text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
(Updates prices)
MANILA, May 28 (Reuters) - Chinese lead futures retreated on Monday from their strongest level in nearly eight months, tracking losses in London in the prior session, as investors cashed in on the recent sharp gains.
Trading was slow with the London Metal Exchange shut for a UK public holiday.
The most-traded lead contract on the Shanghai Futures Exchange closed down 1.1 percent at 19,870 yuan ($3,109) a tonne. It touched 20,225 yuan on Friday, its loftiest since Oct. 9.
* CHINA DATA: Profits earned by Chinese industrial firms in April rose at their fastest pace in six months, data from the National Bureau of Statistics showed on Sunday, as factories benefited from higher prices and strong demand.
* CHINALCO: China’s largest state aluminium producer Chinalco has sealed a joint venture deal with the Yunnan government and the province’s state-run metal group, giving it its first foothold in the southwestern region’s aluminium market.
* VEDANTA: India’s Tamil Nadu state deputy head said his government would take all steps to permanently shut a copper smelter run by London-listed Vedanta Resources after deadly protests demanding its closure on environmental grounds.
* FORTESCUE: Australia’s Fortescue Metals Group Ltd , the world’s fourth largest iron ore miner, said its board has approved the development of a $1.28 billion mine and rail project in Western Australia, in a bid to boost the price it gets for its iron ore.
* RUSAL: Russian automaker Avtovaz said it will continue to buy aluminium from sanctions-hit Rusal but was looking for alternative sources in case it has to wind down business with the world’s biggest producer of the metal.
* U.S.-NORTH KOREA TALKS: U.S. President Donald Trump said a U.S. team had arrived in North Korea to prepare for a proposed summit between him and North Korean leader Kim Jong Un, which Trump pulled out of last week before reconsidering.
* MARKETS: U.S. oil futures sank to six-week lows on expectations that major producers may raise output, while Asian stocks and U.S. share futures gained on signs the United States and North Korea were still working towards holding a summit. The euro bounced off a 6-1/2-month low against the dollar.
* OTHER METALS: Shanghai copper rose 0.2 percent to 51,610 yuan a tonne, zinc climbed 1.6 percent to 23,900 yuan, aluminium was flat at 14,800 yuan and tin advanced 2.1 percent to 150,490 yuan. ($1 = 6.3918 Chinese yuan)
Reporting by Manolo Serapio Jr.; editing by Richard Pullin and Sunil Nair
| ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-shanghai-lead-slips-from-7-1-2-month-top-in-holiday-thinned-trade-idUSL3N1SZ2DA |
May 8, 2018 / 10:04 AM / in 13 minutes Ex-Minnesota officer in fatal shooting of Australian expected to plead not guilty Reuters Staff 2 Min Read
MINNEAPOLIS (Reuters) - The former Minneapolis police officer charged with murdering an unarmed Australian woman is expected to enter a not guilty plea on Tuesday.
Mohamed Noor, 32, will enter his plea in Hennepin County District Court in Minneapolis and court documents filed last month show he intends to argue he used “reasonable force” last July when he fatally shot 40-year-old Justine Damond. Noor, who was freed on $400,000 bail, faces third-degree murder and second-degree manslaughter charges.
Noor’s attorney, Tom Plunkett, previously said his client should not have been charged and he was simply following his training. Noor has offered Damond’s family his condolences for their loss.
Damond, who was living in Minneapolis, called 911 to report a possible sexual assault near her house, and she approached the police after their arrival, authorities said. Noor then “recklessly” fired his handgun, Hennepin County Attorney Mike Freeman said after the officer’s arrest in March.
Matthew Harrity, the officer driving the police car from which Noor shot, said he was startled by a loud sound and both officers “got spooked” when Damond appeared out of nowhere, prosecutors said. FILE PHOTO: Former Minneapolis police officer Mohamed Noor and his attorney Tom Plunkett (L) leave the Hennepin County jail after posting bail in Minneapolis, Minnesota, U.S. March 21, 2018. REUTERS/Craig Lassig/File Photo
The shooting drew condemnation in Minnesota and Australia, where Prime Minister Malcolm Turnbull called it “inexplicable.” Then-Minneapolis police Chief Janee Harteau resigned after city officials said procedures had been violated and Damond “didn’t have to die.”
The penalty for third-degree murder is up to 25 years in prison and second-degree manslaughter carries a penalty of up to 10 years.
Damond, also known as Justine Ruszczyk, had taken the name of her fiance, Don Damond, ahead of their planned August 2017 wedding. She owned a meditation and life-coaching company. FILE PHOTO: Mohamed Noor, 32, is pictured in this undated handout photo obtained by Reuters March 20, 2018. Hennepin County Sheriff's Office/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
(This story corrects first name of former Minneapolis police chief to Janee from Jamee in paragraph 6.) Reporting by Todd Melby, writing by Ben Klayman; Editing by Susan Thomas | ashraq/financial-news-articles | https://www.reuters.com/article/us-minnesota-police/ex-minnesota-officer-in-fatal-shooting-of-australian-expected-to-plead-not-guilty-idUSKBN1I913I |
May 7, 2018 / 9:17 PM / Updated 15 hours ago ValueAct takes $1.2 billion stake in Citigroup: letter Svea Herbst-Bayliss , David Henry 4 Min Read
(Reuters) - Activist investing firm ValueAct Capital Partners invested $1.2 billion in Citigroup Inc, citing the U.S. bank’s low risk and reliable revenue and not calling for major changes, according to a letter seen by Reuters on Monday. The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren
The hedge fund also invested about $1 billion in SLM Corp’s student lender Sallie Mae. Citigroup shares rose 1.5 percent after the news while SLM’s stock was little changed.
In the letter ValueAct sent to clients, the firm said it built its roughly $1.2 billion Citigroup position over the last four to five months and is adding to it “opportunistically.”
ValueAct said that the bank could return about $50 billion in cash to shareholders over the next two years, according to the letter. That would be $10 billion more than the $40 billion management has said it intends to return.
“We have been having constructive conversations with ValueAct and welcome them as investors,” Citigroup said.
The San Francisco-based hedge fund said the time is right to invest in the banking system because of effective intervention by regulators after the financial crisis and greater transparency.
“The U.S. banking system now has a structurally lower risk profile than any time in our investing lifetimes,” ValueAct said in the letter.
It made its investment in Citigroup at a time the bank’s stock price has sharply lagged its rivals, including JPMorgan Chase & Co and Bank of America Corp.
But what appeals to ValueAct is the consistent and reliable nature of the bank’s business as it services large multinational companies with day-to-day activities, according to the letter. For example, Citigroup manages their cash and the timing of their payments and receipts, as well as hedging out currency risk.
It is less active in the flashier mergers and acquisitions business than some of its rivals but that may be a plus, according to ValueAct’s letter. The bank is now “growing in a sustainable fashion” the hedge fund said, adding, it is “less exposed to both earnings volatility and risk of capital impairment and is better capitalized and more securely funded than at any point in our lifetime.”
While ValueAct is known as an activist investor, it prefers to conduct discussions with companies behind closed doors instead of on cable television. The hedge fund is often asked to join the board of its investment targets and it said that its partner Brandon Boze has been named chair at the CBRE Group Inc board, where ValueAct has invested roughly $1 billion.
ValueAct now has roughly 40 percent of its capital committed to the financial sector, including on investments in Morgan Stanley and KKR & Co LP.
Earlier in the year, the firm returned some $1.5 billion in capital to investors and said that it is now fully invested. Some large hedge funds have chosen to give money back at a time they have found it tough to find new opportunities.
Since its launch in 2000, ValueAct’s flagship fund has gained an average 14.6 percent a year after fees, making for one of the industry’s best long-term records. Reporting by Svea Herbst-Bayliss in Boston and David Henry in New York; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-citigroup-stake-valueact-capital/activist-investor-valueact-takes-1-2-billion-stake-in-citi-wsj-idUSKBN1I82F9 |
May 17 (Reuters) - Oxford Lane Capital Corp:
* OXFORD LANE CAPITAL - NET ASSET VALUE PER SHARE AS OF MARCH 31, STOOD AT $10.08 VERSUS A NET ASSET VALUE PER SHARE AT DEC 31, 2017 OF $10.02
* OXFORD LANE CAPITAL - QTRLY CORE NET INVESTMENT INCOME WAS ABOUT $0.31 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-oxford-lane-capital-reports-quarte/brief-oxford-lane-capital-reports-quarterly-core-net-investment-income-of-about-0-31-share-idUSFWN1SO0IZ |
SAN FRANCISCO--(BUSINESS WIRE)-- New Relic, Inc. (NYSE: NEWR), provider of real-time insights for software-driven businesses, today announced that it intends to offer, subject to market conditions and other factors, $435.0 million aggregate principal amount of convertible senior notes due 2023 in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended. New Relic also intends to grant the initial purchasers of the notes a 13-day option to purchase up to an additional $65.25 million principal amount of notes.
The notes will be general senior, unsecured obligations of New Relic and will accrue interest payable semi-annually in arrears. The notes will be convertible into cash, shares of New Relic’s common stock or a combination of cash and shares of New Relic’s common stock, at New Relic’s election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.
New Relic intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions described below. New Relic intends to use the remainder of the net proceeds for working capital or other general corporate purposes. New Relic may also use a portion of the net proceeds from this offering for the acquisition of complementary businesses, products, services or technologies, although it has no commitments or agreements to enter into any such acquisitions or investments at this time. If the initial purchasers exercise their option to purchase additional notes, New Relic expects to use a portion of the net proceeds from the sale of the additional notes to enter into additional capped call transactions as described below and for working capital and general corporate purposes.
In connection with the pricing of the notes, New Relic expects to enter into capped call transactions with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the option counterparties). The capped call transactions are expected generally to reduce potential dilution to New Relic’s common stock upon any conversion of notes and/or offset any cash payments New Relic is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.
New Relic expects that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates will enter into various derivative transactions with respect to New Relic’s common stock and/or purchase shares of New Relic’s common stock, in each case, concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of New Relic’s common stock or the notes at that time.
In addition, New Relic expects that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to New Relic’s common stock and/or purchasing or selling New Relic’s common stock or other securities of New Relic in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of notes). This activity could also cause or avoid an increase or a decrease in the market price of New Relic’s common stock or the notes, which could affect a noteholder’s ability to convert its notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares and value of the consideration that a noteholder will receive upon conversion of its notes.
Neither the notes, nor any shares of New Relic common stock issuable upon conversion of the notes, have been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About New Relic
New Relic provides the real-time insights that software-driven businesses need to innovate faster. New Relic’s cloud platform makes every aspect of modern software and infrastructure observable, so companies can find and fix problems faster, build high-performing DevOps teams, and speed up transformation projects.
New Relic is a registered trademark of New Relic, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements concerning the proposed terms of the notes and the capped call transactions, the completion, timing and size of the proposed offering, the anticipated use of the net proceeds from the offering, the entry into the capped call transactions and the actions of the option counterparties and their respective affiliates. Forward-looking statements include all statements that are not historical facts. In some cases, forward-looking statements can be identified by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “will,” or similar expressions and the negatives of those words. Forward-looking statements involve substantial risks and uncertainties that may cause actual results to differ materially from those that New Relic expects. These risks and uncertainties include market risks, trends and conditions. These and other risks are more fully described in New Relic’s filings with the Securities and Exchange Commission, including in the section titled “Risk Factors” in its Annual Report on Form 10-K for the year In light of these risks, you should not place undue reliance on such forward-looking statements. Forward-looking statements represent New Relic’s beliefs and assumptions only as of the date of this press release. New Relic disclaims any obligation to update forward-looking statements.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180514006316/en/
New Relic, Inc.
Media Contact
Andrew Schmitt, 415-869-7109
[email protected]
or
Investor Contact
Jonathan Parker, 503-336-9280
[email protected]
Source: New Relic Corporate Communications | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/business-wire-new-relic-announces-proposed-private-offering-of-435-million-of-convertible-senior-notes.html |
COSTA MESA, Calif. (AP) _ El Pollo Loco Holdings Inc. (LOCO) on Thursday reported first-quarter earnings of $2.5 million.
On a per-share basis, the Costa Mesa, California-based company said it had profit of 6 cents. Earnings, adjusted for non-recurring costs, came to 17 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The Tex-Mex fast food chain posted revenue of $105.8 million in the period, also topping Street forecasts. Three analysts surveyed by Zacks expected $103.5 million.
El Pollo Loco expects full-year earnings in the range of 68 cents to 73 cents per share.
El Pollo Loco shares have dropped 0.5 percent since the beginning of the year. The stock has decreased 21 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on LOCO at https://www.zacks.com/ap/LOCO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-el-pollo-loco-1q-earnings-snapshot.html |
* Venezuela vote increases concern about its oil supply
* OPEC cuts, looming U.S. sanctions on Iran also support
* U.S. crude oil inventories seen lower for third week (Updates prices)
LONDON, May 22 (Reuters) - Oil rose towards $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply.
Crude is trading at its highest level since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.
Brent crude, the global benchmark, rose 44 cents to $79.66 a barrel by 1029 GMT. Last week, it topped $80 for the first time since November 2014.
U.S. crude was up 27 cents at $72.51, having earlier traded at $72.72, its highest since November 2014.
"The solid global economy, selected supply disruptions and the upbeat market mood in particular in oil frame a positive environment," said Norbert Ruecker, head of commodities and macro research at Julius Baer.
The U.S. government imposed new sanctions on Venezuela following Sunday's re-election of President Nicolas Maduro, a move that analysts say could further curb the country's oil output already at its lowest in decades.
"We can expect continued falling Venezuelan production," said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo.
Concern about a potential drop in Iranian oil exports following Washington's exit from a nuclear deal with Tehran and the threat of U.S. sanctions is also supporting prices. On Monday, the United States hardened its approach to Iran.
Venezuela and Iran are members of OPEC, which with its allies has curbed production since January 2017 to get rid of a supply glut that in mid-2014 led to a price collapse.
Due in part to the involuntary drop in Venezuela's output, OPEC is over-delivering on the agreement. Saudi Arabia and other major OPEC producers could in theory add more supply, but have yet to do so.
The OPEC-led supply curbs have largely cleared an inventory surplus in industrialised countries based on the deal's original goals, and stocks continue to decline.
U.S. crude stockpiles are forecast to have declined by 2.8 million barrels last week, a third straight weekly fall. The American Petroleum Institute's inventory report for the period is due at 2030 GMT.
Limiting the upward pressure on prices is rising supply in the United States, where shale production is forecast to hit a record high in June. (Additional reporting by Jessica Jaganathan; Editing by Dale Hudson and Jane Merriman) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/reuters-america-update-4-oil-rises-towards-80-as-supply-concerns-mount.html |
MOSCOW, May 4 (Reuters) - Russian oil major Rosneft said on Friday it continued to consider China a key market, after a group of investors said it was ending an agreement to sell a stake in the Russian firm to China’s CEFC.
Mining firm Glencore, a member of the investor group, also said earlier on Friday that a consortium that had held a stake in Rosneft was being dissolved. The Russian firm said it supported the decision to move to direct shareholdings.
Reporting by Olesya Astakhova Writing by Polina Ivanova Editing by Edmund Blair
| ashraq/financial-news-articles | https://www.reuters.com/article/rosneft-qatar-shareholders/russias-rosneft-says-china-still-a-key-market-after-end-of-cefc-deal-idUSR4N1S402B |
TAIPEI, Taiwan, May 04, 2018 (GLOBE NEWSWIRE) -- Asia Pacific Wire & Cable Corporation Limited (NASDAQ:APWC) ("APWC" or the "Company"), a leading manufacturer of wire and cable products for the telecommunications and electric-power industries in the Asia-Pacific region, today announced the Company's twelve months ended December 31, 2017. Unless otherwise indicated, all data are reported in US dollars at the exchange rate prevailing on the date of the event or result reported.
Full Year 2017 Financial Results (Ended December 31, 2017), and 2016 comparative results FY 2017 FY 2016 CHANGE Revenues $ 425.2 million $ 384.6 million 10.6 % Gross Profit $ 39.7 million $ 31.6 million 25.6 % Net Income/(Loss) $ 8.7 million $ 2.9 million 205.6 % EPS (1) $ 0.63 $ 0.21 200.0 % (1) Earnings per share are based on 13.82 million shares issued and outstanding in each of FY 2017 and FY 2016
Full Year 2017 Results
Revenues for the twelve months ended December 31, 2017, were $425.2 million, an increase of 10.6%, from $384.6 million in the prior year. The increase was primarily attributable to a 35.0% revenue increase in the Thailand region due to the Company obtaining more government projects and the appreciation of the Baht against the US dollar and also due to a 8.1% revenue increase in the North Asia region, primarily attributable to an increase in orders transferred from other wire and cable manufacturers who were forced to close by the Chinese government because of strict enforcement of environmental regulations. Revenues in the Company’s ROW region decreased by 14.9%, primarily due to more intense competition from the products imported from China. The Company’s North Asia region includes China and Hong Kong; the Thailand region contains the operations and sales inside Thailand; the ROW region includes Singapore, Australia and the other markets where APWC has operations or sales outside of the Thailand region and North Asia region.
Gross profit for the twelve months ended December 31, 2017, increased by 25.6% to $39.7 million from $31.6 million in the same period last year. Gross margin was up by 13.5%, growing from 8.2% in 2016 to 9.3% in 2017. In the Thailand region, gross margin grew following an increase in our product sales to higher margin Thailand government projects. In the North Asia region, gross margin increased primarily due to the appreciation of RMB against USD while the copper price remained stable, notwithstanding intense competition in the local markets. The ROW region’s gross margin increase in 2017 was primarily attributable to the higher margin distributed products sold by APEC, our Australian operating subsidiaries.
Selling, general and administrative expenses for 2017 were $27.2 million, compared to $26.3 million reported in 2016. Operating income was $16.6 million, compared to operating income of $7.3 million in 2016.
Net income attributable to APWC shareholders was $8.7 million for the full year of 2017, compared to net income of $2.9 million in 2016. Net income per share was $0.63 in 2017, while a net income of $0.21 per share was reported for 2016. The weighted average number of shares issued and outstanding was 13.82 million in each of 2017 and 2016. Financial Condition
APWC reported $46.1 million in cash and cash equivalents as of December 31, 2017, compared to cash and cash equivalents of $48.2 million as of December 31, 2016.
Current assets totaled $283.0 million as of December 31, 2017, compared to $244.6 million as of December 31, 2016. Working capital was $181.8 million as of December 31, 2017. Short term bank loans were $41.2 million at December 31, 2017, up from $28.2 million at the end of 2016. The Company had no long-term debt outstanding at December 31, 2017. Shareholder's equity attributable to APWC was $153.3 million as of December 31, 2017, compared to $136.0 million as of December 31, 2016.
APWC used $16.9 million in cash from operating activities during the twelve months ended December 31, 2017, compared to $9.0 million of cash provided by operating activities in the corresponding period in 2016. The Company slightly reduced capital expenditures to $4.9 million in 2017, compared to $5.0 million in 2016.
We encourage shareholders to visit the Company’s website for further information.
About Asia Pacific Wire & Cable Corporation
Asia Pacific Wire & Cable Corporation is principally engaged in the manufacture and distribution of telecommunications (copper and fiber optic) and power cable and enameled wire products in the Asia Pacific region, primarily in Thailand, China, Singapore and Australia. The Company manufactures and distributes its own wire and cable products and also distributes wire and cable products ("Distributed Products") manufactured by its principal shareholder, Pacific Electric Wire & Cable Company, a Taiwanese company ("PEWC"). The Company also provides project engineering services in the supply, delivery and installation ("SDI") of power cables to certain of its customers.
Safe Harbor Statement
This release contains certain " " relating to the Company, its business, and its subsidiary companies. These forward looking statements are often identified by the use of forward-looking terminology such as "believes", “anticipates”, "expects" or similar expressions. Such forward looking statements involve known and unknown that may cause actual results to be materially different from those described herein as anticipated, believed, estimated or expected. Investors should not place undue reliance on these which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website ( www.sec.gov ). All attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these .
Contact:
Investor Relations Contact:
Asia Alpha Investor Relations
Lisa A. Gray
Partner & Senior Account Manager
Phone: +1-212-989-9899
Email: [email protected]
Web: https://asiaalphair.com/
Source:Asia Pacific Wire & Cable | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/globe-newswire-asia-pacific-wire-cable-corporation-reports-2017-financial-results.html |
WASHINGTON (Reuters) - As President Donald Trump scrapped plans for a summit with North Korea, the top diplomats for the United States and South Korea spoke on the phone about continuing to work closely on having talks with Pyongyang and thwarting its nuclear ambitions, a U.S. State Department spokeswoman said on Friday.
FILE PHOTO: A North Korean flag flies on a mast at the Permanent Mission of North Korea in Geneva October 2, 2014. REUTERS/Denis Balibouse/File Photo “They committed to remaining closely coordinated in all of their efforts to create conditions for dialogue with North Korea and agreed that must continue until North Korea embraces denuclearization,” spokeswoman Heather Nauert said in a statement.
