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May 11, 2018 / 10:15 AM / in 14 minutes Deals of the day-Mergers and acquisitions Reuters Staff 3 Min Read
(Adds Petrofac, Louis Dreyfus Co, IWG, EDP)
May 11 (Reuters) - The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:
** Silver Lake is buying Zoopla and PrimeLocation owner ZPG for 2.2 billion pounds ($3 billion), landing the Daily Mail publishing group a 642 million pound windfall for cashing out of online property portals.
** India’s Fortis Healthcare Ltd aims to accept an offer of investment from the underdog of a five-way bidding war, in a decision that drew investor ire.
** Swiss adhesives maker Sika has repelled a hostile takeover bid from Saint-Gobain in a $3.2 billion deal that gives the French company a minority stake but may make Sika a more attractive target for others.
** Louis Dreyfus Co said it had completed the sale of its metals business to a Chinese investment fund for $466 million, as part of a push to revive profits by focusing on its core agricultural markets.
** Lotte Shopping Co Ltd said that its unit sold one of its retail store operators to China’s Liqun Commercial Group for 291 billion won ($272.5 million).
** Abu Dhabi state investor Mubadala is struggling to sell its Swiss private bank, five sources told Reuters, as potential buyers are unwilling to pay up for a firm which is being investigated over alleged financial misconduct.
** Oilfield services provider Petrofac Ltd has hired investment banks Barclays and HSBC to help with the sale of its oil fields in Mexico, as it prepares to scale back its oil and gas production operations, several banking sources said.
** British serviced office provider IWG has attracted takeover approaches from three rival suitors, potentially plunging the $3.1 billion company into a bidding war.
** A London High Court trial over the legality of Russian billionaire Roman Abramovich’s sale of a stake in Norilsk Nickel will start on Monday, part of a long-running battle for control of the miner.
** Trading in the shares of utility company EDP-Energias de Portugal was suspended on Friday, as media reported that a Chinese group was set to make a takeover bid for the firm. (Compiled by Nivedita Balu and Mrinalini Krothapalli in Bengaluru) | ashraq/financial-news-articles | https://www.reuters.com/article/deals-day/deals-of-the-day-mergers-and-acquisitions-idUSL3N1SI3PJ |
By Don Reisinger 1:01 PM EDT
The Internet will one day have its very own currency, Twitter and Square CEO Jack Dorsey told attendees at the Consensus blockchain conference on Wednesday.
Dorsey, whose comments were earlier reported on by CNET, said he’s positive that the “Internet is going to have a native currency.” And although he couldn’t say for sure what that currency would be, he told attendees that he hoped it would be the cryptocurrency Bitcoin.
Of course, the Internet currently has no “native currency.” People across the world can use a variety of traditional and digital currencies to pay for goods and services. But Dorsey argues that the Internet will eventually move to a currency standard that every person and company would ostensibly use to facilitate transactions.
“Let’s not wait for it to happen, let’s help it happen,” Dorsey said.
Get Data Sheet , Fortune’s technology newsletter
Actually getting to a currency standard would likely take significant work and time. While Bitcoin is the most well known of cryptocurrencies, there are several others that have strong backing from the Internet community. And it’s nearly a guarantee that other big companies, like Apple , Google , and Amazon might have something to say about a future Internet currency standard before it’s ever chosen.
For his part, Dorsey has been one of the more outspoken proponents of Bitcoin and digital currencies. His digital payment company Square allows for Bitcoin transactions and the company actively buys and sells the digital currency.
And by the sound of his comments, it doesn’t appear Dorsey is letting up on that support anytime soon. SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/17/jack-dorsey-bitcoin-internet-currency/ |
BRENT CRUDE FUTURES EXTEND GAINS, UP MORE THAN $1 TO $78.17 A BARREL, THE HIGHEST SINCE NOV. 2014 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/reuters-america-brent-crude-futures-extend-gains-up-more-than-1-to-78-point-17-a-barrel-the-highest-since-nov-2014.html |
May 18, 2018 / 1:01 AM / Updated 2 hours ago Asia stocks edge higher, investors cautious on U.S.-China trade talks Shinichi Saoshiro 5 Min Read
TOKYO (Reuters) - Asian stocks edged up on Friday as investors kept a cautious watch on developments in U.S.-China trade negotiations, with the dollar perched near a five-month peak after the benchmark U.S. Treasury yield hit its highest in seven years. Market prices are reflected in a glass window at the Tokyo Stock Exchange (TSE) in Tokyo, Japan, February 6, 2018. REUTERS/Toru Hanai
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher. The index was headed for a 1 percent loss this week.
Japan’s Nikkei rose 0.25 percent, South Korea’s KOSPI was up 0.4 percent and Australian stocks dipped 0.15 percent.
Hong Kong’s Hang Seng rose 0.25 percent and Shanghai climbed 0.3 percent.
Wall Street ended slightly lower on Thursday as investors grappled with U.S.-China trade tensions after U.S. President Donald Trump said that China “has become very spoiled on trade”.
But helping ease some of the tension, Beijing has offered Trump a package of proposed purchases of American goods and other measures aimed at reducing the U.S. trade deficit with China by some $200 billion a year, U.S. officials familiar with the proposal said.
A second round of talks between senior Trump administration officials and their Chinese counterparts started on Thursday, focused on cutting China’s U.S. trade surplus and improving intellectual property protections.
“President Trump does not do the actual trade negotiations, which are done by officials from both sides,” said Kota Hirayama, senior emerging markets economist at SMBC Nikko Securities in Tokyo.
“China should be well accustomed to Trump’s ways by now. Judging from how the talks are proceeding so far, there is a greater chance of the negotiations ending in some sort of a compromise instead of falling through, and such an outcome would bode well for risk sentiment,” he said.
In currencies, the dollar index against a basket of six major currencies was steady at 93.498 after rising to a five-month peak of 93.632 on Thursday.
The index has gained about 1 percent this week, buoyed by the surge in U.S. Treasury yields, with the 10-year U.S. Treasury note yield hitting a seven-year peak of 3.128 percent.
The euro was up 0.1 percent at $1.1807, but not far off a five-month trough of $1.1763 brushed on Wednesday. The currency has fallen nearly 1.2 percent this week, largely pressured by Italian political uncertainty.
Reports this week that Italian populist parties likely to form the country’s next government may ask the European Central Bank for debt forgiveness have raised concerns about Italy abandoning fiscal discipline.
The dollar extended an overnight rally and rose to 110.990 yen, its highest since late January. The greenback has gained nearly 1.4 percent against its Japanese peer this week.
Emerging market currencies have also lost ground against the dollar this week as the rise in U.S. yields showed little signs of slowing.
The Turkish lira fell to a record low against the dollar this week, the Brazilian real plumbed a two-year low while Mexico’s peso has shed more than 5 percent this month.
A retreat by Indonesia’s rupiah to a 2-1/2-year low prompted the central bank to tighten monetary policy on Thursday for the first time since 2014 to support the currency.
“Perhaps the most unnerving aspect of the recent rupiah weakness has been the sheer speed in which the currency markets have turned against some emerging market countries,” wrote Sean Darby, chief global equity strategist at Jefferies.
“However, policy credibility is the most important tool and the fact that the Indonesian central bank has begun to tighten ought to alleviate some of the FX pressures.”
In commodities, Brent crude oil futures were 30 cents higher at $79.60 a barrel after rising to $80.50 on Thursday, their highest since November 2014.
Brent has risen 3 percent this week and is headed for a sixth week of gains.
A rapid slide in oil supply from Venezuela, concern that U.S. sanctions will disrupt exports from Iran, and falling global inventories have all combined to push oil prices up nearly 20 percent in 2018. [O/R]
Inflation concerns, strong U.S. economic indicators and worries over increasing debt supply have pushed Treasury yields higher this week. Reportijg by Shinichi Saoshiro; Editing by Shri Navaratnam and Eric Meijer | ashraq/financial-news-articles | https://uk.reuters.com/article/us-global-markets/asia-stocks-edge-up-investors-cautious-on-us-china-trade-talks-idUKKCN1IJ02J |
May 9, 2018 / 11:26 PM / Updated 14 hours ago U.N. Security Council pushes Myanmar on accountability over Rohingya Reuters Staff 3 Min Read
UNITED NATIONS (Reuters) - The United Nations Security Council urged Myanmar’s government on Wednesday to carry out transparent investigations into accusations of violence against mainly Rohingya Muslims in the country’s Rakhine state and to allow immediate aid access to the region. FILE PHOTO: A woman walks through the Chakmakul camp for Rohingya refugees in southern Bangladesh, February 13, 2018. REUTERS/Andrew RC Marshall
Despite initial resistance by China to the Security Council pressing Myanmar on accountability, the 15-member body reached consensus agreement on the British-drafted statement.
The move follows a visit by Council envoys to Bangladesh and Myanmar last week to see firsthand the aftermath of a Myanmar military crackdown that Britain, the United States and others have denounced as ethnic cleansing of the minority Rohingya. Myanmar denies ethnic cleansing.
Fleeing refugees have reported killings, rapes and arson on a large scale. Myanmar has said its operations in Rakhine were a legitimate response to attacks on security forces by Rohingya insurgents.
“The members of the Security Council in light of the importance of undertaking transparent investigations into allegations of human rights abuses and violations, urge the government of Myanmar to fulfil, based on respect for the rule of law, its stated commitment to holding accountable perpetrators of violence, including sexual violence and abuse and violence against children,” the council statement said.
Rohingya insurgent attacks on security posts in Rakhine in August last year sparked a military operation that has sent nearly 700,000 Rohingya fleeing to refugee camps in Cox’s Bazar in Bangladesh. Security Council envoys visited those vast camps last week.
The statement said they “were struck by the scale of the humanitarian crisis and remain gravely concerned by the current situation.” They also noted the “widespread destruction of villages” in Rakhine.
They also met with Bangladesh Prime Minister Sheikh Hasina and Myanmar’s de facto leader Aung San Suu Kyi and travelled to Rakhine state, where the violence erupted.
The council urged Myanmar to conclude an agreement “in the coming days” with the U.N. refugee agency UNHCR and U.N. Development Programme on aid access in Rakhine and help with repatriating refugees from Bangladesh.
The Security Council also said it intends to discuss how it can work with Bangladesh, Myanmar and the United Nations “to resolve the crisis and create the conditions allowing the safe, voluntary, and dignified repatriation of refugees to their homes in Rakhine State.”
The prosecutor of the International Criminal Court (ICC) has asked the court to rule on whether it has jurisdiction over the deportations of Rohingyas to Bangladesh, a possible crime against humanity.
Suu Kyi’s government has expressed “serious concern” over the move at the ICC. Bangladesh is a member of the ICC but Myanmar is not. Human rights groups have called on the U.N. Security Council to adopt a resolution referring the situation in Myanmar to the court. Michell Nichols; editing by Clive McKeef | ashraq/financial-news-articles | https://in.reuters.com/article/myanmar-rohingya-un/u-n-security-council-pushes-myanmar-on-accountability-over-rohingya-idINKBN1IA3KS |
CNBC.com Zach Gibson | Bloomberg | Getty Images President Donald Trump, right, speaks as Tim Cook, chief executive officer of Apple Inc., listens during the American Technology Council roundtable hosted at the White House in Washington, D.C.
Apple CEO Tim Cook is not a fan of President Donald Trump's trade policy with China.
The technology executive shared what he told Trump in a recent meeting at the White House .
"I talked about trade and the importance of trade, and how I felt that two countries trading together make the pie larger," Cook said during an interview with Carlyle Group co-founder David Rubenstein in a clip that aired Tuesday on Bloomberg Television.
"I felt that tariffs were not the right approach there. I showed him [Trump] some analytical kind of things to demonstrate why," Cook added. show chapters 7:16 AM ET Mon, 14 May 2018 | 04:17
Cook admitted free trade does hurt certain segments of society.
"It is undoubtedly true that not everyone has been advantaged from that in either country. We've got to work on that," he said.
The full interview will air next month on the "The David Rubenstein Show: Peer-to-Peer Conversations" Bloomberg Television show. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/apple-ceo-tim-cook-says-he-told-trump-china-tariffs-were-the-wrong-policy-and-tried-to-show-him-why.html |
May 9, 2018 / 3:37 PM / Updated 11 minutes ago BRIEF-Wheels Inc Partners With Uber For Business Reuters Staff 1 Min Read
May 9 (Reuters) - Wheels Inc:
* WHEELS INC - PARTNERSHIP WITH UBER FOR BUSINESS, PARTNERSHIP OFFERS SOLUTION ENABLING FLEETS TO GAIN VISIBILITY INTO THEIR RIDE-HAILING ACTIVITY
* WHEELS, AN AUTOMOTIVE FLEET LEASING & MANAGEMENT COMPANY, SAYS WILL MAINTAIN & FINANCE AN UBER FOR BUSINESS COMPANY PROFILE ON BEHALF OF THEIR CLIENTS Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-wheels-inc-partners-with-uber-for/brief-wheels-inc-partners-with-uber-for-business-idUSFWN1SG1GW |
May 5, 2018 / 6:06 PM / Updated an hour ago Saudi Aramco awards 16 local firm deals worth £5.1 billion Reuters Staff 1 Min Read
RIYADH (Reuters) - Saudi Aramco said on Saturday it awarded 16 local companies deals worth more than 26 billion riyals (£5.1 billion) as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically. Oil tanks seen at the Saudi Aramco headquarters during a media tour at Damam city November 11, 2007. REUTERS/ Ali Jarekji/File Photo
The 10-year purchase agreements, signed on May 1, will focus on the supply of pressure vessels by local manufacturers, Aramco said. The companies include Al-Zamil Process Equipment, Al-Zamil Heavy Industries, Olayan Descon Engineering, Saudi Arabian Fabricated Metals, Gulf Steel Works and Bemco Steel Industries. Reporting by Rania El Gamal and Sarah Dadouch; editing by John Stonestreet | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-saudi-aramco/saudi-aramco-awards-16-local-firm-deals-worth-5-1-billion-idUKKBN1I60QW |
May 3 (Reuters) - Osram:
* SAYS TO FOCUS ON SEMICONDUCTOR-BASED HIGH-TECH PRODUCTS, BUYS 3D IDENTIFICATION SPECIALIST VIXAR
* SAYS HAS ALSO ACQUIRED SPECIALTY LIGHTING PROVIDER FLUENCE BIOENGINEERING, MAKER OF LED-BASED HORTICULTURAL SYSTEMS
* REITERATES SEES REVENUE INCREASE OF 3-5 PERCENT, AND ADJUSTED EBITDA OF AROUND 640 MILLION EUR, EPS OF EUR1.90-EUR2.10 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-osram-buys-3d-identification-speci/brief-osram-buys-3d-identification-specialist-vixar-idUSF9N1JX005 |
Crocodile attack bride speaks of her ordeal 1:08pm BST - 01:05
A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony. ▲ Hide Transcript ▶ View Transcript
A crocodile attacked Zanele Ndlovu as she canoed with her fiance in Zimbabwe, ripping her arm so badly it had to be amputated. But the pair, due to marry just five days later, refused to allow the trauma to delay the ceremony. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KPabUI | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/10/crocodile-attack-bride-speaks-of-her-ord?videoId=425561788 |
SYDNEY, Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) ("Benitec" or "the Company"), a biotechnology company developing innovative therapeutics based on a combination of gene therapy with its patented gene-silencing technology called ddRNAi or 'expressed RNAi', today reported its consolidated financial results for the 2018 fiscal third quarter to 31 March 2018 (3Q FY18), and highlighted recent progress advancing its pipeline.
March 2018 Quarter (3Q FY18) Highlights
Advancements of pipeline programs included: Oculopharyngeal muscular dystrophy (OPMD); in January 2018, the United States Food & Drug Administration (U.S. FDA) granted orphan drug designation to BB-301. OPMD; in February 2018, Benitec completed a positive scientific advice meeting with the French regulatory agency (ANSM). OPMD; in March 2018, Benitec successfully produced high titer and highly active supplies of BB-301 at a 50L scale. This material is being used in the toxicology studies. Ultimately, manufacturing runs up to 250 liters will be used to produce BB-301 clinical supplies. OPMD; in May 2018, after the quarter close, Benitec held a face-to-face meeting with its world class group of leaders in swallowing and the treatment of OPMD to finalise the plans for the first clinical study with BB-301. Head and neck squamous cell carcinoma (HNSCC); in March 2018 the Phase 2 study with BB-401 was approved to start in Australia. Subsequent to quarter close, Ministry of Health approval was received in Russia and Benitec anticipates having Russian sites active in the upcoming quarter. Cash on hand of A$10.5 million at 31 March 2018, with A$4.1 million of R&D grant cash received in January 2018. Subsequent to the quarter close, on the 4 May 2018, the Company placed approximately A$2.6 million with Highbridge Capital Management LLC. Subsequent to the quarter close, Benitec raised A$6.2 million from an entitlement offer which closed on the 28 May 2018.
Commenting on recent pipeline progress, Chief Executive Officer Greg West said: "I am pleased with the progress we continue to make on both our oncology and OPMD programs. Our first site is now active for the Phase 2 study of BB-401 as a treatment for head and neck squamous cell carcinoma and we look forward to hopefully treating our first patients soon. The OPMD program continues to make steady progress towards the clinic. The feedback received from the regulatory agencies and our Key Opinion Leaders is validation of the importance of, not only this program, but also the 'silence and replace' approach to treating other orphan diseases. We look forward to continuing to share positive news on our progress."
March 2018 Quarter (3Q FY18) Financial Results
Benitec reported a net loss of A$8.6m for the nine month to 31 March 2018 (3Q FY18) compared to a loss of A$3.1m in the March 2017 quarter (3Q FY17). The principal reason for the increase in net loss of A$5.5m is due to a reduction in Research and Development grant income of $6.3m offset by a decrease in R&D spend of A$0.4m and other costs of A$0.4m.
At the end of the March 2018 quarter, Benitec had cash on hand of A$10.5m, a decrease of $6.8m from the June 2017 quarter. This decrease represents operating cash outflow of $11.2m offset by income of $0.39m, purchase of plant and equipment of $0.08m, a foreign exchange loss of $0.05m and A$4.1 million of R&D grant cash received in January 2018.
March 2018 Quarter (3Q FY18) Operational Update
Orphan Disease (OPMD) Program: BB-301
Benitec continues advancement of an innovative single vector system with the capability to both 'silence and replace' disease causing genes. In addition to using RNA interference to 'silence' the mutant PABPN1 gene expression that causes OPMD, BB-301 simultaneously introduces a normal copy of the same gene thus providing the potential to restore normal function to the treated tissues and in the process, improve treatment outcomes. The Company considers the 'silence and replace' modality a significant advancement not only for the OPMD program, but also in the potential treatment of other orphan diseases:
Benitec has now initiated the IND-enabling toxicology studies with BB-301. These studies are being conducted in sheep, an animal model selected because the weight and size of the key muscles in the upper digestive system are consistent with human subjects. Given the complexity of the intramuscular route of administration in the sheep and input from the regulatory agencies, the size of the toxicology studies has been increased resulting in slightly slower timelines. It is now anticipated that the regulatory filing to support the Phase 1/2 clinical study with BB-301 will be made in the 1 st quarter calendar year 2019. High titer and highly active supplies of BB-301 have now been produced at a 50-liter scale. These supplies will be used in the ongoing toxicology studies. Benitec is now focused on producing supplies at a 250-liter scale which will support the clinical program. The Company completed a successful scientific advice meeting with the French regulatory agency (ANSM). The input from this meeting has been incorporated into the BB-301 clinical and regulatory strategies. Benitec received orphan drug designation from the U.S. FDA for BB-301 as a treatment of OPMD. The Company has gathered a world class group of leaders in swallowing and the treatment of OPMD who will be assisting in designing the first clinical study. In May 2018, after the quarter close, Benitec held a face-to-face meeting with these experts to finalise the plans for the first clinical study with BB-301.
Oncology (HNSCC) Program: BB-401/BB-501
A Phase 2 human clinical trial for BB-401, a DNA construct that expresses an antisense RNA directed against the epidermal growth factor receptor (EGFR), for the treatment of patients with HNSCC, is now active ( clinicaltrials.gov identifier: NCT03433027 ). In March 2018, regulatory and ethics committee approval for the first sites in Australia was received. Russian Ministry of Health regulatory approval for the Phase 2 study was received in May 2018, after the quarter close. Pre-clinical testing in mouse xenograft models is ongoing for BB-501, the follow-on anti-EGFR based ddRNAi construct, to treat head and neck squamous cell carcinoma. As EGFR is a key factor in many epithelial malignancies and its activity enhances tumor growth, invasion, and metastasis, Benitec intends to explore other potential clinical indications, including rare cancers.
Conference Call Information
Benitec management will provide an operational update to discuss the 3Q FY18 results and expectations for the future, via conference call on Friday, 1 June 2018 at 7:00am AEST (Australia)/ Thursday, 31 May 2018 at 5:00pm EDT.
To access the call, please dial 1 800-908-299 (Australia) or 1 855-624-0077 (U.S.) five minutes prior to the start time and refer to conference ID 987652. An archive of the webcast will remain available on Benitec's website for 90 days beginning at approximately 11:30am AEST on 1 June 2018.
For further information regarding Benitec and its activities, please contact the persons below, or visit the Benitec website at www.benitec.com .
Australia Investor Relations
United States Investor Relations
Market Eye
Orla Keegan
Director
Tel: +61 (2) 8097 1201
Email: [email protected]
M Group Strategic Communications
Jay Morakis
Managing Director
Tel: +1 212.266.0191
Email: [email protected]
About Benitec Biopharma Limited:
Benitec Biopharma Limited (ASX: BLT; NASDAQ: BNTC; NASDAQ: BNTCW) is a biotechnology company developing innovative therapeutics based on its patented gene-silencing technology called ddRNAi or 'expressed RNAi'. Based in Sydney, Australia with laboratories in Hayward, California (USA), and collaborators and licensees around the world, the company is developing ddRNAi-based therapeutics for chronic and life-threatening human conditions including OPMD, head & neck squamous cell carcinoma, retinal based diseases such as wet age-related macular degeneration, and hepatitis B.
Safe Harbor Statement:
This press release contains "forward-looking statements" within the meaning of section 27A of the US Securities Act of 1933 and section 21E of the US Securities Exchange Act of 1934. Any forward-looking statements that may be in this ASX/Nasdaq announcement are subject to risks and uncertainties relating to the difficulties in Benitec's plans to develop and commercialise its product candidates, the timing of the initiation and completion of preclinical and clinical trials, the timing of patient enrolment and dosing in clinical trials, the timing of expected regulatory filings, the clinical utility and potential attributes and benefits of ddRNAi and Benitec's product candidates, potential future out-licenses and collaborations, the intellectual property position and the ability to procure additional sources of financing. Accordingly, you should not rely on those forward-looking statements as a prediction of actual future results.
releases/benitec-biopharma-reports-financial-results-for-the-2018-fiscal-third-quarter-and-provides-operational-update-300657132.html
SOURCE Benitec Biopharma Limited | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/pr-newswire-benitec-biopharma-reports-financial-results-for-the-2018-fiscal-third-quarter-and-provides-operational-update.html |
(Reuters) - IT services firm Cognizant ( CTSH.O ) lowered its forecast for annual earnings on Monday saying that it now expected to pay higher taxes than previously thought, driving its shares down 6 percent.
The Cognizant logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren The forecast overshadowed double-digit growth in Cognizant’s first-quarter revenue that beat Wall Street expectations, as businesses continued to spend more on digital services such as analytics, cloud computing and cyber-security.
The Teaneck, New Jersey-based company predicted a 9-cent hit to 2018 earnings per share due to an updated interpretation of new U.S. tax laws, which limits the amount of foreign tax credits that Cognizant can receive for the overseas taxes paid by it.
Much of Cognizant’s operations are overseas, and some 70 percent of its roughly 260,000 employees were based in India as of end-2017.
The U.S. Tax Cuts and Jobs Act has slashed effective tax rates for hundreds of major U.S. companies, although many have taken one-time charges to implement the changes. Cognizant recorded a $617 million charge in the three months to the end of December.
The company on Monday cut its 2018 earnings forecast to at least $4.47 per share from $4.53 per share.
Cognizant’s shares fell 6.1 percent in response on a day when technology stocks were generally helping pull Wall Street higher.
Still, most of the analysts commenting immediately on the company’s results day were upbeat.
Jefferies’ Ramsey El-Assal said he viewed Cognizant’s “underlying fundamentals as solid.”
Pivotal Research analyst Lou Miscioscia added: “Keep in mind most of Cognizant’s Indian competitors are growing revenue in the mid-single digit range, thus the company is outperforming peers.”
Major Indian software services exporters Tata Consultancy Services ( TCS.NS ) and Infosys ( INFY.NS ) each recorded revenue growth of about 8 percent and 6 percent in their latest quarters. Wipro ( WIPR.NS ) reported a fall in revenue.
Cognizant’s revenue rose 10 percent to $3.91 billion in the three months ended March 31, edging past analysts’ estimates of $3.90 billion.
The company also raised the lower end of its expected range for full-year revenue, forecasting revenue of between $16.05 billion and $16.30 billion.
Revenue from healthcare clients rose 11.8 percent, while financial services revenue climbed 6.2 percent.
“We are starting to see a little more improvement (in the financial services sector), but it does continue to remain behind company average,” Chief Financial Officer Karen McLoughlin said in an interview.
While spending from insurance industry clients remained strong, the banking sector was the weakest link, she added.
Cognizant’s first-quarter net income fell 6.6 percent to $520 million. Excluding one-time items, the company earned $1.06 per share, matching analysts’ expectations.
Reporting by Arjun Panchadar in Bengaluru; Editing by Sai Sachin Ravikumar
| ashraq/financial-news-articles | https://www.reuters.com/article/us-cognizant-tech-results/cognizants-first-quarter-revenue-rises-10-percent-idUSKBN1I80X2 |
Closes on First Tranche of Sale-Leaseback and Fiber Acquisition with TPx
Announces Acquisition of Strategic Fiber Portfolio and Anchor Tenant Lease
Revenues of $246.9 Million for the First Quarter Net Loss of $0.01 Per Diluted Common Share for the First Quarter AFFO Per Diluted Common Share of $0.62 for the First Quarter Raises 2018 Financial Outlook
LITTLE ROCK, Ark., May 10, 2018 (GLOBE NEWSWIRE) -- Uniti Group Inc. ("Uniti" or the “Company”) (Nasdaq:UNIT) today announced its results for the first quarter 2018.
“The acquisition of a fiber portfolio from CenturyLink, and our previously reported TPx transactions, demonstrate our momentum at Uniti Leasing. We are continuing to grow our portfolio of highly valuable fiber leased to anchor customers with predictable long-term economics and attractive lease-up potential. We expect Uniti Leasing will be an important contributor to our future growth as shared communication infrastructure becomes more widely accepted in our industry,” commented Kenny Gunderman, President and Chief Executive Officer.
Mr. Gunderman continued, “We continue to expect a multi-year investment cycle for communication infrastructure as network densification for 5G technologies and architectures are deployed. Uniti Leasing, Uniti Fiber, and Uniti Towers will be significant beneficiaries of these industry dynamics. We continue to win contracts to deploy dark fiber and small cells for our wireless carrier customers, and we are excited about Uniti Tower’s growth potential as new towers are needed in the U.S. and Mexico.”
QUARTERLY RESULTS
Consolidated revenues for the first quarter of 2018 were $246.9 million. Net income and Adjusted EBITDA was $1.2 million and $196.7 million, respectively, for the same period. Net loss attributable to common shares was $0.9 million for the period, and included $5.9 million of transaction and integration related costs, partially offset by a $3.9 million non-cash gain related to mark-to-market adjustments on our contingent consideration obligations. Adjusted Funds From Operations (“AFFO”) attributable to common shares was $108.7 million, or $0.62 per diluted common share.
Uniti Fiber contributed $67 million of revenues and $29.2 million of Adjusted EBITDA for the first quarter of 2018. Uniti Fiber’s net success based capital expenditures during the quarter were $30.8 million, and maintenance capital expenditures were $1.5 million. At March 31, 2018, Uniti Fiber had over $1.3 billion of revenues under contract, a 9% increase over pro-forma year-ago levels.
Uniti Towers contributed $3.4 million of revenues and reported an Adjusted EBITDA loss of $0.5 million for the quarter. Uniti Tower’s total capital expenditures for the first quarter were $9.2 million, which included the closing on the acquisition of 15 NMS development towers, and the completion of construction of 28 towers. At quarter end, Uniti Towers had 710 towers in service and approximately 150 towers in varying stages of development.
Uniti Leasing had revenues of $172.8 million and Adjusted EBITDA of $172.4 million for the first quarter. The Consumer CLEC business had revenues of $3.8 million for the first quarter, achieving Adjusted EBITDA margins 24%.
INVESTMENT TRANSACTIONS
On May 1, 2018, the Company closed on the first tranche of its previously announced sale-leaseback and fiber acquisition from U.S. TelePacific Holdings Corp. (“TPx”). At close, the Company acquired 6,000 fiber strand miles located in Nevada, Texas and Massachusetts, which will be leased back to TPx on a triple net basis. In addition, the Company acquired and will have exclusive use of 7,000 fiber strand miles located in Texas. Total consideration for the first tranche of assets was $25 million. The Company expects to close on the acquisition of the California assets in the third quarter of this year.
On May 10, 2018, the Company acquired from CenturyLink 30 long-haul intercity dark fiber routes totaling 11,000 route miles and 270,000 fiber strand miles across 25 states. This transaction was approved by the U.S. Department of Justice as a condition of the CenturyLink / Level 3 merger, and adds attractive, high demand assets to Uniti Leasing. In connection with this acquisition, the Company has executed an anchor tenant lease with a Fortune 100 company for 11% of the fiber strand miles. We anticipate closing other leases of fiber strand miles in the future, including potentially more later this year.
LIQUIDITY AND FINANCING TRANSACTIONS
At quarter-end, the Company had approximately $57 million of unrestricted cash and cash equivalents, and $450 million of undrawn borrowing availability under its revolving credit agreement. The Company’s leverage ratio at quarter end was 5.9x based on Net Debt to Annualized Adjusted EBITDA.
As previously reported, on May 9, 2018, the Company’s Board of Directors declared a quarterly cash dividend of $0.60 per common share, payable on July 13, 2018 to stockholders of record on June 30, 2018.
UPDATED FULL YEAR 2018 OUTLOOK
The Company’s current 2018 outlook remains unchanged from its prior guidance, except for the impact of the May 1, 2018 acquisition and sale-leaseback of the first tranche of assets from TPx, the expected third quarter closing of the remaining assets from TPx, the closing of the aforementioned CenturyLink transaction, the anchor tenant lease of certain routes acquired from CenturyLink, and some additional lease-up at Uniti Leasing. Our current outlook excludes any future acquisitions, capital market transactions, and transaction costs. Furthermore, our outlook is subject to adjustment based on the finalization of purchase price allocations related to acquisitions and other factors. Actual results could these
The Company’s consolidated outlook for 2018 is as follows (in millions):
Full Year 2018
Revenue $ 1,006.0 to $ 1,016.0 Adjusted EBITDA (1) 802.0 to 811.0 Interest expense (2) 320.0 to 320.0 Attributable to common shareholders: Net income 12.8 to 21.8 FFO (1) 382.2 to 391.2 AFFO (1) 448.0 to 457.0 Weighted-average common shares outstanding - diluted 176.2 to 176.2 (1) See “Non-GAAP Financial Measures” below. (2) Includes amortization of deferred financing costs and debt discounts. CONFERENCE CALL
Uniti will hold a conference call today to discuss this earnings release at 4:15 PM Eastern Time (3:15 PM Central Time). The dial-in number for the conference call is (844) 513-7153 (or (508) 637-5603 for international callers) and the conference ID is 4397599. The conference call will be webcast live and can be accessed on the Company’s website at www.uniti.com . A replay of the webcast will be available following the call on the Company’s website, beginning today at approximately 8:00 PM Eastern Time and will remain available for 14 days.
ABOUT UNITI
Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of March 31, 2018, Uniti owns 5.0 million fiber strand miles, approximately 700 wireless towers, and other communications real estate throughout the United States and Latin America. Additional information about Uniti can be found on its website at www.uniti.com .
FORWARD-LOOKING STATEMENTS
Certain statements in this press release and today’s conference call may constitute the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those include all statements that are not historical statements of fact, including, without limitation, those regarding our business strategies, growth prospects, industry trends, sales opportunities, operating and financial performance, closing of the second tranche of the TPx transaction, additional lease-up of assets acquired in the CenturyLink transaction and our 2018 financial results.
Words such as "anticipate(s)," "expect(s)," "intend(s)," “estimate(s),” “foresee(s),” "plan(s)," "believe(s)," "may," "will," "would," "could," "should," "seek(s)" and similar expressions, or the negative of these terms, are intended to identify such These statements are based on management's current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations include, but are not limited to, the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us; the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; the adverse impact of litigation affecting us or our customers; our ability to renew, extend or obtain contracts with significant customers (including customers of the businesses we acquire); the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies; our ability to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets; the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; our ability to retain our key management personnel; our ability to qualify or maintain our status as a real estate investment trust (“REIT”); changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; covenants in our debt agreements that may limit our operational flexibility; other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; the risk that the TPx transaction agreements may be modified or terminated prior to expiration; risks related to satisfying the conditions to the second tranche of the TPx transaction; and additional factors described in our reports filed with the SEC.
Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the set forth in this press release and today’s conference call to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based.
NON-GAAP PRESENTATION
This release and today’s conference call contain certain supplemental measures of performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). Such measures should not be considered as alternatives to GAAP. Further information with respect to and reconciliations of such measures to the nearest GAAP measure can be found herein.
Uniti Group Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
March 31, 2018 December 31, 2017 Assets: Property, plant and equipment, net $ 3,049,714 $ 3,053,889 Cash and cash equivalents 56,901 59,765 Accounts receivable, net 37,601 43,652 Goodwill 677,132 673,729 Intangible assets, net 425,694 429,357 Straight-line revenue receivable 51,447 47,041 Derivative asset 42,061 6,793 Other assets 22,963 15,856 Total Assets $ 4,363,513 $ 4,330,082 Liabilities, Convertible Preferred Stock and Shareholders’ Deficit Liabilities: Accounts payable, accrued expenses and other liabilities, net $ 80,419 $ 77,634 Accrued interest payable 70,517 28,684 Deferred revenue 586,595 537,553 Dividends payable 109,365 109,557 Deferred income taxes 55,611 55,478 Capital lease obligations 55,651 56,329 Contingent consideration 89,236 105,762 Notes and other debt, net 4,503,462 4,482,697 Total Liabilities 5,550,856 5,453,694 Commitments and contingencies Convertible preferred stock , Series A, $0.0001 par value, 88 shares authorized, issued and outstanding,
$87,500 liquidation value 84,274 83,530 Shareholder’s Deficit: Preferred stock, $ 0.0001 par value, 50,000 shares authorized, no shares issued and outstanding - - Common stock, $ 0.0001 par value, 500,000 shares authorized, issued and outstanding: 174,970 shares
at March 31, 2018 and 174,852 at December 31, 2017 17 17 Additional paid-in capital 645,403 644,328 Accumulated other comprehensive income (loss) 46,735 7,821 Distributions in excess of accumulated earnings (2,063,640 ) (1,960,715 ) Total Uniti shareholders’ deficit (1,371,485 ) (1,308,549 ) Noncontrolling interests – operating partnership units 99,868 101,407 Total shareholders’ deficit (1,271,617 ) (1,207,142 ) Total Liabilities, Convertible Preferred Stock and Shareholders’ Deficit $ 4,363,513 $ 4,330,082 Uniti Group Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended March 31,
2018 2017 Revenues: Leasing $ 172,774 $ 170,306 Fiber Infrastructure 66,967 34,812 Towers 3,370 1,428 Consumer CLEC 3,804 4,927 Total revenues 246,915 211,473 Costs and expenses: Interest expense 77,607 73,365 Depreciation and amortization 114,721 101,361 General and administrative expense 22,520 13,978 Operating expense (exclusive of depreciation and amortization) 29,904 22,125 Transaction related costs 5,913 9,684 Other (income) expense (3,885 ) 11,339 Total costs and expenses 246,780 231,852 Income (loss) before income taxes 135 (20,379 ) Income tax benefit (1,096 ) (379 ) Net income (loss) 1,231 (20,000 ) Net income attributable to noncontrolling interests 21 - Net loss attributable to shareholders 1,210 (20,000 ) Participating securities’ share in earnings (679 ) (387 ) Dividends declared on convertible preferred stock (656 ) (656 ) Amortization of discount on convertible preferred stock (745 ) (745 ) Net loss attributable to common shareholders $ (870 ) $ (21,788 ) Net loss attributable to common shareholders – Basic $ (870 ) $ (21,788 ) Participating securities on share settled contingent consideration arrangements 210 - Mark-to-market gain on share settled contingent consideration arrangements (994 ) - Net loss attributable to common shareholders - Diluted $ (1,654 ) $ (21,788 ) Weighted average number of common shares outstanding: Basic 174,892 155,184 Diluted 175,499 155,184 Earnings (loss) per common share: Basic $ - $ (0.14 ) Diluted $ (0.01 ) $ (0.14 ) Dividends declared per common share $ 0.60 $ 0.60 Uniti Group Inc.
Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended March 31, 2018 2017 Cash flow from operating activities: Net income (loss) $ 1,231 $ (20,000 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 114,721 101,361 Amortization of deferred financing costs and debt discount 6,034 5,265 Deferred income taxes (1,502 ) (1,002 ) Straight-line revenues (4,592 ) (3,629 ) Stock based compensation 2,210 1,632 Change in fair value of contingent consideration (3,864 ) 10,910 Other 921 124 Changes in assets and liabilities, net of acquisitions: Accounts receivable 6,409 1,014 Other assets (4,621 ) (1,626 ) Accounts payable, accrued expenses and other liabilities 39,919 34,153 Net cash provided by operating activities 156,866 128,202 Cash flows from investing activities: Acquisition of businesses, net of cash acquired - 248 Acquisition of ground lease investments - (7,191 ) NMS asset acquisitions (962 ) (64,622 ) Capital expenditures - other (51,143 ) (14,931 ) Net cash used in investing activities (52,105 ) (86,496 ) Cash flows from financing activities: Principal payment on debt (5,270 ) (5,270 ) Dividends paid (105,920 ) (94,133 ) Payments of contingent consideration (12,662 ) (18,791 ) Borrowings under revolving credit facility 70,000 25,000 Payments under revolving credit facility (50,000 ) (25,000 ) Capital lease payments (899 ) (672 ) Deferred financing costs - (24,418 ) Common stock issuance, net of costs - (54 ) Distributions paid to noncontrolling interest (2,479 ) - Net share settlement (658 ) (1,690 ) Net cash used in financing activities (107,888 ) (145,028 ) Effect of exchange rate changes on cash and cash equivalents 263 294 Net decrease in cash and cash equivalents (2,864 ) (103,028 ) Cash and cash equivalents at beginning of period 59,765 171,754 Cash and cash equivalents at end of period $ 56,901 $ 68,726 Non-cash investing and financing activities: Property and equipment acquired but not yet paid $ 18,078 $ 4,013 Tenant capital improvements 47,352 33,824 Uniti Group Inc.
Reconciliation of Net Income to FFO and AFFO
(In thousands, except per share data)
Three Months Ended March 31, 2018 2017 Net loss attributable to common shareholders $ (870 ) $ (21,788 ) Real estate depreciation and amortization 95,577 91,014 Participating securities’ share in earnings 679 387 Participating securities’ share in FFO (679 ) (387 ) Adjustments for noncontrolling interests (2,205 ) - FFO attributable to common shareholders 92,502 69,226 Transaction related costs 5,913 9,684 Change in fair value of contingent consideration (3,864 ) 10,910 Amortization of deferred financing costs and debt discount 6,034 5,265 Stock based compensation 2,210 1,632 Non-real estate depreciation and amortization 19,144 10,347 Straight-line revenues (4,592 ) (3,629 ) Maintenance capital expenditures (1,485 ) (536 ) Amortization of discount on convertible preferred stock 745 745 Other non-cash (revenue) expense, net (7,582 ) (3,328 ) Adjustments for noncontrolling interests (353 ) - Adjusted FFO attributable to common shareholders $ 108,672 $ 100,316 Per diluted common share: EPS $ (0.01 ) $ (0.14 ) FFO $ 0.53 $ 0.45 AFFO $ 0.62 $ 0.65 Weighted average common shares used to calculate basic earnings (loss) per common share 174,892 155,184 Effect of dilutive non-participating securities 607 271 Weighted average common shares used to calculate diluted FFO and AFFO per common share 175,499 155,455 Uniti Group Inc.
Reconciliation of EBITDA and Adjusted EBITDA
(In thousands)
Three Months Ended March 31, 2018 2017
Net income (loss) $ 1,231 $ (20,000 ) Depreciation and amortization 114,721 101,361 Interest expense 77,607 73,365 Income tax benefit (1,096 ) (379 ) EBITDA 192,463 154,347 Stock based compensation 2,210 1,632 Transaction related costs 5,913 9,684 Other (income) expense (3,885 ) 11,339 Adjusted EBITDA $ 196,701 $ 177,002 Adjusted EBITDA: Leasing $ 172,369 $ 170,060 Fiber Infrastructure 29,195 11,567 Towers (463 ) (735 ) Consumer CLEC 913 1,166 Corporate (5,313 ) (5,056 ) $ 196,701 $ 177,002 Annualized Adjusted EBITDA (1) $ 786,804 As of March 31, 2018: Total Debt (2) $ 4,697,268 Cash and cash equivalents 56,901 Net Debt $ 4,640,367 Total Debt/Annualized Adjusted EBITDA 6.0x Net Debt/Annualized Adjusted EBITDA 5.9x (1) Calculated as Adjusted EBITDA for the most recently reported three-month period, multiplied by four. Annualized Adjusted EBITDA has not been prepared on a pro forma basis in accordance with Article 11 of Regulation S-X.
(2) Includes $55.7 million of capital leases, but excludes $138.2 million of unamortized discounts and deferred financing costs.
Uniti Group Inc.
Projected Future Results (1)
(In millions)
Year Ended
December 31, 2018 Net income attributable to common shareholders $12.8 to $21.8 Noncontrolling interest share in earnings 0.5 Participating securities’ share in earnings 2.6 Dividends declared on convertible preferred stock 2.6 Amortization of discount on convertible preferred stock 3.0 Net income (2) $21.4 to $30.4 Interest expense 320.0 Depreciation and amortization 460.0 Income tax benefit (10.0) EBITDA (2) $791.4 to $800.4 Stock based compensation 8.7 Transaction related costs and other 2.0 Adjusted EBITDA (2) $802.0 to $811.0 (1) These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Final purchase price allocations, future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not the estimates set forth above.
(2) The components of projected future results may not add due to rounding.
Uniti Group Inc.
Projected Future Results (1)
(Per Diluted Share)
Year Ended
December 31, 2018 Net income attributable to common shareholders $0.07 to $0.12 Real estate depreciation and amortization 2.15 Participating securities share in earnings 0.01 Participating securities share in FFO (0.01) Adjustments for noncontrolling interests (0.05) FFO attributable to common shareholders (2) $2.17 to $2.22 Transaction related costs 0.03 Change in fair value of contingent consideration (0.02) Amortization of deferred financing costs and debt discount 0.14 Stock based compensation 0.05 Non-real estate depreciation and amortization 0.47 Straight-line revenues (0.10) Maintenance capital expenditures (0.04) Amortization of discount on convertible preferred stock 0.02 Other non-cash revenue, net (0.16) Adjustments for noncontrolling interests (0.01) AFFO attributable to common shareholders (2) $2.54 to $2.59 (1) These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Final purchase price allocations, future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not the estimates set forth above.
(2) The components of projected future results may not add to FFO and AFFO attributable to common shareholders due to rounding.
Components of Interest Expense (1)
(In millions)
Year Ended
December 31, 2018 Interest expense on debt obligations $295.0 Amortization of deferred financing cost and debt discounts 25.0 Interest expense (2) $320.0 (1) These ranges represent management’s best estimates based on the underlying assumptions as of the date of this press release. Final purchase price allocations, future acquisitions, capital market transactions, changes in market conditions, and other factors are excluded from our projections. There can be no assurance that our actual results will not the estimates set forth above.
(2) The components of interest expense may not add to the total due to rounding.
NON-GAAP FINANCIAL MEASURES
We refer to EBITDA, Adjusted EBITDA, Funds From Operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and Adjusted Funds From Operations (“AFFO”) in our analysis of our results of operations, which are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”). While we believe that net income, as defined by GAAP, is the most appropriate earnings measure, we also believe that EBITDA, Adjusted EBITDA, FFO and AFFO are important non-GAAP supplemental measures of operating performance for a REIT.
We define “EBITDA” as net income, as defined by GAAP, before interest expense, provision for income taxes and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA before stock-based compensation expense and the impact, which may be recurring in nature, of transaction and integration related costs, collectively “Transaction Related Costs”, the write off of unamortized deferred financing costs, costs incurred as a result of the early repayment of debt, changes in the fair value of contingent consideration and financial instruments, and other similar items. We believe EBITDA and Adjusted EBITDA are important supplemental measures to net income because they provide additional information to evaluate our operating performance on an unleveraged basis. In addition, Adjusted EBITDA is calculated similar to defined terms in our material debt agreements used to determine compliance with specific financial covenants. Since EBITDA and Adjusted EBITDA are not measures calculated in accordance with GAAP, they should not be considered as alternatives to net income determined in accordance with GAAP.
Because the historical cost accounting convention used for real estate assets requires the recognition of depreciation expense except on land, such accounting presentation implies that the value of real estate assets diminishes predictably over time. However, since real estate values have historically risen or fallen with market and other conditions, presentations of operating results for a REIT that use historical cost accounting for depreciation could be less informative. Thus, NAREIT created FFO as a supplemental measure of operating performance for REITs that excludes historical cost depreciation and amortization, among other items, from net income, as defined by GAAP. FFO is defined by NAREIT as net income attributable to common shareholders computed in accordance with GAAP, excluding gains or losses from real estate dispositions, plus real estate depreciation and amortization and impairment charges. We compute FFO in accordance with NAREIT’s definition.
The Company defines AFFO, as FFO excluding (i) transaction and integration costs; (ii) certain non-cash revenues and expenses such as stock-based compensation expense, amortization of debt and equity discounts, amortization of deferred financing costs, depreciation and amortization of non-real estate assets, straight line revenues, non-cash income taxes, and the amortization of other non-cash revenues to the extent that cash has not been received, such as revenue associated with the amortization of tenant capital improvements; (iii) the impact, which may be recurring in nature, of the write-off of unamortized deferred financing fees, additional costs incurred as a result of early repayment of debt, changes in the fair value of contingent consideration and financial instruments and similar items less maintenance capital expenditures. We believe that the use of FFO and AFFO, and their respective per share amounts, combined with the required GAAP presentations, improves the understanding of operating results of REITs among investors and analysts, and makes comparisons of operating results among such companies more meaningful. We consider FFO and AFFO to be useful measures for reviewing comparative operating performance. In particular, we believe AFFO, by excluding certain revenue and expense items, can help investors compare our operating performance between periods and to other REITs on a consistent basis without having to account for differences caused by unanticipated items and events, such as transaction and integration related costs. The Company uses FFO and AFFO, and their respective per share amounts, only as performance measures, and FFO and AFFO do not purport to be indicative of cash available to fund our future cash requirements. While FFO and AFFO are relevant and widely used measures of operating performance of REITs, they do not represent cash flows from operations or net income as defined by GAAP and should not be considered an alternative to those measures in evaluating our liquidity or operating performance.
Further, our computations of EBITDA, Adjusted EBITDA, FFO and AFFO may not be comparable to that reported by other REITs or companies that do not define FFO in accordance with the current NAREIT definition or that interpret the current NAREIT definition or define EBITDA, Adjusted EBITDA and AFFO differently than we do.
INVESTOR AND MEDIA CONTACTS:
Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
[email protected]
Bill DiTullio, 501-850-0872
Manager, Finance and Investor Relations
[email protected]
Source:Uniti Group Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-uniti-group-inc-reports-first-quarter-2018-results.html |
May 9 (Reuters) - Boston Private Financial Holdings Inc :
* BOSTON PRIVATE FINANCIAL HOLDINGS - ON MAY 8, CO PROVIDED NOTICE OF REDEMPTION OF ALL OF CO’S 6.95% NON-CUMULATIVE PERPETUAL PREFERRED STOCK, SERIES D
* BOSTON PRIVATE FINANCIAL HOLDINGS - THERE ARE 50,000 SHARES OF PREFERRED STOCK, OR $50 MILLION AGGREGATE LIQUIDATION PREFERENCE, CURRENTLY OUTSTANDING
* BOSTON PRIVATE FINANCIAL HOLDINGS - REDEMPTION DATE FOR THE PREFERRED STOCK IS JUNE 15, 2018 - SEC FILING Source text: ( bit.ly/2ryPeob ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-boston-private-financial-provided/brief-boston-private-financial-provided-notice-of-redemption-of-all-of-6-95-non-cumulative-perpetual-preferred-stock-series-d-idUSFWN1SG1M0 |
By Kristen Bellstrom 7:54 AM EDT
Good morning, Broadsheet readers! The Weinstein Company finally finds a buyer, the Boy Scouts make a bid to woo girls, and the woes of certain media men continue. Have a fabulous Thursday, EVERYONE'S TALKING
• More accusations against media men . We appear to be in the midst of yet another reckoning for certain top men in media.
A new Washington Post investigation published just this morning revealed another 27 women who have accused star interviewer Charlie Rose of sexual harassment (14 CBS News employees and 13 who worked with him elsewhere). That’s in addition to the eight women who spoke out against Rose in November. Potentially more disturbing: WaPo found that there have been “three occasions over a period of 30 years in which CBS managers were warned of Charlie Rose’s conduct toward women at the network.”
Meanwhile, a third woman has come forward to describe unwanted sexual advances from former NBC anchor Tom Brokaw . Writing in the New York City weekly newspaper The Villager , freelance journalist Mary Reinholz claims that the newsman “embraced” and tried to kiss her after helping her with a story she was writing. The alleged incident happened 50 years ago.
Last but certainly not least, at the New York Times, metro editor Wendell Jamieson resigned earlier this week after an internal investigation. The paper’s Tiffany Hsu reports that Jamieson was accused of inappropriate behavior by at least three female employees, according to “two people familiar with the investigation.” The Times did not specify the reason for his departure. In a statement, Jamieson said, “I regret and apologize for my mistakes and leaving under these circumstances.” He has been replaced in interim capacity by Susan Chira, whose name will be familiar to some readers of this newsletter for her excellent work covering gender issues. Advertisement ALSO IN THE HEADLINES
• Lantern lands Weinstein Co . Our colleague Polina Marinova reports that a winning bidder—Lantern Capital Partners—has emerged in the Weinstein Company’s bankruptcy sale. The private equity firm will buy the remains of the company for $310 million plus the assumption of about $115 million in debt. As Fortune has previously reported , Weinstein Co.’s bankruptcy and sale to Lantern nullified all the non-disclosure agreements that Weinstein made his accusers sign when he settled with them. “In other words,” writes Polina, “this opens up the possibility that more of his victims could come forward.” Fortune
• The story on Story . Story, the retail concept store founded in 2011 by brand consultant Rachel Shechtman, has been acquired by Macy’s, Inc. The financial terms of the deal were not disclosed. Shechtman, who will continue to develop Story’s West Chelsea outpost, will join Macy’s as brand experience officer—a role tasked with bringing Story-style interactive experiences to Macy’s, “a legacy retailer searching for relevance in a rapidly shifting retail climate.” Business of Fashion
• Nothing to cheer . In the latest in an appalling string of stories about the abuse of NFL cheerleaders, this piece describes a 2013 trip to Costa Rica taken by Washington Redskins officials (An aside: I honestly cannot believe the team is still using that name in 2018) and the team’s cheerleading squad for a calendar photo shoot. During the trip, the cheerleaders say Redskins officials collected and held their passports, required them to go topless as “a contingent of sponsors and FedExField suite holders — all men — were granted up-close access to the photo shoots, and, in some case, made them act as ‘personal escorts’ for male sponsors at a nightclub.” New York Times
• Yes, Clinton’s a capitalist … but that doesn’t mean she thinks corporate America is doing it right. Speaking at the Shared Value Leadership Summit yesterday, Hillary Clinton told Fortune president Alan Murray that the current system is out of balance, with too much power tipping “toward biggest companies with most influence.” She was particularly alarmed by the growing gap between median worker and CEO pay. Fortune IN CASE YOU MISSED IT
• Being with Serena . A new HBO documentary series about Serena Williams, titled—what else?— Being Serena, debuted yesterday. Fortune caught up with Williams’ husband and Reddit co-founder Alexis Ohanian in advance of the premiere to talk about what it was like for the couple to have cameras trailing them through their first weeks as new parents. Fortune
• And speaking of new shows.. . Amanda Knox, the American student who stood trial in Italy for the 2007 murder of her roommate, wants to draw attention to other women who were shamed for their sexuality and womanhood on her new show, The Scarlet Letter Reports, for Vice Media’s Broadly. The series premieres May 2 on Facebook Watch. Time
• The scout wars continue . The Boy Scouts of America is changing the name of its program for older youth—the Boy Scouts—to Scouts BSA in February 2019, a move that reflects its decision to include young women. The organization first announced that it would start admitting female Scouts last fall—much to the irritation of the Girl Scouts, which has advocated for a “single-gender” environment in scouting. USA Today
• Thanks to the states . While we have yet to get a federal paid family leave law on the books, progress is actually being made at the state level. Slate’s Rebecca Gale reports on the five states (plus the District of Columbia) that already have such laws—as well as the 21 states that currently have pending legislation for paid leave laws in the works. | ashraq/financial-news-articles | http://fortune.com/2018/05/03/weinstein-sale-tom-brokaw-redskins-cheerleaders-broadsheet-may-3/ |
May 6, 2018 / 2:24 PM / Updated 32 minutes ago IPL Scoreboard Reuters Staff 3 Min Read May 6 (OPTA) - Scoreboard at close of play on the first day of match 37 between Mumbai Indians and Kolkata Knight Riders on Sunday at Mumbai, India Mumbai Indians win by 13 runs Mumbai Indians 1st innings Suryakumar Yadav c Dinesh Karthik b Andre Russell 59 Evin Lewis c Chris Lynn b Andre Russell 43 Rohit Sharma c (Sub) b Sunil Narine 11 Hardik Pandya Not Out 35 Krunal Pandya c Shubman Gill b Sunil Narine 14 JP Duminy Not Out 13 Extras 0b 1lb 0nb 0pen 5w 6 Total (20.0 overs) 181-4 Fall of Wickets : 1-91 Lewis, 2-106 Sharma, 3-127 Yadav, 4-151 Pandya Did Not Bat : Kishan, Cutting, McClenaghan, Markande, Bumrah Bowling Ov Md Rn Wk Econ Ex Nitish Rana 2 0 17 0 8.50 1w Prasidh Krishna 4 0 39 0 9.75 1w Mitchell Johnson 3 0 25 0 8.33 2w Sunil Narine 4 0 35 2 8.75 Piyush Chawla 3 0 35 0 11.67 Kuldeep Yadav 2 0 17 0 8.50 Andre Russell 2 0 12 2 6.00 1w Kolkata Knight Riders 1st innings Chris Lynn c Jasprit Bumrah b Mitchell McClenaghan 17 Shubman Gill c Krunal Pandya b Hardik Pandya 7 Robin Uthappa c Ben Cutting b Mayank Markande 54 Nitish Rana c Jasprit Bumrah b Hardik Pandya 31 Dinesh Karthik Not Out 36 Andre Russell c Krunal Pandya b Jasprit Bumrah 9 Sunil Narine c Rohit Sharma b Krunal Pandya 5 Extras 4b 4lb 0nb 0pen 1w 9 Total (20.0 overs) 168-6 Fall of Wickets : 1-28 Lynn, 2-28 Gill, 3-112 Uthappa, 4-115 Rana, 5-131 Russell, 6-163 Narine Did Not Bat : Chawla, Johnson, Krishna, Yadav Bowling Ov Md Rn Wk Econ Ex Mitchell McClenaghan 4 0 30 1 7.50 Jasprit Bumrah 4 0 34 1 8.50 Hardik Pandya 4 0 19 2 4.75 1w Krunal Pandya 3 0 29 1 9.67 Mayank Markande 3 0 25 1 8.33 Ben Cutting 2 0 23 0 11.50 Umpire Handunnettige Dharmasena Umpire Abhijit Deshmukh Video Anil Chaudhary Match Referee Vengalil Kutty | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-india-scoreboard/ipl-scoreboard-idUKMTZXEE56B95O58 |
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CANNES, France (Reuters) – “When they hear our female voices, they tremble with fear,” says the heroine of “Girls of the Sun”, a feminist war movie that captured the zeitgeist at a Cannes Film Festival dominated by the issue of women’s rights. 71st Cannes Film Festival – Photocall for the film “Girls of the Sun” (Les filles du soleil) in competition – Cannes, France May 13, 2018. Director Eva Husson poses with producer Didar Domehriand and cast members Emmanuelle Bercot and Golshifteh Farahani. REUTERS/Jean-Paul Pelissier
Based on the true story of Iraqi women who took up arms against Islamic State after escaping enslavement, a female battalion leads an attack on the jihadists while their brothers in arms prefer to wait for U.S. air strikes.
The reason their enemies fear them, we learn, is that they believe if they are killed by a woman, they will not go to heaven as a martyr.
The story, by French director Eva Husson follows Mathilde, a reporter embedded with the fighters who learns the horrific back-story of their leader Bahar, played by “Pirates of the Caribbean” star Golshifteh Farahani. 71st Cannes Film Festival – Photocall for the film “Girls of the Sun” (Les filles du soleil) in competition – Cannes, France May 13, 2018. Director Eva Husson poses with cast members Emmanuelle Bercot, Evin Ahmad, Golshifteh Farahani, Sinama Alievi and Mari Samidovi. REUTERS/Jean-Paul Pelissier
The film premiered to rapturous applause at Cannes on Saturday night, just after Cate Blanchett led a demonstration by female actors, directors and producers on the red carpet to support the campaign for women’s rights after the sex abuse scandals that shook the movie industry last year.
While the film’s setting is kept vague, the story was inspired by Islamic State’s attack on members of the Yazidi faith in Sinjar, northern Iraq, in 2014, when they killed the men and traded the women and girls as sex slaves. Slideshow (3 Images)
The reporter Mathilde is a fictionalized version of Marie Colvin, who was killed in Syria in 2012, and played by Emmanuelle Bercot who, complete with eye patch, bears a striking resemblance to the American journalist.
With a woman, the director Husson, telling the story of a woman, Mathilde, telling the story of a woman, the warrior Bahar, “Girls of the Sun” is likely to be the festival’s most “MeToo”-relevant movie.
“It talks of the need for representation, the representation of women in cinema, representation that we as women owe to ourselves to tell our stories,” Husson, 41, told a news conference, calling the MeToo movement that emerged after the sex scandals “a great moment on the history of cinema”.
“It is all just starting to gain momentum. I think we can all feel the rumbling, the coming to the boil of the narrative voice of women.”
Some critics found “Girls of the Sun” contrived. Variety said it was “well-intentioned yet cliché-riddled lunge at the tear ducts,” while The Guardian’s Peter Bradshaw called it “heartfelt, forthright and muscular”.
The film is in competition for the Palme d’Or which will be awarded on May 19. Reporting by Robin Pomeroy. Editing by Jane Merriman | ashraq/financial-news-articles | https://www.reuters.com/article/us-filmfestival-cannes-girls-of-the-sun/feminist-war-movie-captures-zeitgeist-at-cannes-idUSKCN1IE0LP |
May 1 (Reuters) - Subaru Corp:
* SUBARU OF AMERICA - REPORTED 53,170 VEHICLE SALES FOR APRIL 2018, A 1.5 PERCENT INCREASE OVER APRIL 2017 Source text:( bit.ly/2I1cDZI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-subaru-of-america-reports-53170-ve/brief-subaru-of-america-reports-53170-vehicle-sales-for-april-2018-up-1-5-pct-over-april-2017-idUSFWN1S80AL |
Taxes Trump rallies abortion opponents to vote for Republicans The speech, said one administration official, had been aimed at a core constituency of conservative activists who are seen as key to energizing the party entering the fall midterm elections. Last week, the administration unveiled a new push to strip funding from Planned Parenthood and other family planning clinics. The initiative, which was formally unveiled Tuesday, is aimed at resurrecting parts of a Reagan-era mandate banning federally funded family planning clinics from referring women for abortions, or sharing space with abortion providers. Published 9 Hours Ago The Associated Press Alex Wong/Getty Images U.S. President Donald Trump speaks during the Susan B. Anthony List's 11th annual Campaign for Life Gala at the National Building Museum May 22, 2018 in Washington, DC. He addressed the annual gala of the anti-abortion group and urged people to vote in the midterm election.
President Donald Trump on Tuesday issued a rallying call to opponents of abortion, encouraging them to head to the polls to elect conservative lawmakers.
Speaking at the Susan B. Anthony List's annual "Campaign for Life Gala," Trump took a victory lap for his anti-abortion policies and nominations of conservative justices to federal courts. But he warned the group that they must show up at the polls to preserve their gains under his administration.
"Every day between now and November we must work together to elect more lawmakers who share our values, cherish our heritage, and proudly stand for life," Trump said. He summed it up for the roomful of enthusiastic supporters: "The story is, `18 midterms, we need Republicans."
Trump has long been an unlikely sweetheart for conservative and evangelical voters. But now, in the lead-up to the midterm elections, the thrice-married former Democrat who used to describe himself as "very pro-choice" has been offering catnip to conservatives.
Last week, the administration unveiled a new push to strip funding from Planned Parenthood and other family planning clinics. The initiative, which was formally unveiled Tuesday, is aimed at resurrecting parts of a Reagan-era mandate banning federally funded family planning clinics from referring women for abortions, or sharing space with abortion providers.
And it arrived just in time for Trump to highlight it Tuesday at the gala. The speech, said one administration official, had been aimed at a core constituency of conservative activists who are seen as key to energizing the party entering the fall midterm elections.
Trump, for his part, promised a "massive campaign" to assist Republicans this fall, and highlighted his role contributing toward the Republican National Committee's fundraising haul. "Your vote in 2018 is every bit as important as your vote in 2016," Trump said, reading off a teleprompter. He paused before telling the crowd, "I'm not sure I really believe that. "I don't know who the hell wrote that line," he said, prompting laughs.
Marjorie Dannenfelser, president of the anti-abortion Susan B. Anthony List, branded Trump "the most pro-life President in history" at the Gala, and told the AP the move "will help tremendously" in the midterms.
It's also the latest evidence that as he frets over the Russia investigation and prepares for a planned summit with North Korea, Trump has also been focused on fulfilling campaign promises and tending to issues that galvanize his base: holding a series of events to rail against the dangers of illegal immigration, pulling out of the Iran-nuclear deal and wading anew into the fight over abortion rights.
Trump is far from a natural fit for conservative voters. He recently admitted to reimbursing his lawyer for paying pay hush money to a porn star who claimed she had sex with Trump (a charge that he denies). And Trump has bragged about groping women without their permission.
During the campaign, he sometimes had trouble articulating his views on abortion, at one point suggesting women should be punished for having abortions. His campaign later walked back the statement, saying that if abortion were ever outlawed, he believed that doctors who perform them should be punished.
Nonetheless, white evangelical voters overwhelmingly supported Trump in 2016, and that support has only grown. A PRRI survey released last month found white evangelical support for Trump at an all-time high, with 75 percent of those polled holding a favorable view of the president and just 22 percent holding an unfavorable view. Support for Trump within the general population in the poll stood at just 42 percent.
Religious groups like the Catholic Medical Association approve of a series of actions Trump has taken, beginning with his appointment of judges who oppose abortion rights, including Supreme Court Justice Neil Gorsuch, and Trump's reinstatement of the global "gag rule" that bars federal funding for nongovernmental organizations that provide abortion referrals.
The White House also points to the administration's support for religious objectors in court and Trump's efforts to bring religious groups "back into the fold by ensuring religious groups and their partners are critical participants in the policy making process."
Dannenfelser, whose group works to elect candidates who want to reduce and ultimately end abortion, is planning to raise and spend $25 million this cycle, up from the $18 million the group spent in the lead-up to the 2016 elections.
She said the president's latest move would play especially well with voters in states like Missouri, where Republican Attorney General Josh Hawley is challenging Democratic Sen. Claire McCaskill, one of the Senate's most vulnerable incumbents, as well as in Indiana and North Dakota, where Republican Rep. Kevin Cramer is challenging Democratic Sen. Heidi Heitkamp.
Abortion rights activists, meanwhile, argue that Trump's moves on the issue will only embolden women to turn out at the polls, just as they took to the streets in marches after Trump's election. "It's going to cost this administration at the ballot box in November," said Planned Parenthood Federation of America's Kevin Griffis.
"We have to fight back in the best way we know how," the group Emily's List wrote in a fundraising email, "electing pro-choice Democratic women who will always protect reproductive freedom." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/midterm-elections-trump-rallies-abortion-opponents-to-vote-republicans.html |
May 2, 2018 / 8:16 PM / Updated 29 minutes ago CDC reports one death from E. coli outbreak linked to romaine lettuce Reuters Staff 2 Min Read
(Reuters) - The Centers for Disease Control and Prevention said on Wednesday one person from California died related to an E. coli outbreak linked to romaine lettuce, providing an update on the multi-state outbreak of the disease. Romaine lettuce grows near Soledad, California, U.S., May 3, 2017. REUTERS/Michael Fiala
Twenty-three more people fell ill since the last update on April 27, bringing the total to 121 people from 25 states, the CDC said.
Three more states - Kentucky, Massachusetts and Utah- have reported cases, the CDC said in an email.
Fifty-two people out of 102 with available information (or 51 percent) have been hospitalized, including 14 patients who developed hemolytic uremic syndrome, a type of kidney failure.
The reported strain of E. coli, which produces poisonous substances known as Shiga toxins, can cause severe stomach cramps, bloody diarrhea and vomiting.
