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May 7 (Reuters) - Phibro Animal Health Corp:
* ORATION REPORTS THIRD QUARTER * QTRLY NET SALES OF $209 MILLION, AN INCREASE OF $19 MILLION
* QTRLY ADJUSTED DILUTED EPS OF $0.46 * Q3 EARNINGS PER SHARE VIEW $0.44 — THOMSON REUTERS I/B/E/S
* CO IS NOT MODIFYING ITS FINANCIAL GUIDANCE FOR FISCAL YEAR 2018 AS PRESENTED IN CO’S FEBRUARY 5, 2018 PRESS RELEASE
* FY2018 EARNINGS PER SHARE VIEW $1.69, REVENUE VIEW $810.9 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-phibro-animal-health-corp-reports/brief-phibro-animal-health-corp-reports-qtrly-diluted-eps-of-0-49-idUSFWN1SE0ZB |
Wall Street analysts are underestimating Ford Motor's ability to cut its costs, according to Jefferies.
The firm raised its rating to buy from hold for the automaker's shares, saying the company will report profitability above expectations in two years.
"Despite being perceived a laggard, we think Ford is early among global OEMs in re-evaluating how it allocates capital, a process most OEMs outside NA have yet to address. Ford is getting no credit for ambitious but credible cost targets and for multiple operating and strategic levers still available to improve market and product exposure," analyst Philippe Houchois said in a note to clients Tuesday. "Rarely have we seen an OEM generate so little passion."
show chapters How automakers sell a $71,000 version of a $27,000 car 7 Hours Ago | 02:46 Ford shares fell about 1 percent Tuesday as the overall major averages declined.
Houchois noted how nearly 75 percent of analysts covering Ford have a hold or sell rating on the stock, according to FactSet.
Ford shares have underperformed the market this year. The stock declined 7.9 percent year to date through Friday compared with the S&P 500's 1.8 percent return.
The analyst increased his price target to $14 from $13 for Ford, representing 21.6 percent upside from Friday's close.
He cited Ford's recent long-term cost reduction target of $25 billion. Houchois said car companies historically have a strong track record of achieving cost-cutting guidance.
As a result, he predicts Ford will generate an operating profit margin of 7 percent in 2020 versus the Wall Street consensus of 6.1 percent.
"Ford is one of few OEMs with a 'fortress' balance sheet, even if we assume some restructuring/exit costs. Beyond protection against cyclical risk, we think bsheet strength will be a critical factor to implement mobility businesses, while the value of 'winner take all' and 'first-mover' strategies is unclear," he said.
Disclaimer | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/buy-ford-shares-because-of-the-automakers-profitability-jefferies.html |
LOS ANGELES (Reuters) - Organized labor activists led May Day rallies in several U.S. cities on Tuesday, though in smaller numbers than last year, decrying President Donald Trump’s immigration crackdown as an assault on vulnerable workers in some of America’s lowest-paying jobs.
The biggest gathering was in Los Angeles, where a boisterous but peaceful crowd of several hundred marched through downtown, carrying pro-union and pro-immigration banners while chanting, “Union power” and “This is what democracy looks like.”
In New York City, several hundred May Day activists marched up Broadway to Wall Street while police in Seattle arrested a man suspected of throwing a rock during a rally there.
Organizers sought to combine traditional May Day themes of protecting workers’ rights with a denunciation of Trump’s efforts to increase deportations and a call for voters to show up at the polls for the upcoming mid-term congressional elections.
Protesters also took aim at Trump administration policies and rhetoric they viewed as hostile to the environment, racial and ethnic minorities, women and to members of the lesbian, gay, bisexual and transgender community.
Many railed at the administration’s decision to end temporary protected status for thousands of immigrants from several countries hurt by natural disasters or conflict, including Nicaragua, Haiti, El Salvador, Sudan and Nepal.
They also cited the uncertain status of an estimated 700,000 young immigrants brought to the United States illegally as children and now facing possible deportation after Trump moved to scrap an Obama-era program protecting them.
Rally leaders sought to emphasize that such policies fell especially hard on undocumented workers toiling in low-wage, non-unionized sectors such as fast-food, hospitality, child care and agriculture.
The marches in the United States capped a day of protests elsewhere in the world. In Paris, hundreds of masked and hooded anarchists smashed shop windows, torched cars and hurled cobblestones at riot police on Tuesday, hijacking a May Day rally by labor unions against President Emmanuel Macron’s economic reforms.
A demonstrator holds his fist in the air during a rally commemorating May Day at Union Square in New York, U.S., May 1, 2018. REUTERS/Shannon Stapleton FESTIVE AND DEFIANT Tuesday’s Los Angeles turnout under cloudy skies and a slight drizzle was considerably diminished from the thousands who took to the streets of America’s second-largest city in 2017, for the first May Day celebration after Trump took office.
But the mood was festive and defiant, nevertheless.
“No rain, no clouds, no hate, no division is going to keep workers from celebrating with immigrants, with refugees ... with the LGBT community, with the criminal justice reform community, with the environmental justice community,” union leader Laphonza Butler told the crowd, speaking from a flat-bed truck.
Butler heads the Service Employees International Union (SEIU) Local 2015, representing some 380,000 long-term healthcare workers statewide, one of the largest collective bargaining units in the nation.
But marchers represented a broad cross-section of organized labor and other constituencies, from the Teamsters union and nurses to street vendors and a group called the Clean Carwash Campaign.
“May First is a celebration of workers, and a lot of workers in this city are immigrants,” said Karla Cativo, 36, a community organizer with the Salvadoran American Leadership and Educational Fund, which provides services to Central American immigrants.
Slideshow (20 Images) Cativo, a Salvadoran native who entered the United States as an undocumented immigrant, said she gained U.S. citizenship with “a lot of work and because of a lot of people fighting for my rights.”
Fellow protester Fabian Barcenas, 55, said he wanted to give voice to “millions of workers who pay taxes and support their families who don’t have the chance of having legal status here.”
Reporting by Steve Gorman in Los Angeles; Additional reporting by Jonathan Allen in New York, John Herskovitz in Austin, Texas, and Omar Younis in Los Angeles; Editing by Lisa Shumaker
| ashraq/financial-news-articles | https://www.reuters.com/article/us-may-day-usa/u-s-may-day-marchers-denounce-trump-immigration-policies-idUSKBN1I307P |
LONDON (Reuters) - When Meghan Markle walked down the aisle to marry Prince Harry on Saturday, she had with her the 53 countries of the Commonwealth - each one represented in the embroidery of her veil.
Recounting the discussions over Meghan’s dress and veil for Saturday’s groundbreaking wedding, designer Clare Waight Keller said the new Duchess of Sussex had welcomed the idea that her veil could be designed to hold extra significance.
“The veil was a huge part of the conversations that we had early on. We talked about what we wanted to do in terms of trying to embrace some of the royal connections in there,” said Waight Keller, who became the first female artistic director at famed French house Givenchy last year.
“And a lot of the work that she’s going to probably do in the future is going to be connected to the Commonwealth ... and I said ‘wouldn’t it be amazing if we took the 53 countries of the Commonwealth and embroidered a flower and some flora and fauna from each one of those and that they would go up the aisle, that journey up the aisle with you’.”
Keller said Meghan loved the idea of “all of those countries walking with her through the ceremony.”
Clare Waight Keller, designer at Givenchy, holds sketches as she gives an interview the day after Meghan Markle walked down the aisle of St George's Chapel in Windsor and married Prince Harry wearing the dress that she created, in Kensington Palace, London, Britain, May 20, 2018. REUTERS/Hannah McKay/Pool Just last month, her now husband, Prince Harry, was appointed to his highest-profile public role to date as youth ambassador to the Commonwealth, the 53 nations bound together by the shared history of the now-defunct British Empire.
Those working on the hand-drawn veil spent hundreds of hours sewing the design, and had to keep washing their hands to keep the tulle and threads pristine.
Meghan’s choice of a sleek sculpted dress, and the five-metre long veil and sparkling diamond tiara, was praised by fashion experts.
Slideshow (4 Images) Waight Keller said Harry had thanked her for her role in making his wife look “absolutely stunning” after the ceremony at the 15th-century St George’s Chapel at Windsor Castle, which was watched by royals and celebrities up close, with millions of others tuning into television coverage.
“I saw her after the service. She was absolutely radiant,” said Waight Keller. “There was just a glow to her, you could tell they were so in love ... and she had just looked absolutely exquisite.”
Reporting by Elizabeth Piper; Editing by Raissa Kasolowsky
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-royals-wedding-veil/meghan-loved-her-veil-embroidered-with-tribute-to-the-commonwealth-designer-idINKCN1IL0LK |
DALLAS and MINNEAPOLIS, May 22, 2018 (GLOBE NEWSWIRE) -- Medecision , a leader in population health management solutions, announced today the acquisition of Minneapolis, MN-based Aveus , a consulting services firm with deep roots in strategy, innovation and customer experience. The largest independent provider of population health and care management solutions, Medecision helps its clients – 100 health plans and care delivery systems -- improve outcomes and lower the cost of care for more than 50 million consumers with Aerial ™, the nation’s most progressive cloud-based platform for consumer engagement, provider enablement and care management.
Aveus has served a broad client portfolio across industries as well as deep engagement in healthcare. Current and former clients include HealthPartners, Blue Cross Blue Shield Massachusetts, Blue Cross Blue Shield Louisiana, Prime Therapeutics, and Heraeus Medical Components. Aveus will operate as a separate division of Medecision under the leadership of Chris LaVictoire Mahai who has led Aveus as an owner and managing partner for more than 18 years. An author, consultant and advisor to executive teams globally, Chris will join Medecision as President of Aveus, a division of Medecision. Duane White , a partner, owner of Aveus since 2012, will join Medecision as EVP & Chief Product Officer.
This acquisition expands Medecision’s ability to deliver on its purpose of “liberating” healthcare from traditional, complex and costly fee-for-service delivery, care management strategies and operating models. Powerful economic, regulatory and social forces are driving our clients to develop new strategies, new programs and new systems to help consumers, enable providers and connect communities of care and support organizations. The new Aveus division will bring advisory capabilities and years of operating and business transformation experience to help industry leaders navigate these significant changes.
The Aveus team will be augmented with consultants from Medecision’s current team, including Dr. Tamara Cull , a national expert in population health operations and alternative payment models. The combined advisory teams will offer strategy, innovation and customer experience consulting as well as best-practice clinical workflow design, medical and utilization management program optimization, government-program compliance under programs such as STARS and accreditation compliance with NCQA, URAC and others.
“To succeed in value-based care, health plans and care delivery organizations are adapting their strategies and operations to optimize use of services and intervene earlier so consumers and their care teams have the best outcomes,” said Medecision President & CEO, Deborah Gage. “But transformation at this scale isn’t easy: the majority of executives in our health plan and care delivery clients cite personal risk and fear of change as they analyze, procure and manage holistic business shifts.”
Gage continued, “We are excited to welcome the Aveus team and expand our Advisory capability to offer the market services to define new vision and strategies for managing risk. The acquisition will allow us to broaden the support we provide as our clients’ processes align and implement the changes in the people, processes and technology necessary to achieve our healthcare system transformation. Implementing a longer-term, ecosystem-level view of strategy to manage risk bring changes at every level of a Company: modernized technology platforms, data inter-operability investments, mobility and intelligent workflow applications all required to span a fragmented healthcare system and impact each employee within the progressive clients that are implementing these changes.”
Aveus specializes in helping complex organizations assess, implement and manage these types of business shifts. “For two decades, our work has focused on helping leaders transform their business. Our Bold Leadership framework identifies those characteristics and leaders that accelerate change – and now we’re joining an organization with a bold mission,” said Chris Mahai. “The Aveus team and I all believe Medecision is well positioned to truly transform healthcare and we’re excited to become Medecision Liberators.”
In October of 2017, Medecision acquired the platform business of AxisPoint Health, a company that provided care management services and platforms. Many of the clients whose platforms were acquired by Medecision have begun transitioning or are evaluating a transition to Medecision’s platform, Aerial and its robust suite of workflow and engagement applications. Aerial offers all risk-bearing healthcare organizations an affordable and secure cloud-base, SaaS-delivered platform with a flexible suite of workflow and engagement applications for clinicians, care givers, consumers and physicians. Aerial can be operational quickly and with minimal disruption so that organizations can respond to the needs of their markets, users and regulators.
The acquisition closed yesterday and terms of the deal were not disclosed.
For more information about Aveus, click here .
About Medecision
Leading health plans and risk-bearing providers depend on Medecision's cloud-based Aerial platform to deliver personalized, predictive and prescriptive decision support for their clinicians, physicians, consumers and their caregivers. Our next-generation care management applications leverage powerful insights and interoperability to connect and inform consumers and their care teams. The Aerial platform is generations ahead of EMR and traditional care management systems incorporating workflow-embedded analytics, evidence-based medical protocols, prescriptive care plans, and a comprehensive electronic health record – all in a single view for care managers, consumers and their extended care team. We’re Liberating healthcare one cool app at a time! Learn more at www.medecision.com
Media Contact: Natalie Joslin Dodge Communications 678-585-1206 [email protected]
Source:Medecision, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/globe-newswire-medecision-acquires-transformational-change-firm-aveus.html |
May 7 (Reuters) - IBL Ltd:
* EMPLOYMENT AGREEMENT OF YANN DUCHESNE AS GROUP CEO – OPERATIONS WHICH HAD BEEN EXTENDED, WILL EXPIRE ON 31 JULY 2018
* DUCHESNE HAS DECIDED TO RELOCATE TO EUROPE TO PURSUE NEW CAREER OPPORTUNITIES, AFTER HAVING SPENT TWO AND A HALF YEARS AT IBL
* ANNOUNCES PATRICE ROBERT AS GROUP HEAD OF OPERATIONS IN REPLACEMENT OF DUCHESNE AS FROM 1ST AUGUST 2018 Source text - ( bit.ly/2rqFgoX )
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-ibl-says-ceos-employment-agreement/brief-ibl-says-ceos-employment-agreement-to-expire-on-july-31-idUSFWN1SD01K |
WASHINGTON, May 24 (Reuters) - An Uber Technologies Inc self-driving vehicle that struck and killed a woman in Tempe, Arizona in March failed to identify the pedestrian or brake, raising serious questions about the performance of the vehicle, the U.S. National Transportation Safety Board said in a preliminary report released Thursday.
The report said the vehicle’s radar systems observed the pedestrian six seconds before impact but “the self-driving system software classified the pedestrian as an unknown object, as a vehicle, and then as a bicycle.” At 1.3 seconds before impact, the self-driving system determined emergency braking was needed, but Uber said emergency braking maneuvers were not enabled while the vehicle is under computer control to reduce the potential for erratic vehicle behavior. (Reporting by David Shepardson Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/uber-crash/ntsb-uber-self-driving-car-failed-to-recognize-pedestrian-brake-idUSL2N1SV0NR |
How Micron and Macy's sparked a rally 16 Hours Ago Jim Cramer breaks down how the unrelated stocks of Micron and Macy's managed to push the whole market higher. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/how-micron-and-macys-sparked-a-rally.html |
May 4 (Reuters) - InterContinental Hotels Group Plc on Friday posted a 3.5 percent rise in first-quarter global room revenue, helped growth in its Continental Europe markets and said it was confident in the outlook for the year ahead.
Continental Europe revenue per available room (RevPAR), a key industry measure, was up 6 percent in the first quarter, helped by “continued recovery in terror impacted markets”, the company said.
IHG, which runs over 5,000 hotels under brands such as Crowne Plaza, Holiday Inn and InterContinental, said the weakening of the U.S. dollar against many major currencies increased group RevPAR to 6.5 percent in the quarter. (Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Amrutha Gayathri)
| ashraq/financial-news-articles | https://www.reuters.com/article/intercontinental-outlook/hotelier-ihg-posts-3-5-pct-rise-in-first-qtr-global-room-revenue-idUSL3N1SB2C5 |
Canada and Mexico have been very difficult on NAFTA: President Trump 43 Mins Ago President Trump comments on the difficulties he is having trying to work out a trade deal with Mexico and Canada. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/canada-and-mexico-have-been-very-difficult-on-nafta-president-trump.html |
May 16, 2018 / 9:35 PM / Updated 18 minutes ago Britain seeks 30 billion pounds investment to boost economy after Brexit Reuters Staff 2 Min Read
LONDON (Reuters) - Trade secretary Liam Fox will invite overseas investors on Thursday to submit bids for financing 30 billion pounds of projects to help the world’s sixth-largest economy cope with the upheaval of leaving the European Union. FILE PHOTO: People cross the Millenium Bridge in front of the City on a sunny morning in London, Britain, May 8, 2018. REUTERS/Hannah McKay/File Photo
Britain is trying reinvent itself as a global trading nation and improve economic ties with countries outside Europe as the government prepares to leave the EU next year.
Investors will be offered the chance to fund 68 projects across 20 sectors of the economy, including technology, housing and retail, and many of the projects are outside London in less affluent parts of Britain.
The Department for International Trade will promote the projects to investors overseas and more will be added in the coming months.
“This is a bold and ambitious programme, building on the UK’s position as the leading destination for foreign investment in Europe,” Fox said in a statement.
Prime Minister Theresa May has made infrastructure spending a cornerstone of her industrial strategy, a hands-on approach to business that had largely been abandoned by her Conservative predecessors from the time of Margaret Thatcher in the 1980s.
Britain lagged every other G7 country in terms of growth last year and has been outpaced by the euro zone ever since the referendum to leave the EU in 2016.
Global foreign direct investment into Britain shrank by 90 percent to $19.4 billion (£14.3 billion) last year, according to United Nations data. However, this did come against unprecedented investment in 2016 led by some mega-deals.
The Confederation of British Industry’s Director General Carolyn Fairbairn welcomed the Department for International Trade’s announcement.
This will “be a vital tool to attracting even more capital to the UK, enabling the benefits of free trade and investment to flow into our communities,” Fairbairn said. Reporting By Andrew MacAskill; editing by Stephen Addison | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-eu-investment/britain-seeks-30-billion-pounds-investment-to-boost-economy-after-brexit-idUKKCN1IH32A |
* Venezuela crisis, Iran nuclear pact drive oil prices higher
* Dollar rallies to 2018 high as euro dips below $1.19
* Nestle deal with Starbucks, energy stocks lift equities
By Herbert Lash
NEW YORK, May 7 (Reuters) - The dollar rose to fresh 2018 highs on Monday while oil prices surged to their highest since late 2014, driven by declining Venezuelan crude production and worries the Unites States could re-impose sanctions on Iran.
The crude surge lifted energy stocks in Europe and on Wall Street, with European shares supported by strong results and gains in Nestle after the Swiss company agreed to pay $7.15 billion to Starbucks in a global coffee alliance.
The euro broke below $1.19 for the first time this year on weaker-than-expected German industrial orders and declining euro zone investor sentiment.
Investors increased bets that rising U.S. interest rates would continue to boost the dollar, while traders unwound their bearish positions on the greenback.
An index that tracks the dollar against a basket of leading currencies climbed to 92.974, its highest since December. The index was last up 0.20 percent at 92.750.
“The general view right now is that the dollar is probably going to continue to move a bit higher against the euro in particular, maybe against the yen as well,” said Larry Hatheway, chief economist at GAM Investment Solutions.
The euro could slip to $1.1750 or even $1.15 as a support level as the Federal Reserve tightens monetary policy and the European economy trends weaker, he said.
“There’s a general appreciation the Fed is going to move at least twice again this year and the consensus is shifting toward three more moves this year.”
The euro slid 0.28 percent to $1.1924, while the Japanese yen was fell 0.05 percent to 109.06 per dollar.
Venezuelan oil exports came under threat after U.S. oil major ConocoPhillips moved to take Caribbean assets of state-run PDVSA to enforce a $2 billion arbitration award, three sources told Reuters.
The move could further crimp PDVSA’s declining oil output and exports.
Widespread expectations that President Donald Trump will withdraw the United States from the Iranian nuclear pact also weighed on crude prices.
U.S. crude rose $1.01 to settle at $70.73 a barrel, breaking above the $70 mark for the first time since November 2014, while Brent gained $1.30 to settle at $76.17.
Nestle rose 1.6 percent after it gained the rights to market Starbucks products around the world outside of the U.S. company’s coffee shops.
Nestle was the biggest contributor to the 0.59 percent advance in the pan-European FTSEurofirst 300 index of leading regional shares. Oil giants Royal Dutch Shell and Total were the fourth and seventh biggest contributors, respectively.
On Wall Street, the S&P energy index was the biggest gainer among the 11 major sectors, rising 1.2 percent.
The Dow Jones Industrial Average rose 102.22 points, or 0.42 percent, to 24,364.73. The S&P 500 gained 13.12 points, or 0.49 percent, to 2,676.54 and the Nasdaq Composite added 66.72 points, or 0.93 percent, to 7,276.34.
Euro zone government bond yields slid as the unexpected fall in German industrial output was seen as encouraging the European Central Bank to prolong an unwinding of stimulus.
The yield on the benchmark 10-year German bund fell to 0.53 percent, while yields on U.S. benchmark 10-year Treasury notes rose slightly to 2.9516 percent.
Gold slipped, snapping three days of gains, as the U.S. dollar index strengthened.
U.S. gold futures for June delivery settled down 60 cents at $1,314.10 an ounce.
Reporting by Herbert Lash in New York; Editing by Dan Grebler and James Dalgleish
Our | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-u-s-oil-surges-past-70-dollar-hits-fresh-2018-high-idUSL1N1SE13P |
5/3/2018 4:28PM Highlights From Elon Musk's Combative Tesla Earnings Call Tesla Inc. stocks and bonds fell after an unusual earnings call threatened investors’ faith at a pivotal time for the company. These are the highlights. Photo: REUTERS/Joe Skipper | ashraq/financial-news-articles | http://www.wsj.com/video/highlights-from-elon-musk-combative-tesla-earnings-call/FD9A3F61-496D-4EDD-A97D-6FD7B22E9B7E.html |
MANNHEIM, Germany (Reuters) - The chief executive of SAP ( SAPG.DE ) struck a confident note on the German software giant’s future on Thursday, hinting that further operating profit margin gains were on the way, while apologizing for corporate governance missteps in South Africa.
FILE PHOTO: The logo of German software group SAP is pictured at its headquarters in Walldorf, Germany, May 12, 2016. REUTERS/Ralph Orlowski/File Photo Speaking to investors at the company’s annual general meeting here, CEO Bill McDermott said SAP had made mistakes in failing to better detect corrupt practices used to win South African government contracts. But he said the company had responded quickly to prevent similar practices re-occurring.
“Trust is earned in drops, but lost in buckets,” McDermott said. “When we make mistakes, we admit them so we can fix them.”SAP removed executives in South Africa and made sweeping changes to its global sales practices. It also acknowledged that it had paid funds to firms with links to the politically influential Gupta family, which were at the heart of a scandal that toppled President Jacob Zuma.
On a more upbeat note, McDermott said its latest quarterly results showed SAP was beginning to enjoy operating margin expansion for the first time since it began investing heavily in shifting its business from up-front licensing to subscriptions.
“This is one of many reasons that momentum in our share price has been re-established over the past several weeks,” he said, before suggesting further gains were on the way. “Our shareholders should continue to benefit from this momentum”.
SAP’s American-born CEO said Germany’s most valuable stock remains committed to once again tripling its market capitalization while declining to set any timeline for achieving the goal. SAP’s share price trebled between 2010 and 2017.
“There is clearly the potential to triple the value of this company. We believe that is only a matter of time,” McDermott told investors, reiterating previous comments on the target.
“While we are not giving a specific time frame, we are certainly charging ahead with this in mind,” he said.
The company’s market capitalization stands at just above 118 billion euros ($139 billion). Rival U.S. software maker Oracle ( ORCL.N ) is valued at around $190 billion.
At the annual general meeting, SAP asked for and received shareholder approval that sets limits on executive compensation, seeking to deflect anger in the country over McDermott’s big, American-style payout, which is higher than any German peer.
Reporting by Patricia Uhlig in Mannheim; Writing by Eric Auchard in London; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-sap-se-agm/saps-ceo-hints-to-investors-more-margin-gains-on-the-way-idUSKCN1II29G |
EditorsNote: Edit 1: DeGrom update, syntax fix
Sean Newcomb allowed just two hits over a career-high seven innings Wednesday night as the surging Atlanta Braves moved into first place in the National League East with a 7-0 win over the Mets at Citi Field in New York.
The Braves (18-11) have won the first two games of the three-game series and their past four overall to move into first place for the first time since April 14, 2015.
The Mets (17-11) have dropped 10 of 16 but may have absorbed their biggest loss in the fourth inning, when ace right-hander Jacob deGrom left with a hyperextended right elbow.
He was sent for an MRI exam, and results are expected Thursday, multiple media outlets reported. DeGrom underwent Tommy John surgery in 2011 and an ulnar nerve repositioning surgery in 2016.
