the matter, reported that U.S. and Colombian authorities are investigating Luciano Marin, a 62-year-old ex-commander of the former rebel group known as FARC, for allegedly conspiring to traffic in cocaine. That... | ashraq/financial-news-articles | https://www.wsj.com/articles/colombian-officials-seeking-to-calm-a-storm-deny-ex-rebel-being-investigated-1525138704 |
Pictures | Fri May 18, 2018 | 7:40am EDT Photos of the week
Lava erupts from a fissure east of the Leilani Estates subdivision Sunday, May 13, 2018 Lava erupts from a fissure east of the Leilani Estates subdivision 1 / 20
Senior White House Adviser Ivanka Trump and U.S. Treasury Secretary Steven Mnuchin stand next to the dedication plaque during the dedication ceremony of the new U.S. embassy in Jerusalem. REUTERS/Ronen Zvulun Reuters / Monday, May 14, 2018 Senior White House Adviser Ivanka Trump and U.S. Treasury Secretary Steven Mnuchin stand next to the dedication plaque during the dedication ceremony of the new U.S. embassy in Jerusalem. REUTERS/Ronen Zvulun Close 2 / 20
Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu... more Reuters / Monday, May 14, 2018 Palestinian demonstrators run for cover from Israeli fire and tear gas during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, at the Israel-Gaza border in the southern Gaza Strip. REUTERS/Ibraheem Abu Mustafa Close 3 / 20
Manuel Garcia, who says he is 121 years old, fixes his hair before posing for a photograph, outside his home in Ciudad Juarez, Mexico. Garcia was born on December 24, 1896, in Tlapacoyan, Veracruz, according to his birth certificate. REUTERS/Jose... more Reuters / Wednesday, May 16, 2018 Manuel Garcia, who says he is 121 years old, fixes his hair before posing for a photograph, outside his home in Ciudad Juarez, Mexico. Garcia was born on December 24, 1896, in Tlapacoyan, Veracruz, according to his birth certificate. REUTERS/Jose Luis Gonzalez Close 4 / 20
Thursday, May 17, Valparaiso, Chile. REUTERS/Rodrigo Garrido Close 5 / 20
Kristen Stewart, member of the 71st Cannes Film Festival Jury, arrives on the red carpet. REUTERS/Eric Gaillard Reuters / Monday, May 14, 2018 Kristen Stewart, member of the 71st Cannes Film Festival Jury, arrives on the red carpet. REUTERS/Eric Gaillard Close 6 / 20
Boys, who are experiencing the lives of Buddhist monks by staying in a temple for two weeks as novice monks, look at a tiger at the Everland amusement park in Yongin, South Korea. REUTERS/Kim Hong-Ji Reuters / Tuesday, May 15, 2018 Boys, who are experiencing the lives of Buddhist monks by staying in a temple for two weeks as novice monks, look at a tiger at the Everland amusement park in Yongin, South Korea. REUTERS/Kim Hong-Ji Close 7 / 20
Belgium's Largie Ramazani in action against Spain at the UEFA European Under-17 Championship Quarter-Final. Action Images via Reuters/Carl Recine Reuters / Monday, May 14, 2018 Belgium's Largie Ramazani in action against Spain at the UEFA European Under-17 Championship Quarter-Final. Action Images via Reuters/Carl Recine Close 8 / 20
A cow is seen on land that used to be underwater at the Aculeo Lagoon in Paine, Chile. REUTERS/Matias Delacroix Reuters / Monday, May 14, 2018 A cow is seen on land that used to be underwater at the Aculeo Lagoon in Paine, Chile. REUTERS/Matias Delacroix Close 9 / 20
Franky Zapata flies on a Flyboard above the Croisette and the Mediterranean Sea during the Cannes Film Festival. REUTERS/Eric Gaillard Reuters / Tuesday, May 15, 2018 Franky Zapata flies on a Flyboard above the Croisette and the Mediterranean Sea during the Cannes Film Festival. REUTERS/Eric Gaillard Close 10 / 20
A child looks on, as volunteers of Venezuelan presidential candidate Javier Bertucci of the "Esperanza por el Cambio" party, give plates of food to women and children as part of Mother's Day celebrations, during a campaign rally in Caracas,... more Reuters / Sunday, May 13, 2018 A child looks on, as volunteers of Venezuelan presidential candidate Javier Bertucci of the "Esperanza por el Cambio" party, give plates of food to women and children as part of Mother's Day celebrations, during a campaign rally in Caracas, Venezuela. REUTERS/Carlos Jasso Close 11 / 20
People hold candles at the National Law Enforcement Officers Memorial Fund's 30th annual candlelight vigil in Washington. REUTERS/Joshua Roberts Reuters / Monday, May 14, 2018 People hold candles at the National Law Enforcement Officers Memorial Fund's 30th annual candlelight vigil in Washington. REUTERS/Joshua Roberts Close 12 / 20
A man stands on an old Bolivian Railways Company train, dating from 1870-1900, at the train cemetery in Uyuni, Potosi, Bolivia. REUTERS/David Mercado Reuters / Wednesday, May 16, 2018 A man stands on an old Bolivian Railways Company train, dating from 1870-1900, at the train cemetery in Uyuni, Potosi, Bolivia. REUTERS/David Mercado Close 13 / 20
Internally displaced people take shelter in a church in Myitkyina as Myanmar's military fights the Kachin Independence Army (KIA) in the country's northern Kachin State, Myanmar. REUTERS/Ann Wang Reuters / Friday, May 11, 2018 Internally displaced people take shelter in a church in Myitkyina as Myanmar's military fights the Kachin Independence Army (KIA) in the country's northern Kachin State, Myanmar. REUTERS/Ann Wang Close 14 / 20
A worker cleans a Lionel Messi figure at a small factory in the outskirts of Shanghai, China. REUTERS/Aly Song Reuters / Tuesday, May 15, 2018 A worker cleans a Lionel Messi figure at a small factory in the outskirts of Shanghai, China. REUTERS/Aly Song Close 15 / 20
A relative mourns as she carries the body of eight-month-old Palestinian infant Laila al-Ghandour, who died after inhaling tear gas during a protest against the U.S embassy move to Jerusalem, at the Israel-Gaza border, during her funeral in Gaza... more Reuters / Tuesday, May 15, 2018 A relative mourns as she carries the body of eight-month-old Palestinian infant Laila al-Ghandour, who died after inhaling tear gas during a protest against the U.S embassy move to Jerusalem, at the Israel-Gaza border, during her funeral in Gaza City. REUTERS/Mohammed Salem Close 16 / 20
Primary school students take part in an earthquake drill ahead of the 10th anniversary of the 2008 Sichuan earthquake, inside a classroom in Handan, Hebei province, China. REUTERS/Stringer Reuters / Friday, May 11, 2018 Primary school students take part in an earthquake drill ahead of the 10th anniversary of the 2008 Sichuan earthquake, inside a classroom in Handan, Hebei province, China. REUTERS/Stringer Close 17 / 20
A Palestinian demonstrator reacts next to a burning tire during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, near Israeli Qalandia checkpoint near Ramallah in the occupied West Bank. REUTERS/Mohamad... more Reuters / Monday, May 14, 2018 A Palestinian demonstrator reacts next to a burning tire during a protest against U.S. embassy move to Jerusalem and ahead of the 70th anniversary of Nakba, near Israeli Qalandia checkpoint near Ramallah in the occupied West Bank. REUTERS/Mohamad Torokman Close 18 / 20
Head model maker Paula Laughton poses for a photograph with a LEGO Windsor Castle replete with the upcoming royal wedding between Prince Harry and Meghan Markle, in Windsor, Britain. REUTERS/Peter Nicholls Reuters / Thursday, May 10, 2018 Head model maker Paula Laughton poses for a photograph with a LEGO Windsor Castle replete with the upcoming royal wedding between Prince Harry and Meghan Markle, in Windsor, Britain. REUTERS/Peter Nicholls Close 19 / 20
| ashraq/financial-news-articles | https://www.reuters.com/news/picture/photos-of-the-week-idUSRTS1S1HH |
May 3 (Reuters) -
For other diaries, please see:
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- This Diary is filed daily. ** Indicates new events -
THURSDAY, MAY 3 ** PARIS - ECB Executive Board Member Peter Praet gives keynote speech at the OECD Chief Economist Talks - 1100 GMT. STOCKHOLM - Riksbank invites interested parties to a discussion on payments in the future. This is the third in a series of seminars on the role of the central bank in the economy - 0600 GMT. ZURICH, Sweden - Swiss National Bank Chairman Thomas Jordan gives speech on “That’s why Switzerland’s full money,” Swiss Institute for Banking and Finance s / bf-HSG, Zurich – 1600 GMT. FRANKFURT, Germany - ECB Vice-President Vitor Constancio will give Keynote speech at Joint ECB/EC Conference “Fostering banking union and capital markets union – a top-down or bottom-up approach?” organised by the ECB in Frankfurt, Germany - 1200 GMT. FRANKFURT, Germany - ECB Executive Board member Benoit Coeure moderating high-level a policy panel at Joint ECB/EC conference “Fostering banking union and capital markets union – a top-down or bottom-up approach?” organised by the ECB in Frankfurt, Germany - 1230 GMT. STOCKHOLM - The Riksdag Committee on Finance will hold an open hearing with Riksbank Governor Stefan Ingves and others on the report Account of Monetary Policy 2017 - 0800 GMT. PARIS - Bank of France Governor Francois Villeroy de Galhau is to speak at a conference hosted by the French central bank and the European Investment Bank titled “Investment in France: gearing up momentum” – 0700 GMT.
OLSO - Norway Central Bank announces interest rate decision - 0800 GMT.
FRIDAY, MAY 4 ** STOCKHOLM - Riksbank will hold a press conference at which Governor Stefan Ingves and Heidi Elmer, Head of the Markets Department, will show the gold bars and discuss the Riksbank’s gold reserve - 0830 GMT. NEW YORK - Federal Reserve Bank of New York President William Dudley participates in “Financial Tumult of Our Times and Challenges Ahead” conversation hosted by Bloomberg LP - 1645 GMT. VALLETTA - Keynote speech by ECB Vice President Vitor Constancio at a conference on ‘Central Banks in Historical Perspective: What Changed After the Financial Crisis?’ organised by the Central Bank of Malta in Valletta, Malta – 0745 GMT. STANFORD, California - Federal Reserve Bank of San Francisco President John Williams speaks before the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 1900 GMT. STANFORD, California - Federal Reserve Vice Chair for Supervision Randal Quarles makes presentation before panel, “Financial Stability, Regulations and the Balance Sheet” at the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 2130 GMT. STANFORD, California - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Kansas City President Esther George and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Monetary Policy and Reform in Practice” panel before the Hoover Institution/Stanford University “Currencies, Capital, and Central Bank Balances: a Policy Conference,” - 0000 GMT.
OSLO - Norway Central Bank chief Oystein Olsen and Director Yngve Slyngstad participate in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 0700 GMT. STOCKHOLM - Riksbank General Council Meeting - 1100 GMT. SUNDAY, MAY 6 AMELIA ISLAND, Florida - Federal Reserve Vice Chair for Supervision Randal Quarles speaks before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 2300 GMT TOKYO - Bank of Japan releases minutes of Monetary Policy Meeting held on Mar 8 and 9 – 2350 GMT.
MONDAY, MAY 7 VANBERG, Sweden - Riksbank First Deputy Governor Kerstin af Jochnick will visit Varberg and Halmstad. She will participate in SEB’s lunch meeting on changed behaviour. She will discuss developments on the payment market and the need to analyse a possible e-currency, as well as current monetary policy - 0930 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic gives welcome remarks before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1225 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Philadelphia President Patrick Harker moderates “Research Session 1: Artificial Intelligence and Modern Productivity Paradox: a Clash of Expections and Statistics” panel before conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability – 1800 GMT.
FAIRFAX, Va. - Federal Reserve Bank of Richmond President Tom Barkin speaks in a conversation at an event hosted by George Mason University - 1800 GMT. AMELIA ISLAND, Florida - Federal Reserve Bank of Dallas President Robert Kaplan and Federal Reserve Bank of Chicago President Charles Evans participate in “Policy Session 3: Learning About an ML-Driven Economy” before the 2018 Financial Markets Conference, “Machines Learning Finance: Will They Change the Game?” presented by the Federal Reserve Bank of Atlanta’s Center for Financial Innovation and Stability - 1930 GMT. CASCAIS, Portugal – Bank of Canada Deputy Governor Timothy Lane participates in panel discussion at Horasis, Cascais – 1900 GMT. TUESDAY, MAY 8 STOCKHOLM - Swedish Central Bank publishes Minutes from the Monetary Policy meeting - 0730 GMT.
WEDNESDAY, MAY 9 JACKSONVILLE, Florida - Federal Reserve Bank of Atlanta President Raphael Bostic speaks on the economic outlook and monetary policy before the World Affairs Council, Jacksonville - 1715 GMT. TOKYO - Bank of Japan to release summary of opinions from board members at its April 26-27 policy meeting – 2350 GMT. STOCKHOLM - Riksbank executive board meeting - 0700 GMT. THURSDAY. MAY 10 LONDON - Bank of England publishes summary and minutes of the Monetary Policy Committee meeting and Inflation Report - 1100 GMT. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR) and Monetary Policy Statement. FRIDAY, MAY 11 SPRINGFIELD, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Springfield Business Development Corporation Meeting, - 1230 GMT. TORONTO, Canada - Bank of Canada Senior Deputy Governor Carolyn A. Wilkins participates in panel discussion at Women’s Forum Canada, Toronto - 1300 GMT.
MONDAY, MAY 14 NEW YORK - Federal Reserve Bank of St. Louis President James Bullard gives presentation before CoinDesk’s Consensus 2018 - 1340 GMT. PARIS, France - Federal Reserve Bank of Cleveland President Loretta Mester speaks before the Global Interdependence Center “Central Banking Series with Banque de France,” - 0645 GMT OSLO - Norway Central Bank chief Øystein Olsen participates in the Parliamentary Hearing before the Standing Committee on Finance and Economic Affairs of the Storting. – 1015 GMT.
TUESDAY, MAY 15 MALMO, Sweden - Riksbank Deputy Governor Cecilia Skingsley will discuss the Riksbank’s history and the development of money and she will also hold a breakfast presentation in Malmö on the economic situation and current monetary policy (to May. 16). OSLO - Norway Central Bank Deputy Governor Jon Nicolaisen gives a speech at a meeting hosted by Econa, Hoyres Hus Conference Center, Oslo - 1530 GMT. WEDNESDAY, MAY 16 ST. LOUIS, Missouri - Federal Reserve Bank of St. Louis President James Bullard gives opening remarks before the Homer Jones Memorial Lecture hosted by the Federal Reserve Bank of St. Louis - 2230 GMT. OTTAWA – Bank of Canada Deputy Governor Lawrence Schembri will give speech at CFA Society Ottawa and Ottawa Economics Association – 1615 GMT.
FRANKFURT, Germany - ECB Governing Council meeting. No interest rate announcements scheduled.
MONDAY, MAY 21 STOCKHOLM - Riksbank executive board meeting - 0700 GMT. WEDNESDAY, MAY 23 MADRID - Bank of Spain Governor Linde to open a Deloitte-ABC economy event in Madrid - 0730 GMT.
BRUSSELS - The European Business Summit’s annual 2-day conference at Egmont Palace in Brussels (to May 24). WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will release minutes from its March 20-21 policy meeting – 1800 GMT. STOCKHOLM - Swedish Central Bank publishes The Financial Stability Report 2018:1 - 0730 GMT.
THURSDAY, MAY 24 LONDON - Bank of England Governor Mark Carney gives a speech at the annual dinner of London’s Society of Professional Economists – 1800 GMT. DALLAS - Federal Reserve Banks of Dallas and Atlanta hold a two-day conference on “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy”. Participants include Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans, Federal Reserve Bank of Philadelphia President Patrick Harker and Federal Reserve Bank of Dallas President Robert Kaplan (to May 25). DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic and his Dallas counterpart, Robert Kaplan, give opening remarks at the conference - 1435 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan moderates “Session I: The Disruption Challenge Facing Business” of the conference - 1500 GMT
DALLAS - Federal Reserve Bank of Philadelphia President Patrick Harker participates in “Session III: Broader Labor Market Implications of Technology-Enabled Disruption” of the conference - 1800 GMT.
DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives introductory remarks before the conference - 0000 GMT.
FRIDAY, MAY 25 STOCKHOLM – Central Bank Governor Mark Carney from the Bank of England, Finland’s central bank manager Erkki Liikanen and central bank governor Jerome Powell from the Federal Reserve System participate in the Riksbank’s 350th conference – 0615 GMT. DALLAS - Federal Reserve Bank of Atlanta President Raphael Bostic, Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Bank of Dallas President Robert Kaplan participate in “Session VIII: Policymaker Panel” before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1545 GMT. DALLAS - Federal Reserve Bank of Dallas President Robert Kaplan gives closing remarks before the Federal Reserve Banks of Dallas and Atlanta “Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy” conference - 1830 GMT TUESDAY, MAY 29 ** TOKYO - Federal Reserve Bank of St. Louis President James Bullard gives presentation on the U.S. economy and monetary policy before the Japan Center for International Finance Global Finance Seminar- 0440 GMT. FRANKFURT - Frankfurt Finance Summit 2018.
WEDNESDAY, MAY 30 WASHINGTON, D.C. - U.S. Federal Reserve issues its Beige Book on economic condition - 1800 GMT. WELLINGTON - Reserve Bank of New Zealand publishes Financial Stability Report. OTTAWA - Bank of Canada key policy interest rate announcement and monetary policy report – 1400 GMT. THURSDAY, MAY 31 WHISTLER, Canada - G7 finance and development ministers, as well as central bank governors will meet on the theme of “investing in growth that works for everyone” (to June 2). THURSDAY, JUNE 7
OTTAWA - Bank of Canada Governor Stephen Poloz and Bank of Canada Senior Deputy Governor Carolyn Wilkins will hold a press conference to discuss the contents of the Financial System Review – 1530 GMT.
MONDAY, JUNE 11 STOCKHOLM - Riksbank executive board meeting – 1100 GMT.
TUESDAY, JUNE 12 WASHINGTON, D.C. - U.S. Federal Reserve’s Federal Open Market Committee (FOMC) starts its two-day meeting on interest rates (to June 13). THURSDAY, JUNE 14
FRANKFURT - ECB Governing Council meeting, followed by interest rate announcement (external meeting).
FRANKFURT - ECB President Mario Draghi holds a press conference, after the interest rate meeting (external meeting) – 1230 GMT.
FRIDAY, JUNE 15 ** FORT WORTH, Texas - Federal Reserve Bank of Dallas President Robert Kaplan speaks before a business leaders luncheon hosted by the Fort Worth Chamber of Commerce - 1700 GMT.