The Food and Drug Administration said most people reported eating a salad at a restaurant, and romaine lettuce was the only common ingredient identified among the salads eaten. The restaurants reported using bagged, chopped romaine lettuce to make salads.
The FDA is continuing to investigate the source of the chopped romaine lettuce that caused these illnesses and has identified dozens of other fields as possible sources.
The CDC reiterated its advice of not eating or buying romaine lettuce, normally used in salads, unless the source of the lettuce can be confirmed. Reporting by Mrinalini Krothapalli; Editing by Bernard Orr | ashraq/financial-news-articles | https://uk.reuters.com/article/us-usa-romaine/cdc-reports-one-death-from-e-coli-outbreak-linked-to-romaine-lettuce-idUKKBN1I32SS |
May 18 (Reuters) - Campbell Soup Co:
* CAMPBELL SOUP - BOARD, KEITH MCLOUGHLIN AGREED TO BASE ANNUAL SALARY OF $1.1 MILLION(WITH PRO RATION) DUE TO HIS SERVICE AS INTERIM PRESIDENT & CEO Source text: ( bit.ly/2Leip8X ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-campbell-soup-board-keith-mcloughl/brief-campbell-soup-board-keith-mcloughlin-agreed-to-base-annual-salary-of-1-1-mln-due-to-his-service-as-interim-president-ceo-idUSFWN1SP0VC |
May 14, 2018 / 2:35 PM / Updated 9 minutes ago Brazil election poll shows right-winger Bolsonaro holds lead Reuters Staff 1 Min Read
BRASILIA (Reuters) - Right-wing Brazilian presidential candidate Jair Bolsonaro held on to his lead in early polling ahead of the October election, with moderate Marina Silva in the runner-up position, according to a survey published on Monday. FILE PHOTO: Brazilian Partido Social Liberal (PSL) presidential candidate and former military officer Jair Bolsonaro gestures during a military event in Sao Paulo, Brazil May 3, 2018. REUTERS/Nacho Doce/File photo
Excluding jailed former president Luiz Inacio Lula da Silva, who will likely be barred if he registers to run, the MDA poll commissioned by transportation lobby CNT showed 18.3 percent of voters backing Bolsonaro, 11.2 pct for environmentalist Marina Silva, and 9.0 pct for leftist Ciro Gomes. The survey’s margin of error was 2.2 percentage points. Reporting by Maria Carolina Marcello and Anthony Boadle; Editing by Chizu Nomiyama | ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-politics-poll/brazil-election-poll-shows-right-winger-bolsonaro-holds-lead-idUSKCN1IF1Z3 |
Beijing is set to announce a new fund of about 300 billion yuan ($47.4 billion) for the development of China's semiconductor industry, The Wall Street Journal reported Friday, citing sources familiar with the matter.
The government-backed China Integrated Circuit Investment Fund is heading up the new investment vehicle, the report said. The fund was not available for comment outside of Beijing business hours.
The 300 billion yuan fund would go toward improving China's ability to design and manufacture advanced microprocessors and graphic-processing units, among other initiatives, the Journal said, citing one source. The size of the fund and other details could change, another source told the newspaper.
Last week, Chen Yin, spokesman and chief engineer of China's Ministry of Industry and Information Technology, said the fund welcomes foreign investment.
"The second phase of fundraising is underway, and we welcome foreign companies to participate in this round of financing," Chen said at a news conference in Beijing, according to a report from state-run English-language newspaper China Daily .
Beijing is seeking to develop domestic technological innovation in areas such as robotics and semiconductors through an initiative called "Made in China 2025." One of the U.S. trade delegation's aims in talks with China this week was to ask Beijing to stop subsidies of that program. The visit ended Friday with little apparent progress in resolving a trade dispute between the two countries.
Read the full Wall Street Journal story here. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/beijing-reportedly-set-to-launch-47-billion-investment-fund-for-chipmaking.html |
× × Walmart is the only one able compete against Amazon in e-commerce, says former Toys R Us CEO 3 Hours Ago Jerry Storch, Storch Advisors CEO and former Toys R Us CEO, discusses Walmart taking a majority stake in Indian e-commerce company Flipkart and what he sees for the global internet retail space. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/09/walmart-is-the-only-one-able-compete-against-amazon-in-e-commerce-says-former-toys-r-us-ceo.html |
May 4, 2018 / 7:22 PM / Updated 42 minutes ago US STOCKS-Apple leads Wall Street rally as inflation fears ease Reuters Staff
* U.S. stocks reverse early losses
* Apple hits record high after Berkshire raises stake
* Indexes up: Dow 1.6 pct, S&P 500 1.4 pct, Nasdaq 1.8 pct (Updates to late afternoon; changes byline, adds NEW YORK to dateline)
By April Joyner
NEW YORK, May 4 (Reuters) - Apple and other technology stocks led a rally on Wall Street on Friday after weaker-than-expected U.S. wage growth data eased concerns about faster interest-rate hikes.
Shares of Apple Inc jumped to a record high of $184.00 during the session after Warren Buffett’s Berkshire Hathaway Inc disclosed that it had raised its stake in the iPhone maker.
Apple shares were last up 3.9 percent. The company’s stock is on track for its greatest weekly percentage gain since October 2011.
The S&P 500 technology sector was up 1.9 percent, the biggest gainer on the index.
The Dow Jones Industrial Average rose 355.42 points, or 1.49 percent, to 24,285.57, the S&P 500 gained 36.16 points, or 1.38 percent, to 2,665.89 and the Nasdaq Composite added 125.21 points, or 1.77 percent, to 7,213.36.
At the market open, U.S. stocks had moved lower upon the release of employment data. The S&P 500 bounced off its 200-day moving average, a technical level that indicates the long-term trend.
The Labor Department reported the U.S. unemployment rate dropped to near a 17-1/2-year low of 3.9 percent.
But U.S. stocks climbed as the session progressed. Investors said that the low unemployment figure, which on its own might point to inflationary pressure on wages, offset the mere 0.1-percent rise in wages for April, below expectations.
“The report might have taken some time to digest,” said Shawn Cruz, manager of trader strategy at TD Ameritrade in Chicago. “The focus moved to the lack of wage inflation versus the drop in the unemployment rate.”
“That’s what’s behind the rally today,” he said.
All the 11 major S&P sectors were higher, and 29 of the 30 Dow members were in the black.
Pandora Media Inc shares jumped 22.4 percent after the music-streaming service provider reported a smaller-than-expected quarterly loss.
Shares of CBS Corp rose 7.6 percent after the media company topped revenue and profit estimates for the first quarter.
Fluor Corp shares sank 22.4 percent, the most on the S&P, after the engineering and construction company posted a surprise quarterly loss due to issues with a gas-fired power project.
Advancing issues outnumbered declining ones on the NYSE by a 3.22-to-1 ratio; on Nasdaq, a 3.10-to-1 ratio favored advancers.
The S&P 500 posted 16 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 91 new highs and 43 new lows. (Additional reporting by Sruthi Shankar and Savio D’Souza in Bengaluru; Editing by Shounak Dasgupta and Nick Zieminski) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-stocks/us-stocks-apple-leads-wall-street-rally-as-inflation-fears-ease-idUSL1N1SB1JO |
May 17, 2018 / 1:35 AM / Updated 31 minutes ago Trump lawyer Cohen sought $1 million from Qatar in late 2016: Washington Post Reuters Staff 3 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump’s longtime personal lawyer Michael Cohen asked the Qatari government for at least $1 million in December 2016 in exchange for access or insight into the Trump administration, the Washington Post reported. U.S. President Donald Trump's personal lawyer Michael Cohen arrives at his hotel in New York City, U.S., May 11, 2018. REUTERS/Brendan McDermid
Qatar turned down Cohen’s offer, made weeks before Trump’s inauguration, the Post reported late on Wednesday, citing several people with knowledge of the situation.
A spokesman for Ahmed al-Rumaihi, who at the time was head of the investments division of Qatar’s sovereign wealth fund, confirmed Cohen had requested a $1 million fee.
But the spokesman, Robert Siegfried, said the request related to the possibility of advising Qatar on investments in U.S. infrastructure, and that at no point was access to the administration discussed.
“The conversation was regarding infrastructure investment in the U.S.,” he said. “At no point did Mr. Al-Rumaihi or anyone else from Qatar Investments pay the requested fee, nor did Mr. Al-Rumaihi ever entertain making such a payment.”
Cohen’s attorney Stephen Ryan did not respond to a request for comment.
Al-Rumaihi told the Post that Cohen made the solicitation in early December at the Peninsula Hotel in New York, an account Siegfried confirmed. They later spoke again outside a meeting in Trump Tower in New York on Dec. 12, 2016, where al-Rumaihi was part of a Qatari delegation that included Foreign Minister Sheikh Mohammed al-Thani, the Post reported.
The solicitation would be the latest such exchange offered by Cohen to be made public following acknowledgements by U.S. and European companies last week that they paid Cohen, who was Trump’s lawyer for about a decade and self-described “fixer” for Trump.
Swiss drugmaker Novartis AG said it had paid Cohen nearly $1.2 million; U.S. telecommunications company AT&T Inc said it made payments of $600,000; and South Korea’s Korea Aerospace Industries Ltd said it hired him for $150,000.
Novartis and AT&T have said they were contacted by the office of U.S. Special Counsel Robert Mueller about the situation in late 2017. Mueller is investigating possible collusion between Trump’s 2016 presidential campaign and Russia, something that Trump has repeatedly denied.
At the same time, prosecutors are investigating Cohen for possible bank and tax fraud, possible campaign law violations linked to a hush-money payment to porn star Stormy Daniels, and perhaps other matters related to Trump’s presidential campaign, a person familiar with the probe has said. Reporting by Eric Beech and Tim Ahmann | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trump-russia-cohen/trump-lawyer-cohen-sought-1-million-from-qatar-in-late-2016-washington-post-idUSKCN1II061 |
ABC did the right thing on 'Roseanne,' says NYT's Jim Stewart 47 Mins Ago Jim Stewart, The New York Times columnist, weighs in on ABC cancelling Roseanne Barr's namesake show following her racist comments on Twitter, as well as what it says about corporate responsibility in the twenty-first century. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/abc-roseanne-cancelled-nyts-jim-stewart.html |
- Gross Profit up 22% to $13.5 Million, with Significant Increase in Net Income and 66% Increase in Adjusted EBITDA to $4.8 Million -
TORONTO, May 10, 2018 (GLOBE NEWSWIRE) -- Points International Ltd. (TSX:PTS) (Nasdaq:PCOM) (Points), the global leader in powering loyalty commerce, is reporting financial results for the first quarter ended March 31, 2018. Points adopted International Financial Reporting Standard 15 - Revenue from Contracts with Customers (IFRS 15) - effective January 1, 2018 and applied these new accounting policies retrospectively. Accordingly, 2017 comparative amounts have been restated.
Unless otherwise noted, all comparisons are on a year-over-year basis and all amounts are in USD. The complete first quarter Condensed Consolidated Interim Financial Statements and Management Discussion & Analysis, including segmented results, are available at www.sedar.com and www.sec.gov .
First Quarter 2018 Financial Highlights
Total revenue increased 7% to $89.1 million compared to $83.1 million.
Gross profit 1 increased 22% to a Q1 record $13.5 million compared to $11.1 million.
Net Income increased significantly to $2.3 million or $0.16 per share, compared to $0.9 million or $0.06 per share.
Adjusted EBITDA 2 increased 66% to a Q1 record $4.8 million compared to $2.9 million.
Recent Operational Highlights
Launched a new Loyalty Currency Retailing partnership with Emirates, one of the world’s fastest growing airlines, to expand their Skywards program.
Launched new Points Travel partnership with Singapore Airlines, enabling their members to redeem miles in over 300,000 hotels worldwide.
Launched a first-of-its kind fuel rewards program with Marathon Fuels.
Launched new Points Travel service with current partner, Amtrak.
Launched new hotel distribution partnership with Priceline Partner Network, opening wholesale access to leading hotels worldwide for the Points Travel service
Management Commentary
“Our strong momentum from last year has carried into 2018, as reflected by our record first quarter gross profit and adjusted EBITDA, the most important financial metrics in our business,” said Rob Maclean, CEO of Points International. “These results were driven by continued robust growth in our core Loyalty Currency Retailing (LCR) segment, which continues to benefit from organic growth with existing clients and new partner wins over the course of 2017.
“We are also gaining increased traction in our Platform Partners and Points Travel segments. In fact, today we announced the launch of a new Points Travel engagement with Singapore Airlines, a flagship carrier and one of the strongest brands in the Asia-Pacific region. Additionally, we are pleased to now offer hotel inventory from the Priceline Partner Network. With Priceline inventory now added to the more than 250,000 worldwide hotel properties that Points Travel has access to, our competitive position in the marketplace continues to strengthen.
“Looking ahead, we plan to carry this momentum through 2018, led by a healthy pipeline of new business opportunities, strong cash generation from our LCR services and the increasing traction of Platform Partners and Points Travel. We expect the execution of our strategy across all three business segments to generate another record year of gross profit and adjusted EBITDA.”
First Quarter 2018 Financial Results
Total revenue in the first quarter of 2018 increased 7% to $89.1 million compared to $83.1 million in the year-ago quarter. Principal revenue increased 4% to $83.3 million, and other partner revenue increased 75% to $5.8 million.
Gross profit in the first quarter increased 22% to a record $13.5 million compared to $11.1 million in the year-ago quarter. The increase was primarily driven by organic growth from existing partners and new partner wins in LCR, and to a lesser extent, growth in Points Travel.
Total adjusted operating expenses 3 in the first quarter of 2018 were $8.8 million compared to $8.2 million in the year-ago quarter. As a percentage of gross profit, adjusted operating expenses improved significantly to 65.0% compared to 73.9%.
Net income increased significantly to $2.3 million or $0.16 per share, compared to $0.9 million or $0.06 per share in the year-ago quarter.
Adjusted EBITDA in the first quarter increased 66% to a record $4.8 million compared to $2.9 million in the year-ago quarter. The increase was primarily driven by the aforementioned increase in gross profit and prudent cost management.
At March 31, 2018, total funds available, comprised of cash and cash equivalents together with restricted cash and funds receivable from payment processors, was $77.8 million compared to $79.2 million at December 31, 2017. The company continues to be debt free.
During the first quarter, Points repurchased for cancellation approximately 133,000 shares of common stock at an average price of $10.82 per share through its Automatic Share Purchase Plan in conjunction with its Normal Course Issuer Bid (NCIB). As of March 31, 2018, the company had approximately 285,000 shares remaining in its NCIB authorization.
2018 Outlook
Points continues to expect gross profit to increase between 10% and 20% compared to $47.0 million in 2017. The company also continues to expect adjusted EBITDA to increase between 20% and 40% compared to $13.2 million in 2017.
Conference Call
Points will hold a conference call today at 4:30 p.m. Eastern time to discuss its first quarter 2018 results, followed by a question-and-answer session.
Date: Thursday, May 10, 2018
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-407-0784
International dial-in number: 1-201-689-8560
Conference ID: 13679236
Please call the conference telephone number 5-10 minutes prior to the start time, and an operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Liolios at 1-949-574-3860.
The conference call will also be broadcast live and available for replay here and via the Events & Presentations section of the Company’s IR website at investor.points.com .
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through May 24, 2018.
Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 13679236
About Points International Ltd.
Points (TSX:PTS) (Nasdaq:PCOM) provides loyalty e-commerce and technology solutions to the world's top brands to power innovative services that drive increased loyalty program revenue and member engagement. The company has a growing network of nearly 60 global loyalty programs integrated into its unique Loyalty Commerce Platform. Points offers three core private or co-branded services: its Loyalty Currency Retailing service, which retails loyalty points and miles directly to consumers; its Platform Partners service, which offers developers transactional access to dozens of loyalty programs and hundreds of millions of members via a package of APIs; and its Points Travel service, which helps loyalty programs increase revenue from hotel bookings, while enabling members to more effectively earn and redeem loyalty rewards. Points is headquartered in Toronto with offices in San Francisco and London.
For more information, please visit company.points.com , follow Points on Twitter (@ PointsLoyalty ) or read the Points blog . For Points' financial information, visit investor.points.com .
Caution Regarding Forward-Looking Statements
This press release contains or incorporates forward-looking statements within the meaning of United States securities legislation, and forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements"). These forward-looking statements include, among other things, opportunities for new products and partners and incremental revenue, including the expected launch of announced products and partner relationships, potential for growth in revenue and gross margin, and our guidance for 2018 with respect to gross profit and adjusted EBITDA expectations. These statements are not historical facts but instead represent only Points' expectations, estimates and projections regarding future events.
Although Points believes the expectations reflected in such forward-looking statements are reasonable, such statements are not guarantees of future performance and are subject to important risks and uncertainties that are difficult to predict. Certain material assumptions or estimates are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Undue reliance should not be placed on such statements. In particular, the financial outlooks herein assume Points will be able to maintain its existing contractual relationships and products, that such products continue to perform in a manner consistent with Points' past experience, that Points will be able to generate new business from our pipeline at expected margins, our in-market and newly launched products and services will perform in a manner consistent with the company's past experience and we will be able to contain costs. Our ability to convert our pipeline of prospective partners and product launches is subject to significant risk and there can be no assurance that we will launch new partners or new products with existing partners as expected or planned nor can there be any assurance that Points will be successful in maintaining its existing contractual relationships or maintaining existing products with existing partners. Other important risk factors that could cause actual results to differ materially include the risk factors discussed in Points' annual information form, Form-40-F, annual and interim management's discussion and analysis, and annual and interim financial statements and the notes thereto. These documents are available at www.sedar.com and www.sec.gov .
The forward-looking statements contained in this press release are made as at the date of this release and, accordingly, are subject to change after such date. Except as required by law, Points does not undertake any obligation to update or revise any forward-looking statements made or incorporated in this press release, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
The corporation's financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS"). Management uses certain non-GAAP measures, which are defined in the appropriate sections of this press release, to better assess the corporation's underlying performance. These measures are reviewed regularly by management and the corporation's Board of Directors in assessing the corporation's performance and in making decisions about ongoing operations. We believe that these measures are also used by investors as an indicator of the corporation's operating performance. Readers are cautioned that these terms are not recognized GAAP measures and do not have a standardized GAAP meaning under IFRS and should not be construed as alternatives to IFRS terms, such as net income.
Investor Relations Contact
Sean Mansouri or Cody Slach
Liolios Group, Inc.
949-574-3860
[email protected]
1 Gross profit is defined as total revenues less the direct cost of revenues. Gross profit is considered by management to be an integral measure of financial performance and represents the amount of revenues retained by the Corporation after incurring direct costs. However, gross profit is not a recognized measure of profitability under IFRS. 2 Adjusted EBITDA (Earnings before income tax expense, depreciation and amortization, foreign exchange and share-based compensation) is considered by management to be a useful supplemental measure when assessing financial performance. Management believes that adjusted EBITDA is an important indicator of the Corporation’s ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. 3 Adjusted operating expenses consist of employment expenses excluding stock based compensation, marketing and communications, technology services and other operating expenses. Adjusted operating expense is not a measure of financial performance under IFRS and should not be considered a substitute for total expenses, which we believe to be the most directly comparable IFRS measure.
Key Financial Measures and Schedule of Non-GAAP Reconciliations Gross Profit Information 4 Expressed in thousands of United States dollars For the three months ended
March 31, 2018 March 31, 2017 5 Total Revenue
$
89,110
$
83,115
Direct cost of principal revenue 75,594 72,056 Gross Profit $ 13,516 $ 11,059 Gross Margin 15 % 13 %
Reconciliation of Net Income to Adjusted EBITDA 6 Expressed in thousands of United States dollars For the three months ended
March 31, 2018 March 31, 2017 Net Income $ 2,258 $ 852 Share-based compensation 975 673 Income tax expense 862 391 Depreciation and Amortization 866 990 Foreign Exchange gain (158 ) (6 ) Adjusted EBITDA $ 4,803 $ 2,900
Reconciliation of Total Expenses to Adjusted Operating Expenses 7 Expressed in thousands of United States dollars For the three months ended March 31, 2018 March 31, 2017 Total Expenses $ 86,067 $ 81,889 Subtract (add): Direct cost of revenue 75,594 72,056 Depreciation and amortization 866 990 Foreign Exchange gain (158 ) (6 ) Stock-based compensation 975 673 Adjusted Operating Expenses $ 8,790 $ 8,176 4 Gross Profit is defined as total revenues less the direct cost of principal revenues. Gross profit is considered by Management to be an integral measure of financial performance and represents the amount of revenues retained by the Corporation after incurring direct costs. However, gross profit is not a recognized measure of profitability under IFRS. 5 Results as at March 31, 2017 have been restated under IFRS 15. 6 Adjusted EBITDA (Earnings before income tax expense, depreciation and amortization, foreign exchange and share-based compensation) is considered by Management to be a useful supplemental measure when assessing financial performance. Management believes that adjusted EBITDA is an important indicator of the Corporation's ability to generate liquidity through operating cash flow to fund future capital expenditures and working capital needs. However, adjusted EBITDA is not a measure of financial performance under IFRS and should not be considered a substitute for Net Income, which we believe to be the most directly comparable IFRS measure. 7 Adjusted operating expenses consist of employment expenses excluding stock based compensation, marketing, technology, and other operating expenses. Adjusted operating expense is not a measure of financial performance under IFRS and should not be considered a substitute for total expenses, which we believe to be the most directly comparable IFRS measure.
Points International Ltd. Consolidated Statements of Financial Position Expressed in thousands of United States dollars (Unaudited) As at March 31,
2018 December 31,
2017 ASSETS Current assets Cash and cash equivalents $ 70,776 $ 63,514 Restricted cash 500 500 Funds receivable from payment processors 6,557 15,229 Accounts receivable 7,261 7,741 Prepaid expenses and other assets 2,292 2,420 Total current assets 87,386 89,404 Non-current assets Property and equipment 2,221 2,128 Intangible assets 14,917 15,265 Goodwill 7,130 7,130 Deferred tax assets 2,909 2,557 Other assets 2,650 2,661 Total non-current assets 29,827 29,741 Total assets $ 117,213 $ 119,145 LIABILITIES Current liabilities Accounts payable and accrued liabilities $ 7,805 $ 7,998 Income taxes payable 608 695 Payable to loyalty program partners 65,345 65,567 Current portion of other liabilities 1,488 1,400 Total current liabilities 75,246 75,660 Non-current liabilities Other liabilities 478 538 Total non-current liabilities 478 538 Total liabilities $ 75,724 $ 76,198 SHAREHOLDERS’ EQUITY Share capital 53,813 56,394 Contributed surplus 9,955 10,647 Accumulated other comprehensive income (loss) (69 ) 374 Accumulated deficit (22,210 ) (24,468 ) Total shareholders’ equity $ 41,489 $ 42,947 Total liabilities and shareholders’ equity $ 117,213 $ 119,145
Points International Ltd. Consolidated Statements of Comprehensive Income Expressed in thousands of United States dollars, except per share amounts (Unaudited) For the three months ended March 31, 2018 2017 8 REVENUE Principal
$
83,307
$
79,793
Other partner revenue 5,803 3,322 Total Revenue $ 89,110 $ 83,115 EXPENSES Direct cost of revenue 75,594 72,056 Employment costs 6,714 5,881 Marketing and communications 403 525 Technology services 495 432 Depreciation and amortization 866 990 Foreign exchange gain (158 ) (6 ) Operating expenses 2,153 2,011 Total Expenses $ 86,067 $ 81,889 Finance Income 77 17 INCOME BEFORE INCOME TAXES $ 3,120 $ 1,243 Income tax expense 862 391 NET INCOME $ 2,258 $ 852 OTHER COMPREHENSIVE INCOME Items that will subsequently be reclassified to profit or loss:
Unrealized gain (loss) on foreign exchange derivatives
designated as cash flow hedges (430 ) 150 Income tax effect 113 (40 ) Reclassification to net income of gain on foreign exchange
derivatives designated as cash flow hedges (171 ) (70 ) Income tax effect 45 18 Other comprehensive income for the period,
net of income tax $ (443 ) $ 58 TOTAL COMPREHENSIVE INCOME $ 1,815 $ 910 EARNINGS PER SHARE Basic earnings per share $ 0.16 $ 0.06 Diluted earnings per share $ 0.16 $ 0.06 8 Results as at March 31, 2017 have been restated under IFRS 15.
Points International Ltd. Consolidated Statements of Changes in Shareholders’ Equity Attributable to equity holders of the Company Expressed in thousands of United States dollars except number of shares
(Unaudited)
Share Capital Contributed
Surplus Accumulated
other
comprehensive
income (loss) Accumulated
deficit Total
shareholders’
equity Number of
Shares
Amount Balance at December 31, 2017 14,561,450 $ 56,394 $ 10,647 $ 374 $ (24,468 ) $ 42,947 Net Income - - - - 2,258 2,258 Other comprehensive income - - - (443 ) - (443 ) Total comprehensive income - - - (443 ) 2,258 1,815 Effect of share option compensation plan - - 33 - - 33 Effect of RSU compensation plan - - 942 - - 942 Share issuances – RSUs - 722 (722 ) - - - Share capital held in trust - (2,804 ) - - - (2,804 ) Shares repurchased (133,463 ) (499 ) (945 ) - - (1,444 ) Balance at March 31, 2018 14,427,987 $ 53,813 $ 9,955 $ (69 ) $ (22,210 ) $ 41,489 Balance at December 31, 2016 14,878,674 $ 58,412
$ 9,881 $ (127 ) $ (27,848 ) $ 40,318 Net loss - -
- - 852 852 Other comprehensive income - -
- 58 - 58 Total comprehensive loss - -
- 58 852 910 Effect of share option compensation plan - -
107 - - 107 Effect of RSU compensation plan - -
566 - - 566 Share issuances – RSUs - 210
(210 ) - - - Shares repurchased (9,300 ) (36
) (34 ) - - (70 ) Balance at March 31, 2017 14,869,374 $ 58,586
$ 10,310 $ (69 ) $ (26,996 ) $ 41,831
Points International Ltd. Consolidated Statements of Cash Flows Expressed in thousands of United States dollars (Unaudited) For the three months ended March 31, 2018 2017 Cash flows from operating activities
Net income for the period $ 2,258 $ 852 Adjustments for: Depreciation of property and equipment 221 200 Amortization of intangible assets 645 790 Unrealized foreign exchange loss 420 169 Equity-settled share-based payment expense 975 673 Deferred income tax recovery (194 ) (164 ) Unrealized net gain on derivative contracts designated as cash flow hedges (601 ) 80 Changes in non-cash balances related to operations 8,817 (5,656 ) Net cash provided by (used in) operating activities $ 12,541 $ (3,056 ) Cash flows from investing activities Acquisition of property and equipment (314 ) (303 ) Additions to intangible assets (297 ) (260 ) Net cash used in investing activities $ (611 ) $ (563 ) Cash flows from financing activities Shares repurchased (1,444 ) (70 ) Purchase of share capital held in trust (2,804 ) - Net cash used in financing activities $ (4,248 ) $ (70 ) Effect of exchange rate fluctuations on cash held (420 ) (169 ) Net increase (decrease) in cash and cash equivalents $ 7,262 $ (3,858 ) Cash and cash equivalents at beginning of the period $ 63,514 $ 46,492 Cash and cash equivalents at end of the period $ 70,776 $ 42,634 Interest Received $ 60 $ 23 Taxes Paid $ (1,127 ) $ (1,773 ) Amounts paid and received for interest were reflected as operating cash flows in the consolidated statements of cash flows.
Source:Points International, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-points-international-reports-record-first-quarter-2018-results.html |
May 15 (Reuters) - Packaged-food major Britannia Industries Ltd posted a near 25 percent rise in quarterly net profit on Tuesday, in line with estimates.
Net profit for the quarter ended March 31 came in at 2.63 billion rupees ($38.64 million) compared with 2.11 billion rupees in the year-ago quarter bit.ly/2jXof2j.
Analysts, on average, had estimated a net profit of 2.64 billion rupees, according to Thomson Reuters data.
Total revenue from operations rose about 10 percent to 25.38 billion rupees.
$1 = 68.0700 Indian rupees Reporting By Arnab Paul and Aby Jose Koilparambil in Bengaluru; Editing by Shailesh Kuber
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/britannia-inds-results/indias-britannia-industries-q4-profit-up-25-pct-idUSL3N1SM5XA |
May 9, 2018 / 10:14 AM / Updated an hour ago Commentary: Saudi Arabia stands to win most from Trump ditching Iran deal Clyde Russell 5 Min Read
NUSA DUA, Indonesia (Reuters) - Saudi Arabia is in pole position to be the major beneficiary of U.S. President Donald Trump’s decision to walk away from the Iranian nuclear deal and reimpose sanctions on the Islamic Republic. File photo: A view shows Saudi Aramco's Manifa oilfield, Saudi Arabia. Saudi Aramco/Handout via REUTERS
It’s little surprise that one of the few voices of support for Trump’s move was from Saudi Arabia, the main rival to Iran in the volatile Middle East.
The Saudis stand to enjoy a double-whammy windfall as crude oil prices may remain strong and state producer Saudi Aramco will also likely to be able to pump more oil to replace any Iranian barrels lost because of the reimposed sanctions.
A cherry on top of this is that customers who had been turning away from Saudi crude, such as the world’s top importer China, may be forced to buy more from the Kingdom.
This would allow the Saudis to regain market share lost since the 2016 deal between the Organization of the Petroleum Exporting Countries (OPEC) and allies, such as Russia, to reduce output in order to tighten global oil markets.
(GRAPHIC: China and India's appetite for Iranian crude: reut.rs/2In5u68 )
The main risk for the Saudis is that the U.S. decision inflames an already tense situation in the Middle East, resulting in increased conflict and even the possibility of outright war.
However, the Saudis are probably taking a calculated risk that the conflict situations won’t worsen much, and in the meantime they stand to gain a financial windfall and weaken their key rival at the same time.
Whether the eventual reality aligns with what the Saudis hope for is inherently uncertain, but there are some points worth noting.
Firstly, despite the usual flourish of belligerence and flamboyance in Trump’s announcement, not much is likely to happen for several months.
This is because the U.S. Treasury Department has indicated that sanctions won’t be reimposed immediately, rather that it will take up to 180 days to allow Iranian oil customers and other companies involved in doing business with Tehran to make plans.
It’s also not clear what sanctions will be reimposed and in what form, with the main risk being the so-called secondary sanctions that would target companies that do business with other entities involved with Iran. REPLACING IRANIAN OIL
This means for the moment it is pure speculation as to how much Iranian oil may be lost to the market.
Most analyst estimates seem to vary from around 200,000 to 500,000 barrels per day (bpd) being at risk, which would be enough to add to an already existing tightness in global crude markets.
But it’s also worth noting that even the upper end of this range could be replaced relatively easily by the rest of OPEC and its allies party to the agreement to restrict production.
In addition, crude exports from the United States also have the capacity to increase, especially if oil prices remain high, thereby incentivising shale producers to drill more wells.
In short, the global oil supply chain can handle the loss of 500,000 bpd of Iranian crude, although doing so may come at the cost of higher prices.
It also remains uncertain as to how buyers of Iranian crude will respond to the U.S. decision. Virtually all of them, from Europe to Asia, vehemently disagree with Trump’s move.
China’s imports from Iran were 655,000 bpd in the first quarter, up 17.4 percent from the same period in 2017 and enough to make Iran the sixth-biggest supplier, although the gap to number five Brazil is miniscule.
China imported 1.1 million bpd from Saudi Arabia in the first quarter, down 5.7 percent, making the Kingdom the second biggest supplier behind Russia.
India, Asia’s second-biggest crude importer, brought in 522,700 bpd of Iranian crude in the first quarter, down 8.8 percent from the same period last year.
The South Asian nation’s imports from Saudi Arabia were up 1.9 percent to about 811,000 bpd, but the big mover was imports from Iraq, up a massive 45 percent to 1.13 million bpd.
While both India and China have scope to lower their imports from Iran, they will likely be reluctant, especially given the ongoing dispute over pricing between China’s top refiner Sinopec and Saudi Arabia.
The most likely outcome is that Asian crude buyers will do only the barest minimum to give the appearance of complying with whatever measures the Trump administration takes - or even openly defy them.
The least likely outcome is that Asian countries cooperate fully with the United States in its renewed conflict with Iran.
While the next months are likely to be characterised by uncertainty, it’s likely the United States is going to find it considerably harder to make the rest of the world bend to its will this time, especially when the major financial beneficiaries are its own oil producers and the Saudi Arabians.
The opinions expressed here are those of the author, a columnist for Reuters. Editing by Kenneth Maxwell | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-column-russell-crude-iran/commentary-saudi-arabia-stands-to-win-most-from-trump-ditching-iran-deal-idUKKBN1IA1BA |
Cisco’s cyber intelligence unit is warning that at least half a million routers and storage devices in 54 countries have been infected with a sophisticated malware program that it believes the Russian government plants to launch a cyber attack on Ukraine.
The company’s Talos unit said it has “high confidence” the Russian government is behind the software, which is called “VPN Filter,” since the latest hack shares some of the code used in previous Russian cyber attacks .
“The code of this malware overlaps with versions of the BlackEnergy malware—which was responsible for multiple large-scale attacks that targeted devices in Ukraine,” the unit said in a blog post . “While this isn’t definitive by any means, we have also observed VPNFilter, a potentially destructive malware, actively infecting Ukrainian hosts at an alarming rate, utilizing a command and control (C2) infrastructure dedicated to that country.”