Before departing Wednesday, deGrom allowed two hits and no walks while striking out six over four scoreless innings. He hasn’t allowed a run in his past 18 1/3 innings.
Newcomb, who pitched beyond the sixth inning just once in his first 24 big league starts, walked just one and struck out eight. He retired the final 14 batters he faced following a one-out walk to Asdrubal Cabrera in the third inning.
Newcomb (2-1) also helped his cause in the seventh inning when he doubled with two outs and trotted home on Ender Inciarte’s two-run homer that extended the lead to 3-0.
Freddie Freeman, whose RBI single in the sixth inning broke a scoreless tie, began a four-run flurry in the eighth by singling with one out. Freeman scored on an RBI double by Nick Markakis before Johan Camargo (two-run blast) and Ryan Flaherty hit back-to-back homers with two outs.
Freeman and Markakis had three hits apiece.
Braves shortstop Dansby Swanson left for precautionary reasons in the sixth inning due to a sore left wrist.
Yoenis Cespedes, Amed Rosario and Wilmer Flores had the Mets’ only hits.
Paul Sewald (0-2) relieved deGrom and took the loss after allowing three runs on five hits and no walks while striking out two over three innings.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-nym-atl-recap/mets-lose-degrom-fall-to-sizzling-braves-idUSMTZEE534Q601K |
'Star Wars arm' improving life for amputees 12:21pm EDT - 01:49 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/17/star-wars-arm-improving-life-for-amputee?videoId=427792940 |
DUBLIN (Reuters) - U.S. packaging company International Paper ( IP.N ) will not make a hostile bid for Irish rival Smurfit Kappa ( SKG.I ), it said on Wednesday after being given until June 6 to make a binding offer.
Smurfit Kappa frustrated a bid to combine the largest listed U.S. paper packaging company with Europe’s biggest when it rejected a sweetened takeover offer in March, arguing that it was better served pursuing its future as an independent company.
The Irish Takeover Panel said on Wednesday that, following representations made by Smurfit and its advisers, International Paper had three weeks to announce whether or not it will follow up with a binding offer.
“International Paper believes its current proposal represents a compelling strategic and financial rationale for a combination with Smurfit Kappa,” the Memphis-based company said in a statement.
“From the outset, IP has stressed the importance of proceeding on an agreed basis. To that end, IP confirms that it will not proceed with a binding offer unless it is recommended by Smurfit Kappa’s board of directors.”
IP, which in March made a cash and shares offer that valued the Irish group at 8.9 billion euros ($10.5 billion), tweaked its terms to offer Smurfit shareholders a “mix and match” facility that could allow them to receive a greater or lesser proportion of cash or shares.
It added that it would also seek a secondary listing on the London Stock Exchange ( LSE.L ) to enable Smurfit Kappa shareholders to share in the potential value created by a transaction.
IP suggested that the two companies should meet to discuss the potential for the combined company.
Smurfit has said that IP’s latest proposal failed to value its intrinsic business worth and said it was very comfortable with the position it had outlined to its shareholders.
A spokesman for Smurfit said it had no immediate comment on Wednesday’s statement.
Shares in the Irish packaging group were down 3.6 percent at 0945 GMT.
Reporting by Padraic Halpin; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-smurfit-kapa-grp-m-a-intl-paper/international-paper-says-it-will-not-make-hostile-bid-for-smurfit-idUSKCN1IH16V |
GRAPEVINE, Texas, May 11, 2018 (GLOBE NEWSWIRE) -- GameStop Corp. (NYSE:GME), today announced that the company’s Board of Directors has appointed Daniel A. DeMatteo as interim chief executive officer following the resignation of Michael K. Mauler for personal reasons, effective immediately. Mr. DeMatteo, one of the company’s co-founders, will continue to serve as executive chairman and director. In the past, Mr. DeMatteo has served as the company’s chief executive officer and in a variety of board and executive roles since November 1996.
Mr. DeMatteo stated, “Given my tenure and familiarity with the company and our associates, it’s a natural step for me to assume this role and guide the business at this time while the board searches for a permanent CEO. I’m happy to have Rob Lloyd, our CFO, and his 22 years of experience with GameStop alongside me as we work towards executing against our 2018 objectives. We continue to believe in GameStop and the many passionate associates that drive our business and are encouraged by the opportunities ahead of us.”
Robert A. Lloyd has been with GameStop since 1996 and has held various financial and leadership roles of increasing responsibility prior to being named chief financial officer in 2010.
About GameStop
GameStop Corp., a Fortune 500 company headquartered in Grapevine, Texas, is a global, multichannel video game, consumer electronics and wireless services retailer. GameStop operates over 7,200 stores across 14 countries. The company's consumer product network also includes www.gamestop.com ; Game Informer® magazine, the world's leading print and digital video game publication; and ThinkGeek, www.thinkgeek.com , the premier retailer for the global geek community featuring exclusive and unique video game and pop culture products. Our Technology Brands segment includes nearly 1,400 Spring Mobile AT&T and Simply Mac stores. Spring Mobile, www.springmobile.com , sells all of AT&T’s products and services, including DIRECTV, devices and related accessories in select markets in the U.S. Simply Mac, www.simplymac.com , sells the full line of Apple products, including laptops, tablets, and smartphones and offers Apple certified warranty and repair services.
General information about GameStop Corp. can be obtained at the company’s corporate website. Follow @GameStop and @GameStopCorp on Twitter and find GameStop on Facebook at www.facebook.com/GameStop .
Safe Harbor
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management’s current beliefs, views, estimates and expectations, including as to the Company’s industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. Such statements include without limitation those about the Company’s outlook for fiscal 2018, future financial and operating results, projections, expectations and other statements that are not historical facts. Forward-looking statements are subject to significant risks and uncertainties and actual results may differ materially from those reflected or described in the forward-looking statements. The following factors, among others, could cause actual results to differ from those reflected or described in the forward-looking statements: our inability to obtain sufficient quantities of product to meet consumer demand; the timing of release and consumer demand for new and pre-owned products; our ability to continue to expand, and successfully open and operate new stores for our collectibles and technology brands businesses; risks associated with achievement of anticipated financial and operating results from acquisitions; our ability to sustain and grow our console digital video game sales; the impact of goodwill and intangible asset impairments; cost reduction initiatives, including store closing costs; risks related to changes in, and our continued retention of, executive officers and other key personnel; changes in consumer preferences and economic conditions; increased operating costs, including wages; cyber security events and related costs; risks associated with international operations; changes to our wireless industry partnerships and operations; increased competition and changing technology in the video game industry; changes in domestic or foreign laws and regulations that reduce consumer demand for, or increase prices of, our products or otherwise adversely affect our business; our effective tax rate and the factors affecting our effective tax rate, including changes in international, federal or state tax, trade and other laws and regulations; the costs and outcomes of legal proceedings and tax audits. Additional factors that could cause our results to differ materially from those reflected or described in the forward-looking statements can be found in GameStop's Annual Report on Form 10-K for the fiscal year ended February 3, 2018 filed with the SEC and available at the SEC's Internet site at http://www.sec.gov or http://investor.GameStop.com . Forward-looking statements contained in this press release speak only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
INVESTOR & MEDIA RELATIONS CONTACTS: Mike Loftus Vice President, Global Controller and Investor Relations [email protected] Joey Mooring Senior Director, Corporate Communications [email protected]
Source:Gamestop Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-gamestop-announces-appointment-of-daniel-a-dematteo-as-interim-chief-executive-officer-and-resignation-of-michael-k-mauler.html |
HONG KONG, May 14 (Reuters) - China Tower, the world's biggest operator of mobile phone towers, has applied to list its shares in Hong Kong in what could become the city's second $10 billion offering this year.
The company, formed in 2014 with the merging of the towers operations of China's three state-backed telecoms providers, filed its application for an initial public offering (IPO) on Monday.
The application comes a little more than a week after Chinese smartphone maker Xiaomi filed for an IPO that could also raise as much as $10 billion.
It would be the first time the city has hosted two mega-flotations since 2010, when insurer AIA and Agricultural Bank of China raised $20 billion and $22 billion respectively, Thomson Reuters data shows.
China Tower is expected to seek a valuation of up to $40 billion, according to sources with knowledge of the plans. (Reporting by Jennifer Hughes and Julie Zhu in Hong Kong and Fiona Lau of IFR Editing by David Goodman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-hong-kong-gears-up-for-another-10-bln-ipo-with-planed-china-tower-flotation.html |
Martin Scorsese receives honorary award in Cannes 12:38am BST - 01:01 Wed, 09 May, 2018 - (1:27) Featured Videos Thu, 23 Nov, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/09/martin-scorsese-receives-honorary-award?videoId=425396097 |
After the Russell 2K gains 3%+ first half of May 39 Mins Ago Kensho stat of the day. The Russell 2000 jumped about 4% in the first half of may. After a similar move the bullish trend tends to continue to close out the month. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/after-the-russell-2k-gains-3-percent-first-half-of-may.html |
May 2 (Reuters) - A. H. Belo Corp:
* A. H. BELO CORPORATION ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 LOSS PER SHARE $0.19 * Q1 REVENUE FELL 18.8 PERCENT TO $49.5 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-a-h-belo-reports-q1-loss-per-share/brief-a-h-belo-reports-q1-loss-per-share-0-19-idUSASC09YYF |
May 30, 2018 / 4:50 PM / Updated 4 hours ago Thousands go home as India, Pakistan agree to end Kashmir firing Fayaz Bukhari 3 Min Read
SRINAGAR, India (Reuters) - Thousands of people from Jammu and Kashmir headed back to their homes near the de facto border with rival Pakistan on Wednesday, after their armies agreed to stop exchanging artillery fire following repeated recent clashes. FILE PHOTO: A man looks at the wall of his house that the local residents say was damaged by firing from the Pakistan side of the border at Kanachak in Akhnoor Sector on the outskirts of Jammu January 22, 2018. REUTERS/Mukesh Gupta/File Photo
More than 50,000 people had taken shelter in schools and colleges in the Indian-ruled part of disputed Kashmir, away from the shelling that officials say killed 12 people and wounded many more on both sides over the past few weeks.
Mountainous Kashmir is divided between the nuclear-armed neighbours, who both claim it in full and have fought two of their three wars over the region since their separation in 1947. On Tuesday, their armies agreed to “fully implement” a 2003 ceasefire agreement.
“In case of any issue, restraint will be exercised and the matter will be resolved through utilisation of existing mechanisms of hotline contacts and border flag meetings at local commander’s level,” Pakistan’s military said in a statement.
Bacchan Lal, the headman of Abdullian village in Jammu and Kashmir, who has been living in a college with 350 other people over the past two weeks, said such agreements rarely last long.
“They agree to respect the ceasefire several times every year but then they violate it again. Every time people are killed, cattle perish and we end up in such camps,” he said. “We are in camps for the second time this year. We don’t want this uncertainty. We want permanent peace as we had 30 years ago”.
Farmer Chuni Lal, 45, said he was worried about a delay in sowing premium Basmati rice this year because of the hostility. He said tillers like him could not afford to miss the key planting season, urging the countries to find a lasting solution to the regular outbreaks of firing.
Jammu and Kashmir Chief Minister Mehbooba Mufti, who runs the state with the support of Prime Minister Narendra Modi’s Hindu nationalist party, welcomed the ceasefire agreement.
“This brings great relief to the people residing in the vicinity,” she said on Twitter on Wednesday. “Peace on our borders is the first essential step to a larger understanding and I truly hope it sustains.”
Tensions between the two sides had escalated since an attack on an Indian army camp in February that India blamed on Pakistan. Islamabad regularly denies Indian allegations that it trains and arms militants and helps them infiltrate across the so-called Line of Control that divides Kashmir. Additional reporting by Drazen Jorgic in ISLAMABAD; Writing by Krishna N. Das; Editing by Alex Richardson | ashraq/financial-news-articles | https://in.reuters.com/article/india-kashmir-pakistan/thousands-go-home-as-india-pakistan-agree-to-end-kashmir-firing-idINKCN1IV2AD |
LAS VEGAS, May 14, 2018 /PRNewswire/ -- Switch, Inc. (NYSE: SWCH) ("Switch") today announced financial results for the quarter
"Switch continues to execute on its market expansion strategy," said Rob Roy, CEO, chairman and founder of Switch. "We are excited about our growth prospects in 2018 in our Citadel and Pyramid Primes, and the continued growth in our Core Campus."
First Quarter 2018 Financial Results
Total revenue of $97.7 million, compared to $89.2 million for the same quarter in 2017, an increase of 10%. Operating income of $9.4 million, compared to $24.4 million for the same quarter last year, a decrease of 61%. Operating income in the first quarter of 2018 includes the impact of $12.4 million in equity-based compensation expense compared with $2.3 million in equity-based compensation expense in the same quarter of 2017. A significant portion of this equity-based compensation expense in the first quarter of 2018 relates to the continued vesting of Common Unit awards granted in connection with Switch's initial public offering. Operating Income in Q1 2018 also includes $4.6 million in additional depreciation from assets placed into service and $1.8 million in additional direct labor costs from hiring during the past year. Net income of $4.0 million, compared to $20.3 million for the same quarter in 2017. Net income in the first quarter of 2018 includes $12.4 million in equity-based compensation expense compared with $2.3 million in equity-based compensation expense in the same quarter of 2017. Adjusted EBITDA of $46.9 million, compared to $47.1 million for the same quarter in 2017. Adjusted EBITDA margin of 48.0%, compared to 52.8% for the same quarter in 2017, a decrease of 480 basis points. Capital expenditures of $61.4 million, compared to $107.0 million in the same quarter in 2017, a decrease of 43%. Churn of 0.1%, flat compared to the same quarter in 2017. (1)
(1)
Churn is defined as a reduction in recurring revenue attributed to customer terminations or non-renewal of expired contracts, as a percentage of revenue at the beginning of the period.
"We are pleased with our progress in growing our ecosystem and positioning Switch as a partner of choice for global enterprises," said Thomas Morton, president and general counsel of Switch. "Our highly differentiated and strategically located campus ecosystems continue to attract primary deployments, while our unique telecom capabilities enable hybrid cloud environments and hyperscale cloud deployments with AWS Direct Connect, Microsoft Express Route, and Google Cloud Interconnect."
Gabe Nacht, CFO of Switch, added, "Switch offers its clients significant expansion capacity and compelling cost savings at the highest rated resiliency data centers in the world. We have a strong track record of consistent growth as we continue to attract global enterprises to our world class facilities."
Balance Sheet and Liquidity
As of March 31, 2018, Switch's total debt outstanding net of cash and cash equivalents was $374 million, resulting in a net debt to last quarter annualized Adjusted EBITDA ratio of 2.0x. As of March 31, 2018, Switch had liquidity of $739 million including cash and cash equivalents and availability under its revolving line of credit.
Capital Expenditures and Development
Capital expenditures for the first quarter totaled $61.4 million. Maintenance capital expenditure was $0.9 million for the first quarter of 2018, compared to $1.0 million in the same period last year. Growth capital expenditure was $60.5 million for the first quarter of 2018, compared to $106.0 million in the same period last year. During the first quarter of 2018, Switch spent $19.5 million in The Core Campus to expand power and cooling in LAS VEGAS 10 and the continued site work and building of the shell on its LAS VEGAS 11 facility, which is planned to open in late 2018 or early 2019, adding another 340,000 gross square feet. Switch also invested $36.0 million in The Citadel Campus to support additional power and cooling for continued sector expansion. Switch spent $4.3 million for additional expansion in The Pyramid Campus. Finally, Switch spent $1.6 million on site development at The Keep Campus, which is scheduled to open in 2019.
Dividend
Switch today announced that Switch's Board of Directors has declared a cash dividend of $0.0147 per share of Switch's Class A common stock for the second quarter of 2018. The dividend will be payable on June 8, 2018 to all stockholders of record as of the close of business on May 29, 2018. Prior to the payment of this dividend, Switch, Ltd. will make a cash distribution to all holders of record of common units of Switch, Ltd., including Switch, of $0.0147 per common unit.
Future declarations of quarterly dividends are subject to the determination and discretion of Switch's Board of Directors based on its consideration of many factors, including Switch's results of operations, financial condition, capital requirements, restrictions in Switch, Ltd.'s debt agreements and other factors that Switch's Board of Directors deems relevant.
Recent Business Highlights
Announced a 15MW colocation deal with an international streaming media corporation that plans to use Switch's North American PRIME data centers as a worldwide distribution hub for its services. The company plans to go live at Switch's facilities in Nevada in July of this year. Signed additional contracts at The Pyramid Campus in Grand Rapids, MI, with a large electric utility company and a major debit and credit card processor. Advanced its intellectual property with the USPTO allowing 3 additional patents. Switch also filed an additional 4 patents on new innovative technology for its industry, bringing Switch's total patents and pending claims to date to more than 500.
2018 Guidance
Switch is maintaining its full year guidance, which is as follows:
Total revenue in the range of $423 million to $440 million. Adjusted EBITDA in the range of $216 million to $224 million. Capital expenditures in the range of $260 million to $310 million.
Switch does not provide reconciliations for the non-GAAP financial measures included in the 2018 guidance above due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including net income, accelerated depreciation, impairment charges, gains or losses on retirement of debt and variations in effective tax rate, which are difficult to predict and estimate and are primarily dependent on future events, but which are excluded from Switch's calculations of Adjusted EBITDA.
Upcoming Conferences and Events
Switch management will participate in the following investor conferences:
J.P. Morgan 46th Annual Global Technology, Media and Communications Conference on May 17, 2018 in Boston, MA. William Blair 38th Annual Growth Conference on June 13, 2018, in Chicago, IL.
Conference Call Information
Switch will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time on May 14, 2018. Parties in the United States and Canada can access the call by dialing (800) 289-0438, using conference code 8957195. International parties can access the call by dialing (323) 794-2423, using conference code 8957195.
The webcast will be accessible on Switch's investor relations website at https://investors.switch.com for one year. A telephonic replay of the conference call will be available through Monday, May 21, 2018. To access the replay, parties in the United States and Canada should call (888) 203-1112 and enter conference code 8957195. International parties should call (719) 457-0820 and enter conference code 8957195.
Presentation of Financial Information
This press release includes historical consolidated results for the periods presented of Switch, Ltd. and its subsidiaries, the predecessor of Switch, Inc., for financial reporting purposes. Amounts for the period from January 1, 2017 through March 31, 2017 presented in the consolidated financial statements herein represent the historical operations of Switch, Ltd. and its subsidiaries.
Use of Non-GAAP Financial Measures
To supplement Switch's condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), Switch uses Adjusted EBITDA and Adjusted EBITDA margin, which are non-GAAP measures, in this press release. Switch defines Adjusted EBITDA as net income adjusted for interest expense, interest income, income taxes, depreciation and amortization and for specific and defined supplemental adjustments to exclude (i) non-cash equity-based compensation expense; (ii) equity in net losses of investments; and (iii) certain other items that Switch believes are not indicative of its core operating performance. Switch defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue.
The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. These measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. In addition, the non-GAAP measures exclude certain recurring expenses that have been and will continue to be significant expenses of Switch's business.
Switch believes these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making.
For more information on Switch's non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the "Reconciliation of GAAP to Non-GAAP Results" table in this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements generally relate to future events or Switch's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. Forward-looking statements in this press release include, but are not limited to, Switch's anticipated operating results for the year ending December 31, 2018 and Switch's expectations regarding the evolution of its marketplace, the timing for the opening of its LAS VEGAS 11 facility, statements regarding future declarations of quarterly dividends and customer deployment plans. Switch's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to inherent risks, uncertainties and changes in circumstance that are difficult or impossible to predict. The risks and uncertainties that could affect Switch's financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operation" and elsewhere in Switch's Annual Report on Form 10-K for the year ended December 31, 2017 and in Switch's other reports filed with the SEC. Switch's SEC filings are available on the Investors section of Switch's website at https://investors.switch.com and on the SEC's website at www.sec.gov . The forward-looking statements in this press release are based on information available to Switch as of the date hereof, and Switch disclaims any obligation to update any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Switch's views as of any date subsequent to the date of this press release.
ABOUT Switch
POWERING THE FUTURE OF THE CONNECTED WORLD®
Switch (NYSE: SWCH), the technology infrastructure corporation headquartered in Las Vegas, Nevada is built on the intelligent and sustainable growth of the internet. Switch founder and CEO Rob Roy has developed more than 500 issued and pending patent claims covering data center designs that have manifested into the company's world-renowned data centers and technology solution ecosystems.
The Switch PRIMES located in Las Vegas and Tahoe Reno, Nevada; Grand Rapids, Michigan; and Atlanta, Georgia are the world's highest-rated hyperscale data center campus ecosystems with low latency to major U.S. markets. The Switch PRIMES are located in the most cost-effective area of each North American zone based on power, connectivity, taxes, cost of living and lower risk of natural disasters. Visit switch.com for more information.
Investor Contact:
Irmina Blaszczyk
The Blueshirt Group for Switch
[email protected]
(702) 479-3993
Switch, Inc.
Consolidated Balance Sheets
(in thousands, except for share data)
March 31,
2018
December 31,
2017
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
$
238,561
$
264,666
Accounts receivable, net of allowance of $301 and $472, respectively
18,511
16,386
Prepaid expenses
5,162
5,037
Other current assets
3,679
2,101
Total current assets
265,913
288,190
Property and equipment, net
1,183,165
1,133,572
Long term deposit
4,197
3,842
Other assets
9,194
9,155
TOTAL ASSETS
$
1,462,469
$
1,434,759
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Long term debt, current portion
$
5,194
$
5,194
Accounts payable
18,717
18,934
Accrued salaries and benefits
4,679
5,211
Accrued expenses
7,783
6,469
Accrued construction payables
19,656
7,052
Deferred revenue, current portion
11,665
11,482
Customer deposits
9,004
8,634
Capital lease obligations, current portion
2,309
2,309
Total current liabilities
79,007
65,285
Long term debt, net
585,268
586,566
Capital lease obligations
19,466
19,466
Accrued interest, capital lease obligations
1,871
1,927
Deferred revenue
19,299
19,382
TOTAL LIABILITIES
704,911
692,626
Commitments and contingencies
STOCKHOLDERS' EQUITY:
Preferred stock, $0.001 par value per share, 10,000,000 shares authorized, none issued and outstanding
—
—
Class A common stock, $0.001 par value per share, 750,000,000 shares authorized, 36,066,544 and 35,937,500 shares issued and outstanding, respectively
36
36
Class B common stock, $0.001 par value per share, 300,000,000 shares authorized, 173,624,316 shares issued and outstanding, respectively
174
174
Class C common stock, $0.001 par value per share, 75,000,000 shares authorized, 42,944,647 shares issued and outstanding, respectively
43
43
Additional paid in capital
111,073
107,008
Retained earnings
2,273
1,602
Accumulated other comprehensive income
79
31
Total Switch, Inc. stockholders' equity
113,678
108,894
Non-controlling interest
643,880
633,239
TOTAL STOCKHOLDERS' EQUITY
757,558
742,133
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
1,462,469
$
1,434,759
Switch, Inc.
Consolidated Statements of Comprehensive Income
(in thousands, except for share/unit and per share/unit data)
(unaudited)
Three Months Ended
March 31,
2018
2017
Revenue
$
97,717
$
89,157
Cost of revenue
54,856
45,375
Gross profit
42,861
43,782
Selling, general and administrative expense
33,451
19,343
Income from operations
9,410
24,439
Other income (expense):
Interest expense, including $409 and $253, respectively, in amortization of debt issuance costs
(6,273)
(4,020)
Equity in net losses of investments
(331)
(441)
Other
1,029
350
Total other expense
(5,575)
(4,111)
Income before income taxes
3,835
20,328
Income tax benefit
115
—
Net income
3,950
20,328
Less: net income attributable to non-controlling interest
3,279
—
Net income attributable to Switch, Inc.
$
671
$
20,328
Net income per share/unit:
Basic
$
0.02
$
0.10
Diluted
$
0.02
$
0.10
Weighted average shares/units used in computing net income per share/unit:
Basic
36,003,087
199,776,051
Diluted
252,552,205
205,493,272
Other comprehensive income:
Foreign currency translation adjustments
331
272
Comprehensive income
4,281
20,600
Less: comprehensive income attributable to non-controlling interest
3,562
—
Comprehensive income attributable to Switch, Inc.