TOKYO - Bank of Japan holds Monetary Policy Meeting.
MONDAY, JUNE 18 STOCKHOLM - Riksbank general council meeting – 1100 GMT.
TUESDAY, JUNE 19 HELSINKI - Bank of Finland governor and European Central Bank governing council member Erkki Liikanen is due to hold a press conference in Finland. TOKYO - Bank of Japan releases Minutes of Monetary Policy Meeting held on Apr 26 and 27 – 2350.
THURSDAY, JUNE 21 BERN - Swiss National Bank Financial Stability Report 2018 – 0430 GMT. BERN - Swiss National Bank (SNB) Monetary policy assessment with news conference – 0730 GMT. OSLO - Norway Central Bank holds Announcement of the Executive Board’s interest rate decision and publication of Monetary Policy followed by press conference – 0800 GMT.
LONDON - Bank of England announces rate decision and publishes the minutes of the meeting, after the rate decision – 1100 GMT.
SUNDAY, JUNE 24 TOKYO - Bank of Japan to release summary of opinions from board members at its Jun. 14-15 policy meeting – 2350 GMT.
TUESDAY, JUNE 26 STOCKHOLM - Riksbank executive board meeting – 0700 GMT.
WEDNESDAY, JUNE 27 FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.
THURSDAY, JUNE 28 FRANKFURT - General Council meeting of the ECB in Frankfurt. WELLINGTON - Reserve Bank of New Zealand announces Official Cash Rate (OCR).
NOTE: The inclusion of items in this diary does not necessarily mean that Reuters will file a story based on the event. For technical issues, please contact Thomson Reuters Customer Support (TRCS) here
| ashraq/financial-news-articles | https://www.reuters.com/article/diary-top-econ/diary-top-economic-events-to-june-28-idUSL3N1S94G8 |
As far as holidays go, National Wine Day—May 25th—doesn’t get the same sort of love as Memorial Day or Christmas. Sure, it’s entirely made-up, but there’s a strong argument to be made for taking the day off anyway.
The mock-holiday doesn’t get the same sort of retail love that National Chocolate Day or National Cheeseburger Day might, either. Some restaurants might offer discounts on their house wines. And Amazon-owned Whole Foods is cutting 20% off the price of rosé wine bottles. Otherwise, deals are few and far between.
That doesn’t mean there’s no reason to celebrate, though. Here are seven good choices to help you observe the day and celebrate the end of another work week.
2013 Long Meadow Ranch Cabernet Sauvignon Expect big blackberry and plum notes on the nose the moment you open this Cab. It’s earthy and complex with the nice hint of charred oak. Velvety smooth, you’ll also get hints of vanilla and a slight spiciness.
2016 Tank Garage Winery Dream Police Tank is one of the more exciting upcoming wineries around these days, specializing in small batch offerings. Dream Police is a red blend that’s superbly smooth with moderate tannins. It’s a medium-bodied offering that will bring black cherries and tobacco to mind.
2016 Saved Magic Maker Rosé Rosés are the hottest blend around these days and Saved’s take on the style is a worthy one. Slightly acidic, it rides the line between white and red wonderfully, making it a perfect summer offering. You’ll get hints of fruit ranging from strawberries to peach, but it never strays into overly sweet territory. It’s a great choice for seafood dishes.
2015 Ravenswood Teldeschi Zinfandel Big and bold, the opposite of a Rosé, this is an inky dark Zin that mixes blackberry, chocolate and pepper tastes together, layering them with cherry and vanilla. It’s robust and you definitely want to let it breath, but it’s a nice accompaniment to steak or a game dish.
2014 Hunt Cellars Imagination Pinot Noir Reserve Like any Pinot Noir, you’ll taste plenty of dark cherry here, but the addition of raspberry, vanilla, and chocolate give it a really nice heft. It coats your mouth and explodes with flavors and the tannins are balanced wonderfully, preventing Imagination from overwhelming your palate.
2016 Substance ‘Cs’ Cabernet Sauvignon From renowned Washington State winemaker Charles Smith, this value-priced Cab comes from the Columbia Valley and is wonderfully textured. It’s a smooth tasting, dark offering that has a big bold finish full of dark fruits and oak. Perfect with everything from burgers or pizza to a perfectly cooked ribeye.
Cooper & Thief Red Wine Blend Bourbon-barrel aged wines are quickly finding an audience and if you’re curious to see what the fuss is about, Cooper & Thief is a good place to start. This is a jammy red varietal where the bourbon dominates the nose. As you’d expect, there’s plenty of vanilla, tobacco and leather in the taste, but the bourbon also adds a smoothness that goes nicely with the tannins.
| ashraq/financial-news-articles | http://fortune.com/2018/05/25/national-wine-day-2018-suggestions/?utm_source=dlvr.it&utm_medium=twitter |
May 3 (Reuters) - TPG Specialty Lending Inc:
* TPG SPECIALTY LENDING, INC. ANNOUNCES QUARTER ENDED MARCH 31, 2018 FINANCIAL RESULTS; BOARD DECLARES QUARTERLY BASE DIVIDEND OF $0.39 PER SHARE FOR THE SECOND FISCAL QUARTER OF 2018 AND A QUARTERLY SUPPLEMENTAL DIVIDEND OF $0.06 PER SHARE
* QTRLY NET INCOME PER SHARE $0.56 * QUARTER END NET ASSET VALUE PER SHARE$16.27 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tpg-specialty-lending-reports-qtrl/brief-tpg-specialty-lending-reports-qtrly-eps-0-56-idUSASC09ZPQ |
May 10 (Reuters) - K2 Gold Corporation:
* ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO RAISE $750,000
* K2 GOLD CORP-INTENDS TO RAISE C$750,000 BY WAY OF A NON-BROKERED PRIVATE PLACEMENT CONSISTING OF BOTH NON-FLOW-THROUGH AND FLOW-THROUGH UNIT OFFERINGS
* COMPANY WILL ISSUE UP TO 2,000,000 NFT UNITS AND 833,333 FT UNITS FOR TOTAL GROSS PROCEEDS OF UP TO $750,000
* EACH NON-FLOW-THROUGH UNIT (EACH, A “NFT UNIT”) WILL BE ISSUED AT A PRICE OF $0.25
* EACH FLOW-THROUGH UNIT (EACH, A “FT UNIT”) WILL BE ISSUED AT A PRICE OF $0.30 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-k2-gold-corp-announcesnon-brokered/brief-k2-gold-corp-announcesnon-brokered-private-placement-to-raise-750000-idUSASC0A1PO |
May 10, 2018 / 8:00 PM / Updated 23 minutes ago UPDATE 1-U.S. court protects Adidas Stan Smith shoe from Skechers look-alike Reuters Staff
(Adds court vote tallies, Adidas comment, scheduled trial, paragraphs 2-6)
By Jonathan Stempel
May 10 (Reuters) - A U.S. appeals court on Thursday said Adidas AG can protect its famous Stan Smith tennis shoe against an alleged Skechers USA Inc knockoff, but that Skechers could sell another shoe mimicking Adidas’ familiar “three-stripe” design.
By a 3-0 vote, the 9th U.S. Circuit Court of Appeals upheld a preliminary injunction barring Skechers from selling its Onix shoe, which Adidas said looked like its white Stan Smith shoe, its all-time best-seller with more than 40 million pairs sold.
The same panel, in a 2-1 vote, also reversed a similar injunction barring Skechers from selling its Cross Court shoe, which has three stripes on its side, finding no proof Adidas would suffer irreparable harm.
Adidas and Skechers face a scheduled trial on June 4 before U.S. District Judge Marco Hernandez in Portland, Oregon, who had issued an injunction covering both Skechers shoes in February 2016, court records show. The appeals court sat in Portland.
In a statement, Adidas said “we will not stand by and allow others to blatantly copy our products,” and that it was “committed to bringing a complete end to Skechers’ pattern of unlawful conduct” at trial.
Skechers did not immediately respond to requests for comment.
The lawsuit is one of many by footwear makers seeking to protect their patent and trademark rights.
Many are filed by companies such as Adidas against companies such as Skechers whose products sell for lower prices.
Adidas has sued Skechers several times in the last two decades for alleged infringement of its three-stripe trademark.
In Thursday’s decision, Circuit Judge Jacqueline Nguyen said the Stan Smith, named for the early 1970s American tennis star, has enjoyed “tremendous commercial success and market recognition,” and Adidas might face irreparable harm if similar shoes flooded the market.
She also said evidence suggested that Skechers intended to confuse consumers by creating the “nearly identical” Onix, and then directing consumers who searched online for “adidas stan smith” to the Onix website.
In contrast, Nguyen said Adidas failed to show that consumers would associate it with Skechers’ Cross Court, causing the dilution of Adidas’ reputation as a “premium” brand.
Circuit Judge Richard Clifton would have upheld the entire injunction.
The case is Adidas America Inc et al v Skechers USA Inc, 9th U.S. Circuit Court of Appeals, No. 16-35204. (Reporting by Jonathan Stempel in New York; Editing by David Gregorio) | ashraq/financial-news-articles | https://uk.reuters.com/article/skechers-usa-lawsuit-adidas/update-1-u-s-court-protects-adidas-stan-smith-shoe-from-skechers-look-alike-idUKL1N1SH20R |
FARMINGTON, Conn., May 22, 2018 (GLOBE NEWSWIRE) -- First Connecticut Bancorp, Inc. (NASDAQ:FBNK) announced that its Board of Directors has voted to increase its quarterly dividend to $0.17 per share, an increase of $0.01. In making this announcement, John J. Patrick, Jr. Chairman, President, & CEO said, “We are pleased to increase our dividend again and reward our shareholders”. Dividends will be payable on June 11, 2018 to all shareholders of record as of June 1, 2018.
First Connecticut Bancorp, Inc. is the holding company for Farmington Bank, a full-service community bank with 25 branch locations throughout central Connecticut and western Massachusetts, offering commercial and residential lending as well as wealth management services. Established in 1851, Farmington Bank is a diversified consumer and commercial bank with an ongoing commitment to contribute to the betterment of the communities in our region. Farmington Bank has assets of $3.1 billion. For more information about Farmington Bank, visit farmingtonbankct.com .
The First Connecticut Bancorp, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11128
Forward Looking Statements
This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They may or may not include words such as "believe," "expect," "anticipate," "estimate," and "intend" or future or conditional verbs such as "will," "would," "should," "could," or "may." Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, general economic conditions or conditions within the securities markets, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged.
CONTACT:
Jennifer H. Daukas
SVP, Investor Relations Officer
One Farm Glen Boulevard, Farmington, CT 06032
P 860-284-6359 | F 860-409-3316
[email protected]
farmingtonbankct.com
Source: First Connecticut Bancorp, Inc.
Source:First Connecticut Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-first-connecticut-bancorp-inc-increases-quarterly-dividend-to-0-point-17.html |
OMAHA, Neb. (Reuters) - Billionaire Warren Buffett on Saturday defended his earlier remark that it would be “ridiculous” for the conglomerate not to do business with gun manufacturers, noting that he does not want to impose his political views on Berkshire’s investment decisions or business operations.
Warren Buffett, CEO of Berkshire Hathaway Inc, walks through the exhibit hall at the company's annual meeting in Omaha, Nebraska, U.S., May 5, 2018. REUTERS/Rick Wilking During the traditional Q&A session at Berkshire Hathaway’s annual meeting, a shareholder challenged Buffett on his refusal to pressure Berkshire subsidiaries to divest from gun-related businesses.
Following the Feb. 14 school shooting at Marjory Stoneman Douglas High School in Parkland, Florida, Buffett told CNBC: “I don’t believe in imposing my views on 370,000 employees and a million shareholders. I’m not their nanny on that.”
“Please tell us you misspoke,” the questioner asked, via an email read to Buffett by New York Times journalist Andrew Ross Sorkin.
Buffett did not back away from his stance.
“I do not believe on imposing my political opinions on the activities of our businesses,” Buffett said, drawing applause from the admittedly pro-free-market crowd. “I don’t think that we should have a question on the GEICO policyholder form, ‘are you an NRA member?,’ you know, if you are, you just aren’t good enough for us.”
Buffett added: “If you get into which of our companies are pure and which ones aren’t pure, I think it will be very difficult.”
Buffett reminded the audience that he was an outspoken fundraiser and supporter of Democratic presidential candidate Hillary Clinton during the 2016 election.
However, he said, “At the parent company level, we have never made a political contribution.”
Reporting by Jennifer Ablan and Trevor Hunnicutt; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-berkshire-buffett-guns/buffett-defends-doing-business-with-gun-manufacturers-idUSKBN1I60WJ |
May 1 (Reuters) - Rexford Industrial Realty Inc:
* REXFORD INDUSTRIAL ACQUIRES TWO INDUSTRIAL PROPERTIES FOR $21.5 MILLION; SELLS ONE PROPERTY FOR $1.7 MILLION
* REXFORD INDUSTRIAL REALTY INC - ACQUISITIONS WERE FUNDED USING CASH ON HAND, CO’S EXISTING LINE OF CREDIT, REINVESTMENT OF DISPOSITION PROCEEDS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rexford-industrial-acquires-two-in/brief-rexford-industrial-acquires-two-industrial-properties-for-21-5-mln-idUSASC09YJ8 |
May 2 (Reuters) - HT Media Ltd:
* MARCH QUARTER CONSOL NET PROFIT 750.4 MILLION RUPEES VERSUS PROFIT 255.5 MILLION RUPEES YEAR AGO
* MARCH QUARTER CONSOL REVENUE FROM OPERATIONS 5.61 BILLION RUPEES VERSUS 5.85 BILLION RUPEES YEAR AGO
* SAYS RECOMMENDED DIVIDEND 0.40 RUPEES PER EQUITY SHARE * SAYS RAJIV VERMA DECIDED TO STEP DOWN AS CHIEF EXECUTIVE OFFICER
* SAYS CO APPROVED AN INVESTMENT UPTO 100 MILLION RUPEES IN EDITORJI TECHNOLGIES PRIVATE LIMITED
* SAYS RECOMMENDED RE-APPOINTMENT OF SHOBHANA BHARTIA AS MD FOR A FURTHER PERIOD OF 5 YEARS
* SAYS RAJIV VERMA WILL CONTINUE IN HIS CURRENT ROLE TILL SUCCESSOR JOINS Source text - bit.ly/2rcLXvs Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-indias-ht-media-march-qtr-consol-p/brief-indias-ht-media-march-qtr-consol-profit-rises-almost-three-fold-idUSFWN1S90FI |
A Pennsylvania judge said Monday 11 additional members of a Penn State University fraternity will face trial over hazing and alcohol-related charges in the death of a sophomore last year.
Judge Steven Lachman said the state attorney general’s office had presented enough evidence to warrant a total of 35 counts of hazing and more than 30 alcohol-related counts against the 11 defendants. He threw out all reckless-endangerment charges against the Beta Theta Pi members.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/judge-orders-more-penn-state-frat-members-to-stand-trial-in-hazing-death-1525716582 |
PARIS, May 22 (Reuters) - European planemaker Airbus said on Tuesday that the company - along with France, Germany, Spain and the UK - had made some changes regarding loans for the A380 and A350XWB planes to comply with the World Trade Organisation (WTO).
“Airbus and the European member States France, Germany, Spain and the UK have agreed on some amendments to A380 and A350XWB Reimbursable Launch Investment (RLI) loans,” Airbus said in a statement.
“The terms of these amendments – like the terms of the original RLI contracts themselves – remain confidential but they are aligned with current market conditions,” added Airbus.
The move comes after the United States won the right to seek sanctions against European Union goods following a partial victory in its 14-year legal battle against European government support for Airbus at the World Trade Organization. (Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/eu-usa-wto-airbus/airbus-confirms-amendments-to-comply-with-wto-over-subsidies-idUSFWN1ST086 |
5 Things to Watch in the May Jobs Report By @EricMorath May 31, 2018 10:37 am ET
The Labor Department releases its latest view of the job market Friday. Economists surveyed by The Wall Street Journal expect it to show employers added 190,000 jobs in May and the unemployment rate held steady at 3.9%, the lowest level since December 2000. Here are five things to look for in the report. 1. 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Chairman and CEO of Omega Advisors Leon Cooperman believes robotic traders frequently botch fundamental moves in stock valuations.
"The market I grew up with: if you liked a stock at $10, you liked it more at $9 and even more at $8 and you had a to guard against occasionally being in those things that were really going down for very good reasons," Cooperman said on CNBC's " Halftime Report " Tuesday. "The market we're in today, dominated by these machines: they like something at $10, they like it more at $11, like it more at $12."
"So what it really means to me – and I'm telling my team this constantly – you must know your companies better than anybody else so you don't get shaken out, that you maintain your conviction."
Cooperman — renowned on Wall Street for his value investing and fundamental analysis — argued that Facebook's recent, but brief, stock decline amid the Cambridge Analytica scandal was a classic illustration of the misguided trading patterns.
The investor noted that he added to his position in Facebook while the shares slumped earlier this year and said he had an open order to buy more of the social media company's stock at the $180 per share level.
Omega Advisors, which the hedge fund manager founded in 1991, has approximately $3.4 billion in assets under management, according to its website .
"The thing that keeps me coming back to the game every day, for 50 plus years, is in November I owned 5 million shares of Time, Inc. It was actively trading at $10," he explained. "Nine days later, Meredith bought it for $18.50, cash."
"They tell me about efficiency: sure the large-cap stocks are reasonably, efficiently valued, but there are so many things in the market that are not efficiently valued."
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/leon-cooperman-on-how-to-invest-in-a-market-being-overrun-by-robot-traders.html |
Share Buyback Transaction Details May 3 - 7, 2018
May 8, 2018 - Wolters Kluwer today reports that it has repurchased 220,026 of its own ordinary shares in the period from May 3, 2018 up to and including May 7, 2018 for €10.0 million and at an average share price of €45.39.
These share repurchases are part of the three-year share buyback program (2016-2018) originally announced on February 24, 2016. This buyback program includes repurchases made to offset annual incentive share issuance. The cumulative amounts repurchased under this three-year program are now as follows:
Share Buyback Program 2016-2018
Period Cumulative shares repurchased in period Total consideration
(€ million) Average share price
(€) 2018 To Date 4,690,034 200.0 42.64 2017 7,768,288 300.0 38.62 2016 5,826,473 199.7 34.28 Total 18,284,795 699.7 38.27 As stated on February 21, 2018, we intend to execute up to €400 million in share buybacks in 2018, including €200 million to mitigate the EPS dilution related to the sale of Corsearch and certain Swedish assets . In addition, following the completion of the sale of ProVation on March 9, 2018, we also intend to deploy these proceeds of this sale (approximately €150 million) towards additional share repurchases in 2018 and 2019 to mitigate the expected EPS dilution.