Beyond the potential threat to the Ukraine and other states, Cisco Talos warns that the malware also includes a self-destruct feature, which can be used to delete not only the malicious code, but other software on infected devices, which could render them inoperable and prevent consumers who own those devices from accessing the Internet.
“In most cases, this action is unrecoverable by most victims, requiring technical capabilities, know-how, or tools that no consumer should be expected to have,” the company said. “We are deeply concerned about this capability, and it is one of the driving reasons we have been quietly researching this threat over the past few months.”
Affected devices could include Linksys, MikroTik, NETGEAR, and TP-Link networking equipment in the small and home office space. And Cisco Talos warns that preventing future infections isn’t going to be easy.
“Defending against this threat is extremely difficult due to the nature of the affected devices,” it said. “The majority of them are connected directly to the Internet, with no security devices or services between them and the potential attackers. This challenge is augmented by the fact that most of the affected devices have publicly known vulnerabilities which are not convenient for the average user to patch. Additionally, most have no built-in anti-malware capabilities. These three facts together make this threat extremely hard to counter, resulting in extremely limited opportunities to interdict malware, remove vulnerabilities, or block threats.” | ashraq/financial-news-articles | http://fortune.com/2018/05/23/vpnfilter-cisco-talos-malware-router-hack-russia/ |
SEOUL, May 25 (Reuters) - North Korea’s vice foreign minister Kim Kye Gwan said the North is open to resolving issues with the United States whenever and however after U.S. President Donald Trump called off a June summit with its leader, Kim Jong Un.
“We had set in high regards President Trump’s efforts, unprecedented by any other president, to create a historic North Korea-U.S. summit,” said the vice foreign minister in a statement released on Friday by the North’s central news agency.
“We tell the United States once more that we are open to resolving problems at any time in any way,” he said. (Reporting by Christine Kim Editing by James Dalgleish)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-usa-kcna/n-korea-says-open-to-resolving-issues-with-u-s-after-trump-scraps-summit-kcna-idUSL3N1SV6AK |
April 30 (Reuters) - Zhejiang Starry Pharmaceutical Co Ltd :
* Says change of general manager to Hu Jian from Hu Jinsheng
Source text in Chinese: goo.gl/bMVNnn
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-zhejiang-starry-pharmaceutical-say/brief-zhejiang-starry-pharmaceutical-says-change-of-general-manager-to-hu-jian-idUSL3N1S73IH |
U.S. may soon recognise Israel's hold on Golan 11:05am EDT - 01:49
Israel is pressing the Trump administration to recognise its sovereignty over the occupied Golan Heights, an Israeli cabinet minister said on Wednesday, predicting U.S. assent could come within months. ▲ Hide Transcript ▶ View Transcript
Israel is pressing the Trump administration to recognise its sovereignty over the occupied Golan Heights, an Israeli cabinet minister said on Wednesday, predicting U.S. assent could come within months. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2GPinBm | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/24/us-may-soon-recognise-israels-hold-on-go?videoId=429919987 |
May 14, 2018 / 11:54 AM / in 8 hours German spy chief says regulation may be needed for social platforms
BERLIN (Reuters) - Germany’s domestic intelligence agency on Monday suggested that regulations may be needed if the European Union cannot increase the accountability of social media platforms such as Facebook regarding illegal or dangerous content.
Hans-Georg Maassen told reporters that the European Union was working hard to increase transparency on social media platforms and to raise consciousness among those companies.
“The Commission is in negotiations, but if this consciousness doesn’t help, then we may have to adopt regulations,” Maassen said.
Andrew Parker, head of Britain’s MI5 spy agency, said there had already been a shift among the companies that operate such platforms, but more work was needed.
“We do not accept that the internet is some sort of ‘Wild West’ where no moral values can apply,” he told reporters.
On the internet, as in the real world, he said, people were entitled to protection from “the worst and darkest forms of human behaviour at the edges of human society. Those companies know that and want to do something about it”. Reporting by Andrea Shalal; Editing by Douglas Busvine | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-tech-regulation/german-spy-chief-says-regulation-may-be-needed-for-social-platforms-idUSKCN1IF1HU |
(Reuters) - Peru were dealt a shattering blow with the suspension of captain and top scorer Paolo Guerrero and their little-known squad will be motivated by a sense of injustice and determined to honor him by springing a surprise at the World Cup.
The last country to squeeze into this year’s finals via a playoff, Los Incas have been absent from the competition since 1982 and are not expected to go far.
Yet a closer look shows that their Group C opponents Australia, Denmark and France should treat Peru with healthy respect, even though they will all expect three points after news of Guerrero’s absence for doping.
“We will without doubt miss Paolo in Russia but we are convinced that our team, with its courage and tenacity, will do Peru proud,” the Peruvian Football Federation said.
Guerrero had just completed a six-month ban after testing positive for cocaine contained in a tea he drank when the Court of Arbitration for Sport (CAS) extended the suspension, ruling him out of the World Cup.
The world players’ union FIFPro and the captains of Peru’s group rivals have appealed to FIFA to lift the ban.
Clear underdogs at 200-1 to win the World Cup, Peru are ranked 11th by FIFA and have been growing in confidence after a storming end to the two-year South American qualifiers.
A 2-2 draw away to Venezuela in March 2017 set Peru on an unbeaten run that saw them pip Chile on goal difference for fifth spot then beat New Zealand 2-0 in a two-legged playoff.
Since then, Peru have claimed two European scalps — Croatia and Iceland — in friendlies to prove their place at the finals was no fluke.
“We will face teams loaded with top-level players,” said coach Ricardo Gareca, who broke Peruvian hearts when his goal for Argentina stopped their team qualifying in 1986 but has now become a national idol. “But we have top-level players, too.”
Even without Guerrero, Peru still boast talents such as Jefferson Farfan, a 33-year-old winger with Lokomotiv Moscow, and Renato Tapia, a self-confident 22-year-old with Feyenoord who can play in midfield or defense.
Despite Peru’s technical ability, work ethic and quick passing, beating or even holding France to a draw may be a step too far.
They should not be daunted, however, by Denmark, who also reached the World Cup via a playoff and are Peru’s first opponents at Saransk on June 16. Neither will they fear Australia in their final group game in Sochi.
“Nothing has been nor will be easy,” said Tapia, assessing Group C.
Gareca, 60, a familiar sight with his long hair and animated gestures, wants his close-knit team to assuage Peru’s historical anguish at being away from the finals for nearly four decades.
“I want us to boss matches, whoever and wherever we’re playing,” he said.
Reporting by Andrew Cawthorne and Diego Ore; Writing by Andrew Cawthorne; Editing by Ken Ferris
| ashraq/financial-news-articles | https://www.reuters.com/article/us-soccer-worldcup-per-prospects/peru-deprived-of-captain-but-still-dream-of-ending-historic-heartache-idUSKCN1IN2I1 |
May 16 (Reuters) - Walmart Inc:
* SAYS LORD & TAYLOR TO BEGIN TO ROLL OUT NEW LORD & TAYLOR FLAGSHIP STORE ON WALMART.COM IN COMING WEEKS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-lord-taylor-to-roll-out-new-flagsh/brief-lord-taylor-to-roll-out-new-flagship-store-on-walmart-com-in-coming-weeks-idUSB8N1RG003 |
May 23, 2018 / 4:31 PM / Updated 37 minutes ago Reduced costs of broker Beaufort's insolvency may provide relief for small mining firms Barbara Lewis , Carolyn Cohn 3 Min Read
LONDON (Reuters) - PwC halved the estimated costs of winding up British brokerage Beaufort Securities on Wednesday, potentially boosting funds for hard-pressed mining companies and other clients that are expected to shoulder the costs.
Beaufort, which specialised in helping to raise money for the junior mining sector, was declared insolvent in March after the U.S. Department of Justice alleged it had a role in a more than $50 million stock fraud and a laundering scheme involving a work by Pablo Picasso.
The insolvency has frozen up to 40 percent of the assets of some of Beaufort’s 16,000 clients, comprising retail investors and small companies, which included dozens of junior miners.
“It’s a complex, evolving situation,” PwC partner and joint administrator Russell Downs told Reuters by phone. “We feel it’s the right time to publish a refined cost estimate.”
PwC cut its estimate for the administration costs to 55 million pounds over two years from 100 million pounds over four years.
That followed a meeting between PwC and a creditors’ committee for the broker.
Institutional investors have eschewed risk and favoured more liquid major miners, which analysts and CEOs say will eventually lead to commodity price spikes because not enough companies have the funding to hunt out new projects.
The assets will remain frozen until PwC has a new broker in place to take them on, which it said should be in September.
Meanwhile, their removal from the market adds to a lack of liquidity in the junior sector.
“If you are on the executive team and your own assets in the company are tied up in Beaufort, that compounds things,” Downs said.
PwC says they have frozen around 500 million pounds in client assets and a further 50 million pounds in cash.
Downs said there was only a small shortfall in cash and assets, but administration costs would be passed to the creditors, something the clients are contesting.
One Beaufort client Bluejay ( JAY.L ), which is mining in Greenland for ilmenite, which is used in paint and toothpaste, said it was strong enough to weather the upheaval, but smaller firms might struggle.
CEO Roderick McIllree estimated 30-40 percent of his total assets were tied up until PwC appoints another broker and releases the assets.
“(Beaufort’s collapse) is a severe blow to the small end of the market,” he said. Reporting by Carolyn Cohn and Barbara Lewis; Editing by Mark Potter and Elaine Hardcastle | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mining-investment-beaufort-costs/pwc-cuts-administration-costs-for-insolvent-uk-broker-beaufort-idUKKCN1IO2L0 |
May 18, 2018 / 4:24 PM / Updated an hour ago World Cup goals; Scored in Russia, made in Poland Reuters Staff 1 Min Read
GDANSK, Poland (Reuters) - It takes artistry to win the World Cup — and to make the goals that the likes of Lionel Messi and Cristiano Ronaldo will be aiming at next month. Workers hold a goal at Interplastic, a Polish manufacturing company who are supplying the football goalposts for the 2018 World Cup finals in Russia, in Chwaszczyno, Poland, May 16, 2018. Picture taken May 16, 2018. REUTERS/Kacper Pempel
So says Jan Zoltowksi whose small family-owned Interplastic firm, based near Gdansk on Poland’s Baltic coast, is producing the aluminium goalposts and crossbars for the month-long tournament in Russia.
More than 100 employees manually manufacture or process most of more than 190 elements that go into the goal, and managing director Zoltowksi says each one demands the precision of an artist. Slideshow (3 Images)
“For most, the goal is simply two goalposts and the crossbar. For us, it’s our life,” he told Reuters.
Most of the components are made of aluminium profiles, with each pipe cut, ground, welded and drilled.
The last stage is powder painting. Steel fittings are bent, milled and galvanised. Plastic net hooks are also manufactured in-house. Only the nets come from a Spanish partner. Reporting by Karol Witenberg, writing by Alan Baldwin, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-goals/world-cup-goals-scored-in-russia-made-in-poland-idUKKCN1IJ27C |
ITASCA, Ill., May 02, 2018 (GLOBE NEWSWIRE) -- Flexera , the company that’s reimagining how software is bought, sold, managed and secured, announced today that it has extended its SAM leadership through the acquisition of Meta SaaS , the developer of the most technologically advanced SaaS spend management solution on the market. Now organizations can discover software-as-a-service (SaaS) applications in use, optimize SaaS spend, manage SaaS subscriptions, reduce SaaS security and compliance risk, and eliminate “Shadow SaaS” – subscriptions in use that are unauthorized or procured outside official processes. Meta SaaS is being rebranded as Flexera SaaS Manager.
With 32,000 SaaS Apps in Catalog and 250+ Direct Integrations, Now Organizations Can Rein in Runaway SaaS Spend and Reduce SaaS Risk
The game has changed for companies everywhere. They’re finally demanding more from their technology assets and suppliers. They expect – and deserve – faster time to value, more complete solutions and trustworthy data to drive better business outcomes. Flexera is achieving its promise to meet these needs by rapidly building or buying the best technology, like Meta SaaS.
“The number of SaaS apps in use is skyrocketing – especially among small and mid-size companies. As much as a third of those applications aren’t even being used,” said Tom Canning, Vice President of Strategy at Flexera. “And, because companies can’t see or manage SaaS apps in use across the enterprise, cost and risk are out of control. We’re now able to help customers rein in SaaS spend on more than 32,000 SaaS applications – vastly exceeding the capabilities of any other SAM supplier.”
32,000+ SaaS Apps in Catalog, and Direct Integration with 250 More
As a result of today’s acquisition, Flexera now dwarfs all other SAM suppliers in terms of SaaS spend management depth and breadth. Customers can leverage Flexera’s technology to identify more than 32,000 SaaS applications and intelligently manage contract renewals through proactively generated, easy-to-read reports. In addition, Flexera can now monitor license utilization for more than 6,200 of those SaaS applications.
Moreover, with direct product integrations to more than 250 widely used SaaS applications, Flexera now provides best-in-industry business intelligence about when and how users interact with the most critical SaaS products on the market. Customers can understand their true SaaS ROI, and the true impact of SaaS application usage for popular SaaS apps like Salesforce®, Office 365®, Slack™ and Box®, to name a few.
Unparalleled Visibility: Know What SaaS Apps Employees Are Using
To gain control over SaaS spend, organizations have to answer foundational questions like, which SaaS apps are running in their environment, and who’s using them. But, usually they don’t have the proper tools in place to answer these basic questions. Flexera can now give customers instant visibility across the enterprise into more than 32,000 SaaS apps running, regardless of whether they were procured through official channels or unofficial ones (Shadow SaaS). Using proprietary technology, Flexera can securely connect with expense, accounting, and payment systems to identify and consolidate all SaaS apps in use into a single dashboard – shining a light on Shadow SaaS. Once organizations know what SaaS apps they’re running, they can take the next steps of optimizing, managing and securing them.
“In one example, a telecommunications company leveraged Meta SaaS – now Flexera SaaS Manager – to scan just one year’s worth of Concur expense reports,” said Canning. “They discovered $10 million worth of Shadow SaaS in their environment – 295 unsanctioned products from 266 different vendors.”
The SaaS Blind Spot: Who Can Access SaaS Data that Shouldn’t?
As employees come and go and roles change, companies struggle with securing corporate data from those that shouldn’t have access. Many use tactics ranging from checklists and emails to single sign-on (SSO) technology. But SSO only works for the SaaS apps it’s connected to. Most organizations don't deploy SSO for all their SaaS vendors – especially when Shadow SaaS is rampant and employees are using SaaS apps the company doesn’t even know about.
A SSO system can also be out of sync with the HR system and/or user account information in the SaaS application itself. This can occur, for instance, if an employee has been given direct access privilege outside of an organization’s SSO processes. Having this blind spot exposes companies to regulatory compliance risk, like GDPR, which requires them to understand which systems contain personally identifiable data, and who has access.
Through today’s acquisition, Flexera can now better help customers resolve the SaaS management and security blind spot. Augmenting current SaaS security processes, Flexera can connect the HR record to SaaS vendor records, producing intelligent, accurate checklists identifying exactly what each employee truly has access to. This lets IT compare its records against hard data when creating secure SaaS accounts.
“We’re thrilled to be acquired by Flexera because of their superior solutions and leadership in the SAM industry. Just as important to us, however, is Flexera’s broad commitment to help customers optimize all their cloud assets – from infrastructure and software running in the cloud, to SaaS. No other SAM vendor comes close to Flexera’s vision and ability to execute,” said Arlo Gilbert, Meta SaaS’s co-founder and CEO. “In addition, while companies of all sizes use SaaS, small and midsize organizations in particular now have a single, go-to SAM provider they can rely on to optimize all their technology asset spend – including SaaS as well as software used on premise and in the datacenter.”
For more information about Flexera’s SaaS spend capabilities, companies should reach out to their Flexera account rep, or contact Flexera here .
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About Flexera
Flexera is reimagining the way software is bought, sold, managed and secured. We view the software industry as a supply chain, and make the business of buying and selling software and technology asset data more profitable, secure, and effective. Our Monetization and Security solutions help software sellers transform their business models, grow recurring revenues and minimize open source risk. Our Vulnerability and Software Asset Management (SAM) solutions strip waste and unpredictability out of procuring software, helping companies buy only the software and cloud services they need, manage what they have, and reduce compliance and security risk. Powering these solutions and the entire software supply chain, Flexera has built the world’s largest and most comprehensive repository of market intelligence on technology assets. In business for 30+ years, our 1200+ employees are passionate about helping our 80,000+ customers generate millions in ROI every year. Visit us at www.flexera.com .
*All third-party trademarks are the property of their respective owners.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/d67966df-b9c8-44db-9bff-ac1fab3fae22
For more information, contact: Flexera Amanda Ingalls (949) 241-1515 [email protected]
Source: Flexera | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-global-sam-leader-flexera-acquires-meta-saasato-offer-most-advanced-saas-spend-management-capabilities-on-the-market.html |
May 17 (Reuters) - Aphria Inc:
* APHRIA SELECTS GREAT NORTH DISTRIBUTORS, A CANADIAN SUBSIDIARY OF SOUTHERN GLAZER’S WINE & SPIRITS, FOR CANADA-WIDE DISTRIBUTION OF ADULT-USE CANNABIS
* APHRIA INC - UNDER TERMS OF AGREEMENT, GREAT NORTH DISTRIBUTORS WILL BE APHRIA’S EXCLUSIVE CANNABIS REPRESENTATIVE IN CANADA Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-aphria-selects-great-north-distrib/brief-aphria-selects-great-north-distributors-for-canada-wide-distribution-of-adult-use-cannabis-idUSFWN1SO0L0 |
* Big Qatar banks retreat in heavy volume
* They had surged since MSCI announced weighting boost in mid-May
* Dubai falls below level at time of visas announcement
* But DXB Entertainments surges
* Saudi’s Al Tayyar rises after loan repayment news (.)
By Alexander Cornwell
DUBAI, May 30 (Reuters) - Gulf stock markets mostly dropped on Wednesday in modest volumes, led by Qatar, where top lender Qatar National Bank (QNB) and several other blue-chips fell sharply on profit-taking.
Qatar’s index lost 2.3 percent as Qatar Islamic Bank (QIB) fell 4.7 percent in heavy trade; its unit QInvest reported first-quarter net profit of 1.7 million riyals, down from 15 million riyals a year ago.
QNB, which had on Tuesday surged to its highest level since December 2014, fell back 2.1 percent in heavy volume. Qatar Electricity and Water declined 4.1 percent and heavyweight Industries Qatar ended 3.9 percent lower.
Both QNB and QIB had risen sharply since mid-May, when equity index compiler MSCI said it would increase their weightings at the end of this month after the companies increased their foreign ownership ceilings.
On Wednesday, buying by passive funds tracking the weightings continued but many other investors took profits, accounting for the big trading volumes.
Meanwhile, the Dubai index slipped 0.5 percent, dragged down by property and banking shares such as DAMAC , which fell 2.5 percent.
The Dubai index dropped back below the level where it was trading at the start of last week when the United Arab Emirates announced it would grant long-term visas of up to 10 years to some foreigners, and raise the ceiling for foreign ownership of companies in some sectors.
The announcement triggered a brief rally in the stock market last week because of hopes it would encourage residential real estate buying by foreigners. But details of the measures have not been revealed, and investors are uncertain whether they will have a major economic impact.
Bucking the downtrend, DXB Entertainments, which owns and operates theme parks in Dubai, rose 4.1 percent.
Abu Dhabi’s index ended 0.4 percent lower, weighed down by developer Aldar Properties, which fell 1.9 percent.
The Saudi index edged up 0.1 percent as travel company Al Tayyar rose 1.0 percent after saying it had repaid early, using its own resources, a 307 million riyal ($81.9 million) long-term loan that had been due to mature between 2019 and 2021.
Outside the Gulf, Egypt’s benchmark index dropped 1.4 percent, weighed down by property firm Talat Mostafa , down 6.3 percent and investment bank EFG Hermes , down 4.0 percent.
SAUDI ARABIA * The index gained 0.1 percent to 8,010 points. DUBAI * The index fell 0.5 percent to 2,909 points. ABU DHABI * The index fell 0.4 percent to 4,557 points. QATAR * The index fell 2.3 percent to 8,916 points. KUWAIT * The index lost 0.2 percent to 4,704 points. BAHRAIN * The index fell 0.2 percent to 1,261 points. OMAN * The index edged down 0.01 percent to 4,597 points. EGYPT * The index fell 1.4 percent to 16,760 points. (Reporting by Alexander Cornwell Additional reporting by Andrew Torchia Editing by Louise Ireland)
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/mideast-stocks/mideast-stocks-qatar-leads-gulf-down-in-quiet-trade-qnb-retreats-from-high-idUSL5N1T1418 |
5/3/2018 5:09PM First Challenge for the Trump-Kim Summit? Location is planning to meet with North Korean leader Kim Jong Un in May or June. WSJ’s Gerald F. Seib explains why figuring out where to get together is no simple proposition. Photo: AP | ashraq/financial-news-articles | http://www.wsj.com/video/first-challenge-for-the-trump-kim-summit-location/B8F26411-2622-469B-A9DB-B177CE75FC8E.html |
GRAND RAPIDS, Mich., May 15, 2018 (GLOBE NEWSWIRE) -- Agility Health, Inc. (TSXV:AHI) (“ Agility Health ” or “ Corporation ”), today is providing an update with respect to the management cease trade order issued by the Ontario Securities Commission on May 1, 2018 in connection with the delay by the Corporation in filing its audited annual financial statements, management’s discussion and analysis and related officer certifications for the financial year ended December 31, 2017 (collectively, the “ Annual Filings ”) beyond the required filing deadline under Parts 4 and 5 of National Instrument 51-102 Continuous Disclosure Obligations and pursuant to National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings, being April 30, 2018.
The Corporation continues to work diligently with its auditor and expects to file the Annual Filings as soon as possible and in any event no later than May 30, 2018. The Corporation anticipates that it may be delayed in filing its interim financial statements, management’s discussion and analysis, and the related officer certifications for the financial period ended March 31, 2018 (the “ Q1 Filings ”) which are required to be filed on May 30, 2018. The Corporation intends on filing an application for a management cease trade order under National Policy 12-203 Management Cease Trade Orders (“ NP 12-203 ”) with respect to the Q1 Filings.
The Corporation is providing this status update in accordance with NP 12-203. The Corporation intends to follow the provisions of the Alternative Information Guidelines set out in NP 12-203, including the issuance of bi-weekly default status reports in the form of news releases, for as long as the Corporation remains in default. The Corporation confirms as of the date of this news release that there has been no material change in the information contained in the default announcement issued April 27, 2018 and there is no other material information concerning the affairs of the Corporation that has not been generally disclosed.
About Agility Health
Through its Canadian subsidiary and principal operating entity, Medic Holdings Corp., Agility Health operates eleven (11) foot care clinics in Ontario and Quebec and manufactures orthotics and prosthetics.
Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes forward-looking statements regarding Agility Health and its business. Such statements are based on the current expectations and views of future events of Agility Health’s management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The forward-looking events and circumstances discussed in this release, including the anticipated future growth of Agility Health, may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the company. No forward-looking statement can be guaranteed. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Agility Health undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information please contact:
Wayne Cockburn
Interim Chief Executive Officer
(905) 505-0770
[email protected]
Source:Agility Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-agility-health-announces-management-cease-trade-order-update.html |
Next is ‘the pick of the bunch’ in retail, asset manager says 1:43 AM ET Thu, 10 May 2018 Henry Dixon, asset manager at Man GLG, discusses the retail sector. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/next-is-the-pick-of-the-bunch-in-retail-asset-manager-says.html |
VANCOUVER, British Columbia, May 07, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Rewardstream Solutions Inc
TSX-Venture Symbol / Symbole à la Bourse de croissance TSX :
REW
Reason / Motif : At the Request of the Company Pending News / À la demande de la société en attendant une nouvelle Halt Time (ET) / Heure de la suspension (HE) 14 :40 IIROC can make a decision to impose a temporary suspension of trading in a security of a publicly listed company, usually in anticipation of a material news announcement by the company. Trading halts are issued based on the principle that all investors should have the same timely access to important company information. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
L'OCRCVM peut prendre la decision d'imposer une suspension provisoire des negociations sur le titre d'une societe cotee en bourse, habituellement en prevision d'une annonce importante de la part de la societe. Les suspensions de negociations sont imposees suivant le principe que tous les investisseurs devraient avoir un acces egal et simultane a l'information importante au sujet des societes dans lesquelles ils investissent. L'OCRCVM est l'organisme d'autoreglementation national qui surveille l'ensemble des societes de courtage et l'ensemble des operations effectuees sur les marches boursiers et les marches de titres d'emprunt au Canada.
Please note that IIROC is not able to provide any additional information regarding a specific trading halt. Information is limited to general enquiries only.
Veuillez prendre note que l'OCRCVM n'est pas en mesure de fournir d'informations supplementaires au sujet d'une suspension des negociations en particulier. L'information est restreinte aux questions generales.
IIROC Inquiries
1-877-442-4322 (Option 2)
Source:Investment Industry Regulatory Organization of Canada | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-iiroc-trading-halt-suspension-de-laanegociationaparalocrcvma-rew.html |
May 4, 2018 / 9:53 PM / in 5 hours U.S. lawmakers set $717 billion defence bill with eye on China, Russia, Turkey Patricia Zengerle 3 Min Read
WASHINGTON (Reuters) - U.S. House of Representatives lawmakers released details on Friday of a $717 billion (£530.2 billion) annual defence policy bill, including efforts to compete with Russia and China and a measure to temporarily halt weapons sales to Turkey. FILE PHOTO: A Terminal High Altitude Area Defense (THAAD) interceptor is launched from the Pacific Spaceport Complex Alaska during Flight Experiment THAAD (FET)-01 in Kodiak, Alaska, U.S. on July 30, 2017. Picture taken on July 30, 2017. Courtesy Leah Garton/Missile Defense Agency/Handout via REUTERS
The House Armed Services Committee is due to debate next week the annual National Defense Authorization Act (NDAA), which authorizes the level of defence spending and sets policies controlling how the funding is used.
One of the few pieces of major legislation passed by Congress every year, the NDAA is used as a vehicle for a broad range of policy measures, as well as determining everything from military pay levels and benefits to which ships or aircraft will be modernized, purchased or discontinued.
The committee will not release the bill itself until next week, but Republicans, who control the panel, and the minority Democrats, each released summaries.
On Russia, the proposed NDAA for fiscal year 2019 includes provisions such as imposing new sanctions on Russia’s arms industry in response to treaty violations, prohibiting military-to-military cooperation and providing more funding for cyber warfare.
But it also includes a rule, backed by President Donald Trump’s fellow Republicans, that would allow Trump to end some sanctions imposed on Russia in legislation Congress passed overwhelmingly last summer despite the president’s objections.
On China, the proposed NDAA includes provisions including improving Taiwan’s defence capabilities and barring any U.S. government agency from using “risky” technology produced by Huawei Technologies [HWT.UL] and ZTE Corp, which a committee statement describes as “linked to the Chinese Communist Party’s intelligence apparatus.”
Washington has recently made a series of moves aimed at stopping or reducing access by Huawei and ZTE to the U.S. economy amid allegations the telecommunications equipment companies could be using their technology to spy on Americans.
The legislation would also ask the Defense Department to provide Congress with a report on the relationship between the United States and Turkey, and would block the sale of major defence equipment until the report was complete.
Although Turkey is a NATO ally, relations between Ankara and Washington recently have deteriorated. Turkey supported the U.S. fight against Islamic State, but has become increasingly worried about U.S. backing for Kurdish fighters in Syria.
The NDAA is several steps from becoming law. The final version of the legislation will be a compromise reached later this year by House and Senate negotiators between separate versions of the bill approved in the two chambers. Reporting by Patricia Zengerle, editing by G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-defense-congress/u-s-lawmakers-set-717-billion-defence-bill-with-eye-on-china-russia-turkey-idUKKBN1I52KY |
(Reuters) - U.S. President Donald Trump’s letter to North Korean leader Kim Jong Un cancelling their summit next month prompted a deluge of derisory comments on Twitter on Thursday, including many about the now discounted commemorative coin pre-minted for the occasion.
A man walks past a TV broadcasting a news report on the dismantling of the Punggye-ri nuclear testing site, in Seoul, South Korea, May 24, 2018. REUTERS/Kim Hong-Ji The “President Trump United States and Korea Summit” coin was the “deal of the day” at the White House Gift Shop on Thursday after Trump earlier in the day called off the historic summit with Kim, citing Pyongyang’s “open hostility.”
The coin, which was selling for $19.95 after the price was cut from $24.95,shows gold embossed images of Trump and Kim facing each other with a montage of their countries’ flags in the background. Kim’s title is designated as “Supreme Leader”.
The coin was minted by the U.S. military, which has long issued “challenge coins” commemorating specific events or accomplishments. A military detachment called the White House Communications Agency, regularly issues coins when the president travels abroad.
What some described as the “breakup” tone of Trump’s letter to Kim, coupled with the premature coins, drew a lively response from social media users on Twitter.
“I am going to break up with you before you can break up with me and I get to keep all of the commemorative coins... SO THERE,” said @AOPhoenix
“Are they going to make a coin to commemorate the breakup between Kim Jong Un and Trump?” Steelsnowflake1 asked.
“No bel! No bel! Worthless coins! Worthless coins!”, said Sally Thomas, @SallyTh24566914, referring to speculation that Trump could be in line for a Nobel Peace Prize if the summit takes place.
“Seeing as Trump never apologises for anything, except the break up letter to Kimmy, do you think he’ll keep the money from the commemorative coin?,” morosejews asked.
“What about his break up email to Kim Jong? What will he do with all his silly challenge coins he made?,” asked Stablegenius Steve @numberone2
“You didn’t break up with me, I broke up with you first. I want my ring back and reimbursed for the stupid coins I had made,” said @sandrafualkenb1.
Trump’s letter to Kim announced his abrupt withdrawal from what would have been a first-ever meeting between a serving U.S. president and a North Korean leader. It had been due to take place in Singapore on June 12.
“Sadly, based on the tremendous anger and open hostility displayed in your most recent statement, I feel it would be inappropriate, at this time, to have this long-planned meeting,” Trump wrote in his letter to Kim.
“Please let this letter serve to represent that the Singapore summit, for the good of both parties, but to the detriment of the world, will not take place.”
Reporting by Bill Tarrant; Editing by Tom Brown
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://in.reuters.com/article/northkorea-missiles-usa-coins/trump-kim-breakup-sparks-twitter-mirth-over-commemorative-coins-idINKCN1IP3V3 |
The "most exciting two minutes in sports" wouldn't be what they are without the flashy, extravagant hats. Donning fancy headpieces has been a Kentucky Derby tradition for decades and became even more popular after the royal wedding in 2011.
So when I found out last-minute that I'd be attending the iconic horse race on Saturday, I knew I needed something elaborate to fit in.
As I am a Derby and a headpiece rookie, I headed to a millinery in Soho, Manhattan, to consult an expert: Lisa Shaub . She's been making hats for 30 years and has even worked with celebs like Taylor Swift and Britney Spears.
A post shared by LisaShaub (@lisashaubfinemillinery) on Mar 15, 2018 at 8:57am PDT
The first thing Shaub asked me is what color I'll be wearing. I have a white dress, so that left us with an array of options.
When hat shopping, you want something "that is working with you and not overwhelming you," she told me, and that looks different for everyone: "Some people are really tall or really dramatic. Some people are really small with a tiny little face. Different people have different needs, so I make different kinds of shapes for everybody."
The traditional derby hat is a big, wide-brimmed hat with a big flower, but Shaub is known for her fascinators and that's what she recommended I wear. A fascinator, I learned, is a smaller, more lightweight headpiece that fits on the head with an elastic.
Elsa | Getty Images Festive hats at the 2015 Kentucky Derby Shaub has been working on derby-specific hats since January. While most of her clients set up appointments for custom-made hats, she always has walk-ins the week leading up to the Derby and even on race day. This Saturday, she'll be in the shop at 9:00 a.m.
"Everybody is a procrastinator," she said, and while she'll get calls for derby hats as early as February, "most people are coming in after April 15."
Each hat takes a couple of weeks to make but the extravagant ones are even more time consuming. One of the most complex ones Shaub has made for the Derby was for comedian Tracy Morgan's wife, Megan Morgan, pictured below.
A post shared by Megan Morgan (@iammeganmorgan) on May 8, 2017 at 4:54pm PDT
Another memorable derby hat, said Shaub, is the one she made last year for Maryellen Bonomo, owner of the 2017 Kentucky Derby winner, Always Dreaming. Shaub, who wasn't watching the race, remembered getting a call from her mom right after Always Dreaming clinched the race: "She calls me and says, 'You have to turn on the TV!' And there she [Bonomo] is, in my hat, being interviewed!"
The Kentucky Derby is like Shaub's Super Bowl, or "millinery Christmas," as she put it. "It's fun to see everyone dressed up. I love to see people being really creative and expressing themselves, so it's nice when people have a license to do that."
And it's inspiring to see how the super rich do the Derby, she said: "People that are really going, they've spent thousands of dollars on their outfit."