She said U.S. Secretary of State Mike Pompeo and South Korean Foreign Minister Kang Kyung-wha reaffirmed their commitment to denuclearize the Korean peninsula “and to the ironclad alliance” between the United States and South Korea.
Trump on Friday dangled the possibility of putting his June 12 meeting in Singapore with North Korean leader Kim Jong Un back on the schedule, telling reporters that the administration was talking to North Korea about the potential for a meeting.
Trump scrapped the summit in a letter to Kim on Thursday after repeated threats by North Korea to pull out over what it saw as confrontational remarks by U.S. officials demanding unilateral disarmament. Trump cited North Korean hostility in canceling the summit.
Reporting by Lisa Lambert; editing by Grant McCool
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-southkorea/u-s-south-korean-top-diplomats-commit-to-keep-working-on-north-u-s-spokeswoman-idUSKCN1IQ2VO |
President Donald Trump heads to Dallas on Friday to speak at the National Rifle Association’s annual meeting, the first gathering of the organization since the school shooting in Parkland, Fla. in February.
It’s an event that is expected to draw a large group of protestors , as well as 80,000 NRA members. Vice President Mike Pence will also speak at the event.
It’s likely that all major news channels will air the speech, but if you’re not near a TV, it’s still possible to monitor Trump’s talk. The White House will stream the speech on its YouTube channel , with coverage starting at 12:10 p.m. ET. Trump is expected to begin speaking around 1:45 p.m. ET.
Trump is a Second Amendment advocate who revoked Obama-era gun checks for the mentally ill, and famously said at last year’s NRA convention, “You came through for me, and I am going to come through for you.”
The political stakes are different now, though. After the Parkland shootings earlier this year, Trump faced criticism for his suggestion that teacher carry concealed weapons . Later, he accused a Republican senator of being “ afraid of the NRA ” and said he would stand up to the group.
But Trump tends to go off script in front of friendly crowds, so while the rights of gun owners are certain to be touched upon, it’s just as likely he will stray to other favorite talking points, such as lambasting the media and Democratic opponents. | ashraq/financial-news-articles | http://fortune.com/2018/05/04/watch-donald-trump-2018-speech-nra-annual-meeting-dallas/ |
U.S. House Speaker Paul Ryan has set a May 17 deadline to be notified of a new NAFTA trade deal to give the current Congress a chance of passing it, while Mexico's top trade official on Thursday said time was running short to meet such a deadline.
Ryan, who controls legislation in the House of Representatives, set his deadline in remarks delivered on Wednesday to the Ripon Society in Washington and publicized on Thursday.
Under the "fast track" trade negotiating law, there are lengthy notification periods before U.S. President Donald Trump could sign a new North American Free Trade Agreement and before Congress could begin considering it.
show chapters Paul Ryan denies working with Trump drove his decision to retire 8:49 AM ET Tue, 17 April 2018 | 01:46 Letting negotiations drag on much longer would punt consideration to a new Congress elected in November that will take office in January 2018, one that could cede more control to Democrats.
"We have to have the paper — not just an agreement, we have to have the paper — from USTR by May 17 for us to vote on it this year, in December, in the lame duck" session, Ryan said.
A spokeswoman for Ryan said that he was referring to a notification of intent to sign the NAFTA agreement, not necessarily the full text.
Major differences remain between the three members of NAFTA after more than eight months of largely slow-moving negotiations launched at the insistence of President Trump, who wants major changes to the 1994 pact.
Friday indication Mexico's Economy Minister Ildefonso Guajardo said he expected to learn by the end of Friday whether a new deal was possible. He and his counterparts have been meeting in Washington since Monday to try to bridge major gaps.
"I think we will be finding out through the day and tomorrow ... if we really have what it takes to be able to land these things in the short run," Guajardo told Reuters.
A source close to the talks said it was possible that Guajardo, U.S. Trade Representative Robert Lighthizer and Canadian Foreign Minister Chrystia Freeland could extend their meetings into the weekend.
A USTR spokeswoman declined comment while a Freeland spokesman did not respond to a request for comment.
Guajardo told Reuters that "we have suitcases for two weeks if necessary."
This week's talks hit an obstacle as the United States and Mexico sought to settle differences over the key issue of automobiles.
"Mexico obviously is here in order to negotiate the best agreement for Mexican workers and consumers. It will take as long as it will take," Mexican deputy economy minister Juan Carlos Baker told reporters late in the day.
But Ryan expressed skepticism that a deal could be reached in time and noted that several major issues remained unresolved, such as U.S. demands for more access to Canada's dairy market and to make an investment dispute arbitration system optional.
"There are a handful of unresolved issues and I'm just not — I don't want to make news, but we'll see if they can get this done by May 17 and get us the paper to Congress, which then we could have this vote in December," Ryan said. "If they can't, then we won't."
Trump regularly threatens to walk away from NAFTA, underscoring uncertainty over the pact. Business executives complain that the lack of clarity is hitting investment.
Canada more upbeat Freeland, however, struck a more optimistic tone. Speaking to reporters after meetings with U.S. legislators on Capitol Hill, she sidestepped questions as to when an agreement might be reached but said the three nations had made a lot of progress since Monday.
She is due to meet U.S. Secretary of State Mike Pompeo at 4:30 p.m. ET on Friday.
Mexico has launched a counterproposal to U.S. demands to toughen automotive industry content rules and boost wages. Trump blames cheaper wages in Mexico for manufacturing job losses in the United States.
Many other major issues crucial to a deal are still unresolved, including U.S. demands for a five-year sunset clause, and elimination of settlement panels for trade disputes.
After meeting with Lighthizer on Thursday, Guajardo told reporters that the talks were not just covering autos.
"You cannot think that in a process of negotiations we're going to solve one item without reviewing the overall balance of the agreement," he said. "We're going over all the items. It's very important to stress that." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/ryan-sets-a-may-17-deadline-for-a-nafta-deal-mexico-sees-time-running-short.html |
May 3, 2018 / 5:59 PM / Updated 8 minutes ago Croatia arrests Bosnian over 2016 Tunisia assassination: agency Reuters Staff 2 Min Read
ZAGREB (Reuters) - Croatian police have arrested a Bosnian citizen who may be extradited to Tunisia over his alleged involvement in the killing of a Tunisian in 2016 who Palestinian group Hamas said was one of its members, state news agency Hina reported on Thursday.
“A Bosnian national was arrested on March 13 on the basis of an Interpol arrest warrant from Tunisia. The person is in custody, and the extradition procedure is in charge of Croatian judicial bodies,” Hina cited a police statement as saying.
Police representatives were not immediately available to comment.
Hina also said, citing media reports, that a Tunisian official earlier confirmed that two suspects had been identified and one had been arrested in Croatia.
Mohammed Zawari, an aerospace engineer and drone expert, was shot dead in December 2016 near the city of Sfax. The Tunisian authorities later said that they had arrested 10 Tunisians but that two foreigners suspected of plotting the killing had escaped.
Hamas blamed Israel for the killing of Zawari, who it said had been a member of its organization for 10 years. Reporting by Igor Ilic; Editing by Hugh Lawson | ashraq/financial-news-articles | https://www.reuters.com/article/us-croatia-crime-tunisia/croatia-arrests-bosnian-over-2016-tunisia-assassination-agency-idUSKBN1I42B7 |
May 22, 2018 / 7:29 AM / Updated 18 minutes ago REFILE-METALS-Copper up for 2nd day as U.S.-China trade tensions ease Reuters Staff
(Corrects time in first bullet point to 0712 GMT)
By Naveen Thukral
SINGAPORE, May 22 (Reuters) - London copper rose for a second session on Tuesday and the market in Shanghai hit a one-week high, with prices underpinned as the chance of a U.S.-China trade war appeared to fade.
Shanghai lead futures jumped 3.6 percent to their highest since October, tracking last session’s gains on the London Metal Exchange. FUNDAMENTALS
* COPPER: Three-month copper on the LME had risen 0.2 percent to $6,893.50 a tonne by 0712 GMT. The most-traded contract on the Shanghai Futures Exchange gained 0.4 percent to 51,480 yuan ($8,073.39) a tonne, after climbing earlier in the session to its highest since May 14 at 51,660 yuan a tonne.
* BACK FROM THE BRINK: Washington and Beijing both claimed victory on Monday as the world’s two largest economies stepped back from the brink of a global trade war and agreed to hold further talks to boost U.S. exports to China.
* CHINA ECONOMY: China’s economy will likely expand by around 6.7 percent in the second quarter this year, the State Information Center said on Saturday.
* LEAD: Shanghai lead futures jumped as much as 3.6 percent to their highest since October at 20,465 yuan a tonne, buoyed by China’s crackdown on recycling.
* CRACKDOWN: “Authorities are clamping down on recycling plants in China, which are the source of nearly 60 percent of lead,” ANZ said in a note.
“The closures come amid a widening import arbitrage into China and falling inventories on both the LME and ShFE. Falling inventories have also been supporting the rest of the complex, including copper, zinc and aluminium,” it said.
* ALUMINIUM OUTPUT: Global primary aluminium output fell to 5.256 million tonnes in April from a revised 5.372 million tonnes in March, data showed. PRICES | ashraq/financial-news-articles | https://www.reuters.com/article/global-metals/metals-copper-up-for-2nd-day-as-u-s-china-trade-tensions-ease-idUSL3N1ST21H |
May 11 (Reuters) - VMware Inc’s Chief Financial Officer Zane Rowe has indicated he will turn down the offer to be become Uber Technologies Inc’s finance chief, the Wall Street Journal reported on Friday, citing people familiar with the matter.
The ride-hailing company had picked Rowe as the top candidate for the chief financial officer’s job, according to media reports in April.
Uber's Chief Executive Officer Dara Khosrowshahi is under pressure from the board and investors to find a new finance chief ahead of its IPO planned for next year, the WSJ reported. ( on.wsj.com/2KTC0LK )
The CFO position at the company has been vacant since 2015.
VMware and Uber did not immediately respond to Reuters requests for comment. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila)
| ashraq/financial-news-articles | https://www.reuters.com/article/uber-moves/vmware-cfo-likely-to-turn-down-uber-finance-chief-job-wsj-idUSL3N1SI5SA |
May 3, 2018 / 7:32 AM / Updated 5 hours ago After a year of Macron, start-up hum grows at Paris's Station F Luke Baker 4 Min Read
PARIS (Reuters) - If there’s one industry Emmanuel Macron has sought to tie his political fortunes to since storming to victory in France’s presidential election last May, it’s technology. Roxanne Varza, director of "Station F", a mega-campus for startups located inside a former freight railway depot, poses for a photograph in Paris, France, March 28, 2018. REUTERS/Benoit Tessier
Barely a month after he entered the Elysee Palace, the world’s largest start-up incubator opened its doors on the other side of Paris, bringing hi-tech buzz to the French capital.
Station F, created by telecoms billionaire Xavier Niel, an ally of the president, had long been in the works. But the timing of its opening — and the fact Macron attended it — has created a connection between the two.
So after a year in office, has Macron, a 40-year-old former investment banker and self-confessed tech champion, managed to breathe new life into French entrepreneurship?
Roxanne Varza, a 33-year-old Iranian-American whom Niel put in charge of Station F, is quick to emphasize that France’s start-up scene didn’t begin with Macron. But she acknowledges that the president’s youth, energy and enthusiasm have raised its profile, stimulating the flow of ideas and investment.
“It’s not something that changed from one day to the next as soon as he arrived,” said Varza, a fluent French speaker and former start-up adviser at Microsoft France.
“(But) we’ve definitely seen a lot of international funds, international entrepreneurs, starting to get more interested in coming to or coming back to France to create their business,” since he took office, she told Reuters.
“We’ve really seen him send a pro-business message, and a lot of investors have taken hold of that.”
START-UP ‘ECOSYSTEM’
Since its opening last June, Station F, occupying a vast train depot in the edgy southeast of Paris, has taken in around 2,000 start-ups, with entrepreneurs from the United States, Britain, China and India, alongside France.
As well as providing an environment for ideas to percolate and grow, the incubator houses venture capital, private equity and other early-stage investors, and makes room for corporate partners such as Facebook and Microsoft, too.
The aim — ambitious as it may sound — is to have 10,000 start-ups pass through Station F in the first five years, with the hope that the next Uber or Spotify will be among them.
Since coming to office, Macron has talked about wanting France to be a world leader in artificial intelligence and ‘deep-tech’, and several of the world’s biggest tech firms have announced plans to invest with that goal in mind.
When foreign leaders, business tycoons or dignitaries visit, one of their first stops is usually at Station F.
The incubator keeps its focus broad — start-ups can be in AI, gaming, the environment, medical or any sector. The key, says Varza, is to create an ‘ecosystem’ of ideas and the funds to back them, from gestation through later-stage development.
One of the first policy initiatives Macron undertook was to make it easier for companies to fire and hire. Now he’s promising to cut corporate tax rates and abolish an ‘exit tax’ levied on entrepreneurs who take assets out of France.
Overall, the aim is to change the image of France as a place to invest and do business.
“He’s been able to really communicate a message that there’s a lot going on here, there’s a lot of opportunity, and the government wants to help and make things easier,” said Varza.
France still lags Britain and Germany when it comes to how much money its start-ups raise, and the three combined are a fraction of the United States. But Station F, and Macron, are hoping incremental change will pay off over time.
“When you come to Paris, you see the Louvre, you see the Eiffel Tower and now you see Station F,” said Varza. “It’s great for our start-ups to have that sort of exposure.” Additional reporting by Mathieu Rosemain; Editing by Richard Balmforth | ashraq/financial-news-articles | https://in.reuters.com/article/us-france-macron-startups/after-a-year-of-macron-start-up-hum-grows-at-pariss-station-f-idINKBN1I40CB |
Iran is trying to keep Europe on its side as questions mount about the future of its nuclear deal with Western powers and suspected Israeli airstrikes on its bases in Syria.
Short of military options and economically distressed at home, Iran appears to be calibrating its response to escalating diplomatic and military pressure from the U.S. and its allies Israel and Saudi Arabia. Tehran’s goal is to blunt the Trump administration’s ability to reimpose sanctions, hold onto its influence in Syria and avoid a wider regional war,... RELATED VIDEO What Is the 2015 Iran Nuclear Deal? Iran reached a historic agreement with major world powers over its nuclear program in 2015. Under the deal, what did Iran give up and how is it benefiting? WSJ’s Niki Blasina explains. | ashraq/financial-news-articles | https://www.wsj.com/articles/iran-works-to-keep-europe-on-board-amid-uncertainty-over-nuclear-deal-1525184779 |
TOPEKA, Kan., May 17, 2018 (GLOBE NEWSWIRE) -- The Westar Energy, Inc. (NYSE:WR) Board of Directors today declared a quarterly dividend of 40 cents per share payable June 20, 2018, on the company’s common stock. The dividends are payable to shareholders of record as of May 30, 2018.
As Kansas’ largest electric utility, Westar Energy, Inc. (NYSE:WR) provides customers the safe, reliable electricity needed to power their businesses and homes. We have 7,800 MW of electric generation capacity that includes renewables and traditional power sources with half the electricity supplied to our more than 700,000 customers from emissions free sources: nuclear, wind and solar, with a third coming from renewables. We are a leader in electric transmission in Kansas coordinating a network of lines and substations that supports one of the largest consolidations of wind energy in the nation. Our employees live, volunteer and work in the communities we serve.
For more information about Westar Energy, visit us on the Internet at http://www.WestarEnergy.com .
Media Contact :
Gina Penzig
Media Relations Manager
Phone: 785-575-8089
[email protected]
Media line: 888-613-0003
Investor Contact :
Cody VandeVelde
Director, Investor Relations
Phone: 785-575-8227
[email protected]
Source:Westar Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/globe-newswire-westar-energy-declares-dividend.html |
May 7, 2018 / 5:26 AM / Updated 8 hours ago Roche's Tecentriq combo wins fast FDA review in race to catch rivals Reuters Staff 2 Min Read
ZURICH (Reuters) - Roche’s immunotherapy combination that includes Tecentriq, Avastin and chemotherapy will get an accelerated review by U.S. regulators for use as an initial treatment of a common form of lung cancer, the Swiss drugmaker said on Monday. The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland February 1, 2018. REUTERS/Arnd Wiegmann
Roche expects a U.S. Food and Drug Administration decision by Sept. 5. It has already announced some results of clinical trials that showed the cocktail boosted survival benefit for patients with metastatic non-squamous non-small cell lung cancer (NSCLC) compared to older treatments.
Tecentriq is approved to treat NSCLC after other therapies fail, but Roche is pushing to deploy its medicine with other drugs as early as possible to catch up to better-established immunotherapies from Merck and Bristol-Myers Squibb.
Merck’s Keytruda is approved for initial lung cancer treatment in some patients.
“We are working closely with the FDA to bring this treatment regimen to people with this type of lung cancer as soon as possible,” said Sandra Horning, Roche’s chief medical officer.
Tecentriq’s status as a late-comer in immunotherapy compared to Keytruda and Bristol-Myers Squibb’s Opdivo has contributed to sluggish sales.
In the first-quarter, Tecentriq revenue of 139 million Swiss francs ($138.9 million) lagged the 154 million poll estimate in a Reuters poll and was just above the 132 million of the fourth quarter, which analysts cited as a blemish on results.
Still, Roche points to numerous ongoing studies in lung and other cancers that include Tecentriq, contending it still had a shot at beating rivals to market in first-line treatment of small cell and first-line squamous cell lung cancer. Reporting by John Miller; Editing by Michael Shields | ashraq/financial-news-articles | https://in.reuters.com/article/us-roche-immunotherapy/roches-tecentriq-combination-to-get-speedy-fda-review-idINKBN1I80CX |
(Adds stock price detail, background)
May 23 (Reuters) - Shares of EVO Payments Inc rose as much as 26 percent in their debut on Wednesday, giving the company a market valuation of $1.54 billion.
EVO's shares opened at $20.05, above their price of $16.
The offering of 14 million Class A shares by EVO Payments and selling stockholders raised $224 million, after being priced at the upper-end of its projected range.
The Atlanta, Georgia-based company facilitates payments by linking stores to customers' bank accounts and has operations in 50 markets worldwide including the United States, Canada, Mexico and Europe.
EVO said in its IPO filing https://bit.ly/2GI7lxI that it competes with independent merchant acquirers and payment processors including First Data, Global Payments, Vantiv and TSYS.
The company intends to use proceeds from the IPO for buying a 19.8 percent economic interest in parent company EVO Investco LLC, through which the firm will operate and control all of the business and affairs of the parent.
EVO Payments, which collects fees primarily from the number and value of transactions processed, said revenue for full-year 2017 rose 20.4 percent to $504.7 million from a year earlier. The company recorded a loss of $32.3 million compared with a profit of $57.5 million in 2016.
J.P. Morgan, BofA Merrill Lynch, Citigroup, Deutsche Bank Securities and SunTrust Robinson Humphrey are lead underwriters to the offering. (Reporting by Nikhil Subba in Bengaluru; Editing by Bernard Orr) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/reuters-america-update-1-payments-processor-evo-payments-stock-jumps-in-nasdaq-debut.html |
WILMINGTON, Mass., May 30, 2018 (GLOBE NEWSWIRE) -- Security Innovation , a pioneer in software security assessment and training, announced that Akshay Mathur has joined the company as Business Development Director for India. Mathur will be responsible for accelerating the growing demand and burgeoning market opportunity for the company’s solutions in India – including Security Innovation’s flagship CMD+CTRL cyber range , extensive computer based training courses and security assessment services.
Security Innovation’s India team is headquartered in Pune, India, and is deeply involved throughout the country, providing security training and professional services to customers, and serving as a go-to resource for cybersecurity industry groups, conferences and certification programs.
“We are very pleased to have Akshay Mathur on our team as we continue to fortify our status as a leader in global security markets,” explained Robert Rinaldi, Chief Revenue Officer for Security Innovation. “Akshay’s expertise as a senior sales executive and his deep regional knowledge of the country will help us grow our customer community across India, expand our market reach, and further enhance our reputation.”
Mr. Mathur has more than 15 years of sales and professional leadership, including key engagements with digital innovation firm Sourcebits, cyber security startup Uniken, and leading Indian system integrator Vitage Systems. Mathur started his career with Dell and has also been associated with the tech training company Kiona Software. He will be based in the company’s Pune office with Aditya Kakrania, Director of Indian Operations, and will report to Mr. Rinaldi, who oversees global revenue generation.
Click here to learn why Security Innovation is the worldwide leader in software security training and assessment services.
About Security Innovation
Since 2002, organizations have relied on Security Innovation for our unique software security expertise to help secure and protect sensitive data in the most challenging environments - automobiles, desktops, web applications, mobile devices and in the cloud. A best in class security training, assessment and consulting provider, Security Innovation has been named to the Gartner Magic Quadrant for Security Awareness Training for four consecutive years. Security Innovation is privately held and headquartered in Wilmington, MA USA. For more information, visit www.securityinnovation.com or connect with us on LinkedIn or Twitter .