The third-party engagement to repurchase €150 million in shares in the period from February 23, 2018 up to and including May 7, 2018 has hereby been fulfilled.
Share repurchases are made within the limits of relevant laws and regulations, in particular Regulation (EU) 596/2014) and Wolters Kluwer's Articles of Association. Repurchased shares are added to and held as Treasury shares and will be used for capital reduction purposes or to meet obligations arising from share-based incentive plans.
Further information is available on our website:
Download the share buyback transactions excel sheet for detailed individual transaction information. Weekly reports on the progress of our share repurchases . Overview of share buyback programs .
About Wolters Kluwer
Wolters Kluwer N.V. (AEX: WKL) is a global leader in information, software solutions, and services for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2017 annual revenues of €4.4 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries, and employs 19,000 people worldwide.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
For more information about our solutions and organization, visit www.wolterskluwer.com , follow us on Twitter , Facebook , LinkedIn , and YouTube .
Media Investors/Analysts Annemarije Dérogée-Pikaar Meg Geldens Corporate Communications Investor Relations t + 31 172 641 470 t + 31 172 641 407 [email protected] [email protected] Forward-looking Statements and Other Important Legal Information
This report contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall" and similar expressions. Wolters Kluwer cautions
that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release contains information which is to be made publicly available under Regulation (EU) 596/2014.
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Source:Wolters Kluwer NV | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-wolters-kluwer-n-v-share-buyback-transaction-details-may-3--7-2018.html |
NEW YORK (Thomson Reuters Foundation) - Children removed from unfit families and put in foster care are terrifyingly vulnerable to being trafficked, a fact that Amy Andrews knows all too well.
She spun in and out of her abusive family home into the child welfare system, starting when she was 10 years old. By 14, she was selling sex on Hollywood’s Sunset Boulevard, working for traffickers who exploited her naivete and need for attention.
“I’m loved, I’m wanted, I’m cared for, I’m given everything I want and no one blames me,” Andrews said of being trafficked. “And I’m being sexually abused, but I can overlook that.
“Nobody wanted me. This set me up to be vulnerable and needy,” she told the Thomson Reuters Foundation.
Hundreds of thousands of U.S. children live in foster care, prey to predator sex traffickers who may find their young victims at bus stops, shopping malls or street corners as well as on social media and online chat rooms.
Often removed from abusive or negligent families, girls and boys in foster care are at high risk, said Dorchen Leidholdt, legal center director at Sanctuary for Families, which advocates for domestic violence and sex trafficking survivors.
“Traffickers go for our most vulnerable, and kids who are or were in foster care are the most vulnerable children in our society,” Leidholdt told the Foundation.
“These predators know all the signs and look for them.”
Traffickers can tell that “you’re the kid who doesn’t have any family,” said Andrews, who now at age 43 works with trafficking survivors.
Having no one they trust makes children in foster care vulnerable, experts say.
“Kids in foster care, they don’t really have parents or certain individuals or a caring safe adult that they can go to or that they can confide in,” said Kristina Fitz, a trafficking survivor who works as a case manager with the Los Angeles area Children’s Law Center.
“They’re the quickest ones to fall into the hands of an exploiter.”
The added threat of online culture dispels the protective notion that children should not talk to strangers, said Lisa Goldblatt Grace, who runs My Life My Choice, an anti-trafficking and exploitation group in Boston.
“They talk about being friended by a friend of a friend of a friend,” she said. “Many still get recruited by face-to-face meetings, but it’s a real mix of the two.”
“YOU’RE DAMAGED” My Life My Choice helps children in foster care and group homes who often have pasts filled with sexual and physical abuse, paying attention to threats posed on social media.
“Exploiters actively look for kids with this kind of trauma history,” Grace said.
“Kids learn that their body is not their own and that if you tell, nobody believes you, and that you’re damaged. Those are the exact same messages that a pimp wants to teach a girl.”
More than 437,000 children in the United States were in foster care at the end of 2016, according to the Los Angeles-based National Foster Youth Institute.
Last year, one in seven children reported missing was likely a victim of sex trafficking and of those, 88 percent were in the care of child welfare when they went missing, according to the National Center for Missing and Exploited Children (NCMEC).
“They are more vulnerable to the manipulation and false promises that traffickers make,” said Staca Shehan, who heads the case analysis division at the Virginia-based organization.
“I don’t think kids in the child welfare system have well developed skills to thwart these efforts.”
The center runs NetSmartz Workshops to educate children about potential online risks, using cartoons and games to teach younger children and using teens sharing firsthand stories to reach older children.
Those in foster care are at particular risk of being trafficked when they “age out” of the system at age 18 or 21, depending on where they live, experts say.
“We have cases of clients who literally were trafficked the day they were kicked out of foster care,” said Andrea Powell of FAIR Girls, an anti-trafficking group in Washington.
She said more than two-thirds of the girls involved with the group are in the foster care system.
SENSE OF BELONGING In the San Francisco, California area as well, about two-thirds of the youth who have been trafficked for sex have had some link to foster care, according to Alia Whitney-Johnson, executive director of Freedom FWD, an anti-trafficking group.
“A lot of them, they want a sense of belonging,” said Jenny Cheung Marino, firm director at the Children’s Law Center of California which works with exploited children in Los Angeles County.
“They’re coming from broken homes, a lack of love, lack of a father figure.
“Traffickers know where to find them, at bus stops, at certain group homes unfortunately,” she told the Foundation.
A key way to minimize the danger is placing more children with their own relatives rather than with strangers in foster homes or group homes, said U.S. Representative Karen Bass, a California Democrat and longtime campaigner for foster care reform.
Placement with relatives can give children that missing sense of belonging or caring, Bass told the Foundation.
“Every youngster that I’ve ever talked to who was trafficked says the same thing - “They didn’t come looking for me. Nobody cared. They didn’t bother to come,’” she said. “And that’s criminal.”
Reporting by Ellen Wulfhorst, Editing by Claire Cozens 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
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trafficking-fostercare/without-family-u-s-children-in-foster-care-easy-prey-for-human-traffickers-idUSKBN1I40OM |
A mutual-fund manager earned nearly $5 million over eight years from a lucrative side gig. He was trustee of his business partner’s private charitable foundation.
Another charitable foundation, set up by a carpet merchant, has millions of dollars in loans outstanding to the man’s carpet company.
A third paid out more to companies owned by... To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/private-charitable-foundations-give-lavish-rewards-to-insiders-1527613467 |
New York liberals are aflutter over their obliviousness to the abusive boyfriend in their midst. State Attorney General Eric Schneiderman resigned last week after allegations he struck several women he dated.
“It hurts the most when it’s one of the ‘good’ ones,” began a commentary in the New York Times.
Of course the problem here is assuming... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-yorks-green-energy-roulette-1526423502 |
Online dating firm Match isn't worried about Facebook encroaching on the business for one key reason — people don't want to mix their online dating life with the friends-and-family-first Facebook, according to Match CEO Mandy Ginsberg.
"The vast majority of singles would not want to use Facebook for dating primarily due to concerns with data and personal privacy," Ginsberg said on the company's first quarter earnings call. "But more importantly they don't want to be contacted by strangers on a social network meant for connections with friends and family."
Facebook announced earlier this month it's prepping a separate dating feature to live inside the core Facebook app. The feature includes an event-based system for pairing that's unique to the space. Shares of Match and its parent company IAC tanked immediately following the news.
show chapters Match Group CEO: Over 30% of relationships start on apps 11:09 AM ET Wed, 14 Feb 2018 | 05:31 Match sank more than 6 percent following the earnings call, after trading nearly 6 percent up premarket. IAC reports earnings later Wednesday.
But Match executives are confident the entrance won't affect their business. Match-owned Tinder connects singles online through a mutual opt-in system. Until last year, the only option for signing onto Tinder and creating a profile was through a Facebook profile.
"Within two months of offering Tinder users an alternative to sign-up with Facebook, new users went from 100 percent Facebook sign-up, down to only 25 percent Facebook sign-up, even though Facebook sign-up with the first option on the screen and the most frictionless," Ginsberg said. "Users quickly and decisively separated Facebook from their dating experience."
Facebook's dating feature will specifically match users they aren't already friends with, and users' separate dating profiles won't be visible to friends on the larger platform. But the social media giant has seen its reputation for privacy tank in recent months, amid widespread reports of data leaks.
"Dating is so personal and we see people gravitate to brands they trust," Ginsberg said.
Facebook declined to comment. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/match-ceo-mandy-ginsberg-people-dont-want-to-mix-dating-and-facebook.html |
WINDSOR, Conn., May 1, 2018 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (NASDAQ: SSNC), a global provider of investment and financial software-enabled services and software, today announced its financial results for
GAAP Results
SS&C reported GAAP revenue of $421.9 million for the first quarter of 2018, up 3.5 percent compared to $407.7 million in the first quarter of 2017. GAAP operating income for the first quarter of 2018 was $86.8 million, or 20.6 percent of GAAP revenue, compared to $89.7 million, or 22.0 percent of GAAP revenue, in 2017's first quarter, representing a 3.2 percent decrease.
GAAP net income for the first quarter of 2018 was $51.3 million, up 6.4 percent compared to $48.1 million in 2017's first quarter. On a fully diluted GAAP basis, earnings per share in the first quarter of 2018 were $0.24 per share, up 4.3 percent compared to $0.23 per share on a fully diluted GAAP basis in the first quarter of 2017.
Adjusted Non-GAAP Results (defined in Notes 1-4 below)
Adjusted revenue was $434.6 million for the first quarter of 2018, up 6.1 percent compared to $409.5 million in the first quarter of 2017. Adjusted operating income for the first quarter of 2018 was $171.9 million, or 39.6 percent of adjusted revenue, compared to $155.4 million, or 38.0 percent of adjusted revenue, in 2017's first quarter, representing a 10.6 percent increase.
Adjusted net income for the first quarter of 2018 was $114.8 million, up 23.6 percent compared to $92.9 million in 2017's first quarter. Adjusted diluted earnings per share in the first quarter of 2018 were $0.53 per share, up 20.5 percent compared to $0.44 per share in the first quarter of 2017.
First Quarter Highlights:
Adjusted net income was $114.8 million for Q1 2018, increasing 23.6 percent from Q1 2017's adjusted net income of $92.9 million. Q1 2018 net cash provided by operating activities was $69.9 million, an increase of 20.8 percent. Adjusted consolidated EBITDA increased 10.5 percent to $178.7 million in Q1 2018. Adjusted consolidated EBITDA margin was 41.1 percent for the quarter, up over 160 basis points from Q1 2017's 39.5 percent adjusted consolidated EBITDA margin. SS&C raised $7.4 billion in cash from debt and $1.4 billion in cash from the sale of our common stock to primarily fund the acquisition of DST Systems, which we closed on April 16, 2018, and refinance existing debt.
"SS&C had a great start to 2018. We announced the acquisition of DST Systems in January and closed on April 16, 2018. We grew adjusted revenue over 6 percent, confirming the strength of our global business" said Bill Stone, Chairman and Chief Executive Officer. "We are delighted with our results, which we accomplished alongside the announcement, financing, and ultimately closing of our largest acquisition to date."
Operating Cash Flow
SS&C generated net cash from operating activities of $69.9 million for the three months ended March 31, 2018, compared to $57.9 million for the same period in 2017, representing a 20.8 percent increase. SS&C ended the first quarter with $74.1 million in cash and cash equivalents and $2,030.9 million in gross debt, for a net debt balance of $1,956.8 million. SS&C's consolidated net leverage ratio as defined in our credit agreement stood at 2.74 times consolidated EBITDA as of March 31, 2018.
Guidance
Q2 2018
FY 2018
Adjusted Revenue ($M)
$895.0 – $915.0
$3,344.0 – $3,404.0
Adjusted Net Income ($M)
$131.6 – $140.8
$546.7 – $575.3
Cash from Operating Activities ($M)
–
–
Capital Expenditures (% of revenue)
–
–
Diluted Shares (M)
249.4 – 248.6
243.5 – 243.0
Effective Income Tax Rate (%)
25%
25%
SS&C does not provide reconciliations of guidance for Adjusted Revenues and Adjusted Net Income to comparable GAAP measures, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. SS&C is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include acquisition transactions and integration, foreign exchange rate changes, as well as other non-cash and other adjustments as defined under the Company's Credit agreement, that are difficult to predict in advance in order to include in a GAAP estimate.
Non-GAAP Financial Measures
Adjusted revenue, adjusted operating income, adjusted consolidated EBITDA, adjusted net income and adjusted diluted earnings per share are non-GAAP measures. See the accompanying notes to the attached Condensed Consolidated Financial Information for the reconciliations and definitions for each of these non-GAAP measures and the reasons our management believes these measures provide useful information to investors regarding our financial condition and results of operations.
Earnings Call and Press Release
SS&C's Q1 2018 earnings call will take place at 5:00 p.m. eastern time today, May 1, 2018. The call will discuss Q1 2018 results and our guidance and business outlook. Interested parties may dial 844-343-4183 (US and Canada) or 647-689-5128 (International), and request the "SS&C Technologies First Quarter 2018 Conference Call"; conference ID #8777697. A replay will be available after 8:00 p.m. eastern time on May 1, 2018, until midnight on May 8, 2018. The replay dial-in number is 800-585-8367 or 416-621-4642; access code #8777697. The call will also be available for replay on SS&C's website after May 1, 2018; access: http://investor.ssctech.com/results.cfm .
Certain information contained in this press release relating to, among other things, the Company's financial guidance for the second quarter and full year of 2018 constitute for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, performance, underlying assumptions, and other statements that are other than statements of historical facts. Without limiting the foregoing, the words "believes", "anticipates", "plans", "expects", "estimates", "projects", "forecasts", "may", "assume", "anticipates", "intend", "will", "continue", "opportunity", "predict", "potential", "future", "guarantee", "likely", "target", "indicate", "would", "could" and "should" and similar expressions are intended to identify , although not all are accompanied by such words. Such statements reflect management's best judgment based on factors currently known but are subject to risks and uncertainties, which could cause actual results to those anticipated. Such risks and uncertainties include, but are not limited to, the state of the economy and the financial services industry and other industries in which the Company's clients operate, the Company's ability to realize anticipated benefits from its acquisitions, including DST Systems, the effect of the customer consolidation on demand for the Company's products and services, the increasing focus of the Company's business on the hedge fund industry, the variability of revenue as a result of activity in the securities markets, the ability to retain and attract clients, fluctuations in customer demand for the Company's products and services, the intensity of competition with respect to the Company's products and services, the exposure to litigation and other claims, terrorist activities and other catastrophic events, disruptions, attacks or failures affecting the Company's software-enabled services, risks associated with the Company's foreign operations, privacy concerns relating to the collection and storage of person information, evolving regulations and increased scrutiny from regulators, the Company's ability to protect intellectual property assets and litigation regarding intellectual property rights, delays in product development, investment decisions concerning cash balances, regulatory and tax risks, risks associated with the Company's joint ventures, changes in accounting standards, risks related to the Company's substantial indebtedness, the market price of the Company's stock prevailing from time to time, and the risks discussed in the "Risk Factors" section of the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, which are on file with the Securities and Exchange Commission and can also be accessed on our website. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by applicable securities laws, we undertake no obligation to update or revise any .
About SS&C Technologies
SS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 13,000 financial services and healthcare organizations, from the world's largest institutions to local firms, manage and account for their investments using SS&C's products and services.
Follow SS&C on Twitter, Linkedin and Facebook.
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SOURCE SS&C | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-ssc-technologies-reports-first-quarter-2018-earnings.html |
April 30 (Reuters) - PINAR SUT MAMULLERI SANAYI:
* REPORTED ON FRIDAY Q1 REVENUE 364.1 MILLION LIRA VS 289.8 MILLION LIRA YEAR AGO
* Q1 NET PROFIT 21.8 MILLION LIRA VS 23.9 MILLION LIRA YEAR AGO
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70KW |
May 24, 2018 / 11:40 AM / Updated 2 minutes ago Ricciardo smashes Monaco lap record in practice Alan Baldwin 4 Min Read
MONACO (Reuters) - Daniel Ricciardo lapped Monaco’s metal-fenced streets in record time on Thursday as Red Bull dominated practice for Formula One’s most glamorous grand prix. Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 24, 2018 Red Bull's Daniel Ricciardo during practice REUTERS/Benoit Tessier
The 28-year-old Australian set track records in both sessions, first with a one minute 12.126 lap before lunch and then by obliterating that mark in the afternoon with a scorching 1:11.841.
That compared to Kimi Raikkonen’s 2017 pole position of 1:12.178 for Ferrari, the previous fastest around the Mediterranean principality’s unforgiving streets and harbourside.
Dutch team mate Max Verstappen was second quickest in both sessions as Red Bull lived up to expectations that they would be the team to beat on a tight and twisty circuit where aerodynamics matter more than engine power.
“Having the (new) hypersoft tyre gives us that little bit more grip and it’s pretty cool to be breaking lap records,” said Ricciardo. “I’m glad that was the fastest lap that anyone has ever done as it felt so quick.
“I think on Saturday we will go even quicker again.”
Verstappen, 20, was summoned to see the stewards after reversing onto the track in the opening session when he ran off at the first Sainte Devote corner, but they decided to take no further action.
Championship leader Lewis Hamilton and closest title rival Sebastian Vettel were third and fourth respectively in the morning before reversing those positions in the afternoon. Related Coverage
Vettel’s best time of 1:12.413 after lunch compared to Hamilton’s 1:12.480 in the earlier practice, but he was still more than half a second slower than Ricciardo.
Hamilton leads Vettel, last year’s winner in Monaco, by 17 points after five races.
“The car felt good in some places, in others it felt bad,” said Hamilton. “So we have got some things to work on, but we’re not completely in the dark; we’re in a much better place than we were last year.
“We’re closer to Red Bull and Ferrari than I expected, but we’re still a few tenths off. So we’ve got some ground to cover and pick up if we want to be in the fight for the win.”
Hamilton finished only seventh last year with Ferrari dominant. Motoracing - Formula One F1 - Monaco Grand Prix - Circuit de Monaco, Monte Carlo, Monaco - May 24, 2018 Red Bull's Daniel Ricciardo with pit crew during practice REUTERS/Benoit Tessier HYPERSOFT TYRES
Drivers had predicted before the session started that lap records would tumble thanks to the hypersoft tyres, which are making their competitive debut this weekend, and track resurfacing.
Ricciardo was third in Monaco last year, after taking pole and finishing second in 2016, and is aiming to take the final step on Sunday.
“The intention this weekend is to try and win and be dominant,” he said.
“Both cars today ran really well in the sessions and Max and I were fighting for the top spot all day. I think come qualifying the others will turn it up... but all we could do today was try and top the times, which is what we have done.”