$
719
$
20,600
Switch, Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended
March 31,
2018
2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
3,950
$
20,328
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment
24,603
20,037
Loss on disposal of property and equipment
214
20
Income tax benefit
(115)
—
Amortization of debt issuance costs
409
253
Bad debts
83
507
Equity in losses on investments
331
441
Equity-based compensation
12,357
2,250
Changes in operating assets and liabilities:
Accounts receivable
(3,077)
(4,215)
Prepaid expenses
(125)
127
Other current assets
(530)
(433)
Other assets
(129)
(92)
Accounts payable
262
4,712
Accrued interest, capital lease obligations
(56)
(53)
Accrued salaries and benefits
(532)
(295)
Accrued expenses
1,314
(5,912)
Deferred revenue
100
5,347
Customer deposits
370
407
Net cash provided by operating activities
39,429
43,429
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment
(61,387)
(107,015)
Acquisition of intangible asset
—
(13)
Escrow deposit
(1,047)
(1,350)
Proceeds from notes receivable
—
7
Purchase of portfolio energy credits
(32)
(30)
Net cash used in investing activities
(62,466)
(108,401)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of tax withholdings upon settlement of restricted stock unit awards
(1,213)
—
Proceeds from borrowings
—
70,000
Change in long term deposit
(355)
—
Repayment of borrowings, including capital lease obligations
(1,500)
(2,500)
Distributions paid to members
—
(3,532)
Net cash (used in) provided by financing activities
(3,068)
63,968
NET DECREASE IN CASH AND CASH EQUIVALENTS
(26,105)
(1,004)
CASH AND CASH EQUIVALENTS—Beginning of period
264,666
22,713
CASH AND CASH EQUIVALENTS—End of period
$
238,561
$
21,709
Switch, Inc.
Reconciliation of Net Income to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended
March 31,
2018
2017
Adjusted EBITDA:
Net income
$
3,950
$
20,328
Interest expense
6,273
4,020
Interest income
(720)
(7)
Income tax benefit
(115)
—
Depreciation and amortization
24,603
20,037
Loss on disposal of property and equipment
214
20
Equity-based compensation
12,357
2,250
Equity in net losses of investments
331
441
Adjusted EBITDA
$
46,893
$
47,089
View original content with multimedia: http://www.prnewswire.com/news-releases/switch-announces-first-quarter-2018-financial-results-300648006.html
SOURCE Switch, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/pr-newswire-switch-announces-first-quarter-2018-financial-results.html |
May 2, 2018 / 11:52 PM / Updated 14 hours ago U.S. investment house backs changes at Australia's scandal-hit AMP: Fairfax Reuters Staff 2 Min Read
SYDNEY (Reuters) - The largest shareholder in Australia’s AMP Ltd, U.S. investment house Harris Associates, supports the ouster of top executives after damaging revelations of misconduct at the wealth manager, Fairfax Media reported on Thursday. FILE PHOTO: The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray
Harris, an activist manager holding 5 percent of AMP’s shares, has watched around one quarter of the value of its investment evaporate since March as an inquiry into Australia’s financial sector found AMP had misled customers and deceived the regulator.
“It’s one thing to make a mistake - it’s another how you handle that mistake,” Harris’s director of international research, Justin Hance, told Fairfax Media.
Harris did not immediately respond to a Reuters request for comment.
He said some evidence given at the inquiry, called a Royal Commission, was “very surprising and disappointing” and he supported the departures of AMP chief executive Craig Meller and chairwoman Catherine Brenner.
The inquiry, which is also examining the conduct of Australia’s biggest banks, is able to make recommendations including legislative changes and criminal or civil prosecutions.
Rating agency S&P Global said on Wednesday it would lower AMP’s ‘A’ rating by a notch to ‘A-‘ if the misconduct were to impact the firm’s core wealth management business or if the risk of fines and legal action increased materially. Reporting by Jonathan Barrett in SYDNEY; Editing by Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-amp/u-s-investment-house-backs-changes-at-australias-scandal-hit-amp-fairfax-idUSKBN1I336O |
NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- Varick, an audience-centric digital marketing company, announced today that it has welcomed Paul Dolan as its first ever Chief Executive Officer. Dolan brings over twenty years of industry leadership experience to Varick, with a track record of building and leading technology-enabled, data-driven media businesses. As Chief Executive Officer, Paul will oversee the corporate strategy, technology roadmap and employee development at Varick, while also focusing on the growth and success of its clients’ businesses.
“Paul is joining Varick during a monumental time. Not only are we coming off a record breaking close in 2017, but we are also gearing up to celebrate our 10 th anniversary in August,” says Walt Cheruk, President at Varick. “The addition of Paul to our senior leadership team will allow Varick to continue to provide cross-channel performance for clients today, while also preparing for the next stage of its evolution. His expertise in bringing new programmatic opportunities to the market will drive growth for our clients, our platforms and our people.”
Prior to joining Varick, Dolan launched and led multiple innovative businesses that brought better targeting, more insights and increased ROI to clients. Most recently, Paul launched Light Reaction, WPP’s outcome-based programmatic media platform, and served as its global General Manager across 25 countries. Prior to Light Reaction, Paul was a key member of the founding team at GroupM’s Xaxis, the industry’s largest agency trading desk. As Managing Director of North America, he led all sales, marketing, client services and operations, while opening offices in New York, Toronto and Miami. He later launched Xaxis Latin America with offices in Mexico City, Sao Paolo, Buenos Aires and Bogota. In 2008, he co-developed B3, the first data-driven media trading platform for 24/7 Real Media and WPP’s Media Innovation Group.
“I’m thrilled to be a part of the Varick team. As the original programmatic company, Varick has developed strong technology in Alveo, our audience planning, insights and analytics platform. We have fast-growing client relationships with independent agencies and digital-first brands who are looking to unlock the power of programmatic inside their organizations. And as early adopters across the Amazon platform, we enable clients to access the full potential of the e-commerce giant,” says Dolan. “While I’m delighted to have joined in time to celebrate Varick’s 10-year anniversary, I’m especially looking forward to leading this dynamic company into its next 10 years.”
About Varick
Varick is an audience centric digital marketing company that uses state of the art technology to provide agencies and brands with full funnel, cross-channel strategies to drive brand marketing objectives. Varick, a pioneer in the programmatic space since 2008 was originally founded on New York’s historic Varick Street. As part of the recently formed Yes and Company, a consortium of specialist partners designed to serve modern brand marketers, Varick continues to bring the fast paced spirit of the digital world to a global audience.
Press Contact: Maribel Henriquez [email protected] 212-352-4666
Source: Varick Media Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-varick-appoints-paul-dolan-as-chief-executive-officer.html |
(Reuters) - Subtropical storm Alberto formed over the northwestern Caribbean Sea, the U.S. National Hurricane Center (NHC) said in its latest advisory on Friday.
The system is located about 55 miles (90 km) south of Cozumel, Mexico, packing maximum sustained winds of 40 miles per hour (65 kph), the Miami-based weather forecaster said.
“Heavy rainfall expected to affect the Yucatan peninsula, western Cuba, Florida and the northeastern Gulf Coast through the weekend,” NHC said.
(This story corrects headline and first paragraph to say storm is subtropical, not tropical.)
Reporting by Eileen Soreng in Bengaluru; Editing by Chizu Nomiyama
| ashraq/financial-news-articles | https://www.reuters.com/article/us-storm-alberto/tropical-storm-alberto-forms-over-northwestern-caribbean-sea-nhc-idUSKCN1IQ29S |
Tariffs, trade wars and the impact on the stock market 2 Hours Ago John Traynor of People's United Advisors and Steve Massocca of Wedbush Securities discuss the implications of tariffs and the threat of a trade war on the stock market. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/31/tariffs-trade-wars-impact-stock-market.html |
SAN CLEMENTE, Calif. (AP) _ ReShape Lifesciences Inc. (RSLS) on Monday reported a loss of $11.2 million in its first quarter.
On a per-share basis, the San Clemente, California-based company said it had a loss of 36 cents.
The medical device company posted revenue of $950,000 in the period.
In the final minutes of trading on Monday, the company's shares hit 48 cents. A year ago, they were trading at $4.65.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on RSLS at https://www.zacks.com/ap/RSLS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/the-associated-press-reshape-1q-earnings-snapshot.html |
AMSTERDAM (Reuters) - Tata Steel’s Dutch works council could take until August to complete its assessment of a planned joint venture with Thyssenkrupp, its president said, questioning the German group’s timeline for a signing of the deal by end-June.
FILE PHOTO: A company logo is seen outside the Tata steelworks near Rotherham in Britain, March 30, 2016. REUTERS/Phil Noble/File Photo “We expect to need at least two to three months to finish our process,” Dutch works council president Frits van Wieringen told Reuters. The council started its evaluation on May 1.
Thyssenkrupp earlier this week said it expected to be able to sign the deal with Tata Steel in the first half of the year.
But this will not happen without the consent of the Dutch workers, van Wieringen said.
Reporting by Bart Meijer; Editing by Christoph Steitz
| ashraq/financial-news-articles | https://in.reuters.com/article/thyssenkrupp-tata-steel-jointventure/tata-steel-works-council-might-take-until-august-to-assess-steel-jv-idINKCN1IJ16G |
May 14 (Reuters) - Hillenbrand Inc:
* HILLENBRAND BOARD ELECTS DANIEL C. HILLENBRAND INDEPENDENT DIRECTOR Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-hillenbrand-board-elects-daniel-hi/brief-hillenbrand-board-elects-daniel-hillenbrand-as-independent-director-idUSASC0A238 |
May 30, 2018 / 3:48 PM / Updated 21 minutes ago Lower core income squeezes Greek lender Eurobank's profit George Georgiopoulos 3 Min Read
ATHENS (Reuters) - Eurobank ( EURBr.AT ), Greece’s third-largest lender by assets, reported lower net profit in January-to-March compared to the previous quarter as a decline in interest income and commission fees offset reduced provisions for impaired loans. FILE PHOTO: The logo for Eurobank is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
Eurobank, which is 2.4 percent owned by the country’s HFSF bank rescue fund, reported net earnings of 35 million euros (30.7 million pounds) from continued operations after profit of 43 million euros in the fourth quarter.
Accounting for discontinued operations, the bank reported a net profit of 57 million euros after net earnings of 53 million in the fourth quarter.
Greek lenders including Eurobank completed a health check by the European Central Bank earlier this month, with the stress test showing no potential shortage of capital before Greece leaves its 86 billion euro international bailout in August.
Banks remain focused on reducing their bad debt portfolios and meeting targets agreed with regulators by 2019.
“The management of non-performing exposures (NPEs) remains our main priority, ... we are certain that we will attain all our NPE reduction targets in 2018,” Chief Executive Fokion Karavias said in a statement.
Eurobank’s ratio of so-called non-performing exposures dropped to 41.8 percent of its loan book from 42.5 percent at the end of 2017. NPEs include non-performing loans (NPLs) - credit past due for more than 90 days - plus restructured loans likely to turn non-performing again.
Credit-loss provisions fell to 167 million euros from 206 million in the fourth quarter. Non-performing exposures dropped to 41.8 percent of its book from 42.5 percent at the end of 2017.
The bank’s net interest income fell 4.8 percent quarter-on-quarter to 355 million euros, while commission and fee income dropped 8.4 percent compared to the previous quarter.
International operations remained profitable with net profit before discontinued operations rising to 33 million euros from 27 million euros in the same quarter a year earlier.
Eurobank has said it will maintain its Balkan footprint in Bulgaria, Serbia and Cyprus after pulling out of Romania. Reporting by George Georgiopoulos; Editing by Susan Fenton | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurobank-results/lower-core-income-squeezes-greek-lender-eurobanks-profit-idUKKCN1IV24J |
(Reuters) - Australian plumbing products maker Reliance Worldwide Corp Ltd ( RWC.AX ) is buying U.K.-based John Guest Holdings Ltd for about $923 million, becoming the second Australian firm this month to make an overseas acquisition in the plumbing business.
The purchase of the U.K.-headquartered plastic “push-to-connect” (PTC) fittings maker would help Reliance expand its European footprint, the firm said in a statement on Thursday.
The deal comes a few weeks after plumbing products supplier Reece Ltd ( REH.AX ) said it was buying privately held Texas-based Morsco Inc for $1.44 billion including debt, in a push to gain access to the fast-growing markets of the southern United States.
Reliance said the deal value represents a price 12.4 times John Guest’s 2017 adjusted core earnings. John Guest, a privately held firm, also has operations in the United States and Asia Pacific.
The Australian company had requested a trading halt of its shares earlier on Thursday. Its shares have gained 16.9 percent this year till Wednesday’s close.
“It will be interesting to see how investors receive it. A lot of Australian companies have had very poor experiences when expanding overseas so this certainly raises the risk profile of Reliance,” said Michael McCarthy, chief market strategist at CMC Markets.
Reliance, which described itself as the world’s leading manufacturer of brass PTC fittings, said the purchase would provide total synergies of more than A$20 million in core earnings per year and that the acquisition would be supported by an equity raising of up to A$1.10 billion.
An entity related to its chairman, Jonathan Munz, would use its full entitlement of A$110 million of the capital raising and the acquisition is expected to close in June, Reliance said.
A successful acquisition would give Reliance “powerful diversification and currency exposures that some investors might prize”, said CMC Markets’ McCarthy.
“Today’s deal certainly raises the potential rewards and the potential risks for Reliance as an investment.”
Reporting by Aaron Saldanha, Additional reporting by Shanima A in Bengaluru; Editing by Richard Pullin and Muralikumar Anantharaman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-john-guest-holdings-m-a-rwc/australias-reliance-worldwide-buys-uks-john-guest-for-922-9-million-statement-idUSKCN1IO3G6 |
MADRID (Reuters) - A common fiscal backstop for the single resolution fund and a common European deposit scheme (EDIS), with eventual full risk mutualization, are essential to cut links between banks and sovereigns, the Bank of Spain head said.
FILE PHOTO: Spain's Central Bank Governor Luis Maria Linde attends the 2016 Institute of International Finance (IIF) Spring Membership meeting in Madrid, Spain, May 25, 2016. REUTERS/Susana Vera “Both are essential elements to severe the links between banks and sovereigns and to bolster the ability of the area to deal with large macroeconomic shocks,” Bank of Spain Governor Luis Maria Linde said on Wednesday.
European leaders are to decide in June on the path to introduce a common deposit insurance scheme and provide a backstop for a euro zone bank resolution fund in case it were to run out of money during a major banking crisis.
Linde also noted that the development of the Capital Markets Union was another key project that deserved to be mentioned at the top of the political agenda.
Reporting by Jesús Aguado; Editing by Paul Day
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eurozone-economy-spain/common-fiscal-backstop-eu-deposit-scheme-essential-to-cut-bank-sovereign-links-idUSKCN1IO1FS |
Cryptocurrency conferences are still a massive business, even if bitcoin 's price has plunged this year.
When it kicks off this week, one ticket to CoinDesk's Consensus three-day conference in New York City can cost roughly $2,000. Well over 4,000 are expected to attend, up from 2,700 attendees last year. So at a minimum, the conference is likely bringing in $8 million.
More than 20 other events, some with similarly high entrance fees, are also scheduled during the days around Consensus. The bitcoin conference that began with 400 attendees three years ago is now the centerpiece of a full-blown "Blockchain Week NYC," an event run in partnership with the New York Economic Development Corporation.
Consensus conference attendance growth over the years
Source: CoinDesk
Last year's conferences helped drive the surge of attention on cryptocurrencies.
Around Consensus 2017 last May, Bitcoin accelerated its gains above $2,000, and was bolstered by the first TokenSummit and Ethereal Summit.
Prices then skyrocketed over the rest of the year, drawing Wall Street's interest and topping $10,000 for the first time after the "Consensus Invest" conference in November. Since then, however, Bitcoin has lost more than half its value since topping $19,000 in December, but it remains more than 4 times above where it was last May.
This year's speaker lineup also reflects significant inroads made by the cryptocurrency industry into the mainstream. Twitter co-founder Jack Dorsey , whose mobile payments company Square launched bitcoin trading this year, is set to speak at Consensus on Wednesday. Other conference panelists range from government officials to start-up leaders.
Consensus "does have a reputation of, if you speak at that event you're on the map," said Michael Oved, co-founder of a token exchange called AirSwap, and organizer of a blockchain conference called Fluidity, which took place Thursday.
He said he purposely under-priced his conference – tickets ran from $150 to $250 – because he saw it as "an opportunity for us to talk about the things we've been working on." About 700 people attended the Brooklyn event, Oved said. That would bring ticket sales to about $140,000.
"Clearly there's a lot of money to be made in the enterprise IT world, and blockchain seems to be the flavor of month." -Bill Barhydt, CEO of Abra Other events charge at least several hundred dollars for admission, including:
The two-day Ethereal Summit run by ConsenSys sells tickets for $1,300 each; TokenSummit on May 17 is sold out of regular $649 tickets, and a "very late ticket" costs $979; The "Women on the Block" conference held on Mother's Day charges $299 for general admission, and $599 for VIP access to a reception and a lounge. Childcare for children ages 5 to 11 costs $80; General admission to the May 18 NYC Blockchain Tech & Invest Summit is $899, while investors and VIP tickets are $1,299, according to Eventbrite. The ADI Cryptocurrency Mining Summit charges $499 to $699. "Clearly there's a lot of money to be made in the enterprise IT world, and blockchain seems to be the flavor of month," said Bill Barhydt, CEO of Abra, which runs a mobile-based cryptocurrency storage app.
"This represents an opportunity for companies that are trying to jump on that bandwagon to take advantage of that confluence of factors at the same time," he said. "Obviously there's a lot of money moving around in terms of sponsorships. We're getting requests every day to sponsor."
Getty Images Founder of Ethereum Vitalik Buterin However, not everyone in the cryptocurrency world is happy about the massive conference industry.
Ethereum co-founder Vitalik Buterin tweeted on April 26 that he is boycotting Consensus this year partly because of the high ticket price.
"The conference costs $2-$3k to attend. I refuse to personally contribute to that level of rent seeking," Buterin said. He added that CoinDesk "is recklessly complicit in enabling giveaway scams," and called their coverage of an ethereum split "highly sensationalist."
Tweet
In a statement, CoinDesk responded that it was "disappointed to learn of Vitalik's tweet today regarding a CoinDesk reporting error, for which we apologize. One of our reporters included an unverified link in an article; we quickly identified the error and fixed it. We strive to maintain the highest level of unbiased, ethical journalism in order to provide the best possible coverage of the blockchain industry."
Amber Baldet, former head of blockchain at J.P. Morgan , also criticized the increasingly costly cryptocurrency events.
"The irony of high-priced conferences is they're the ones least likely to be paying speakers within the community, who care the most & need the platform to share new work," she tweeted on April 28. "Corporate expense accounts subsidize people who rarely say anything novel, 'celeb keynotes' extract high fees."
She is a speaker at two of the primary events of the week, Ethereal Summit and Consensus. "I'm not getting paid for either," she said in another tweet, adding that their livestreams "are a great way to democratize access."
'So many conferences...it's crazy' With all the hype and partying that conferences bring, it's also unclear whether they ultimately help start-ups progress along a planned production schedule — especially when many can struggle under inexperienced management.
"There are so many conferences now," Oved said. "It's crazy. In the Bay Area alone, there's a conference every week on blockchain. It's easy to get distracted by conferences."
However, some are betting that the conferences will be the catalyst for bitcoin prices eventual recovery.
"The rally post-Consensus has been strong and more supportive of our view that bitcoin has already bottomed for the year," Tom Lee, co-founder of Fundstrat Global Research said in a May 7 note. "Bitcoin has rallied 10 to 70 percent during each of these conferences."
Lee added: "We think alt-coins could similarly rally given the sizable increase in attendance."
Clarification: The Fluidity conference took place on Thursday, May 10. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/13/bitcoin-conferences-flood-new-york-bringing-millions-in-ticket-sales.html |
* Futures down: Dow 0.31 pct, S&P 0.21 pct, Nasdaq 0.28 pct
By Medha Singh
May 15 (Reuters) - U.S. stock index futures were slightly lower on Tuesday as lack of progress in U.S.-China trade talks and disappointing earnings from Home Depot kept investors on edge ahead of retail sales data.
The United States and China are still “very far apart” on resolving trade frictions, U.S. Ambassador to China Terry Branstad said late on Tuesday as a second round of high-level talks were set to begin in Washington.
U.S. retail sales data is expected to have risen 0.3 percent last month, less than the 0.6 percent increase the month before. The data is due at 8:30 a.m. ET.
Shares of Home Depot Inc slipped 2.5 percent in premarket trading the No.1 U.S. home improvement chain missed Wall Street forecasts for sales at established stores. Peer Lowe’s was down 1.8 percent.
At 7:20 a.m. ET, Dow e-minis were down 77 points, or 0.31 percent. S&P 500 e-minis were down 5.75 points, or 0.21 percent and Nasdaq 100 e-minis were down 19.75 points, or 0.28 percent.
Oil prices touched a 3-1/2-year high, supported by tight supply and prospects of restricted crude oil exports from Iran due to planned U.S. sanctions.
Higher oil prices have boosted the market in the past few days.
Among stocks, Symantec rose 2.2 percent after the anti-virus maker’s bullish 2020 forecast eased concerns over the impact of an internal accounting probe.
Ford dipped 0.2 percent after Piper Jaffray cut its rating to “neutral” on the automaker’s shares. (Reporting by Medha Singh in Bengaluru Editing by Saumyadeb Chakrabarty)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-futures-lower-as-trade-fears-return-retail-sales-data-awaited-idUSL3N1SM54Q |
TORONTO (Reuters) - A group of Canadian coffee chain Tim Horton’s U.S. franchisees said on Thursday it is suing parent company Restaurant Brands International ( QSR.TO ), escalating growing tensions between the company and owners of its U.S. and Canadian coffee shops.
A Tim Hortons coffee cup and coffee beans are displayed at the coffee shop during a media event a day before its opening in San Pedro Garza Garcia, neighboring Monterrey, Mexico, October 26, 2017. REUTERS/Daniel Becerril The Great White North Franchisee Association-U.S. is challenging a clause in Restaurant Brands’ franchise agreements that requires all disputes to be resolved in Federal Court in Miami, according to an emailed statement from the group.
Once this is resolved, the U.S association said it plans to file another lawsuit claiming improper use of an advertising fund franchisees pay into. It said the company had used the fund to pay overhead expenses unrelated to promoting the brand.
“We can’t comment on the specifics of any ongoing legal matters, however, these allegations are completely false,” Restaurant Brands said by email. “We’re proud of the way we conduct our business, and nothing will distract us from our primary focus, which is serving the needs of our restaurant owners and guests.”
The moves by the U.S. franchisees are the latest in a long-running feud between Tim Hortons’ parent company and its franchisees, which has now drawn the attention of the Canadian government.
Tim Hortons fell to 50th from fourth on an annual ranking of brand reputation in Canada based on surveys between Dec. 19 and Jan. 29 by market research firm Leger. Tim Hortons has 729 locations in the U.S. and 4,258 in Canada, according to its website. Restaurant Brands also owns the Burger King and Popeyes Louisiana Chicken chains.
After Tim Hortons’ same-store sales fell for the eighth consecutive quarter in the latest earnings period, Restaurant Brands Chief Executive Daniel Schwartz said last month that “negative media created by this group of franchisees” is hurting customer perceptions of the brand.
Restaurant Brands shares have fallen 10 percent this year, compared with a 3.8 percent decline in the Toronto stock benchmark.
The U.S. action follows a C$500 million ($389 million) lawsuit filed by their Canadian counterparts in June, also alleging mismanagement of a national advertising fund.
The Canadian franchisee association filed a second, C$850 million, lawsuit in October saying the company was trying to intimidate restaurant owners. Both lawsuits are still trying to obtain certification as class actions, a spokesperson for the association said by email on Thursday.
The franchisee association, whose membership includes 60 percent of Tim Hortons owners in Canada, and half of those in the U.S., was formed in March 2017 in Canada “in response to the mismanagement of the Tim Hortons franchise,” according to the group. The U.S. arm was formed in June.
($1 = 1.2858 Canadian dollars)
Reporting By Nichola Saminather; Editing by Marguerita Choy
| ashraq/financial-news-articles | https://www.reuters.com/article/us-restaurant-brands-tims-franchisees/canadian-coffee-chain-tim-hortons-u-s-franchisees-to-sue-parent-idUSKBN1I41X3 |
LONDON (Reuters) - Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.
A burn-off flare is seen at the Ceylon Petroleum Corporation's (CPS) Sapugaskanda Oil Refinery in Colombo, Sri Lanka May 11, 2018. REUTERS/ Dinuka Liyanawatte/Files Brent crude was up 20 cents at $77.32 a barrel by 1315 GMT and U.S. light crude rose 10 cents to $70.80.
Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once U.S. sanctions bite later this year.
It is unclear how hard U.S. sanctions will hit Iran’s oil industry. A lot will depend on how other major oil consumers respond to Washington’s action against Tehran, which will take effect in November.
China, France, Russia, Britain, Germany and Iran all remain in the nuclear accord that placed controls on Iran’s nuclear programme and led to a relaxation of economic sanctions against Iran and companies doing business there.
Some oil analysts have said they expect Iranian crude exports to fall by as little as 200,000 barrels per day (bpd), while others put the figure closer to 1 million bpd.
Michael Wittner, analyst at Societe Generale, forecasts U.S. sanctions will remove 400,000-500,000 bpd of Iranian crude from the global oil market.