Security Innovation Media Contact:
Derek Beckwith
[email protected] , +1-617-331-3567
Source: Security Innovation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/globe-newswire-security-innovation-hires-new-business-development-director-for-india-as-company-continues-rapid-global-growth.html |
TOKYO (Reuters) - Toyota Motor Corp is stepping up cost reductions to shore up its money chest, as it looks to ramp up investment in new technologies, but cautioned a stronger yen would chip away at its operating profit and higher annual sales.
The Toyota company logo is pictured at the India Auto Show 2018 in Greater Noida, India, February 7, 2018. REUTERS/Saumya Khandelwal Toyota’s plans to spend a record 1.08 trillion yen, or about $10 billion, on R&D this year comes at a time when carmakers worldwide are sharpening their focus on electrification and automation to stay competitive amid rising demand for vehicles powered by cleaner technologies.
As a buffer against currency moves and to ensure there are funds for R&D, Toyota “will prioritise sticking to its roots - the Toyota production system and cost cuts”, President Akio Toyoda said, referring to a strategy to coordinate with suppliers to make cars when needed, minimising inventories.
A recently introduced production system based on more standardised parts that can be used across different models will also continue to help deliver cost cuts, he added.
Cost reductions are expected to contribute around 130 billion yen to operating profit this year, after adding 165 billion yen to Toyota’s earnings last year.
“We’ve become a leaner, trimmer company ... and in the past year we’ve developed our remaining fat into muscle, so that we’re in a strong position to be more competitive,” Toyoda said.
Japan’s top carmaker posted a 20 percent jump in operating profit to 2.4 trillion yen for the year to March 2018, outpacing rivals Volkswagen AG and Daimler AG for a fifth straight year to be the world’s most profitable automaker.
PROFIT WARNING DESPITE RECORD SALES Despite cost cuts and record-high global sales, Toyota expects operating profit of 2.3 trillion yen for the year to March 2019 - better than analysts’ estimates but 4.2 percent lower than a year ago due to a firmer yen rate of around 105 to the dollar, versus 111 yen in the previous year.
A firmer yen eats into profits repatriated from abroad and raises the cost of exported vehicles and parts, making Japanese products less competitive overseas and denting margins.
Toyota’s warning comes on the heels of similar projections by other Japanese automakers, such as Honda Motor and Mazda Motor. The only outlier so far is Mitsubishi Motors, which sees a rise in operating profit despite a stronger yen.
Toyota is targeting total group sales of a record 10.5 million vehicles globally in the year to March, versus 10.44 million last year, led by strength in Asia.
It expects sales in Asia to rise 8.2 percent to 1.67 million units, while it sees sales in North America, its biggest market, dropping slightly to 2.8 million units.
In North America, Toyota and its domestic rivals are grappling with intense competition and falling demand for sedans, a mainstay of Japanese automakers in the region, amid an overall slowdown in the world’s second-biggest auto market.
North America remains “challenging”, senior managing officer Masayoshi Shirayanagi said, adding the company planned to keep vehicle discounts, a major cost to the company, at current levels or lower them this year.
Shares in Toyota reversed early losses to close up 3.8 percent on Wednesday, buoyed partly by a company plan to buy back shares worth up to 300 billion yen.
($1 = 109.6700 yen)
Reporting by Naomi Tajitsu and Maki Shiraki; Editing by Himani Sarkar & Shri Navaratnam
| ashraq/financial-news-articles | https://in.reuters.com/article/toyota-results/japans-toyota-bets-on-cost-cuts-to-drive-record-high-rd-spend-idINKBN1IA1WV |
LAKEWOOD, Colo., May 7, 2018 /PRNewswire/ -- Pershing Gold Corporation (NASDAQ:PGLC), (TSX:PGLC), (FWB:7PG1) ("Pershing Gold" or the "Company"), an emerging Nevada gold producer, announces results from its ongoing 2018 drilling program.
Expansion and resource growth is the focus of Pershing Gold's 2018 drilling program at the Relief Canyon Mine. It has two elements: Main Zone expansion drilling in and southwest of the pit, and the West Step Out Area (See Figures 1 and 2 below). Three core rigs have completed 15,500 feet (4,724 meters) of drilling in the West Step Out Target Area and approximately 5,300 feet (1,615 meters) in the Main Zone Target Area. To date, the Company has completed 70% of the 2018 planned program. Assay results are reported in both ounces per ton ("opt") and grams per tonne ("gpt") of gold ("Au").
"Pershing Gold reports drilling results from the Main Zone and West Step Out Target Areas," stated Stephen D. Alfers, Pershing Gold's Chairman, President and CEO. "Recent drilling indicates that the Main Zone is substantially wider than in the existing pit, and this Main Zone continues up to 900 ft (274.4 meters) to the west of the existing pit. Additionally, gold grades and cyanide solubility are consistent with previous results in the Main Zone. This could result in increased tonnage in the Main Zone and in the pit itself, which could bring more tons earlier into the mine plan," explained Alfers. "West Step Out drilling indicates that zones of mineralization are continuous to the west. This confirmed continuity of mineralization may allow us to expand the pit up to 400 feet (122 meters) to the southwest. West Step Out drilling also resulted in several intercepts with grades substantially higher than historic results, which may result in enhanced economics for the project," stated Alfers.
Main Zone Target Area
Diamond drilling confirmed gold grades in the historic reverse circulation holes in the Main Zone at the Relief Canyon Mine. To date, average grades are very similar to those encountered by the historic reverse circulation drill results. Early drill results indicate that the development of Main Zone collapse breccia may be wider than indicated by the historic drill holes.
Drilling by Pershing Gold from 2013 – 2016 along the west margin of the Main Zone resource (Figure 1, e.g., drill holes RC16-485 and RC16-486) established evidence that a wider zone of collapse breccia was potentially in the Main Zone than was previously modeled based on the historic reverse circulation drill data. Drill holes such as RC18-514, RC18-515, and RC18-518 now provide confirmation that wider zones of Main Zone collapsed breccia continue for up to 900 feet (274.4 meters) to the east from holes RC16-485 and RC16-486. The new core intercepts are substantially wider, up to 100 feet (30.5 meters) wider, than the adjacent historic reverse circulation drill holes while grades of gold, and cyanide soluble gold are consistent with the current resource model.
The Main Zone drilling program is providing excellent geological information, and a good visual look at the variability of the texture and fines content of collapse breccia. The Company is now better able to map zoned alteration along the margin of the collapse breccia column. Additionally, the historic data at Relief Canyon did not include silver results in the Main Zone, which we are now generating for the first time in the project's history. Silver values encountered thus far in the Main Zone typically range from 0.050 to 0.136 opt (1.71 to 4.66 gpt).
Main Zone gold intercepts include:
RC18-510: 187.4 feet (57.1 meters) at 0.013 opt (0.44 gpt) Au RC18-514: 129.5 feet (39.5 meters) at 0.014 opt (0.49 gpt) Au RC18-515: 216.1 feet (65.9 meters) at 0.016 opt (0.53 gpt) Au RC18-518: 135.5 feet (41.3 meters) at 0.018 opt (0.60 gpt) Au
West Step Out Target Area
The West Step Out drilling is focused on extending mineralization to the west and southwest beneath cover, and has seen infill component to develop additional NI 43-101 reserves along the western margin of the current economic pit. Drill hole RC18-512 is the furthest hole to the southwest so far drilled at Relief Canyon and results continue to demonstrate continuity of the stacked mineralized zones for at least 1,000 feet (305 meters) beyond the current proposed pit limit, and provide strong indication for potential future growth. Results from infill holes RC18-507 and RC18-508 contain higher average grades relative to nearby drill holes, and support the potential to convert measured and indicated resource to NI 43-101 reserves, and potentially expand the Whittle Pit for up to 400 feet (122 meters) to the west and southwest. Improved grades and a potential pit expansion could provide a positive impact on the economics at the Relief Canyon project.
West Step Out gold intercepts include:
RC18-507: 13.9 feet (4.2 meters) at 0.037 opt (1.28 gpt ) Au 12.1 feet (3.7 meters) at 0.051 opt (1.75 gpt) Au RC18-508: 3.6 feet (1.1 meters) at 0.061 opt (2.10 gpt) Au 32 feet (9.8 meters) at 0.089 opt (3.06 gpt) Au 4.3 feet (1.3 meters) at 0.400 opt (13.70 gpt) Au RC18-511: 7.8 feet (2.4 meters) at 0.098 opt (3.35 gpt) Au 11.3 feet (3.4 meters) at 0.093 opt (3.2 gpt) Au 2.5 feet (0.8 meters) at 0.400 opt (13.68 gpt) Au 17.9 feet (5.5 meters) at 0.066 opt (2.27 gpt) Au RC18-512: 39.8 feet (12.1 meters) at 0.046 opt (1.58 gpt) Au 3.6 feet (1.1 meters) at 0.280 opt (9.59 gpt) Au
Significant drill intercepts are summarized in Tables 1 and 2 below.
Table 1, Main Zone Results:
Drill
From
To
Width
gpt
opt
gpt
opt
Hole
feet
gold
gold
silver
silver
RC18-510
179
366.4
187.4
0.44
0.013
3.70
0.108
RC18-513
162.8
227
64.2
0.67
0.019
3.97
0.116
288.8
303.5
14.7
0.26
0.008
1.22
0.036
330.4
338.2
7.8
0.3
0.008
0.60
0.017
RC18-513A
163.2
227.1
63.9
0.62
0.018
3.49
0.102
RC18-514
272.5
402
129.5
0.49
0.014
4.66
0.136
477.1
506.1
29
0.17
0.005
0.53
0.015
RC18-515
288.2
504.3
216.1
0.53
0.016
1.81
0.053
RC18-516
416.4
490.2
73.8
0.25
0.007
1.71
0.05
RC18-518
62.4
197.9
135.5
0.6
0.018
pending
*All Quote: d widths are down-hole widths, not true widths.
Table 2, West Step Out Results:
Drill
From
To
Width
gpt
opt
gpt
opt
Hole
feet
gold
gold
silver
silver
RC18-507
636.1
648
9.6
0.58
0.017
10.76
0.314
865.6
879.5
13.9
1.28
0.037
4.38
0.128
929.9
942
12.1
1.75
0.051
6.5
0.19
RC18-508
280
293
13
0.29
0.008
0.87
0.025
575.7
579.3
3.6
2.1
0.061
21
0.613
603
617.2
14.2
0.51
0.015
2.6
0.076
656.1
688.1
32
3.06
0.089
3.95
0.115
660.9
665.2
4.3
13.7
0.400
15
0.438
RC18-511
661.5
669.3
7.8
3.35
0.098
16.5
0.481
796.8
808.1
11.3
3.2
0.093
6.88
0.201
796.8
799.3
2.5
13.68
0.400
24
0.701
837
854.9
17.9
2.27
0.066
7.32
0.214
RC18-512
757.3
810
52.8
0.75
0.022
3.46
0.101
1350.1
1389.9
39.8
1.58
0.046
7.79
0.227
1380.6
1384.2
3.6
9.59
0.280
12
0.35
*All Quote: d widths are down-hole widths, not true widths.
Figure 1
PDF - https://mma.prnewswire.com/media/687184/Relief_Canyon_Main_Zone_Press_Release05022018.jpg
Figure 2
PDF - https://mma.prnewswire.com/media/687185/Relief_Canyon_WSO_Press_Release03152018.jpg
About Pershing Gold Corporation
Pershing Gold is an emerging gold producer whose primary asset is the Relief Canyon Mine in Pershing County, Nevada. Relief Canyon includes three historic open-pit mines and a state-of-the-art, fully permitted and constructed heap-leach processing facility. Pershing Gold is currently permitted to resume mining at Relief Canyon under the existing Plan of Operations.
Pershing Gold's landholdings cover more than 27,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Pershing Gold with the opportunity to expand the Relief Canyon Mine deposit and to explore and make new discoveries on nearby lands.
Pershing Gold is listed on the NASDAQ Global Market and the Toronto Stock Exchange under the symbol PGLC and on the Frankfurt Stock Exchange under the symbol 7PG1.
Scientific and Technical Data
All scientific and technical information related to drill and surface samples for the Relief Canyon project has been reviewed and approved by Anthony P. Taylor PhD, PG, Certified Professional Geologist #CPG11464 who is a Qualified Person under the definitions established by Canadian National Instrument 43-101. Drill core at Relief Canyon is boxed and sealed at the drill rig and moved to the Relief Canyon logging and sample preparation facilities by trained personnel. The core is logged and split down the center using a typical table-fed circular rock saw. One half of the core is sent for assay to McClelland Laboratories Inc., Sparks Nevada, while the other half is returned to the core box and stored at Relief Canyon in a secure, fenced-off, area. Pershing Gold Corporation QA/QC includes the regular use of blanks, standards, and duplicate samples. All Quote: d widths in this press release are down-the-hole widths, not true widths.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. All statements, other than statements of historical fact, are "forward-looking statements," including future prospects of the 2018 drilling program, further resource growth, our ability to expand the Main Zone and the Whittle Pit; our interpretation of the assay results and their potential to enhance the economics of the project or increase the size or grade of the resource; any future recalculation of the resource; our plans to advance Relief Canyon to production; our goals of adding near-term ounces, expanding mine-life, and adding to the production profile for the project. Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, interpretations or reinterpretations of geologic information, future unfavorable exploration results, inability to obtain permits required for future exploration, development or production, inability to obtain sufficient financing to conduct future exploration or commence construction and production, and fluctuating mineral and commodity prices. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for the year ended December 31, 2017, and on SEDAR at www.sedar.com . The Company assumes no obligation to update any of the information contained or referenced in this press release.
Cautionary Note to United States Investors Regarding Reserve Estimates
Pershing is a reporting issuer in the United States and is required to discuss mineralization estimates in accordance with US reporting standards. References to "reserves" in this press release are in reference to the mining terms defined in the Canadian Institute of Mining, Metallurgy and Petroleum Standards, which definitions have been adopted by NI 43-101. The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in the United States Securities and Exchange Commission's Industry Guide 7. In the United States, a mineral reserve is defined as a part of a mineral deposit, which could be economically and legally extracted or produced at the time the reserve determination is made. In most cases, the a final, or bankable, feasibility study is required in order to report reserves under Industry Guide 7. Accordingly, information contained in this press release containing descriptions of our mineral deposits in accordance with NI 43-101 may not be comparable to similar information made public by other U.S. companies under the United States federal securities laws and the rules and regulations thereunder.
View original content with multimedia: http://www.prnewswire.com/news-releases/pershing-gold-announces-new-results-from-main-zone-and-west-step-out-target-areas-in-2018-drilling-program-300643113.html
SOURCE Pershing Gold Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-pershing-gold-announces-new-results-from-main-zone-and-west-step-out-target-areas-in-2018-drilling-program.html |
ETON, England (Reuters) - Drinking pints in a traditional English pub in the genteel town of Eton under swathes of red, white and blue bunting, locals say Saturday’s wedding of Prince Harry and his American fiancee Meghan Markle is going to be a massive event. Others are not so sure.
FILE PHOTO: Commemorative items are seen for sale ahead of the forthcoming wedding of Britain's Prince Harry and his fiancee Meghan Markle, on Oxford Street in London, Britain, May 11, 2018. REUTERS/Toby Melville “It’s part of being British,” said Chris Partington, 34, standing at the bar of the Henry VI pub, half a mile from Windsor Castle where the royal wedding will be held and close to the exclusive Eton College Harry attended as a boy.
“There’s a great buzz about the place, I think it’s brilliant,” the software company worker told Reuters.
There is no doubt that the wedding of Prince Harry, Queen Elizabeth’s grandson and sixth-in-line to the throne, and Hollywood actress Markle, star of TV drama “Suits”, has the media transfixed.
In the last month, barely a day has passed without mention of the wedding on the front pages of tabloid newspapers while TV stations in Britain and the United States have delivered a steady diet of documentaries and other insights into the big day.
More than 5,000 media and support staff have registered for official positions in Windsor for the wedding, along with more than 160 photographers and 79 international TV networks, Kensington Palace said.
But polls suggest that interest is the wedding is not shared so widely by the British public at large.
A survey by Opinium Research last week showed only 38 percent of Britons planned to tune in to watch the occasion on TV. More than half, 53 percent, said they would not.
NOT NECESSARY “I don’t think it’s significant,” truck driver Ben Tindle, 33, told Reuters in Islington, north London, near a vandalized street art depiction of Markle and two soldiers in traditional scarlet uniforms.
“Royal family, people born into richness, it’s not really necessary in this day and age. I don’t even know when (the wedding) is.”
Britain’s monarchy continues to be a source of fascination around the world and few other countries can emulate the pageantry which surrounds the royals.
One British government minister said 2 billion people were thought to have watched television broadcasts of the 2011 wedding of Harry’s elder brother William to wife Kate.
Some 750 million are said to have watched Harry’s father and mother, heir-to-the-throne Prince Charles and the late Princess Diana, get married in 1981, while some reports suggested that as many as 2.5 billion watched Diana’s funeral in 1997.
But whether the nuptials of Harry, 33, and Markle, 36, will generate similar interest is unclear.
FEWER STREET PARTIES No government department could provide any expected audience figures for Saturday’s ceremony and while about 5,500 street parties were held across Britain to mark William’s wedding, officials said there would be far fewer this time around.
The county of Hertfordshire, which claimed to be street party capital of Britain after hosting nearly 300 events in 2011, said just 56 were planned this time.
“There definitely aren’t as many applications as there were for the last one,” said a spokesman for Britain’s Communities Department. “It doesn’t seem to have generated as much interest.”
Graham Smith, chief executive of the anti-monarchist campaign group Republic, said such figures reflected the gulf between the media portrayal of the monarchy and a greater indifference among Britons as a whole.
“The vast majority of the people in this country and around the world are not watching, don’t care and will be getting on with their lives as normal,” he told Reuters.
“There’s a sizeable number of people that are interested and enjoy it, and that number is big enough to warrant the media interest. But that is very different to saying everybody loves the royals.”
Certainly though, there appears no widespread desire to dispense with the Windsors. The Opinium survey found 61 percent of Britons thought the monarchy should continue compared to 25 percent who believed Britain should become a republic.
Opinions of the royals themselves varied greatly though. Harry was viewed favorably by 71 percent of respondents, one point less than his brother who had the highest rating, with the 92-year-old queen recording a 68 percent favorable score.
Charles was rated favorably by just 36 percent and his second wife Camilla 21 percent, with 42 percent holding an unfavorable view of her.
“Prince Harry is what you would call one of lads. People like that. He’s not big-headed, nothing like that,” said car mechanic Shaun Gill, 39, another regular at Eton’s Henry VI pub. He said the royal family were hugely important to his local area.
“The history, the tourism, business-wise, if there was no castle in Windsor, the town would be dead,” he said.
Gill will attend an all-day party in the pub, one of many events that will combine a celebration of the wedding with watching the FA Cup final, the showpiece end to the English soccer season. “It’s going to be a massive event. It’ll be a good day,” he said.
Royal historian Hugo Vickers predicted such sentiment would increase as Saturday approached.
“I think the British are always rather contained in the way they respond to things,” he said. “I think you’ll see a lot of excitement as it gets nearer.”
But whether the wedding itself will be a focal point for Britons or merely an excuse for a get-together is a moot point.
“I’ll probably be with my friends, with wine. I’m rooting for them, I hope it goes well for them because they seem like lovely people,” writer Jenny Glanville, 37, told Reuters in Islington.
“In terms of them being royals, is that why I’m watching it? No.”
Writing by Michael Holden; editing by Guy Faulconbridge and Giles Elgood
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-royals-wedding/the-media-are-agog-but-are-britons-really-bothered-about-royal-wedding-idUSKCN1IF0HO |
Lava reaches Hawaiian geothermal plant Tuesday, May 29, 2018 - 01:39
Lava from Hawaii's erupting Kilauea volcano has covered a potentially explosive well at a geothermal power station. Zachary Goelman reports.
Lava from Hawaii's erupting Kilauea volcano has covered a potentially explosive well at a geothermal power station. Zachary Goelman reports. //reut.rs/2IRGKUS | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/lava-reaches-hawaiian-geothermal-plant?videoId=431187215 |
May 4(Reuters) - Jiangxi Huangshanghuang Group Food Co Ltd
* Says it will pay cash dividend of 0.70 yuan per 10 shares (before tax) for FY 2017 to shareholders of record on May 9
* The company’s shares will be traded ex-right and ex-dividend on May 10 and the dividend will be paid on May 10
Source text in Chinese: goo.gl/qjTVqw
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jiangxi-huangshanghuang-group-food/brief-jiangxi-huangshanghuang-group-food-says-dividend-payment-date-on-may-10-idUSL3N1SB1WI |
LONDON, May 14 (Reuters) - Benchmark German 10-year bond yields rose to 2-1/2 week highs on Monday and were set for their biggest daily rise in three weeks, after the ECB’s Francois Villeroy de Galhau said the central bank could give fresh guidance on the timing of its first rate hike as the end of its bond stimulus approaches.