Raikkonen was fifth fastest in both sessions while Valtteri Bottas was seventh and then sixth for Mercedes. Mexican Sergio Perez, who holds the race lap record of 1:14.820, was eighth for Force India in the morning.
McLaren’s Fernando Alonso, who missed last year’s race to compete in the Indianapolis 500 instead, had a difficult opening session with his car suffering problems with its brake-by-wire system.
The double world champion had a better afternoon and finished ninth fastest.
Russian rookie Sergey Sirotkin hit the wall in his Williams in the morning, limping back with a puncture, but went out again and was 10th fastest. He then dropped back to 15th in second practice.
Father and son world champions Nico and Keke Rosberg, both retired, entertained the crowd between the sessions by lapping the circuit in their title-winning cars. Reporting by Alan Baldwin; editing by Jason Neely/Christian Radnedge/Ken Ferris | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-monaco/ricciardo-leads-red-bull-one-two-in-monaco-practice-idUKKCN1IP1QZ |
May 11, 2018 / 2:42 PM / Updated 8 minutes ago Rain fails to dampen Irish enthusiasm for test cricket Padraic Halpin 3 Min Read
DUBLIN (Reuters) - It was hardly surprising to hear the words “rain stopped play” echo around Malahide Cricket Club when test cricket came to Ireland for the first time on Friday. Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 11, 2018 A fan shelters from the rain REUTERS/Clodagh Kilcoyne
Yet the grey skies around Dublin did not dampen the enthusiasm of the fans in green, many of whom had waited decades for the day Ireland might at last be granted the opportunity to play in the five-day format so steeped in tradition.
“I played cricket way back in the ‘50s and as a child, of course, you dreamed of playing the international stuff,” said Barry Ramsey, 76, who travelled from the north-west county of Donegal with his son, Barclay, to see the landmark match against Pakistan.
“Now to be at this stage, even though it’s a long time since I played, is absolutely phenomenal.”
Despite a World Cup win against Pakistan in 2007, an even more celebrated one over England in 2011 and their elevation to full test match status last year, Ireland has always seen cricket very much as a minority game, way behind soccer, rugby and the traditional sports of Gaelic football and hurling. Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 11, 2018 A fan shelters from the rain REUTERS/Clodagh Kilcoyne
Ramsey recalled playing in the cricket street leagues in Donegal, a Gaelic football stronghold, and having to bow his head in team photos for fear the Gaelic Athletic Association, which until 1971 banned members from playing or attending so-called “foreign games”, would forbid him from playing football.
Others were attending their first cricket game, keen to savour the occasion, while teachers brought lines of school children into the temporary stands, which were close to a 6,300 sell-out on the opening day.
Australians John Stewart and Jeremy Jastrzav had flown from Sydney just for the test before returning home next Tuesday. Cricket - Test Match - Ireland vs Pakistan - The Village, Malahide, Ireland - May 11, 2018 A fan shelters from the rain REUTERS/Clodagh Kilcoyne
The pair are members of the Randwick Petersham Cricket Club, an amateur team Ireland played against in a World Cup warm-up three years ago.
“Coming here and watching a test in Ireland is a bit of a unique experience, this is a bit different to the SCG (the world-famous Sydney Cricket Ground) for us. It’s an historic game,” Stewart said.
As the rain fell, those that stuck around sank some late morning pints while others decamped to the local pubs and coffee shops of the coastal suburban town.
“I’m here with a friend who’s flown over from Manchester so we’ll have good company and a bit of craic (fun) anyway,” said Jen Delaney, 45, who left the south-western county of Wexford for London 25 years ago and flew in for the weekend.
“I got into cricket in England, the Ashes is a good gateway drug!” she said.
No longer just constrained to the one-day game however, Ireland’s enthusiastic fans will at least get four more shots at enjoying test cricket for the first time.
“Could I swing Monday or Tuesday? Maybe,” said Barclay Ramsey. “We’d be making nice phone calls into work!” Reporting by Padraic Halpin; Editing by Ian Chadband | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cricket-test-irl-pak-fans/rain-fails-to-dampen-irish-enthusiasm-for-test-cricket-idUKKBN1IC1S6 |
Netflix signs the Obamas: 4 trades 9 Hours Ago The "Fast Money" traders give you 4 trades on Netflix after it was announced that the Obama's signed a deal with the company. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/netflix-signs-the-obamas-4-trades.html |
BRUSSELS (Reuters) - The European Commission has opened an investigation into hot-rolled steel sheet piles imported from China to determine whether they are being dumped in Europe, according to a notice in the EU Official Journal on Thursday.
An employee works inside a steel export factory in Taiyuan, Shanxi province, April 10, 2013. REUTERS/Jon Woo/Files The investigation into a form of steel used in construction was launched following a complaint by EU steelmaker group Eurofer and could bring fresh measures against Chinese steel, increasing tensions between Beijing and Brussels.
The European Union already has 17 sets of anti-dumping and anti-subsidy measures in place on various grades of steel.
Brussels has tended to say sectoral problems are chiefly the result of overcapacity, particularly in China. China’s Commerce Ministry said a global economic downturn was the root cause of difficulties for the steel industry.
“Recklessly adopting trade restrictions will not help to solve the problem,” said Wang Hejun, the head of the ministry’s trade remedy and investigation bureau, adding they would also harm EU steel users.
The Journal said the complaint was lodged on behalf of three manufacturers making all of the product in the EU, later listing them as ArcelorMittal subsidiaries in Luxembourg and Poland and Vitkovice Steel of the Czech Republic.
The complaint says exports from China have increased significantly at prices that are artificially low.
Corrugated sheet piling is a steel segment used in construction, which represents 35 percent of total steel consumption. It is principally used for building foundations or retaining walls.
Reporting by Philip Blenkinsop in Brussels, Tom Daly in Beijing; Editing by Alastair Macdonald and Gareth Jones/Adrian Croft
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/eu-china-steel/eu-opens-new-investigation-into-chinese-steel-imports-idINKCN1IP0ZE |
ST. LOUIS, May 4, 2018 /PRNewswire/ -- Centene Corporation (NYSE: CNC) ("Centene" or the "Company") announced today that it has closed its previously announced registered offering of $2.86 billion in shares of common stock, par value $0.001 per share. This included the 10% overallotment option to purchase additional shares from the Company, which was exercised in full by the underwriters. The offering was made pursuant to a registration statement and a related preliminary prospectus supplement filed by Centene with the Securities and Exchange Commission ("SEC"). The underwriters were led by Barclays, Citigroup, Wells Fargo Securities, Evercore ISI and SunTrust Robinson Humphrey as the book-running managers for the offering.
Centene intends to use the net proceeds of the offering to finance a portion of the cash consideration payable in connection with Centene's previously announced acquisition of the assets of Fidelis Care and to pay related fees and expenses. The acquisition is expected to close on or about July 1, 2018, subject to regulatory approval from the New York Attorney General and certain closing conditions. The closing of this offering is not conditioned on the closing of the acquisition.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering was made by means of a prospectus and the related preliminary prospectus supplement only. Copies of the prospectus, the related preliminary prospectus supplement and the registration statement can be obtained from Barclays Capital Inc., Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-603-5847, [email protected] ; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Tel: 800-831-9146; Wells Fargo Securities, LLC, Attention: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, by telephone at (800) 326-5897 or email to [email protected] ; Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 36th Floor, New York, NY 10055, by telephone at 888-474-0200 or by email at [email protected] ; and SunTrust Robinson Humphrey, Inc., Attention: Prospectus Department, 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, telephone: 404-926-5744, fax: 404-926-5464 or email: [email protected] .
About Centene Corporation
Centene Corporation, a Fortune 100 company, is a diversified, multi-national healthcare enterprise that provides a portfolio of services to government sponsored and commercial healthcare programs, focusing on under-insured and uninsured individuals. Many receive benefits provided under Medicaid, including the State Children's Health Insurance Program (CHIP), as well as Aged, Blind or Disabled (ABD), Foster Care and Long-Term Services and Supports (LTSS), in addition to other state-sponsored programs, Medicare (including the Medicare prescription drug benefit commonly known as "Part D"), dual eligible programs and programs with the U.S. Department of Defense and U.S. Department of Veterans Affairs. Centene also provides healthcare services to groups and individuals delivered through commercial health plans. Centene operates local health plans and offers a range of health insurance solutions. It also contracts with other healthcare and commercial organizations to provide specialty services including behavioral health management, care management software, correctional healthcare services, dental benefits management, commercial programs, home-based primary care services, life and health management, vision benefits management, pharmacy benefits management, specialty pharmacy and telehealth services.
The information provided in this press release contains forward-looking statements that relate to future events, including without limitation, statements regarding the intended use of proceeds from the offering. The Company disclaims any obligation to update this forward-looking information in the future. Readers are cautioned that matters subject to forward-looking statements involve known and unknown risks and uncertainties, including prevailing market conditions, as well as other factors. Certain risk factors that may affect our business operations, financial condition and results of operations are included in our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.
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SOURCE Centene Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-centene-corporation-announces-closing-of-offering-of-common-stock-and-full-exercise-of-option.html |
May 1, 2018 / 12:55 PM / Updated 3 hours ago Pushing to bury Iran deal, Israel insists nobody wants war with Tehran Maayan Lubell , Dan Williams 6 Min Read
JERUSALEM (Reuters) - Israel said on Tuesday it does not seek war with Iran, a day after presenting purported evidence of past Iranian nuclear arms work, but suggested President Donald Trump backed its latest attempt to kill a deal aimed at curbing Iran’s atomic ambitions.
A senior Israeli official said Prime Minister Benjamin Netanyahu had informed Trump on March 5 about alleged evidence seized by Israel in what Netanyahu on Monday presented as a “great intelligence achievement”.
Trump agreed at the meeting that Israel would publish the information before May 12, the date by which he is due to decide whether the United States should quit the nuclear deal with Iran, an arch foe of both countries, the Israeli official said.
Word of the consultations between Trump and Netanyahu serve to underscore perceptions of a coordinated bid by both leaders to bury the international agreement, which Trump has called “horrible” and Netanyahu has termed “terrible.”
In a televised statement on Monday night Netanyahu detailed what he said were Iranian documents that purportedly prove Iran had been developing nuclear arms before the 2015 deal that it signed with the U.S. and world powers.
On Tuesday Netanyahu told CNN that “nobody” sought a conflict with the Islamic Republic, a prospect seen by some as a possible result of the deal’s collapse.
Asked if Israel is prepared to go to war with Tehran, Netanyahu said: “Nobody’s seeking that kind of development. Iran is the one that’s changing the rules in the region.”
But Netanyahu’s presentation said the evidence showed Iran lied going into the deal, a landmark agreement seen by Trump as flawed but by European powers as vital to allaying concerns that Iran could one day develop nuclear bombs.
Tehran, which denies ever pursuing nuclear weapons, dismissed Netanyahu as “the boy who cried wolf,” and called his presentation propaganda.
“We warn the Zionist regime and its allies to stop their plots and dangerous behaviours or they will face Iran’s surprising and firm response,” Iranian Defence Minister Amir Hatami was quoted as saying by Tasnim on Tuesday.
Hatami called Netanyahu’s accusations “baseless”.
International and Israeli experts said Netanyahu had presented no evidence Iran was in breach of the deal. Rather, it appeared the presentation, delivered almost entirely in English, was composed as an Israeli prelude to Trump quitting the accord.
Tzachi Hanegbi, Israeli minister for regional development and a Netanyahu confidant, said the presentation was meant to provide Trump with the grounds to bolt the deal.
“In 12 days a huge drama will unfold. The American president will likely pull out of the deal,” Hanegbi said in an interview to Israeli Army Radio. “What the prime minister did last night, was to give Trump ammunition against the European naiveté and unwillingness regarding Iran.” Israeli Prime minister Benjamin Netanyahu speaks during a news conference at the Ministry of Defence in Tel Aviv, Israel, April 30, 2018. REUTERS/Amir Cohen
Under the deal struck by Iran and six major powers Tehran agreed to limit its nuclear program in return for relief from U.S. and other economic sanctions.
Trump gave Britain, France and Germany a May 12 deadline to fix what he views as the deal’s flaws - its failure to address Iran’s ballistic missile program, the terms by which inspectors visit suspect Iranian sites, and “sunset” clauses under which some of its terms expire - or he will reimpose U.S. sanctions.
The senior Israeli official said Israel knew about the Iranian archive for a year, got hold of it in February and informed Trump about it at a meeting in Washington on March 5. REVIEW
Israel had updated China on its Iran material and by the end of this week was scheduled to host experts from Britain, Germany and France who would inspect it, the senior offiical said.
Most of the purported evidence Netanyahu presented dated to the period before the 2015 accord was signed, although he said Iran had also kept important files on nuclear technology since then, and continued adding to its “nuclear weapons knowledge”.
Although the presentation was live on Israeli television, Netanyahu made clear his audience was abroad, delivering most of his speech in English, before switching to Hebrew.
A 2007 U.S. National Intelligence Estimate judged with “high confidence” that Tehran halted its nuclear weapons program in the fall of 2003. The IAEA later reached a similar judgment.
One Vienna-based diplomat who has dealt with the IAEA for years, when asked what he made of Netanyahu’s speech, said: “Nothing new. Theatrics.”
EU foreign policy chief Federica Mogherini said Netanyahu did not question Iran’s compliance with the deal. She noted the deal was made “exactly because there was no trust between the parties, otherwise we would not have required a nuclear deal to be put in place”.
Hanegbi acknowledged Netanyahu had not shown Iran had violated the agreement: “The Iranians are clean in regard to the nuclear deal because it is a gift given to them by an exhausted, tired, naive world.”
An Israeli official familiar with Netanyahu’s telegenic style - one the Israeli leader has refined over decades in the international arena - said that the two-word headline “Iran Lied” that appeared beside him during the presentation was tailor-made for Trump’s own short, pithy, rhetorical style. Israeli Prime minister Benjamin Netanyahu speaks during a news conference at the Ministry of Defence in Tel Aviv, Israel April 30, 2018. REUTERS/Amir Cohen
Noting Trump’s own use of short epithets, the Israeli official said Trump “responds to pithy messaging, and that is what we were going for with this briefing.” Writing by Maayan Lubell; Additional reporting by Dan Williams in Jerusalem, François Murphy in Vienna, Mark Heinrich in London, Alastair Macdonald in Brussels, Bozorgmehr Sharefedin in London, Editing by William Maclean | ashraq/financial-news-articles | https://in.reuters.com/article/israel-iran/netanyahu-told-trump-about-iran-claims-in-march-senior-official-says-idINKBN1I23MN |
NAIROBI (Reuters) - Ethiopia’s prime minister Abiy Ahmed should fulfill his pledge to expand political freedoms by lifting a state of emergency, said a journalist released in February after six years in jail.
Eskinder Nega was arrested in 2011 and convicted under anti-terrorism laws for articles criticizing what he called politically motivated prosecutions at a time of a broader campaign for democratic freedoms in the country of 100 million.
He was pardoned one day before Prime Minister Hailemariam Desalegn resigned on Feb. 15, saying he wanted to clear the way for reform. The government imposed the emergency the next day, saying it wanted to stem anti-government protests. [L8N1Q54CN]
The choice of Abiy, 41, as premier by the coalition that has ruled Ethiopia since 1991 has raised expectations of greater freedom but Eskinder said he will be judged by his actions.
“He’s saying the right things. He has to walk the talk and he hasn’t. He should have lifted the state of emergency by now,” Nega told Reuters TV in Kenya where he traveled after his release from a prison outside the capital Addis Ababa.
“We were released not because the government wanted to release us but because the people demand it and there was the threat of imminent violence. They had imprisoned us under false charges,” he said.
Speaking of his time in jail, he said: “The aim was not only to imprison you physically, but to break your spirit.” Government officials were not immediately available for comment.
Security forces killed hundreds of people who campaigned for democratic freedoms between 2015 and 2017 and more than 26,000 were arrested over the same period, though most were released having spent a few weeks in detention.
The government has this year released thousands of prisoners including dissidents and journalists in a bid to calm discontent.
Eskinder said he would soon return to Ethiopia to resume his work as a journalist and continue a struggle for democracy.
“Our three decades of experience in Ethiopia in trying to have an independent press have showed us that you can’t have a free press without first having democracy.”
Ethiopia is often accused of using security concerns as a pretext to stifle dissent and media freedoms.
The government’s critics say it has jailed journalists under an anti-terrorism law that says anyone caught publishing information that could incite readers to commit acts of terrorism can be jailed for between 10 to 20 years.
Since being sworn in a month ago, Abiy has met opposition politicians and traveled to parts of the country that were hotbeds of dissent against the previous administration.
“Democracy cannot be realized in the absence of rights, be it civil or economic rights. We all need to have a platform to voice our concerns,” he said in a speech to parliament upon taking office. [L5N1RF0PP]
Writing by Maggie Fick; Editing by Matthew Mpoke Bigg
| ashraq/financial-news-articles | https://www.reuters.com/article/us-press-freedom-ethiopia/ethiopian-state-of-emergency-must-end-says-journalist-freed-from-jail-idUSKBN1I31V3 |
BRIDGEVILLE, Pa., May 25, 2018 (GLOBE NEWSWIRE) -- Universal Stainless & Alloy Products, Inc. (the “Company”) (Nasdaq:USAP) announced today that it has priced an underwritten offering of 1,224,490 shares of common stock at a public offering price of $24.50 per share. The offering will result in gross proceeds of approximately $30.0 million to Universal Stainless. The Company granted the underwriters a 30-day option to purchase up to 183,673 additional shares of common stock at the public offering price, less the underwriting discount. The offering is expected to close on May 30, 2018, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering to repay amounts outstanding under the Company’s senior secured revolving credit facility.
Cowen and Company, LLC is acting as the sole book-running manager for the offering.
The offering of these securities is being made pursuant to an effective shelf registration statement. The offering will be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus may be obtained by sending a request to: Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by telephone at (631) 274-2806 or by accessing the SEC's website, www.sec.gov .
This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Universal Stainless & Alloy Products, Inc.
The Company, established in 1994 and headquartered in Bridgeville, PA, manufactures and markets semi-finished and finished specialty steels, including stainless steel, nickel alloys, tool steel and certain other alloyed steels. The Company's products are used in a variety of industries, including aerospace, power generation, oil and gas, and heavy equipment manufacturing. More information is available at www.univstainless.com .