“In 2012 the reduction in Iranian crude production and exports was around 1 million bpd,” Wittner said. “This time around, we expect much less of an impact.”
Greg McKenna, chief market strategist at futures brokerage AxiTrader, says it is still “far from certain” that sanctions “will bite in the way intended”.
“Germany has said it will protect its companies from U.S. sanctions, Iran has said French oil giant Total has yet to pull out of its fields and all the while it seems the Chinese are ready to fill the void created by the U.S.”
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russia.
On Monday, however, markets were held in check by news of a rise in U.S. drilling for new oil production.
U.S. drillers added 10 oil rigs in the week to May 11, bringing the total to 844, the highest level since March 2015, energy services firm Baker Hughes said on Friday.
“Soaring U.S. shale output will continue to put a cap on prices,” said Hussein Sayed, chief market strategist at futures brokerage FXTM.
Additional reporting by Henning Gloystein in Singapore; Editing by David Goodman
| ashraq/financial-news-articles | https://in.reuters.com/article/global-oil/oil-ebbs-from-multi-year-highs-on-surge-in-u-s-drilling-iran-sanctions-opposition-idINKCN1IF06G |
May 2, 2018 / 10:25 AM / Updated 30 minutes ago BRIEF-Sequans Communications Announces Qtrly Loss Per Share $0.10 Reuters Staff
May 2 (Reuters) - Sequans Communications SA:
* SEQUANS COMMUNICATIONS ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY REVENUE WAS $11.2 MILLION, FLAT COMPARED TO Q4 OF 2017
* SEQUANS COMMUNICATIONS - EXPECTS REVENUE FOR Q2 TO BE IN RANGE OF $12.5 MILLION TO $14.5 MILLION * QTRLY LOSS PER SHARE $0.10
* SEQUANS COMMUNICATIONS - NON-IFRS NET LOSS PER DILUTED SHARE/ADS IS EXPECTED TO BE BETWEEN $0.07 & $0.08 FOR Q2
* Q1 EARNINGS PER SHARE VIEW $-0.08, REVENUE VIEW $11.2 MILLION — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $-0.07, REVENUE VIEW $13.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-sequans-communications-announces-q/brief-sequans-communications-announces-qtrly-loss-per-share-0-10-idUSFWN1S90JZ |
May 2 (Reuters) - Pacific Biosciences of California Inc :
* PACIFIC BIOSCIENCES OF CALIFORNIA, INC. ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* QTRLY LOSS PER SHARE $0.20 * Q1 EARNINGS PER SHARE VIEW $-0.19 — THOMSON REUTERS I/B/E/S
* CASH, CASH EQUIVALENTS AND INVESTMENTS, EXCLUDING RESTRICTED CASH, AT MARCH 31, 2018 TOTALED $79.3 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pacific-biosciences-of-california/brief-pacific-biosciences-of-california-reports-qtrly-loss-per-share-of-0-20-idUSASC09Z2Z |
CLEARWATER, Fla.--(BUSINESS WIRE)-- Bovie Medical Corporation (NYSEMKT:BVX) (the "Company"), a maker of medical devices and supplies and the developer of J-Plasma®, a patented surgical product marketed and sold under the Renuvion™ Cosmetic Technology brand in the cosmetic surgery market, today announced the appointment of Diane I. Duncan, M.D., FACS to the Company’s Medical Advisory Board.
“Dr. Duncan joins our Medical Advisory Board with over 30 years of experience in private practice as a plastic surgeon,” said Charlie Goodwin, Chief Executive Officer. “An internationally-recognized speaker and educator in plastic surgery, Dr. Duncan has delivered presentations at industry conferences around the world. She has also authored medical journal articles on a variety of subjects in plastic surgery and currently serves as a member of the editorial review board for the Aesthetic Surgery Journal.”
Mr. Goodwin continued “Dr. Duncan’s appointment to our Medical Advisory Board follows the appointment of Dr. Jack Zamora, an oculo-facial plastic surgeon, late last year. With these two important additions, we are pleased to expand the expertise of our Medical Advisory Board to include the field of cosmetic surgery, which is consistent with our strategic focus on this market, and we believe Dr. Duncan and Dr. Zamora will be important advisors to our organization as we continue to develop our clinical and commercial strategy.”
Dr. Duncan obtained her medical degree from the Tulane University School of Medicine. She is certified by the American Board of Plastic Surgery and is a member of several plastic surgery professional societies, including the American Society of Plastic Surgeons (ASPS), the American Society of Aesthetic Plastic Surgeons (ASAPS) and the International Society of Aesthetic Plastic Surgeons (ISAPS). In addition to these affiliations, Dr. Duncan is a fellow of the American College of Surgeons (ACS).
About Bovie Medical Corporation :
Bovie Medical Corporation is a leading maker of medical devices and supplies as well as the developer of J-Plasma® (marketed and sold under the Renuvion™ Cosmetic Technology brand in the cosmetic surgery market), a patented plasma-based surgical product for cutting, coagulation and ablation of soft tissue. J-Plasma/Renuvion technology utilizes a helium ionization process to produce a stable, focused beam of plasma that provides surgeons with greater precision, and minimal invasiveness. The new J-Plasma/Renuvion handpieces with Cool-Coag™ technology deliver the precision of helium plasma energy, the power of traditional monopolar coagulation and the efficiency of plasma beam coagulation - enabling thin-layer ablation and dissection and fast coagulation with a single instrument, minimizing instrument exchange and allowing a surgeon to focus on their patient and their procedures. With Cool-Coag technology, the new J-Plasma/Renuvion handpieces can deliver three distinctly different energy modalities - further increasing the utility and versatility of the system. Bovie Medical Corporation is also a leader in the manufacture of a range of electrosurgical products and technologies, marketed through both private labels and the Company’s own well-respected brands (Bovie®, IDS™ and DERM™) to distributors worldwide. The Company also leverages its expertise through original equipment manufacturing (OEM) agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Bovie Medical Corporation website at www.boviemedical.com .
Cautionary Statement on Forward-Looking Statements :
Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.
Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to those projected. Many of these factors are beyond the Company's ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this release can be found in the Company's filings with the Securities and Exchange Commission including the Company's Report on Form 10-K for the year ended December 31, 2017 and subsequent Form 10-Q filings. For in this release, the Company claims the protection of the safe harbor for contained in the Private Securities Litigation Reform Act of 1995.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180501006150/en/
Investor Relations Contact :
Westwicke Partners on behalf of Bovie Medical Corporation
Mike Piccinino, CFA
443-213-0500
[email protected]
Source: Bovie Medical Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/business-wire-bovie-medical-corporation-announces-appointment-of-diane-i-duncan-m-d-facs-to-medical-advisory-board.html |
WASHINGTON (Reuters) - President Donald Trump said late on Friday the United States was having “very productive talks” with Pyongyang to hold a summit with North Korean leader Kim Jong Un, a day after he scrapped the meeting.
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 “We are having very productive talks with North Korea about reinstating the Summit which, if it does happen, will likely remain in Singapore on the same date, June 12th., and, if necessary, will be extended beyond that date,” Trump said in a Twitter post.
Reporting by Mohammad Zargham; Editing by Sandra Maler
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-trump-talks/trump-says-having-very-productive-talks-with-north-korea-on-summit-idUSKCN1IR012 |
Comcast prepares to top Disney's $50 billion bid for Fox Wednesday, May 23, 2018 - 01:22
Comcast confirmed for the first time on Wednesday it was preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney.
Comcast confirmed for the first time on Wednesday it was preparing a higher, all-cash offer for the businesses that Twenty-First Century Fox has agreed to sell to Walt Disney. //reut.rs/2GKYZFg | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/23/comcast-prepares-to-top-disneys-50-billi?videoId=429649246 |
Good morning,
The Russia Play
The GOP-led Senate Intelligence Committee backed U.S. intelligence agencies’ finding that Moscow attempted to boost Donald Trump’s 2016 presidential campaign—a break with Republicans on the corresponding House panel and with President Trump himself. The assessment, emerging from the Senate committee’s investigation into Russian interference, gives bipartisan support to the conclusion that Russia waged a campaign of disinformation and hacking meant to help Mr. Trump. The same day, the Senate Judiciary... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-10-point-1526555314 |
May 2, 2018 / 8:20 AM / Updated 12 minutes ago BRIEF-Amazon Makes Formal Offer To Buy 60 pct Stake In Flipkart - CNBC TV 18 Reuters Staff
* AMAZON MAKES FORMAL OFFER TO BUY 60% STAKE IN FLIPKART - CNBC-TV18, CITING SOURCES
* AMAZON OFFER FOR FLIPKART TO BE AT PAR WITH WALMART OFFER - CNBC-TV18, CITING SOURCES
* AMAZON OFFER FOR FLIPKART INCLUDES BREAK UP FEE OF $2 BILLION - CNBC-TV18, CITING SOURCES Source text: [ bit.ly/2I9zXVk ] Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amazon-makes-formal-offer-to-buy-6/brief-amazon-makes-formal-offer-to-buy-60-pct-stake-in-flipkart-cnbc-tv-18-idUSFWN1S90ER |
Now T-Mobile has agreed to buy Sprint, the U.S. wireless industry is about to be dominated by three major players. But how did we go from the days of one giant landline monopoly to four competitive cell companies? Illustration: Shaumbe Wright/WSJ | ashraq/financial-news-articles | http://live.wsj.com/video/the-modern-cell-carrier-how-we-got-here/980E2187-401D-48A1-B82B-1486CEE06CB9.html |
May 8 (Reuters) - Foresight Energy LP:
* REPORTS FIRST QUARTER 20181 RESULTS * Q1 LOSS PER SHARE $0.12 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-foresight-energy-lp-reports-q1-los/brief-foresight-energy-lp-reports-q1-loss-per-share-0-12-idUSASC0A0CY |
May 3, 2018 / 5:05 AM / Updated 14 minutes ago Growth in defence sales at France's Thales offsets flat aerospace in first-quarter Reuters Staff 2 Min Read
PARIS (Reuters) - France’s Thales ( TCFP.PA ) posted a 7.2 percent underlying rise in first-quarter sales on Thursday as growth in defence and transport systems offset a slight dip in aerospace revenues.
Confirming targets for the full year, Europe’s largest defence electronics group said revenues reached 3.412 billion euros ($4.1 billion), with the defence division posting like-for-like growth of 9.5 percent led by radars and systems such as cybersecurity.
Aerospace sales dipped 0.3 percent from the first quarter of last year, when in-flight entertainment and space revenues had been particularly strong, Thales added in a statement.
The order intake, reflecting additions to future business, grew 39 percent on a comparable basis to 3.032 billion euros, led by a major air traffic management deal in Australia, French fighter sales to Qatar and a rail signalling contract in Poland.
New aerospace orders, down 16 percent, also suffered from a challenging comparison to the same quarter of 2017 when Thales had won a telecommunications satellite deal from Russia.
For 2018, Thales sees an order intake of around 15.5 billion euros, marked by a recovery in defence spending and a slowdown in the telecom satellite market.
It expects 4-5 percent higher underlying aerospace sales and a group operating profit of 1.62-1.66 billion euros, up 19 to 22 percent from a restated 2017 level.
Thales said it expects to exceed its mid-term objectives which anticipate 2016-2018 organic sales growth above 5 percent and a 2018 operating margin that should exceed a range of 9.5-10 percent originally set out for the 2017-2018 period.
($1 = 0.8344 euros) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-thales-sales/growth-in-defence-sales-at-frances-thales-offsets-flat-aerospace-in-first-quarter-idUKKBN1I40BI |
ZURICH, May 8(Reuters) - The Swiss blue-chip SMI was seen opening 0.1 percent lower on Tuesday, according to premarket indications from bank Julius Baer.
Here are some of the main factors that may affect Swiss stocks:
LAFARGEHOLCIM LafargeHolcim reported a 13 percent fall in first quarter earnings as the world’s largest cement maker embarks on its new strategy under recently-appointed Chief Executive Jan Jenisch. Its shares were seen falling 0.6 percent in pre-market trading.
For more news, click on
ADECCO Adecco Group reported weaker-than-expected first-quarter earnings as the world’s largest staffing company said revenue growth was running at an underlying 5-6 percent in March and April. Its shares were indicated to open down 1.6 percent.
For more news, click on
SWISS LIFE The life insurer said it generated fee income of 395 million Swiss francs in the first quarter of 2018, up 9 percent in local currencies. Its shares were indicated to rise 1.5 percent.
For more, click on
DUFRY The airport retailer on Tuesday reported an organic growth of 7.1 percent and an 18.4 percent jump in first-quarter core earnings, driven by robust performance in Eastern Europe, Middle East, Asia and Australia.
COMPANY STATEMENTS * Emmi said Chief Financial Officer Joerg Riboni is to hand over his duties as per April 2019.
* PSP Swiss Property said net income rose by 8.7 percent to 43.2 million Swiss francs in the first quarter.
* Roche said new data from its early and late-stage clinical studies on more than 19 approved and investigational cancer medicines will be presented at the 2018 American Society of Clinical Oncology (ASCO) Annual Meeting, taking place from 1-5 June, in Chicago, IL, United States.
* Schmolz & Bickenbach said adjusted Ebitda grew 5.6 percent to 70.3 million euros ($83.74 million) in the first quarter.
ECONOMY * The Swiss unemployment rate fell to a non-seasonally adjusted 2.7 percent in April from 2.9 percent in the previous month, the State Secretariat for Economic Affairs said on Tuesday.
* The Swiss Federal Treasury said on Tuesday it was reopening its 0.5 percent bond maturing in 2055 in a tender . ($1 = 0.8395 euros) (Reporting by Zurich newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/markets-swiss-stocks/swiss-stocks-factors-to-watch-on-may-8-idUSL8N1SE59Y |
Is President Donald Trump’s emerging trade deal with China as bad as it looks? It’s hard to see how he will be able to call it a win—unless perhaps the deal’s most important terms have nothing to do with trade.
Late Sunday morning Mr. Trump tweeted,“President Xi of China, and I, are working together to give massive Chinese phone company, ZTE, a way to get back into business, fast. Too many jobs in China lost. Commerce Department has been instructed to get it done!”
... | ashraq/financial-news-articles | https://www.wsj.com/articles/is-there-any-art-in-trumps-china-deal-1526324542 |
* U.S. could re-impose sanctions on Iran this month
* Iran's April oil exports hit new record
* Surging U.S. supplies cap market
SINGAPORE, May 2 (Reuters) - Oil prices rose on Wednesday, lifted by concerns that the United States may re-impose sanctions on major exporter Iran, although soaring U.S. supplies capped gains.
Brent crude oil futures were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 20 cents, or 0.3 percent, at $67.45 per barrel.
Iran re-emerged as a major oil exporter in January 2016 when international sanctions against Tehran were lifted in return for curbs on Iran's nuclear programme.
Iran's oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry's news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran's oil.
The United States, however, has expressed doubts over Iran's sincerity in implementing those curbs and President Donald Trump has threatened to re-impose sanctions.
Trump will decide by May 12 whether to restore U.S. sanctions on Tehran, which would likely result in a reduction of its oil exports.
"As May 12 Iran nuclear deadline nears ... geopolitical developments will continue to drive (oil market) sentiment," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.
Despite this generally bullish oil market sentiment, Innes said high U.S. oil supplies were capping prices.
Crude inventories rose by 3.4 million barrels to 432.575 million in the week to March 27, according to a report by the American Petroleum Institute (API) on Tuesday.
The rising inventories are in part a result of soaring U.S. production <C-OUT-T-EIA>, which has jumped by more than a quarter in the last two years to 10.6 million barrels per day (bpd), making the United States the world's number two crude oil producer behind only Russia, with 11 million bpd.
(Reporting by Henning Gloystein; editing by Richard Pullin) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/reuters-america-oil-prices-rise-on-iran-sanction-worries-despite-surging-u-s-supplies.html |
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Tremors from Italy felt in ETFs 2 Hours Ago CNBC’s Mike Santoli takes a look at ETFs tracking global financial stocks and credit markets as political turmoil in Italy spills across markets. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/tremors-from-italy-felt-in-etfs.html |
May 10, 2018 / 3:20 PM / Updated 2 hours ago Halep's Madrid hat-trick dream over, Sharapova out Reuters Staff 3 Min Read
MADRID (Reuters) - World number one Simona Halep’s Madrid Open hat-trick hopes bit the dust as she was overpowered 6-4 6-3 in the quarter-final by inspired Czech Karolina Pliskova on Thursday. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 10, 2018 Romania's Simona Halep looks dejected after losing her quarter final match against Czech Republic's Karolina Pliskova REUTERS/Paul Hanna
Halep, who has won the tournament for the last two years, had looked imperious on her way to the last eight, dropping only nine games in three matches including Wednesday’s win against Pliskova’s twin sister Kristyna.
But her winning streak in the Spanish capital ended at 15 matches as her 26-year-old opponent continued her impressive form on the red clay having won the Stuttgart title last month.
It was sixth seed Pliskova’s first claycourt victory over Halep and it was the kind of authoritative performance that will turn a few heads as the French Open looms later this month.
Dutchwoman Kiki Bertens continued her impressive week as she backed up a third-round win over world number two Caroline Wozniacki to beat Maria Sharapova in the quarter-finals. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 10, 2018 Czech Republic's Karolina Pliskova in action during her quarter final match against Romania's Simona Halep REUTERS/Paul Hanna
Unseeded Bertens, who reached the French Open semis two years ago, recovered from losing the first set to win 4-6 6-2 6-3 and set up a semi-final with Caroline Garcia who eased past local hopeful Carla Suarez Navarro.
Bertens’ win over Wozniacki meant Halep will stay as world number one for at least another week, but the Romanian had no answer to Pliskova on centre court.
Pliskova broke for a 4-3 lead in the opening set and although Halep saved two set points serving at 3-5 Pliskova closed out the opener with a love hold. Slideshow (3 Images)
Romanian Halep’s error-count was surprisingly high, and she found herself under pressure early in the second set as Pliskova pounced to break in the third game.
Halep could make little impression on Pliskova’s powerful serving and she buckled at 3-5, dropping serve again to bow out.
She quickly shrugged off the loss, however, saying she would now focus on Rome next week before turning her thoughts to another attempt to land a first grand slam title.
“I’m not stressing myself about the (ranking) points,” said Halep, who has another sackload of points to defend in Rome having reached last year’s final. “I’m not stressing myself about this busy schedule.
“I just want to enjoy it. I enjoy it. I’m looking forward already to start the next tournament. There is no pressure. I feel like it’s an opportunity to play my best tennis.”
“Maybe I didn’t play my best game, but maybe she didn’t let me play my best game. She was really good today.” Reporting by Martyn Herman; Editing by Toby Davis and Hugh Lawson | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-tennis-madrid-women/haleps-madrid-hat-trick-bid-ended-by-pliskova-idUKKBN1IB289 |
May 31, 2018 / 3:09 PM / Updated 3 hours ago As Trump talks of trade losses, China is a win for U.S. East Coast ports Howard Schneider 8 Min Read
CHARLESTON, S.C. (Reuters) - For America’s fastest growing East Coast ports, trade with China equals billions of dollars of investment and thousands of well-paid jobs in the heart of Trump country and not, as the president portrays it, the death knell for America’s middle class. The view from one of the ship-to-shore cranes at Wando Welch Terminal operated by the South Carolina Ports Authority in Mount Pleasant, South Carolina, U.S. May 10, 2018. REUTERS/Randall Hill
At Atlantic ports in the southern United States, harbor channels are being deepened to handle bigger ships moving through a widened Panama Canal; cranes are being heightened to unpack the larger stacks of containers; new ship berths and expanded rail hubs are opening the door wider for the imported goods demanded by American consumers and businesses.
Exports are on the rise too, and could be boosted if President Donald Trump strikes deals to export tens of billions of dollars in commodities and energy to China in an effort to cut America’s $375 billion trade deficit with the world’s second largest economy.
“China is where the growth is,” said South Carolina Ports Authority chief executive Jim Newsome. “I don’t think the world can function without free trade ... The global supply chain is based on trade and I don’t think you can walk that back.”
Interviews with officials at key southeastern ports as well as federal employment data illustrate a piece of the U.S. trade puzzle often lost in the back and forth among national policymakers amid talk of tariffs and import restrictions.
Concern over a trade war flared anew this week as Washington said it still held the threat of imposing tariffs on $50 billion of imports from China unless Beijing addressed theft of American intellectual property, and China responded that it was ready to fight back.
One reason for China’s success in winning market share in the United States has been investment by American port operators to ensure that goods get to U.S. stores with relative speed and without losing their cost advantage.
Charleston, for example, touts a 29-day window for getting goods from Shanghai to Atlanta. Research published last year by the Federal Reserve Bank of Minneapolis found that for many goods the journey from China to the United States adds as little as 3 percent to the wholesale cost.
Along with other south Atlantic ports like Savannah, Georgia, and Jacksonville, Florida, officials in Charleston spent years planning for that future and along the way created thousands of the sort of blue-collar middle-wage jobs that Trump’s election campaign pledged to expand.
“It is an issue that has been glossed over - the importance of these hubs...Absolutely the investments have been critical to the trade with China,” said Michigan State University economist Oren Ziv, who is in the initial stages of research on how port investments affect local economies. Slideshow (10 Images) A SURGE OF NEW JOBS
China’s rise as a global manufacturing center, as Trump often notes, displaced many manufacturing jobs in the United States, particularly producing lower-value goods like furniture.
One influential and widely cited study by economists David Autor, David Dorn and Gordon Hanson estimated that the “China shock” caused the loss of 2.4 million manufacturing jobs in the United States between 1999 and 2011. Other studies have disputed this, saying the numbers were much lower, and that trends like automation by successful manufacturers played an outsized role.
But whatever the impact, the flood of imports has required more labor to move those goods around the country.
Nationally, jobs in transportation and “material moving” increased by 1.2 million between 2012 and 2017, according to federal data. That included more than 190,000 additional truck drivers with a median wage of $20 an hour, roughly 13 percent above the national median.
That set of occupations accounted for about 10 percent of the country’s overall increase in jobs during the period, behind only generally lower paying positions in food service and personal care.
The port in Savannah, the country’s fourth busiest container dock, now pushes 11,000 container loads of goods a day through its gates - 7 million microwave ovens worth of cargo space, about triple what was handled as of 2003.
The groundwork was laid when officials offered incentives for companies like Home Depot ( HD.N ) and others to build distribution centers on land owned by the port authority.
That has now burgeoned into 56 million square feet (5.2 million square meters) of warehouse space around the port, filled as fast as it can be built.
The vacancy rate in early 2018 was 0.52 percent according to Colliers International data supplied by Savannah Port officials.
A new rail hub designed to accommodate longer trains, along with $2 billion in dredging and other investments planned for the next decade will allow the port to compete for shipments of goods intended for destinations as far away as Chicago, said Georgia Ports Authority chief operating officer Ed McCarthy. FROM PUERTO RICO TO CHINA FOCUS
Jacksonville is also deepening its channel, having in recent years switched its business model from north-south trade with Puerto Rico as the anchor destination, to a focus on China.
In Charleston, container traffic has been growing on average 8 percent a year since the end of the 2007-2009 recession as trade flows reoriented from Europe to Asia.
A $560-million dredging project, split between the state and federal governments, will deepen the harbor from 45 to 52 feet (13.7 to 15.8 meters) and allow ships carrying up to 18,000 20-foot (6-meter) containers to unload; the current largest is 14,000 containers.
A new $1.5 billion terminal currently under construction will add the ability to handle an additional 700,000 containers a year when it opens in 2021, with further expansion planned.
To be sure, the benefits move in both directions.
Charleston, for example, ships about $2 billion worth of vehicles a year to China, aiding the rise of BMW’s ( BMWG.DE ) plant in Spartanburg, South Carolina, as a source of high-end vehicles for the Chinese market. The Spartanburg plant is the single largest exporter of vehicles in the United States.
Likewise, if the Trump administration does manage to boost exports to China of agricultural goods and natural gas, the bigger ships and bigger harbors will have more outbound cargo.
The three ports are not major grain shippers like New Orleans or the Pacific Northwest, but exports of oil seeds, meat and wood pulp have been growing. They now account for about a quarter of U.S. wood pulp exports to China, and Charleston’s exports of meat grew tenfold to $107 million from 2003 to 2017.
But even if the boost in exports to China never happens, the dredging and expansion will continue, despite the trade debate raging in Washington.
“Why don’t we think this is an issue? We continue to grow,” said McCarthy of the Georgia Ports Authority.
“We have a terminal (Savannah) that can handle 5.5 million (containers). The design over the next 10 years is to handle 8 million and we are going to stay true to that.”