The comments caught the bond market off guard in a relatively thin market and in a week where corporate bond supply is expected to dominate sentiment, analysts said.
German 10-year bond yields rose to 0.60 percent, its highest levels since April 26 and were up 4 basis points on the day.
Two-year yields were up 2 basis points.
The Bank of France governor said that whether the decision to end the European Central Bank’s net asset purchases came at its September or December meeting was “not a deep existential question”. (Reporting by Saikat Chatterjee; Editing by Dhara Ranasinghe)
| ashraq/financial-news-articles | https://www.reuters.com/article/eurzone-bonds-ecb/german-bond-yields-rise-to-2-1-2-week-highs-on-ecbs-villeroy-comments-idUSL5N1SL2NP |
Production of 9,324 gold ozs or 9,729 gold equivalent (AuEq) ozs for the Quarter at a cost of $532/gold oz or $555/ gold equivalent oz and an all-in sustaining cost of $726/gold oz or $741/gold equivalent oz 1 Revenue less Cost of Sales for February and March, the first two months of commercial production, was US$4,759,371 Initial production guidance issuance for 2018 expected to be between 42,000 and 46,000 gold equivalent ozs Cash cost guidance for 2018 expected to be US$530 to US$560 per gold equivalent oz, with all-in sustaining costs expected to be US$720 to US$780 per gold equivalent oz 1
Note 1 - a non-IFRS measure computed in the Company’s MD&A in the non-IFRS performance measures section.
VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- K92 Mining Inc. (TSX-V:KNT) (OTCQX:KNTNF) (the “ Company ” or “ K92 ”) is pleased to announce first quarter financial results and provide 2018 production guidance.
For complete details of the unaudited condensed consolidated interim financial statements and associated management's discussion and analysis, please refer to the Company's filings on SEDAR. All amounts are in U.S. dollars unless otherwise indicated.
Other Highlights
An updated resource for Kora North, comprising a Measured Resource of 33,200 tonnes @ 10.3 g/t Au, 31 g/t Ag and 1.2% Cu; an Indicated Resource of 103,500 tonnes @ 12.7 g/t Au, 30 g/t Ag and 1.3% Cu and an Inferred Resources of 183,500 tonnes @ 14.4 g/t Au, 27 g/t Ag and 0.9% Cu announced. A contract for the installation of a gold gravity recovery circuit and a new flotation cleaner circuit awarded to Mincore Pty Ltd. Additional underground mobile fleet purchased, including Volvo A30F haul truck, Cat R1300G and 1700G LHD loaders, Sandvik DD420-60 twin boom jumbo and Qasar single boom jumbo. Underground exploration program commenced targeting an area immediately up dip, down dip and along strike from the initial Kora North resource. Exploration field work identifies a new highly prospective porphyry target, Blue Lake, containing gold/silver/copper mineralization and hydrothermal alteration typical of that encountered in high sulphidation epithermal systems.
John Lewins, K92 Chief Executive Officer and Director, states, “The first Quarter of 2018 marks a major step for our Company with the declaration of commercial production on the Kora deposit on February 1, 2018, just four months after mining the first bulk sample. The Quarter also saw the Company report an initial net income in excess of US$3 million including a gross margin in excess of US$4.7 million from just the first two months following the declaration of commercial production. Production for the first three months of the year was just over 9,700 gold equivalent ozs, approximately 80% of design. Importantly, although not at design production levels, cash costs were extremely low at US$532/gold oz, while all-in sustaining costs were just US$726/gold oz.”
MINE OPERATING ACTIVITIES Three months ended
March 31, 2018
Operating data Head grade (Au g/t) 16.95 Gold Recovery (%) 91.7 Gold ounces produced 9,324 Gold ounces equivalent produced (1) 9,729 Pounds of copper produced 165,976 Silver ounces produced 2,752 Financial data (in thousands of dollars) February 1, 2018 – March 31, 2018 Revenues -- gold sales $8,526 Mine operating expenses ($3,223) Depreciation and depletion ($526) Statistics (in dollars) Average realized selling price (per ounce) $1,327 Cash cost (per ounce) (1) $532 All-in sustaining cost (per ounce) (1) $726 Review of financial results
Net income
The Company's net income for the three-month period ended March 31, 2018, totalled $3,317,070 or income per share of two cents compared with net loss of $5,637,593 or a loss per share of five cents for the three-month period ended March 31, 2017.
Notes
The Company provides some non-international financial reporting standard measures as supplementary information that management believes may be useful to investors to explain the Company's financial results. Please refer to non-IFRS financial performance measures of the Company's management's discussion and analysis dated May 17, 2018, available on SEDAR for reconciliation of these measures.
K92 has not based its production decisions on mineral reserve estimates or feasibility studies, and historically such projects have increased uncertainty and risk of failure. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Qualified Person
K92 mine geology manager and mine exploration manager, Andrew Kohler, PGeo, a qualified person under the meaning of Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects has reviewed and is responsible for the technical content of this news release. Data verification by Mr. Kohler includes significant time onsite reviewing drill core, face sampling, underground workings, and discussing work programs and results with geology and mining personnel.
For further information regarding the Kainantu gold mine, please refer to the technical report dated March 2, 2017, and entitled "Independent Technical Report, Mineral Resource Update and Preliminary Economic Assessment of Irumafimpa and Kora Gold Deposits, Kainantu Project, Papua New Guinea," available on SEDAR.
On Behalf of the Company,
John Lewins, Chief Executive Officer and Director
For further information, please contact the Company at +1-604-687-7130.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events, or developments that the Company believes, expects or anticipates will or may occur are forward-looking information, including statements regarding the realization of the preliminary economic analysis for the Project, expectations of future cash flows, future production, estimated cash costs, the proposed plant expansion, potential expansion of resources and the generation of further drilling results which may or may not occur. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the market price of the Company’s securities, metal prices, exchange rates, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant, equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations on insurance coverage and other risks of the mining industry, changes in national and local government regulation of mining operations, and regulations and other matters.. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Source:K92 Mining Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/globe-newswire-k92-mining-releases-first-quarter-financial-results-and-provides-2018-production-guidance.html |
PHILADELPHIA--(BUSINESS WIRE)-- Delaware Enhanced Global Dividend and Income Fund (NYSE: DEX) (the “Fund”) announced today that its Board of Trustees has authorized an issuer tender offer to purchase for cash up to 3,165,810 shares of its common stock, representing 20 percent of its issued and outstanding shares of common stock, without par value. The tender offer is expected to commence at the end of the third quarter of 2018, and is expected to be completed in the fourth quarter of 2018. Subject to various terms and conditions described in offering materials to be distributed to shareholders: (1) purchases will be made at a price per share equal to 98% of the Fund’s net asset value per share as of the close of trading on the first business day after the expiration of the offer; and (2) if more shares are tendered than the amount the Board has authorized to purchase, the Fund will purchase a number of shares equal to the offer amount on a prorated basis.
The shares of common stock of the Fund have recently traded at a discount to their net asset value per share. During the pendency of the tender offer, the current net asset value per share will be available by telephone or on the Fund’s website at delawarefunds.com/closed-end .
The Fund also announced today that its Board of Trustees has authorized the implementation of an annual tender offer measurement period to provide a periodic liquidity opportunity to shareholders. Specifically, commencing in 2019, if the Fund is trading at an average discount of more than 10% during a 12-week measurement period established each year by the Board during the second calendar quarter of the year, the Fund will conduct an additional tender offer.
The Fund’s primary investment objective is to seek current income, with a secondary objective of capital appreciation. The Fund invests globally in dividend-paying or income-generating securities across multiple asset classes, including but not limited to: equity securities of large, well-established companies; securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies); debt securities (such as government bonds; investment grade and high risk, high yield corporate bonds; and convertible bonds); and emerging market securities. The Fund also uses enhanced income strategies by engaging in dividend capture trading; option overwriting; and realization of gains on the sale of securities, dividend growth, and currency forwards. There is no assurance that the Fund will achieve its investment objectives.
Under normal market conditions, the Fund will invest: (1) at most 60% of its net assets in securities of U.S. issuers; and (2) at least 40% of its net assets in securities of non-U.S. issuers, unless market conditions are not deemed favorable by the Manager, in which case, the Fund would invest at least 30% of its net assets in securities of non-U.S. issuers; and (3) the Fund may invest up to 25% of its net assets in securities issued by real estate companies (including real estate investment trusts and real estate industry operating companies). In addition, the Fund utilizes leveraging techniques in an attempt to obtain higher return for the Fund.
The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted, and if necessary, a return of capital. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of any distributions or from the terms of the Fund’s policy. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of any distributions or from the terms of the Fund’s policy.
Shareholders are advised to read the offer to purchase when it is available as it contains important information. The offer to purchase and other documents filed by the Fund with the U.S. Securities and Exchange Commission (SEC), including the Fund’s annual report for the fiscal year ended November 30, 2017, will be available without cost at the Commission’s website ( sec.gov ) or by calling the Fund’s Information Agent.
Additional Information
The Fund intends to file its proxy statement for the 2018 Annual Shareholders’ Meeting with the SEC. Shareholders are urged to read the Fund’s notice of annual meeting and proxy statement, and any other relevant documents filed with the SEC when they become available, because they contain important information about the Fund and the upcoming annual shareholders’ meeting. Shareholders will be able obtain additional copies of the notice of annual meeting and proxy statement and other documents filed by the Fund with the SEC, when they become available, by writing the Fund at 2005 Market Street, Philadelphia, PA 19103-7094. You may also visit the Fund’s website at delawarefunds.com/closed-end . Additional copies of the proxy materials will be delivered promptly upon request. Free copies of these materials will also be available on the SEC’s website at sec.gov .
Pursuant to SEC proxy rules, the Fund’s Trustees and executive officers are “participants” in connection with the 2018 Annual Shareholders’ Meeting. Certain regular employees and officers of the Fund’s investment manager or any of its affiliates may become "participants" if any such persons solicit proxies. Shareholders may obtain information regarding the names, affiliations, and interests of these individuals in the Fund’s Certified Shareholder Report on Form N-CSR for the fiscal year ended November 30, 2017 and its proxy statement, when available, for the 2018 Annual Shareholders’ Meeting.
About Macquarie Investment Management
Macquarie Investment Management, a member of Macquarie Group, includes the former Delaware Investments and is a global asset manager with offices throughout the United States, Europe, Asia, and Australia. As active managers, we prioritize autonomy and accountability at the team level in pursuit of opportunities that matter for clients. Macquarie Investment Management is supported by the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.
Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment advisor. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information about Delaware Funds ® by Macquarie, visit delawarefunds.com or call 800 523-1918.
Other than Macquarie Bank Limited (MBL), none of the entities referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise.
© 2018 Macquarie Management Holdings, Inc.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524006448/en/
Investors
Georgeson LLC
888-605-8334
delawarefunds.com/closed-end
or
Media contacts
Daniela Palmieri, 215-255-8878
or
Jessica Fitzgerald, 215-255-1336
Source: Macquarie Investment Management | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-delaware-enhanced-global-dividend-and-income-fund-announces-self-tender-offer-for-up-to-twenty-percent-of-its-shares-and.html |
Plane with 104 on board crashes in Cuba 2:01am IST - 00:31
A Boeing 737 plane crashed on Friday shortly after taking off from Havana's main airport, carrying 104 passengers on a domestic flight, Cuban state-run media reported. Rough Cut (no
A Boeing 737 plane crashed on Friday shortly after taking off from Havana's main airport, carrying 104 passengers on a domestic flight, Cuban state-run media reported. Rough Cut (no //reut.rs/2wScF1D | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/18/plane-with-104-on-board-crashes-in-cuba?videoId=428191167 |
Online listings make Thursday the best day to list a home 12 Hours Ago CNBC’s Diania Olick reports real estate firm Redfin has found that Thursday has become the best day to list a new home for sale. Realtor.com Chief Economist Danielle Hale also weighs in. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/10/online-listings-make-thursday-the-best-day-to-list-a-home.html |
SAN MATEO, Calif. (AP) _ GoPro Inc. (GPRO) on Thursday reported a loss of $76.3 million in its first quarter.
On a per-share basis, the San Mateo, California-based company said it had a loss of 55 cents. Losses, adjusted for non-recurring costs and stock option expense, came to 34 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 40 cents per share.
The action video camera maker posted revenue of $202.3 million in the period, also beating Street forecasts. Three analysts surveyed by Zacks expected $175.4 million.
In the final minutes of trading on Thursday, the company's shares hit $4.96. A year ago, they were trading at $8.40.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on GPRO at https://www.zacks.com/ap/GPRO | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/03/the-associated-press-gopro-1q-earnings-snapshot.html |
May 11, 2018 / 6:31 AM / Updated 2 hours ago Britain's Zoopla, PrimeLocation bought by Silver Lake for $3 billion Rahul B , Paul Sandle 5 Min Read
(Reuters) - Silver Lake is buying Zoopla and PrimeLocation owner ZPG ( ZPG.L ) 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. FILE PHOTO: Zoopla branding is seen at West Bromwich Albion's Hawthorns stadium, in West Bromwich, Britain, January 20, 2014. REUTERS/Carl Recine/File Photo
Along with rival and market leader Rightmove ( RMV.L ), ZPG dominates online searches by people looking to buy or rent homes in Britain. Zoopla’s sites carry property listings for nearly 15,000 estate agent branches.
Residential property transactions across the UK rose by 4.5 percent year-on-year to 1,206,180 in the year to March 2018, seasonally adjusted provisional data here from HM Revenue and Customs for those with completion values of 40,000 pounds or more show.
Analysts and bankers said on Friday the ZPG sale was likely to be used as a price benchmark for other mergers and acquisitions involving such portals and comparison websites.
Launched in 2007 by Alex Chesterman, who was also behind the LoveFilm video-on-demand service acquired by Amazon.com, ZPG was floated in 2014 and its shares have since risen by 69 percent.
Under the terms of the agreed deal, each ZPG shareholder will get 490 pence in cash, a premium of 31 percent over Thursday’s close, U.S. private equity firm Silver Lake said.
Newspaper owner Daily Mail and General Trust ( DMGOa.L ), which merged its property portals Findaproperty and PrimeLocation with ZPG in 2012, will receive 642 million pounds for its near 30 percent stake. Related Coverage RBC to provide financing for £2.2 billion ZPG buyout
If the ZPG deal completes, DMGT’s returns from online property will total 890 million pounds, more than 14 times the cost of its original investments, it said, after its shares rose more than 9 percent to a 16-month high.
Meanwhile, ZPG’s second biggest shareholder, hedge fund Lansdowne, declined to comment on whether it supported the bid.
Silver Lake, with around $39 billion in assets under management, said ZPG, whose websites and apps attract more than 50 million visits a month, was a great growth technology story. ONLINE INTEREST
Shares in ZPG, which also owns utility price comparison website uSwitch, were up about 30 percent to 488 pence at 1420 GMT after ZPG directors said in a joint statement they considered the terms of the deal “fair and reasonable”.
The directors of ZPG, who own 1.16 pct of the firm, also backed the takeover, which Ian Whittaker at Liberum, who has a “buy” rating on ZPG, said showed that buyers were prepared to pay “punchy multiples” for high quality assets.
“The question now is whether there is a counter-bid. If there is one, we think the most likely candidate is Axel Springer ( SPRGn.DE ), which has a collection of online property classified assets throughout assets but nothing in the UK.”
The deal shows UK consumer-focused online companies are increasingly seen as attractive takeover assets, analysts said.
ZPG itself made a 460-million pound takeover offer for Gocompare.Com Group Plc ( GOCO.L ), which the price comparison website operator rejected in January.
And earlier this year, German publisher Axel Springer made a nearly 125 million pounds investment in British online real estate agent Purplebricks ( PURP.L ).
“We would not be surprised for more M&A for leading UK digital stocks given that some shares prices have been depressed due to Brexit woes,” Peel Hunt analyst Jessica Pok said.
ZPG was advised by Credit Suisse, Goldman Sachs and Jefferies, while Lazard advised DMGT on the deal, which needs the backing of the holders of more than 75 percent of the group’s shares.
“It’s a key pricing benchmark that will be used for other likely M&A in the sector, both for digital classifiers and price comparison websites,” Philippe Noel, a director in Lazard’s TMT team, told Reuters of the deal.
($1 = 0.7399 pounds) Reporting by Rahul B in Bengaluru & Paul Sandle in LONDON; additional reporting by Ben Martin, Maiya Keidan and Coran Elliott; editing by Jason Neely and Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/us-zpg-m-a-silver-lake/silver-lake-to-buy-zoopla-and-primelocation-for-3-billion-idUKKBN1IC0I0 |
11:27 AM EDT
Uber is making an important shift in how it handles sexual harassment and assault claims.
The ridesharing company on Tuesday announced that it will no longer force employees or riders who accuse another person of sexual harassment or assault into mandatory arbitration, according to The Wall Street Journal . Now, those who say they have been sexually harassed or assaulted can sue Uber.
Mandatory arbitration is a relatively common practice in the corporate world. In some cases, companies force employees to sign a document that says they will engage in an arbitration if they bring a complaint against their employer. Arbitration is done behind closed doors and outside the view of the public. It also tends to result in cheaper settlements for companies. In many cases, it’s a one-sided maneuver by companies to limit their chances of facing public backlash. It also limits the survivor’s ability to speak publicly and openly about the harassment or assault he or she has endured.
Uber has had more than its fair share of sexual harassment claims over the years from both employees and riders. Last year, for instance, Uber was hit with reports from former employees that management was ignoring or not doing enough to address their claims of sexual harassment. Uber has also faced litigation from riders who say their drivers sexually assaulted them.
Get Data Sheet , Fortune’s technology newsletter
The Uber decision—while too late for some—comes against a backdrop of worldwide movements, like #MeToo, that aim at addressing and ultimately eliminating the sexual harassment and assault women have faced and continue to face both in their personal and professional lives. Arbitration is cited by some experts as a method for penalizing the survivors. An expert the Journal interviewed in its report said arbitration can also make it harder for victims to find attorneys because they generally make less in such cases.
In a blog post called “ Turning the lights on ,” Uber chief legal officer Tony West discussed the company’s decision. West said that Uber’s move is the result of a new corporate mantra called “We do the right thing, period.” He added that while arbitration can help both companies and individuals, Uber has apparently awoken to the need for survivors to have their day in court.
“[W]e have learned it’s important to give sexual assault and harassment survivors control of how they pursue their claims,” West wrote. He added that in addition to open court cases, survivors can also choose mediation in addition to arbitration.
In addition to the arbitration decision, Uber’s settlements with survivors will not include a confidentiality agreement that would have otherwise banned them from talking about the case’s facts in public.
“[CEO] Dara [Khosrowshahi] recently said that sexual predators often look for a dark corner,” West wrote in his post. “Our message to the world is that we need to turn the lights on.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/15/uber-sexual-harassment-arbitration/ |
May 7, 2018 / 5:07 PM / in 12 minutes No breakthrough in Ethiopian dam talks, Egypt says Reuters Staff 2 Min Read
CAIRO (Reuters) - Technical talks between Egypt, Sudan and Ethiopia over a disputed dam Ethiopia is building on the Nile river failed to make a breakthrough, Egypt’s foreign minister said on Monday, amid pressure for a deal before the project opens this year.
Egypt and Ethiopia are at loggerheads over the construction of the Grand Renaissance Dam, a $4 billion-hydroelectric project that Cairo fears will reduce waters that run to its fields and reservoirs from Ethiopia’s highlands and via Sudan.
Addis Ababa hopes the dam will make it a hub for the electricity-hungry region and denies it will undermine Egypt’s access to water.
Sameh Shoukry said technical experts who met in Addis Ababa last week did not achieve a breakthrough.
“I have spoken to the minister of irrigation, who attended this meeting, and what has reached me is that the obstruction that has bogged down this path for more than a year has not been overcome,” Shoukry told reporters during a news conference in Cairo with his visiting Ugandan counterpart.
He said both Ethiopia and Sudan continued to have reservations about a technical report by a French firm commissioned to assess the dam’s environmental and economic impact.
Ties between Egypt and Sudan were strained when Khartoum backed the dam because of its need for electricity.
The three African neighbors are set to meet on May 15 for further talks, Shoukry said, adding Egypt had initially proposed several earlier dates for negotiations, but they were turned down by the two other countries.
Earlier this month, talks in Khartoum between Egypt, Ethiopia and Sudan also failed to reach agreement, but were described by Sudan’s foreign minister as “constructive”. [nL4N1RJ27K] Reporting by Ahmed Tolba; Writing by Sami Aboudi; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/us-egypt-ethiopia-dam/no-breakthrough-in-ethiopian-dam-talks-egypt-says-idUSKBN1I81YL |
TOKYO (Reuters) - The dollar stayed near its 2018 peak on Monday after U.S. jobs and wages data did little to temper perceptions of strength in the U.S. economy, though renewed concerns about trade frictions could cloud its outlook.
U.S. dollar banknote is seen in this picture illustration taken May 3, 2018. REUTERS/Dado Ruvic/Illustration The dollar index stood at 92.461, down 0.1 percent but still near Friday’s high of 92.908, which was its firmest level since late December.