Bloomberg | Getty Images Racegoers wear derby hats on the eve of the 2017 Kentucky Derby The headwear alone can cost up to $1,000 . And those who also attend The Kentucky Oaks, the sister race of the Kentucky Derby held at Churchill Downs on Friday, are often buying two different hats, one for each event.
Shaub's pieces range from $95 to $700, and she said the average Derby racegoer will drop $475 on one hat.
They're all out of my price range, but I couldn't resist … and I needed something. I shelled out $150 on a piece that Shaub called "modest and sweet." She added: "You're a new hat wearer, so you may feel more daring next time."
I feel pretty daring in the bright pink fascinator, and a bit fiscally irresponsible, but I also feel as ready as I ever will be for Saturday.
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Don't miss: 14 money lessons rich parents teach their kids
show chapters This $52M Ferrari GTO is a car only a multimillionaire can afford 12:58 PM ET Thu, 27 July 2017 | 01:02 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/how-to-shop-for-a-kentucky-derby-hat-like-the-super-rich.html |
Mattis backs Trump on Iran deal pullout 9:09pm IST - 01:19
U.S. Defense Secretary Jim Mattis said on Wednesday that the United States will continue to work with allies to ensure that Iran does not acquire a nuclear weapon, a day after President Donald Trump pulled out of an international nuclear deal with Iran. Rough Cut
U.S. Defense Secretary Jim Mattis said on Wednesday that the United States will continue to work with allies to ensure that Iran does not acquire a nuclear weapon, a day after President Donald Trump pulled out of an international nuclear deal with Iran. Rough Cut //reut.rs/2rwlmZI | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/09/mattis-backs-trump-on-iran-deal-pullout?videoId=425288240 |
STOCKHOLM, May 17 (Reuters) -
** H&M chairman and main owner Stefan Persson bought over 7 million shares in the company on May 14-16, according to an update of the Swedish FSA’s insider registry on Thursday
** Shares bought for about 985 million SEK ($113 million)
** Link to registry: here ($1 = 8.7033 Swedish crowns) (Reporting by Helena Soderpalm)
| ashraq/financial-news-articles | https://www.reuters.com/article/hm-chairman-buys-7-mln-shares-in-the-com/hm-chairman-buys-7-mln-shares-in-the-company-swedish-fsa-idUSL5N1SO1R4 |
BEIJING (Reuters) - Chinese consumer demand for foreign foodstuff, cosmetics and automobiles is strong, two surveys by China’s commerce ministry showed on Monday, and local distributors plan to ramp up orders from overseas suppliers in the next 12 months.
Nearly a third of the around 1,400 consumers surveyed said they were planning to buy more imported merchandise over the next six months, especially cosmetics, watches and glasses, baby products, passenger cars and jewellery, the commerce ministry said.
Foreign passenger cars are in high demand, the ministry said. More than 30 percent of the consumers who responded to the question of whether they would buy more foreign autos said they were keen to in the next half year, particularly SUVs and new energy vehicles.
China plans to cut import tariffs for automobiles and car parts on July 1, opening up greater access to the world’s largest auto market amid an easing of trade tensions with the United States.
China is looking to boost domestic consumption amid signs of slowing momentum in the world’s second-largest economy. The survey results would also be welcome news to global brands looking to deepen their presence in China, particularly in the country’s inner cities.
In the survey, 38 percent of consumers who responded to the question on cosmetic purchases said they were planning to buy more foreign brands over the next six months, while three quarters of them said the domestic skin care market was not meeting current demand.
In December, China cut import taxes on almost 200 consumer products including food, health supplements, pharmaceuticals, garments and recreational goods to 7.7 percent on average from 17.3 percent. Import duties on certain cosmetics were halved to 5 percent.
Among the more dramatic cuts were tariffs on milk powder and diapers, where taxes were slashed to zero percent. An overwhelming majority of consumers said they intended to keep buying foreign milk powder and diapers, or even buy more.
Filming equipment, air purifiers and electronic toothbrushes and robotic vacuum cleaners were in short supply in the Chinese market, according to a third of the respondents.
The second survey of a thousand distribution companies showed “relatively strong appetite” in boosting imports, the commerce ministry said, particularly in food, cosmetics, watches and passenger cars.
More than 10 percent of firms surveyed said they would import more wines, fruits, beers, heath supplements, fragrances, skin care and makeup, over the next year.
They were also keen to boost imports of new energy cars, SUVs and sedans.
Reporting by Stella Qiu and Ryan Woo; Editing by Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-trade-surveys/chinese-demand-for-foreign-autos-cosmetics-robust-official-surveys-idUSKCN1IT09R |
* Says proposal subject to regulatory approvals
* oOh!media’s offer not in best interests - HT&E (Updates with APN’s offer for Adshel)
By Chandini Monnappa
May 21 (Reuters) - Australia’s APN Outdoor Group Ltd said on Monday it had offered to buy media company HT&E’s outdoor advertising division, hours after the latter said oOh!media’s sweetened offer was not in its best interests.
oOh!media earlier confirmed media speculation that it had raised its bid for HT&E’s Adshel, to $470 million ($355 million), and said it was ready to undertake due diligence which could lead to a binding offer.
HT&E, however, said oOh!media’s offer was “not the most attractive offer, not in best interests of the company, and does not offer compelling value for shareholders”.
The details of the initial offer made by oOh!media in April were not disclosed, with the HT&E board saying that the offer did not adequately reflect Adshel’s value to its shareholders.
HT&E said it had offered to engage with oOh!media to more appropriately value Adshel, but this was declined.
APN Outdoor said its proposal was subject to a range of conditions, including regulatory approvals from relevant authorities in Australia and New Zealand, and that no agreement had been reached.
HT&E and APN were not immediately available for comments.
$1 = 1.3280 Australian dollars Additional reporting by Aaron Saldanha & Susan Mathew in Bengaluru; Editing by Darren Schuettler and Subhranshu Sahu
| ashraq/financial-news-articles | https://www.reuters.com/article/hte-adshel-oohmedia/update-1-australias-hte-says-oohmedias-355-mln-offer-for-adshel-not-most-attractive-idUSL3N1SS1GD |
May 2 (Reuters) - Canadian meat packaging company Maple Leaf Foods reported about a 7 percent fall in quarterly profit on Wednesday, hurt by temporary supply interruptions for fresh pork.
The company’s net earnings fell to C$27.9 million ($21.74 million), or 22 Canadian cents per share, in the first quarter ended March 31, from C$30.1 million, or 22 Canadian cents per share, a year earlier.
Maple Leaf, one of Canada’s biggest pork processors, said sales rose to C$817.5 million from C$811.2 million.
$1 = 1.2832 Canadian dollars Reporting by Nishara Karuvalli Pathikkal; Editing by Shailesh Kuber
| ashraq/financial-news-articles | https://www.reuters.com/article/maple-leaf-foods-results/maple-leaf-foods-posts-about-7-percent-fall-in-profit-idUSL3N1S941A |
U.S. tech companies would be forced to disclose if they allowed American adversaries, like Russia and China, to examine the inner workings of software sold to the U.S. military under proposed legislation, Senate staff told Reuters on Thursday.
The bill, approved by the Senate Armed Services Committee on Thursday, comes after a year-long Reuters investigation found software makers allowed a Russian defense agency to hunt for vulnerabilities in software that was already deeply embedded in some of the most sensitive parts of the U.S. government, including the Pentagon, the Federal Bureau of Investigation and intelligence agencies.
Security experts say allowing Russian authorities to conduct the reviews of internal software instructions — known as source code — could help Russia find vulnerabilities and more easily attack key systems that protect the United States.
The new source code disclosure rules were included in Senate version of the National Defense Authorization Act, the Pentagon's spending bill, according to staffers of Democratic Senator Jeanne Shaheen.
Details of bill, which passed the committee 25-2, are not yet public. And the legislation still needs to be voted on by the full Senate and reconciled with a House version of the legislation before it can be signed into law by President Donald Trump .
If passed into law, the legislation would require companies that do business with the U.S. military to disclose any source code review of the software done by adversaries, staffers for Shaheen told Reuters. If the Pentagon deems a source code review a risk, military officials and the software company would need to agree on how to contain the threat. It could, for example, involve limiting the software's use to non-classified settings.
The details of the foreign source code reviews, and any steps the company agreed to take to reduce the risks, would be stored in a database accessible to military officials, Shaheen's staffers said. For most products, the military notification will only apply to countries determined to be cybersecurity threats, such as Russia and China.
Shaheen has been a key voice on cybersecurity in Congress. The New Hampshire senator last year led successful efforts in Congress to ban all government use of software provided by Moscow-based antivirus firm Kaspersky Lab, amid allegations the company is linked to Russian intelligence. Kaspersky denies such links.
In order to sell in the Russian market, tech companies including Hewlett Packard Enterprise , SAP and McAfee have allowed a Russian defense agency to scour software source code for vulnerabilities, Reuters found. In many cases, Reuters found that the software companies had not previously informed U.S. agencies that Russian authorities had been allowed to conduct the source code reviews. In most cases, the U.S. military does not require comparable source code reviews before it buys software, procurement experts have told Reuters.
The companies have said the source code reviews were conducted by the Russians in company-controlled facilities, where the reviewer could not copy or alter the software. McAfee announced last year that it no longer allows government source code reviews. Hewlett Packard Enterprise has said none of its current software offerings have gone through the process.
WATCH: Trump-Russia ties hiding in plain sight show chapters The Trump-Russia ties hiding in plain sight 18 Hours Ago | 07:56 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/us-bill-would-force-tech-companies-to-disclose-foreign-software-probes.html |
Shares in Samsonite plunged for a second straight day on Friday, bringing its losses to a fifth of market value, after a short seller accused it of questionable accounting practices and poor corporate governance.
Blue Orca Capital on Thursday questioned accounting at the world's biggest luggage maker, including those used in its 2016 acquisition of the Tumi brand and argued it did not deserve to trade at similar premium valuations to other luxury brands.
Samsonite, one of most high-profile Hong Kong-listed stocks to be targeted by a short-seller, has called the allegations "misleading" and "one-sided." Some analysts also say that while the report could hurt its share price for some time, Blue Orca was underestimating positive earnings upside for the company.
The stock was down 12 percent in Hong Kong afternoon trade at HK$26.90, resuming trade after the company called for a halt a day earlier. That compares with Blue Orca's valuation of HK$17.59 a share.
"The company has handled the incident quite well and efficiently. It halted trade of its shares when it felt the pressure and issued a statement to clarify the situation," said Steven Leung, a sales director at UOB Kay Hian.
He added Blue Orca's argument that Samsonite was not a luxury brand was an old one, and the stock price plunge could be seen as a buying opportunity.
Analyst Lorraine Chan at Morningstar said in a report that Blue Orca's target price did not factor in the company's ability to generate sustained positive free cash flow.
Prior to the Blue Orca report, the average recommendation from 14 analysts on the shares was a "buy," Thomson Reuters data showed. Its shares hit a record high of HK$38.60 just last month on strong sales of Tumi-branded goods and expectations of further improvement in the luxury retail sector.
In its report, Blue Orca was also critical of how Samsonite engages in a number of related party transactions with entities owned by CEO Ramesh Tainwala and his family and said that its South Asian joint venture with the Tainawala family needed to be subject to more auditing oversight.
Samsonite, now valued at around $4.8 billion, said in a filing late on Thursday it was reserving the right to take legal action and would provide additional information in due course.
"Samsonite maintains very high standard of accounting and every allegation...is mischievous and false," Tainwala said in an emailed response to a Reuters request for comment.
All inter-related transactions with his family were fully disclosed and regularly audited, he added.
Headquartered in Massachusetts, Samsonite is one of the few major foreign stocks listed in Hong Kong, alongside Prada and cosmetics firm L'Occitane International.
Blue Orca was launched this month by Soren Aandahl, a Texas-based short-seller who previously co-founded Glaucus Research, which has attacked several firms in the Asia-Pacific region.
These include Australia-listed fund manager Blue Sky Alternative Investments, whose shares have fallen more than 70 percent since Glaucus claimed in late March that it had overvalued assets and exaggerated its performance. Blue Sky has said the claims were incorrect and misleading. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/samsonite-slides-for-a-2nd-day-after-a-short-seller-attack-but-some-analysts-are-unfazed.html |
BEIJING (Reuters) - China’s powerful new vice president, Wang Qishan, will visit Russia and Belarus starting this week, China’s foreign ministry said on Monday, his first overseas trip since being appointed in March.
Chinese Vice President Wang Qishan is seen before a meeting with Philippine Foreign Affairs Secretary Alan Peter Cayetano (not pictured) at the Zhongnanhai Leadership Compound in Beijing, China, March 23, 2018. Parker Song/Pool via REUTERS Wang, 69, a key ally of President Xi Jinping and China’s one-time top graft buster, should have retired last year during a leadership reshuffle of the ruling Communist Party, but Xi has kept him on to add extra heft to Chinese diplomacy.
While he is expected to take a key role in managing tricky ties with Washington, having previously overseen annual economic talks with the United States, that will not be his first foreign visit since becoming vice president.
Chinese Foreign Ministry spokesman Lu Kang told a daily news briefing that Wang would attend the St Petersburg forum in Russia and also go to Belarus, on the May 24-29 trip.
While in Belarus, he will tour a project that is part of Xi’s signature Belt and Road initiative, Lu added, an ambitious scheme to build infrastructure to connect China to Asia and beyond.
China has close ties with both Russia and Belarus.
However Wang could go to the United States soon too.
A U.S. official said it may happen in the middle of the year, where he may sign a agreement on trade following a bitter spat between the two countries that both are trying to put behind them.
Reporting by Ben Blanchard; Editing by Nick Macfie
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-russia/chinas-powerful-new-vice-president-to-visit-russia-belarus-idUSKCN1IM0X8 |
May 24 (Reuters) - XableCath Inc:
* XABLECATH SAYS CO’S SECOND CATHETER XABLECATH ABRASION TIP SUPPORT CATHETER, CLEARED BY FDA Source text for Eikon:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xablecath-says-cos-second-catheter/brief-xablecath-says-cos-second-catheter-xablecath-abrasion-tip-support-catheter-cleared-by-fda-idUSFWN1SV0PH |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V:AAZ) (OTC:AZURF) is pleased to announce in conjunction with it’s JV partner, New Age Metals (TSX.V:NAM), the acquisition of the Lithman East Extension Project, a 3072-hectare, pegmatite-rich land package in the heart of the Winnipeg River Pegmatite Field, Manitoba.
Figure 1: Location of the Lithman East Extension
The new Lithman East Extension Project connects with two of the Company’s current lithium projects, namely Lithman East and Lithium One, to form an adjacent total project area of 7,867 hectares. The land package features the Bernic Lake Formation, the geological unit/formation that hosts the Tanco Pegmatite and several other lithium bearing pegmatites, and the Axial Pegmatite Group. Historical Government of Manitoba academic work on the Axial Pegmatites has shown them to be well fractioned and evolved.
Further technical details from the New Age Metals news release:
“The project is situated over several axial planes of regional folds, as is the Tanco Pegmatite. The giant world-class Tanco Pegmatite has been postulated to be situated in a limb of fold and is located along strike approximately 10 kilometers to the west of the project area. The axial plane trace of this fold runs through both the Lithman East Project while it’s postulated extension and other axial planes runs through the newly acquired Lithman East Extension Project. The exploration focus of the region is to find and explore lithium-bearing pegmatites with the possibility of discovering a pegmatite as large and as mineralogically rich as the Tanco Pegmatite.”
“This expansion of our project area in southeast Manitoba is strategically important,” said president & CEO, Alex Klenman. “The area is pegmatite rich, and the New Age team has done an excellent job adding value to the project. The lithium sector has cooled considerably since the start of the year, but this isn’t stopping us from executing the plans we have to build our market cap. When the sector turns, we are confident we will get credit for both this acquisition, and the current work we’re doing,” continued Mr. Klenman.
Work permits have been applied for with the province of Manitoba for surface exploration at the Lithium East Extension. Once the permits are granted, field crews will be mobilized. Exploration on the Lithman East Extension Project will consist of prospecting and sampling the known surface pegmatites and their surrounding areas.
The recent project acquisition of claims has made the New Age Metal/Azincourt Joint Venture the largest claim holder for Lithium in the Winnipeg River Pegmatite Field as well as the largest mineral claim holder in southeastern Manitoba.
Terms
This addition to the original JV agreement with New Age Metals commits Azincourt to an additional $250,000 worth of exploration spend over the life of the partnership and has increased the 2018 exploration budget by $100,000. New Age Metals will also receive and additional 250,000 shares of Azincourt as part of the terms of the deal. For complete terms of the existing agreement please refer to the Azincourt news release dated January 15, 2018.
Work Program Update
Immediate exploration work will primarily focus on the Lithium 1 and Lithium 2 projects, with a field program that includes mapping of known pegmatite outcroppings. The Company will begin sampling specific areas over the next few weeks before drilling is scheduled to begin in June.
The initial drill program will include a minimum of 3,000m of diamond drilling primarily on the lithium-bearing Silverleaf Pegmatite at the Lithium 1 project, and at the lithium-bearing Eagle and FD5 Pegmatites at the Lithium 2 project.
Samples collected in 2016 at the Eagle Pegmatite returned a range of 0.02% to 3.04% Li2O, and up to 2.08% Li2O from the FD5 Pegmatite. Select sampling will concentrate on the Eagle and FD5 pegmatites at Lithium Two, and on the Silverleaf Pegmatite at Lithium One, which returned sample values as high as 4.33% Li2O during the 2016 exploration program.
Qualified Person
The contents contained herein that relate to Exploration Results or Mineral Resources is based on information compiled, reviewed or prepared by Carey Galeschuk, a consulting geoscientist for New Age Metals. Mr. Galeschuk is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical content of this news release.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel properties, including uranium, lithium, cobalt and other elements.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman”
Alex Klenman, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes “ ”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the . Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially.
For further information please contact:
Alex Klenman, President & CEO
Tel: 604-638-8063
[email protected]
Azincourt Energy Corp.
1430 – 800 West Pender Street
Vancouver, BC
V6C 2V6
www.azincourtenergy.com
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/79a7cb62-0fc0-4d71-bbf0-1dd1828b469b
Source: Azincourt Energy Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-azincourt-energy-adds-lithman-east-extension-to-its-lithium-project-portfolio-with-new-age-metals.html |
May 24, 2018 / 9:55 AM / Updated an hour ago Kremlin says any counter sanctions to take account of investor sentiment Reuters Staff 2 Min Read
MOSCOW (Reuters) - Kremlin spokesman Dmitry Peskov said on Thursday that any Russian counter sanctions against the West would take investor sentiment into account and played down worries they would hurt the economy. FILE PHOTO: Kremlin spokesman Dmitry Peskov attends an awarding ceremony at the Kremlin in Moscow, Russia April 6, 2018. Alexander Zemlianichenko/Pool via REUTERS
Peskov made his comments when asked by reporters on a conference call if a draft law proposing jail time for people who enforce U.S. sanctions against Russia would hurt the investment climate if implemented.
German Gref, the head of Russia’s biggest bank Sberbank, has warned the proposed law would backfire on the Russian economy if approved in its current form.
“In the current case, there is not yet any definitive clarity about the implementation of these new regulations, but in any case the issues of viability and supporting an attractive climate for investors will of course always be taken into account,” said Kremlin spokesman Dmitry Peskov.
“It’s often the case that the implementation of some regulations cause concern, but it frequently turns out that these concerns are not confirmed during the implementation process.” Reporting by Maria Tsvetkova; Editing by Andrew Osborn | ashraq/financial-news-articles | https://uk.reuters.com/article/us-russia-sanctions-kremlin/kremlin-says-any-counter-sanctions-to-take-account-of-investor-sentiment-idUKKCN1IP1FU |
May 24, 2018 / 4:40 PM / Updated 2 hours ago Sleep-tracking wearables and apps no substitute for sleep tests Carolyn Crist 5 Min Read
(Reuters Health) - Sleep-tracking devices and mobile apps can help engage users in improving sleep health, but none of the consumer technologies has been proven accurate or validated to screen for sleep disorders, the American Academy of Sleep Medicine said in a new statement.
Still, the technologies are generating consumer interest in sleep quality, which is a positive trend, the AASM board of directors writes in the Journal of Clinical Sleep Medicine.
“Patients bring in their devices and want to know what the numbers mean and how we can help,” said the statement’s lead author Dr. Seema Khosla, chief medical officer of the North Dakota Center for Sleep in Fargo.
“Sleep is too important to ignore,” she said in a telephone interview. “The effects spill into every organ system.”
Consumer devices and apps can help patients initially understand their sleep concerns and spur conversations with doctors, Khosla’s team writes. However, they haven’t been rigorously tested for accuracy against the professional equipment in sleep clinics, and they can’t replace a medical evaluation.
“Patients often have anxiety when they search online for questions about their data,” Khosla said. “We want to partner with patients to understand what they’re concerned about, what their symptoms are and what we can do.”
Since most devices and apps are sold in the lifestyle/entertainment category, they don’t require regulatory approval or oversight. The technologies claim to track and define sleep-related metrics such as number of hours asleep, as well as movement and restlessness overnight.
But clinicians can’t really use this information since the technologies haven’t been validated. Also, the data aren’t standardized from one device or app to the next and aren’t available for doctors to analyze directly. In addition, sleep apps don’t tend to use the latest research data or national guidelines to back up their recommendations, the authors note.
“Over time, we’ve learned that bad data is worse than no data,” Khosla said. “Patients will come to me with concerns about the number of times they woke up or how much deep sleep they got, but once we look at the numbers and talk, we see that it’s actually quite normal.”
The statement encourages doctors to be aware of consumer sleep technologies and open to discussing the data with patients.
“We don’t get enough sleep in our country, and I’m tickled that more people are taking interest in their sleep,” Khosla said. “I consider it a win, and we need to help patients understand how to interpret their data.”
In the future, sleep devices and apps could provide long-term data for sleep research, allow doctors to review patients’ sleep data remotely between office visits and become part of electronic medical records, the statement points out. Of course, this also comes with privacy concerns for patient data, and unvalidated numbers could be added to patient charts without doctors’ prior review.
“Guidelines from an academic and clinical organization like the AASM are a timely and welcome step in the right direction,” said Dr. Sushanth Bhat of the Division of Sleep Medicine at Hackensack Meridian Health-JFK Medical Center in Edison, New Jersey, who wasn’t involved in the AASM statement.
Bhat and colleagues previously studied volunteers who had in-laboratory polysomnography while using a sleep app. They found the app’s results didn’t correlate with the professional equipment for sleep efficiency, light sleep, deep sleep or the time it took to fall asleep. It was highly accurate in sleep-wake detection but wasn’t great with specific data.
“Inexpensive consumer-oriented sleep technology will undoubtedly have an important role to play in the future,” Bhat told Reuters Health by email. “It is crucial that consumers remember that they do not take the place of a formal evaluation.”
Dr. Lee Brooks of the Children’s Hospital of Philadelphia similarly found discrepancies between a sleep app for children and sleep-lab results in an earlier study. “Consumers should consider their numbers an estimate,” said Brooks, who wasn’t involved with the AASM statement.
“If you’re feeling terrific, awake and alert, don’t create a problem where none exists,” he said by phone. “But if you’re regularly feeling sleepy or cranky, you may want to follow up on your numbers.”
SOURCE: bit.ly/2kj5PZW Journal of Clinical Sleep Medicine, online May 15, 2018. | ashraq/financial-news-articles | https://uk.reuters.com/article/us-health-sleep-tracking/sleep-tracking-wearables-and-apps-no-substitute-for-sleep-tests-idUKKCN1IP2YJ |
Louisville, Ky. , May 07, 2018 (GLOBE NEWSWIRE) -- Sypris Solutions, Inc. (NASDAQ/GM: SYPR) will provide an online, real-time webcast and rebroadcast of its conference call for the first quarter 2018 financial results on Tuesday, May 15, 2018.
The live broadcast of Sypris Solutions’ quarterly conference call will be available online at www.sypris.com on May 15, 2018, beginning at 9:00 a.m. (Eastern Time). The online replay will be available at approximately 11:00 a.m. (Eastern Time) and continue for 30 days. Related presentation materials will be posted to the “Investor Information” section of the Company’s website at www.sypris.com , located under the sub-heading “Upcoming Events,” prior to the call. The presentation materials will be in Adobe Acrobat format. A copy of the Company’s press release announcing its earnings and any other financial and statistical information about the period to be presented in the conference call will also be available at the section of the Company’s web site entitled “Investor Information” at www.sypris.com .
Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its web site at www.sypris.com .
Contact: Anthony C. Allen Vice President & Chief Financial Officer (502) 329-2000
Source:Sypris Solutions, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-sypris-solutions-inc-to-announce-first-quarter-financial-results-host-conference-call-and-webcast-on-may-15.html |
May 2 (Reuters) - PSC Insurance Group Ltd:
* PAUL DWYER WILL REMAIN GROUP MANAGING DIRECTOR AND TAKE ON NEW ROLE OF EXECUTIVE DEPUTY CHAIRMAN
* APPOINTS ROHAN STEWART AS GROUP CHIEF EXECUTIVE OFFICER WITH IMMEDIATE EFFECT Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-psc-insurance-group-appoints-rohan/brief-psc-insurance-group-appoints-rohan-stewart-as-group-ceo-idUSFWN1S80LX |
May 2, 2018 / 6:25 AM / Updated 27 minutes ago Cricket-England's Buttler sees nothing wrong in specialising Reuters Staff 3 Min Read
NEW DELHI, May 2 (Reuters) - England stumper-batsman Jos Buttler has said there is nothing wrong with cricketers wanting to specialise in a particular format and believes the lucrative Indian Premier League (IPL) has changed the “climate” of the sport considerably.
England’s Adil Rashid and Alex Hales have signed white ball-only contracts with their respective counties, which means they are not available for selection for the test side, while Colin Munro did the same in New Zealand in March.
Test, or red-ball, cricket’s slide in priority for many players is a concern for traditionalists and a recent report by the Federation of International Cricketers Association (FICA) said young players were putting their Twenty20 ambitions above national contracts.
“I think there is nothing wrong in people wanting to specialise in the sport,” Buttler told Hindustan Times.
“It is becoming increasingly tough to play in all three formats. I don’t think we should have that snobbery that if you play cricket, you need to play all formats.”
Buttler also said players should not be criticised for looking to maximise their earnings in tournaments like the IPL.
“The climate of cricket has changed a lot with the IPL and the money the tournament offers,” said Buttler, who earned 44 million Indian rupees ($659,274) in this year’s players auction after being bought by Rajasthan Royals.
“At the end of the day, we are professional athletes and we have a short career. To a big extent, earning as much money in that time is hugely important.”
Buttler and his Rajasthan team mate Ben Stokes, who fetched a whopping $1.97 million in the February auction, are among a dozen English players currently playing in the eight-team league.
The limited-overs specialist said England’s approach to the shorter formats had changed significantly in recent times.
“We are taking white-ball cricket as seriously as red-ball cricket,” said the 27-year-old.
“There are not many players who play all formats. So, the burnout issue is not prevalent anymore. (England coach) Trevor Bayliss, in particular, who had success (in IPL) with Kolkata Knight Riders as the head coach, knows how important it is for the success of players.” $1 = 66.74 Indian rupees Reporting by Amlan Chakraborty in New Delhi; editing by Peter Rutherford | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-t20-ipl-buttler/cricket-englands-buttler-sees-nothing-wrong-in-specialising-idUKL3N1S91SL |
May 3, 2018 / 8:52 PM / Updated 19 hours ago FDA chief questions protections on drug rebates, stocks fall Deena Beasley 3 Min Read
(Reuters) - U.S. Food and Drug Administration chief Scott Gottlieb on Thursday questioned whether rebates that drugmakers provide to health insurers should remain protected by federal law, sparking new concerns on Wall Street over efforts to curb drug pricing. U.S. Food and Drug Commissioner Scott Gottlieb attends an interview at Reuters headquarters in New York City, U.S., October 10, 2017. REUTERS/Eduardo Munoz
Gottlieb was referring to the common practice of pharmaceutical companies setting a high “list price” for a drug, and then lowering the cost for health plans through hefty rebates in exchange for the broadest access to patients. In recent weeks, he has criticized these practices for keeping drug prices high and locking out competitors.
“What if we took on this system directly, by having the federal government reexamine the current safe harbor for drug rebates under the Anti-Kickback Statute?” Gottlieb said in remarks prepared for a Food and Drug Law Institute conference and posted on the FDA’s website.
“Such a step could help restore some semblance of reality to the relationship between list and negotiated prices, and thereby boost affordability and competition.”
The anti-kickback law makes it illegal to pay an incentive for drugs or services that Medicare, Medicaid or other federal healthcare programs cover.
President Donald Trump is expected to unveil new proposals next week to curb rising drug costs for Americans and until recently, Wall Street had expected that they would stop short of measures that would have a major impact on drugmakers.
However, Health and Human Services Secretary Alex Azar on Wednesday signaled Trump’s intention to take stronger action. Gottlieb’s remarks on Thursday suggested the administration would take a harder line.
“The speeches by Azar and now Gottlieb increase the uncertainty and show a willingness by the administration to get more aggressive,” Evercore ISI analysts Ross Muken and Michael Newshel wrote in a research note. “The government could threaten fines or other legal action to force changes in the rebate system that could potentially pressure the gross-to-spread and impact economics in the drug channel.”
The shares of some drugmakers fell after Gottlieb’s comments. Biogen Inc lost 2.8 percent to $266.44, Celgene Corp dropped 1.7 percent to close at $85.40 and Amgen Inc fell 1.7 percent to $166.39.
The administration and members of Congress have demanded that insurers and pharmacy benefit managers pass on more of the rebates they receive to consumers outraged over rising costs at the pharmacy counter. Many Americans now have health plans with higher deductibles or co-payments, making them responsible for more of their medical costs.
In his speech, Gottlieb also focused on a need to encourage competition between drugmakers by changing policies allowing them to take temporary advantage of protections under Medicare’s prescription drug plan.
The FDA chief also repeated previous calls to close loopholes that can delay the entry of generic drug competition, including for so-called “biosimilar” versions of biotech drugs. Reporting By Deena Beasley. Editing by Michele Gershberg and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/us-pharmaceuticals-prices/fda-chief-questions-protections-on-drug-rebates-stocks-fall-idUKKBN1I42NM |
May 4, 2018 / 1:02 AM / in 11 hours Australia's AMP rejects criminal allegations, names veteran banker chairman Byron Kaye 4 Min Read
SYDNEY (Reuters) - Australia’s AMP Ltd ( AMP.AX ) denied allegations it had submitted a doctored report to a regulator and committed a criminal offense, saying an inquiry into the country’s financial sector had overstated the wealth manager’s involvement. The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. Picture taken May 5, 2017.REUTERS/David Gray
The rebuttal marks the strongest show of defiance yet by a financial services firm to the quasi-judicial inquiry, or Royal Commission, that has so far forced some of the country’s top lenders to apologize over damaging revelations of misconduct.
AMP CEO Craig Meller and Chairwoman Catherine Brenner have both quit in recent weeks following disclosures that the firm misappropriated funds of thousands of clients over a decade by charging them without providing advice, and that it repeatedly lied to the corporate regulator.
The inquiry alleged AMP - the country’s largest wealth manager - modified a report by law firm Clayton Utz and submitted it to the Australian Securities and Investments Commission (ASIC) as “external and independent”.
Their intention was to limit the report’s findings about the involvement of AMP’s senior executives in misappropriating customer fees, the inquiry heard.
Counsel assisting the commission said last week that, in doing so, AMP had breached provisions of the Corporations Act that carry criminal sanctions.
“AMP strenuously denies the allegation” by lawyers of the commission that they could find AMP has committed a criminal offense, the company said in a 27-page document on Friday.
ASIC is already investigating AMP over the alleged misappropriation of client fees, so there is no need for the Royal Commission to recommend criminal charges, AMP added.
Australia Treasurer Scott Morrison has described revelations of AMP’s misconduct as “deeply disturbing” and that this type of behavior could attract “penalties which include jail time”.
Hours after AMP published its defense, it said it had hired banking industry veteran David Murray, who has presided over a previous inquiry into corporate governance in the bank sector, as its new chairman.
The former chief executive officer of the Commonwealth Bank of Australia ( CBA.AX ) would preside over a process of board renewal and the appointment of an additional non-executive director in the near-term. UTZ REPORT
On the Utz report, AMP said the inquiry’s lawyer had overstated the number of emails exchanged between AMP and the law firm related to the drafting of the report.
The inquiry heard AMP and Clayton Utz exchanged some 700 emails during the law firm’s investigation, but many of those were automated responses to meeting requests, duplications and progress updates, AMP’s submission said.
The firm also said that the counsel assisting the inquiry was wrong to suggest that AMP’s board had intervened to remove the names of the CEO and chairwoman from the report.
It was the law firm, not AMP, which chose to remove the name of Meller on grounds that he was not culpable and that including his name “would attract unnecessary attention” from the regulator, the submission added.
There is no evidence any member of the board knew of this rationale, AMP said, adding that Brenner’s actions in relation to the report “were appropriate and consistent with good governance”.
The Royal Commission is just a couple of months into what is expected to be a year-long investigation. The Federal Government has said it may, however, extend the deadline.