To view a graphic on Ports expansion capturing more Chinese trade, click: tmsnrt.rs/2L82eJA Reporting by Howard Schneider; Editing by David Chance, Edward Tobin and Frances Kerry | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-ports/as-trump-talks-of-trade-losses-china-is-a-win-for-u-s-east-coast-ports-idUSKCN1IW247 |
May 2 (Reuters) - Philippine Realty and Holdings Corp :
* FY NET INCOME ATTRIBUTABLE 264.4 MILLION PESOS VERSUS LOSS OF 3.9 MILLION PESOS
* FY GROSS REVENUE 870.7 MILLION PESOS VERSUS 415.5 MILLION PESOS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-philippine-realty-and-holdings-say/brief-philippine-realty-and-holdings-says-fy-net-income-attributable-264-4-million-pesos-idUSL3N1S910X |
MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National Health Investors, Inc. (NYSE: NHI) announced that it has acquired two skilled nursing facilities (“SNF”) in Texas for $29 million and will lease the facilities to affiliates of The Ensign Group, Inc. (“Ensign”). The newly acquired facilities will be added to the existing master lease at an incremental rate of 8.1% plus annual lease escalators based on inflation and the master lease obligations will be guaranteed by The Ensign Group, Inc. The facilities, a 132-bed SNF located in Garland, Texas and a 132-bed SNF located in Fort Worth, Texas, join the current Ensign assets comprised of 17 SNFs located in Texas. The acquisition of these two facilities completes NHI’s commitment to acquire 4 SNFs in development. These acquisitions were funded by NHI’s revolving credit facility.
Eric Mendelsohn, NHI President and CEO, stated, “NHI appreciates having an operating partner like Ensign. We are aligned in our commitment to develop high-quality skilled nursing facilities that are the standard setter for their local market areas.”
About NHI
Incorporated in 1991, National Health Investors, Inc. (NYSE: NHI) is a real estate investment trust specializing in sale-leaseback, joint-venture, mortgage and mezzanine financing of need-driven and discretionary senior housing and medical investments. NHI’s portfolio consists of independent, assisted and memory care communities, entrance-fee retirement communities, skilled nursing facilities, medical office buildings and specialty hospitals. For more information, visit www.nhireit.com .
About Ensign™
The Ensign Group, Inc.’s independent operating subsidiaries provide a broad spectrum of skilled nursing and assisted living services, physical, occupational and speech therapies, home health and hospice services and other rehabilitative and healthcare services at 234 healthcare facilities, 22 hospice agencies, 20 home health agencies and four home care businesses in California, Arizona, Texas, Washington, Utah, Idaho, Colorado, Nevada, Iowa, Nebraska, Oregon, Wisconsin, Kansas, South Carolina, and Oklahoma. More information about Ensign is available at http://www.ensigngroup.net .
This press release includes Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company’s, tenants’, operators’, borrowers’ or managers’ expected future financial position, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations, continued performance improvements, ability to service and refinance our debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as “may,” “will,” “believes,” “anticipates,” “expects,” “intends,” “estimates,” “plans,” and other similar expressions are Forward-looking statements involve known and unknown risks and uncertainties that may cause our actual results in future periods to those projected or contemplated in the Such risks and uncertainties include, among other things; the operating success of our tenants and borrowers for collection of our lease and interest income; the success of property development and construction activities, which may fail to achieve the operating results we expect; the risk that our tenants and borrowers may become subject to bankruptcy or insolvency proceedings; risks related to governmental regulations and payors, principally Medicare and Medicaid, and the effect that lower reimbursement rates would have on our tenants’ and borrowers’ business; the risk that the cash flows of our tenants and borrowers would be adversely affected by increased liability claims and liability insurance costs; risks related to environmental laws and the costs associated with liabilities related to hazardous substances; the risk that we may not be fully indemnified by our lessees and borrowers against future litigation; the success of our future acquisitions and investments; our ability to reinvest cash in real estate investments in a timely manner and on acceptable terms; the potential need to incur more debt in the future, which may not be available on terms acceptable to us; our ability to meet covenants related to our indebtedness which impose certain operational; the risk that the illiquidity of real estate investments could impede our ability to respond to adverse changes in the performance of our properties; risks associated with our investments in unconsolidated entities, including our lack of sole decision-making authority and our reliance on the financial condition of other interests; our dependence on revenues derived mainly from fixed rate investments in real estate assets, while a portion of our debt bears interest at variable rates; the risk that our assets may be subject to impairment charges; and our dependence on the ability to continue to qualify for taxation as a real estate investment trust. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any of the foregoing or any other forward looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by NHI in its periodic reports filed with the Securities and Exchange Commission, including the risk factors and other information disclosed in NHI’s Annual Report on Form 10-K for the most recently ended fiscal year. Copies of these filings are available at no cost on the SEC’s web site at http://www.sec.gov or on NHI’s web site at http://www.nhireit.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006139/en/
National Health Investors, Inc.
Roger R. Hopkins, 615-890-9100
Chief Accounting Officer
Source: National Health Investors, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-nhi-purchases-two-skilled-nursing-facilities-for-ensign-portfolio.html |
MOUNTAIN VIEW, Calif. (AP) _ Synopsys Inc. (SNPS) on Wednesday reported fiscal second-quarter net income of $102.5 million.
The Mountain View, California-based company said it had net income of 67 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, were $1.08 per share.
The results met Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was also for earnings of $1.08 per share.
The maker of software used to test and develop chips posted revenue of $776.8 million in the period, exceeding Street forecasts. Four analysts surveyed by Zacks expected $774.8 million.
For the current quarter ending in August, Synopsys expects its per-share earnings to range from 89 cents to 93 cents.
The company said it expects revenue in the range of $760 million to $785 million for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $699.5 million.
Synopsys expects full-year earnings in the range of $3.76 to $3.83 per share, with revenue ranging from $3.07 billion to $3.1 billion.
Synopsys shares have climbed almost 6 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $90.27, a climb of 24 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on SNPS at https://www.zacks.com/ap/SNPS | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/the-associated-press-synopsys-fiscal-2q-earnings-snapshot.html |
NEW YORK (Reuters) - The investment firm founded and chaired by billionaire George Soros took a stake in Tesla Inc ( TSLA.O ) bonds during the first three months of the year, giving the electric carmaker run by Elon Musk a prominent supporter.
FILE PHOTO - Business magnate George Soros arrives to speak at the Open Russia Club in London, Britain June 20, 2016. REUTERS/Luke MacGregor/File Photo Soros Fund Management LLC took a $35 million stake in the convertible bonds of Tesla, which are due in March 2019 88160RAB7=, according to filings with the U.S. Securities and Exchange Commission. A spokesman for Soros did not respond to a request for comment.
Convertibles are hybrid securities, either bonds or preferred stock, that can be exchanged for a predetermined number of common shares. That effectively lets an investor participate in stock-price changes, but with the yield and greater security of a fixed-income instrument.
Musk, who like Soros is also a billionaire, has been under pressure from investors to prove the company can solve production problems, stem senior staff departures and resolve questions about crashes involving its electric cars.
At the end of March, the Tesla bonds came under severe selling pressure as the luxury automaker faced concerns about its ability to produce its cheaper Model 3 sedan. A crash involving Tesla’s autopilot technology and concerns about the company’s ability to raise new capital also took a toll.
On Monday, Musk told employees the company was undergoing a “thorough reorganization.”
In 2016, SolarCity Corp, a debt-laden solar panel firm backed by Musk and now owned by Tesla raised $305 million by selling future cash flows for a portfolio of solar projects to a fund advised by Soros Fund Management LLC.
Soros also previously held some Tesla stock, but he sold off his stake last year.
Quarterly disclosures of hedge fund managers’ stock holdings in 13F filings are one of the few public ways of tracking what managers are selling and buying.
The disclosures come 45 days after the end of each quarter and may not reflect current positions.
Reporting by Trevor Hunnicutt; Editing by Jennifer Ablan and Lisa Shumaker
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-investment-funds-soros/meet-teslas-new-bondholder-billionaire-george-soros-idUSKCN1IH017 |
May 22, 2018 / 9:47 PM / Updated 9 hours ago Doctors distressed by 'unethical' dialysis rules for undocumented immigrants Lisa Rapaport 5 Min Read
(Reuters Health) - Doctors who take an oath to ‘do no harm’ are morally distressed by dialysis payment policies in many U.S. states that don’t cover services for undocumented immigrants until they’re near death, a new study found.
An estimated 6,500 undocumented immigrants in the U.S. have end-stage kidney disease (ESKD) and many of them can’t receive routine dialysis to keep them alive under payment policies that only cover these treatments in an emergency, according to a report in the Annals of Internal Medicine.
Beyond the toll in patient lives and increased costs, payment policies that allow only emergency dialysis for undocumented immigrants are putting doctors in an impossible ethical position and contributing to job dissatisfaction and burnout, the authors say.
“Undocumented immigrants that rely on emergency-only hemodialysis are near-death and critically ill weekly and so we form personalized relationships with the patients and their families,” said lead author Dr. Lilia Cervantes of Denver Health and the University of Colorado School of Medicine.
“We are invited to their weddings, quinceaneras, and other family events because they become friends,” Cervantes said by email. “Sadly, we are also invited to their funerals.”
Compared with routine dialysis, which can keep some patients alive for years, people who with ESKD who receive only emergency dialysis when they’re in critical condition have a 14-fold higher mortality rate, researchers note. Emergency-only dialysis is also nearly four times more expensive than routine dialysis.
“It is emotionally distressing to witness needless suffering and high mortality,” Cervantes said.
People rely on the kidneys to filter blood and remove excess fluid and toxins from the body in the form of urine. When the kidneys fail, people may survive days to a few weeks unless they receive a transplant or start dialysis.
During hemodialysis, a machine filters the blood for four hours three times per week to remove the excess fluid and toxins. Undocumented immigrants are the only subset of patients in the U.S. who can’t get this type of dialysis covered by programs like Medicare or Medicaid, and as a result they’re only covered if states set aside funds to pay for this care.
When patients can only get emergency dialysis, they may arrive at the hospital short of breath and complaining of a drowning sensation because so much fluid has accumulated in their bodies, Cervantes said. Sometimes they suffer from nausea, vomiting and confusion or require cardiopulmonary resuscitation (CPR) because of the abnormal heart rhythm.
For the study, Cervantes and colleagues surveyed 50 clinicians - including doctors, nurses and other health professionals - about how providing emergency-only dialysis had impacted their feelings about practicing medicine.
Clinicians reported that they felt emotionally and physically exhausted by daily organizational and system-level barriers to providing care. In addition, they were troubled by witnessing unnecessary suffering and high mortality.
They also felt it was unethical to provide substandard care to patients based on their immigration status and frustrated by payment policies that made it impossible to give all patients equal access to high quality treatment.
The study offers fresh evidence that denial of dialysis care to undocumented immigrants contributes to clinician burnout, moral distress, and discomfort about financial incentives that stop patients from getting needed care, said Dr. Ashwini Sehgal, of MetroHealth Medical Center and Case Western Reserve University in Cleveland, Ohio.
“This is the first study to examine the impact of emergency only dialysis on physicians and nurses,” Sehgal, author of an accompanying editorial, said by email. “It was surprising to learn that emergency only dialysis is bad not just for patients but also for physicians and nurses.”
SOURCE: bit.ly/2IFwsHe Annals of Internal Medicine, online May 21, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-physicians-moral-distress/doctors-distressed-by-unethical-dialysis-rules-for-undocumented-immigrants-idUKKCN1IN30T |
May 3 (Reuters) - Neon:
* NEON RAISES BRAZIL’S LARGEST SERIES A FUNDING * NEON SAYS RAISED $22 MILLION IN SERIES A FUNDING WITH PARTICIPATION FROM PROPEL VENTURE PARTNERS, YELLOW VENTURES, AMONG OTHERS Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-neon-raises-brazils-largest-series/brief-neon-raises-brazils-largest-series-a-funding-idUSASC09ZI0 |
May 18, 2018 / 12:33 PM / Updated 8 minutes ago Putin promotes ex-bodyguard to new cabinet Denis Pinchuk 5 Min Read
SOCHI, Russia (Reuters) - Russian President Vladimir Putin handed ministerial jobs to a former bodyguard and the son of an ex-intelligence chief on Friday, promoting trusted lieutenants with security ties at the start of what, under the constitution, will be his last term in office.
In a new Cabinet line-up approved by Putin, established big-hitters, such as veteran Foreign Minister Sergei Lavrov, kept their jobs, suggesting there would be little change of tack on policy in the new presidential term.
One new entrant to the Cabinet was Yevgeny Zinichev, 51, a former deputy director of the Federal Security Service (FSB), who becomes head of the high-profile emergencies ministry.
A biography carried by state-run media said he was born in St Petersburg, which is also Putin’s home city. Then from 1987 to 2015 he served in the state security services, a similar career path to the one taken by Putin, himself a former KGB spy.
Zinichev’s biography did not specify what jobs he held in the security services. However, multiple photographs of Putin at public events dating over several years show Zinichev standing at Putin’s shoulder, or walking down the steps of his official plane a few steps after the Russian leader.
The only people allowed in such regular proximity to Putin at public events, apart from senior officials and aides, are his security detail.
Zinichev was briefly appointed acting governor of the Kaliningrad region in 2016, although he only served for a few months before leaving for what the Kremlin called family reasons. Russian media said he had struggled with the publicity demands of the job. Related Coverage Proponent of 'grain OPEC' returns to Russian government
Putin also approved Dmitry Patrushev, son of former FSB chief Nikolai Patrushev, for the job of agriculture minister. He had previously been the chairman of the board of directors of Russian Agricultural Bank.
Nikolai Patrushev is also from St Petersburg and was a career intelligence officer before becoming head of the FSB, the main successor agency to the Soviet KGB. He is now Secretary of Putin’s Security Council.
The two appointments illustrated how officials with intelligence ties have emerged under Putin at the core of a ruling caste, said Moscow-based political analyst Dmitry Oreshkin.
“They are forming a fairly closed ruling caste with support from the ‘siloviks’,” said Oreshkin, using a word to describe officials who have served in the security services.
Putin has in the past recruited intelligence officers and state bodyguards for official roles. Russian President Vladimir Putin meets with Prime Minister Dmitry Medvedev in the Black Sea resort of Sochi, Russia May 18, 2018. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS
In 2016, Putin named Alexei Dyumin, who served in the Federal Guard Service (FSO), responsible for Kremlin security, as the governor overseeing Tula region south of Moscow. TERM LIMITS
The Cabinet appointments will be analyzed by Kremlin-watchers for any indications that Putin could be grooming someone as a successor.
Sworn in for a new term this month after he won a March 18 presidential election, Putin, 65, can not under the constitution run again because of term limits. He is now on his second consecutive term, and the fourth in total.
Analysts say he may find a way to de facto retain power after his term ends in 2024, or could seek to anoint a successor. Putin, though, has given no indication he wants to do that, or of who that person might be.
Dmitry Medvedev, whom Putin had already reappointed as prime minister, unveiled the new cabinet at a meeting with Putin in the Black Sea resort of Sochi.
Most of the incumbents kept their jobs, among them Foreign Minister Lavrov, Defence Minister Sergei Shoigu, and Alexander Novak, the energy minister who helped mastermind a global deal to prop up crude oil prices. Slideshow (4 Images)
Maxim Oreshkin, named economy minister in late 2016, will retain his job, as will trade and industry minister Denis Manturov, and Sports Minister Pavel Kolobkov. His role is under the spotlight because Russia is hosting the soccer World Cup next month.
The currency market reacted negatively to the appointments in the minutes after the lineup was unveiled.
The rouble pared gains and weakened to 62.19 versus the dollar from levels of 62.08 seen before the announcement. Writing by Andrey Ostroukh and Tom Balmforth; Editing by Christian Lowe and Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-government-putin-approval/putin-favors-status-quo-with-new-government-lineup-idUSKCN1IJ1JJ |
(Recasts after companies announce the agreement)
May 17 (Reuters) - PayPal Holdings Inc has agreed to acquire iZettle, one of Europe's best known financial technology startups, for $2.2 billion, the companies said on Thursday.
The deal will enable PayPal to expand its presence in in-store payments globally, and will mark the largest-ever acquisition by the San Jose, California- based company.
iZettle is best known for offering small businesses a mini credit card reader that can turn smartphones and tablets into payment registers, akin to that offered by U.S.-based Square Inc , the company founded by Twitter Chief Executive Officer Jack Dorsey.
Stockholm-based iZettle is present in 11 countries and offers other services for small businesses such as lending. It had advanced plans to go public.
By joining forces with PayPal, which operates in 200 countries, iZettle will be able to accelerate its international expansion, including to the U.S., the companies said.
Since separating from online marketplace eBay in 2015, PayPal has reshaped itself from mostly processing transactions for its parent company online to offering a suite of digital payment services across the world.
These range from lending to small businesses, to facilitating money transfers between merchants and customers as well as friends and family.
Under the leadership of CEO Dan Schulman, the company has been expanding aggressively through acquisitions and partnerships with large banks and technology firms including Bank of America Corp, JPMorgan Chase & Co, Apple Inc and Facebook Inc.
The deal will also help PayPal provide a more comprehensive suite of services to its merchants.
iZettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process $6 billion in payments in 2018 and have gross revenues of $165 million. (Reporting by Anna Irrera in New York and Parikshit Mishra in Bengaluru Editing by Sriraj Kalluvila and Chris Reese) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-2-paypal-agrees-to-buy-swedens-izettle-in-2-point-2-bln-deal.html |
May 8, 2018 / 8:17 PM / Updated 20 minutes ago Russian foreign ministry says disappointed by Trump's Iran decision Reuters Staff 1 Min Read
MOSCOW (Reuters) - Russia’s foreign ministry is “deeply disappointed” by U.S. President Donald Trump’s decision to pull out of the 2015 Iran nuclear deal, the ministry said in a statement on Tuesday.
“There are no - and can be no - grounds for breaking the joint comprehensive action plan (JCPOA). The plan showed its full efficiency,” the ministry said. “The United States is undermining international trust in the International Atomic Energy Agency.”
The ministry said it was open to further cooperation with other Iran deal members and would continue to actively develop bilateral ties with Tehran. Reporting by Katya Golubkova; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-russia/russian-foreign-ministry-says-disappointed-by-trumps-iran-decision-idUSKBN1I933J |
The father of the 17-year-old charged with killing 10 people at a high school in Santa Fe, Texas, said Monday that his son was a “good boy” and had been “mistreated at school.”
Antonios Pagourtzis said in a brief phone interview with The Wall Street Journal that his son Dimitrios was bullied and “I believe that’s what was behind” the shooting.
... RELATED VIDEO Santa Fe School Shooting Leaves at Least 10 Dead, More Injured A shooting at a high school in Santa Fe, Texas, Friday morning left at least 10 dead and others injured. The suspect identified as 17-year-old Dimitrios Pagourtzis, a student at the high school, is in custody. Photo: Associated Press. | ashraq/financial-news-articles | https://www.wsj.com/articles/father-of-accused-texas-shooter-believes-bullying-was-behind-rampage-1526920563 |
NEWARK, N.Y., May 03, 2018 (GLOBE NEWSWIRE) -- Ultralife Corporation (NASDAQ:ULBI) reported operating income of $2.4 million on revenue of $23.1 million for the first quarter ended April 1, 2018. For the first quarter of 2017, the Company reported operating income of $1.8 million on revenue of $22.0 million.
“Our first quarter results demonstrate the leveraged earnings power of our business model and the diversity of new revenue opportunities we have been cultivating,” said Michael D. Popielec, President and Chief Executive Officer. “Total Company government/defense sales grew 6% driven by strong Communications Systems shipments and total Company commercial sales grew 3% driven by higher medical sales. On the strength of 5% revenue growth, solid gross margins and disciplined expense control, operating profit grew 28% generating a 10.2% operating margin. A strong start to the year, backlog, and strict adherence to our business model parameters give us confidence that we will deliver another year of profitable growth.”
First Quarter 2018 Financial Results
Revenue was $23.1 million, an increase of $1.0 million, or 4.7%, compared to $22.0 million for the first quarter of 2017 reflecting higher medical and government/defense sales. Battery & Energy Products sales decreased $.3 million, or 1.5%, to $17.2 million compared to $17.5 million last year due primarily to timing differences in government/defense shipments, not fully offset by an 18.9% increase in medical sales. Communications Systems grew 28.3% to $5.8 million compared to $4.6 million for the same period last year reflecting shipments of our Vehicle Amplifier Adapters for the U.S. Army’s Special Force Assistance Brigades under a contract awarded in December 2017, power supplies shipments to a large global defense prime contractor, as well as a 49% year-over-year increase in shipments of core products such as our 20-watt amplifiers and universal vehicle adapters.
Gross profit was $7.3 million, or 31.6% of revenue, compared to $6.9 million, or 31.3% of revenue, for the same quarter a year ago. Battery & Energy Products’ gross margin was 29.2%, compared to 28.2% last year, and Communications Systems’ gross margin was 38.4%, compared to 43.0% last year, primarily due to product mix.
Operating expenses were $4.9 million compared to $5.0 million last year reflecting continued tight control over discretionary spending. Operating expenses were 21.4% of revenue compared to 22.9% of revenue for the year-earlier period.
Operating income was $2.4 million compared to $1.8 million last year for an operating margin of 10.2% compared to 8.4% last year.
Net income was $2.2 million, or $0.14 per share, compared to net income of $1.7 million, or $0.11 per share, for the first quarter of 2017.
About Ultralife Corporation
Ultralife Corporation serves its markets with products and services ranging from power solutions to communications and electronics systems. Through its engineering and collaborative approach to problem solving, Ultralife serves government, defense and commercial customers across the globe.
Headquartered in Newark, New York, the Company's business segments include Battery & Energy Products and Communications Systems. Ultralife has operations in North America, Europe and Asia. For more information, visit www.ultralifecorporation.com .
Conference Call Information
Ultralife will hold its first quarter earnings conference call today at 10:00 AM ET. To participate in the live call, please dial (800) 915-4836 at least ten minutes before the scheduled start time, identify yourself and ask for the Ultralife call. A live webcast of the conference call will be available to investors in the Events & Presentations section of the Company's website at http://investor.ultralifecorporation.com . For those who cannot listen to the live broadcast, a replay of the webcast will be available shortly after the call at the same location.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. The potential risks and uncertainties that could cause actual results to differ materially include: potential reductions in revenues from key customers, uncertain global economic conditions and acceptance of our new products on a global basis. The Company cautions investors not to place undue reliance on forward-looking statements, which reflect the Company's analysis only as of today's date. The Company undertakes no obligation to publicly update forward-looking statements to reflect subsequent events or circumstances. Further information on these factors and other factors that could affect Ultralife’s financial results is included in Ultralife’s Securities and Exchange Commission (SEC) filings, including the latest Annual Report on Form 10-K.
ULTRALIFE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Dollars in Thousands) (Unaudited)
ASSETS April 1, December 31, 2018 2017 Current Assets: Cash $ 18,330 $ 18,330 Trade Accounts Receivable, Net 15,730 14,657 Inventories 26,961 26,326 Prepaid Expenses and Other Current Assets 2,730 2,603 Total Current Assets 63,751 61,916 Property, Equipment and Improvements, Net 7,359 7,570 Goodwill, Intangibles and Other Assets 27,967 27,700 Total Assets $ 99,077 $ 97,186 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities:
Accounts Payable $ 7,545 $ 8,787 Accrued Compensation and Related Benefits 1,694 2,413 Accrued Expenses and Other Current Liabilities 2,840 3,039 Total Current Liabilities 12,079 14,239 Deferred Income Taxes and Other Non-Current Liabilities 3,905 3,898 Total Liabilities 15,984 18,137 Shareholders' Equity: Common Stock 1,989 1,966 Capital in Excess of Par Value 181,312 180,211 Accumulated Deficit (80,743 ) (82,894 ) Accumulated Other Comprehensive Loss (859 ) (1,611 ) Treasury Stock (18,469 ) (18,469 ) Total Ultralife Equity 83,230 79,203 Non-Controlling Interest (137 ) (154 ) Total Shareholders’ Equity 83,093 79,049 Total Liabilities and Shareholders' Equity $ 99,077 $ 97,186
ULTRALIFE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
(In Thousands Except Per Share Amounts) (Unaudited) Three Month Periods Ended April 1, April 2, 2018 2017 Revenues: Battery & Energy Products $ 17,224 $ 17,479 Communications Systems 5,845 4,556 Total Revenues 23,069 22,035 Cost of Products Sold: Battery & Energy Products 12,188 12,549 Communications Systems 3,599 2,596 Total Cost of Products Sold 15,787 15,145 Gross Profit 7,282 6,890 Operating Expenses: Research and Development 1,101 1,138 Selling, General and Administrative 3,825 3,911 Total Operating Expenses 4,926 5,049 Operating Income 2,356 1,841 Other Expense (133 ) (93 ) Income Before Income Tax Provision 2,223 1,748 Income Tax Provision (55 ) (87 ) Net Income 2,168 1,661 Net Income Attributable to Non-Controlling Interest (17 ) (6 ) Net Income Attributable to Ultralife Corporation $ 2,151 $ 1,655 Net Income Per Share Attributable to Ultralife Common Shareholders – Basic $ 0.14 $ 0.11
Net Income Per Share Attributable to Ultralife Common Shareholders – Diluted $ 0.13 $ 0.11 Weighted Average Shares Outstanding – Basic 15,704 15,412 Weighted Average Shares Outstanding – Diluted 16,202 15,656
Company Contact: Investor Relations Contact: Ultralife Corporation LHA Philip A. Fain Jody Burfening (315) 210-6110 (212) 838-3777 [email protected] [email protected]
Source:Ultralife Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-ultralife-corporation-reports-first-quarter-results.html |
May 16, 2018 / 6:15 AM / in 6 minutes Pizza Hut bets on LatAm, Caribbean with Telepizza franchise deal Reuters Staff 2 Min Read
May 16 (Reuters) - Yum Brands Inc’s Pizza Hut said on Wednesday it signed a franchise agreement with Madrid-based Telepizza Group SA, in a deal that would make the U.S. company the largest pizza chain in Latin America and the Caribbean.