The dollar index has risen for three straight weeks, maintaining its strength after Friday’s mixed U.S. data.
The U.S. economy added fewer jobs than expected and the average hourly earnings, closely watched for signs of inflationary pressures, rose a less-than-expected 0.1 percent in April, leaving the annual increase at 2.6 percent.
The unemployment rate dropped to near a 17-1/2-year low of 3.9 percent, although this was driven in part by Americans leaving the labour force.
None of this changed the perception that the Federal Reserve will likely hike interest rates at least twice, and possibly three times, by year-end.
In contrast, recent data suggested Europe’s stellar growth last year is losing momentum, leading speculators to trim bets on the single currency on expectations the European Central Bank will wind down its stimulus.
The euro changed hands at $1.1962, not far from Friday’s four-month low of $1.1910.
Data from U.S. financial watchdog published late on Friday showed speculators’ net long position in the euro in Chicago’s futures exchange declined only slightly in the latest week.
They held 120,568 contracts of net short positions, down from a record 151,476 set last month but still at a high level.
A wider measure of dollar positioning that includes contracts on some emerging market currencies showed net dollar shorts shrank to $18.32 billion, from a seven-year high of $28.18 billion two weeks earlier.
“Speculators’ positioning has gone to extreme levels as they had been selling the dollar continuously,” Yukio Ishizuki, senior strategist at Daiwa Securities.
Concerns about U.S. President Donald Trump’s protectionism was one big reason many investors had shied away from the dollar earlier.
Some market participants expect worries over a trade war could return after talks between the United States and China produced little apparent progress.
In a sign that the trade tension is spilling over to other issues, Beijing and Washington came to loggerheads over how to refer to Taiwan, Hong Kong and Macau.
“Trade issues are likely to persist towards the U.S. mid-term elections. So in the long run, the dollar is likely to decline,” said a currency trader at a Japanese bank.
Traders also kept an eye on the fate of Iran’s 2015 nuclear deal, from which Trump has threatened to pull out.
An escalating diplomatic standoff could have innumerable repercussions, including a further rise in oil prices and damage to investors’ risk appetite.
Trump has said that unless European allies rectify “flaws” in Tehran’s deal with world powers by May 12 he will refuse to extend U.S. sanctions relief for Iran.
Elsewhere, the British pound traded at $1.3538, near its four-month low of $1.3487 touched on Tuesday.
The dollar stood little changed at 109.10 yen, off its three-month high of 110.05 yen.
The yen’s rebound was in part driven by short-covering by Japanese margin traders, especially against the Turkish lira, which fell to record lows during Japan’s Golden Week holidays.
The lira fell more than 4 percent last week versus the dollar.
Editing by Sam Holmes & Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/uk-global-forex/dollar-index-at-near-four-month-high-after-u-s-jobs-data-idUSKBN1I803Y |
LONDON (Reuters) - Aviva Investors, the fund arm of insurer Aviva ( AV.L ), said on Wednesday it would combine its real estate, infrastructure and private debt businesses into a new unit called Aviva Investors Real Assets.
Aviva said the business, which would manage 37 billion pounds ($49.08 billion) in assets, would focus on investments where it was a direct operator, with full control over fund management, asset management, origination and distribution.
As a result, it said it had agreed to sell its indirect real estate multi-manager business and an interest in Encore+, a pan-European commercial property fund, with a combined 6 billion pounds in assets, to Lasalle Investment Management.
Further financial details of the deal were not disclosed.
Aviva Investors said Mark Versey would be chief investment officer of the new unit, overseeing 300 staff.
Reporting by Simon Jessop; editing by Emma Rumney
| ashraq/financial-news-articles | https://www.reuters.com/article/us-aviva-investments-restructuring/aviva-investors-merges-businesses-into-new-real-assets-unit-idUSKCN1IV128 |
May 15 (Reuters) - ParkerVision Inc:
* Q1 GAAP LOSS PER SHARE $0.19 * Q1 NON-GAAP LOSS PER SHARE $0.15 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-parkervision-q1-gaap-loss-per-shar/brief-parkervision-q1-gaap-loss-per-share-0-19-idUSASC0A2E2 |
May 14 (Reuters) - Saratoga Investment Corp:
* . ANNOUNCES FISCAL YEAR END AND FOURTH QUARTER 2018 FINANCIAL RESULTS
* Q4 EARNINGS PER SHARE $0.89 * Q4 EARNINGS PER SHARE VIEW $0.53 — THOMSON REUTERS I/B/E/S
* FOR QUARTER ENDED FEB 28, AUM WAS $342.7 MILLION VERSUS $338.8 MILLION FOR QUARTER ENDED NOVEMBER 30, 2017
* QTRLY NET INVESTMENT INCOME PER SHARE $0.53 * QTRLY ADJUSTED NET INVESTMENT INCOME PER SHARE $0.60 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-saratoga-investment-corp-q4-earnin/brief-saratoga-investment-corp-q4-earnings-per-share-0-89-idUSASC0A22Y |
BATTLE CREEK, Mich., Kellogg Company (NYSE: K) today published its 2018 first quarter earnings results in documents posted to the company website at http://investor.kelloggs.com/financials . Documents immediately available include: the financial press release and tables, GAAP reconciliations, and presentation slides.
A Current Report on Form 8-K was filed with the U.S. Securities and Exchange Commission and is available on its website at www.sec.gov .
The company will also host a public conference call / webcast during which Kellogg executive management will review and discuss these results. Speaking on behalf of Kellogg Company will be Steve Cahillane, Chairman and Chief Executive Officer; Fareed Khan, Chief Financial Officer; and Amit Banati, President of Kellogg Asia Pacific. A question and answer session with analysts and investors will follow.
Live Conference Call
Date:
Thursday, May 3, 2018
Time:
9:30 am – 10:30 am EDT
Teleconference Number:
(855) 209-8258 in the U.S.
(412) 542-4104 outside the U.S.
Dial-in available beginning at 9:15 am EDT, no access code needed.
Presentation Slides:
Printable slides available at approximately 8:00 am EDT on Thursday, May 3
at http://investor.kelloggs.com .
Webcast:
Live audio webcast with or without slides is available at http://investor.kelloggs.com .
Participation by the press in the live Q&A session is in a listen-only mode.
Rebroadcast
Webcast:
Available beginning at 1:00 pm EDT Thursday, May 3, and for at least
90 days thereafter at http://investor.kelloggs.com .
Podcast:
MP3 audio file (podcast) available for download beginning at about 1:00 pm
EDT on Thursday, May 3, at http://investor.kelloggs.com .
Telephonic:
Available beginning at 1:30 pm EDT Thursday, May 3,
until Thursday, May 10, 2018.
(877) 344-7529 in the U.S., access code # 10118182
(412) 317-0088 outside the U.S., access code # 10118182
About Kellogg Company
At Kellogg Company (NYSE: K), we strive to enrich and delight the world through foods and brands that matter. Our beloved brands include Pringles®, Cheez-It®, Keebler®, Special K®, Kellogg's Frosted Flakes®, Pop-Tarts®, Kellogg's Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®, RXBAR® and more. Net sales in 2017 were approximately $13 billion, comprised principally of snacks and convenience foods like cereal and frozen foods. Kellogg brands are beloved in markets around the world. We are also a company with Heart & Soul, committed to creating three billion Better Days by 2025 through our Breakfasts for Better Days global purpose platform. Visit www.KelloggCompany.com or www.OpenforBreakfast.com .
K-FIN
releases/kellogg-company-reports-2018-first-quarter-results-300641152.html
SOURCE Kellogg Company | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-kellogg-company-reports-2018-first-quarter-results.html |
May 15, 2018 / 9:21 AM / Updated 11 minutes ago Kremlin urges countries to avoid action potentially destabilising Middle East Reuters Staff 1 Min Read
MOSCOW (Reuters) - The Kremlin on Tuesday urged countries, especially those in the Middle East quartet of mediators, to avoid action that might inflame tensions in the region, after dozens of Palestinian protesters were killed on the Gaza border on Monday.
Israeli troops shot dead dozens of Palestinian protesters on the Gaza border on Monday when the high-profile opening of the U.S. embassy to Israel in Jerusalem by the Trump administration raised tension to boiling point after weeks of demonstrations.
Kremlin spokesman Dmitry Peskov told reporters on a conference call that Moscow was very concerned by the deaths of dozens of Palestinians and said the Kremlin was closely monitoring the situation.
Since 2002, the Quartet of Middle East peace negotiators comprising the United States, Russia, the European Union and the United Nations has been assigned to promote peace efforts, but have failed to secure any result. Reporting by Katya Golubkova; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-israel-palestinians-kremlin/kremlin-urges-countries-to-avoid-action-potentially-destabilising-middle-east-idUKKCN1IG171 |
BOGOTA (Reuters) - Colombia headed for its most divisive presidential race in decades after right-winger Ivan Duque won Sunday’s first-round vote, triggering a runoff with leftist Gustavo Petro that could upset a historic peace deal or see a reversal in business-friendly policies.
It is the first time in Colombia’s modern history that an openly leftist candidate has reached the second round of a presidential vote, a prospect that has unnerved some investors in Latin America’s fourth largest economy.
Duque, a 41-year-old former official of the Washington-based InterAmerican Development Bank, was the convincing winner of Sunday’s ballot with 39 percent of votes, ahead of Petro, an outspoken ex-mayor of Bogota, with 25 percent, broadly in line with polls.
However, Duque’s pledge to overhaul the 2016 peace deal with the Revolutionary Armed Forces of Colombia (FARC) by scrapping immunity for those convicted of crimes has alarmed many Colombians, weary after five decades of conflict that killed more than 200,000 people and left 7 million others displaced.
Though outgoing President Juan Manuel Santos won the Nobel Peace Prize for forging the accord, it has deeply divided the nation of around 50 million people. The deal was narrowly rejected in a referendum before Congress finally approved a modified version.
Petro, himself a former member of the now defunct M-19 rebel group, has backed the peace agreement, along with the three other losing candidates, meaning Duque may need to moderate his position to attract wavering voters in the June 17 second round.
“We don’t want to shatter the agreement. We want to make it clear that a Colombia of peace is a Colombia where peace meets justice,” Duque said in a victory speech on Sunday to cheering supporters, in which he complimented third-place finisher Sergio Fajardo and said their social agendas had much in common.
Fajardo, a center-left mathematician who won 24 percent of the vote, has declined to endorse either candidate for the second round, saying his supporters would make up their own minds.
“It would be disrespectful to say I am the owner of the votes,” Fajardo told Blu Radio on Monday, adding that he would meet with his team to discuss options.
All recent polls have predicted that Duque would beat Petro in a second round, and that Fajardo was the only candidate who could have posed a risk to the conservative frontrunner if he had made it through.
However, some political analysts in Colombia said that the votes of the center-left could be enough for Petro to at least mount a serious challenge to Duque, provided he can dodge his rival’s accusations of radicalism.
“Petro was quite clearly behind Duque in the vote so that will reassure the markets,” said Camilo Perez, head of economic studies at Banco de Bogota. “But the fact that Fajardo was so close to Petro may generate nervousness, as his approach is probably closer to Petro’s and that could send votes (Petro’s) way.”
However, Petro’s more hardline rhetoric could also put off center-left voters, said Citigroup analyst Munir Jalil.
A man reads a newspaper that shows candidates Gustavo Petro and Ivan Duque go to the second round of presidential election, in Bogota, Colombia May 28, 2018. REUTERS/Jaime Saldarriaga Colombia’s COLCAP stock index was down 0.65 percent, with many investors assuming the election was Duque’s to lose. The yield on the local Treasury bond maturing July 2024 slipped to 6.044 from 6.071 on Friday, while trade in the peso currency was closed for the U.S. Memorial Day holiday.
‘ENRICHING THE POOR’ The winner of the second round will face an intimidating array of challenges, from stubbornly low economic growth to threats to Colombia’s prized investment grade credit rating, as well as difficulties in implementing the peace accord.
Some areas abandoned by the FARC have suffered an increase in fighting between criminal gangs and a remaining guerrilla group, the National Liberation Army (ELN), over valuable illegal mining and drug trafficking territories.
Polls suggest the end of the FARC conflict has shifted voters’ priorities to inequality and corruption from security issues, opening the door to the left for the first time.
However, a growing crisis in neighboring socialist-run Venezuela, which has driven hundreds of thousands of desperate people across the border, is a thorn in Petro’s side. Duque’s camp allege he would plunge Colombia into a similar crisis.
While Duque has pledged to cut taxes and support private enterprise, Petro has promised to take power away from the political and social elites he accuses of stymieing development.
At his election night party in the capital, Petro struck a moderate tone, though, as both he and Duque seek to attract centrist voters.
“When we talk about defeating poverty, we’re not talking about impoverishing the rich, but about enriching the poor,” said the bespectacled Petro, surrounded by family members.
In a country where oil and coal are the top export earners, Petro’s pledges to end extractive industries have dismayed business leaders and centrists.
“Our country has never lived such a polarized moment as this and Petro represents a huge danger,” Mariana Riaño, a 21-year-old student, said at Duque’s celebration party at a conference center in Bogota. “But we are going to beat him.”
Slideshow (5 Images) Graphic tmsnrt.rs/2rAQ4l1 on Latin American elections
Reporting by Helen Murphy, Luis Jaime Acosta, Nelson Bocanegra and Steven Grattan; Additional reporting by Dylan Baddour; Writing by Daniel Flynn; Editing by Nick Zieminski and Rosalba O'Brien
| ashraq/financial-news-articles | https://www.reuters.com/article/us-colombia-election/colombia-heads-for-divisive-runoff-with-peace-deal-at-stake-idUSKCN1IT0OO |
AstraZeneca hit by falling Crestor sales, higher costs Published 12 Hours Ago Reuters Chris Ratcliffe | Bloomberg | Getty Images
Generic competition to cholesterol fighter Crestor and higher costs hit AstraZeneca in the first quarter, despite good sales of new drugs, but the group said on Friday it remained on track for a promised return to sales growth in 2018.Its latest arrivals - Imfinzi for cancer and Fasenra for severe asthma - both sold well and total product sales in the three months rose a modest 3 percent, helped by a weaker dollar.Total revenue, however, was down 4 percent at $5.18 billion, due to investment in new drug launches and a lack of divestments compared with a year earlier. Core earnings per share, which exclude some items, slumped 51 percent to 48 cents.Analysts, on average, had forecast earnings of 60 cents on revenue of $5.28 billion, Thomson Reuters data showed. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/astrazeneca-earnings-q1-2018.html |
May 31, 2018 / 3:23 PM / Updated an hour ago Fried to chair Bank of England oversight body Reuters Staff 1 Min Read
LONDON (Reuters) - Bradley Fried, a private equity executive, has been named the new chair of the Bank of England’s court, the central bank’s oversight body, the finance ministry and the BoE said on Thursday. FILE PHOTO: Pedestrians walk past the Bank of England in the City of London, Britain, May 15, 2014. REUTERS/Luke MacGregor/File Photo
Fried, a non-executive director at the court for six years, will replace Anthony Habgood with effect from July 1.
“Anthony overhauled the Bank’s governance and improved the workings and transparency of Court, leaving behind him a body that is well positioned to guide the Bank for years to come,” Bank of England Governor Mark Carney said in a statement.
Fried is a co-founder of Grovepoint, a private equity firm, before which he was chief executive of Investec Bank. Writing by William Schomberg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-boe-court/fried-to-chair-bank-of-england-oversight-body-idUKKCN1IW25Z |
May 3 (Reuters) - MAISONS DU MONDE SA:
* REG-MANAGEMENT EVOLUTION TO LEAD MAISONS DU MONDE INTO A NEW PHASE
* JULIE WALBAUM WILL BECOME CHIEF EXECUTIVE OFFICER, EFFECTIVE JULY 1
* JULIE WALBAUM WILL SUCCEED GILLES PETIT * GILLES PETIT WILL REMAIN A SPECIAL ADVISOR TO CEO AND MEMBER OF BOARD OF DIRECTORS Source text for Eikon: (Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-maisons-du-monde-julie-walbaum-app/brief-maisons-du-monde-julie-walbaum-appointed-ceo-effective-july-1-idUSFWN1SA191 |
JOHANNESBURG (Reuters) - South Africa’s ruling party aims to test clauses in the constitution to see if they allow for land to be expropriated without compensation to address racial disparities in ownership that persist more than two decades after apartheid’s demise.
FILE PHOTO: A subsistence farmer inspects his crop at Siqikini location, outside Cofimvaba, Eastern Cape province, South Africa, March 18, 2018. REUTERS/Siphiwe Sibeko/File Photo Such a move could mean the African National Congress (ANC) will not need to stick to a policy pledge to change the constitution to allow for expropriation, which has unsettled investors concerned about the implications for broader property rights.
The following explains some of the issues surrounding land rights.
“TESTING THE ARGUMENT” Following a land summit at the weekend, the ANC said it would test the argument that the existing constitution permits expropriation of land without compensation under certain circumstances.
Some legal experts have argued that there is no need to amend the constitution, because Section 25 states that if land is taken from a property owner, “compensation ... must be just and equitable.”
The argument has been made that “just and equitable” could be zero - meaning no compensation - depending on the historical circumstances in which previous occupants or owners were deprived of or removed from the land.
The ANC also said after the summit that if “current legal formulations” such as Section 25 impede or slow effective land redistribution, it will look at reviewing or changing the constitution.
WHAT NEEDS TO BE ADDRESSED? South Africa has a history of colonial conquest and dispossession that pushed the black majority into crowded urban townships and rural reserves.
FILE PHOTO: Locals walk on a dirt road at Siqikini location, outside Cofimvaba, Eastern Cape province, South Africa, March 18, 2018. REUTERS/Siphiwe Sibeko/File Photo The 1913 Native Lands Act made it illegal for Africans to acquire land outside of these reserves, which became known as “Homelands”. While blacks account for 80 percent of South Africa’s population, the homelands comprise just 13 percent of the land. They are largely controlled by tribal authorities rather than ordinary residents and farmers.
WHAT HAS BEEN DONE? Since the end of white minority rule in 1994, the ANC has followed a “willing-seller, willing-buyer” model whereby the government buys white-owned farms for redistribution to blacks. Progress has been slow.
Based on a survey of title deeds, the government says blacks own 4 percent of private land, and only 8 percent of farmland has been transferred to black hands, well short of a target of 30 percent that was meant to have been reached in 2014.
AgriSA, a farm industry group, says 27 percent of farmland is in black hands. Its figure includes state land and plots tilled by black subsistence farmers in the old homelands.
Ben Cousins, a professor in Agrarian Studies at the University of the Western Cape, has noted there are no estimates on private transactions involving black farmers who have purchased land themselves, so the data is incomplete.
There has been a parallel process of “land claims” by individuals or communities dispossessed under white rule, but most of the settlements have involved cash paid by the state instead of people reoccupying their land, and 87 percent of the claims have been urban.
FILE PHOTO: A tractor collecting timber is seen near a forest in Howick, KwaZulu-Natal Province, South Africa , March 09, 2018. REUTERS/Siphiwe Sibeko/File Photo POLITICS The 17 million people who reside in the former homelands, a third of the population, are mostly subsistence farmers working tiny plots on communal land and subject to customary law.
Critics of ANC land policy say that instead of seizing farmland from whites, such households should be given title deeds, turning millions into property owners.
David Masondo, a member of the ANC’s Economic Transformation Committee, has said the party was considering this, but it would face resistance from traditional leaders, a key ANC political base cultivated by former president Jacob Zuma.
A proposal by a panel headed by former president Kgalema Motlanthe to dissolve the Ingonyama Trust, which controls the land in the former Zulu homeland, was condemned by Zulu King Goodwill Zwelithini. Zwelithini is the custodian of the Trust, giving him wide powers to allocate land use.
RISKS Analysts say South Africa is unlikely to follow the route of Zimbabwe, where the seizure of white-owned farms under former president Robert Mugabe triggered economic collapse, in large part because most of the new farmers lacked capital for investment or experience with large-scale commercial agriculture.
Agriculture was the backbone of the economy and so there were ripple effects, with the undermining of property rights also shattering investor confidence.
President Cyril Ramaphosa has said the policy will be undertaken in a way that does not threaten food security or economic growth and the ANC’s Masondo has said unused land will be the main target.
Still, the risks are substantial. South Africa feeds itself and is the continent’s largest maize producer and the world’s second-biggest exporter of citrus fruits.
Agriculture accounts for less than 3 percent of national output but employs around 850,000 people accounting for 5 percent of the workforce. Threats to production would also fan food inflation, hurting lower-income households.
Wandile Sihlobo, an economist with the Agricultural Business Chamber, says the farm loan book is around 160 billion rand ($12.75 billion), and if farmers could not repay loans there would be ripple effects across the economy.