The inquiry can make wide-ranging recommendations including legislative changes and on criminal or civil prosecutions.
AMP shares have plunged about 20 percent since the inquiry started in February, wiping off around A$3 billion ($2.3 billion) from the company’s market capitalization.
The stock, however, closed up 0.5 percent on Friday, while the broader market fell 0.5 percent.
($1 = 1.3233 Australian dollars) Reporting by Byron Kaye in SYDNEY and Rushil Dutta and Ambar Warrick in BENGALURU; Editing by Himani Sarkar and Stephen Coates | ashraq/financial-news-articles | https://www.reuters.com/article/us-australia-banks-inquiry-amp/australias-amp-dispute-royal-commission-finding-of-criminal-offence-idUSKBN1I502N |
Ronaldo drops hint he may leave Real after final triumph 9:37pm IST - 00:55
Christano Ronaldo drops hint that he could leave Real Madrid after win over Liverpool in Champions League final
Christano Ronaldo drops hint that he could leave Real Madrid after win over Liverpool in Champions League final //reut.rs/2IOUT51 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/27/ronaldo-drops-hint-he-may-leave-real-aft?videoId=430684721 |
PARIS—After defying everyone last year and reaching two Grand Slam finals, Venus Williams is for the first time playing tennis that one would expect from a pro her age.
Williams, who will be 38 years old next month, lost in straight sets at the French Open on Sunday, 6-4, 7-5 to Qiang Wang, a 26-year-old from China. Wang’s ranking has dropped recently, all the way to No. 91. Williams beat Wang in the first round of last year’s French Open and beat her again at Wimbledon in the second round, though that match lasted three sets.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/venus-williams-defending-champ-ostapenko-upset-in-paris-first-round-1527443827 |
Iran's judiciary court has blocked the use of messaging app Telegram, according to state media.
The ban, effective as of Monday, relates to concerns of the popular service being used to coordinate illegal activity, according to the Islamic Republic News Agency , Iran's government-funded and controlled news agency.
Telegram was used by anti-government protestors during widespread unrest earlier this year. The country banned the use of the service during those protests, but only temporarily.
Telegram is considered to be the most popular messaging app in Iran. It is estimated that more than 40 million Iranians are signed up to the app. Iran has a population of more than 80 million.
Iran has been promoting a homegrown messaging app called Soroush instead. The app reportedly contains emojis that feature veiled women calling for "Death to America."
The Islamic country's clampdown comes hot on the heels of a move by Russia's communications regulator to bar domestic access to Telegram. The FSB, Russia's intelligence agency, had tried to gain access to Telegram's encryption keys but the company refused.
Russian entrepreneur Pavel Durov, Telegram's founder and CEO, has called for "digital resistance" to Russia's Telegram ban, in the belief that it will compromise Russians' human rights.
Internet censors in both countries are able to filter what websites and apps people can gain access to. To get around this, some use virtual private networks (VPNs) to access websites as if they are connecting to it from a different country.
Russians protested the Kremlin's move to block Telegram at a march in Moscow on Monday, in support of internet freedom and privacy. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/iran-follows-russia-in-banning-popular-messaging-app-telegram.html |
May 30, 2018 / 12:57 PM / Updated 4 minutes ago ECB sees no need intervene in Italy crisis -sources Reuters Staff
* ECB screens bank rates, auctions for signs of stress
* Italy’s borrowing costs still half crisis levels
By Francesco Canepa and Balazs Koranyi
FRANKFURT, May 30 (Reuters) - The European Central Bank is keeping a watchful eye on the market rout and political crisis engulfing Italy but sees no reason to intervene at this time, sources close to the matter told Reuters.
Market speculation about an ECB intervention has mounted as political parties in Italy repeatedly failed to form a government and the notion of a euro exit began to swirl, sending borrowing costs for the euro zone’s largest debtor soaring.
But three officials told Reuters the ECB was not considering taking any action because indicators were not yet showing signs of stress among banks and the central bank did not have the tools or mandate to solve what was essentially a political crisis.
Specifically, Italy’s borrowing costs were still less than half those seen during the 2010-12 euro zone debt crisis, bank deposits were stable and there was no sign of stress in the inter-bank lending market.
“No central bank would act on the back of the events of a few days,” one source said.
A spokesman for the ECB declined to comment.
Italy’s two anti-establishment parties were staging a last-minute effort to form a government and avoid the threat of repeat elections that could turn into a de-facto referendum on the country’s euro membership.
The mere hypothesis of Italy leaving the euro sent yields on its government bonds to multi-year highs this week and the country had to pay much higher interest rates for placing new debt on the market.
But while Italy paid the most in four years to sell 10-year debt on Wednesday, the 3 percent gross yield is a far cry from the 7.56 percent disbursed at an auction in November 2011.
Italian banks were still paying the same, deeply negative interest rate - in other words, getting paid - to borrow from their peers against collateral, now the most common form of lending between banks.
And auctions of ECB cash also showed no sign of a pent-up in demand from banks.
This was largely due to the massive ECB purchases of government bonds and its ultra-low interest rates - the two main planks of a stimulus programme that is expected to be gradually wound down in the coming months despite the Italian crisis.
“We’re not yet at a stage when you have to start worrying about bank deposits and I hope we’ll never get there,” another source said.
Overall, financial indicators painted a very different picture from that of the summer of 2012, when ECB President Mario Draghi was forced to intervene to quash a market rout that was shutting countries like Italy out of the bond market and pummelling banks.
Besides, there are few obvious present-day equivalents to Draghi’s pledge to do “whatever it takes to save the euro”.
Back then, the market was betting that the ECB would not help a government that found itself in distress on the debt market.
That doubt was removed by the ECB’s declaration, following Draghi’s speech, that it would be prepared to buy the bonds of any country that sought a bailout from the European Union and accepted the conditions attached to an economic adjustment programme.
But this route - conjured up by the ECB’s outgoing vice-president Vitor Constancio earlier this week - was unlikely to prove palatable to Italian anti-establishment parties that oppose austerity.
Besides, Italy’s League has said it sees a euro exit as a contingency plan if its demands, including greater spending and lower taxes, are not accepted by European partners, rather than a prospect to avert at all costs.
This would leave the ECB with limited options, apart from protecting other euro zone members from what would likely be a financial meltdown if Italy were to depart the currency bloc.
French and German banks are the largest holders of Italian bonds outside of Italy while Portugal and Spain were seen by bond investors as the most exposed to contagion from a debt crisis in the euro zone’s third-largest economy.
“The ECB could safeguard the remaining euro zone members but it would be merely controlling the disaster,” one of the sources said. (Editing by Toby Chopra) | ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics-ecb/ecb-sees-no-need-intervene-in-italy-crisis-sources-idUSL5N1T13PH |
NEW YORK--(BUSINESS WIRE)-- Sidley Austin LLP is pleased to announce that Audry X. Casusol has joined the firm as a partner in its Tax and Employee Benefits and Executive Compensation practice in the New York office. Formerly a partner with Greenberg Traurig LLP, Ms. Casusol represents public and private companies and private equity clients based in the United States and around the world in their executive compensation and governance matters.
Ms. Casusol concentrates her practice on executive compensation and employee benefits, primarily related to mergers and acquisitions, divestitures, IPOs, restructurings and spin-offs. She advises boards of directors, compensation committees and management on compensation arrangements, administrative and regulatory compliance with tax, employment and securities laws, corporate governance and disclosure obligations regarding employee benefits, executive compensation and related matters. In her practice on employee benefits and executive compensation matters, she also has significant experience with convertible securities, debt/equity exchanges, effect of tax treaties and other uniquely structured entities.
“Audry has repeatedly been lauded for her work, notably when it comes to M&A matters, and she’ll be a welcome addition to our firm,” said Sam Gandhi, managing partner of Sidley’s New York office. “Additionally, her deep understanding of corporate governance and executive compensation and employment benefits will make her a sought-after resource for clients navigating a complicated and quickly evolving landscape.”
With 2,000 lawyers in 20 offices around the globe, Sidley is a premier legal adviser for clients across the spectrum of industries. Follow Sidley on Twitter @SidleyLaw .
For purposes of the New York State Bar rules, this press release may be considered Attorney Advertising and our headquarters are Sidley Austin LLP, 787 Seventh Avenue, New York, NY 10019, +1 212 839 5300; One South Dearborn, Chicago, IL 60603, +1 312 853 7000; and 1501 K Street, N.W., Washington, D.C. 20005, +1 202 736 8000.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006057/en/
Sidley Austin LLP
Kellie Mullins, Director, Public Relations
+1 312 456 8716;
[email protected]
Source: Sidley Austin LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-tax-partner-audry-x-casusol-joins-sidley-in-new-york.html |
May 2, 2018 / 11:23 AM / Updated 17 minutes ago Sri Lankan rupee hits all-time low; cenbank intervenes Reuters Staff 2 Min Read
COLOMBO, May 2 (Reuters) - The Sri Lankan rupee hit a fresh low on Wednesday on importer demand for the U.S. currency, dealers said, but recovered after the central bank intervened in the market.
The local unit gained for the first time in seven sessions on Tuesday, after hitting a record low in the previous five straight sessions as dollar demand from importers and banks surpassed greenback sales by exporters.
Deputy central bank governor Nandalal Weerasinghe on Wednesday said the central bank intervened on Tuesday and Wednesday after high volatility.
The central bank on Friday said it would intervene to support the rupee when necessary and that there was no reason for the rupee to be under pressure given the country’s record $10 billion foreign currency reserves.
The rupee hit an all-time low of 157.90 per dollar during trade, but ended at 157.80/158.00 per dollar, marginally weaker from Tuesday’s close of 157.70/90.
It fell 0.9 percent last week and 1.5 percent in April.
“Still we see downward pressure on the currency because there are some debt outflows expected next week,” a currency dealer said.
The rupee has weakened 2.7 percent so far this year. It dropped 2.5 percent last year and 3.9 percent in 2016.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government.
Foreign investors sold government securities worth a net 288.6 million rupees so far this year through April 25, central bank data showed. $1 = 156.7000 Sri Lankan rupees Reporting by Shihar Aneez; Editing by Sunil Nair | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-hits-all-time-low-cenbank-intervenes-idUSL3N1S93L8 |
Hulu said Wednesday it now has 20 million American subscribers.
The company announced its new membership figures at its Upfront presentation in New York. The Upfronts are annual presentations for advertisers where television networks preview their upcoming shows and movies for the year.
Hulu's 20 million subscribers still pale in comparison with Netflix's most recently announced 55 million U.S. subscribers. But it's still 3 million more than what the company announced in January. By comparison, Netflix added 2 million users in the past quarter .
Hulu also announced a third season of its dystopian original breakout hit "The Handmaid's Tale," as well as a multiyear deal with Dreamworks Animation. Hulu will be the streaming home for future and past Dreamwork's Animations films, and the companies will work together to create original kids' and family series. The agreement marks a major move into children's programming for Hulu.
Hulu also announced it will be adding advertising to its Live TV subscription, as well as to downloadable content. Both will provide additional revenue streams for the company, in addition to its subscription model.
Disclosure: CNBC parent company NBCUniversal is an investor in Hulu, and NBCUniversal parent company Comcast owns Dreamworks Animation. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/hulu-has-more-than-20-million-subscribers-.html |
Michael Porter Jr. played just 53 minutes in three games during his lone year at Missouri, but he wasn’t shy on Thursday when asked where he sees himself among the 2018 NBA Draft’s top prospects.
Mar 16, 2018; Nashville, TN, USA; Missouri Tigers forward Michael Porter Jr. (13) controls the ball against Florida State Seminoles guard CJ Walker during the first half in the first round of the 2018 NCAA Tournament at Bridgestone Arena. Mandatory Credit: Christopher Hanewinckel-USA TODAY Sports “I know without a doubt that I’m the — I played against all these guys, they’re all great players — but I’m the best player in this draft,” Porter told reporters at the NBA Draft Combine in Chicago. “I just can’t wait to show what I’m capable of.”
Considered by many to be the top prospect in his class coming out of high school, Porter exited his first collegiate game in November after just two minutes due to a back injury that required surgery and was expected to keep him out for the rest of the campaign. He returned in early March for the Southeastern Conference tournament and the NCAA Tournament, tallying 28 points and 18 rebounds in 51 minutes as Missouri lost in the first round of both events.
Porter, who turns 20 next month, said Thursday that he initially hurt his back a few years ago. He added he is now “100 percent” after not feeling that way during his final high school seasons.
“I hurt my back sophomore year of high school, going up for a dunk the guy kind of undercut me, fell on my back,” he said. “I tried to play the next day. I should have just rested. All that compensation (for the injury) in the gym just (made it) worse and worse.
“When I had to have the surgery, I kind of just viewed it as a blessing, like a new start, like I could really reach my full potential. (Experts) had me as the No. 1 player in high school, but I didn’t even feel like I was at 100 percent, but I do now, so I’m just excited to show everybody the player that I am, and I’m still the best player.”
Porter added that he would be comfortable letting teams see his medical records.
“(Doctors) said the (injury) site has healed fully,” he said. “I just got to keep up with my stretching, my core exercises. They think I should be fine.”
Once considered a contender to go No. 1 overall, Porter is widely still expected to go in the top 10, and perhaps in the top five.
He said he has already met with the Atlanta Hawks, Cleveland Cavaliers, Dallas Mavericks, Houston Rockets, Los Angeles Clippers, Memphis Grizzlies, New York Knicks, Philadelphia 76ers and Phoenix Suns, and he has meeting scheduled for Friday with the Boston Celtics, Charlotte Hornets, Oklahoma City Thunder and Sacramento Kings. That group would account for every team but two in the top 13 picks of next month’s draft, and other meetings still could be scheduled.
Referring to his lost freshman season, the 6-foot-10 forward said he was “hoping to turn college basketball upside down” like many fellow freshmen, naming Oklahoma’s Trae Young, Arizona’s Deandre Ayton and Duke’s Marvin Bagley III. He added that he now has “a little chip on my shoulder” to prove himself among his peers once again.
“I played against all these guys,” Porter said. “I know they’ve obviously gotten better. They’re all great players. I’m not taking anything away from them. That’s just how I feel (that I am the best of the class). I feel like everybody will know that soon.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-nba-draft-porter/nba-draft-im-the-best-player-in-this-draft-says-missouris-porter-idUSKCN1IJ095 |
World's largest known freshwater pearl to be auctioned in The Hague 00:57
The pearl, known as th Sleeping Lion Pearl is valued between 340,000 and 540,000 euros. narration)
The pearl, known as th Sleeping Lion Pearl is valued between 340,000 and 540,000 euros. narration) //reut.rs/2IQkZEW | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/28/worlds-largest-known-freshwater-pearl-to?videoId=431175883 |
ROANOKE, Va., May 01, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (NASDAQ:RGCO), at its meeting on April 30, 2018, declared a quarterly dividend of $0.155 per share on the Company’s common stock. The dividend will be paid on August 1, 2018 to shareholders of record on July 16, 2018. This is the Company’s 297th consecutive quarterly cash dividend.
RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries including Roanoke Gas Company and RGC Midstream, L.L.C.
From time to time, the Company may publish forward-looking statements relating to such matters as anticipated financial performance, business prospects, technological developments, new products, research and development activities and similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company’s forward-looking statements. Past performance is not necessarily a predictor of future results.
Contact: Paul W. Nester
Vice President and CFO
Telephone: 540-777-3837
Source:RGC Resources Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/globe-newswire-rgc-resources-inc-adeclares-quarterly-dividend.html |
May 9 (Reuters) - Superior Industries International Inc :
* SUPERIOR INDUSTRIES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
* Q1 EARNINGS PER SHARE $0.07 * Q1 SALES $386.4 MILLION VERSUS I/B/E/S VIEW $350.2 MILLION
* SEES FY 2018 SALES $1.45 BILLION TO $1.5 BILLION * QTRLY UNIT SHIPMENTS OF 5.5 MILLION, UP 95% YEAR-OVER-YEAR
* 2018 OUTLOOK REAFFIRMED * Q1 REVENUE VIEW $350.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-superior-industries-international/brief-superior-industries-international-reports-q1-earnings-per-share-of-0-07-idUSASC0A0W8 |
Draftkings CEO talks possible IPO and Esports betting 1:51 PM ET Wed, 23 May 2018 Draftkings CEO Jason Robins discusses the Fanduel deal with Paddy Power and how sports betting has changed after the Supreme Court ruling on gambling. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/draftkings-ceo-talks-possible-ipo-and-esports-betting.html |
May 24, 2018 / 8:37 PM / Updated 3 minutes ago Boxer Copeland, England cricketers recognised for contribution to women's sport Reuters Staff 2 Min Read
(Reuters) - Soccer player-turned-boxer Stacey Copeland was named Sporting Role Model in the individual category while England’s cricketers took the top prize among teams in UK charity Women’s Sport Trust’s #BeAGameChanger Awards on Thursday.
Copeland, who previously played for England’s under-18 side and is one of only six professional female boxers in the UK, was recognised for her efforts to raise the profile of women’s sport last year.
“Why is the Women’s Sport Trust so committed to running the #BeAGameChanger Awards? Because compelling stories about the trailblazers need to be told,” the organisation’s co-founder Jo Bostock said.
“They set the pace and show what’s possible. Most importantly they stimulate other brands, sport and the media to step up and take action. Building this momentum will ensure the future of women’s sport.”
The England women’s cricket team won the ICC World Cup last year by beating India in the final, a match watched by no less than 1.1 million TV viewers across the UK.
Former athlete and double Olympian Lorna Boothe was named Ambassador of Women’s Sport while the England and Wales Cricket Board was named National Governing Body of the Year.
Former England rugby captain and founding member of the Rugby Football Union for Women Carol Isherwood picked up the award for Outstanding Contribution to Women’s Sport. Reporting by Shrivathsa Sridhar in Bengaluru; Editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-sports-women-awards/boxer-copeland-england-cricketers-recognised-for-contribution-to-womens-sport-idUKKCN1IP3JV |
Vehicles will begin streaming across the second and final span of the new $1.5 billion Goethals Bridge on Monday.
The bridge, which carries about 90,000 vehicles each day over a tidal strait between Elizabeth, N.J., and Staten Island, N.Y., is on schedule to be completed on time and within budget, according to the Port Authority of New York and New Jersey.
Once... | ashraq/financial-news-articles | https://www.wsj.com/articles/new-goethals-bridge-set-to-open-to-traffic-on-monday-1526589001 |
May 25, 2018 / 5:01 AM / Updated 13 minutes ago Russia's VTB holds 9.6 pct in En+ after AnAn margin call -bank executive Katya Golubkova , Polina Devitt 4 Min Read
MOSCOW, May 25 (Reuters) - VTB, Russia’s second-largest lender, has increased its stake in sanctions-hit En+, which manages the aluminium and hydropower assets of businessman Oleg Deripaska, after making a margin call on one of En+’s minority shareholders, the bank’s first deputy chief executive said.
VTB had financed the purchase of a 6.25 percent stake in En+ by Singapore’s AnAn Group. Shares in En+ plummeted after Deripaska and his main businesses were included on a U.S. sanctions blacklist.
Speaking on the sidelines of the St Petersburg economic forum, VTB First Deputy CEO Yuri Soloviev said that after the margin call the bank became the owner of the stake in En+ previously held by AnAn.
After the margin call, VTB owns 9.6 percent of En+, Soloviev said.
Singapore’s AnAn Group is a strategic partner of China’s CEFC, and it had bought a 6.25 percent stake in En+ during the company’s London IPO last year.
The bank executive said VTB is also a major creditor of Deripaska’s companies which have been hit by sanctions.
“Our exposure on these (sanctioned) companies of Oleg Deripaska is quite big,” Soloviev said. “The current sanctions restrictions are not working against the creditor. We can accept money from these companies and some of them are repaying their debt in a due form.” DERIPASKA’S CONTROL
Washington has said that it would consider removing Deripaska’s main company - aluminium giant Rusal - from the black list if the businessman drops his control over it.
Deripaska controls Rusal via En+ and has already said that he agreed in principal to reduce his stake in En+ to below 50 percent.
Soloviev said that he believed that there was an active dialogue between the U.S. Office of Foreign Assets Control (OFAC) at the level of shareholders and board of directors at Rusal, En+ and Deripaska’s other sanctioned company - Russia’s biggest van manufacturer GAZ.
“We as well as the market have the expectations that there is the possibility of these companies’ removal from sanctions if the main shareholder reduces his stake to a certain level,” he said.
Soloviev said he believed that the Russian government was unlikely to buy part of Deripaska’s stake in En+ and declined to speculate about any other possible buyers. VTB is controlled by the Russian state.
Deripaska’s companies also own a number of airports in Russia which may raise a sanctions risk for airlines who pay them landing fees. One of the airports is based in the Black Sea resort of Sochi, which will host part of the World Cup tournament starting in June.
Soloviev said that VTB may consider buying the Sochi airport if the bank receives such a proposal. But there is none yet, he added. VTB previously bought a stake in Deripaska’s airport in Gelendzhik, another Black Sea resort.
The VTB executive said the bank would consider granting financing for Qatar’s planned deal to acquire shares in Russian state oil major Rosneft if it receives such a request.
“It would be great to have such a borrower (Qatar) but we are not in this deal (at the moment),” Soloviev added. (Reporting by Katya Golubkova and Polina Devitt; Writing by Polina Devitt; Editing by Cynthia Osterman) | ashraq/financial-news-articles | https://www.reuters.com/article/usa-russia-sanctions-en-vtb/russias-vtb-holds-9-6-pct-in-en-after-anan-margin-call-bank-executive-idUSL5N1SV83W |
LAKELAND, Fla.--(BUSINESS WIRE)-- Publix is pleased to announce the acquisition of a lease from BI-LO. The site is located at Seneca 130 Plaza — 115 Rochester Highway, Seneca, South Carolina.
“I’m excited for the opportunity to bring Publix to Seneca,” said CEO & President Todd Jones. “Our associates are champions at bringing the Publix culture and service to new areas, and we look forward to building strong relationships within this community.”
The grand opening date has not yet been confirmed. Financial terms of the transaction were not disclosed.
Publix is privately owned and operated by its more than 190,000 employees, with 2017 sales of $34.6 billion. Currently, Publix has 1,186 stores in Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina and Virginia. The company has been named one of Fortune’s 100 Best Companies to Work For in America for 21 consecutive years. In addition, Publix’s dedication to superior quality and customer service is recognized among the top in the grocery business. For more information, visit the company’s website, corporate.publix.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180531005710/en/
Publix
Maria Brous, 863-680-5339
Source: Publix | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/business-wire-publix-acquires-bi-lo-lease.html |
Kim Yong Chol: the man sent by Pyongyang Wednesday, May 30, 2018 - 02:08
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump. ▲ Hide Transcript ▶ View Transcript
When Kim Yong Chol lands in New York this week, he will become the most senior North Korean envoy to hold talks with American officials on U.S. soil in 18 years. The former spy chief is a trusted adviser to North Korean leader Kim Jong Un, playing a pivotal role in preparations for an historic summit between Kim and U.S. President Donald Trump. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://in.reuters.com/video/2018/05/30/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/30/kim-yong-chol-the-man-sent-by-pyongyang?videoId=431666254 |
Improved Margins Drove Adjusted EBITDA Higher in Q1 2018 by More than 300% from Q4 2017
Recent Logistics Enhancements Increase Q2 2018 Sales Volumes Guidance to 130,000 to 150,000 Tons
Executing on Plans to Expand Production Capacity by 67% to 1 Million Tons Per Year
VANCOUVER, British Columbia, May 17, 2018 (GLOBE NEWSWIRE) -- Select Sands Corp. (“Select Sands” or the “Company”) (TSXV:SNS) (OTC:SLSDF) today announced operational and financial results for the first quarter of 2018 and the filing of its financial statements and associated management’s discussion and analysis on www.sedar.com . As previously announced, the Company’s financial statements are presented in U.S. dollars to better reflect Select Sands’ operations and to improve investors’ ability to compare the Company’s financial results with other publicly traded silica sand businesses in the United States. Prior to reporting its fourth quarter and full year results, Select Sands’ financial statements were stated in Canadian dollars.
2018 First Quarter and Recent Operational Highlights
Sold 92,215 tons of frac sand, which was in-line with Select Sands' guidance; Completed construction of a direct private road from the Sandtown mining operations to the main highway that lowers transportation cost due to reduced mileage to the Company’s processing facilities, while promoting Select Sands’ commitment to safety by preventing loaded trucks from traveling on local streets; Enhanced shipping capabilities through increased barging of frac sand with this mode of delivery representing as much as 40% of outbound volumes in recent months; Increased monthly sales throughout the first quarter of a new 30/50 mesh product introduced to the market during the fourth quarter of 2017; Further bolstered liquidity through an increase in the Company’s line of credit from $2.0 million to $5.0 million; On April 4, exercised option to purchase 223 acres of property in Independence County, Arkansas (the “Independence Property”), to serve as a platform to support Select Sands' expansion initiatives; and On May 3, secured a $3.9 million capital expenditure line of credit to fund the near-term expansion project on the Independence property designed to increase production capacity to 1 million tons per year.
2018 First Quarter Financial Highlights
Increased revenue to $5.7 million in the first quarter of 2018 from $1.1 million in the first quarter of 2017 – more than a 400% increase year-over-year. Revenues for the fourth quarter 2017 were $6.5 million; Grew gross profit approximately 10% to $1.3 million from $1.2 million in the fourth quarter of 2017, with first quarter 2018 gross margin of 23.4% representing a 500-basis points improvement from the preceding quarter; Increased operating income to $0.7 million, which was a substantial improvement from the operating loss of $2.4 million for the first quarter of 2017 and $0.0 million for the fourth quarter 2017; Reported net income of $0.6 million, or $0.01 earnings per basic and diluted common share, compared to a net loss of $2.3 million in the first quarter of 2017 and net income of $1.3 million for the preceding quarter; Generated adjusted EBITDA (1) of $0.8 million – a significant increase from the adjusted EBITDA loss of $0.5 million reported for the first quarter of 2017 and almost 320% higher than fourth quarter adjusted EBITDA of $0.2 million; and As of March 31, 2018, cash and cash equivalents were $1.2 million, inventory on hand was $2.1 million, accounts receivable was $4.7 million and working capital was $5.5 million.
(1) Adjusted EBITDA is a non-IFRS financial measure and is described and reconciled to net loss in the table under “Non-IFRS Financial Measures”.
Zig Vitols, President and Chief Executive Officer, commented, “As previously announced, during the first quarter we experienced widely-reported rail associated logistics issues at transload locations as well as extensive flooding on the Mississippi River that impacted our barge loading activities. Despite these headwinds, during the month of March we recorded the second highest level of monthly sales volumes since the start of operations at the beginning of 2017, which was a direct result of the tireless efforts of our operations and marketing teams. Partially offsetting lower sales volumes for the first quarter was a 14% average increase in pricing that reflected proactive initiatives implemented in late December and throughout the first quarter, as well as further improvements in both our operational and corporate cost structure.”
Sales Volumes
Q1 2018 Q1 2017 Q4 2017 Frac sand 92,191 19,968 113,123 Industrial sand 24 2,720 - Frac and Industrial sand 92,215 22,688 113,123 Other sand & gravel 8,058 6,801 4,288 100,273 29,489 117,411 Supported by recent logistics enhancements, Select Sands expects frac and industrial sales volumes of 130,000 to 150,000 tons for the second quarter of 2018, an increase from its previous guidance of 120,000 to 140,000 tons.
Expansion Initiatives
As previously announced, the Company recently exercised its option to purchase the 223 acres comprising the Independence Property. The property is designed to serve as a platform to support Select Sands' near- and long-term operational and capacity expansion initiatives. The Company recently secured $3.9 million financing for a near-term expansion project on the Independence Property to increase production capacity from 600,000 to 1 million tons per year and is positioned for further growth given the property’s unique characteristics. Highlights and features of the Independence Property include: Sufficient acreage to complete the current expansion, with additional acreage available for future expansion of a new-build facility; Well suited for a future potential build of a 110-150 railcar loop track for efficient and economical loading of finished products; Elevated above the floodplain allowing for uninterrupted operations; Access to natural gas, three-phase electricity and water; and Located next to a large coal power plant and adjacent to a state highway.
Financial Summary
The following table includes summarized financial results for the three months ended March 31, 2018, March 31, 2017 and December 31, 2017:
Select Sands Corp. Summarized Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Expressed in United States Dollars) (Unaudited) For the Three Months Ended March 31, March 31, December 31, 2018 2017 2017 Revenue $ 5,655,410 $ 1,101,793 $ 6,548,099 Cost of goods sold (excluding depreciation and depletion) 4,331,344 1,334,134 5,342,336 Gross Profit (Loss) $ 1,324,066 $ (232,341) $ 1,205,763 General and administrative ("G&A") expenses (1) 396,694 2,027,709 906,651 Depreciation and depletion 225,233 91,622 237,954 Interest on long-term debt 32,169 - 61,940 Operating Income (Loss) $ 669,970 $ (2,351,672) $ (782) Interest income 2,783 7,874 2,542 Foreign exchange (loss) gain (100,866) 129,173 (176,968) Share of income (loss) in equity investee 2,171 (118,643) (26,139) Provision for impairment - Investment in affiliate - - (849,289) Income (Loss) Before Income Taxes $ 574,058 $ (2,333,268) $ (1,050,636) Deferred income tax recovery - - 2,356,000 Net Income (Loss) $ 574,058 $ (2,333,268) $ 1,305,364 Foreign currency translation adjustment (4,446) (233,220) 1,095,486 Comprehensive Income (Loss) $ 569,612 $ (2,566,488) $ 2,400,850 Basic and Diluted Earnings (Loss) Per Common Share $ 0.01 $ (0.03) $ 0.02 Weighted average number of shares outstanding 88,313,316 85,484,729 87,784,895 Adjusted EBITDA (2) $ 830,478 $ (463,826) $ 198,089 (1) Includes non-cash share-based compensation of $1,189, $1,659,177 and $73,403 for the first quarter 2018, first quarter 2017 and fourth quarter 2017, respectively. (2) Excludes depreciation and depletion, non-cash share-based compensation, interest on long-term debt, share of (income) loss in equity investee, provision for impairment - investment in affiliate and deferred income tax recovery. See table under "Non-IFRS Financial Measures” for reconciliation to net income (loss).
Outlook
Mr. Vitols concluded, “The significant progress we made during the first quarter in all facets of the business ideally positions us for further growth through the remainder of the 2018. During the second quarter, we expect to produce and deliver product at or near our current capacity rate of approximately 600,000 tons per year and will benefit from a full period of pricing increases that were implemented through the first quarter. We are also making important progress on our adjacent Independence Property, including recently securing financing to support construction of an additional 400,000 tons of production capacity – a 67% increase from current levels. We are now in the process of securing the necessary processing equipment with project completion scheduled for the second half of the year. Our decision to move forward with the expansion is supported by the outlook for continued growing demand for our high-quality silica products and our strategic location within striking distance of key oil and gas basins in the U.S. We look forward to evaluating opportunities for capacity expansion beyond our current plans at the appropriate point in the future.”
Elliott A. Mallard, PG of Kleinfelder is the qualified person as per the NI-43-101 and has reviewed and approved the technical contents of this news release.
Conference Call Information
The Company will host a conference call on May 18, 2018 at 11:00 a.m. Eastern (EDT) to discuss its first quarter 2018 results. To access the conference call, callers in North America may dial toll free 1-855-669-9657 and callers outside North America may dial 1-412-542-4135 . Please call ten minutes ahead of the scheduled start time to ensure a proper connection and ask to be joined into the Select Sands call.
A playback of the conference call will be available in MP3 format by contacting investor relations below.
About Select Sands Corp.
Select Sands Corp. is an industrial Silica Product company developing its 100% owned, 520-acre Northern White, Tier-1, silica sands project located in Arkansas, U.S.A. Select Sands’ Arkansas property has a logistical advantage of being significantly closer to oil and gas markets located in Oklahoma, Texas, New Mexico, Colorado and Louisiana than Wisconsin sources. The Tier-1 reference above is a classification of frac sand developed by PropTester, Inc., an independent laboratory specializing in the research and testing of products utilized in hydraulic fracturing & cement operations, following ISO 13503-2:2006/API RP19C:2008 standards.
Select Sands’ Sandtown project has NI 43-101 compliant Indicated Mineral Resources of 42.0MM tons (TetraTech Report; February, 2016) and Bell Farm has Inferred Mineral Resources of 49.6MM tons (Kleinfelder Report; April, 2017). Both deposits are considered Northern White finer-grade sand deposits of 40-70 Mesh and 100 Mesh.
Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. The forward-looking statements in this press release relate to enhancements in logistics capabilities, continued growth in frac sand sales volumes, opportunity for increased shipments by barge, and further capacity expansion. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
Company Contact
Please visit www.selectsandscorp.com or call:
Zigurds Vitols
President & CEO
Phone: (604) 639-4533
Investor Relations Contact
Arlen Hansen
[email protected]
Phone: (604) 684-6730
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Select Sands Corp. Consolidated Interim Statements of Operations and Comprehensive Income (Loss) (Expressed in United States Dollars) (Unaudited) For the Three Months Ended March 31, March 31, 2018 2017 Revenue $ 5,655,410 $ 1,101,793 Cost of Goods Sold (excluding depreciation and depletion) 4,331,344 1,334,134 Gross Profit (Loss) 1,324,066 (232,341) Operating Expenses Compensation and consulting 246,786 200,556 Depreciation and depletion 225,233 91,622 Interest on long-term debt 32,169 - Selling, general and administrative 148,719 167,976 Share-based compensation 1,189 1,659,177 Total Operating Expenses 654,096 2,119,331 Operating Income (Loss) 669,970 (2,351,672) Other (Expense) Income Interest income 2,783 7,874 Foreign exchange (loss) gain (100,866) 129,173 Share of income (loss) in equity investee 2,171 (118,643) Total Other (Expense) Income (95,912) 18,404 Net Income (Loss) 574,058 (2,333,268) Other Comprehensive (Loss) Foreign currency translation adjustment (4,446) (233,220) Comprehensive Income (Loss) $ 569,612 $ (2,566,488) Basic and Diluted Earnings (Loss) Per Common Share $ 0.01 $ (0.03) Weighted Average Number of Shares Outstanding 88,313,316 85,484,729
Select Sands Corp. Consolidated Interim Statements of Financial Position (Expressed in United States Dollars) (Unaudited) As at March 31, December 31, 2018 2017 ASSETS Current Cash and cash equivalents $ 1,171,066 $ 2,047,515 Accounts receivable 4,680,416 3,385,597 Inventory 2,061,645 1,961,573 Prepaid expenses 96,740 83,223 Total Current Assets 8,009,867 7,477,908 Deposits 364,580 364,580 Deferred income taxes 2,300,270 2,356,000 Investment in Affiliate 1,243,017 1,275,409 Property, Plant and Equipment 13,429,964 13,415,238 Total Assets $ 25,347,698 $ 24,889,135 LIABILITIES Current Accounts payable and accrued liabilities $ 1,595,895 $ 1,418,182 Short-term loan 200,000 - Current portion of long-term debt 675,600 778,051 Total Current Liabilities 2,471,495 2,196,233 Long-term Debt 1,896,596 2,284,096 Total Liabilities 4,368,091 4,480,329 EQUITY Share Capital 34,717,344 34,717,344 Share-based Payment Reserve 4,875,420 4,874,231 Accumulated Other Comprehensive Income 53,092 57,538 Deficit (18,666,249) (19,240,307) Total Equity 20,979,607 20,408,806 Total Liabilities and Equity $ 25,347,698 $ 24,889,135
Select Sands Corp. Consolidated Interim Statements of Cash Flows (Expressed in United States Dollars) (Unaudited) For the Three Months Ended March 31, March 31, 2018 2017 Operating Activities Net icome (loss) for the period $ 574,058 $ (2,333,268) Adjustments for non-cash items: Depreciation and depletion 225,233 91,622 Share-based compensation 1,189 1,659,177 Foreign exchange 85,847 (232,600) Share of (income) loss in equity investee (2,171) 118,643 Accretion on finance leases 14,694 - Changes in non-cash operating assets and liabilities: Accounts receivable (1,294,819) (980,545) Inventory (100,072) (605,737) Prepaid expenses (13,517) (7,843) Accounts payable and accrued liabilities 173,561 198,016 Deferred revenue - 177,237 Total Cash Used in Operating Activities (335,997) (1,915,298) Investing Activities Deposits - (181,360) Property, plant and equipment (343,618) (2,501,289) Total Cash Used in Investing Activities (343,618) (2,682,649) Financing Activities Warrants exercised - 568,566 Options exercised - 294,115 Proceeds from short-term loan 200,000 - Principal repayments of long-term debt (500,493) - Total Cash (Used in) Provided by Financing Activities (300,493) 862,681 Effect of Exchange Rate Changes on Cash 103,659 92,681 (Decrease) in Cash and Cash Equivalents (876,449) (3,642,585) Cash and Cash Equivalents, Beginning of Period 2,047,515 8,770,627 Cash and Cash Equivalents, End of Period $ 1,171,066 $ 5,128,042
Non-IFRS Financial Measures
The following information is included for convenience only. Generally, a non-IFRS financial measure is a numerical measure of a company’s performance, cash flows or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS. Adjusted EBITDA is not a measure of financial performance (nor does it have a standardized meanings) under IFRS. In evaluating non-IFRS financial measures, investors should consider that the methodology applied in calculating such measures may differ among companies and analysts.
The Company uses both IFRS and certain non-IFRS measures to assess operational performance and as a component of employee remuneration. Management believes certain non-IFRS measures provide useful supplemental information to investors in order that they may evaluate Select Sands' financial performance using the same measures as management. Management believes that, as a result, the investor is afforded greater transparency in assessing the financial performance of the Company. These non-IFRS financial measures should not be considered as a substitute for, nor superior to, measures of financial performance prepared in accordance with IFRS.
Reconciliation of Net (Loss) Income to EBITDA to Adjusted EBITDA: For the Three Months Ended March 31, March 31, December 31, 2018 2017 2017 Net Income (Loss) $ 574,058 $ (2,333,268) $ 1,305,364 Add Back Depreciation and depletion 225,233 91,622 237,954 Share-based compensation 1,189 1,659,177 73,403 Interest on long-term debt 32,169 - 61,940 Deferred income tax recovery - - (2,356,000) EBITDA $ 832,649 $ (582,469) $ (677,339) Add Back Share of (income) loss of equity investee (2,171) 118,643 26,139 Provision for impairment in Investment in affiliate - - 849,289 Adjusted EBITDA $ 830,478 $ (463,826) $ 198,089
The Company defines Adjusted EBITDA as net income (loss) before finance costs, income taxes, depreciation and amortization, non-cash share-based compensation, loss from flooding at its plant, and gain on sale of fixed assets. Select Sands uses Adjusted EBITDA as a supplemental financial measure of its operational performance. Management believes Adjusted EBITDA to be an important measure as they exclude the effects of items that primarily reflect the impact of long-term investment and financing decisions, rather than the performance of the Company’s day-to-day operations. As compared to net income according to IFRS, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues in the Company's business, the charges associated with impairments, termination costs or Proposed Transaction costs. Management evaluates such items through other financial measures such as capital expenditures and cash flow provided by operating activities. The Company believes that these measurements are useful to measure a company’s ability to service debt and to meet other payment obligations or as a valuation measurement.
Indicated Resources Disclosure
The Company advises that the production decision on the Sandtown deposit (the Company’s current “Sand Operations”) was not based on a Feasibility Study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will occur as anticipated or that anticipated production costs will be achieved.
Source: Select Sands Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-select-sands-reports-first-quarter-2018-results.html |
Facebook has so far suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data, in a response to a scandal around political consultancy Cambridge Analytica.
The apps were suspended pending a thorough investigation into whether they misused any data, said Ime Archibong, Facebook's vice president of product partnerships.
Facebook said it has looked into thousands of apps till date as part of an investigation that Chief Executive Officer Mark Zuckerberg announced on March 21.
Zuckerberg had said the social network will investigate all apps that had access to large amounts of information before the company curtailed data access in 2014.
"There is a lot more work to be done to find all the apps that may have misused people's Facebook data and it will take time," Archibong said.
"We have large teams of internal and external experts working hard to investigate these apps as quickly as possible."
Facebook was hit by the privacy scandal in mid-March after media reports that Cambridge Analytica improperly accessed data to build profiles on American voters and influence the 2016 presidential election.
The incident led to a backlash from celebrities and resulted in the company losing billions in market value. Zuckerberg apologized for the mistakes his company made and testified before the U.S. lawmakers.
The company, however, regained much of its lost market value after it reported a surprisingly strong 63 percent rise in profit and an increase in users when it announced quarterly results on April 25.
Shares of the company were up 0.4 percent at $87.65 in premarket trading on Monday. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/facebook-suspends-200-apps-in-an-investigation-of-apps-that-had-access-to-large-quantities-of-user-data.html |
AT&T CEO: Hiring Michael Cohen was a bad mistake 33 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/30/att-ceo-michael-cohen-mistake.html |
May 22 (Reuters) - Titanium Corporation Inc:
* TITANIUM CORPORATION REPORTS FIRST QUARTER MARCH 31, 2018 RESULTS AND PROVIDES OPERATIONAL UPDATE
* Q1 LOSS PER SHARE C$0.02 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-titanium-corp-reports-q1-loss-per/brief-titanium-corp-reports-q1-loss-per-share-c0-02-idUSASC0A3AU |
April 30 (Reuters) - ZASTAL SA:
* REPORTED ON SUNDAY FY NET LOSS OF 5.4 MILLION ZLOTYS VERSUS LOSS OF 42.2 MILLION ZLOTYS YEAR AGO
* FY REVENUE 58.2 MILLION ZLOTYS VERSUS 51.2 MILLION ZLOTYS YEAR AGO
* MAIN FACTORS AFFECTING RESULT WERE WRITE-DOWNS ON THE VALUE OF THE COMPANY’S FINANCIAL CAPITAL AND LOSS-MAKING ACTIVITY RELATED TO METAL PRODUCTION
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S70JE |
IRVINE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Evolus, Inc. (NASDAQ:EOLS) (“Evolus”), a lifestyle aesthetics company focused on delivering advanced aesthetic procedures and treatments to physicians and consumers, today reported financial results for the first quarter ended March 31, 2018.
First Quarter 2018 and Recent Highlights:
Raised gross proceeds of approximately $60.6 million through the sale of 5,047,514 shares of common stock at a price of $12.00 per share in an initial public offering; Presented European and Canadian Phase III EVB-003 head-to-head comparative trial data at the American Academy of Dermatology 2018 Annual Meeting, the 2018 Aesthetic and Anti-Aging Medicine World Congress and The Aesthetic Meeting, hosted by The American Society of Aesthetic Plastic Surgery. Appointed David Moatazedi as President and Chief Executive Officer
David Moatazedi, President and Chief Executive Officer of Evolus, said, "Our objective is to build the most dynamic customer centric platform company in aesthetics. I believe that we are optimally positioned to do so with our anticipated introduction of DWP-450, particularly following our initial public offering completed in February. In the first quarter, we began preparing our corporate and commercial infrastructure expansion and maintained a strong presence at a number of leading medical meetings to showcase our compelling phase III clinical data."
First Quarter 2018 Financial Results
Operating expenses in the first quarter of 2018 were $6.0 million, an increase of 52% from $4.0 million in the first quarter of 2017. The increase was primarily attributable to an increase in costs related to becoming a public company and higher headcount, offset by a reduction in clinical trial costs associated with completion of Evolus' Phase III clinical trials and a reduction in related expenses allocated to Evolus from ALPHAEON Corporation, Evolus’ sole stockholder prior to Evolus' initial public offering.
Net loss for the first quarter of 2018 was $6.2 million or $0.30 basic and diluted net loss per share, compared with a net loss of $4.0 million, or $0.24 basic and diluted net loss per share, for the first quarter of 2017.
Total cash and cash equivalents were $49.6 million as of March 31, 2018.
About Evolus, Inc.
Evolus is a lifestyle aesthetics company dedicated to bringing advanced aesthetic procedures and treatments to physicians and consumers. Evolus focuses on the self-pay aesthetic market and its lead product candidate DWP-450 (prabotulinumtoxinA), an injectable 900 kilodalton purified botulinum toxin type A complex.
EVOLUS™ and the Evolus logo are trademarks of Evolus, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Forward-Looking Statements
Statements made in this press release that relate to future plans, events, financial results, prospects or performance are as defined under the Private Securities Litigation Reform Act of 1995. While they are based on the current expectations and beliefs of management, such are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Evolus’ periodic filings with the Securities and Exchange Commission, including factors described in the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the Securities and Exchange Commission on March 29, 2018, all of which are available online at www.sec.gov . All statements, other than statements of historical fact, are statements that could be deemed , including statements containing the words "planned," "expect," "believes," "strategy," "opportunity," "anticipates," "outlook," "designed," and similar words. Readers are cautioned not to place undue reliance on these , which speak only as of the date hereof. Except as required by law, Evolus undertakes no obligation to update or revise any to reflect new information, changed circumstances or unanticipated events.
Evolus Contacts:
Investor Contact:
Brian Johnston, The Ruth Group
Tel: +1 646-536-7000
Email: [email protected]
Media Contact:
Kirsten Thomas, The Ruth Group
Tel: +1-508-280-6592
Email: [email protected]
Evolus, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended
March 31, 2018 2017 Operating expenses: Research and development $ 1,678 $ 2,651 General and administrative 3,467 1,215 Revaluation of contingent royalty obligation payable to related party 900 — Depreciation and amortization — 111 Total operating expenses 6,045 3,977 Loss from operations (6,045 ) (3,977 ) Other expense: Interest expense, net 107 1 Loss before taxes (6,152 ) (3,978 ) Income tax expense 10 20 Net loss and comprehensive loss $ (6,162 ) $ (3,998 ) Net loss per share, basic and diluted $ (0.30 ) $ (0.24 ) Weighted-average shares outstanding used to compute basic and diluted net loss per share 20,226,460 16,527,000 Evolus, Inc.
Condensed Balance Sheets
(in thousands, except share data)
March 31, 2018 December 31, 2017 (unaudited) ASSETS Current assets Cash and cash equivalents $ 49,570 $ — Prepaid expenses and other current assets 541 185 Related party receivable — 72,639 Total current assets 50,111 72,824 Intangible asset 56,076 56,076 Goodwill 21,208 21,208 Other assets — 2,125 Total assets $ 127,395 $ 152,233 LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) Current Liabilities Accounts payable $ 547 $ 445 Related party accounts payable 730 — Related party borrowings — 72,639 Accrued expenses 2,352 977 Note obligation — 138,687 Total current liabilities 3,629 212,748 Deferred rent 35 38 Contingent royalty obligation payable to related party 40,600 — Contingent promissory note payable to related party 16,149 — Deferred tax liability 15,000 14,990 Total liabilities 75,413 227,776 Commitments and contingencies Stockholders’ equity (deficit) Convertible Series A Preferred, $0.00001 par value; no shares authorized; 0 and 1,250,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively — — Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; no shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively — — Common Stock, $0.00001 par value; 100,000,000 shares authorized; 23,640,389 and 16,527,000 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 1 — Additional paid-in capital 134,301 — Accumulated deficit (82,320 ) (75,543 ) Total stockholders’ equity (deficit) 51,982 (75,543 ) Total liabilities and stockholders’ equity (deficit) $ 127,395 $ 152,233
Source: Evolus | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-evolus-reports-first-quarter-2018-financial-results.html |
After the tech sector jumps 4% in a week 36 Mins Ago Kensho stat of the day. The tech sector has jumped 4% in the last week. After a similar move the trend tends to continue with the group out pacing the S&P | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/after-the-tech-sector-jumps-4-percent-in-a-week.html |
May 9 (Reuters) - Core Molding Technologies Inc:
* CORE MOLDING TECHNOLOGIES REPORTS FIRST QUARTER 2018 RESULTS
* Q1 EARNINGS PER SHARE $0.19 EXCLUDING ITEMS * Q1 SALES $63 MILLION VERSUS $36.7 MILLION Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-core-molding-technologies-reports/brief-core-molding-technologies-reports-q1-earnings-per-share-0-19-excluding-items-idUSASC0A0YR |
JACKSONVILLE, Fla., May 2, 2018 /PRNewswire/ -- Fidelity National Financial, Inc. (NYSE:FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today reported operating results for the three-month period ended March 31, 2018.
Total revenue of approximately $1.7 billion in the first quarter versus $1.6 billion in 2017 First quarter net earnings of $97 million and adjusted net earnings of $118 million versus net earnings from continuing operations of $61 million and adjusted net earnings from continuing operations of $99 million for 2017 First quarter diluted EPS of $0.35 and adjusted diluted EPS of $0.42 versus diluted EPS from continuing operations of $0.22 and adjusted diluted EPS from continuing operations of $0.35 in 2017
Title
Total revenue of approximately $1.6 billion versus approximately $1.6 billion in total revenue in 2017 Pre-tax earnings of $163 million and adjusted pre-tax earnings of $186 million versus pre-tax earnings of $151 million and adjusted pre-tax earnings of $175 million in 2017 Pre-tax title margin of 10.3% and adjusted pre-tax title margin of 11.7% versus pre-tax title margin of 9.6% and adjusted pre-tax title margin of 11.1% in 2017 First quarter purchase orders opened and closed increased by 4% and decreased by 1%, respectively, versus 2017 Total commercial revenue of $230 million, a 3% increase over total commercial revenue in 2017, driven by a 5% increase in closed orders and a 3% decline in total commercial fee per file; first quarter total commercial open orders increased 7% compared to the prior year Overall first quarter average fee per file of $2,344, a 9% increase versus 2017
Title Orders
Direct Orders Opened *
Direct Orders Closed *
Month
/ (% Purchase)
/ (% Purchase)
January 2018
158,000
62%
101,000
58%
February 2018
148,000
66%
96,000
62%
March 2018
172,000
69%
116,000
66%
First Quarter 2018
478,000
66%
313,000
62%
Direct Orders Opened *
Direct Orders Closed *
Month
/ (% Purchase)
/ (% Purchase)
January 2017
144,000
62%
112,000
53%
February 2017
145,000
64%
99,000
57%
March 2017
183,000
65%
123,000
64%
First Quarter 2017
472,000
64%
334,000
58%
* Includes an immaterial number of non-purchase and non-refinance orders
Open
Closed
Commercial
Commercial
Commercial
Revenue
Commercial
Orders
Orders
(In millions)
Fee Per File
First Quarter 2018 - Total Commercial
52,800
31,500
$230
$7,300
First Quarter 2017 - Total Commercial
49,400
30,000
$224
$7,500
"The first quarter was a solid start to the year for our title business, as we grew adjusted pre-tax title earnings by $11 million versus 2017 and produced an 11.7% adjusted pre-tax title margin, a 60 basis point improvement over the prior year," said Chairman William P. Foley, II. "We feel our title business is well positioned as we enter the seasonally stronger spring and summer months.
"In January, our board decided to raise our first quarter 2018 cash dividend to $0.30 per share, an 11% increase from the fourth quarter 2017 dividend of $0.27, which itself was an 8% increase from our third quarter 2017 dividend of $0.25. We continue to seek ways to maximize the return of value to our shareholders.
"In March, we announced the acquisition of Stewart Information Services. Since that announcement, we have begun the regulatory process necessary to get the deal approved. There are a number of state and federal filings needed, but the two major filings are the HSR Antitrust filing and the Form A filings with the states of Texas and New York, as those are the states of domicile for the two major Stewart underwriters. We made the initial HSR filing on March 30, 2018, and will work through the anticipated information requests over the coming months. We filed the Form A's with Texas and New York on April 27, 2018, and will wait for any feedback or information requests from those states.
"Also, over the last six weeks or so, our management and Stewart management have held more than twenty town hall style meetings for Stewart employees at locations around the country. At those employee meetings, we reiterated our intent to preserve the Stewart legacy as a part of our long-time, successful strategy of operating multiple title insurance brands under the FNF umbrella. The meetings were well received and we consistently heard the employee excitement of putting the prolonged uncertainty that has existed at Stewart behind them and a desire to getting back to a focus on their customers and growing their brand."
Conference Call
We will host a call with investors and analysts to discuss first quarter 2018 FNF results on Thursday, May 3, 2018, beginning at 1:30 p.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com . The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com . The telephone replay will be available from 3:30 p.m. Eastern time on May 3, 2018, through May 10, 2018, by dialing 800-475-6701 (USA) or 320-365-3844 (International). The access code will be 447137.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation's largest title insurance company through its title insurance underwriters - Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York - that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com .
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, FNF has provided non-GAAP financial measures, which it believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted pre-tax earnings, adjusted pre-tax earnings from continuing operations, adjusted pre-tax earnings as a percentage of adjusted revenue (adjusted pre-tax title margin), adjusted pre-tax earnings from continuing operations as a percentage of adjusted revenue (adjusted pre-tax title margin from continuing operations). adjusted net earnings, adjusted net earnings from continuing operations, adjusted EPS and adjusted EPS from continuing operations.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings. Further, FNF's non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP measures to related GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business and political conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; the risk that Stewart Information Services Corporation ("Stewart") stockholders may not adopt the merger agreement; the risk that the necessary regulatory approvals may not be obtained or may be obtained subject to conditions that are not anticipated; risks that any of the closing conditions to the proposed merger may not be satisfied in a timely manner; the risk that the businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the acquisition will not be realized; and other risks detailed in the "Statement Regarding Forward-Looking Information," "Risk Factors" and other sections of FNF's Form 10-K and other filings with the Securities and Exchange Commission ("SEC").
Important Information Will be Filed with the SEC
This communication may be deemed to be solicitation material in respect of the proposed merger between FNF and Stewart. In connection with the proposed merger, FNF intends to file a registration statement on Form S-4, containing a proxy statement/prospectus with the SEC. STOCKHOLDERS OF STEWART ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT/PROSPECTUS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders will be able to obtain copies of the proxy statement/prospectus as well as other filings containing information about FNF and Stewart, without charge, at the SEC's website, sec.gov . Copies of documents filed with the SEC by FNF will be made available free of charge on FNF's investor relations website. Copies of documents filed with the SEC by Stewart will be made available free of charge on Stewart's investor relations website.
FNF and Stewart, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the merger agreement. Information regarding the directors and executive officers of FNF is contained in FNF's Form 10-K for the year ended December 31, 2017 and its preliminary proxy statement filed on April 19, 2018, which are filed with the SEC. Information regarding Stewart's directors and executive officers is contained in Stewart's Form 10-K for the year ended December 31, 2017 and its proxy statement filed on April 23, 2018, which are filed with the SEC. A more complete description will be available in the Registration Statement and the proxy statement/prospectus.
This communication shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
FNF-E
SOURCE: Fidelity National Financial, Inc.
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated
Title
Corporate and Other
Three Months Ended
March 31, 2018
Direct title premiums
$
472
$
472
$
—
Agency title premiums
564
564
—
Escrow, title related and other fees
618
516
102
Total title and escrow
1,654
1,552
102
Interest and investment income
38
37
1
Realized gains and losses, net
1
1
—
Total revenue
1,693
1,590
103
Personnel costs
607
579
28
Agent commissions
431
431
—
Other operating expenses
423
330
93
Depreciation and amortization
47
40
7
Claim loss expense
47
47
—
Interest expense
11
—
11
Total expenses
1,566
1,427
139
Pre-tax earnings (loss)
$
127
$
163
$
(36)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net
(1)
(1)
—
Purchase price amortization
29
23
6
Other adjustments
3
1
2
Total non-GAAP adjustments before taxes
$
31
$
23
$
8
Adjusted pre-tax earnings (loss)
$
158
$
186
$
(28)
Adjusted pre-tax margin
9.3
%
11.7
%
—
Pre-tax earnings (loss)
$
127
$
163
$
(36)
Income tax expense (benefit)
31
40
(9)
Earnings from equity investments
2
1
1
Non-controlling interests
1
1
—
Net earnings (loss) attributable to FNF, Inc. common shareholders
$
97
$
123
$
(26)
EPS attributable to FNF, Inc. common shareholders - basic
$
0.36
EPS attributable to FNF, Inc. common shareholders - diluted
$
0.35
FNF, Inc. weighted average shares - basic
273
FNF, Inc. weighted average shares - diluted
280
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated
Title
Corporate and Other
Three Months Ended
March 31, 2018
Net earnings (loss) attributable to FNF, Inc. common shareholders
$
97
$
123
$
(26)
Total non-GAAP, pre-tax adjustments
$
31
$
23
$
8
Income taxes on non-GAAP adjustments
(7)
(5)
(2)
Noncontrolling interest on non-GAAP adjustments
(3)
(3)
—
Total non-GAAP adjustments
$
21
$
15
$
6
Adjusted net earnings (loss) attributable to FNF, Inc. common shareholders
$
118
$
138
$
(20)
Adjusted EPS attributable to FNF, Inc. common shareholders - diluted
$
0.42
Direct orders opened (000's)
478
478
Direct orders closed (000's)
313
313
Fee per file
$
2,344
$
2,344
Actual title claims paid
$
51
$
51
Cash flows provided by operations
$
18
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated
Title
Corporate and Other
Three Months Ended
March 31, 2017
Direct title premiums
$
465
$
465
$
—
Agency title premiums
583
583
—
Escrow, title related and other fees
571
496
75
Total title and escrow
1,619
1,544
75
Interest and investment income
28
28
—
Realized gains and losses, net
(4)
(2)
(2)
Total revenue
1,643
1,570
73
Personnel costs
569
548
21
Agent commissions
446
446
—
Other operating expenses
389
335
54
Depreciation and amortization
43
38
5
Claim loss expense
52
52
—
Interest expense
16
—
16
Total expenses
1,515
1,419
96
Pre-tax earnings (loss) from continuing operations
$
128
$
151
$
(23)
Non-GAAP adjustments before taxes
Realized (gains) and losses, net
4
2
2
Purchase price amortization
26
22
4
Total non-GAAP adjustments before taxes
$
30
$
24
$
6
Adjusted pre-tax earnings (loss) from continuing operations
$
158
$
175
$
(17)
Adjusted pre-tax margin from continuing operations
9.6
%
11.1
%
—
Pre-tax earnings (loss) from continuing operations
$
128
$
151
$
(23)
Income tax expense (benefit)
69
78
(9)
Earnings (loss) from equity investments
1
2
(1)
Earnings from discontinued operations, net of tax
21
—
21
Non-controlling interests
9
(1)
10
Net earnings (loss) attributable to FNF, Inc. common shareholders
$
72
$
76
$
(4)
Net earnings attributable to FNFV Group common shareholders
$
1
$
—
$
1
Net earnings (loss) attributable to FNF Group common shareholders
$
71
$
76
$
(5)
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
$
61
$
76
$
(15)
EPS attributable to FNF, Inc. common shareholders - basic
$
0.26
EPS attributable to FNF, Inc. common shareholders - diluted
$
0.25
EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
$
0.22
FNF, Inc. weighted average shares - basic
271
FNF, Inc. weighted average shares - diluted
279
FIDELITY NATIONAL FINANCIAL, INC.
FIRST QUARTER SEGMENT INFORMATION
(In millions, except order information in thousands)
(Unaudited)
Consolidated
Title
Corporate and Other
Three Months Ended
March 31, 2017
Net earnings (loss) attributable to FNF, Inc. common shareholders
$
72
$
76
$
(4)
Earnings from discontinued operations, net of tax
21
—
21
Non-controlling interests of discontinued operations
10
—
10
Net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
$
61
$
76
$
(15)
Total non-GAAP, pre-tax adjustments
$
30
$
24
$
6
Income taxes on non-GAAP adjustments
(10)
(8)
(2)
Noncontrolling interest on non-GAAP adjustments
(3)
(3)
—
Nondeductible income taxes on consent order settlement
21
21
—
Total non-GAAP adjustments
$
38
$
34
$
4
Adjusted net earnings (loss) from continuing operations attributable to FNF, Inc. common shareholders
$
99
$
110
$
(11)
Adjusted EPS from continuing operations attributable to FNF, Inc. common shareholders - diluted
$
0.35
Direct orders opened (000's)
472
472
Direct orders closed (000's)
334
334
Fee per file
$
2,148
$
2,148
Actual title claims paid
$
51
$
51
Cash flows provided by operations
$
4
Cash flows used in operations attributable to FNF Group
$
(11)
Cash flows provided by operations attributable to FNFV Group
$
15
FIDELITY NATIONAL FINANCIAL, INC.
QUARTERLY OPERATING STATISTICS
(Unaudited)
Q1 2018
Q4 2017
Q3 2017
Q2 2017
Q1 2017
Q4 2016
Q3 2016
Q2 2016
Quarterly Open Orders ('000's except % data)
Total open orders*
478
445
501
524
472
474
616
577
Total open orders per day*
7.7
7.2
8.0
8.2
7.6
7.6
9.6
9.0
Purchase % of open orders
66
%
60
%
62
%
66
%
64
%
53
%
50
%
57
%
Refinance % of open orders
34
%
40
%
38
%
34
%
36
%
47
%
50
%
43
%
Total closed orders*
313
357
367
370
334
419
433
401
Total closed orders per day*
5.0
5.8
5.8
5.8
5.4
6.8
6.8
6.3
Purchase % of closed orders
62
%
61
%
65
%
67
%
58
%
51
%
54
%
58
%
Refinance % of closed orders
38
%
39
%
35
%
33
%
42
%
49
%
46
%
42
%
Commercial (millions, except orders in '000's)
Total commercial revenue
$
230
$
288
$
250
$
261
$
224
$
285
$
233
$
244
Total commercial open orders
52.8
46.3
48.3
50.8
49.4
45.9
50.4
49.9
Total commercial closed orders
31.5
33.2
33.4
33.6
30.0
34.7
31.9
33.6
National commercial revenue
$
122
$
165
$
138
$
148
$
127
$
167
$
130
$
144
National commercial open orders
21.1
19.0
19.9
22.0
21.1
17.9
20.4
20.3
National commercial closed orders
11.2
12.1
13.1
13.3
11.2
12.8
11.7
11.6
Total Fee Per File
Fee per file
$
2,344
$
2,425
$
2,368
$
2,428
$
2,148
$
2,091
$
2,015
$
2,116
Residential and local commercial fee per file
$
2,027
$
2,032
$
2,066
$
2,104
$
1,829
$
1,746
$
1,762
$
1,809
Residential fee per file
$
1,789
$
1,784
$
1,856
$
1,895
$
1,623
$
1,538
$
1,594
$
1,645
Total commercial fee per file
$
7,300
$
8,700
$
7,500
$
7,800
$
7,500
$
8,200
$
7,300
$
7,300
National commercial fee per file
$
10,900
$
13,600
$
10,500
$
11,100
$
11,300
$
13,000
$
11,100
$
12,400
Total Staffing
Total field operations employees
10,900
11,200
11,700
11,300
11,000
11,100
11,400
10,900
* Includes an immaterial number of non-purchase and non-refinance orders
FIDELITY NATIONAL FINANCIAL, INC.
SUMMARY BALANCE SHEET INFORMATION
(In millions)
FNF, Inc.
March 31, 2018
FNF, Inc.
December 31, 2017
(Unaudited)
(Unaudited)
Cash and investment portfolio
$
4,371
$
4,481
Goodwill
2,747
2,746
Title plant
398
398
Total assets
9,018
9,151
Notes payable
748
759
Reserve for title claim losses
1,486
1,490
Secured trust deposits
825
830
Redeemable non-controlling interests
344
344
Non-redeemable non-controlling interests
21
20
Total equity and redeemable non-controlling interests
4,823
4,811
Total equity attributable to common shareholders
4,458
4,447
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SOURCE Fidelity National Financial, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/pr-newswire-fnf-reports-first-quarter-2018-diluted-eps-of-0-point-35-and-adjusted-diluted-eps-of-0-point-42-pre-tax-title-margin-of-10.html |
NEW YORK, May 07, 2018 (GLOBE NEWSWIRE) -- Reis, Inc. (NASDAQ:REIS) (“Reis” or the “Company”) is a leading provider of commercial real estate market information and analytical tools.
In March 2018, Reis’s Board unanimously determined that it was appropriate to explore strategic alternatives for Reis. With respect to an update on the process, Reis’s Chief Executive Officer, Lloyd Lynford noted, “The Board and management team are excited about the Company’s immediate and long-term prospects. As we proceed with our review of strategic alternatives, we are in productive dialogue with many parties. These conversations reinforce how far Reis has come as a long-standing leader in commercial real estate.”
The Company also announced its financial results for the first quarter ended March 31, 2018.
First Quarter Financial Summary
Revenue
Total revenue was $11.8 million for the three months ended March 31, 2018, a decline of (2.9)% over the first quarter 2017 reported amount of $12.1 million. Total revenue in the 2018 first quarter was comprised of subscription revenue of $11.6 million and other revenue of $0.2 million. The majority of the decline in total revenue was from lower revenue related to one-time fees for settlements of previous unauthorized usage of Reis data which can fluctuate period to period and was lower by $324,000 in the 2018 period. Subscription revenue for the three months ended March 31, 2018 declined $(22,000), or (0.2)% from the corresponding 2017 period.
Mr. Lynford additionally noted, “We are pleased that Reis’s financial performance continues to remain sound as we gain further traction with our recently launched products, databases, and technology platform. Reis, and the entire commercial real estate industry, is at an inflection point in how data and analytics will be consumed throughout the lifecycle of the CRE asset. We believe that our launch of our “Every Property, Everywhere,” in concert with the availability of our API that allows for the seamless integration into an organization’s systems and decision flow, opens up many more applications and use cases than has historically been supported by Reis SE .”
Cost of Sales and Total Operating Expenses
Total cost of sales and operating expenses for the quarter ended March 31, 2018 were $3.4 million and $8.8 million, respectively, compared to $3.4 million and $8.6 million for the corresponding period last year, respectively. The increase in operating expenses was driven primarily by greater general and administrative expense of $359,000 as a result of increased professional fees relating to our previously announced review of strategic alternatives, as well as consulting fees relating to the adoption of the new revenue recognition standard incurred in the 2018 period. Product development expense increased $122,000 primarily due to greater website amortization expense for the website intangible asset, partially offset by a $329,000 decline in sales and marketing expenses driven by lower employment related costs in the 2018 period.