Telepizza will oversee nearly 1,000 Pizza Huts and contribute nearly 1,500 of its stores to Pizza Hut’s global unit count across all markets including Spain, Portugal and Switzerland, as a part of the deal.
Over a period of time, Telepizza would convert all its stores in Latin America (excluding Brazil) and the Caribbean into Pizza Hut stores, Milind Pant, Pizza Hut International president told Reuters in an interview.
Latin America accounted for 6 percent of Pizza Hut’s total sales in 2017, according to Yum Brands’ first-quarter earnings release.
“As of now ... we are not thinking of any more franchise alliances,” Pant said.
Telepizza Group aims to open at least 1,300 new stores over the next 10 years, and 2,550 stores total over 20 years. The vast majority of the new store openings will be Pizza Hut, including all stores in Latin America and the Caribbean.
The deal would make Telepizza, Pizza Hut’s largest master franchisee globally by store count.
Pizza Hut has been posting weak sales and has missing same-store sales estimates for the last two quarters, according to Consensus Metrix.
The Telepizza deal is not expected to have a significant impact on Yum Brands’ core operating results or cash flows over the next few years, the companies said.
The Spanish chain, which operates in 23 countries and owns brands such as Telepizza and Jeno’s Pizza, reported sales of about 561 million euros ($664.28 million) in 2017. ($1 = 0.8445 euros) (Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/yum-brands-pizza-hut-telepizza-group/pizza-hut-bets-on-latam-caribbean-with-telepizza-franchise-deal-idUSL3N1SM6PI |
DANBURY, Conn.--(BUSINESS WIRE)-- Praxair, Inc. (NYSE: PX), a recognized global leader in sustainable development, placed 17th on Corporate Responsibility Magazine’s 100 Best Corporate Citizens List for 2018. This is the sixth consecutive year the company has been recognized.
The list recognizes leadership and achievements based on performance in seven categories: environmental, climate change, human rights, employee relations, corporate governance, philanthropy and financial performance. The list ranks all companies in the Russell 1000 ® Index.
“We are honored to be recognized by CR Magazine as a leader in corporate social responsibility,” said Dr. Riva Krut, Praxair vice president and chief sustainability officer. “This achievement recognizes our employees’ dedication to the environment, responsible business practices and the local communities we serve.”
In 2017, Praxair applications enabled its customers to avoid more than twice the greenhouse gases than were emitted in all of the company’s operations and to provide safe drinking water to 145 million people. Additionally, Praxair employees executed community engagement projects that benefited approximately 355,000 people or more than 13 beneficiaries per employee.
Praxair’s sustainable development has been widely recognized. In 2017, the company was named to the Dow Jones® World Sustainability Indices for 15 consecutive years and received a perfect score of 100 from the Human Rights Campaign Corporate Equality Index. Additionally, Praxair was named a 2018 World’s Most Ethical Company ® by the Ethisphere Institute. For more information about Praxair’s sustainable development program, please visit http://www.praxair.com/our-company/sustainable-development.
About Praxair
Praxair, Inc. is a leading industrial gas company in North and South America and one of the largest worldwide . With market capitalization of approximately $40 billion and 2017 sales of $11 billion, the company employs over 26,000 people globally and has been named to the Dow Jones® World Sustainability Index for 15 consecutive years. Praxair produces, sells and distributes atmospheric, process and specialty gases , and high-performance surface coatings . Our products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries , including aerospace , chemicals , food and beverage , electronics , energy , healthcare , manufacturing, primary metals and many others. For more information about the company, please visit our website at www.praxair.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180509005698/en/
Praxair Media:
John Puskar, 203-837-2448
[email protected]
or
Praxair Investors:
Juan Pelaez, 203-837-2213
[email protected]
Source: Praxair, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/business-wire-praxair-named-top-20-of-corporate-responsibility-magazineas-100-best-corporate-citizens-lista-for-2018.html |
May 8, 2018 / 1:33 PM / Updated 7 hours ago Facebook to block foreign ads in Irish abortion referendum Graham Fahy 2 Min Read
DUBLIN (Reuters) - Facebook will no longer accept advertisements from outside Ireland related to the country’s May 25 abortion referendum, the U.S. firm said on Tuesday, in its latest move to boost the transparency of its political advertising. FILE PHOTO: Silhouettes of mobile users are seen next to a screen projection of Facebook logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration/File Photo
The social media group, under scrutiny for its role in Britain’s Brexit referendum and the 2016 U.S. presidential election, made the move following criticism that foreign advertising could be a decisive in the campaign to overhaul one of the world’s strictest abortion regimes.
“As part of our efforts to help protect the integrity of elections and referendums from undue influence, we will begin rejecting ads related to the referendum if they are being run by advertisers based outside of Ireland,” said the company in a statement on its website.
The company said it would rely on reports from established campaign groups on both sides of the campaign to identify foreign-based ads, as its automated election integrity tools are still in development.
On April 25, the company launched a trial of a ‘view ads’ tool, which allows users to view all of the ads any advertiser is running on Facebook in Ireland at the same time.
The Irish referendum on whether or not to liberalize its abortion laws will give voters the first opportunity in 35 years to repeal a constitutional amendment that has long divided the once deeply Catholic nation. Reporting by Graham Fahy, editing by Louise Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-ireland-abortion-facebook/facebook-to-block-foreign-ads-in-irish-abortion-referendum-idUSKBN1I91QW |
BERLIN (Reuters) - Aerospace suppliers are starting to explore blockchain technology to keep tabs on their supply chain, potentially tracking parts such as those identified as the cause of a Southwest Airlines accident last month.
FILE PHOTO: An Airbus A321 in the final assembly line hangar at the Airbus U.S. manufacturing facility in Mobile, Alabama, September 13, 2015. REUTERS/Michael Spooneybarger/File Photo While blockchain is best known as the digital transactions technology that underpins cryptocurrency bitcoin, it can also be harnessed to track, record and transfer assets across all manner of industries, potentially smoothing operations, cutting costs and improving cash management.
The challenge faced by the aerospace industry in keeping track of tens of thousands of different parts came to light when it emerged after last month’s fatal explosion that some airlines do not keep track of the history of each individual fan blade within an engine.
In addition to the operational and cost benefits, improved parts management could speed up safety checks after an accident, industry experts said, and an increasing number of aerospace suppliers are looking at blockchain as a potential solution.
Blockchain offers a secure encrypted audit trail because there is only one version of the data, meaning it can be used to ensure traceability without reams of paperwork. It is already being used to track cobalt on its journey from Congo mines to smartphones, for example.
Moog, a U.S. manufacturer of flight control systems, is working with partners to create a blockchain-based solution called VeriPart, which will initially be used to track 3D printed components.
Moog’s technology chief George Small said the aerospace industry, like other highly regulated sectors such as the medical and nuclear power industries, was expending considerable effort on tracking parts across the supply chain to keep up with quality and regulatory demands.
TRANSPARENCY Small said the use of blockchain could increase efficiency and transparency in the sharing of data and that customer feedback has been positive so far. Though VeriPart is still in development, Moog has already had talks with customers on other potential uses for the technology.
“The solution is broadly applicable to manufactured goods and associated data that need to be tracked across supply chains from origin to delivery and on into service,” Small said in an emailed response to questions.
Slideshow (2 Images) Advocates for the technology say transparency is ensured by the encrypted audit trail and because blockchains are open and decentralized, allowing different parties to share information.
Engine maker Rolls-Royce ( RR.L ) is among those working with blockchain developers to establish how it could be used in the supply chain and says it is rapidly developing solutions.
“The company sees opportunities to automate records for complex products that currently require significant manual effort to ensure they are well managed,” a Rolls-Royce spokesman said.
Technology company Sabre ( SABR.O ), which has been looking at various uses for blockchain in the travel and aviation industries, said it could see the case for using it as a system to track components.
“It’s a situation where you don’t need ultra fast technology, but you need to be able to trust what’s in the blockchain record,” said Philip Likens, director of Sabre Labs.
Likens said the technology could be used to show who created what part on what date, when it was put on a plane and then how many hours the plane was in operation.
“You want to know that all those things are right and correct, that’s the immutability part,” he said, referring to how blockchain entries cannot be changed.
Planemaker Airbus ( AIR.PA ), meanwhile, is looking for a blockchain solution architect to be based at one of its sites in either Toulouse, Filton, Broughton or Hamburg, according to an online job posting.
It has formed a working group within the company to identify business challenges worth addressing with blockchain and a spokeswoman said the supply chain seems a natural fit.
“Blockchain could improve the tracking of goods and become a complement to, not a wholesale replacement of, suppliers’ procurement software,” she said
EXAGGERATED CAPABILITIES? But blockchain isn’t the only technology that can be used to keep a closer eye on parts in the supply chain.
Enders Analysis, in a wide-ranging note on blockchain and its use across various industries, says that a lot of the capabilities of blockchain are exaggerated or misunderstood and that existing technology can often perform the same roles.
It says that while blockchain-inspired technology could be used to bring transparency to supply chain management, it could be hard to guarantee that goods really were delivered as specified on the blockchain.
“Upgrading systems to take advantage of technological progress is important and can increase efficiency,” the analysts wrote in general advice to any company looking at blockchain.
“But those ends are much more important than the means: there is no point deploying blockchain – or a product marketed as blockchain – just for the sake of it.”
In an example of other technology that can be used to improve supply chain efficiency, Airbus last week signed up aircraft structures maker Premium Aerotec to its cloud-based aviation data platform, Skywise.
The platform will take order, production and quality data from Airbus and Premium Aerotec and analyze the data with a view to keeping the manufacturing process stable and providing transparency in the supply chain.
“To build the aircraft, Airbus needs to know where the parts are and when they are coming,” Premium Aerotec CEO Thomas Ehm told Reuters, adding that the Skywise platform aims to provide much better visibility of the manufacturing process.
Reporting by Victoria Bryan; Additional reporting by Tim Hepher; Editing by David Goodman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-aerospace-blockchain/aerospace-suppliers-look-to-blockchain-for-parts-tracking-idUSKBN1I32AW |
BANGKOK (Reuters) - Thailand’s military government has accused opposition members of flouting a ban on political activity, among other charges, after they criticized it for reneging on promises to restore democracy and protect basic rights, police said on Friday.
The military, which has ruled since a 2014 coup it said was needed to restore order after months of protests, promised a return to democratic rule within two years, but has repeatedly delayed general elections, most recently set for February 2019.
Police said the junta, formally known as the National Council for Peace and Order (NCPO), filed the charges late on Thursday after a news conference by the Puea Thai Party, founded by ousted former prime minister Thaksin Shinawatra.
“Yesterday the NCPO came to file charges against the Puea Thai Party,” Maitri Chimcherd, commander of the Crime Suppression Division, told Reuters.
“We just finished interrogating this morning at 5 a.m. Police must first gather evidence and see if there is sufficient evidence to prosecute.”
The party was charged with violating a ban on political activity, sedition and breaking Thailand’s computer crimes act by publicizing the event online, said Burin Thongpraphai, chief of the junta’s legal team.
Since the coup, the junta has banned gatherings of more than five people on grounds of maintaining national security.
The charges were unfair, said Chaturon Chaisang, a senior member of the Puea Thai Party.
“The charges are not proportionate to what happened,” he told Reuters. “They want to bully the Puea Thai Party.”Thailand is divided broadly between those backing Thaksin and his sister, Yingluck Shinawatra, whose government was removed in the coup, and the elite in the capital, Bangkok.
The delays in holding elections, which some analysts have said could be pushed back yet again, have spurred protests in Bangkok in recent weeks seeking a quick return to democracy.
As the coup’s fourth anniversary approaches on May 22, the junta faces a crisis of public perceptions, say international and domestic polls that show corruption as rife as ever.
Reporting by Panarat Thepgumpanat; Writing by Amy Sawitta Lefevre; Editing by Clarence Fernandez
| ashraq/financial-news-articles | https://www.reuters.com/article/us-thailand-politics/thailands-junta-targets-opposition-for-criticizing-election-delays-idUSKCN1IJ0AW |
GRAND ANSE, Grenada (Thomson Reuters Foundation) - The onset of hurricane season this week could prove disastrous for Caribbean nations that were slammed by storms last year and are still struggling to rebuild in the face of funding shortfalls, said regional leaders.
Countries need to focus on preparing for increasingly ferocious storms rather than just reacting to them after they strike, officials said on Wednesday at the Caribbean Development Bank’s board of governors meeting in Grenada.
Officials called for measures to tackle poverty, and strengthen social safety nets and emergency response systems in order to build resilience to hurricanes such as Irma and Maria, which swept through the region in 2017.
“To be brutally frank, if there was another disaster, I don’t expect that we’d get a different result, because what they are in now is the reconstruction phase,” said William Warren Smith, Caribbean Development Bank president.
“The whole idea of building more resilient infrastructure is not a short term process, it’s a medium term undertaking... So a hurricane of the order we got last year would really be a tremendous setback,” he told the Thomson Reuters Foundation.
Islands including Barbuda, Puerto Rico and Dominica were battered by hurricanes that killed more than 200 people and caused damage estimated at $130 billion, according to the insurer Munich Re.
Gaston Browne, prime minister of Antigua and Barbuda, said only $20 million has been pledged to help his country rebuild after Hurricane Irma caused $220 million of damage to tourism-dependant Barbuda.
Recovery remains slow and hamstrung by limited financial resources, he said. Work is focused on repairing public buildings, electricity and water supplies, with little progress on the 95 percent of homes that were destroyed.
“I just hope we will have an uneventful season, especially considering many of the countries in the Caribbean, especially Dominica and Barbuda, remain extremely vulnerable at this time,” Browne said in an interview.
He added that funds pledged by the European Union and United Kingdom have not yet been made available.
DAMAGE MITIGATION Countries that have invested in measures to mitigate damage from disasters fared better during last year’s hurricane season.
Low-lying Turks and Caicos suffered damage worth $500 million after Irma and Maria knocked out schools, hospitals and airports, Premier Sharlene Cartwright-Robinson said in an interview.
However, stringent requirements for buildings to be constructed to withstand category five hurricanes saved the islands from being “decimated”, she said.
The majority of houses were affected, she added, but most suffered only roof damage.
“We’re as ready as you possibly can be for June, with the gaps you imagine still exist following last year’s storm,” Cartwright-Robinson said.
Since last year, she said, the electricity system has been improved, schools and shelters prepared, and contingency plans put in place for hospitals and hotels in the country, where tourism is a major source of revenue.
Keith Mitchell, prime minister of Grenada, which was devastated by Hurricane Ivan in 2004, urged nations to tackle poverty and strengthen social safety nets in order to better prepare populations for the impacts of disasters.
“Storms and hurricanes do not have to result in catastrophic disasters,” he said in a speech.
Reporting by Sophie Hares; editing by Jared Ferrie. 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/
| ashraq/financial-news-articles | https://www.reuters.com/article/us-caribbean-hurricanes-cdb/hurricanes-threaten-caribbean-countries-still-recovering-from-2017-storms-officials-idUSKCN1IW0GR |
Implications of the U.S. pulling out of the Iran nuclear deal 2 Hours Ago Anjli Raval of the Financial Times says the big question if the U.S. does withdraw from the Iran nuclear deal is whether Asian and European allies comply with potential new sanctions. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/implications-of-the-u-s-pulling-out-of-the-iran-nuclear-deal.html |
BRUSSELS, May 24 (Reuters) - Italy’s partners in the euro lined up in Brussels on Thursday to urge the new government in Rome to stick to EU budget rules or risk following Greece into financial calamity that would hurt the whole of Europe.
Arriving for a meeting of euro zone finance ministers, the hawkish Slovak representative went so far as to warn that Italy under its new eurosceptic, anti-austerity coalition risks casting itself adrift from the common currency in a manner that would do severe damage across the bloc.
“I sincerely hope that the new Italian government won’t ignore rules and take euro zone hostage for the sake of pre-election promises,” Peter Kazimir tweeted.
“That would be a very risky business.
“Should they decide otherwise and go on a ‘suicide mission’ and jump the ship instead, so be it ... but let me be clear, you’re not alone on board of that ship.”
Many others at the meeting, including EU Economics Commissioner Pierre Moscovici and French Finance Minister Bruno Le Maire, welcomed comments by Italian Prime Minister-designate Giuseppe Conte that they interpreted as signalling a willingness to remain engaged with Rome’s European Union partners.
“I’m convinced by history, by art, Italy will remain a very important member of the euro zone,” Frenchman Moscovici said.
“I am going for a constructive dialogue,” he added, insisting that the European Commission would not lecture Rome after an election in March delivered votes for The League and 5-Star on promises of spending more and taxing less.
Italy’s small southern neighbour Malta also signalled alarm at the government’s proposed programme:
“If ... it is just a question of spending and spending and borrowing and spending then unfortunately it will be a replay of Greece,” Maltese Finance Minister Edward Scicluna told reporters, referring to Athens’ effective bankruptcy in 2012.
At nearly 10 times the size of Greece’s economy and the third biggest in the euro zone, Italy is seen as far too big for Germany, France and the other 16 states in the euro to bail out.
While EU partners are waiting to see exactly what policies a new government under the political unknown Conte will pursue, many see private investors already imposing a discipline on its ambitions by raising borrowing costs sharply.
The Commission also has tools to pressure member states not to let government deficits and public debts rise above set levels but senior officials acknowledge that these have often not been applied strictly — notably to France — and that they may not be strong enough to deter a new Italian government. (Writing by Alastair Macdonald Editing by Matthew Mpoke Bigg)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurozone-italy/euro-partners-warn-new-italy-government-against-suicide-mission-idUSL5N1SV5E5 |
May 11, 2018 / 1:07 PM / a few seconds ago Forward guidance - doesn't always map the route Jonathan Cable 5 Min Read
LONDON (Reuters) - After the financial crisis rocked the framework of monetary policy, rate setters took to giving “forward guidance” to steady the ship, but the recent experience of British and Japanese central banks suggests it doesn’t guarantee a smooth journey. Mark Carney, Governor of the Bank of England, addresses the media during the quarterly Inflation Report press conference in London, Britain May 10, 2018. Frank Augstein/pool via Reuters
Just a few weeks ago markets and economists were convinced the Bank of England was all set to hike interest rates on May 10, until Governor Mark Carney gave a surprisingly dovish interview and suddenly all bets were off.
In just a couple of weeks, the pound tumbled 7 cents against the dollar and, in probably the most dramatic turnaround in Reuters polling history, virtually every economist in a panel of more than 60 changed their forecast. [BOE/INT]
In theory, forward guidance smoothes the outlook, mitigating risk for businesses and financial institutions, and helping to spur investment. It also is supposed to make it easier for the general public to plan their personal finances.
The problem is, not following through with it can stoke even more confusion.
“Carney rather jumped the gun in hinting there was very likely to be a May hike and he had to row back because the data turned out to be slightly different to what they had anticipated,” said Andrew Kenningham, chief global economist at Capital Economics.
“I would think Carney will be a little bit more careful about what hints he drops in future.”
And this was not his first such experience. Carney was dubbed an “unreliable boyfriend” by a lawmaker in 2014, accused of giving inconsistent messages on the outlook for interest rates.
Treasury Committee member Pat McFadden said at the time businesses and consumers had been “left not really knowing where they stand” by statements made by the Bank.
“The only people who throw that term at me are in this room,” Carney retorted in a testy exchange with journalists at a news conference on Thursday, trying to turn the discussion toward the Bank’s stated primary audience, households and businesses, not the financial markets and media.
“They expect us not to be on some pre-set course. They expect us to be prudent, not passive, and so if the situation is appropriate we will adjust policy,” Carney said.
So why give guidance?
Statements from central bankers are always going to be scrutinized by financial professionals, word by word, for any changes in nuance.
“You need to give some guidance to markets as to how you are going about decision-making,” said Capital Economics’ Kenningham.
“In terms of speeches... perhaps governors need to be a bit more careful than other members of the committees about expressing views because markets will jump on anything they say as being more definitive than it is.” KEEP CALM AND CARRY ON
The Bank of England is not alone in having to put forward guidance into reverse.
Bank of Japan Governor Haruhiko Kuroda jolted markets in March when he told parliament the central bank could consider and debate exiting its ultra-easy policy if inflation hit its 2 percent target as projected in the fiscal year ending in March 2020.
But he went back on his words just a few days later.
“I didn’t say the BOJ will immediately exit the easy policy in fiscal 2019. I only said there could be some debate of an exit if inflation hits 2 percent during fiscal 2019, as we project,” Kuroda clarified.
Perhaps his climbdown was warranted, given it now appears Japan’s economy likely contracted for the first time in two years in the three months to March.
Weak economic performance in the first quarter is one of the reasons the BoE changed its tune so abruptly. NO FREAKOUTS
European Central Bank President Mario Draghi has been more successful of late with forward guidance.
Despite clear signs in business surveys of a slowdown, Draghi said at his post-decision press conference on April 26 growth was expected to remain solid and broad-based.
Sources have told Reuters ECB policymakers were keen not to upset investor expectations that its 2.55 trillion-euro stimulus programme would end this year and its policy rate would rise for the first time since 2011 towards the middle of next year.
And the U.S. Federal Reserve is now debating how to describe conditions under which it would try to slow the economy without alarming financial markets.
The Fed began raising rates in December 2015 and is now approaching a point where its stance can be described as neutral rather than accommodative, the first time it will face such a transition since its rate-hiking cycle in 2004-2006.
None of the policymakers charged with overseeing the move today were in the same position back then.
“What is the message we should be sending out to accompany that move?” Atlanta Fed president Raphael Bostic said in an interview with Reuters.
“We don’t want to freak out the market.” Editing by Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-economy-weekahead/forward-guidance-doesnt-always-map-the-route-idUKKBN1IC1JY |
YEREVAN, Armenia—The country’s newly elected prime minister has promised sweeping changes to the thousands of protesters who rallied around his bid to unseat Armenia’s entrenched political elite. But there is one line he won’t cross for now: his nation’s special relationship with Russia.
As demonstrators draped in Armenian flags erupted into applause, the country’s parliament on Tuesday chose one-time opposition leader Nikol Pashinyan to lead the government, peacefully capping weeks of mass protests in the former Soviet state.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/armenian-protest-leader-takes-power-under-russias-shadow-1525794599 |
May 23 (Reuters) - Esperion Therapeutics Inc:
* ESPERION ANNOUNCES THIRD PIVOTAL PHASE 3 STUDY OF BEMPEDOIC ACID MEETS PRIMARY ENDPOINT
* ESPERION - STUDY 3 ACHIEVES ADDITIONAL 26% LDL-C LOWERING ON BACKGROUND OF MAXIMALLY TOLERATED LDL-C LOWERING THERAPY IN PATIENTS CONSIDERED STATIN INTOLERANT
* ESPERION THERAPEUTICS INC - CUMULATIVE PHASE 2 / PHASE 3 DEMONSTRATES BROAD EFFICACY AS WELL AS SAFETY AND TOLERABILITY Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-esperion-announces-third-pivotal-p/brief-esperion-announces-third-pivotal-phase-3-study-of-bempedoic-acid-meets-primary-endpoint-idUSFWN1SU0SD |
Of the many things that can ruin a good credit score , paying your credit card bill late is one of the more common. But if you do find yourself with a late fee, there's something simple you can do: Ask your card issuer to waive it.
That's according to financial website CompareCards.com, which conducted a survey of more than 1,000 Americans with at least one credit card about their interactions with card issuers. "As a customer, you have the ability to ask your card issuer to change the terms of your card pretty much anytime you want," the site points out.
"Whether that's requesting a lower [annual percentage rate], a credit limit increase or to remove a late payment fee, it's possible your issuer will work with you to make you happy and secure your business."
However, not all respondents say they've taken advantage of that: Only 60 percent have ever called to have a late fee waived, just 40 percent have asked for a higher credit limit on an existing card and a mere 25 percent have asked for a lower APR on one of their cards.
show chapters Why millennials are making a huge mistake by not using credit cards more often 11:49 AM ET Mon, 24 July 2017 | 00:52 The hesitation to reach out is "unfortunate," says CompareCards.com, "as most of those who did ask their credit card issuer for a break on fees or requested a higher limit were rewarded for it."