($1 = 12.5225 rand)
Editing by Mike Collett-White
| ashraq/financial-news-articles | https://www.reuters.com/article/us-safrica-land-explainer/south-africas-anc-to-test-constitution-on-land-expropriation-idUSKCN1IN1LP |
Comcast prepares to top Disney's bid for Fox 9:49pm IST - 01:09
Comcast said it's in advanced stages of preparing a higher, all-cash bid for the entertainment businesses that Twenty-First Century's Fox has agreed to sell to Disney. Fred Katayama
Comcast said it's in advanced stages of preparing a higher, all-cash bid for the entertainment businesses that Twenty-First Century's Fox has agreed to sell to Disney. Fred Katayama //reut.rs/2GJ9RDQ | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/23/comcast-prepares-to-top-disneys-bid-for?videoId=429638413 |
NEW YORK, May 23, 2018 /PRNewswire/ -- POPSUGAR, the leading digital lifestyle brand for young women, announced today that it has elected Lisa Gersh to its Board of Directors. A skilled executive with deep leadership experience in fashion, media, and brand-building, Ms. Gersh will become the fifth member of the POPSUGAR Board.
"Lisa is a legend and pioneer who has founded and shepherded breakthrough companies. She is a fearless innovator and an astute businesswoman, and has personally impacted the media landscape," said Brian Sugar, POPSUGAR founder and CEO. "We are honored to have her join our Board of Directors."
"POPSUGAR is a digital media powerhouse I have long admired," said Gersh. "From compelling content to data and e-commerce strategies, POPSUGAR is consistently ahead of the curve. I have watched the company develop from a hot startup to an influential global leader, and I look forward to being part of POPSUGAR's next chapter of growth. "
Gersh is the CEO of Alexander Wang, the global fashion brand. Gersh served as the CEO of Goop, Inc., the CEO and president of Martha Stewart Omnimedia, and the president of Strategic Initiatives at NBC Universal. Gersh was the cofounder, president, and COO of Oxygen Media and was responsible for the sale of that company to NBC for $925 million. In every role, she has expanded the footprint, earnings, and influence of the company she served.
Gersh began her corporate career as an associate at Debevoise and Plimpton and was a partner at Friedman Kaplan Seiler and Adelman, LLC.
Gersh is a sought-after thought leader and frequent speaker at notable conferences, delivering keynotes on leadership, negotiation, and women achieving their career potential. She has served as a member of the Hasbro Board of Directors since 2010. Gersh holds a BA from SUNY Binghamton and a JD from Rutgers Law School. She resides in New York City.
About POPSUGAR Inc.:
POPSUGAR Inc. is a global media and technology company including lifestyle media publisher POPSUGAR , quarterly subscription box POPSUGAR Must Have and makeup line Beauty by POPSUGAR . POPSUGAR is a leading lifestyle brand for young women, delivering inspiring, informative, and entertaining content in multi-platforms across entertainment, fashion, beauty, fitness, food, parenting, news, and more. POPSUGAR attracts a monthly global audience of 400 million and reaches 1 in 3 millennial women.
POPSUGAR Inc. operations internationally include Australia, the Middle East, and the UK, with offices in San Francisco, New York, Los Angeles, Chicago, and London. The company is privately held and funded by Sequoia Capital and IVP. For more information about POPSUGAR Inc., visit corp.popsugar.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/lisa-gersh-to-join-the-popsugar-board-of-directors-300653444.html
SOURCE POPSUGAR Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-lisa-gersh-to-join-the-popsugar-board-of-directors.html |
May 14 (Reuters) - Barrick Gold Corp:
* BARRICK ANNOUNCES CONVERSION OF PUEBLO VIEJO POWER PLANT TO NATURAL GAS Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. 0 : 0 narrow-browser-and-phone medium-browser-and-portrait-tablet landscape-tablet medium-wide-browser wide-browser-and-larger medium-browser-and-landscape-tablet medium-wide-browser-and-larger above-phone portrait-tablet-and-above above-portrait-tablet landscape-tablet-and-above landscape-tablet-and-medium-wide-browser portrait-tablet-and-below landscape-tablet-and-below Apps Newsletters Reuters Plus Advertising Guidelines Cookies Terms of Use Privacy
All Quote: s delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-barrick-announces-conversion-of-pu/brief-barrick-announces-conversion-of-pueblo-viejo-power-plant-to-natural-gas-idUSFWN1SL0PR |
HIAWATHA, KS, May 9, 2018 /PRNewswire/ - AgJunction Inc. (TSX: AJX) ("AgJunction" or the "Company"), a global leader in advanced guidance and autosteering, is reporting financial results for the first quarter ended March 31, 2018. All currency amounts are expressed in U.S. dollars.
First Quarter 2018 Financial Summary vs. First Quarter 2017
Revenue up 8% to $15.8 million versus $14.6 million. Gross margin was 43.0% compared to 46.8%. Net loss was $1.0 million or $(0.01) per share, versus net income of $3.6 million or $0.03 per share, which included a one-time payment of $3.0 million. EBITDA was $(0.5) million versus $4.1 million.
Management Commentary
"AgJunction continued its expansion in the first quarter, reporting our fifth consecutive quarter of revenue growth," said Dave Vaughn, president and CEO of AgJunction. "Against this growth, the timing of approximately $1.7 million in orders shifted from our first quarter to early in the second quarter. These orders have shipped and will be reflected in our second quarter results.
"We continued to make significant progress during the quarter with our Hands-Free Farm mission that autosteering is for everyone and everything. The mission includes the launch of REBEL, our next generation upgrade to the Outback line that not only introduces a new display but contains an entirely new release of our component structured software. REBEL includes our first wireless software update capability and allows our customers to purchase a simple, all-in-one solution that substantially reduces the cost and complexity of buying auto steering.
"We followed this up with the launch of our Hands-Free Farm website, HandsFreeFarm.com , and an entirely new digital marketing campaign. We also announced the launch of our e-store, a new channel for getting our products to market. The e-store will focus on offering low cost, easy-to-use, and simple-to-install products. We launched our first offering with RANGER, a revolutionary guidance system for under $1,000.
"Our belief in our Hands-Free Farm mission is that all farmers, independent of farm size, should have access to the core enabling technology of precision steering whether they have an older tractor or are about to purchase a new one. We drive this message every day through the aftermarket, our value-added resellers, and our OEM partners."
First Quarter 2018 Financial Results
Total revenue in the first quarter of 2018 increased 8% to $15.8 million compared to $14.6 million in the first quarter of 2017. This was driven by an increase in sales in the Company's Europe, Middle East and Africa region.
Gross profit in the first quarter of 2018 remained constant at $6.8 million compared to the first quarter of 2017. Gross margin was 43.0% compared to 46.8% in the first quarter of 2017. The decrease was primarily due to a lower margin mix of products sold versus the prior year.
Total operating expenses increased to $7.8 million compared to $6.2 million in the first quarter of 2017 primarily due to higher R&D costs associated with new corporate initiatives, as the Company invests in improving and developing new products. As a percentage of revenue, operating expenses increased to 49.6% compared to 42.6% in the first quarter of 2017.
Net loss in the first quarter was $1.0 million or $(0.01) per share, compared to net income of $3.6 million or $0.03 per share in the first quarter of 2017. Net income in the prior year quarter included $3.0 million of other income associated with the Company's entry into a strategic agreement with Hemisphere GNSS, Inc., a world-class provider of global navigation satellite systems technology.
EBITDA in the first quarter of 2018 was $(0.5) million compared to $4.1 million in the first quarter of 2017.
Cash and cash equivalents at the end of the first quarter of 2018 totaled $10.2 million compared to $13.9 million at the end of 2017. The Company used some cash to build inventory ahead of the large bulk purchase it will begin to deliver in July. Working capital was $19.5 million at the end of the first quarter compared to $20.3 million at the end of 2017. The Company continues to carry no debt and has access to its full $3.0 million line of credit.
Conference Call
AgJunction will hold a conference call tomorrow at 11:00 a.m. Eastern time to discuss its fourth quarter and full year results, followed by a question-and-answer session.
Date: Thursday, May 10, 2018
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-888-231-8191
International dial-in number: 1-647-427-7450
Conference ID: 3674199
Please call the conference telephone number 5-10 minutes prior to the start time. 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 be broadcast live and available for replay via the investor center section of the Company's website at www.corp.agjunction.com .
A replay of the conference call will be available after 2:00 p.m. Eastern time on the same day through May 24, 2018.
Toll-free replay number: 1-855-859-2056
International replay number: 1-416-849-0833
Replay ID: 3674199
About AgJunction
AgJunction Inc. is a global leader of advanced guidance and autosteering solutions for precision agriculture applications. Its technologies are critical components in over 30 of the world's leading precision Ag manufacturers and solution providers and it holds over 130 fundamental steering and machine control patents. AgJunction markets its solutions under leading brand names including Novariant, Outback Guidance® and Satloc® and is committed to advance its vision by bringing affordable hands-free farming to every farm, regardless of terrain or size. AgJunction is headquartered in Hiawatha, Kansas, with facilities in Silicon Valley, Arizona, Canada, and Australia, and is listed on the Toronto Stock Exchange (TSX) under the symbol "AJX." For more information, please go to www.agjunction.com .
Non-IFRS Measures
This press release uses adjusted EBITDA, which is a financial measure that does not have any standardized meaning prescribed under International Financial Reporting Standards ("IFRS"). Adjusted EBITDA is defined as net income before interest, income tax, depreciation, amortization and goodwill write off. The Company believes that this non-IFRS measure provides useful information to both management and investors in measuring financial performance. As this measure, does not have a standard meaning prescribed by IFRS, it may not be comparable to similarly titled measures presented by other publicly traded companies, and should not be construed as an alternative to other financial measures determined in accordance with IFRS. This non-IFRS measure is provided as additional information to complement IFRS measures by providing further understanding of operations from management's perspective. Accordingly, non-IFRS measures should never be considered in isolation nor as a substitute to using net income as a measure of profitability or as an alternative to the IFRS consolidated statements of income or other IFRS statements. See "Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Reconciliation" herein for additional information.
Forward-Looking Statements
This press release contains forward-looking information and (collectively, "forward-looking information") within the meaning of applicable securities laws and is based on the expectations, estimates and projections of management of AgJunction as of the date of this news release, unless otherwise stated. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to its current and future operations. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Accordingly, readers should not place undue reliance on such forward-looking information contained in this press release.
In respect of the forward-looking information, AgJunction has provided such information in reliance on certain assumptions that it believes are reasonable at this time, including, but not limited to, the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labor and services; that AgJunction's future results of operations will be consistent with management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements relating to existing and future assets and projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; availability of key supplies, components, services, networks and developments; the impact of increasing competition; conditions in general economic, agricultural and financial markets; demand for the Company's products; and the continuity of existing business relationships.
Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the industries in which AgJunction operates; ability to access sufficient capital from internal and external sources; changes in legislation; departure of key personnel or consultants; competition; inability to introduce new technology and new products in a timely manner; legal claims for the infringement of intellectual property and other claims; fluctuation in foreign exchange or interest rates; uncertainties in the global economy; negative conditions in general economic, agricultural and financial markets; availability of key supplies and components; product liability; reduced demand for the Company's products; and changes in the Global Navigation Satellite System and other systems outside of our control. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the Company's operations or financial results, are included in reports of AgJunction on file with applicable securities regulatory authorities, including but not limited to, AgJunction's Annual Information Form which may be accessed on its SEDAR profile at www.sedar.com .
The forward-looking information contained in this press release is made as of the date hereof and each of AgJunction undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
AgJunction Inc.
Condensed Consolidated Statements of Financial Position
(Expressed in U.S. dollars)
March 31,
December 31,
2018
2017
(000s)
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
10,220
$
13,893
Accounts receivable, net of bad debt provisions
of $152 and $228 as of March 31, 2018 and
December 31, 2017, respectively
7,923
4,185
Inventories
7,951
7,627
Current portion of contract assets
335
–
Prepaid expenses and deposits
1,190
990
27,619
26,695
Contract assets, less current portion
172
–
Property, plant and equipment, net
2,943
2,899
Intangible assets, net
9,537
9,856
Goodwill
143
143
$
40,414
$
39,593
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable and accrued liabilities
$
6,645
$
5,649
Provisions
710
629
Current portion of contract liabilities
670
–
Current portion of deferred revenue
130
149
8,155
6,427
Contract liabilities, less current portion
169
–
Deferred revenue, less current portion
99
100
Total liabilities
8,423
6,527
Shareholders' equity:
Share capital
147,086
146,896
Equity reserve
5,777
5,805
Accumulated deficit
(120,872)
(119,635)
31,991
33,066
$
40,414
$
39,593
AgJunction Inc.
Condensed Consolidated Statements of Profit or Loss
Three months ended March 31, 2018 and 2017
(Unaudited - expressed in U.S. dollars)
(000s)
2018
2017
Revenue
$
15,774
$
14,573
Cost of sales
8,993
7,746
Gross profit
6,781
6,827
Expenses:
Research and development
2,979
2,083
Sales and marketing
2,165
1,903
General and administrative
2,679
2,226
7,823
6,212
Operating (loss) income
(1,042)
615
Foreign exchange gain, net
(49)
(4)
Interest and other (income) expense
(5)
1
Other income
–
(3,000)
Gain on disposal of property, plant and equipment
(4)
–
Net (loss) income before income tax
(984)
3,618
Income tax
–
–
Net (loss) income
$
(984)
$
3,618
Earnings per share:
Basic and diluted (loss) income per share
$
(0.01)
$
0.03
AgJunction Inc.
Condensed Consolidated Statements of Cash Flows
Three months ended March 31, 2018 and 2017
(Unaudited - expressed in U.S. dollars)
(000s)
2018
2017
Cash flows (used in) from operating activities:
Net (loss) income
$
(984)
$
3,618
Items not involving cash:
Depreciation
177
171
Amortization
319
317
Share-based payment transactions
162
194
Allowance (gain) loss on trade receivables
(53)
31
Write (up) down of inventory to net realizable value
(195)
189
Gain on disposal of property, plant and equipment
(4)
–
Change in non-cash operating working capital:
Accounts receivable
(3,685)
(5,209)
Inventories
(129)
2,333
Contract assets
(180)
–
Prepaid expenses and deposits
(200)
18
Accounts payable and accrued liabilities
996
1,456
Provisions
81
67
Contract liabilities
259
–
Deferred revenue
(20)
(37)
Cash flows (used in) from operating activities
(3,456)
3,148
Cash flows (used in) investing activities:
Purchase of property, plant and equipment
(254)
(45)
Proceeds from the sales of property, plant and equipment
37
–
Cash flows (used in) investing activities
(217)
(45)
(Decrease) increase in cash position
(3,673)
3,103
Cash and cash equivalents, beginning of year
13,893
12,863
Cash and cash equivalents, end of period
$
10,220
$
15,966
AgJunction Inc.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Reconciliation
Three months ended March 31, 2018 and 2017
(Unaudited - expressed in U.S. dollars)
(000s)
2018
2017
Net income
$
(984)
$
3,618
Interest and other (income) expense
(5)
1
Income tax
–
–
Depreciation
177
171
Amortization
319
317
EBITDA
$
(493)
$
4,107
View original content: http://www.prnewswire.com/news-releases/agjunction-reports-first-quarter-2018-earnings-results-300645921.html
SOURCE Agjunction Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-agjunction-reports-first-quarter-2018-earnings-results.html |
DEAD SEA RESORT, Jordan (Reuters) - Uzbekistan is prepared to privatize its state airline but will keep full control of its lucrative gold mines and oil firm, one of the country’s top officials said on Wednesday.
Despite lingering international concerns over its human rights record, Uzbekistan has been making cautious moves toward reform since Shavkat Mirziyoyev become president in 2016 following the death of the hardline Islam Karimov.
It will soon announce a deal with the World Bank to help it with a broader strategy, Deputy Prime Minister Sukhrob Kholmuradov said on Wednesday, while the head of its investment department outlined some privatization plans.
“What we see as a key sector which we believe we have to keep (in state control) is mainly gold mining and our main oil company,” Sandor Sagdullayev told Reuters on the sidelines of the EBRD’s annual meeting on the coast of the Dead Sea.
He said the country was however ready to open up its aviation sector having been reluctant to do so when privatization lists were last drawn up under Karimov.
“We have one monopolistic air company, Uzbekistan Airways, but we are working closely with the World Bank to reform the sector so it (Uzbekistan Airways) is off the list of untouchable companies.”
“We are also thinking about the energy sector, but we think the PPP (public-private partnership) model will be very much the right approach,” Sagdullayev added, referring to where stakes rather than full ownership of a state company is sold off.
During an earlier panel discussion deputy prime minister Kholmuradov had also flagged that one of the country’s other main 3-5 year aims was to join the World Trade Organisation.
It also wants to build its own hydro-electric plants in coming years, is open to giving three-year work permits for employees of key foreign firms and is working with consulting firms on its customs regime and land law changes.
“We have no way back,” Kholmuradov said. We want “even more positive transformations in the country.”
The cautious opening up in Uzbekistan is being welcomed by the world’s big multilateral financial institutions, though human rights issues are still causing alarm.
A report from the Human Rights Watch group this year said “grave rights violations such as torture, politically motivated imprisonment, and forced labor in the cotton fields remain widespread.”
Earlier this week an Uzbek journalist was cleared of conspiring against the government and released, in a court ruling that Amnesty International said offered a “glimmer of hope” after years of crackdowns on reporters and dissidents.
Reporting by Marc Jones; Editing by Hugh Lawson
| ashraq/financial-news-articles | https://www.reuters.com/article/us-uzbekistan-privatisation/uzbekistan-ready-to-privatize-airline-will-keep-hold-of-gold-idUSKBN1IA2QS |
May 28 (Reuters) - Novimmune SA ( IPO-NOVI.S ):
* FDA ACCEPTS EMAPALUMAB BIOLOGICS LICENSE APPLICATION WITH PRIORITY REVIEW Source text: bit.ly/2lagxU7 Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-novimmune-fda-accepts-emapalumab-b/brief-novimmune-fda-accepts-emapalumab-biologics-license-application-with-priority-review-idUSFWN1SZ00R |
May 8, 2018 / 11:31 AM / Updated 20 minutes ago Online lender OnDeck profit beats estimates amid lower costs Nikhil Subba , Anna Irrera 3 Min Read
(Reuters) - OnDeck Capital Inc ( ONDK.N ) reported a better-than-expected quarterly adjusted profit on Tuesday, as the small business lender set aside less money for bad loans and costs fell.
The company now expects a full-year 2018 profit of up to $10 million, from its previous forecast ranging between a loss of $2 million and a profit of $10 million.
“On our last earnings call, we set our 5 strategic priorities for this year. Grow responsibly, strengthened credit management, invest in high-growth areas, enhance our product offerings, and drive operating leverage,” Noah Breslow, OnDeck’s chief executive, said on a call with analysts. “Our first quarter results demonstrate progress in each of these areas.”
Shares were up 2.7 percent at $5.59 in early trading.
Like others in the online lending sector, New York-based OnDeck has faced concerns from investors over loan quality and rising default rates.
A year ago, the lender tightened credit requirements and slashed costs, moves it expected would lead to profitability in the long term but slower growth in the short term.
Operating expenses in its first quarter through March fell about 5 percent to $44.6 million. Provisions for loan losses fell 21.4 percent to $36.3 million, while funding costs increased 5 percent to $11.8 million.
Originations rose 3 percent to $590.6 million in the first quarter.
OnDeck lends money to small business through its website and then sells the loans to institutions such as banks.
It also provides its technology to banks such as JPMorgan Chase & Co ( JPM.N ), looking to lend to small business online.
It expects to announce a partnership with another large bank this year, Breslow said.
“Our conviction in the opportunity to market our platform to banks is improving, as banks are increasingly looking to digitize their originations processes,” Breslow said. “From a macro perspective the U.S. economy is robust and small business confidence is at highest level in the years.”
Net loss attributable to common shareholders narrowed to $1.9 million, or 3 cents per share, in the quarter ended March 31, compared with a loss of $11.1 million, or 15 cents per share, a year earlier.
On an adjusted basis, OnDeck earned 8 cents per share, beating analysts’ average estimate of 4 cents, according to Thomson Reuters I/B/E/S.o
Net revenue rose to $42.2 million from $35.4 million. Reporting by Nikhil Subba in Bengaluru and Anna Irrera in New York; Editing by Shailesh Kuber and Bernadette Baum | ashraq/financial-news-articles | https://www.reuters.com/article/us-on-deck-cap-results/online-lender-ondeck-profit-tops-estimate-on-lower-costs-idUSKBN1I91E3 |
May 25 (Reuters) - Compagnie Financiere Richemont Sa :
* RICHEMONT REACHES 95% OF YOOX NET-A-PORTER GROUP S.P.A.’S ORDINARY SHARES Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-compagnie-financiere-richemont-rea/brief-compagnie-financiere-richemont-reaches-95-pct-of-yoox-net-a-porter-group-s-p-a-s-ordinary-shares-idUSFWN1SV147 |
HONOLULU--(BUSINESS WIRE)-- Trinity Merger Corp. (the “Company”) announced today that, commencing May 30, 2018, holders of the units sold in the Company’s initial public offering (the “Units”) may elect to separately trade the shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), and warrants (the “Warrants”) included in the Units. The Class A Common Stock and Warrants that are separated will trade on The NASDAQ Capital Market (“NASDAQ”) under the symbols “TMCX” and “TMCXW,” respectively. Units that are not separated will continue to trade on NASDAQ under the symbol “TMCXU.”