(Loss) Income Before Income Taxes and Net (Loss) Income
The Company’s loss before income taxes was $(396,000) and its net loss was $(352,000), or $(0.03) per diluted share, for the three months ended March 31, 2018 as compared to income before income taxes of $113,000 and net income of $535,000, or $0.05 per diluted share for the corresponding 2017 period.
Reis’s first quarter 2018 performance, specifically the earning metrics of net income or loss, income or loss before taxes and Consolidated Adjusted EBITDA (as defined below), were negatively impacted by three discrete factors having an aggregate pre-tax impact of $361,000:
professional fees of $171,000 expensed in the quarter in connection with our review of strategic alternatives; the adoption of the new revenue recognition accounting standard which negatively impacted pre-tax earnings by $98,000; and consulting fees incurred in the first quarter associated with the revenue recognition accounting change of $92,000.
Consolidated Adjusted EBITDA and Reis Services EBITDA
Consolidated Adjusted EBITDA was $2.5 million for the three months ended March 31, 2018, decline of (3.3)%, from the first quarter 2017 amount. The consolidated Adjusted EBITDA margins were 21.2% and 21.3% for the three months ended March 31, 2018 and 2017, respectively (see the “Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics” section at the end of this earnings release for a definition and reconciliations of net (loss) income to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis). The effects of the revenue standard adoption, professional fees and consultant costs all negatively impacted the reported Consolidated Adjusted EBITDA amount. Excluding those items, Consolidated Adjusted EBITDA would have been $2.8 million, an increase of $276,000, or 10.7% over the 2017 period.
Reis Services EBITDA was $3.3 million during the first quarter of 2018, growth of 1.4% over the first quarter 2017 reported amount of $3.3 million. The Reis Services EBITDA margins were 28.3% and 27.1% for the three months ended March 31, 2018 and 2017, respectively. Reis Services EBITDA was affected by the new revenue accounting standard and the consulting fees incurred in the period related to its adoption, but does not include the professional fees related to the strategic alternatives review as that is not a cost charged to the Reis Services segment. Excluding those items, Reis Services EBITDA would have been $3.5 million, an increase of $237,000, or 7.2% over the 2017 period.
Balance Sheet, Liquidity and Other Metrics
The Company had cash and cash equivalents of $16.3 million as of March 31, 2018.
Investments in the Company’s website and database intangible assets totaled $1.9 million for the quarter ended March 31, 2018 compared to $2.1 million for the quarter ended March 31, 2017. Reis completed two initiatives in the first quarter of 2018, including the expansion of its self storage coverage, and the launch of “Every Property, Everywhere,” consistent with the Company’s continuing strategy to provide more granular property level data.
The Company’s Board of Directors declared and the Company paid quarterly dividend to shareholders of $2.2 million during the three months ended March 31, 2018 or a rate of $0.19 per share.
The Company repurchased 2,000 shares of its common stock at an average price of $17.81 per share in the first quarter, leaving approximately $0.4 million available under its existing program to purchase additional shares.
Deferred revenue was $24.1 million as of March 31, 2018. Aggregate Revenue Under Contract was $48.7 million as of March 31, 2018. (See the “Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics” section at the end of this earnings release for a definition and reconciliations of Deferred revenue to Aggregate Revenue Under Contract). The forward twelve-month component of Aggregate Revenue Under Contract was $34.6 million as of March 31, 2018. Each of these metrics demonstrates strong visibility into future revenue. Both Aggregate Revenue Under Contract and its forward twelve-month component represented the largest reported balances of any March 31 st date in Reis’s history.
The Company’s base renewal rate, including price increases, was 83.2% for the trailing twelve months (“TTM”) ended March 31, 2018 (for institutional subscribers, the TTM base renewal rate, including price increases, was 84.1%).
Additional Information
This press release should be read in conjunction with the quarterly report on Form 10-Q for the quarter ended March 31, 2018, which was filed with the Securities and Exchange Commission (“SEC”) on May 7, 2018. In addition, see the “Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics” section at the end of this earnings release for a definition and reconciliations of net (loss) income to EBITDA and Adjusted EBITDA for the Reis Services segment and on a consolidated basis, as well as for other information.
Investor Conference Call
The Company will host a conference call on May 7, 2018, at 11 a.m. (EDT). This call is for the benefit of existing and prospective stockholders, stock analysts, and other interested parties to discuss the first quarter 2018 results and other matters.
The dial-in number from inside the U.S. and Canada for this teleconference is (877) 390-5537. The dial-in number for outside the U.S. and Canada is (760) 666-3763. The conference ID is 2489765, or “Reis.” A replay of the conference call will be available from shortly after the conference call through 2 p.m. (EDT) on May 14, 2018 by dialing (855) 859-2056 from inside the U.S. and Canada or (404) 537-3406 from outside the U.S. and Canada, and referring to the conference ID: 2489765 or “Reis.” An audio webcast of the conference call will also be available on Reis’s website at http://investor.reis.com/events-and-presentations/events and will remain on the website for a period of time following the call.
Strategic Review Process
As previously announced in March 2018, the Company’s Board of Directors unanimously determined to explore strategic alternatives for Reis. The Company’s process, assisted by our bankers at Canaccord Genuity and counsel at Fried Frank, continues to be active and ongoing. The Company does not otherwise intend to comment on the process unless a specific transaction or other alternative is approved by the Board of Directors, the process is concluded or it is otherwise determined that further disclosure is appropriate as required by law. There can be no assurance that the exploration of strategic alternatives will result in any transaction or other alternative.
About Reis
Reis provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.
Reis’s database and analytical tools has historically covered the nine key property types most important to real estate professionals focused on the U.S. CRE market (apartment, office, retail, warehouse/distribution, flex/research & development, self storage, seniors housing, student housing and affordable housing), providing up to 38 years of trend analysis and market forecasts for up to 275 metropolitan markets and thousands of submarkets. With the completion of a multi-year initiative to expand upon this cornerstone asset, Reis now offers market information, transaction data and building insights for all commercial properties throughout the nation, regardless of location, size, or use type. The achievement of “Every Property, Everywhere” positions Reis to serve all CRE professionals and use-cases both within and beyond the Company’s traditional property types and coverage boundaries. In parallel with the development of “Every Property, Everywhere,” the Company has also built a new Application Programming Interface (“API”), a delivery system that embeds Reis’s data (legacy and newly launched) into any client’s and prospect’s internal system, regardless of platform.
The Company’s product portfolio features Reis SE , its flagship delivery platform aimed at larger and mid-sized enterprises. Other products include: Reis Portfolio CRE and other portfolio support products and services, aimed primarily at risk managers and credit administrators at banks and non-bank lending institutions; and ReisReports , aimed at prosumers and smaller enterprises. It is through these products that Reis provides online access to a proprietary database of commercial real estate information and analytical tools designed to facilitate debt and equity transactions as well as ongoing asset and portfolio evaluations.
Depending on the product or level of entitlement, users have access to market trends and forecasts at metropolitan and neighborhood levels throughout the U.S. and/or detailed building-specific information such as rents, vacancy rates, lease terms, property sales, new construction listings, property valuation estimates and property level tax information. Reis’s products are designed to meet the demand for timely and accurate information to support the decision making of property owners, developers, builders, banks and non-bank lenders, equity investors and service providers. These real estate professionals require access to timely information on both the performance and pricing of assets, including detailed data on market transactions, supply, absorption, rents and sale prices. This information is critical to all aspects of valuing assets and financing their acquisition, development and construction.
For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com .
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to the Company’s or management’s outlook or expectations for earnings, revenues, expenses, margins, asset quality, or other future financial or business performance, strategies, prospects or expectations, or the impact of legal, regulatory or supervisory matters on our business, operations or performance. Specifically, forward-looking statements may include:
statements relating to future services and product development of our business;
statements relating to business prospects, potential acquisitions, sources and uses of cash, revenue, expenses, margins, net income (loss), cash flows, renewal rates, valuation of assets and liabilities and other business metrics of the Company and its businesses, including EBITDA (as defined herein), Adjusted EBITDA (as defined herein) and Aggregate Revenue Under Contract (as defined herein); and
statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions relating to future periods.
Forward-looking statements reflect management’s judgment based on currently available information and involve a number of risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. With respect to these forward-looking statements, management has made certain assumptions. Future performance cannot be assured. Actual results may differ materially from those contemplated by the forward-looking statements. Some factors that could cause actual results to differ include:
lower than expected revenues and other performance measures such as net income, income from continuing operations, income before income taxes, EBITDA and Adjusted EBITDA;
inability to retain and increase the Company’s subscriber base;
inability to execute properly on new products and services, or failure of subscribers to accept these products and services;
competition;
inability to attract and retain sales and senior management personnel;
inability to access adequate capital to fund operations and investments in our business;
difficulties in protecting the security, confidentiality, integrity and reliability of the Company’s data;
changes in accounting policies or practices;
legal and regulatory issues;
the results of pending, threatening or future litigation; and
the risk factors listed under “Item 1A. Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2017, which was filed with the Securities and Exchange Commission (“SEC”) on March 8, 2018, including the “Risk Factors” section of these filings and the Company’s other filings with the SEC, and are available at the SEC’s website ( www.sec.gov ).
You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. Except as required by law, the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements to reflect any events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
Press/Investor Relations Contact:
Mark P. Cantaluppi
Reis, Inc.
Vice President, Chief Financial Officer
(212) 921-1122
Ian Corydon
Hayden IR
[email protected]
(310) 571-9988
Supplemental Financial Information and Reconciliations from GAAP to Non-GAAP Metrics
REIS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31,
2018
December 31,
2017 (Unaudited)
ASSETS Current assets: Cash and cash equivalents $ 16,251,856 $ 19,670,613 Accounts receivable, net 7,568,405 9,744,513 Prepaid and other assets 1,050,791 681,039 Total current assets 24,871,052 30,096,165 Furniture, fixtures and equipment, net of accumulated depreciation of $2,044,557 and $1,891,684, respectively 4,713,308 4,919,230 Intangible assets, net of accumulated amortization of $50,898,989 and $48,892,725, respectively 19,417,841 19,474,411 Deferred tax asset, net 11,544,895 12,072,118 Goodwill 54,824,648 54,824,648 Other assets 3,240,929 217,161 Total assets $ 118,612,673 $ 121,603,733 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of debt $ — $ — Accrued expenses and other liabilities 3,782,494 4,149,363 Deferred revenue 24,111,992 26,533,983 Total current liabilities 27,894,486 30,683,346 Other long-term liabilities 2,563,142 2,447,037 Total liabilities 30,457,628 33,130,383 Commitments and contingencies Stockholders’ equity: Common stock, $0.02 par value per share, 101,000,000 shares authorized, 11,569,692 and 11,470,565 shares issued and outstanding, respectively 231,394 229,411 Additional paid in capital 109,929,344 109,361,540 Retained earnings (deficit) (22,005,693 ) (21,117,601 ) Total stockholders’ equity 88,155,045 88,473,350 Total liabilities and stockholders’ equity $ 118,612,673 $ 121,603,733
REIS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Three Months Ended
March 31,
2018 2017 Revenue: Subscription revenue $ 11,557,155 $ 11,579,362 Other revenue 222,500 546,592 Total revenue 11,779,655 12,125,954 Cost of sales 3,377,363 3,366,351 Gross profit 8,402,292 8,759,603 Operating expenses: Sales and marketing 2,998,559 3,328,048 Product development 1,289,042 1,166,671 General and administrative expenses 4,479,524 4,120,484 Total operating expenses 8,767,125 8,615,203 Other income (expenses): Interest and other income 966 576 Interest expense (32,234 ) (32,234 ) Total other income (expenses) (31,268 ) (31,658 ) (Loss) income before income taxes (396,101 ) 112,742 Income tax (benefit) expense (44,000 ) (422,000 ) Net (loss) income $ (352,101 ) $ 534,742 Net (loss) income per common share: Basic $ (0.03 ) $ 0.05 Diluted $ (0.03 ) $ 0.05 Weighted average number of common shares outstanding: Basic 11,527,521 11,447,309 Diluted 11,527,521 11,776,375 Dividends declared per common share $ 0.19 $ 0.17 Critical Business Metrics
Management considers certain metrics in evaluating its consolidated results and the performance of the Reis Services segment. These metrics are revenue, revenue growth, EBITDA (which is earnings (net (loss) income) before interest, taxes, depreciation and amortization), EBITDA growth, EBITDA margin, Adjusted EBITDA (which is net (loss) income before interest, taxes, depreciation, amortization and stock based compensation), Adjusted EBITDA growth and Adjusted EBITDA margin. Other important metrics that management considers include the cash flow generation as well as the visibility into future performance as supported by our deferred revenue and other related metrics discussed in Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our quarterly report on Form 10-Q for the three months ended March 31, 2018.
Following is a presentation of revenue, net (loss) income, income (loss) before income taxes, EBITDA, Adjusted EBITDA and the related margins on a consolidated basis and revenue, EBITDA and EBITDA margin for the Reis Services segment and the related margins on a consolidated basis (see below for a reconciliation of net income to EBITDA and Adjusted EBITDA for both the Reis Services segment and on a consolidated basis for each of the periods presented here).
(amounts in thousands, excluding percentages) For the Three Months Ended Percentage March 31, Increase Increase 2018 2017 (Decrease)
(Decrease) Consolidated: Total revenue $ 11,780 $ 12,126 $ (346 ) (2.9 )% Net (loss) income $ (352 ) $ 535 $ (887 ) (166 )% (Loss) income before income taxes $ (396 ) $ 113 $ (509 ) (450 )% EBITDA $ 1,898 $ 2,053 $ (155 ) (7.5 )% EBITDA margin 16.1 % 16.9 % Adjusted EBITDA $ 2,503 $ 2,588 $ (85 ) (3.3 )% Adjusted EBITDA margin 21.2 % 21.3 % Reis Services segment: Total revenue $ 11,780 $ 12,126 $ (346 ) (2.9 )% EBITDA $ 3,336 $ 3,289 $ 47 1.4 % EBITDA margin 28.3 % 27.1 % Revenue Performance - Metrics
In order to provide additional insight into our revenue, we have disaggregated total revenue into two components: “Subscription” and “Other.” Other revenue specifically includes revenue related to contracts for one-time custom data deliverables and one-time fees for settlements of previous unauthorized usage of Reis data. The following tables present subscription revenue, other revenue and total revenue for the three months ended March 31, 2018 and 2017:
(amounts in thousands, excluding percentages)
For the Three Months Ended March 31,
2018
2017 Variance $ % of Total $ % of Total
$
%
Subscription revenue $ 11,557 98.1 % $ 11,579 95.5 % $ (22 ) (0.2 )% Other revenue (A) 223 1.9 % 547 4.5 % (324 ) (59.3 )% Total revenue $ 11,780 100.0 % $ 12,126 100.0 % $ (346 ) (2.9 )%
(A) Other revenue includes one-time settlements. Reconciliations of Net (Loss) Income to EBITDA and Adjusted EBITDA
We define EBITDA as earnings (net (loss) income) before interest, taxes, depreciation and amortization. We define Adjusted EBITDA as earnings (net (loss) income) before interest, taxes, depreciation, amortization and stock based compensation. Although EBITDA and Adjusted EBITDA are not measures of performance calculated in accordance with GAAP, senior management uses EBITDA and Adjusted EBITDA to measure operational and management performance. Management believes that EBITDA and Adjusted EBITDA are appropriate supplemental financial measures to be considered in addition to the reported GAAP basis financial information which may assist investors in evaluating and understanding: (1) the performance of the Reis Services segment, the primary business of the Company and (2) the Company’s consolidated results, from year to year or period to period, as applicable. Further, these measures provide the reader with the ability to understand our operational performance while isolating non-cash charges, such as depreciation and amortization expenses, as well as other non-operating items, such as interest income, interest expense and income taxes and, in the case of Adjusted EBITDA, isolates non-cash charges for stock based compensation. Management also believes that disclosing EBITDA and Adjusted EBITDA will provide better comparability to other companies in the information services sector. However, because EBITDA and Adjusted EBITDA are not calculated in accordance with GAAP, they may not necessarily be comparable to similarly titled measures employed by other companies. EBITDA and Adjusted EBITDA are presented both for the Reis Services segment and on a consolidated basis. We believe that these metrics, for Reis Services, provide the reader with valuable information for evaluating the financial performance of the core Reis Services business, excluding public company costs, and for making assessments about the intrinsic value of that stand-alone business to a potential acquirer. Management primarily monitors and measures its performance, and is compensated, based on the results of the Reis Services segment. EBITDA and Adjusted EBITDA, on a consolidated basis, allow the reader to make assessments about the current trading value of the Company’s common stock, including expenses related to operating as a public company. However, investors should not consider these measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining operating performance that is calculated in accordance with GAAP. Reconciliations of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure, net income, follow for each identified period on a segment basis (including the Reis Services segment), as well as on a consolidated basis:
(amounts in thousands)
Reconciliation of Net (Loss) to EBITDA and
Adjusted EBITDA for the Three Months Ended March 31, 2018 By Segment Reis Services
Other (A) Consolidated
Net (loss) $ (352 ) Income tax (benefit) (44 ) Income (loss) before income taxes $ 1,041 $ (1,437 ) (396 ) Add back: Depreciation and amortization expense 2,263 — 2,263 Interest expense (income), net 32 (1 ) 31 EBITDA 3,336 (1,438 ) 1,898 Add back: Stock based compensation expense, net — 605 605 Adjusted EBITDA $ 3,336 $ (833 ) $ 2,503
Reconciliation of Net Income to EBITDA and
Adjusted EBITDA for the Three Months Ended March 31, 2017 By Segment
Reis Services
Other (A)
Consolidated
Net income $ 535 Income tax (benefit) (422 ) Income (loss) before income taxes $ 1,349 $ (1,236 ) 113 Add back: Depreciation and amortization expense 1,908 — 1,908 Interest expense, net 32 — 32 EBITDA 3,289 (1,236 ) 2,053 Add back: Stock based compensation expense — 535 535 Adjusted EBITDA $ 3,289 $ (701 ) $ 2,588
(A) Includes interest and other income, depreciation expense and general and administrative expenses (including public company related costs) that are not associated with the Reis Services segment. Deferred Revenue and Aggregate Revenue Under Contract
Two balance-sheet based metrics management utilizes are deferred revenue and Aggregate Revenue Under Contract. Analyzing these amounts can provide additional insight into Reis Services’s future financial performance. Deferred revenue, which is a GAAP basis accounting concept and is reported by the Company on the consolidated balance sheet, represents revenue from annual or longer term contracts for which we have billed and/or received payments from our subscribers related to services we will be providing over the remaining contract period. Aggregate Revenue Under Contract is the sum of deferred revenue and future revenue under non-cancellable contracts for which we do not yet have the contractual right to bill and excludes any future revenues expected to be derived from subscribers currently being billed on a monthly basis.
Deferred revenue will be recognized as revenue ratably over the remaining life of a contract for subscriptions, or in the case of future custom reports or projects, will be recognized as revenue upon completion and delivery to the customer, provided no significant Company obligations remain. At any given date, both deferred revenue and Aggregate Revenue Under Contract can be either positively or negatively influenced by: (1) the timing and dollar value of contracts signed and billed; (2) the quantity and timing of contracts that are multi-year; and (3) the impact of recording revenue ratably over the life of a multi-year contract, which moderates the effect of price increases after the first year. The following table reconciles deferred revenue to Aggregate Revenue Under Contract at March 31, 2018 and 2017, respectively. A comparison of these balances at March 31 of each year is more meaningful than a comparison to the December 31, 2017 balances, as a greater percentage of renewals occur in the fourth quarter of each year and would distort the analysis.
March 31, 2018 2017 Deferred revenue (GAAP basis) $ 24,112,000 $ 24,182,000 Amounts under non-cancellable contracts for which the Company does not yet have the contractual right to bill at the period end (A) 24,539,000 23,944,000 Aggregate Revenue Under Contract $ 48,651,000 $ 48,126,000
(A)
Amounts are billable subsequent to March 31 of each year and represent (i) non-cancellable contracts for subscribers with multi-year subscriptions where the future years are not yet billable, or (ii) subscribers with non-cancellable annual subscriptions with interim billing terms. Included in Aggregate Revenue Under Contract at March 31, 2018 was approximately $34,578,000 related to amounts under contract for the forward twelve-month period through March 31, 2019. The remainder reflects amounts under contract beyond March 31, 2019. The forward twelve-month Aggregate Revenue Under Contract amount is approximately 72.3% of total revenue on a trailing twelve-month basis at March 31, 2018 of approximately $47,843,000. For comparison purposes, at March 31, 2017, the forward twelve-month Aggregate Revenue Under Contract was approximately $33,331,000 and approximately 71.2% of total revenue.
Source:Reis, Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-reis-inc-announces-first-quarter-2018-financial-results.html |
May 10, 2018 / 10:07 AM / Updated 10 minutes ago SpaceX set to launch new rocket primed for future crewed missions Joey Roulette 3 Min Read
CAPE CANAVERAL, Fla. (Reuters) - An updated version of the SpaceX Falcon 9 rocket, tailored for eventual crewed missions into orbit, was set for its debut commercial launch on Thursday from Florida’s Cape Canaveral carrying a communications satellite for Bangladesh.
The newly minted Block-5 edition of the Falcon 9, equipped with about 100 upgrades for greater power, safety and reusability than its Block-4 predecessor, was scheduled for liftoff at 5:47 p.m. ET from the Kennedy Space Center.
Liftoff was pushed back by about 90 minutes from the original launch time. SpaceX did not disclose a reason but said the rocket and cargo were otherwise set to go.
“Vehicle and payload continue to look good for today’s first flight of Falcon 9 Block 5,” the company said in a Twitter post.
Its recoverable main-stage booster is designed to be reused at least 10 times with minimal refurbishment between flights, allowing more frequent launches at lower cost - a key to the business model for billionaire entrepreneur Elon Musk’s Space Exploration Technologies, as SpaceX is formally known.
Enhanced rocket reusability also is a core tenet of Musk’s broader objectives for normalizing space travel and ultimately sending humans to Mars.
At a prelaunch news conference, Musk said he hoped to “demonstrate two orbital launches with a single booster within 24 hours by sometime next year.”
SpaceX so far has safely return-landed 24 of its boosters and reflown 11 of them.
The Block-5 is the first rocket from Musk’s California-based company to satisfy NASA’s standards for its Commercial Crew Program to carry agency astronauts to the International Space Station, which SpaceX was seeking to accomplish by the end of 2018.
But the first scheduled test launch of the Block-5 with a crew is likely to slip to next year, and NASA requires seven successful flights before the new rocket receives final certification for a manned mission.
The Block-5 will also be used to launch U.S. Air Force global positioning satellites and other high-value, military and national security payloads.
For Thursday’s maiden flight of the new Falcon 9, SpaceX will be launching the Bangladeshi government’s first satellite, Bangabandhu-1, into Earth orbit.
Among the Block-5 features new to the Falcon 9 series are a heat-resistant layer of shielding at the rocket’s base, reusable tail fins for cleaner return landings and a thrust nearly 10 percent stronger than that of the Block-4.
Block-5 marks the final version of the Falcon 9 lineup before SpaceX introduces its super heavy-lift launch vehicle, dubbed the Big Falcon Rocket, or BFR, which will be designed to send manned missions to Mars.
SpaceX is one of two private companies hired by NASA to ferry astronaut crews to the space station. The other is Boeing Co Reporting by Joey Roulette in Cape Canaveral, Fla; Editing by Steve Gorman and Peter Cooney | ashraq/financial-news-articles | https://www.reuters.com/article/us-space-spacex/spacex-set-to-launch-new-rocket-primed-for-future-crewed-missions-idUSKBN1IB189 |
May 3, 2018 / 9:16 AM / Updated 11 minutes ago BRIEF-The Dixie Group Reports Q1 Loss Of $0.18/Share From Cont Ops Dixie Group Inc: * Q1 LOSS PER SHARE $0.18 FROM CONTINUING OPERATIONS
* Q1 SALES $98.86 MILLION VERSUS $97.54 MILLION | ashraq/financial-news-articles | https://www.reuters.com/article/brief-the-dixie-group-reports-q1-loss-of/brief-the-dixie-group-reports-q1-loss-of-0-18-share-from-cont-ops-idUSASC09ZDH |
May 14, 2018 / 1:14 PM / in 14 minutes Puerto Rico bondholders offer debt deal, snubbed by oversight board Nick Brown 5 Min Read
NEW YORK (Reuters) - An offer by Puerto Rico’s biggest bondholder groups to settle a dispute covering about half the bankrupt U.S. territory’s $71.5 billion in bond debt appeared dead on arrival on Monday, rejected by the island’s federal financial oversight board.
The board issued a statement soon after the bondholders offered to give storm-ravaged Puerto Rico $9.7 billion worth of debt relief, calling the settlement offer “completely unaffordable.”
It is a sign, though, that mediation to resolve Puerto Rico’s debts, and stem costly litigation, may be making headway.
Under the current agreement between general obligation bondholders and so-called COFINA holders, whose debt is backed by sales tax revenue, a new trust would have been created to own Puerto Rico’s sales tax.
Puerto Rico owes about $18 billion each in general obligation and COFINA debt, meaning that the groups combined own roughly half of the island’s bonds.
COFINA creditors would get certificates in the new trust entitling them to 52.5 percent of the tax revenue, while 46.2 percent would benefit GO holders.
The remaining 1.3 percent would go to general unsecured creditors.
The new paper would be structured as current interest bonds with a 6 percent rate, and capital appreciation bonds with a 6.5 percent rate. GO bondholders would also get so-called remainder claims against the trust for amounts not covered by their stake in it.
The deal was aimed at resolving the single biggest dispute in Puerto Rico’s massive, $120 billion bankruptcy.
For years, GO and COFINA holders have disputed which side is entitled to Puerto Rico’s sales tax revenue, and litigation has been working its way through federal court. COLD WATER
The board, appointed by the U.S. Congress in 2016, said the proposed settlement deal did not align with a previously-imposed blueprint for Puerto Rico’s fiscal turnaround.
“The economic terms of this creditor proposal were not crafted with any prior input from either the oversight board or the government and are completely unaffordable,” the board said in a statement on Monday morning.
The board, which must approve settlements in Puerto Rico’s bankruptcy, added that the terms “would create large and recurring structural deficits over the long-run.”
Puerto Rico’s government also opposed the deal. The island’s financial authority, AAFAF, said in a statement that the debt service levels contemplated under the deal “are not sustainable in light of Puerto Rico’s projected fiscal and economic situation.”
Puerto Rico is battling the twin scourges of fiscal and natural disaster. With $71.5 billion in bond debt and another $50 billion in pension debt, it filed the biggest bankruptcy in U.S. government history last year.
Then, in September, it was hit by Hurricane Maria, which decimated its infrastructure, killed dozens, and sent bond prices plummeting.
They have since recovered somewhat.
Statements from the creditor groups suggest the terms of the deal may be re-workable while maintaining the basic structure.
COFINA creditors revealed that in April, they proposed a similarly-structured deal to the Puerto Rican government and a committee of retirees, in which COFINA holders would receive two-thirds of sales tax proceeds, and the government would have gotten 34 percent on behalf of its creditors.
“While members of the [senior COFINA] coalition support the COFINA-GO settlement framework, the group also proposed alternative settlement terms ... to other constituencies,” including retirees, the group said in a statement on Monday.
It added that discussions remain ongoing, saying the coalition was “committed to exploring restructuring solutions.”
The GO bondholders said the deal was a way to speed up the bankruptcy process and avoid costly litigation.
“The supporting parties have come together for the first time in years to forge an agreement on a settlement framework that provides for a consensual path to a successful restructuring,” the GO creditors said in a statement.
Puerto Rico’s defaulted benchmark general obligation debt carrying an 8 percent coupon rose to a high of 46.50 cents on the dollar from Friday’s closing price of 41.375, according to Thomson Reuters data.. It currently trades at around 43.25 cents.
Sales tax-backed senior COFINA debt surged up to 72.25 cents on the dollar from Friday’s close of 60 cents, while COFINA’s junior debt traded up to 35.25 cents from Friday’s close of 30.25 cents. Reporting by Nick Brown; editing by Daniel Bases, Jonathan Oatis and Tom Brown | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-puertorico-debt/puerto-rico-bondholders-propose-debt-deal-oversight-board-rejects-idUSKCN1IF1PL |
May 3 (Reuters) - New York Mortgage Trust Inc:
* NEW YORK MORTGAGE TRUST REPORTS FIRST QUARTER 2018 RESULTS
* Q1 LOSS PER SHARE $0.01 * Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* BOOK VALUE PER COMMON SHARE OF $5.79 AT MARCH 31, 2018, A DECREASE OF 3.5% FROM DECEMBER 31, 2017
* NEW YORK MORTGAGE TRUST - NET INTEREST INCOME OF $19.8 MILLION FOR QUARTER ENDED MARCH 31, 2018 VERSUS NET INTEREST INCOME OF $15.0 MILLION FOR QUARTER ENDED DEC 31, 2017 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-new-york-mortgage-trust-q1-loss-pe/brief-new-york-mortgage-trust-q1-loss-per-share-0-01-idUSASC09ZNA |
TORONTO, May 23 (Reuters) - Canadian Imperial Bank of Commerce, Canada’s fifth biggest lender, on Wednesday reported second quarter earnings which were ahead of market expectations, helped by strong performances from all its businesses.
The bank said earnings per share, excluding one-off items, totalled C$2.95, compared with C$2.64 a year earlier.
Analysts had on average forecast earnings of C$2.80 per share, Thomson Reuters I/B/E/S data showed. (Reporting by Matt Scuffham; editing by Jason Neely)
| ashraq/financial-news-articles | https://www.reuters.com/article/cibc-results/cibcs-second-quarter-earnings-beat-market-expectations-idUSL2N1SU09G |
Industry leader to drive expanding set of rural-focused technology solutions
HERNDON, Va.--(BUSINESS WIRE)-- NRTC’s CEO Tim Bryan announced today that technology executive Greg Bartolomei has been named NRTC’s President, Utility Solutions, effective May 14, 2018.
“We’re thrilled to have a leader of Greg’s caliber joining the NRTC team,” Bryan said. “NRTC remains focused on helping our members build, operate and leverage communications networks for both smart grid and broadband applications. Greg will play a critical role in developing, expanding, and enhancing those efforts.”
Bartolomei will lead NRTC’s portfolio of smart grid solutions, which includes metering and metering networks, analytics, demand management, smart energy (including solar), and storage. In addition, he will look for ways to more closely integrate NRTC’s broadband network solutions division (Pulse Broadband), as NRTC continues to work with rural utilities to improve network connectivity through fiber optics and fixed wireless technologies.
“I’m honored to be joining NRTC at such a critical time,” Bartolomei said. “Leveraging technology to help rural utilities improve their internal operations, engage their members and customers and continue their pioneering work in the communities they serve is very exciting, and NRTC is well positioned to continue its leadership in this critical effort.”
Bartolomei brings nearly 30 years of engineering and utility experience. Most recently, he led the development, quality assurance and program management teams responsible for all electric automation solutions at Eaton. In this role, he partnered with electric cooperatives, including those that NRTC serves, to provide turnkey technology solutions that helped them generate, deliver and manage energy safely, efficiently and reliably.
Prior to his work with Eaton, he held senior positions at Cooper Power Systems, Eka and GridPoint. He also worked at Ciena Corporation where he led efforts to revolutionize optical transport, intelligent switching and software tools for large-scale communications networks.
Bartolomei holds a Bachelor’s Degree in Mechanical Engineer from the University of Maryland and Master’s Degrees in Mechanical and Electrical Engineering from The Catholic University of America.
About NRTC
We are Member Driven and Technology Focused. NRTC provides solutions that help our 1,500 electric and telephone members bring all of the advantages of today’s evolving technology to rural America.
NRTC’s products and services are developed specifically to meet the needs of rural utilities and their customers, and include integrated smart grid and utility solutions, advanced energy, broadband infrastructure and managed network services, wireless technologies and programming distribution capabilities for video providers.
NRTC helps ensure our members' success by aggregating their individual buying power, negotiating national contracts, and helping members integrate technology solutions with existing infrastructure.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180507005637/en/
NRTC
Chris Martin, 703-787-7288
[email protected]
Source: NRTC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/business-wire-greg-bartolomei-named-nrtcs-president-utility-solutions.html |
NEW YORK, May 1, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Andeavor ("ANDV" or the "Company") (NYSE: ANDV) in connection with the proposed acquisition of the Company by Marathon Petroleum Corp. (NYSE: MPC). Under the terms of the acquisition agreement, the Company's shareholders can elect to receive 1.87 shares of MPC stock, or $152.27 in cash subject to a proration mechanism that will result in 15% of ANDV's fully diluted shares receiving cash consideration.
WeissLaw is investigating whether ANDV's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $160.00 per ANDV share. Additionally, at closing, ANDV shareholders will own a meagre 34% of the combined company.
Given these facts, WeissLaw is investigating whether ANDV's Board acted in the best interests of Sprint's public shareholders to maximize shareholder value prior to entering into the agreement. If you own ANDV shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at [email protected] .
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/andeavor/
View original content: http://www.prnewswire.com/news-releases/weisslaw-llp-investigates-andeavor-acquisition-300640608.html
SOURCE WeissLaw LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-weisslaw-llp-investigates-andeavor-acquisition.html |
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