Nearly 90 percent of users got at least one late fee reversed upon asking, while 64 percent who asked for a higher credit limit received one and another 64 percent who asked for a lower interest rate got it.
"Not everyone in our survey may have needed a waived late payment or higher credit limit. But if they did, and didn't ask, they may be leaving behind money or additional credit that's only a phone call away."
Of those who asked to have a late fee waived, the typical saving was almost $40. Those who asked for a higher credit limit were extended $2,059 in additional credit on average. And of those who asked for a lower interest rate, they reported an average reduction of 5.5 percent.
show chapters A good credit score is key to your financial future — here's how to boost it 11:42 AM ET Fri, 25 Aug 2017 | 01:12 Besides the savings, though, there are a number of other good reasons you shouldn't shy away from asking your card issuer for a break, according to CompareCards.com. For example, you might have earned it : "Your credit score may have improved from when you first received the card. You may have paid down a lot of debt or your credit score might have seen a boost because your credit history is simply longer than it was when you first applied for the card."
Overall, the higher your credit score , the better financial deals you'll get, whether you're buying a home or a car , renting an apartment or embarking on another financial venture. Getting a late fee waived or a securing a lower interest rate can help you maintain your financial health.
That said, be sure to pay your bills in full and on time to the extent possible and keep an eye on your score by checking it regularly. Here are some more tips to establish or improve your credit .
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show chapters Why Mark Cuban and other famous people don't use credit cards 10:18 AM ET Fri, 26 May 2017 | 00:58 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/one-simple-trick-could-help-you-dodge-a-credit-card-late-fee.html |
May 10, 2018 / 1:30 PM / Updated 7 hours ago Church and religion take back seat as a secular Ireland votes on abortion Conor Humphries , Emily G Roe 7 Min Read
NENAGH/CORK, Ireland (Reuters) - Three decades after Ireland introduced one of the world’s only constitutional bans on abortion, the Church that was so pivotal in securing the law’s passage finds itself a minor player in the now mainly secular battle to repeal it. Pro-Life campaigners hold flags and posters ahead of a 25th May referendum on abortion law, in Wicklow, Ireland, May 8, 2018. Picture taken May 8, 2018. REUTERS/Clodagh Kilcoyne
A vote on May 25 on whether to scrap the 1983 ban is the latest referendum to gauge just how much has changed in Ireland, once one of Europe’s most socially conservative and staunchly Catholic countries.
Polls suggest the repeal camp is in the lead but the vote is much closer than three years ago when Ireland became the first country to back gay marriage in a national referendum. The one-in-five who are undecided are likely to decide the outcome, both sides say.
As in the gay marriage case, the role of the Catholic Church this time is tricky: some feel the Church should be out in front robustly defending one of its core teachings. Others worry moralizing by celibate priests may prove counter-productive.
“The priests in a way are damned if they do and damned if they don’t,” leading anti-abortion activist Vicky Wall said as she campaigned in central Ireland against repeal.
The leaflets she distributed around the rural market town of Nenagh mentioned religion just once, to address concerns that campaigners in favor of the ban were imposing their beliefs on the country.
“Not true. You don’t have to be from any faith tradition to agree that human life should be protected... The right to life is first and foremost a human rights issue,” it read.
Religion was front and center when Ireland voted to ban abortion in a 1983 referendum described by columnist Gene Kerrigan as part of a “moral civil war” between conservative Catholics and progressive liberals for the country’s future.
The eighth amendment to enshrine the equal right to life of mother and her unborn child was proposed by a coalition of Catholic groups who feared Ireland would follow the United States and United Kingdom into expanding access to abortion.
Protestant churches felt the wording was too rigid, but it passed by a margin of two to one.
The result showed the depth of Catholic influence in Ireland. But it also consolidated opposition when the implications of the ban became clear in a series of legal cases just as clerical abuse scandals rocked trust in the Church. A woman walks past a Pro-Choice mural on the side of a building ahead of a 25th May referendum on abortion law, in Dun Laoghaire, Ireland, May 7, 2018. Picture taken May 7, 2018. REUTERS/Clodagh Kilcoyne
Ireland was transfixed by the 1992 case of a 14-year-old rape victim barred from leaving the country by judicial order after she told the police she was planning to get an abortion. The injunction was lifted by the Supreme Court on the grounds her life was deemed at risk by suicide.
A referendum later that year enshrined the right of women to travel for an abortion, legalizing a stream of more than 3,000 women who go to Britain every year for terminations.
In 2012 a 31-year-old Indian immigrant died from a septic miscarriage after being refused an abortion that might have saved her life.
The ensuing outcry led to legislation the next year to allow abortion when a woman’s life is in danger and, combined with criticism from the United Nations and European Court of Human Rights, helped build political pressure for a referendum to repeal the ban. CHURCH BATTLE
With just over two weeks to go before the vote, the Church has only recently begun to get involved, putting up posters at a few churches and allowing some anti-abortion campaigners to speak from the pulpit during Mass.
The small interventions have caused a rare public split.
The liberal Association of Catholic Priests, which represents more than 1,000 priests in Ireland, called the sermons “inappropriate and insensitive” and said that they would be regarded by some as “an abuse of the Eucharist.”
“As leadership of an association made up of men who are unmarried and without children of our own, we are not best placed to be in any way dogmatic on this issue,” it said. Slideshow (5 Images)
Pastoral letters from some of the country’s 25 bishops have used increasingly emotive language in defense of the ban in recent days, however.
“We must not be naive about what is at issue in this Referendum. It is a great struggle between light and dark, between life and death,” Bishop of Cloyne William Crean said in his letter. “I invite you to CHOOSE LIFE!”
Campaigners on both sides say they are generally avoiding religion because they are afraid to alienate undecided voters and because it’s just not as relevant as it once was.
Seventy-eight percent of Irish people identified as Catholic in the 2016 census, down from 92 percent in 1991; 10 percent said they had no religion and 3 percent were Protestant. But a survey by national broadcaster RTE in 2006 showed Mass attendance had dropped to 48 percent from 81 percent since 1990. In 2011 the Dublin diocese said as few as 18 percent of Catholics in the capital went to Mass every week.
“I think telling voters to vote a particular way because God wants them to was never likely to be a winner for either campaign on either side,” said John McGuirk, spokesman for the Save the 8th umbrella group.
He described the campaign as a “much more secular battle” than 1983. While religious iconography featured in one recent national anti-abortion rally, campaigners are focusing on the science of how the fetus develops in the stages of pregnancy.
Yes campaigners, outfitted in the black sweatshirts with ‘Repeal’ in white that have become their symbol, talk about women’s rights and the medical dangers they say are created by the ban.
“It’s about the fact that ... women don’t get a say in what they do with their bodies under the eighth amendment,” said 22-year-old Fay Carrol, a chef from Dublin who lives in Cork.
Others argue that since abortion is a reality for Irish women - by traveling or by ordering pills online - it should be acknowledged and integrated safely into the health care system.
“To require women to be dying to access termination of pregnancy... to demand that women who were raped carry their pregnancy to term, these are unacceptable risks and unacceptable situations,” said Rhona Mahony, Master of Dublin’s Holles Street Maternity Hospital.
Even without the Church’s active involvement, some Yes campaigners are concerned that the conservatism linked to Ireland’s Catholic tradition still guides many voters’ views.
“People are struggling with that legacy of centuries of Catholic Church teaching,” said veteran women’s rights campaigner Ailbhe Smyth. “I think this is, and will be, a very tight referendum.” Additional reporting by Padraic Halpin; Editing by Sonya Hepinstall | ashraq/financial-news-articles | https://uk.reuters.com/article/us-ireland-abortion/church-and-religion-take-back-seat-as-a-secular-ireland-votes-on-abortion-idUKKBN1IB1OE |
Cramer Remix: The world has turned on this sector 20 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/cramer-remix-the-world-has-turned-on-this-sector.html |
(Reuters) - Tiger Woods will use a new set of irons at this week’s Wells Fargo Championship in North Carolina, the 14-times major winner announced on Tuesday.
Tiger Woods of the hits from a sand trap on the second hole during first round play. REUTERS/Mike Segar Woods has been trying out the TaylorMade clubs for a while, and has decided the time is right to put them to the test in the heat of competition.
“Phase 1 of irons development ... is complete. Looking forward to teeing it up this week,” he said on Twitter ahead of Thursday’s first round in Charlotte.
The news comes more than a year after Woods signed with TaylorMade, and after a disappointing performance last month at the U.S. Masters.
Woods struggled with his irons on the way to finishing tied for 32nd.
“I felt I hit it well enough off the tee to do some things, but I hit my irons awful for the week,” he said after his final round at Augusta National.
Woods, in his seventh start of the year after a successful spinal fusion, will be joined at Quail Hollow by a strong field that also features Rory McIlroy, Justin Thomas and Masters champion Patrick Reed.
McIlroy and Thomas have fond memories of Quail Hollow. McIlroy recorded his first PGA Tour win there in 2010, while Thomas more recently made his major breakthrough at the PGA Championship.
The course set-up this week will be more forgiving than it was when Thomas won last August, with more grass around the greens expected to offer better lies for chip shots.
“It was really tough to chip around the greens (at the PGA) because it was so tight,” said defending champion Brian Harman, who won last year’s Wells Fargo at a different venue.
While Woods will consume most attention, fans with an eye on the future could do worse than watch Joaquin Niemann.
The 19-year-old from Chile finished sixth in his professional debut at the Texas Open two weeks ago.
“It gave me a lot of confidence,” said Niemann, who reckons his ability with the driver should hold him in good stead this week.
“Hitting fairways is one of my best parts of my game. I just need to hit fairways because the course is really long. You don’t want to hit five-irons from the rough.”
Reporting by Andrew Both in Cary, North Carolina; Editing by Ian Ransom
| ashraq/financial-news-articles | https://in.reuters.com/article/golf-wellsfargo/golf-tiger-will-use-new-irons-at-wells-fargo-this-week-idINKBN1I24LY |
May 9, 2018 / 1:04 AM / Updated an hour ago Five more Australian MPs leave parliament after court's citizenship ruling Tom Westbrook 4 Min Read
SYDNEY (Reuters) - Australia faces a series of by-elections after the High Court ruled on Wednesday an 11th lawmaker must leave parliament in a test-case decision that prompted four more lawmakers to quit amid a widening citizenship crisis.
The court found unanimously that opposition Labor Party Senator Katy Gallagher was a British citizen at the time of her election, despite her attempts to renounce it, and so ineligible to be elected to the federal parliament.
Dual citizens are blocked from national elected office under Australia’s 117-year-old constitution. The decision prompted four other lawmakers in similar predicaments to Gallagher to resign, triggering by-elections for their lower-house seats.
Gallagher and the other four are not members of Australia’s ruling center-right coalition, keeping its slender majority safe, but the resulting polls will be a litmus test of the public mood and Prime Minister Malcolm Turnbull’s popularity ahead of a general election due next year.
“By-elections are notoriously difficult things,” Nick Economou, a political scientist at Monash University in Melbourne, told Reuters.
He said the Queensland state seat of Longman, held by Labor’s Susan Lamb on a knife-edge margin until her resignation on Wednesday, was a bellwether contest.
“If Labor was to lose that, it’d be a huge fillip for Turnbull,” Economou said.
“On the other hand, if Labor was to win with an increased majority, that would be a sign that there’s a problem for the government,” he said.
Lamb said she intended to recontest her seat and Labor MPs Josh Wilson and Justine Keay, who also resigned on Wednesday, and independent member Rebekha Sharkie, said they would do likewise in their separate electorates.
Dates for the by-elections have not been set officially but could be as early as mid-June.
Gallagher, who said she was disappointed but accepted the court ruling, will be replaced by another Labor politician in the Senate.
“The High Court has adopted the strictest possible reading,” George Williams, professor and Dean of Law at the University of New South Wales in Sydney, told Reuters.
“I’m surprised by the result. I think it delivers a proposition that is unworkable ... because of how hard it will be to comply with these requirements now,” he said.
In a nation in which half the population were either born overseas or have parents who were, the dual citizenship rule has cut a swath through the national parliament.
It has prompted the departure of 15 lawmakers and last year briefly left Turnbull’s Liberal-National coalition clinging to a minority government.
Gallagher, who was born in Ecuador to British parents and was conferred British citizenship, filed paperwork and paid processing fees to renounce it more than two months before being elected in July 2016.
However, she did not get confirmation from the British Home Office that her renunciation had been processed until after she was elected, according to documents she disclosed to parliament last year. Reporting by Tom Westbrook; Editing by Darren Schuettler | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-politics/australia-high-court-rules-against-senator-as-citizenship-crisis-widens-idUSKBN1IA04H |
Women represent just 5 percent of Fortune 500 CEOs and less than 10 percent of the top tech VCs.
But don't worry ladies, we've got the virtual assistant gig locked up.
Siri, Alexa, Cortana and their growing list of peers are designed to serve. They're designed to take orders and never ask for a "thank you." And so far, almost without exception, they're designed to be female.
I didn't notice the trend for a while. I don't have an Amazon Alexa-enabled speaker, and I've never interacted with Microsoft 's Cortana, so I wasn't constantly exposed.
But that's a rarity now. As the voice wars heat up and the giants of Silicon Valley race to get their assistants into every home and pocket, the ever-present female subordinate is sending a bad message.
My nephew is 4 years old and knows how to engage Alexa. My stepbrother is 14 and asks Siri questions through his Apple iPhone. The idea that virtual assistants would ingrain any of sort gender inequality in either of them is genuinely gut-wrenching.
It's the same kind of icky, not-quite-right feeling I experienced while watching "Mad Men" with the corporate office full of male superiors and their female support staff. We're all Roger Sterling in this analogy, and that should make you uncomfortable.
There are countless studies that claim, among other things:
All genders consider the female voice warmer Women are often considered more helpful — virtual assistants are designed to help, after all Voices at a higher pitch are just plain easier to understand. Some of that may be true. Some of it likely is not. But either way, the assumption that virtual assistants should be female is a problem.
I changed my Siri assistant to a male voice a couple years ago. Siri's default voice in American English is female but switching the language to British English, French, Arabic or a handful of other languages will also switch the gender.
Google 's name-less assistant defaults to a female voice on phones, and randomly selects one of two voice options when users first boot up a Google Home. One of the voices would be considered traditionally female and one traditionally male, though Google says it doesn't think of their voices as gendered.
The company also announced earlier this month it would be adding new voice options , including male voices and the voice of singer John Legend.
Cortana and Alexa, though, are pretty nailed down.
Amazon says it workshopped several voices, including male options, and found users preferred Alexa's current voice.
show chapters Alexa recording mistake is one-in-a-million but does beg a bigger question, says tech expert 11:47 AM ET Fri, 25 May 2018 | 03:20 A Microsoft spokesperson said the company "thought long and hard about gender" when creating Cortana. "We did extensive research and found there is a certain warmth to a femaile voice that is associated with helpfulness," the spokesperson said.
I don't need the tech giants to make all virtual assistants men. Just don't make the decision for me that they should be women. Present the option next time I activate a new iPhone. Avoid obviously gendered names.
I'm very happy with my male Siri. I find his voice warm and his answers just as helpful. If only I could weigh in on the voice my 4-year-old nephew hears. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/27/virtual-assistants-we-need-male-voices-for-feminism--commentary.html |
Gold claws higher on soft dollar, renewed trade tensions Gold prices edged higher for a second day on Thursday. The dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes. Published 18 Hours Ago Reuters Source: World Gold Council
Gold prices rose for a second session on Thursday, lifted by a weaker dollar, worries about renewed trade tensions and volatile emerging markets.
Spot gold was up 0.46 percent at $1,298.93 per ounce at 8:42 a.m. ET. U.S. gold futures for June delivery added 0.68 percent to $1,298.40 per ounce.
Gold's safe-haven appeal was burnished after the U.S. launched a national security investigation into car and truck imports that could lead to new tariffs similar to those it imposed on steel and aluminum in March.
"We have a whole host of potential sources of support for gold. Trade spats are reoccurring and there's a focus on troubled emerging markets," Ole Hansen, head of commodity strategy at Saxo Bank in Copenhagen, said.
Turkey has been in the spotlight and the lira weakened more than 2 percent after a huge emergency interest rate hike failed to stem its problems. "The relief rally in the Turkish lira yesterday seems to have only managed to pause the slide but not reverse it," Hansen said.
Gold is often seen as a safe investment during times of political and financial uncertainty. show chapters 20 Hours Ago | 03:33
Gold also was buoyed from a weaker dollar index , which lost momentum after U.S. President Donald Trump 's threat to impose new tariffs and minutes of the Federal Reserve's last policy meeting were seen as dovish.
Higher U.S. rates tend to boost the dollar and drag on greenback-denominated gold, but the metal can also be used as a hedge against rising inflation.
Hansen said it was worrying that the positive drivers for gold had not pushed it further towards key levels of $1,300 and $1,305, which need to be broken to resume the upside. "If we get there that's going to force a reaction from funds, but we need a spark and so far gold hasn't managed to break out of its range."
Spot gold has shed 5 percent since touching $1,365.23 on April 11, the highest in nearly three months.
Among other precious metals, silver gained 0.8 percent to $16.55 an ounce, platinum climbed 0.9 percent to $907.70 an ounce and palladium shed 0.4 percent to 972.97 an ounce.
Analysts at Standard Chartered on Wednesday said they expected platinum to continue to trade at a discount to both palladium and gold this year. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/gold-dovish-fed-stance-in-focus.html |
May 6, 2018 / 4:41 PM / Updated 15 minutes ago Talks between Swiss Re and SoftBank close to collapsing - FT Reuters Staff 2 Min Read
ZURICH (Reuters) - Discussions between Swiss Re ( SRENH.S ) and SoftBank ( 9984.T ) about the Japanese group potentially taking a stake in the reinsurer are faltering, the Financial Times reported on Sunday, quoting people close to the situation. FILE PHOTO: Shop employees of SoftBank Corp work outside its branch in Tokyo, Japan, August 6, 2015. REUTERS/Yuya Shino/File Photo
“Talks between Swiss Re and SoftBank over an investment in the reinsurance company are close to collapsing after three months of discussions,” the FT said.
“People close to the situation say the Japanese company’s enthusiasm has waned in recent weeks,” the newspaper said without giving further details.
Swiss Re declined to comment on the report.
The reinsurer’s chief financial officer, John Dacey, told reporters on a call on Friday that the company was still in discussions with SoftBank, but that it was not sure they would result in a completed transaction and that it was also talking to other potential partners.
Under pressure from falling prices amid intense competition, Swiss Re is looking for partnerships that could open new streams of revenue. It had said last month that SoftBank wanted to buy a stake of under 10 percent and that the pair were also exploring strategic cooperation. Reporting by Silke Koltrowitz; Editing by Keith Weir | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-swiss-re-soft-bank/talks-between-swiss-re-and-softbank-close-to-collapsing-ft-idUKKBN1I70OU |
FRANKFURT, May 2 (Reuters) - Concerns about an imminent end to the euro zone’s economic expansion are exaggerated while expectations of a European Central Bank rate hike towards the middle of next year remain realistic, Germany’s representative on the bank’s policy-making body said.
“Some observers already see evidence of an approaching end to the upswing in the recent economic slowdown,” Jens Weidmann told an audience in Mannheim, Germany. “However, I think such worries are exaggerated.”
$1 = 0.8354 euros Reporting by Francesco Canepa; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/ecb-policy-bundesbank/germanys-weidmann-says-mid-2019-ecb-rate-hike-still-realistic-idUSF9N1PX000 |
May 23, 2018 / 1:58 AM / Updated an hour ago Emery's website appears to confirm Arsenal appointment Reuters Staff 1 Min Read
(Reuters) - Unai Emery has strengthened speculation that he will take over as Arsenal's new manager after a photo appeared on his official website unai-emery.com/en announcing him as the Premier League club's coach. FILE PHOTO: Soccer Football - Champions League - Paris St Germain Press Conference - Parc des Princes, Paris, France - March 5, 2018 Paris Saint-Germain coach Unai Emery during the press conference REUTERS/Benoit Tessier/File Photo
The image included a picture of the Spaniard next to the Arsenal badge with the message: “Proud to be part of the Arsenal family” before it was taken down on Tuesday.
Arsenal are expected to name the former Paris St Germain coach as successor to the long-serving Arsene Wenger this week.
Wenger left the north London club after nearly 22 years at the helm after they finished sixth in the league. Emery, who joined PSG in June 2016, left the French club at the end of this season, having led them to a domestic treble. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Ian Ransom | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-ars-website/emerys-website-appears-to-confirm-arsenal-appointment-idUKKCN1IO06J |
In a grand ceremony on Nov. 11, 1920, an unknown French soldier from World War I was buried beneath the Arc de Triomphe. That same day, the British entombed their own unknown soldier with similar honors in Westminster Abbey.
Other European nations followed, but the United States, having lost 116,516 doughboys in 19 months of fighting—and with more than 2,000 unidentified Americans still buried in France—had no plans for the same.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-unknowns-review-fallen-sons-unforgotten-1527191591 |
May 16 (Reuters) - Alteryx Inc:
* ALTERYX ANNOUNCES PRICING OF PRIVATE OFFERING OF $200.0 MILLION OF 0.50% CONVERTIBLE SENIOR NOTES DUE 2023 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alteryx-announces-pricing-of-priva/brief-alteryx-announces-pricing-of-private-offering-of-200-0-million-of-0-50-convertible-senior-notes-idUSASC0A2JC |
MAITLAND, Fla., May 23, 2018 /PRNewswire/ -- Lee Hecht Harrison (LHH), the world's leading integrated talent development and transition company, announced Michelle Anthony has joined the company as Senior Vice President of Global Marketing.
Anthony brings to LHH more than 20 years' experience in B2B and B2C marketing. She has a strong reputation for helping companies achieve their growth goals by evolving brands, creating market-leading thought leadership, and excelling at driving awareness and interest in products and services. She held leadership positions with the Corporate Executive Board (now Gartner) and Dell prior to joining Lee Hecht Harrison.
Anthony will help drive the growth of the company through innovative branding, thought leadership, product marketing, sales messaging and demand generation designed to enable sales teams to be successful by engaging clients and prospective customers through their buying journey.
"I'm delighted to welcome Michelle to Lee Hecht Harrison. She thrives in fast-paced environments and enjoys the challenge of driving growth in a competitive marketplace. Michelle particularly enjoys working with customers and is committed to sharing insights that provide our clients and candidates with guidance and advice to help them build better workforces and careers," stated Kevin Gagan, EVP Global Sales and Marketing. "Her B2B and B2C experience and strategic marketing guidance will help us achieve our global growth objectives."
"I'm thrilled to be joining the Lee Hecht Harrison team," says Anthony. "LHH has a solid track record of growth and a strong client service orientation that make a great foundation for evolving both the brand and marketing function with support from technology and data analytics." Anthony holds a B.S. in Chemical Engineering from Purdue University and an MBA from Harvard University.
About Lee Hecht Harrison
Lee Hecht Harrison (LHH) helps companies transform their leaders and workforce so they can accelerate performance.
In an era of continuous change, successfully transforming your workforce depends on how well companies and their people embrace, navigate, and lead change; in the organization and their career. At Lee Hecht Harrison we use our expertise in talent development and transition to deliver tailored solutions that help our clients transform their leaders and workforce so they have the people and culture they need to evolve and grow. We are passionate about making a difference in peoples' careers and building better leaders so our clients can build a strong employer brand.
A division of The Adecco Group – the world's leading provider of workforce solutions – Lee Hecht Harrison's 4000 colleagues work with more than 7000 clients in over 60 countries around the world. We have the local expertise, global infrastructure, and industry leading technology and analytics required to manage the complexity associated with executing critical talent and workforce initiatives, reducing brand and operational risk. It's why 60% of Fortune 500 companies choose to work with us.
For further information contact:
Helene Cavalli
VP Marketing
Lee Hecht Harrison
P +1.267.322.1300
E [email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/lee-hecht-harrison-appoints-michelle-anthony-global-marketing-svp-300652872.html
SOURCE Lee Hecht Harrison | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-lee-hecht-harrison-appoints-michelle-anthony-global-marketing-svp.html |
May 5, 2018 / 12:13 AM / in 2 hours Former U.S. President George H.W. Bush discharged from hospital Reuters Staff 1 Min Read
AUSTIN, Texas (Reuters) - Former U.S. President George H.W. Bush, 93, was discharged on Friday from a Houston hospital, where he stayed for nearly two weeks for treatment of an infection that spread to his blood, a family spokesman said. FILE PHOTO: Former U.S. President George H.W. Bush arrives on the field to do the coin toss ahead of the start of Super Bowl LI between the New England Patriots and the Atlanta Falcons in Houston, Texas, U.S. on February 5, 2017. REUTERS/Adrees Latif/File Photo
Bush, the oldest living former U.S. president, was admitted to Houston Methodist Hospital on April 22, a day after he attended the funeral of his wife, Barbara, the former first lady who died on April 17. The couple had been married for 73 years.