The public offering was made only by means of a prospectus, copies of which may be obtained from: B. Riley FBR, Inc., Attention: Prospectus Department, 1300 14th Street North, Suite 1400, Arlington, VA 22209, or by telephone at (800) 846-5050 or by email at [email protected] .
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Trinity Merger Corp.
Trinity Merger Corp. is a special purpose acquisition company formed by HN Investors LLC, an affiliate of Trinity Real Estate Investments LLC, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any business or industry, it expects to focus its search on acquiring an operating company or business with a real estate component (such as a business within the hospitality, lodging, gaming, real estate or property services, or asset management industries).
Cautionary Note Concerning Forward-Looking Statements
This press release contains statements that constitute “ .” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov . The Company undertakes no these statements for revisions or changes after the date of this release, except as required by law.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006305/en/
For Trinity Merger Corp.
Jason Chudoba, 646-277-1249
[email protected]
or
Megan Kivlehan, 646-677-1807
[email protected]
Source: Trinity Merger Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-trinity-merger-corp-announces-the-separate-trading-of-its-class-a-common-stock-and-warrants-commencing-maya30-2018.html |
The following factors could affect Italian markets on Tuesday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on .
POLITICS Rome, “World Press Freedom Day 2018” with Senate Speaker Maria Elisabetta Alberti Casellati, Chamber of Deputies Speaker Roberto Fico; videomessages by U.N. Secretary General Antonio Guterres and European Commissioner for Human Rights Dunja Mijatovic (0730 GMT). (*) President Sergio Mattarella called on Monday for Italy’s bickering parties to rally behind a “neutral government”, saying the only alternative would be a swift re-vote after March’s inconclusive election.
ECONOMY Rome, Economy Minister Pier Carlo Padoan (1015 GMT) and state auditor representatives (1600 GMT) speak before Chamber of Deputies and Senate special committees.
Bank of Italy releases April data on Target 2 liabilities and European Central Bank funding to Italian banks.
DEBT Treasury announces sale of BTP bonds, with relative amounts to be auctioned on May 11.
TELECOM ITALIA Telecom Italia re-appointed Amos Genish as chief executive on Monday, as the phone group enters a new phase after activist fund Elliott wrestled board control from top shareholder Vivendi. (*) The board and Vivendi are planning to ask for the removal of constraints imposed by the golden power decree last year, Il Sole 24 Ore said. (*) Industry Minister Carlo Calenda is about to send to the prime minister his proposal for a fine to be imposed on Telecom Italia for failing to inform the government last year that Vivendi had taken de facto control of the phone group, Il Sole 24 Ore said.
(*) UNICREDIT Hedge fund Caius Capital has told European authorities that two-thirds of UniCredit’s equity capital is invalid under EU rules unless the Italian bank converts almost 3 billion euros of complex instruments into ordinary shares, imposing heavy losses on some investors, the Financial Times said. UniCredit said in an emailed statement “the regulatory treatment of the Cashes shares has been fully disclosed to the market and confirmed and reviewed by the competent regulators”.
The lender has sent out the teaser for the sale of another 1 billion euros worth of, largely unsecured, non-performing loans, MF said. The binding offers could arrive by June or July why the closing is expected after the summer break, the paper added. (*) FIAT CHRYSLER
The carmaker is considering putting between 1.5-2 billion euros of debt into parts maker Magneti Marelli when it is spun off later this year, MF said, adding the amount was higher than previously planned because of potentially pending fines over emissions from the United States.
BANCA CARIGE An arbitration college in Milan threw out a request by Banca Carige to annul a distribution agreement with insurer Amissima Vita. The agreement had been signed when Amissima Vita and Amassima Assicurazioni had been sold to Amissima Holdings owned by Fondo Apollo.
SALVATORE FERRAGAMO Italian luxury goods group Salvatore Ferragamo still has work to do to turn itself around, its chairman said on Monday, as the company warned currency swings and a bias in sales towards lower-margin goods could hit results this year.
FINCANTIERI Conference call on Q1 results (0700 GMT).
(*) ITALGAS Conference call (1300 GMT).
The company said first-quarter net profit stood at 74.7 million euros, in line with a consensus provided by the company.
(*) F.I.L.A. The company said late on Monday its subsidiary Dixon Ticonderoga Company had agreed to buy all of the shares of Pacon Holding Company for an enterprise value of $325 million and $15 million in tax benefits.
(*) PARMALAT Last year was difficult but it’s time to “act decisively to turn the page” even though it is “going to take some time”, CEO Jean-Marc Bernier told La Repubblica in an interview. The company plans to focus more on higher-margin products and to boost its yoghurt and cheese segment, he added.
BREMBO Board meeting on Q1 results (0730 GMT).
CAMPARI GROUP Board meeting on Q1 results, followed by conference call (1100 GMT).
CREDITO VALTELLINESE Board meeting on Q1 results.
DIASORIN Board meeting on Q1 results, followed by conference call (1300 GMT).
FINECOBANK Board meeting on Q1 results.
INDEL B Board meeting on Q1 results, followed by conference call.
INTESA SANPAOLO Board meeting on Q1 results, followed by conference call (1300 GMT).
LEONARDO Board meeting on Q1 results, followed by conference call (1400 GMT).
PIAGGIO GROUP Board meeting on Q1 results, followed by conference call (1230 GMT).
RECORDATI Board meeting on Q1 results, followed by conference call (1400 GMT).
SNAM Board meeting on Q1 results, followed by conference call (1430 GMT).
PRYSMIAN Merger with General Cable to be authorised by European Commission Antitrust Authority.
INTEK GROUP Bond holders’(1100 GMT) and annual (1200 GMT) and saving shareholders’ meetings (1500 GMT).
TECHNOGYM Annual and extraordinary shareholders’ meetings (0800 GMT).
INNOVATEC Bond holders’ meeting (1230 GMT).
Annual general meetings: GRUPPO CERAMICHE RICCHETTI (0730 GMT), IVS GROUP (0900 GMT), KOLINPHARMA (1300 GMT), SABAF (0830 GMT).
For Italian market data and news, click on codes in brackets:
20 biggest gainers (in percentage)
20 biggest losers (in percentage)
FTSE IT allshare index
FTSE Mib index
FTSE Allstars index...
FTSE Mid Cap index....
Block trades
Stories on Italy IT-LEN
For pan-European market data and news, click on codes in brackets: European Equities speed guide FTSEurofirst 300 index DJ STOXX index Top 10 STOXX sectors Top 10 EUROSTOXX sectors Top 10 Eurofirst 300 sectors Top 25 European pct gainers Top 25 European pct losers Main stock markets: Dow Jones Wall Street report Nikkei 225 Tokyo report FTSE 100 London report Xetra DAX Frankfurt market stories CAC-40 Paris market stories... World Indices Reuters survey of world bourse outlook Western European IPO diary European Asset Allocation Reuters News at a Glance: Equities Main currency report:
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-factors-may-8/italy-factors-to-watch-on-may-8-idUSL8N1SE2B1 |
May 18 (Reuters) - S&P Global Ratings:
* S&P SAYS SWITZERLAND RATINGS AFFIRMED AT ‘AAA/A-1+’; OUTLOOK STABLE
* S&P SAYS EXPECT SWITZERLAND’S ECONOMY WILL EXPAND AT SOUND RATES IN 2018-2021, THANKS TO STRONG EXPORTS, SUPPORTED BY EASING PRESSURE FROM SWISS FRANC EXCHANGE RATE
* S&P SAYS "SOVEREIGN MONEY" INITIATIVE'S ADOPTION COULD BRING UNCERTAINTY FOR SWITZERLAND'S BANKING SECTOR, ROLE OF CENTRAL BANK, POTENTIALLY ECONOMY Source text : [ bit.ly/2rTqTKE ]
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sp-says-switzerland-ratings-affirm/brief-sp-says-switzerland-ratings-affirmed-at-aaa-a-1-outlook-stable-idUSFWN1SP0V8 |
The Trump administration is designating the head of Iran 's central bank as a terrorist and hitting him with sanctions intended to further isolate Iran from the global financial system.
The Treasury Department accuses Valiollah Seif of helping transfer millions of dollars to Hezbollah , the Iran-backed militant group. Seif is the governor of the Iranian central bank. He's being named a "specially designated global terrorist."
Treasury Secretary Steven Mnuchin says Seif "covertly funneled" money from the Iran's Revolutionary Guards through al-Bilad Islamic Bank in Iraq to help Hezbollah. The Iraqi bank and its chairman is also being punished with sanctions.
The U.S. says it's also imposing so-called secondary sanctions on Seif. That means anyone who does business with him could be cut off from the U.S. financial system. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/15/us-hits-head-of-irans-central-bank-with-terror-sanctions.html |
VANCOUVER, British Columbia, The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Fireweed Zinc Ltd TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : FWZ 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) 15:10 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/2018/05/23/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--fwz.html |
In Martin Peretz’s review of James Loeffler’s “Rooted Cosmopolitans” on the evolution of the idea of human rights over the past century, he identifies this as a Jewish-nurtured idea (Bookshelf, May 9). Yet the connection of Jews to their countries, peoplehood and a distinct land predates the era of rights. It is important to note that before the 20th century Jews defined their connections to God, people, others and themselves in terms of duties and responsibilities. A person has a duty to fix the world, to defend their family and people, to be responsible to their home country, to help the poor and the like. The modern... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-concept-of-rights-went-with-responsibilities-1526065971 |
ROSWELL, Ga. (AP) — High school students hiding from the gunman in Parkland, Florida, were forced to whisper in calls to 911 for fear of tipping off their location. Others texted friends and family who then relayed information to emergency dispatchers over the phone.
A few months later, a woman in Michigan was able to send off short text messages to 911 dispatchers as her homicidal husband held their daughter hostage. She was able to convey enough information to help officers get to the scene and formulate a plan to stop the man without the family being harmed.
The two cases show how that in this era of active shooters, police shootings and global terrorism, a patchwork of technology around the country can make the experience of calling 911 vastly different depending on where you live. More cities have begun to accept text messages recently, but the system that Americans rely on during their most vulnerable moments still hinges largely on landline telephones, exposing a weak link that jeopardizes the ability of law enforcement to respond in an emergency.
"Most of the technology that's in the nation's 911 centers today is technology of last century. It's voice-centric communications," said Brian Fontes, chief executive officer of the National Emergency Number Association.
Nearly 80 percent of the nation's 911 calls come from cellphones. Yet the dispatchers on the other end are hampered by outdated technology that in most cases doesn't allow them to accept text messages, receive a live-streaming video or sometimes even easily detect where the caller is. It's a striking contrast at a time when text messaging is ubiquitous, video chats with friends and family on the other side of the world are common, and Uber and Lyft drivers can pinpoint precise locations of riders.
The issue received new attention this week after the results of a police investigation in Cincinnati revealed numerous breakdowns in the response to a teenager who got trapped under the backseat of his minivan and died despite voice-dialing 911.
Experts worry that the nation isn't focused enough on improving the system and it is causing delays in getting emergency responders to the scene as fast as possible.
One obstacle is that there's no federal mandate or standards for call centers, with each one managed by state and local governments. That means there's a wide range of standards, equipment and training. And a recent report by the Federal Communications Commission found that a surcharge paid by phone customers that is supposed to be directed to 911 is diverted by some states to other needs, to the tune of about $128 million.
It would cost considerably more than that to upgrade every call center in the United States. But David Turetsky, former chief of the public safety and homeland security bureau at the FCC, said there could be ways to reduce those costs by ensuring the system is more interconnected and working together, rather than separately.
"This underinvestment is a choice and it costs lives and health and the thing about the 911 system is that none of us should be too confident that it might not be our own life or that of a loved one or a friend," he said.
Rep. Anna Eshoo, a Democrat who represents California's Silicon Valley, has been on a mission to modernize call centers since seeing one up close during an earthquake when she was on the San Mateo County Board of Supervisors. Her worries only grew after the 9/11 attacks.
She's visited all the call centers in her district and, she said, "the smaller ones, especially rural areas, you walk in and it looks like 1952 because they're not funded the way they should be. They need to be upgraded."
In December, she submitted legislation that would direct federal funds to state and local governments to allow them to upgrade their systems to "Next Generation 911."
It was Feb. 16, 1968, when the very first 911 call was placed — a test call made by a state senator in Alabama — and the system was born. It is now embedded in Americans at a young age to dial those three digits in an emergency. An estimated 270 million such calls are made each year in the United States.
Until recent years, dispatch centers might receive a handful of calls at most during an emergency. A witness to a car accident, for example, would have to get to a landline to alert authorities. And each landline phone is tied to a specific address, giving 911 operators instant access to their location.
But now in emergencies — whether it's a routine traffic accident or a fast-moving crisis like a mass shooting — 911 operators get inundated with dozens of calls. If the person is using a cellphone to call from inside a building, the location may not be immediately known. And if they're inside a high-rise, it's even more of a guessing game.
"That call could be on the 90th floor, it could be on the 40th floor, it could be on the second floor," said Rick Myers, executive director of the Major Cities Chiefs Association. "That's pretty damned important information for the responding officers to know."
There are scores of stories offering warning signs about the system's lapses — from a man who died last year after getting lost just seven miles from Bethel, Alaska, after rescuers weren't unable to find him because his cell signal wouldn't pinpoint his location. A woman in metro Atlanta several years ago used her cellphone to call 911 after her SUV plunged into water. The cell call went to nearest cell tower, which was in a neighboring county — and that county wasn't familiar with the address she provided.
The biggest step many local governments have made with 911 is accepting text messages, including cities such as Phoenix, Arizona, but the vast majority still do not.
Melissa Alterio, the director of the 911 communications center in Roswell, Georgia, oversees a dispatch center that is among those accepting text messages.
Roswell, a suburb about 20 miles north of Atlanta, sees between 400 and 600 calls every day. It got its first text 911 message shortly after beginning to accept them this spring, someone worried about a possibly suicidal friend.
At some point soon, dispatchers might be able to view video streaming, just like anyone checking out Facebook. She worries about when that happens, knowing the emotional toll it could have on dispatchers who already struggle with what they hear on the other end of the line.
"We have to do something to prepare them for what they will see," she said. "God forbid a situation like a Parkland happens. It's tough enough that they hear it. Seeing it as it happens is just another stressor."
Follow Lisa Marie Pane on Twitter at: https://twitter.com/lisamariepane | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-associated-press-emergency-911-technology-struggles-to-keep-up-with-the-times.html |
LONDON (Reuters) - Bank of England Governor Mark Carney said on Thursday the economic outlook for Britain remained obscured by uncertainty about the terms of its departure from the European Union.
FILE PHOTO: The Governor of the Bank of England, Mark Carney, listens from the audience at an event at the Bank of England in the City of London, London, Britain April 27, 2018. REUTERS/Toby Melville/File Photo “While the storms of February and March have given way to sunnier skies, the economic outlook for the UK remains clouded by Brexit uncertainties,” Carney said in a speech after the BoE left interest rates on hold, as expected.
“Despite the welcome agreement on a transition period, the terms on which the UK will trade with the EU beyond that period
remain to be determined.”
Reporting by Andy Bruce; editing by Guy Faulconbridge
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-boe-carney-brexit/boes-carney-says-uk-outlook-clouded-by-brexit-uncertainty-idUSKBN1IB1ML |
Elliott to make all-cash offer for Athenahealth, say sources 2 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/elliott-to-make-all-cash-offer-for-athenahealth-say-sources.html |
RALEIGH, N.C., May 09, 2018 (GLOBE NEWSWIRE) -- Syneos Health (Nasdaq:SYNH), a leading biopharmaceutical solutions organization combining a CRO (Contract Research Organization) and a CCO (Contract Commercial Organization), today announced that Jason Meggs has been promoted to the position of Chief Financial Officer of the Company, effective May 6. Meggs has served as interim CFO of Syneos Health since February 2018.
“With two decades of financial experience across both public and private markets, and a deep understanding of the biopharma industry and our clinical and commercial businesses, our Executive search revealed that Jason was the clear choice to be our Chief Financial Officer,” said Alistair Macdonald, Chief Executive Officer of Syneos Health. “Jason’s performance as the Company’s Interim CFO, and years of prior service in key finance and operational roles at INC Research, have only further reinforced that he is the most qualified candidate for the position. Jason and I have worked together for several years, and I look forward to continuing to collaborate with him, along with our shareholders and analysts, as we guide Syneos Health to its next phase of growth.”
Meggs joined INC Research, the legacy company of Syneos Health before its merger with inVentiv Health, in 2014 and held senior financial and operational leadership roles, including Executive Vice President and CFO of the Commercial Solutions segment, following the closing of the merger. He has experience in M&A transactions, including merger-related integration leadership roles, initial public offerings (IPOs), and significant public accounting and audit experience gained in roles with Quintiles (now IQVIA), Deloitte and Arthur Andersen.
Meggs has a Bachelor of Science in Business Administration degree in Accounting from Western Carolina University and is a Certified Public Accountant.
About Syneos Health
Syneos Health (Nasdaq:SYNH) is the only fully integrated biopharmaceutical solutions organization. The Company, including a Contract Research Organization (CRO) and Contract Commercial Organization (CCO), is purpose-built to accelerate customer performance to address modern market realities. Created through the merger of two industry leading companies – INC Research and inVentiv Health – Syneos Health brings together more than 21,000 clinical and commercial minds with the ability to support customers in more than 110 countries. The Company shares insights, uses the latest technologies and applies advanced business practices to speed customers’ delivery of important therapies to patients. To learn more about how Syneos Health is shortening the distance from lab to life ® visit syneoshealth.com .
Contacts
Investor Relations:
Ronnie Speight
Vice President, Investor Relations
Phone: +1 919 745 2745
Email: [email protected]
Press/Media:
Danielle DeForge
Senior Director, External Communications
Phone: +1 781 425 2624
Email: [email protected]
Source:Syneos Health | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-syneos-health-promotes-jason-meggs-to-chief-financial-officer.html |
WICHITA, Kan.--(BUSINESS WIRE)-- CURO Group Holdings Corp. (NYSE: CURO) (“CURO” or the “Company”), a market leader in providing short-term credit to underbanked consumers, announced today the pricing of an underwritten public offering of 5,000,000 shares of its common stock by certain selling stockholders at a price to the public of $23.00 per share. Additionally, certain of the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of the Company’s common stock. All of the shares are being sold by certain existing stockholders of the Company. CURO is not selling any shares and will not receive any proceeds from the sale of the shares offered by the selling stockholders in this offering.
Credit Suisse Securities (USA) LLC, Jefferies LLC and Stephens Inc. are acting as joint lead book-running managers for the offering. William Blair & Company L.L.C. is acting as a passive book-runner and Janney Montgomery Scott LLC is acting as a co-manager for the offering. All proceeds from the sale of the common stock will be received by the selling stockholders.
The shares of common stock are being sold by the selling stockholders pursuant to an effective registration statement. This offering is being made only by means of a prospectus, copies of which may be obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, New York, 10010, or by telephone at +1 (800) 221-1037, or by email at [email protected] ; Jefferies LLC, 520 Madison Ave., 2nd Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department, phone: 877-821-7388, email: [email protected] ; or Stephens Inc., 111 Center Street, Little Rock, AR 72201, phone: 501-377-2131, email: [email protected] . The offering is expected to close on May 21, 2018, subject to customary closing conditions.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About CURO
CURO (NYSE: CURO), operating in three countries and powered by its fully integrated technology platform, is a market leader by revenues in providing short-term credit to underbanked consumers. In 1997, the Company was founded in Riverside, California by three Wichita, Kansas childhood friends to meet the growing consumer need for short-term loans. Their success led to opening stores across the United States, and expanding to offer online loans and financial services across three countries. Today, CURO combines its market expertise with a fully integrated technology platform, omni-channel approach and advanced credit decisioning to provide an array of short-term credit products across all mediums. CURO operates under a number of brands including Speedy Cash, Rapid Cash, Cash Money, LendDirect, Avio Credit, WageDayAdvance, Juo Loans, and Opt+. With over 20 years of operating experience, CURO provides financial freedom to the underbanked.
(CURO-NWS)
View source version on businesswire.com : https://www.businesswire.com/news/home/20180516006590/en/
CURO
Investor Relations:
Roger Dean, 844-200-0342
Executive Vice President & Chief Financial Officer
[email protected]
Source: CURO Group Holdings Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/business-wire-curo-announces-pricing-of-offering-of-common-stock-by-selling-stockholders.html |
PLANO, Texas, May 9, 2018 /PRNewswire/ -- Baicells Technologies, a leading provider of disruptive global LTE/5G solutions, officially announced that the company will be moving its headquarters this year to Plano, Texas. Considering the U.S. has proven to be one of the fastest growing markets and most of Baicells' technology partners are located within the U.S., Baicells has decided to transition its operations, marketing, and supporting teams over to the Plano office. The company expects that many new jobs will be created in Texas due to the moving of Baicells headquarters during the next two years. This will support the company's anticipated future growth world-wide and will provide greater capacity to better serve its customers and partners.