Forward-Looking Information Safe Harbor
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from forecasted results. Those risks include, among others, the Company’s ability to maintain its relationships with its significant customers and market segments; the Company’s response to competitive factors in its industry that may adversely affect the market for finished products manufactured by the Company or its customers; the Company’s ability to compete successfully with domestic and foreign producers of specialty steel products and products fashioned from alternative materials; the demand for the Company’s products and the prices at which the Company is able to sell its products in the aerospace industry, from which a substantial amount of our sales is derived; the Company’s ability to develop, commercialize, market and sell new applications and new products; the receipt, pricing and timing of future customer orders; the impact of changes in the Company’ product mix on the Company’s profitability; the Company’s ability to maintain the availability of raw materials and operating supplies with acceptable pricing; the availability and pricing of electricity, natural gas and other sources of energy that the Company needs for the manufacturing of its products; risks related to property, plant and equipment, including the Company’s reliance on the continuing operation of critical manufacturing equipment; the Company’s success in timely concluding collective bargaining agreements and avoiding strikes or work stoppages; the Company’s ability to attract and retain key personnel; the Company’s ongoing requirement for continued compliance with laws and regulations, including applicable safety and environmental regulations; the ultimate outcome of the Company’s current and future litigation matters; the Company’s ability to meet its debt service requirements and to comply with applicable financial covenants; risks associated with conducting business with suppliers and customers in foreign countries; risks related to acquisitions that the Company may make; the Company’s ability to protect its information technology infrastructure against service interruptions, data corruption, cyber-based attacks or network security breaches; the impact on the Company’s effective tax rates of changes in tax rules, regulations and interpretations in the United States and other countries where it does business; and the impact of various economic, credit and market risk uncertainties. Many of these factors are not within the Company’s control and involve known and unknown risks and uncertainties that may cause the Company’s actual results in future periods to be materially different from any future performance suggested herein. Any unfavorable change in the foregoing or other factors could have a material adverse effect on the Company’s business, financial condition and results of operations. Further, the Company operates in an industry sector where securities values may be volatile and may be influenced by economic and other factors beyond the Company’s control. Certain of these risks and other risks are described in the Company's filings with the Securities and Exchange Commission (SEC) over the last 12 months, copies of which are available from the SEC or may be obtained upon request from the Company .
CONTACTS: Dennis Oates Christopher T. Scanlon June Filingeri Chairman, VP Finance, CFO President President and CEO and Treasurer Comm-Partners LLC (412) 257-7609 (412) 257-7662 (203) 972-0186
Source:Universal Stainless & Alloy Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/globe-newswire-universal-stainless-announces-pricing-of-common-stock-offering.html |
May 3, 2018 / 8:53 PM / Updated a day ago U.S. SEC orders rapper Jay-Z to testify on clothing brand sale Katanga Johnson 3 Min Read
WASHINGTON (Reuters) - Music mogul and businessman Jay-Z must explain details of the sale of his clothing line to determine whether it violated federal securities laws, the U.S. Securities and Exchange Commission (SEC) said on Thursday. Apr 28, 2018; Oakland, CA, USA; American recording artists Beyonce and Jay-Z leave the court at the end of the Golden State Warriors and New Orleans Pelicans game, in game one of the second round of the 2018 NBA Playoffs at Oracle Arena. Mandatory Credit: Cary Edmondson-USA TODAY Sports
The SEC said it wants to question Jay-Z, originally named Shawn Corey Carter, about the $200 million sale of his Rocawear clothing label in 2007 to the Iconix Brand Group, Inc ( ICON.O ).
“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.
Hours later, a Scandinavian law firm and a financial institution filed a lawsuit against the rapper over fees incurred during the purchase of Tidal, a digital music service he co-owns with his wife Beyonce and two other star singers, Rihanna and Madonna.
The lawsuit claims that Jay-Z’s parent company, S. Carter Enterprises, hired the firms in 2015 to assist in the purchase of the subscription service’s owner, the Swedish company Aspiro AB.
A balance of $598,383.00 is still outstanding after he made a partial payment.
“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, the rapper failed to appear after an initial SEC order. In February, the SEC issued a second subpoena for his 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.
(The story was refiled to correct a typographical error in the headline) Reporting by Katanga Johnson; Editing by Tom Brown and David Gregorio | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sec-jayz/u-s-sec-orders-rapper-jay-zs-to-testify-on-clothing-brand-sale-idUKKBN1I42N7 |
Won't see market rally persisting on trade being a non-issue this year, says strategist 1 Hour Ago Alan Ruskin, Deutsche Bank global head of G10 FX strategy, and Libby Cantrill, Pimco head of public policy, discuss the market impact of the Trump administration's views on trade with China. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/wont-see-market-rally-persisting-on-trade-being-a-non-issue-this-year-says-strategist.html |
May 9 (Reuters) - Independence Holding Co:
* MPANY ANNOUNCES 59% INCREASE IN 2018 FIRST-QUARTER RESULTS
* Q1 REVENUE $88.3 MILLION VERSUS $71.84 MILLION * Q1 EARNINGS PER SHARE $0.46 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-independence-holding-q1-revenue-88/brief-independence-holding-q1-revenue-88-3-mln-vs-71-84-mln-idUSASC0A18M |
May 8, 2018 / 8:32 PM / Updated an hour ago Sports drinks remain popular with U.S. teens Lisa Rapaport 5 Min Read
(Reuters Health) - More than half of U.S. high school students still have sports drinks at least once a week and their ranks are growing, although a new study suggests fewer teens have these sugary, calorie-laden beverages every day.
Sports drinks are aggressively marketed to teens to replenish fluids or electrolytes, a message that many adolescents and their parents mistakenly believe, researchers note in Pediatrics. Doctors recommend water instead for hydration, and warn families to avoid drinks with lots of calories and sugar because of an increased risk of chronic health problems like obesity and diabetes.
For the current study, researchers examined data from nationally representative surveys done in 2010 and 2015 with a total of 27,000 high school participants.
Overall, the proportion of teens who reported having sports drinks at least once in the previous week rose from 56 percent in 2010 to almost 58 percent in 2015, a slight but statistically meaningful difference.
“It is possible that this may be because sugar-sweetened sodas are less available in schools and teens are turning to sports drinks instead,” said senior study author Dr. Andrew Adesman of the Steven & Alexandra Cohen Children’s Medical Center of New York and Northwell Health.
“The increase in weekly consumption may also be a result of the aggressive advertising and marketing campaigns that are often focused on teens,” Adesman said by email.
Over the same period, the proportion of teens drinking sports drinks daily declined from slightly more than 16 percent to almost 14 percent, the study also found.
“To the extent that daily consumption is a greater concern with respect to the total amount of unnecessary calories, the downward trend is encouraging and it may be because teens and their parents are increasingly recognizing that the typical teen who is physically active or athletically engaged does not need to rehydrate with sports drinks,” Adesman added.
Daily sports drink consumption didn’t decline, however, for obese teens, and it increased among adolescents who spent more than two hours a day watching television, the researchers found.
The study wasn’t a controlled experiment designed to prove whether or how any shifts in advertising or attitudes about sports drinks might have influenced teens.
“I do think that the marketing of these drinks as part of a lifestyle that is not just active - but includes extreme fitness and excellence in sports - influences teens,” said Jennifer Emond, a researcher at the Geisel School of Medicine at Dartmouth College in Lebanon, New Hampshire, who wasn’t involved in the study.
“It comes across as an aspirational product,” Emond said by email.
Beyond the lure of advertising, sports drinks are also becoming more popular in part because other options popular with teens are becoming scarce in schools, said Dr. Megan Pesch, a researcher at the University of Michigan’s C.S. Mott Children’s Hospital in Ann Arbor.
“During the last decade there has been an increase in bans on sugar sweetened beverages (SSBs) sold in schools,” Pesch, who wasn’t involved in the study, said by email.
“Even though sports drinks are in fact SSBs similar to juice and soda, as they contain added sugars, they have not typically been included in these bans,” Pesch added. “This increase in the rate of sports drink consumption by teens nationally indicates that they may be replacing one type of SSB for another.”
Still, parents can teach children and teens what’s healthy to drink, said Marie Bragg, a researcher at New York University School of Medicine who wasn’t involved in the study.
“Parents can help kids drink smart by teaching them to take a look at nutrition labels or compare the amount of sugar in soda and sports drinks (hint: they both have a lot!),” Bragg said by email. “Parents can also make a statement with their wallets by purchasing no-calorie beverages for their kids and encouraging tap water consumption.”
SOURCE: bit.ly/2wla93J Pediatrics, online May 7, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-teens-sports-drinks/sports-drinks-remain-popular-with-u-s-teens-idUKKBN1I934F |
(Adds Quote: and background)
BEIRUT, May 9 (Reuters) - Iran cannot be militarily threatened by any foreign power, its defence minister said on Wednesday, according to the Islamic Republic News Agency, a day after the United States pulled out of the 2015 international nuclear deal with Iran.
“Today, with attention to the defensive power of our country, we’re in a situation that Islamic Iran cannot be militarily threatened by any foreign power,” Amir Hatami said.
Hatami pointed to Iran’s military role combating “takfiri” fighters in Iraq and Syria as a recent achievement of the Islamic Republic’s armed forces. Officials in predominantly Shi’ite Muslim Iran often refer to Sunni Muslim radicals as “takfiris”.
Hatami said Iran would continue to develop its missile programme. U.S. president Donald Trump cited the lack of any provisions in the Iran nuclear deal to rein in the Islamic Republic’s missile development as one of the reasons why he decided to pull out of the deal.
“We will increase our defensive strength day by day and we will upgrade our missile strength per our schedule to blind the eye of those who wish ill for these people,” Hatami said, according to Fars News. (Reporting By Babak Dehghanpisheh Editing by Jon Boyle)
| ashraq/financial-news-articles | https://www.reuters.com/article/iran-nuclear-hatami/update-1-iran-cant-be-threatened-militarily-defence-minister-idUSL8N1SG6YP |
May 3, 2018 / 6:33 AM / Updated 7 hours ago U.N. chief warns against scrapping Iran nuclear deal Reuters Staff 2 Min Read
LONDON (Reuters) - United Nations Secretary-General Antonio Guterres warned on Thursday against scrapping an international deal on Iran’s nuclear programme unless there was a good alternative in place. FILE PHOTO - United Nations Secretary General Antonio Guterres addresses a High-Level Meeting on Peacebuilding and Sustaining Peace at United Nations headquarters in New York City, New York, U.S., April 24, 2018. REUTERS/Mike Segar
U.S. President Donald Trump has been threatening to pull out of the agreement, leading to diplomatic tensions with Iran as well as with U.S. allies keen to preserve the agreement.
“If one day there is a better agreement to replace it it’s fine, but we should not scrap it unless we have a good alternative,” Guterres said in an interview with BBC Radio 4.
“I believe the JCPOA (the Iran nuclear deal) was an important diplomatic victory and I think it will be important to preserve it but I also believe there are areas in which it will be very important to have a meaningful dialogue because I see the region in a very dangerous position,” he said.
“I understand the concerns of some countries in relation to the Iranian influence in other countries of the region. So I think we should separate things.” Reporting by Estelle Shirbon; editing by Guy Faulconbridge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-iran-nuclear-un/u-n-chief-warns-against-scrapping-iran-nuclear-deal-idUKKBN1I40HP |
Whoever is holding the winning ticket for Powerball's jackpot is likely discovering that picking the right numbers was the easy part.
Sold in New Jersey, a single ticket snagged the $315.3 million grand prize in the game's Saturday night drawing. That amount is reduced to $183.2 million if the winner ( or winners ) chooses a lump sum instead of spreading it out over several decades.
Whoever gets that windfall will discover that handling sudden wealth can be overwhelming. It's not as simple as taking the check and going on with your life.
Photo by Justin Sullivan | Getty Images First up, say experts, is trying to protect your identity. However, the ticket was purchased in New Jersey, a state that does not allow lottery winners to claim their prize anonymously.
While the winner could claim the cash via a trust, New Jersey lottery officials can release the person's name and hometown according to state laws, said Jason Kurland, an attorney with Certilman Balin Adler & Hyman, a law firm in East Meadow, New York.
Only a handful of states let winners remain anonymous when they collect their prize.
Top 10 Powerball jackpots Amount Date won Where winning tickets were purchased $1.586 Billion Jan. 13, 2016 California, Florida, Tennessee $758.7 Million Aug. 23, 2017 Massachusetts $590.5 Million May 18, 2013 Florida $587.5 Million Nov. 28, 201 Arizona, Missouri $564.1 Million Feb. 11, 2015 North Carolina, Puerto Rico, Texas $559.7 Million Jan. 6, 2018 New Hampshire $487.0 Million July 30, 2016 New Hampshire $456.7 Million March 17, 2018 Pennsylvania $448.4 Million Aug. 7, 2013 Minnesota, New Jersey, New Jersey $447.8 Million June 10, 2017 California While anonymity is impossible in this case, the winner should assemble a team of professionals who are experienced in helping lottery winners. That includes an attorney — this should be the first call — an accountant and a financial advisor. These experts should be chosen carefully.
Here are some other tips for winners.
Keep the ticket close The general advice is to sign the winning ticket and make several copies. The idea is that if you somehow are separated from the ticket, your signature should help ensure you get the prize.
However, a recent lawsuit in New Hampshire shows the importance of knowing your state laws before you do much of anything.
In that court case, a woman known only as Jane Doe sued to keep her identity private after winning the $559.7 million Powerball drawing on Jan. 6. She had signed the back of her ticket, only to discover that her signature meant she could not opt to claim her winnings anonymously.
show chapters This is what you do if you win the lottery 3:18 PM ET Fri, 23 March 2018 | 01:18 While the judge ultimately ruled that her right to privacy was more important than the public's right to know her name — she was allowed to collect the money via a trust — the situation illustrates the importance of knowing your options.
Take a deep breath Typically, lottery winners have several months to claim their prize. This gives you time to assemble a team of advisors.
When you suddenly become so wealthy, protecting your assets will become a priority. Make sure you choose your team carefully.
Consider vulnerability Whether you remain anonymous or not, actually spending the money could reveal your new-found wealth. Experts say that having this cash makes you more vulnerable to lawsuits.
"If someone gets in a car accident with you or falls in your home and they think you have deep pockets, they might try taking legal action against you," said Annmarie Camp, an executive vice president at Chubb Personal Risk Services.
show chapters How to avoid lottery scams 10:30 AM ET Sun, 8 Oct 2017 | 01:15 "Even if you're in an accident, and a high-end luxury vehicle comes to pick you up, the other person might say, 'Hmm, maybe my neck does hurt,'" Camp said. "That is absolutely a reality."
Consult with an insurance agent who can offer protection against such potential claims, and make sure there are no gaps in your coverage.
Decide how to take your winnings Figure out whether to take the lump sum or 30 allotments over 29 years. This decision is often made based on your tax situation. This is when relying on the advice of pros (and not family or friends) makes sense.
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Consider the big picture Before spending a dime, think about what this sudden wealth means — not only financially, but emotionally.
Give yourself time to process the magnitude of your win. This is often when winners begin to think about their legacy and what societal contributions they want to make. Some even set up their own charitable organizations. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/the-315-million-powerball-winner-should-avoid-making-these-basic-mistakes.html |
May 25, 2018 / 7:04 PM / Updated 17 minutes ago Five keys to the Champions League final Simon Evans 5 Min Read
KIEV (Reuters) - Real Madrid face Liverpool in the Champions League final in Kiev. Below are five key tactical factors that could affect the outcome of Saturday’s match. FILE PHOTO: Soccer Football - Champions League Quarter Final Second Leg - Manchester City vs Liverpool - Etihad Stadium, Manchester, Britain - April 10, 2018 Liverpool's Mohamed Salah celebrates scoring their first goal with Virgil van Dijk REUTERS/Andrew Yates/File Photo
Can Real handle Liverpool out wide?
Liverpool’s attacking threat hinges largely on their ability to attack in pairs down the flanks with speed and directness that several teams have found impossible to handle this season.
In the knockout phase of this year’s Champions League, Liverpool have put five goals past both Porto and AS Roma in single legs while their three goals in 19 first-half minutes in the quarter-final, first leg against Manchester City effectively decided that tie.
On the left, Andy Robertson powers forward from fullback to give support to the lightning quick Sadio Mane, meaning it could be a busy night for Real right back Dani Carvajal.
On the Liverpool right, Trent Alexander-Arnold can quickly provide a double-threat with the prolific Mohamed Salah.
What makes that pairing particularly dangerous to the Spanish side is that Real’s left back, Brazilian Marcelo, is brilliant going forward but often absent from defensive duties.
While Juergen Klopp will hope his team’s ability down the wings will create scoring opportunities, it could also have the valuable side-effect of restricting the forward forays of Carvajal and Marcelo, who are so important for Zinedine Zidane’s formation in providing width to Real’s attacks.
The reverse also applies of course — if Real’s wide-men can be effective that could pin back Alexander-Arnold and Robertson and leave Salah and Mane more isolated.
So often games are decided in midfield – this one could well be decided on the wings.
- - - -
Is Liverpool’s defence capable of neutralising Ronaldo?
Much has been written and spoken about the improvement in Liverpool’s previously frail central defence since the arrival in January of Dutchman Virgil van Dijk, who has formed an impressively solid pairing with Croatian Dejan Lovren.
There is no doubt that the days of hesitation and confusion at the heart of Klopp’s back four have gone but will Van Dijk and Lovren be able to keep out the well-established and highly effective strike pairing of Karim Benzema and Cristiano Ronaldo?
The pair make up for a lack of devastating pace with a great understanding and a very effective use of space.
There has been some talk in the Spanish media of Zidane opting for Gareth Bale ahead of Benzema, but while the Welshman would ask different questions of the Liverpool defence, there are few strike pairings in world football that have as good an understanding with each other as the Portuguese and Frenchman. Soccer Football - Champions League Final - Real Madrid Training - NSC Olympic Stadium, Kiev, Ukraine - May 25, 2018 General view during training REUTERS/Andrew Boyers
This final will be a supreme test of Liverpool’s new-found defensive strength.
- - - -
Will Kroos and Modric be able to control midfield?
While Liverpool may feel they have the edge out wide, Real will be hoping that their evident superior quality in central midfield will prove to be decisive.
Liverpool’s James Milner and Jordan Henderson have won plaudits for their hard-working displays but Real possess two world class creative midfielders in Toni Kroos and Luka Modric, who are capable of dominating possession and providing ammunition for the Spanish side’s attack.
If Zidane’s team can find a way to slow the game down and concentrate the game in the centre of the field they will have gone a long way to nullifying Liverpool’s strengths.
- - - -
How will Real’s defence cope with Liverpool’s pressing
Real’s backline may not be as shaky as some suggest but they are not used to playing against the kind of aggressive pressing that Klopp’s team deliver.
It will be fascinating to see how they cope. A key element in handling Liverpool’s relentless harassment of defenders on the ball is having a good escape route. Holding midfielder Casemiro will have to provide that out-ball and his effectiveness in that duty will be crucial.
- - - -
He who laughs last, laughs loudest
The final 10 minutes are likely to be even more decisive than usual in this final.