“His doctors report he is doing well and is happy to return home,” spokesman Jim McGrath said in a statement.
Bush, who was president from 1989 to 1993, was admitted to the same hospital about a year ago for a cough that was later diagnosed as a mild case of pneumonia.
Bush is the father of former Republican President George W. Bush, who served two terms from 2001 to 2009, and former Florida Governor Jeb Bush, who unsuccessfully sought the 2016 Republican presidential nomination. Reporting by Jon Herskovitz; Editing by Sandra Maler and Leslie Adler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-people-georgehwbush/former-u-s-president-george-h-w-bush-discharged-from-hospital-idUKKBN1I600E |
May 17 (Reuters) -
* ADAPTIVE INSIGHTS INC FILES FOR IPO OF UP TO $100 MILLION – SEC FILING
* ADAPTIVE INSIGHTS INC SAYS IT INTENDS TO APPLY TO HAVE ITS COMMON STOCK LISTED ON NEW YORK STOCK EXCHANGE UNDER THE SYMBOL “ADIN”
* ADAPTIVE INSIGHTS INC SAYS MORGAN STANLEY, BOFA MERRILL LYNCH, JEFFERIES ARE AMONG UNDERWRITERS TO IPO
* ADAPTIVE INSIGHTS INC SAYS RBC CAPITAL MARKETS, JMP SECURITIES, OPPENHEIMER & CO ARE AMONG UNDERWRITERS TO IPO
* ADAPTIVE INSIGHTS INC SAYS PROPOSED IPO PRICE IS AN ESTIMATE SOLELY FOR CALCULATING SEC REGISTRATION FEE Source text: bit.ly/2rLxg1U
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-adaptive-insights-inc-files-for-ip/brief-adaptive-insights-inc-files-for-ipo-of-up-to-100-mln-idUSEMN2U4X1E |
Hoelzen brings diverse background in business development, marketing strategy and operations to new role
PHOENIX--(BUSINESS WIRE)-- Arizona School of Real Estate & Business (ASREB), a division of Hondros Education Group (HEG), announced the promotion of Nate Hoelzen to president. Hoelzen, who previously served as the school’s director of operations, has also assumed the role of publisher for the school’s monthly real estate publication, the Arizona Journal of Real Estate & Business.
After graduating from Arizona State University, Hoelzen spent more than a decade in television and radio, serving in production, marketing and business development roles. His first involvement in real estate and lending education came in 2006, and he joined the Arizona Academy of Real Estate as president and part owner in 2010. The school then merged with ASREB in February 2017, and Hoelzen was named director of operations. In this role, he was instrumental in building a team of experienced, forward-thinking professionals from the ground up, helping the school continue to meet the increasing demand for well-trained, real-estate professionals.
“It’s an honor to be chosen as president for ASREB, and I look forward to ways that I can encourage our teams to strengthen our community involvement and continue the out-of-the-box thinking that has established our school as an industry leader for more than 40 years,” said Hoelzen. “My time in adult education has been extremely rewarding, and I’m excited to continue building relationships, which will help to establish protections for our industry and keep us in the forefront as we progress into the future.”
Founded in 1969, the Arizona School of Real Estate & Business is one of the largest schools of its kind, with five campuses across the state. The school offers license and non-license education for real estate, mortgage, appraisal, contracting and insurance, and it was recently recognized as a 2018 top 10 “Specialized Education” organization in the state by Ranking Arizona: The Best of Arizona Business.
“We are committed to providing the highest quality professional education and know the opportunities for growth in our industry are endless,” said Linda Hondros, president of the Hondros Family of Companies. “Under Nate’s leadership, we will take the industry under our wing and set the bar very high.”
Hoelzen also credits the school’s Arizona Journal of Real Estate & Business publication as a great resource for learning and brainstorming new topics of interest and potential course offerings for today’s professionals. The one-of-a-kind monthly publication has been in circulation for more than 30 years and is distributed to more than 100,000 print and digital readers around the country.
To learn more about the Arizona School of Real Estate & Business, visit http://www.asreb.com/ .
About Hondros Education Group
Hondros Education Group consists of leading real estate education companies that focus on classroom and online delivery as well as exam prep and textbooks. Hondros College of Business , Hondros Learning , CompuCram and the Arizona School of Real Estate & Business offer real-world career training to the adult learner through an engaging and highly relevant educational experience. Based in Columbus, Ohio, Hondros Education Group has been offering local classroom and national online professional education for over 40 years. For more information, visit www.hondroseducationgroup.com .
About Arizona School of Real Estate & Business
The Arizona School of Real Estate & Business offers quality license education for real estate, mortgage, home inspection, appraisal and insurance as well as non-license industry programs. Over 300 extensive continuing education courses are offered each month along with professional development education and events. The school has enjoyed both local and national recognition as an industry leader for over 45 years educating hundreds of thousands of students. The school also supports a leading industry publication featuring national and local expert writers and columnists. Classroom courses are offered in Scottsdale, Gilbert, Glendale/Peoria and Prescott, as well as online renewal tailored for Arizona licenses.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502006514/en/
Paul Werth Associates
Lindsey Shapiro, 614-224-8114
[email protected]
Source: Arizona School of Real Estate & Business | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-arizona-school-of-real-estate-business-announces-nate-hoelzen-as-new-president.html |
Meghan Markle's bouquet laid on Grave of the Unknown Warrior 3:08am EDT - 00:46
Following British royal tradition, Meghan Markle's wedding bouquet is laid on the grave of an unknown warrior in London's Westminister Abbey. Rough cut (no reporter narration).
Following British royal tradition, Meghan Markle's wedding bouquet is laid on the grave of an unknown warrior in London's Westminister Abbey. Rough cut (no reporter narration). //reut.rs/2x1cwsS | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/21/meghan-markles-bouquet-laid-on-grave-of?videoId=428954300 |
May 9, 2018 / 10:21 AM / Updated 11 minutes ago BRIEF-Nestle India Approves To Add Nestlé Breakfast Cereals From CPW To Its Portfolio This Year Reuters Staff 1 Min Read
May 9 (Reuters) - General Mills Inc:
* NESTLE INDIA -APPROVED PROPOSAL FOR ADDING NESTLÉ BREAKFAST CEREALS FROM CEREAL PARTNERS WORLDWIDE (CPW) TO ITS EXISTING PORTFOLIO THIS YEAR Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-nestle-india-approves-to-add-nestl/brief-nestle-india-approves-to-add-nestl-breakfast-cereals-from-cpw-to-its-portfolio-this-year-idUSFWN1SG0S9 |
Revenue increases 10% to $0.8 million, net loss decreases 39% to $3.0 million
Conference call begins at 4:30 p.m. Eastern time today
GAITHERSBURG, Md., May 08, 2018 (GLOBE NEWSWIRE) -- OpGen, Inc. (NASDAQ:OPGN) today reported financial and operating results for the three months ended March 31, 2018, and provided a summary of recent business highlights. Total revenue for 2018 was $0.85 million, up 10% from the $0.77 million reported in 2017. The net loss for 2018 was $3.0 million, a 39% decrease compared with the net loss of $5.0 million for 2017.
“During the quarter our development efforts advanced for our Acuitas® AMR Gene Panel u5.47 for Research Use Only (RUO) test for infection control purposes and pharmaceutical surveillance studies,” said Evan Jones, Chairman and CEO of OpGen. “The test detects 5 pathogens and 47 gene targets that convey resistance to nine classes of antibiotics directly from urine and bacterial isolates. We were pleased to introduce the Acuitas AMR Gene Panel u5.47 (RUO) during the quarter, and the clinical verification studies begun during the quarter are encouraging. Following discussion with the U.S. Food and Drug Administration in recent weeks, we are finalizing the clinical trial protocols for our Acuitas AMR Gene Panel u5.47 in vitro diagnostic (IVD) 510(k) submissions. We continue to anticipate initial filings during the fourth quarter of 2018.
“At last month’s European Congress of Clinical Microbiology and Infectious Diseases, we presented the Acuitas AMR Gene Panel (RUO) analytical verification results for detecting multidrug-resistant pathogens and antibiotic resistance genes and the use of test results to predict antibiotic resistance using the bioinformatics capabilities of the Acuitas Lighthouse® Software,” he added. “Results were used with the Acuitas Lighthouse Software to predict phenotypic resistance for 35 isolates from the CDC & FDA Antibiotic Resistance Isolate Bank. The gene panel accurately semi-quantitated the organisms and resistance genes in our test with agreement to conventional microbiology ranging between 88% and 100%. Importantly, we were also able to reduce the time to result to two hours from sample, down from three hours previously and versus current standards that require up to two days.”
Mr. Jones continued, “During the quarter, we announced a collaboration with Beth Israel Deaconess Medical Center in Boston on a clinical verification study for the Acuitas AMR Gene Panel u5.47 test and Acuitas Lighthouse Software. We continue to pursue additional collaborations with prestigious health centers to evaluate potential diagnostic and antibiotic decision-making improvements that could be possible using rapid molecular testing and bioinformatics.
“In April, we announced successful completion of a prospective clinical trial evaluating the impact of using rapid diagnostic testing for identification and treatment of bacteremia and fungemia in hospital intensive care units in Colombia. The study showed significant improvement in survival and reductions in antibiotic usage for patients receiving the OpGen rapid diagnostic test. Results will be presented at the American Society for Microbiology ASM Microbe 2018 meeting this June.”
2018 First Quarter Financial Results
Revenue : Total revenue for 2018 was $0.85 million, compared with $0.77 million for 2017. Operating Expenses : Operating expenses for 2018 were $3.9 million, compared with $5.7 million for 2017. Net Loss : The net loss available to common stockholders for 2018 was $3.0 million or $0.75 per share, compared with a net loss available to common stockholders of $5.0 million or $4.77 per share for 2017. Cash Position : Cash and cash equivalents were $10.3 million as of March 31, 2018, compared with $1.8 million as of December 31, 2017. During the first quarter, the Company raised net proceeds of $10.7 million in a public offering.
First Quarter 2018 Enterprise Highlights and Recent Developments:
Additional highlights from the first quarter and recent weeks included:
Reported successful analytical validation and clinical verification results for the Acuitas AMR Gene Panel u5.47 (RUO). Entered into a second global supply agreement to incorporate Thermo Fisher Scientific’s real-time PCR technology in our Acuitas AMR Gene Panel tests. Products covered under these agreements include the QuantStudio® 5 Real-Time PCR System, TaqMan® Fast Advanced Master Mix and TaqMan® Probes for quick, multiplexed gene detection. Completed a $12.0 million public offering with net proceeds to OpGen of $10.7 million. Regained compliance with Nasdaq listing requirements for both minimum stockholders’ equity and minimum bid price. Continued to achieve stated operating expense reduction during the quarter, with a 33% reduction compared with 2017.
“We made solid progress with our research and development, operations, and financial activities during the quarter. We are encouraged by the progress to date with our Acuitas AMR Gene Panel for complicated urinary tract infections and we anticipate continuing progress towards accomplishment of our strategic objectives during 2018,” concluded Mr. Jones.
2018 Outlook
OpGen expects to advance the following business objectives during the remainder of 2018 as it transitions to the commercial phase of its molecular informatics business:
Derive revenues from the sale of the RUO Acuitas AMR Gene Panel u5.47 to large hospitals, pharmaceutical companies and clinical research organizations. Complete third-party clinical verification studies and FDA clinical trials to support clearance for in vitro diagnostic use of the Acuitas AMR Gene Panel u5.47 test and the Acuitas Lighthouse Software. File a first 510(k) application with the FDA in the fourth quarter for the Acuitas AMR Gene Panel u5.47 (IVD) to support full commercial launch for clinical use. Add QuantStudio 5 System and QIAGEN EZ1 Advanced XL revenue-generating system placements. Enter into additional supply and cooperation agreements in support of the new Acuitas product family under development. Complete CDC contract demonstration project in Colombia for development of smartphone-based clinical decision support solutions for anti-microbial stewardship and infection control in low- and middle-income countries. Continue to seek third-party funding for development programs. Maintain cost reductions and overall cash burn rate to extend operating cash runway.
Conference Call Information
OpGen management will hold a conference call today beginning at 4:30 p.m. Eastern time to discuss first quarter financial results and other business activities, and answer questions. The call can be accessed by dialing (888) 883-4599 (domestic) or (484) 653-6821 (international) and providing conference ID 1082196. A live webcast of the conference call can be accessed by visiting the Investor Relations section of the company’s website at http://ir.opgen.com . A replay of the webcast will be available shortly after the conclusion of the call for 90 days.
A telephone replay of the conference call will be available from 7:30 p.m. Eastern time today through May 14, 2018 and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international). All listeners should provide the conference ID: 1082196.
About OpGen
OpGen, Inc. is harnessing the power of informatics and genomic analysis to provide complete solutions for patient, hospital and network-wide infection prevention and treatment. For more information, please visit www.opgen.com .
OpGen, Acuitas, and Acuitas Lighthouse are registered trademarks of OpGen, Inc. QuantStudio 5 Real-Time PCR System and TaqMan are registered trademarks of Thermo Fisher Scientific.
The Acuitas AMR Gene Panel u5.47 (RUO) is intended for Research Use Only and is not for use in diagnostic procedures. The Acuitas Lighthouse Software is not distributed commercially for antibiotic resistance prediction and is not for use in diagnostic procedures.
Forward-Looking Statements
This press release includes statements relating to OpGen’s first quarter 2018 results and 2018 outlook. These statements and other statements regarding OpGen’s future plans and goals constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties that are often difficult to predict, are beyond our control, and which may cause results to expectations. Factors that could cause our results to those described include, but are not limited to, our ability to successfully, timely and cost-effectively develop, seek and obtain regulatory clearance for and commercialize our product and services offerings, the rate of adoption of our products and services by hospitals and other healthcare providers, the success of our commercialization efforts, the effect on our business of existing and new regulatory requirements, and other economic and competitive factors. For a discussion of the most significant risks and uncertainties associated with OpGen's business, please review our filings with the Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this press release and speak only as of the date of this press release. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
OpGen Contact:
Michael Farmer
Vice President, Marketing
(240) 813-1284
[email protected]
[email protected]
Investor Contacts:
LHA Investor Relations
Kim Sutton Golodetz
(212) 838-3777
[email protected]
or
Bruce Voss
(310) 691-7100
[email protected]
(Tables to follow)
OpGen, Inc. Condensed Consolidated Balance Sheets (unaudited) March 31, 2018 December 31, 2017 Assets Current assets Cash and cash equivalents $ 10,291,532 $ 1,847,171 Accounts receivable, net 591,492 809,540 Inventory, net 509,057 533,425 Prepaid expenses and other current assets 237,997 311,644 Total current assets 11,630,078 3,501,780 Property and equipment, net 828,120 835,537 Goodwill 600,814 600,814 Intangible assets, net 1,286,228 1,353,182 Other noncurrent assets 266,112 328,601 Total assets $ 14,611,352 $ 6,619,914 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 1,443,857 $ 1,691,712 Accrued compensation and benefits 1,003,418 746,924 Accrued liabilities 1,098,986 1,160,714 Deferred revenue 23,040 24,442 Short-term notes payable 983,131 1,010,961 Current maturities of long-term capital lease obligation 191,755 154,839 Total current liabilities 4,744,187 4,789,592 Deferred rent 261,791 290,719 Warrant liability 287 8,453 Long-term capital lease obligation and other noncurrent liabilities 305,163 130,153 Total liabilities 5,311,428 5,218,917 Commitments (Note 9) Stockholders' equity Common stock, $0.01 par value; 50,000,000 shares authorized; 5,289,919 and
2,265,320 shares issued and outstanding at March 31, 2018 and
December 31, 2017, respectively 52,899 22,653 Preferred stock, $0.01 par value; 10,000,000 shares authorized; none issued and
outstanding at March 31, 2018 and December 31, 2017, respectively — — Additional paid-in capital 161,044,016 150,114,671 Accumulated other comprehensive loss (38,479 ) (25,900 ) Accumulated deficit (151,758,512 ) (148,710,427 ) Total stockholders’ equity 9,299,924 1,400,997 Total liabilities and stockholders’ equity $ 14,611,352 $ 6,619,914
OpGen, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) 2018
2017
Revenue Product sales $ 633,496 $ 734,502 Laboratory services 8,690 16,105 Collaboration revenue 204,040 21,164 Total revenue 846,226 771,771 Operating expenses Cost of products sold 342,832 424,950 Cost of services 168,553 100,233 Research and development 1,230,429 2,122,515 1,790,522 1,969,216 Sales and marketing 329,773 1,105,586 Total operating expenses 3,862,109 5,722,500 Operating loss (3,015,883 ) (4,950,729 ) Other (expense)/income Interest and other expense 5,298 21 Interest expense (57,846 ) (29,844 ) Foreign currency transaction losses 12,181 2,620 Change in fair value of derivative financial instruments 8,166 — Total other expense (32,201 ) (27,203 ) Loss before income taxes (3,048,084 ) (4,977,932 ) Provision for income taxes — — Net loss (3,048,084 ) (4,977,932 ) Net loss available to common stockholders $ (3,048,084 ) $ (4,977,932 ) Net loss per common share - basic and diluted $ (0.75 ) $ (4.77 ) Weighted average shares outstanding - basic and diluted 4,055,715 1,043,178 Net loss $ (3,048,084 ) $ (4,977,932 ) Other comprehensive loss - foreign currency translation (12,579 ) (3,757 ) Comprehensive loss $ (3,060,663 ) $ (4,981,689 )
Source:OpGen, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-opgen-reports-first-quarter-2018-financial-results-and-provides-a-business-update.html |
EditorsNote: adds Quote: s from Wheeler, Stastny and Rinne
Home-ice advantage was no advantage in the matchup of the NHL’s two best regular-season teams.
Paul Stastny and Mark Scheifele scored two goals each Thursday night, and the Winnipeg Jets won their first Game 7 since moving from Atlanta seven years ago, eliminating the Nashville Predators from the Western Conference semifinals with a 5-1 verdict at Bridgestone Arena in Nashville, Tenn.
Tyler Myers also tallied for Winnipeg, while Connor Hellebuyck made 36 saves, including 21 in the third period.
The Jets will host the Vegas Golden Knights on Saturday night in Game 1 of the conference finals — Winnipeg’s first-ever trip to the third round of the NHL playoffs.
Jets captain Blake Wheeler said, “I think we came in with a lot of confidence. We knew we had a deep group with a lot of talent. We had to go through a little bit of adversity early in the season, but we have played with a lot of confidence ever since.
“We played our best games under adversity. (Bridgestone Arena is) such a tough atmosphere, a lot like our building. We were real happy with our start, gave us a chance to win the game.”
P.K. Subban scored the only goal for the Predators, who became the ninth President’s Trophy winner in the last 10 years to not win the Stanley Cup. Chicago was the only team to pull off the double in 2013, which was a lockout-shortened season.
Myers initiated the scoring at 8:41 of the first period with a wrister from the far right goal line that somehow squeezed between the post and goalie Pekka Rinne, his third of the playoffs. Stastny made it 2-0 at 10:47 with a rebound, also at a bad angle.
At that point, Nashville coach Peter Laviolette hooked Rinne for the third time in the series and inserted Juuse Saros. Rinne left with five saves on seven shots.
“Obviously, (I) feel responsible for the season ending at this point,” Rinne said. “I can’t point at anything. Felt good, no injuries, totally healthy. The biggest moment of the season ... it’s a terrible feeling. You let your teammates down. It’s tough to swallow. ...
“Obviously, two terrible goals at the wrong time. You feel good, first shot of the game, you make a good save on the wraparound. There’s no excuses. That’s a huge disappointment.”
The goalie change seemed to pay off for a while. Subban bombed home a one-timer on a power play at 15:54 of the first for his fourth goal of the series. Saros made a series of tough saves during the first 15 minutes of the second period, robbing Stastny at the doorstep.
However, steady Winnipeg pressure paid off at 17:50 of the second when Blake Wheeler teed up Scheifele in the left circle. Scheifele wired a wrister past Saros to restore a two-goal lead.
Stastny upped the margin to 4-1 with a man-advantage marker at 11:59 of the third period, and Scheifele tacked on his 11th goal of the postseason into an empty net at 17:27.
Stastny, a 32-year-old veteran, said of his pregame attitude, “Don’t have any regrets. As you get older, you realize how hard it is to win. You do everything you can for one team, and then you feel you’re letting that team down, but you just want to win.
“I knew how hard they were to play against. Just trying to be cool and calm.”
Scheifele scored seven goals in the series — all in Nashville.
Saros stopped 14 of the 16 shots he faced.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/icehockey-nhl-nsh-wpg-recap/jets-overpower-predators-reach-1st-conference-finals-idUSMTZEE5BJMJD55 |
Wall Street flat as U.S. exits Iran deal 01:30
Wall Street ended flat on Tuesday after President Donald Trump said the U.S. would quit the Iran nuclear deal. Fred Katayama reports.
Wall Street ended flat on Tuesday after President Donald Trump said the U.S. would quit the Iran nuclear deal. Fred Katayama reports. //reut.rs/2rz37TA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/wall-street-flat-as-us-exits-iran-deal?videoId=425055972 |
May 7 (Reuters) - Belluna Co Ltd
* Says it offered a takeover bid for 39.6 million shares (or no less than 22 million shares) of Sagami Group Holdings Co Ltd , at the price of 150 yen per share, or 5.94 billion yen in total, during the period from May 8 to June 18
* Payment date on June 22
* Says it aims to buy 100 percent stake in Sagami Group Holdings Co Ltd
Source text in Japanese: goo.gl/StgBpt
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-belluna-offers-takeover-bid-for-sh/brief-belluna-offers-takeover-bid-for-shares-of-sagami-group-holdings-idUSL3N1SE2SJ |
May 24, 2018 / 7:47 PM / Updated 7 minutes ago Movie producer Weinstein to surrender on sex assault charges -media reports Reuters Staff 3 Min Read
NEW YORK (Reuters) - Harvey Weinstein, who went from one of Hollywood’s most powerful film producers to being disgraced by accusations of sexual assault by scores of women, is expected to surrender to police and face charges in New York on Friday morning, the New York Times reported. FILE PHOTO: Harvey Weinstein, co-chairman of the Weinstein Company, kicks off the Film Finance Circle conference with an informal discussion at the inaugural Middle East International Film Festival in Abu Dhabi, October 15, 2007. REUTERS/Steve Crisp/File Photo
Weinstein’s spokesman Juda Engelmayer and Weinstein’s lawyer Benjamin Brafman both declined to comment on the report, which cited two unidentified law enforcement officials.
The New York Daily News and NBC News also reported Weinstein was expected to be arrested and charged following a months-long investigation, including by the Manhattan district attorney’s office.
More than 70 women have accused the co-founder of the Miramax studio and The Weinstein Co of sexual misconduct, including rape. The allegations, first reported by the New York Times and the New Yorker last year, gave rise to the #MeToo movement in which hundreds of women have publicly accused powerful men in business, government and entertainment.
Weinstein has denied having non-consensual sex with anyone.
Weinstein will be charged over an allegation by at least one accuser, Lucia Evans, a former aspiring actress who told the New Yorker that Weinstein forced her to give him oral sex in 2004, the Times and Daily News reported. The exact nature of the charges being brought by the Manhattan District Attorney’s office was unclear on Thursday afternoon.
The New York Police Department and the Manhattan district attorney’s office declined to confirm the news reports.
Entertainment industry heavyweights have distanced themselves from Weinstein, once one of Hollywood’s most powerful men, since the accusations became public. The board of the Weinstein Co fired him, the company itself filed for bankruptcy in March. In 2017, he was expelled from the Academy of Motion Pictures Arts and Sciences, which presents the Oscars.
A former fixture in the most elite entertainment circles of Manhattan and Los Angeles, Weinstein has since been seen spending time in Scottsdale, Arizona, where the New York Times said he had been seeking treatment for sex addiction.
Actor Ashley Judd last month sued Weinstein, saying that he cost her a part in 1998 for the film “The Lord of the Rings” after she rejected his sexual advances, charges that Weinstein has denied.
Other prominent actors who have publicly accused Weinstein of sexual misconduct include Uma Thurman and Salma Hayek.
Brafman, Weinstein’s lawyer, is known for representing high-profile criminal defendants, including pop star Michael Jackson and Martin Shkreli, the former drug company executive.
In 2011, Brafman represented Dominique Strauss-Kahn, the former head of the International Monetary Fund, over charges, which were eventually dropped, that he sexually assaulted a New York City hotel maid. Reporting by Jonathan Allen, Dan Trotta, Karen Freifeld and Peter Szekely in New York and Jill Serjeant in Los Angeles; editing by Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-people-harvey-weinstein/ex-hollywood-executive-weinstein-to-surrender-on-sex-assault-charges-nyt-idUSKCN1IP3G1 |
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