Real have a habit of playing modestly and then winning with a late goal — as in their last-gasp win over Juventus in the last eight. Liverpool are sometimes vulnerable late in games after dominating earlier, as they showed in conceding two late goals against AS Roma in the semi-final, second leg.
Don’t think this match is over until referee Milorad Mazic blows the final whistle. Reporting by Simon Evans; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-champions-final-keys/five-keys-to-the-champions-league-final-idUKKCN1IQ2TN |
SHENZHEN, China, May 21, 2018 /PRNewswire/ -- LexinFintech Holdings Ltd. ("Lexin" or the "Company") (NASDAQ: LX), a leading online consumer finance platform for educated young adults in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Operational Highlights:
Total loan originations in the first quarter of 2018 reached RMB14.8 billion, representing an increase of 98.3% from RMB7.5 billion in the first quarter of 2017. Total outstanding principal balance of loans reached RMB21.3 billion as of March 31, 2018, representing an increase of 99.3% from RMB10.7 billion as of March 31, 2017. The weighted average tenor of loans originated on our platform in the first quarter of 2018 was approximately 11.5 months. The effective APR 1 was 23.4% for the first quarter of 2018. The GMV of our e-commerce channel amounted to RMB1.2 billion, representing an increase of 28.0% from RMB0.9 billion in the first quarter of 2017. Customer acquisition cost 2 amounted to RMB108 in the first quarter of 2018, representing a decrease of 25.4% from RMB144 in the first quarter of 2017. Total number of registered users reached 26.4 million as of March 31, 2018, representing an increase of 94.8% from 13.6 million as of March 31, 2017; and users with credit line reached 8.2 million as of March 31, 2018, up by 64.0% from 5.0 million as of March 31, 2017. Number of active customers who used our loan products in the first quarter of 2018 reached 2.6 million, representing an increase of 39.2% from 1.9 million in the first quarter of 2017. Number of new active customers who used our loan products in the first quarter of 2018 was 0.44 million. 90 day+ delinquency ratio 3 were 1.44% as of March 31, 2018.
1 The Effective APR refers to the percentage equal to the annualized actual amount of finance charges, including interest and service fees,
generated from a customer loan, divided by the average outstanding principal balance for the loan.
2 Customer acquisition cost refers to the amount of total costs we incur in connection with acquiring customers divided by the number of
new active customers during a given time period.
3 90 day+ delinquency ratio refers to outstanding principal balance of on- and off-balance sheet loans that were 90 to 179 calendar days
past due as a percentage of the total outstanding principal balance of on- and off-balance sheet loans on our platform as of a specific date.
Loans that are delinquent for 180 days or more are charged off.
First Quarter 2018 Financial Highlights:
Total operating revenue reached RMB1.6 billion. Financial services income reached RMB998 million, representing an increase of 56.7% from the first quarter of 2017. Loan facilitation and servicing fees reached RMB164 million, representing an increase of 204% from the first quarter of 2017. Gross profit reached RMB412 million, representing an increase of 52.2% from the first quarter of 2017. Net income was RMB146 million, representing an increase of 160% from the first quarter of 2017. Non-GAAP EBIT was RMB211 million, an increase of 66.8% from the first quarter of 2017. Adjusted net income was RMB174 million, representing an increase of 88.3% from the first quarter of 2017.
"Our consistent regulatory compliance and our investment in financial technology have enabled us to strengthen our competitive advantages and fuel our growth," said Mr. Jay Wenjie Xiao, Lexin's chairman and chief executive officer. "Nearly a third of Lexin's operating expenses went into financial technology research and development in the past year, which resulted in higher operating efficiency and greater profitability as we scale up our business."
"Our technology capabilities, including our Hawkeye risk-management engine and Wormhole fund-matching system, have helped us to gain the trust of additional partners. We believe that our cooperation with various financial institutions will create even more value and contribute to Lexin's continued growth in the future," continued Mr. Xiao.
"We saw continued growth in our business in the first quarter," said Mr. Craig Yan Zeng, Lexin's chief financial officer. "In the first quarter of 2018 Lexin's gross profit reached RMB412 million and non-GAAP EBIT reached RMB211 million, representing an increase of 52.2% and 66.8% from the same period in 2017. Our adjusted net income also increased by 88.3% to RMB174 million."
"Our strong profit growth reflects increasing operating leverage, which is enabling us to scale up our business with higher operating efficiency," continued Mr. Zeng. "We hope to continue this momentum as we continue to invest in our technology."
"As a result of our continuous work on our technology and Hawkeye AI engine, our credit quality continues to be stable and our performance continues to be strong," said Mr. Ryan Huanian Liu, Lexin's chief risk officer. "Our M6+ charge-off rate 4 continues to be approximately 2.0%. At the end of the first quarter of 2018, our 90 day+ delinquency rate was 1.44%."
4 "M6+ charge-off rate" refers to, with respect to on- and off-balance sheet loans originated during a specified time period, which we
refer to as a vintage, the total outstanding principal balance of the loans that become over six months delinquent during a specified period,
divided by the total initial principal of the loans originated in such vintage.
First Quarter 2018 Financial Results:
Operating revenue increased from RMB1.2 billion in the first quarter of 2017 to RMB1.6 billion in the first quarter of 2018. This increase was primarily due to the substantial increase in financial services income.
Financial services income increased by 56.7% from RMB637 million in the first quarter of 2017 to RMB998 million in the first quarter of 2018. This increase was primarily due to an increase in the outstanding principal balance of on-balance sheet loans, which was in turn driven by increases in the number of active customers and the average outstanding principal balance of loans per customer.
Loan facilitation and servicing fees increased by 204% from RMB54.1 million in the first quarter of 2017 to RMB164 million in the first quarter of 2018. This increase was primarily due to the significant increase in off-balance sheet loans.
Funding cost increased by 46.1% from RMB176 million in the first quarter of 2017 to RMB257 million in the first quarter of 2018. This increase was primarily due to an increase in our funding debts to fund on-balance sheet loans originated on our platform.
Processing and servicing cost increased by 49.4% from RMB44.1 million in the first quarter of 2017 to RMB65.9 million in the first quarter of 2018. This increase was primarily due to an increase in fees to third-party payment platforms and an increase in salaries and personnel related costs.
Provision for credit losses increased by 135% from RMB122 million in the first quarter of 2017 to RMB287 million in the first quarter of 2018. This increase was primarily due to the increase in the average outstanding principal balance of on-balance sheet loans. In addition, as we had continued to improve our credit assessment and risk management capabilities as well as to enhance our collection efforts, we gradually expanded our customer base to improve our profit, while maintaining credit risks at a reasonable level.
Gross profit increased by 52.2% from RMB271 million in the first quarter of 2017 to RMB412 million in the first quarter of 2018.
Sales and marketing expenses increased by 17.5% from RMB86.4 million in the first quarter of 2017 to RMB102 million in the first quarter of 2018. This increase was primarily due to an increase in payroll expenses and an increase in online promotional fees and advertising costs.
Research and development expenses increased by 54.0% from RMB44.2 million in the first quarter of 2017 to RMB68.1 million in the first quarter of 2018. This increase was primarily due to an increase in payroll and related expenses, an increase in share-based compensation expenses allocated to research and development expenses, and an increase in rental and depreciation expenses allocated to research and development expenses.
General and administrative expenses increased by 36.6% from RMB42.9 million in the first quarter of 2017 to RMB58.6 million in the first quarter of 2018. This increase was primarily due to an increase in share-based compensation expenses allocated to general and administrative expenses and an increase in payroll expenses. In addition, we incurred an increase in professional service fees and rental expenses.
Income tax expense for the first quarter of 2018 was RMB33.4 million, compared to income tax expense of RMB33.5 million in the first quarter of 2017. The decrease of the annualized effective tax rate for the first quarter of 2018 was primarily due to the change of our cost structure and lower enacted tax rate for certain qualified entities. The Company's subsidiaries completed 2017 annual tax filings with relevant tax authorities in May 2018, which may result in a favorable change of tax positions in recognizing deferred tax assets.
Net income for the first quarter of 2018 was RMB146 million, representing an increase of 160% compared to RMB56.3 million in the first quarter of 2017.
Adjusted net income for the first quarter of 2018 was RMB174 million, representing an increase of 88.3% from RMB92.3 million in the first quarter of 2017.
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Outlook
Lexin expects the total loan origination for fiscal year 2018 to be RMB80 billion. This outlook is Lexin's current and preliminary view, which is subject to changes and uncertainties.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern time on May 21, 2018 8:00 PM Beijing/Hong Kong time on May 21, 2018.
Dial-in details for the earnings conference call are as follows:
United States (toll free):
1 845 675 0437 or 1 866 519 4004
International:
65 6713 5090
Hong Kong (toll free):
800 906 601 or 852 3018 6771
China:
400 6208 038 or 800 8190 121
Participants should dial-in at least 5 minutes before the scheduled start time and use the following passcode: 4689247.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at http://ir.lexinfintech.com .
A replay of the conference call will be accessible approximately two hours after the conclusion of the live call until March 27, 2018, by dialing the following telephone numbers:
United States (toll free):
1 855 452 5696 or 1 646 254 3697
International:
61 2 8199 0299
Replay Access Code:
4689247
About LexinFintech Holdings Ltd.
LexinFintech Holdings Ltd. is a leading online consumer finance platform for educated young adults in China. As one of China's leading financial technology companies, Lexin integrates its e-commerce-driven installment finance platform, Fenqile, with advanced risk management technologies, the Company's Dingsheng asset distribution technology platform, and the Company's Juzi Licai online investment platform for individual investors, to create a comprehensive consumer finance ecosystem. The Company utilizes technologies including big data, cloud computing and artificial intelligence to enable the near-instantaneous matching of user funding requests with offers from the Company's more than 30 funding partners, which include commercial banks, consumer finance companies, and other licensed financial institutions.
For more information, please visit http://ir.lexinfintech.com
To follow us on Twitter, please go to: https://twitter.com/LexinFintech
Use of Non-GAAP Financial Measures Statement
In evaluating our business, we consider and use adjusted net income and non-GAAP EBIT, two non-GAAP measures, as supplemental measures to review and assess our operating performance. The presentation of the non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define adjusted net income as net income excluding share-based compensation expenses and interest expense associated with convertible loans, and we define non-GAAP EBIT as net income excluding income tax expense, share-based compensation expenses and interest expense, net.
We present these non-GAAP financial measures because it is used by our management to evaluate our operating performance and formulate business plans. Adjusted net income enables our management to assess our operating results without considering the impact of share-based compensation expenses and interest expense associated with convertible loans. Non-GAAP EBIT, on the other hand, enables our management to assess our operating results without considering the impact of income tax expense, share-based compensation expenses and interest expense, net. We also believe that the use of these non-GAAP financial measures facilitate investors' assessment of our operating performance. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP.
These non-GAAP financial measures have limitations as an analytical tool. One of the key limitations of using adjusted net income and non-GAAP EBIT is that they do not reflect all items of income and expense that affect our operations. Share-based compensation expenses, interest expense associated with convertible loans, income tax expense, and interest expense, net have been and may continue to be incurred in our business and are not reflected in the presentation of adjusted net income and non-GAAP EBIT. Further, these non-GAAP financial measures may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited.
We compensate for these limitations by reconciling the non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.
Exchange Rate Information Statement
This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB6.2726 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Federal Reserve Board on March 30, 2018. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, business outlook and quotations from management in this announcement, contain forward-looking statements. Lexin may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Lexin's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Lexin's goal and strategies; Lexin's expansion plans; Lexin's future business development, financial condition and results of operations; Lexin's expectation regarding demand for, and market acceptance of, its credit and investment management products; Lexin's expectations regarding keeping and strengthening its relationship with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Lexin's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Lexin does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries, please contact:
LexinFintech Holdings Ltd.
IR inquiries:
Tony Hung
Tel: +86 (755) 3637-8888 ext. 6258
E-mail: [email protected]
Media inquiries:
Limin Chen
Tel: +86 (755) 3367-8888 ext. 6993
E-mail: [email protected]
ICR Inc.
Media inquiries:
Edmond Lococo
Tel: +86 (10) 6583-7510
E-mail: [email protected]
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Balance Sheets
(In thousands, except for share and per share data)
As of
December 31,
2017
March 31 ,
2018
RMB
RMB
US$
ASSETS
Current assets
Cash and cash equivalents
1,126,475
613,436
97,796
Restricted cash
561,922
799,950
127,531
Restricted time deposits
6,750
137,774
21,964
Short‑term financing receivables, net
9,857,209
11,811,687
1,883,061
Accrued interest receivable
129,622
168,499
26,863
Prepaid expenses and other current assets
945,258
920,736
146,787
Amounts due from related parties
9,447
1,992
318
Inventories, net
101,653
94,550
15,075
Total current assets
12,738,336
14,548,624
2,319,395
Non‑current assets
Restricted cash
46,889
65,972
10,517
Restricted time deposits
600
-
-
Long‑term financing receivables, net
1,785,045
2,416,099
385,183
Property, equipment and software, net
63,125
71,120
11,338
Long‑term investments
23,485
22,693
3,618
Deferred tax assets
38,841
38,841
6,192
Other assets
33,263
25,047
3,993
Total non‑current assets
1,991,248
2,639,772
420,841
TOTAL ASSETS
14,729,584
17,188,396
2,740,236
LIABILITIES
Current liabilities
Accounts payable
198,177
129,470
20,641
Amounts due to related parties
67,510
62,680
9,993
Short‑term borrowings
168,844
317,647
50,640
Short‑term funding debts
10,525,134
12,879,710
2,053,329
Accrued interest payable
290,446
328,434
52,360
Accrued expenses and other current liabilities
1,611,029
1,297,492
206,851
Total current liabilities
12,861,140
15,015,433
2,393,814
Non‑current liabilities
Long‑term funding debts
166,629
245,836
39,192
Long‑term borrowings
289
-
-
Total non‑current liabilities
166,918
245,836
39,192
TOTAL LIABILITIES
13,028,058
15,261,269
2,433,006
SHAREHOLDERS' EQUITY
Class A Ordinary Shares
142
144
23
Class B Ordinary Shares
68
68
11
Additional paid‑in capital
2,110,957
2,233,391
356,055
Statutory reserves
55,861
55,861
8,906
Accumulated other comprehensive loss
(14,951)
(58,200)
(9,278)
Accumulated deficit
(450,551)
(304,137)
(48,487)
TOTAL SHAREHOLDERS' EQUITY
1,701,526
1,927,127
307,230
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
14,729,584
17,188,396
2,740,236
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except for share and per share data)
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Operating revenue:
Online direct sales
579,179
542,899
86,551
Services and others
2,616
30,094
4,798
Online direct sales and services income
581,795
572,993
91,349
Interest and financial services income
531,709
782,989
124,827
Loan facilitation and servicing fees
54,061
164,377
26,206
Other revenue
51,033
50,302
8,019
Financial services income
636,803
997,668
159,052
Total operating revenue
1,218,598
1,570,661
250,401
Operating cost:
Cost of sales
(605,720)
(548,723)
(87,479)
Funding cost
(175,920)
(257,026)
(40,976)
Processing and servicing cost
(44,134)
(65,934)
(10,511)
Provision for credit losses
(122,084)
(286,791)
(45,721)
Total operating cost
(947,858)
(1,158,474)
(184,687)
Gross profit
270,740
412,187
65,714
Operating expenses:
Sales and marketing expenses
(86,405)
(101,510)
(16,183)
Research and development expenses
(44,209)
(68,093)
(10,856)
General and administrative expenses
(42,943)
(58,641)
(9,349)
Total operating expenses
(173,557)
(228,244)
(36,388)
Interest expense, net
(21,719)
(3,639)
(580)
Change in fair value of financial guarantee derivatives
16,738
(8,075)
(1,287)
Others, net
(2,423)
7,625
1,216
Income before income tax expense
89,779
179,854
28,675
Income tax expense
(33,522)
(33,441)
(5,331)
Net income
56,257
146,413
23,344
Pre-IPO Preferred Shares redemption value accretion
(16,447)
-
-
Income allocation to participating preferred shares
(34,514)
-
-
Net income attributable to ordinary shareholders
5,296
146,413
23,344
Net income per ordinary share
Basic
0.05
0.44
0.07
Diluted
0.04
0.41
0.07
Net income per ADS
Basic
0.88
0.14
Diluted
0.81
0.13
Weighted average number of ordinary shares outstanding
Basic
110,647,199
331,158,139
331,158,139
Diluted
136,184,241
361,428,816
361,428,816
LexinFintech Holdings Ltd.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands, except for share and per share data)
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Net income
56,257
146,413
23,344
Other comprehensive loss
Foreign currency translation adjustments, net of nil tax
(984)
(43,249)
(6,895)
Total comprehensive income
55,273
103,164
16,449
LexinFintech Holdings Ltd.
Unaudited Reconciliations of GAAP and Non-GAAP Results
(In thousands)
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Reconciliation of Adjusted Net Income to Net Income
Net income
56,257
146,413
23,344
Add: Share-based compensation expenses
14,868
27,311
4,354
Interest expense associated with convertible loans
21,142
-
-
Adjusted net income
92,267
173,724
27,698
For the Three Months Ended March 31,
2017
2018
RMB
RMB
US$
Reconciliations of Non-GAAP EBIT to Net Income
Net income
56,257
146,413
23,344
Add: Income tax expense
33,522
33,441
5,331
Share-based compensation expenses
14,868
27,311
4,354
Interest expense, net
21,719
3,639
580
Non-GAAP EBIT
126,366
210,804
33,609
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SOURCE LexinFintech Holdings Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/pr-newswire-lexinfintech-holdings-ltd-reports-first-quarter-2018-unaudited-financial-results.html |
May 23, 2018 / 6:56 PM / Updated 16 minutes ago Trump threatens to cut aid to countries that do not stop MS-13 gang migrants Steve Holland 3 Min Read
BETHPAGE, N.Y. (Reuters) - President Donald Trump warned on Wednesday he was working on a plan to reduce U.S. aid to countries he says are doing nothing to stop MS-13 gang members from crossing into the United States illegally. U.S. president Trump supporters hold placards against MS-13 as New York Police stand guard at the street during a forum about Central American-based Mara Salvatrucha (MS-13) gang organization at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Eduardo Munoz
“We’re looking at our whole aid structure. It’s going to be changed very radically,” Trump told a roundtable discussion about the threat posed by the violent gang.
MS-13, or the Mara Salvatrucha gang, was founded in Los Angeles in the 1980s in part to protect immigrants from El Salvador and has since grown into a sprawling cross-border criminal organization.
Trump has made the fight against the gang a major part of his drive to stem the flow of immigrants illegally entering the United States.
Last week, he called gang members “animals,” drawing scorn from Democrats. On Wednesday, he defended his description. U.S. President Donald Trump speaks during a roundtable on immigration and the gang MS-13 as he sits between Evelyn Rodriguez, whose daughter was killed ny MS-13 gang members and U.S. Rep. Peter King (R-NY) at the Morrelly Homeland Security Center in Bethpage, New York, U.S., May 23, 2018. REUTERS/Kevin Lamarque
“I called them ‘animals’ the other day and I was met with rebuke,” Trump said. “They said: ‘They are people.’ They’re not people. These are animals,” he said.
Trump was joined at the event by Deputy Attorney General Rod Rosenstein, who has drawn criticism from the president for his handling of a federal investigation into Russian interference in the 2016 presidential campaign.
Rosenstein said MS-13 gang members were preying on unaccompanied children who cross into the United States illegally, most of whom must be released from custody. Slideshow (11 Images)
“Some develop gang ties,” Rosenstein said.
Trump praised his homeland security secretary, Kirstjen Nielsen, whom the president has criticized privately for not doing enough in his view to stop illegal immigrants.
“You’re doing a really great job,” Trump told her, adding that her job was “not easy.”
Trump did not give details on his plan to cut funding for countries from which MS-13 gang members originate, but said the penalties would be large. He also did not identify any countries by name.
“We’re going to work out something where every time someone comes in from a certain country, we are going to deduct a rather large sum of money,” he said.
Illegal border crossings fell to record lows with about 15,700 immigrants arrested along the U.S.-Mexico border in April of last year.
But those numbers soon began creeping back up and in recent months have surpassed levels seen during the administration of President Barack Obama. Trump has voiced increasing frustration with the trend as border apprehensions reached more than 50,900 in April 2018.
But longer-term, crossings have fallen sharply. So far in 2018, 212,000 immigrants have been arrested on the southwest border, a fraction of the more than 1 million caught during the same period in 2000. Reporting by Steve Holland; Additional reporting by Reade Levinson; Editing by Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump/trump-mulls-cutting-aid-to-countries-over-illegal-immigration-idUSKCN1IO30Y |
LOS ANGELES, May 07, 2018 (GLOBE NEWSWIRE) -- B. Riley Financial, Inc. (NASDAQ:RILY), a diversified provider of financial and business advisory services, reported results for its first quarter ended March 31, 2018.
First Quarter 2018 Financial Highlights
Total revenues increased to $95.8 million from $52.9 million in Q1 2017 Net income of $4.5 million or $0.17 per diluted share Adjusted EBITDA increased to $16.1 million from $15.0 million in Q1 2017 Adjusted net income of $8.8 million or $0.32 per diluted share Declares special dividend of $0.04 per share in addition to regular quarterly dividend of $0.08 per share Provides Q2 2018 net income in the range of $5.4 million to $10.0 million and adjusted EBITDA guidance in the range of $22 million to $30 million
“Our first quarter performance was driven by strong results in the auction and liquidation business, offset by modest results in our capital markets business. Looking ahead, we believe the robust activity we’re seeing in these episodic business units will be the primary drivers of our second quarter results, in addition to the continued steady performance from our other business segments. While we do not typically provide guidance, we feel it is important to highlight the current strength in our business to our shareholders,” said Bryant Riley, Chairman and CEO, B. Riley Financial. “As we continue to find opportunities across our liquidation, appraisal, brokerage and principal investing platforms, the utilization and continued enhancement of our balance sheet will continue to play a critical role in providing value to our company and shareholders.”
First Quarter 2018 Financial Results
Total revenues for the three months ended March 31, 2018 increased to $95.8 million from $52.9 million for the same year-ago period, primarily driven by an increase in revenues related to services and fees associated with the company’s acquisitions of FBR & Co. and Wunderlich Securities, Inc. in 2017.
Capital Markets Segment: Revenues totaled $60.3 million for the first quarter of 2018 compared to $17.7 million in the same year-ago period. The year-over-year increase is primarily due to revenues generated from services and fees associated with the company’s acquisitions of FBR & Co. and Wunderlich Securities, Inc. in 2017. Revenues for the first quarter of 2018 include $52.8 million generated from services and fees, and $7.6 million generated from interest income by the securities lending business. Segment loss was $0.3 million for the first quarter of 2018 compared to segment income of $6.6 million in the same year-ago period. Auction and Liquidation Segment: Revenues for the first quarter of 2018 increased to $15.5 million from $14.0 million in the same year-ago period. The year-over-year increase was driven by services and fees generated from the completion of a large retail liquidation engagement during the first quarter of 2018. Segment income generated $8.1 million in the first quarter of 2018, which represents a significant increase when compared to $1.8 million in the same year-ago period. Valuation and Appraisal Segment: Revenues increased to $8.5 million for the first quarter of 2018 from $7.8 million in the same year-ago period. Segment income generated totaled $1.9 million for the first quarter of 2018 compared to $2.0 million in the same year-ago period. Principal Investments – United Online Segment: Revenues, primarily driven by services and fees, and partially by the sale of goods, totaled $11.4 million in the first quarter of 2018. This compares to $13.4 million in the same year-ago period. Segment income totaled $4.9 million for the first quarter of 2018 compared to $4.2 million in the same year-ago period.
The company recorded $4.5 million in net income for the first quarter of 2018 or $0.17 per diluted share. This compares to $14.0 million in net income or $0.71 per diluted share in the same year-ago period.
Adjusted net income (excluding the impact of share-based payments, amortization of intangible assets, restructuring costs, transaction costs, tax impact of aforementioned adjustments, and certain tax items) totaled $8.8 million or $0.32 per diluted share for the first quarter of 2018. This compares to $7.7 million in adjusted net income or $0.39 in the same year-ago period. (See “Note Regarding Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP term.)
Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, restructuring costs, transaction costs, and share-based compensation) for the first quarter of 2018 totaled $16.1 million. This compares to $15.0 million in adjusted EBITDA in the same year-ago period. (See “Note Regarding Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP term.)
As of March 31, 2018, the company had $74.3 million in unrestricted cash and cash equivalents, $23.4 million in restricted cash, $47.9 million due from clearing brokers, $131.1 million in net securities and other investments owned (at fair value), and $212.8 million in total debt. Total stockholders’ equity was $271.5 million as of March 31, 2018.
Guidance for Second Quarter 2018
B. Riley Financial is providing guidance estimates for net income in the range of $5.4 million to $10.0 million and adjusted EBITDA to be in the range of $22 million to $30 million for the second quarter of 2018. (See “Note Regarding Use of Non-GAAP Financial Measures” below for further discussion of this non-GAAP term.) These ranges reflect the expected impact of increased activity in the Capital Markets and Auction and Liquidation segments which have the potential to drive larger fee opportunities.
Declaration of Dividend
On May 7, 2018, B. Riley Financial’s board of directors approved a regular quarterly dividend of $0.08 per share and a special dividend of $0.04 per share which will be paid on or about June 5, 2018 to stockholders of record as of May 21, 2018.
Conference Call
B. Riley Financial will host a conference call today Monday, May 7, 2018 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). The company’s Chairman and CEO, Bryant Riley, President, Tom Kelleher, and CFO and COO, Phillip Ahn, will host the conference call followed by a question and answer period.
Please call the conference call number 10 minutes prior to the start time and an operator will register your name and organization.
B. Riley Financial, Inc. Q1 2018 Earnings Call
Date: Monday, May 7, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free: 1-877-451-6152
International: 1-201-389-0879
The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website . A replay of the call will be available after 7:30 p.m. Eastern time on the same day through May 14, 2018.
Replay Dial-In Numbers:
Toll-Free: 1-844-512-2921
International: 1-412-317-6671
Replay Pin: 13679001
About B. Riley Financial, Inc.
B. Riley Financial, Inc. (NASDAQ:RILY), through its subsidiaries, provides collaborative financial services and solutions to the capital raising and financial advisory needs of public and private companies and high net worth individuals. The company operates through several wholly-owned subsidiaries, including B. Riley FBR, Inc. , Wunderlich Securities, Inc. , Great American Group, LLC , B. Riley Capital Management, LLC (which includes B. Riley Asset Management , B. Riley Wealth Management , and Great American Capital Partners, LLC ) and B. Riley Principal Investments , a group that makes proprietary investments in other businesses, such as the acquisition of United Online, Inc.
Forward-Looking Statements
This press release contains within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, statements regarding our expectations, hopes or intentions regarding the future. These forward looking statements can often be identified by their use of words such as "will", "predict", "continue", "forecast", "expect", "believe", "anticipate", "outlook", "could", "target", "project", "intend", "plan", "seek", "estimate", "should", "may" and "assume", as well as variations of such words and similar expressions referring to the future, and may include (without limitation) express or implied statements regarding anticipated second quarter guidance, future financial performance, the effects of our business model, the effects and anticipated benefits of our completed acquisitions of United Online, Inc., FBR & Co., and Wunderlich Securities, Inc., our pending acquisitions and related actions, expectations regarding future transactions and the financial impact, size and consistency of returns and timing thereof, as well as statements regarding the effect of investments in our business segments. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in each such statement. Factors that could cause actual results to differ include (without limitation) risks associated with large engagements in our auction and liquidation segment; our ability to achieve expected cost savings or other benefits with respect to our pending and completed acquisitions, in each case within expected time frames or at all; our ability to consummate anticipated transactions and the expected financial impact thereof, in each case within the expected timeframes or at all; our ability to successfully integrate recent acquisitions; loss of key personnel; our ability to manage growth; the potential loss of financial institution clients; changing economic and market conditions; the timing of completion of significant engagements and those risks described from time to time in B. Riley Financial, Inc.'s filings with the SEC, including, without limitation, the risks described in B. Riley Financial, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2017 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018. These factors should be considered carefully and readers are cautioned not to place undue reliance on such . All information is current as of the date this press release is issued, and B. Riley Financial, Inc. undertakes no duty to update this information.
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including adjusted net income and adjusted EBITDA, may be considered non-GAAP financial measures. B. Riley Financial believes this information is useful to investors because it provides a basis for measuring the company's available capital resources, the operating performance of its business and its cash flow, excluding net interest expense, provisions for or benefit from income taxes, depreciation, amortization, transaction expenses, restructuring costs, and stock-based compensation that would normally be included in the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles ("GAAP"). In addition, the company's management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measures in evaluating the company's operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-financial measures as reported by the company may not be comparable to similarly titled amounts reported by other companies. The non-GAAP measures are described above and are reconciled to the corresponding GAAP measure in the unaudited condensed consolidated financial statements portion of this release under the headings “Adjusted Net Income Reconciliation,” "Adjusted EBITDA Reconciliation" and “Forecasted Adjusted EBITDA Reconciliation.”
Investor Contact
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B. RILEY FINANCIAL, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Dollars in thousands, except par value)
March 31, December 31, 2018 2017 (Unaudited) Assets Assets Cash and cash equivalents $ 74,339 $ 132,823 Restricted cash 23,371 19,711 Due from clearing brokers 47,896 31,479 Securities and other investments owned, at fair value 150,817 145,360 Securities borrowed 861,092 807,089 Accounts receivable, net 25,382 20,015 Due from related parties 6,016 5,689 Advances against customer contracts 7,695 5,208 Prepaid expenses and other assets 39,468 22,605 Property and equipment, net 11,467 11,977 Goodwill 98,771 98,771 Other intangible assets, net 54,788 56,948 Deferred income taxes 29,227 29,229 Total assets $ 1,430,329 $ 1,386,904 Liabilities and Equity Liabilities Accounts payable $ 3,180 $ 2,650 Accrued expenses and other liabilities 57,746 71,685 Deferred revenue 3,519 3,141 Due to related parties and partners 2,378 1,578 Securities sold not yet purchased 19,736 28,291 Securities loaned 854,723 803,371 Mandatorily redeemable noncontrolling interests 4,536 4,478 Notes payable 1,886 2,243 Senior notes payable 210,960 203,621 Total liabilities 1,158,664 1,121,058 Commitments and contingencies B. Riley Financial, Inc. stockholders' equity: Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued — — Common stock, $0.0001 par value; 40,000,000 shares authorized; 26,677,422 2 2 and 26,569,462 issued and outstanding as of March 31, 2018 and December 31, 2017, respectively Additional paid-in capital 261,413 259,980 Retained earnings 10,882 6,582 Accumulated other comprehensive loss (754 ) (534 ) Total B. Riley Financial, Inc. stockholders' equity 271,543 266,030 Noncontrolling interests 122 (184 ) Total equity 271,665 265,846 Total liabilities and equity $ 1,430,329 $ 1,386,904
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (Unaudited) (Dollars in thousands, except share data) Three Months Ended
March 31, 2018
2017
Revenues: Services and fees $ 88,187 $ 52,818 Interest income - Securities lending 7,553 — Sale of goods 38 79 Total revenues 95,778 52,897 Operating expenses: Direct cost of services 11,652 17,601 Cost of goods sold 41 59 Selling, general and administrative expenses 68,098 24,152 Restructuring charge 217 374 Interest expense - Securities lending 5,168 — Total operating expenses 85,176 42,186 Operating income 10,602 10,711 Other income (expense): Interest income 128 132 Loss from equity investments (672 ) — Interest expense (4,227 ) (791 ) Income before income taxes 5,831 10,052 (Provision for) benefit from income taxes (989 ) 3,849 Net income 4,842 13,901 Net income (loss) attributable to noncontrolling interests 339 (120 ) Net income attributable to B. Riley Financial, Inc. $ 4,503 $ 14,021 Basic income per share $ 0.17 $ 0.73 Diluted income per share $ 0.17 $ 0.71 Cash dividends per share $ 0.16 $ 0.26 Weighted average basic shares outstanding 26,219,277 19,181,749 Weighted average diluted shares outstanding 27,271,819 19,626,574
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (Dollars in thousands) Three Months Ended
March 31, 2018
2017
Cash flows from operating activities: Net income $ 4,842 $ 13,901 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 3,337 2,042 Provision for doubtful accounts 305 325 Share-based compensation 2,558 907 Non-cash interest and other 186 15 Effect of foreign currency on operations (48 ) (1,167 ) Loss from equity investments 672 — Deferred income taxes — (9,124 ) Impairment of leaseholds, lease loss accrual and loss on disposal of fixed assets 286 — Income allocated for mandatorily redeemable noncontrolling interests 175 402 Change in operating assets and liabilities: Due from clearing brokers (16,417 ) — Securities and other investments owned (5,457 ) (24,514 ) Securities borrowed (54,003 ) — Accounts receivable and advances against customer contracts (8,078 ) (347 ) Goods held for sale or auction 22 — Prepaid expenses and other assets (16,034 ) 242 Accounts payable, accrued payroll and related expenses, accrued value (10,049 ) (11,127 ) added tax payable and other accrued expenses Amounts due to/from related parties and partners 473 (10,908 ) Securities sold, not yet purchased (8,555 ) 813 Deferred revenue 378 (315 ) Securities loaned 51,352 — Net cash used in operating activities (54,055 ) (38,855 ) Cash flows from investing activities: Purchases of property and equipment (693 ) (191 ) Proceeds from sale of intangible assets — 459 Equity investments (3,575 ) — Net cash (used in) provided by investing activities (4,268 ) 268 Cash flows from financing activities: Repayment of notes payable (357 ) — Payment of contingent consideration — (1,250 ) Proceeds from issuance of senior notes 7,267 — Payment of debt issuance costs (76 ) — Payment of employment taxes on vesting of restricted stock (1,125 ) — Dividends paid (1,779 ) (5,020 ) Distribution to noncontrolling interests (117 ) (571 ) Net cash provided by (used in) financing activities 3,813 (6,841 ) Decrease in cash, cash equivalents and restricted cash (54,510 ) (45,428 ) Effect of foreign currency on cash, cash equivalents and restricted cash (314 ) 2,088 Net decrease in cash, cash equivalents and restricted cash (54,824 ) (43,340 ) Cash, cash equivalents and restricted cash, beginning of year 152,534 115,399 Cash, cash equivalents and restricted cash, end of period $ 97,710 $ 72,059 Supplemental disclosures: Interest paid $ 9,008 $ 1,386 Taxes paid $ 136 $ 71
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Segment Financial Information (Unaudited) (Dollars in thousands) Three Months Ended March 31, 2018
2017
Capital Markets reportable segment: Revenues - Services and fees $ 52,776 $ 17,723 Interest income - Securities lending 7,553 — Total revenues 60,329 17,723 Selling, general, and administrative expenses (53,639 ) (10,969 ) Restructuring costs (255 ) — Interest expense - Securities lending (5,168 ) — Depreciation and amortization (1,564 ) (127 ) Segment (loss) income (297 ) 6,627 Auction and Liquidation reportable segment: Revenues - Services and fees 15,517 13,996 Direct cost of services (4,576 ) (10,334 ) Cost of goods sold (1 ) — Selling, general, and administrative expenses (2,881 ) (1,850 ) Depreciation and amortization (8 ) (5 ) Segment income 8,051 1,807 Valuation and Appraisal reportable segment: Revenues - Services and fees 8,520 7,796 Direct cost of services (4,198 ) (3,672 ) Selling, general, and administrative expenses (2,345 ) (2,080 ) Depreciation and amortization (49 ) (44 ) Segment income 1,928 2,000 Principal Investments - United Online segment: Revenues - Services and fees 11,374 13,303 Revenues - Sale of goods 38 79 Total revenues 11,412 13,382 Direct cost of services (2,878 ) (3,595 ) Cost of goods sold (40 ) (59 ) Selling, general, and administrative expenses (1,958 ) (3,312 ) Depreciation and amortization (1,679 ) (1,840 ) Restructuring costs — (374 ) Segment income 4,857 4,202 Consolidated operating income from reportable segments 14,539 14,636 Corporate and other expenses (including restructuring recovery of $38 (3,937 ) (3,925 ) during the three months ended March 31, 2018) Interest income 128 132 Loss on equity investments (672 ) — Interest expense (4,227 ) (791 ) Income before income taxes 5,831 10,052 (Provision for) benefit from income taxes (989 ) 3,849 Net income 4,842 13,901 Net income (loss) attributable to noncontrolling interests 339 (120 ) Net income attributable to B. Riley Financial, Inc. $ 4,503 $ 14,021
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Adjusted EBITDA Reconciliation (Unaudited) (Dollars in thousands) Three Months Ended March 31, 2018
2017
Net income attributable to B. Riley Financial, Inc. $ 4,503 $ 14,021 Adjustments: Provision for (benefit from) income taxes 989 (3,849 ) Interest expense 4,227 791 Interest income (128 ) (132 ) Share based payments 2,558 907 Depreciation and amortization 3,337 2,042 Restructuring costs 217 374 Transactions related costs 354 886 Total EBITDA adjustments 11,554 1,019 Adjusted EBITDA $ 16,057 $ 15,040
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Adjusted Net Income Reconciliation (Unaudited) (Dollars in thousands, except share data) Three Months Ended March 31, 2018
2017
Net income attributable to B. Riley Financial, Inc. $ 4,503 $ 14,021 Adjustments: Share based payments 2,558 907 Amortization of intangible assets 2,160 1,522 Restructuring costs 217 374 Transactions related costs 354 886 Income tax effect of adjusting entries (952 ) (1,646 ) Tax benefit from tax election to treat acquisition of UOL — (8,389 ) as a taxable business combination Adjusted net income attributable to B. Riley Financial, Inc. $ 8,840 $ 7,675 Adjusted income per common share: Adjusted basic income per share $ 0.34 $ 0.40 Adjusted diluted income per share $ 0.32 $ 0.39 Shares used to calculate adjusted basic net income per share 26,219,277 19,181,749 Shares used to calculate adjusted diluted net income per share 27,271,819 19,626,574
B. RILEY FINANCIAL, INC. AND SUBSIDIARIES Forecasted Adjusted EBITDA Reconciliation (Unaudited) (Dollars in thousands) Three Months Ended June 30, 2018 Low
High
Net income attributable to B. Riley Financial, Inc. (estimate) $ 5,400 $ 10,000 Adjustments (estimate): Provision for income taxes 2,000 3,700 Interest expense 9,000 9,700 Interest income (100) (100) Share based payments 2,500 3,000 Depreciation and amortization 3,200 3,200 Transactions related costs — 500 Total EBITDA adjustments 16,600 20,000 Adjusted EBITDA (estimate) $ 22,000 $ 30,000
Source:B. Riley Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-b-riley-financial-reports-financial-results-for-the-first-quarter-of-2018.html |
May 21 (Reuters) - Alliant Energy Corp:
* ALLIANT ENERGY - ON MAY 18 ENTERED DISTRIBUTION AGREEMENT WITH BARCLAYS CAPITAL, BNY MELLON CAPITAL MARKETS AND J.P. MORGAN SECURITIES
* ALLIANT ENERGY SAYS CO MAY SELL THROUGH ANY AGENT SHARES OF CO'S COMMON STOCK HAVING AN AGGREGATE OFFERING PRICE OF UP TO $175 MILLION - SEC FILING Source text ( bit.ly/2x0sQKj ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alliant-energy-on-may-18-entered-d/brief-alliant-energy-on-may-18-entered-distribution-agreement-with-barclays-capital-bny-mellon-capital-markets-j-p-morgan-securities-idUSFWN1SS0E4 |
May 30, 2018 / 9:49 PM / Updated 23 minutes ago Film producer Harvey Weinstein indicted on rape charges: prosecutor Reuters Staff 2 Min Read
NEW YORK (Reuters) - Movie producer Harvey Weinstein has been indicted on charges of rape and a criminal sexual act, Manhattan District Attorney Cyrus Vance said in a statement on Wednesday. FILE PHOTO: Film producer Harvey Weinstein stands with his lawyer Benjamin Brafman (L) inside Manhattan Criminal Court during his arraignment in Manhattan in New York, U.S., May 25, 2018. Steven Hirsch/Pool via REUTERS
Weinstein’s indictment by a grand jury follows his arrest and court appearance last Friday on charges related to two among the scores of women who have accused him of sexual misconduct, all of which he has denied.
Weinstein’s lawyer, Benjamin Brafman, said at the time the disgraced producer intends to plead not guilty. FILE PHOTO: Film producer Harvey Weinstein arrives at Manhattan Criminal Court in New York, U.S., May 25, 2018. REUTERS/Shannon Stapleton/File Photo
Earlier on Wednesday, Weinstein declined to testify before the grand jury after a judge denied a request by Brafman to postpone the appearance. Brafman had argued Weinstein was denied access to information about the case and lacked preparation time. Film producer Harvey Weinstein (R) stands with his lawyer Benjamin Brafman (L) inside Manhattan Criminal Court during his arraignment in Manhattan in New York, U.S., May 25, 2018. Jefferson Siegel /Pool via REUTERS
The grand jury indictment follows a months-long investigation with the New York Police Department. Police have not identified the two women, but said the crimes took place in 2004 and 2013.
Vance’s statement said Weinstein was charged by the grand jury with rape in the first and third degrees and a criminal sexual act in the first degree. If convicted on the most serious charges, Weinstein could face between five and 25 years in prison.
Weinstein, the 66-year-old co-founder of the Miramax film studio and the Weinstein Co, has been accused of sexual misconduct by more than 70 women, with some of the allegations dating back decades.
He has denied ever having nonconsensual sex.
The accusations, first reported last year by the New York Times and the New Yorker, gave rise to the #MeToo movement, in which hundreds of women have publicly accused powerful men in business, government and entertainment of sexual misconduct. Reporting by Jonathan Stempel in New York; Writing by Eric Kelsey in Los Angeles; editing by Bill Tarrant and Grant McCool | ashraq/financial-news-articles | https://uk.reuters.com/article/us-people-harvey-weinstein/film-producer-harvey-weinstein-indicted-for-rape-manhattan-prosecutor-idUKKCN1IV2UT |
New Jersey has a new visitor, and it's not welcome.
No one is quite sure how the longhorned tick Haemaphysalis longicornis , an invasive bug originally from East Asia arrived in New Jersey and where, exactly, it came from. But what is clear is that this new tick is capable of surviving winters in the state and is now establishing a stable population. That is bad news for both animals and people because this arthropod can bite them and transmit disease.
This is not the first time this species has found its way to new habitats. Over the last century, the tick has colonized Australia and New Zealand, along with other Pacific islands.
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One of the traits that makes this tick such an invasive pest is that it is a parthenogenetic species, which means it does not need males to reproduce. Just one female tick is enough to establish a new clonal population that is genetically identical to its mother. In fact, clonal populations are present in Australia, New Zealand and Asia.
The tick was first discovered feeding on a single sheep in a farm in Hunterdon County, New Jersey, in August 2017. The tick was identified by the Center for Vector Biology at Rutgers University and the Hunterdon County Department of Health, and later confirmed by the National Veterinary Services Laboratory.
Tough survivor Despite treating the sheep and surrounding fields with the pesticide permethrin in late September to contain the infestation, H. longicornis survived the winter and reappeared in the spring. Surveillance efforts by our team confirmed the tick was present in Union County earlier this year, and that the New Jersey population is clonal. This underscores the invasive nature of this new pest and the challenges we face trying to control it.
Similar to deer ticks, the immature larvae and nymphs of the longhorned tick are very small, similar to a poppy and sesame seed respectively, and are easily over looked on both animals and people. In Asia, the longhorned tick feeds preferentially on livestock and wild animals like deer, bear and foxes, among others. Though less frequent, H. longicornis also bites pets such as cats and dogs, as well as people.
Spreading fatal diseases Epidemics of vector-borne pathogens have risen dramatically in recent years , as we have witnessed the introduction of Zika and West Nile viruses in the U.S., Crimean-Congo hemorrhagic fever in Southwestern Europe, and the continuous emergence of Lyme disease throughout the Northeast of the U.S. and central Europe. Ticks are the most important vectors for infectious diseases in the Northern Hemisphere and second worldwide, after mosquitoes. Thus, the introduction of an invasive species in a new habitat is worrying.
In Asia and Australia, the longhorned tick is known to transmit diseases to livestock including protozoans Theileria orientalis and Babesia spp., which cause anemia, lethargy and occasionally abortions. In addition, uninfected longhorned ticks can endanger the animal's health since in large numbers their constant blood-sucking causes anemia, loss of productivity, and occasionally the death of calves.
In addition, H. longicornis has been associated with human pathogens including Anaplasma phagocytophilum , spotted fever Rickettsia , and Borrelia spp . These ticks also carry viruses, including Powassan virus , which has a high fatality rate of up to 10 percent. Of those who survive, 50 percent experience permanent brain injury and SFTS virus (severe fever with thrombocytopenia syndrome ), which causes encephalitis and severe fever with thrombocytopenia, a shortage of blood clotting platelets. Although tick-borne pathogens are generally tick specific, the fact that this tick has been associated with Anaplasma phagocytophilum and Powassan virus, which are present in New Jersey, raises the question of whether they can acquire and transmit these diseases locally.
So far, there are no documented instances of H. longicornis transmitting human pathogens, and there is no evidence so far that they represent a public health risk.
No new controls in sight Although an invasive tick like the longhorned tick should be controlled and eradicated when possible, New Jersey already has a tick problem – and so this newcomer tick is not a cause for more alarm. We have four tick species that often bite humans including the deer tick Ixodes scapularis , the lone star tick Amblyomma americanum , the American dog tick Dermacentor variabilis and the brown dog tick Rhipicephalus sanguineous . They transmit diseases including Lyme disease, human anaplasmosis, human ehrlichiosis, human babesiosis, Rocky Mountain spotted fever and Powassan encephalitis.
Unfortunately, ticks are extremely hard to control and efforts to develop new control methods have always fallen short. The best way to protect ourselves is by using tick repellents and checking ourselves for attached ticks after any outdoor activity.
Commentary by Alvaro Toledo, an Assistant Professor of Entomology at Rutgers University. He is also a contributor at The Conversation , an independent source of news and views from the academic and research community.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/self-cloning-asian-tick-causing-worry-in-new-jersey.html |
LISBON (Thomson Reuters Foundation) - The Green Climate Fund, set up to help developing countries tackle climate change, could seek to refill its coffers in 2019, a year which is likely to see “a huge amount of attention on climate finance”, said the fund’s executive director.
Howard Bamsey, a former Australian diplomat, said the fund could reach the trigger point for its replenishment process later this year if the share of available funds it has allocated for projects reaches 60 percent.
The fund began making investment decisions in 2015, with pledges from donor governments of $10.3 billion.
But it is expected to receive only about $8 billion of that after U.S. President Donald Trump - a climate change skeptic who plans to pull out of the Paris climate accord - indicated he would not make good on the remaining $2 billion of the $3 billion promised by his predecessor.
Bamsey said the fund had not been formally notified it would not receive the full U.S. contribution. But if the money were not available, it would limit what the fund could achieve.
“As far as we are concerned, we are waiting for the next step (from Washington),” he said.
Climate finance is expected to come under the spotlight next year at U.N talks, which established the Green Climate Fund.
Rich countries have promised to raise $100 billion a year in climate finance, from both public and private sources, by 2020 to help developing countries tackle global warming.
Poorer nations are seeking reassurances that target will be met.
The U.N. chief is also holding a climate summit in 2019 where the subject is likely to be high on the agenda.
So far, the Green Climate Fund has agreed to provide about $3.7 billion to finance projects to help developing countries shift to clean energy and adapt to the impacts of climate change, such as more extreme weather and rising seas.
Bamsey said a further $2 billion for projects could be approved at meetings this year, bringing the total close to $6 billion and pushing the start button to replenish the fund.
The fund’s board, which has 24 members balanced between developed and developing countries, has yet to agree on the process and whether to set a target amount.
Bamsey said the fund would likely seek at least $10 billion, and the board could also decide to widen its pool of donors - now limited to governments - to include philanthropists and others that have shown interest in contributing.
“I think we’re in a good position for replenishment,” he told the Thomson Reuters Foundation on the sidelines of a conference on energy access in Lisbon.
“Our projects are getting better and better, and countries want more and more - and so you’ve got a very good opportunity here where funding can be used extremely well to help solve the climate problem.”
FRAGMENTED FINANCE Bamsey said he thought the projects being submitted for backing were gradually becoming more in line with the fund’s mandate to be “transformational”.
He cited a recently approved project led by the World Bank to develop financial instruments to improve energy efficiency in Brazilian cities, and a longer-standing initiative managed by the Acumen Fund to build markets for off-grid solar in East Africa by investing in small providers.
He said the Green Climate Fund had become better known around the world, though not in all sectors.
“A lot of the energy community know very little about the Green Climate Fund yet,” he added, saying efforts were being made at the conference to introduce it to renewable energy companies working in Africa and Asia.
Bamsey said his team was focused on helping poorer countries improve their ability to tap into different international climate funds.
The fragmented nature of climate finance is a problem for many, but the funds are working together to present a more coherent picture to developing-world governments, he said.
The aim is to help countries identify the bigger projects needed to meet their national targets to reduce carbon emissions and to become more resilient to climate change effects - and then build those projects, Bamsey said.
“We’re still learning and we’ve got a real long way to go before we’re optimal, but I think we are doing much better,” he said.
Reporting by Megan Rowling @meganrowling; editing by Laurie Goering. Please credit the Thomson Reuters Foundation, the charitable arm of Thomson Reuters, that covers humanitarian news, climate change, resilience, women's rights, trafficking and property rights. Visit news.trust.org/climate
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-climatechange-finance/green-climate-fund-may-ask-donors-for-a-refill-in-2019-director-idUSKBN1I41I2 |
May 8, 2018 / 9:40 AM / in 2 hours Elliott backing request to appoint special auditor: Uniper CEO Reuters Staff 1 Min Read
FRANKFURT (Reuters) - Uniper ( UN01.DE ) said a motion to appoint a special auditor at this year’s annual general meeting to identify possible breaches of duty and violations of the law by the group’s management is backed by shareholder Elliott. FILE PHOTO: A logo of German energy utility company Uniper SE is pictured in the company's headquarter in Duesseldorf, Germany, March 8, 2018. REUTERS/Thilo Schmuelgen/File Photo
A Germany-based spokesman for Elliott, which in December disclosed a 7.38-percent stake in Uniper, had no immediate comment. Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Maria Sheahan | ashraq/financial-news-articles | https://www.reuters.com/article/us-uniper-results-elliott/elliott-backing-request-to-appoint-special-auditor-uniper-ceo-idUSKBN1I910L |
WHO says 19 dead, 39 infected so far in Congo Ebola outbreak Published 1 Hour Ago Reuters Kathy Katayi | AFP | Getty Images A file photo of hygienists wearing protective suits disinfect the toilets of the Ebola treatment centre in Lokolia, the Democratic Republic of the Congo.
Democratic Republic of Congo reported 39 suspected, probable or confirmed cases of Ebola between April 4 and May 13, including 19 deaths, the World Health Organization said on Monday.
It said 393 people who identified as contacts of Ebola patients were being followed up. Information about the outbreak in Bikoro, Iboko and Wangata health zones in Equateur province was still limited, the WHO said in a statement.
At present the outbreak did not meet the criteria for declaring a "public health event of international concern", which would trigger the formation of an emergency WHO committee. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/who-says-19-dead-39-infected-so-far-in-congo-ebola-outbreak.html |
Cisco Systems earnings, revenues beat 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/cisco-systems-earnings-revenues-beat.html |
May 1 (Reuters) - Paycom Software Inc:
* PAYCOM SOFTWARE, INC. REPORTS FIRST QUARTER 2018 RESULTS * Q1 NON-GAAP EARNINGS PER SHARE $0.95
* Q1 GAAP EARNINGS PER SHARE $0.70 * Q1 EARNINGS PER SHARE VIEW $0.90 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 REVENUE $123 MILLION TO $125 MILLION * Q1 REVENUE $153.9 MILLION VERSUS I/B/E/S VIEW $151.2 MILLION
* SEES FY TOTAL REVENUE IN RANGE OF $545.0 MILLION TO $547.0 MILLION
* Q2 REVENUE VIEW $123.8 MILLION — THOMSON REUTERS I/B/E/S * FY2018 REVENUE VIEW $544.0 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-paycom-software-reports-q1-non-gaa/brief-paycom-software-reports-q1-non-gaap-earnings-per-share-0-95-idUSASC09YR9 |
May 15 (Reuters) - Bayer AG:
* CALYXT INC - BAYER CROPSCIENCE LP HAS AGREED TO SETTLE A LAWSUIT BROUGHT BY CALYXT IN DELAWARE CHANCERY COURT
* CALYXT - UNDER SETTLEMENT, PARTIES AGREED BAYER WILL DESTROY ANY TECHNOLOGY, RELATED PRODUCT AND CONFIDENTIAL INFORMATION COVERED BY LICENSE AGREEMENT
* CALYXT INC - SETTLEMENT CONFIRMS BAYER CROPSCIENCE AND ITS SUBSIDIARIES HAVE NO ACCESS TO CALYXT TECHNOLOGY OR INTELLECTUAL PROPERTY
* CALYXT INC- UNDER SETTLEMENT, PARTIES AGREED BAYER WILL PERMANENTLY ABANDON PATENT APPLICATIONS BASED ON OR INCLUDE DATA RELATED TO COVERED TECHNOLOGY
* CALYXT INC - SETTLEMENT CONFIRMS BAYER AND ITS SUBSIDIARIES HAVE NO ACCESS TO CALYXT TECHNOLOGY OR INTELLECTUAL PROPERTY Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-bayer-cropscience-agreed-to-settle/brief-bayer-cropscience-agreed-to-settle-a-lawsuit-brought-by-calyxt-in-delaware-chancery-court-idUSFWN1SM1EX |
May 3, 2018 / 1:09 PM / Updated 7 minutes ago BRIEF-Teva Pharm comments from conference call post-Q1 results Reuters Staff 1 Min Read
May 3 (Reuters) - Teva Pharmaceutical Industries Ltd :
* TEVA PHARM CEO SCHULTZ: STILL EXPECT TO SELL $4 BILLION WORTH OF GENERIC DRUGS IN U.S. IN 2018
* TEVA PHARM CEO SCHULTZ: MIGRAINE DRUG LIKELY TO BE APPROVED FOR QUARTERLY DOSAGE
* TEVA PHARM CEO SCHULTZ: NO PLANS TO ISSUE NEW EQUITY, NO PLANS FOR M&A ACTIVITY
* TEVA PHARM: DEVELOPING PEN DEVICE FOR MIGRAINE DRUG BUT NO SPECIFIC DATE FOR LAUNCH
* TEVA PHARM CFO: EXPECTS TO PAY DOWN ANOTHER $1.3-$1.5 BILLION OF DEBT IN 2018
* TEVA PHARM: NO EXPECTATION FOR ANOTHER 40 MG GENERIC VERSION OF COPAXONE IN 2018 Further company coverage: (Reporting by Steven Scheer and Tova Cohen) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-teva-pharm-comments-from-conferenc/brief-teva-pharm-comments-from-conference-call-post-q1-results-idUSJ7N1NL00F |
Kudlow: China will change rules to permit US companies to own their companies over there 24 Mins Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/kudlow-china-will-change-rules-to-permit-us-companies-to-own-their-companies-over-there.html |
Market's flat opening marks big victory for bulls 2 Hours Ago CNBC's Bob Pisani takes a look at what's moving in early morning trading as uncertainty surrounds trade negotiations and packaged food concerns surface. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/18/markets-flat-opening-marks-big-victory-for-bulls.html |
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