"The choice to move our headquarters to the United States is the clear next step in our growth strategy," stated Baicells VP of operations, Minchul Ho. "We have been expanding rapidly these past few years and decided that the most efficient way to accommodate this growth is to relocate the company headquarters to our office in Plano. This relocation has many benefits; it provides the opportunity to more efficiently integrate our global teams, enables us to leverage the area's diverse talent pool as our organization grows, and allows us to better serve our expanding North American market."
About Baicells Technologies
Baicells is a privately-held, high tech company providing disruptively-priced and technically innovative LTE/5G wireless broadband access solutions, supporting virtualized fixed wireless and mobile network. With the vision to connect the unconnected, Baicells has introduced some real breakthrough technologies like virtualization, mobile edge computing and AI to 5G. Baicells' innovative solutions can be used by mobile operators, broadband access operators, cable operators, mobile virtual operators, governments and enterprise private networks. To learn more, please visit www.baicells.com or email [email protected] .
Baicells Technologies N.A. Press Contact:
Savannah Lancaster
Marketing Communications Manager
+1 (972) 755-1324
View original content: http://www.prnewswire.com/news-releases/baicells-technologies-accelerates-growth-with-relocation-of-headquarters-to-plano-tx-300645259.html
SOURCE Baicells Technologies | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-baicells-technologies-accelerates-growth-with-relocation-of-headquarters-to-plano-tx.html |
PEMBROKE, Bermuda, May 10, 2018 (GLOBE NEWSWIRE) -- James River Group Holdings, Ltd. (NASDAQ:JRVR) (“James River” or the “Company”) announced today that certain of the Company’s shareholders intend to offer in an underwritten public offering an aggregate of 3,297,238 of the Company’s common shares (the “Selling Shareholders”). The Selling Shareholders will receive all of the net proceeds from this offering. No shares are being sold by the Company.
Morgan Stanley is acting as the sole underwriter in the offering.
Morgan Stanley proposes to offer the common shares from time to time for sale in one or more transactions on the NASDAQ Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
The Company has filed a registration statement, including a prospectus, with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates, which registration statement is effective. Before you invest, you should read the prospectus in the registration statement, the prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov . Alternatively, copies of the prospectus and accompanying prospectus supplement may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state or jurisdiction.
Forward-Looking Statements
This press release contains as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such may be identified by terms such as believe, expect, seek, may, will, intend, project, anticipate, plan, estimate or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to those in the . These speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
About the Company
James River Group Holdings, Ltd. is a Bermuda-based insurance holding company which owns and operates a group of specialty insurance and reinsurance companies. The Company operates in three specialty property-casualty insurance and reinsurance segments: Excess and Surplus Lines, Specialty Admitted Insurance and Casualty Reinsurance. The Company is headquartered in Pembroke, Bermuda.
Contact: James River Group Holdings, Ltd. Kevin Copeland 441-278-4573 [email protected]
Source:James River Group Holdings, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-james-river-announces-secondary-offering.html |
* NSE index ends 0.44 pct down, BSE index 0.55 pct lower
* HDFC, Kotak gain after results
* Reliance down
April 30 (Reuters) - Indian shares posted their biggest monthly gain in over two years on Monday, as technology shares gained and strong numbers from Housing Development Finance Corp and Kotak Mahindra Bank boosted sentiment.
The benchmark BSE index closed 0.55 percent higher at 35,160.36 and was up 6.6 percent for the month.
The broader NSE index ended 0.44 percent higher at 10,739.35, posting a monthly gain of 6.2 percent.
However, disappointing numbers from index heavy weight Reliance Industries Ltd’s telecoms arm Jio capped gains on both the indexes. Reliance ended down 3.3 percent.
For midday report, click (Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan)
| ashraq/financial-news-articles | https://www.reuters.com/article/india-stocks/indian-shares-see-best-month-since-march-2016-idUSB8N1RO024 |
Las Vegas, Nevada, May 08, 2018 (GLOBE NEWSWIRE) -- StereoVision Entertainment Inc. (OTC:SVSN) announced today that their majority-owned medical cannabis and industrial hemp company CannaVision has appointed Mr. Hemp, Michael Bowman, Chairman of their Board of Directors with immediate effect. CannaVision’s previous Chairman Dr. Jay Ellenby will continue devoting his time and energy to treating medical marijuana patients.
“Our industrial hemp division is getting good traction so going forward industrial hemp will be our primary focus,” stated CannaVision Chief Operating Officer Steven Previch. “Until Florida gets their medical marijuana legislation corrected to where clinics become commercially viable, while we will continue to advocate for veteran’s right to choose medical marijuana over pharmaceuticals, we will be scaling back on our medical marijuana clinic plan in Florida.”
“To lead us in our determination to compete in the global hemp industry there could not be a more perfect selection then Mr. Hemp himself, Michael Bowman,” said Previch. “We’re currently cultivating 400 acres of hemp on the Bowman Family Farm in Wray, Colorado with very favorable terms for the Company.”
“Michael has been a driving force behind the hemp legalization effort in Washington D.C. with access at the highest levels as is exampled by the U.S. Secretary of Agriculture Tom Vilsack dubbing Michael, ‘Mr. Hemp,’” continued Previch. “With Mitch McConnell advocating for the de-scheduling of hemp, our current 1,125 acres in Puerto Rico standing by awaiting our hemp farming permits, our 400 hemp farming permitted acres in Colorado, our REIT plan for purchasing irrigated farmland for favored nation leases to CannaVision moving forward, and other opportunities now becoming available, we believe this is an extremely opportune time to ramp up our efforts in the industrial hemp industry.”
StereoVision. http://stereovision.com Headquartered in Las Vegas, Nevada, StereoVision is a publicly traded Nevada corporation (OTC:SVSN) focused on creating, acquiring, and producing multimedia content with its media subsidiaries, the wholly owned 9 time Emmy Award-winning production/graphics company REZN8, http://rezn8.com , the majority-owned family entertainment company, Inspirational Vision Media Inc., http://ivmi.biz , and the majority-owned Florida medical marijuana clinic and hemp corp MediCannaVision, dba CannaVision. http://cannavisionclinics.com
Safe Harbor Statement : Except for historical information certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions that these forward-looking statements are qualified by other factors. The Company undertakes no obligation to publicly update any statements in this release.
Contact: Steven Previch 305.972.1030 [email protected]
Source:Stereo Vision Entertainment Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/globe-newswire-cannavision-appoints-mr-hemp-michael-bowman-chairman-of-their-board-of-directors-with-immediate-effect.html |
NEW YORK, May 11 (Reuters) - Some investors are betting on shares of homebuilders to outperform U.S. stocks at large, but with interest rates expected to rise they may have to wait several months before those bets pay off. The U.S. economy looks ideal for homebuilding stocks to benefit. The unemployment rate has fallen to its lowest level in
more than 17 years and consumer confidence is near
the highest levels in 17 years, according to the Conference Board. And demand for housing in an already tight market is being supported by the many millennials seeking to purchase their first home, several investors said. The U.S. Commerce Department's data on April housing starts will be released on Wednesday, followed by data on new-home sales on May 23. But other factors could raise costs for home buyers, potentially hampering home sales. A sharp rise this year in U.S. Treasury yields reflects increasing worries about inflation and fears that the Federal Reserve will raise interest rates more aggressively than has been expected. The yield on the 10-year Treasury note is used as the benchmark for mortgage interest rates; higher rates increase mortgage costs for home buyers. "The continued rally in yields is a potential red flag," said Jared Woodard, an investment strategist at Bank of America Merrill Lynch in New York.
The 10-year Treasury yield has briefly exceeded
the 3 percent mark, the highest level since January 2014 and more than 50 basis points higher than where it started the year.
The S&P Composite 1500 Homebuilding index has
lagged the broader market, falling 16.9 percent from its Jan. 22 peak, which is more than three times the percentage decline of
the S&P 500 from its high that month. In 2017, the
homebuilding index soared 74.8 percent from the previous year. Other factors also cast a cloud on the housing market. Last year's federal tax overhaul put a cap on deductions for state and local and property taxes and lowered the amount of mortgage interest that is deductible, all of which results in higher costs for many homeowners. Homebuilders have also pointed to rising costs for materials and labor in their earnings calls, though so far they have had little impact on their margins. "The factors indicate that there may be some headwinds going forward," said Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds in San Francisco, which owns shares
of Lennar Corp , the largest U.S. homebuilder by market
capitalization. Shares of the five largest U.S. homebuilders by market capitalization jumped on April 4, when Lennar reported robust quarterly sales and raised its forecast for the year. Lennar's
shares climbed 10 percent that day, and PulteGroup Inc , D.R. Horton Inc , Toll Brothers Inc and NVR Inc
rose between 4.1 percent and 6.4 percent. The stocks have given up much of those gains since then, even though homebuilders have continued to deliver upbeat results. Lennar shares have tumbled 13.7 percent. D.R. Horton, NVR and Toll Brothers are down 3.9 percent, 3.3 percent and 3 percent, respectively. Only PulteGroup has added to its April 4 gains, rising 1.8 percent. Homebuilders that sell units at multiple price points, from starter homes to luxury properties, and are active throughout the United States are best positioned to withstand investors' skittishness over interest rates, Cuggino said. Next up to report is Toll Brothers, which focuses on the luxury market and is scheduled to release its quarterly earnings on May 22. Still, some investors say this year's industry underperformance looks like a normal response to the 2017 run-up. Though housing starts have risen, hitting 1.319 million units in March, demand among home buyers has outpaced the
limited housing supply in part because of the many
millennials are entering the market. "This is just a pause," said Brian Macauley, co-portfolio manager of the Hennessy Focus Fund in Arlington, Virginia, which owns shares of NVR. "As fundamentals come through, the stocks will behave better." Signs of worries about affordability among home buyers, such as a move toward smaller homes or an uptick in adjustable-rate mortgages, have not yet emerged, said Jack Micenko, an analyst at Susquehanna Financial Group in New York. Low earnings multiples could also draw investors' attention. The 12-month forward price-to-earnings ratio for the S&P 500
Homebuilding index , which comprises just Lennar,
PulteGroup and D.R. Horton, has fallen to 9.5 from 13.7 at the end of 2017. The price-to-earnings ratio for the S&P 500 is 16, down from 18.5 at the end of 2017. "If (homebuilders) have solid orders and growth and hold their margins, they could work from here," said Jonathan Woloshin, head of Americas equities and real estate at the chief investment office of UBS Global Wealth Management in New York. "There are some very attractive valuations out there."
(Reporting by April Joyner Editing by Alden Bentley and Leslie Adler) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/11/reuters-america-wall-st-week-ahead-homebuilders-poised-for-gains-but-face-interest-rate-fears.html |
* Annual sales up 18.6 pct
* Confirms 2018/19 profit and free cash flow targets
PARIS, May 17 (Reuters) - Ubisoft posted a record profitability over its last fiscal year as sales growth exceeded its targets, France’s biggest video game maker said on Thursday.
The group’s operating margin rose by one percentage point to 17.3 percent over the twelve-month period ending March 31, it said in a statement.
Total annual sales over the period jumped by 18.6 percent to 1.73 billion euros ($2.04 billion), exceeding a target of 1.64 billion, thanks notably to the commercial success of releases of the games Far Cry and Assassin’s Creed Origins.
The video maker, founded and led by the Guillemot brothers, said that revenues stemming from digital activities represented 58 percent of its annual revenue, up from 50 percent a year earlier.
Ubisoft cut its net bookings target in 2018-2019 to 2.05 billion from 2.1 billion previously, as it plans to launch three premium games over the fiscal year instead of four initially.
The group confirmed its operating income target of 440 million euros, as well as free cash flow target of 300 million euros. ($1 = 0.8480 euros) (Reporting by Mathieu Rosemain and Gwenaelle Barzic; Editing by Leigh Thomas)
| ashraq/financial-news-articles | https://www.reuters.com/article/ubisoft-results/ubisoft-posts-record-profit-margins-in-2017-2018-driven-by-new-releases-idUSP6N1SB008 |
IRVING, Texas, May 15, 2018 /PRNewswire/ -- FleetPride, Inc. announced today that it has acquired the assets of Ohio Diesel Fleet Supply in Youngstown, Ohio, owned and operated by Penny and Frank Szabo. The company has been serving the Youngstown community since 1974 with a great reputation for truck parts knowledge, quality parts, and dependable service.
"I am very happy to announce the addition of Ohio Diesel Fleet Supply," said FleetPride CEO Al Dragone. "Frank and his team bring over 40 years of industry experience, a great culture, and strong customer relationships that make this a valuable addition to our company."
The acquisition of Ohio Diesel Fleet Supply gives FleetPride four Ohio locations, joining branches in Toledo, Cincinnati, and Valley View (near Cleveland). Customers in eastern Ohio and western Pennsylvania will have access to FleetPride's national parts inventory, heavy duty expertise, and world-class supply chain to keep them Ready For The Road Ahead™.
About FleetPride, Inc.
Formed in 1999 and headquartered in Irving, TX, FleetPride is the nation's largest distributor of truck and trailer parts in the independent heavy-duty aftermarket channel. FleetPride operates over 260 locations in 46 states, including 40 Service Centers with more than 260 trained Technicians. Operating through five regional distribution centers, FleetPride carries over 400 nationally recognized brands and serves a diverse customer base across multiple industries, including freight and shipping, leasing services, agriculture, food and beverage, construction and waste management. In addition, FleetPride offers in-house remanufactured products such as brake shoes and driveline components.
View original content with multimedia: http://www.prnewswire.com/news-releases/fleetpride-acquires-ohio-diesel-fleet-supply-of-youngstown-ohio-300648146.html
SOURCE FleetPride, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-fleetpride-acquires-ohio-diesel-fleet-supply-of-youngstown-ohio.html |
May 9 (Reuters) - Invitae Corp:
* INVITAE REPORTS 169% REVENUE GROWTH DRIVEN BY 150% GROWTH IN VOLUME IN FIRST QUARTER 2018
* SEES FY 2018 REVENUE MORE THAN $130 MILLION * Q1 REVENUE $27.7 MILLION VERSUS I/B/E/S VIEW $27.2 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.63 — THOMSON REUTERS I/B/E/S
* PLAN TO REDUCE CASH BURN BY 40 TO 50% AS WE EXIT 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-invitae-reports-q1-loss-per-share/brief-invitae-reports-q1-loss-per-share-0-66-idUSASC0A14A |
Pfizer's, Merck's revenue disappoint investors 9:12pm IST - 01:05
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports.
Sales of Pfizer's blockbuster drug Ibrance zoomed higher but missed forecasts. Sales of Merck's cancer drug Keytruda catapulted higher, but overall revenue disappointed Wall Street. Fred Katayama reports. //reut.rs/2Ksyg3q | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/01/pfizers-mercks-revenue-disappoint-invest?videoId=422966177 |
May 28, 2018 / 10:00 AM / Updated 26 minutes ago SE Asia Stocks-Indonesia gains for 5th straight session, Malaysia down over 1 pct Reuters Staff 3 Min Read * Indonesia shares end 1.6 pct higher ahead of cbank meeting * Malaysian index falls over 1 pct * Vietnam shares down for 7 sessions in 9 May 28 (Reuters) - Indonesian shares ended 1.6 percent higher on Monday, ahead of a central bank meeting where it is expected to raise rates for the second time in two weeks, while Malaysia fell more than 1 percent on weak corporate results. Bank Indonesia raised its benchmark interest rate on May 17 for the first time since November 2014 in a bid to bolster the fragile rupiah and stem capital outflows, with the bank saying it would take more actions to support the currency. Southeast Asia's biggest economy, alongside other emerging markets, has seen an outflow of funds as U.S. assets become more attractive due to rising interest rates. The Indonesian index gained for a fifth straight session, with Bank Negara Indonesia up 7.5 percent and Bank Mandiri closing 5.4 percent higher. Malaysian shares were dragged down by Malayan Banking Bhd that closed 2 percent lower after the country's largest lender said allowance for impaired loans and financing in full-year 2018 were expected to be higher than the previous year. Tenaga Nasional, IHH Healthcare and Sime Darby Bhd also weighed on the index, following disappointing earnings. The Vietnam index slumped 3.3 percent to close lower for a third straight session. The benchmark index has lost 20.7 percent so far this quarter, reversing gains of around 20 percent each in the previous two quarters. Petrovietnam Gas Joint Stock Corp fell nearly 7 percent, while Joint Stock Commercial Bank for Foreign Trade of Viet Nam lost 6.4 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change on day STOCK MARKETS Current Previous Close Pct Move Singapore 3518.48 3513.23 0.15 Bangkok 1734.79 1741.21 -0.37 Manila 7642.9 7647.51 -0.06 Jakarta 6068.325 5975.742 1.55 Kuala Lumpur 1775.84 1797.4 -1.20 Ho Chi Minh 931.75 963.9 -3.34 Change on year Market Current End 2017 Pct Move Singapore 3518.48 3402.92 3.40 Bangkok 1734.79 1753.71 -1.08 Manila 7642.9 8558.42 -10.70 Jakarta 6068.325 6355.654 -4.52 Kuala Lumpur 1775.84 1796.81 -1.17 Ho Chi Minh 931.75 984.24 -5.33 (Reporting by Nicole Pinto; Editing by Biju Dwarakanath) | ashraq/financial-news-articles | https://www.reuters.com/article/southeast-asia-stocks/se-asia-stocks-indonesia-gains-for-5th-straight-session-malaysia-down-over-1-pct-idUSL3N1SZ3FH |
BERLIN (Reuters) - German Economy Minister Peter Altmaier said a U.S. decision to move ahead with tariffs on aluminum and steel imports from Canada, Mexico and the European Union was damaging but that Berlin would work hard to preserve transatlantic ties.
FILE PHOTO: German Economic Minister Peter Altmaier answers questions from the news media after delivering a statement regarding the Trump Administration's steel and aluminum tariffs outside of the White House in Washington, U.S., March 19, 2018. REUTERS/ Leah Millis “This is damaging for the Europeans but also for the United States itself,” Altmaier told journalists in Berlin on Thursday.
Reporting by Hans-Edzard Busemann; Writing by Paul Carrel; Editing by Maria Sheahan
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-altmaier/u-s-tariffs-decision-harmful-to-u-s-and-eu-german-economy-minister-idUSKCN1IW2JQ |
BOISE, Idaho, May 17, 2018 /PRNewswire/ -- Impact Group , a leading sales and marketing agency that provides innovative services to more than 700 consumer packaged goods (CPG) brands, announced today that it has acquired three independent food brokerage companies in Minnesota and Wisconsin: Impact Sales & Associates, Ritt-Beyer & Weir (RBW), and WJ Pence. As well-respected food brokers, Impact Sales & Associates, RBW, and WJ Pence reinforce Impact Group's coverage in key markets, and in the Midwest, in particular. In addition to expanded coverage in conventional grocery and the natural channel, these additions increase Impact Group's Midwest exposure to both convenience and mass retail, including Target stores.
"For nearly 25 years, Impact Group has provided valuable retail relationships, strategic counsel, and industry know-how that has aided the promotion and distribution of thousands of CPG brands. Our latest acquisitions present the opportunity for us to accomplish this on a larger scale and with immediate impact," said Carl Pennington, President and Chief Executive Officer of Impact Group. "In addition to their impressive track records in the grocery business, Impact Sales & Associates, RBW, and WJ Pence share our commitment to exceptional client service and results. We are proud to officially welcome these well-respected agencies to our network after multiple years of working with them in a licensed partnership. We look forward to achieving great success together."
"We are pleased to join Impact Group and to provide expanded geographic coverage and enhanced resources to our clients," said Frank Tuma, President of Impact Sales & Associates. Impact Sales & Associates is a Minnetonka, Minnesota-based full-service brokerage firm known for its wholesale business model and long-term industry relationships in the Midwestern region.
"We are looking forward to expanding our capabilities via scale and footprint," added Joel Beyer, President of Franklin, Wisconsin-based RBW. With a strong presence in Midwestern markets, including Illinois and Ohio, RBW specializes in multiple channels, including conventional, specialty, convenience, mass, and bulk. "The acquisition by Impact Group also provides our associates with additional growth and leadership opportunities."
"As part of the Impact Group family, we will have access to best-in-class technological tools, valuable data and insights, category expertise, and much more," said Dale Kresse, President of Hartland, Wisconsin-based WJ Pence. With over 65 years of experience in retail sales, WJ Pence has established longstanding relationships with national and regional retailers. "We are excited about the improved ability for our clients to compete in the CPG space that this partnership provides," added Kresse.
Impact Group has previously worked closely with all three brokers being acquired. Two of the three – Impact Sales & Associates and RBW – worked in partnership with Mueller Yurgae Associates (MYA), a locally-focused Midwest agency that will remain an independent business from Impact Group. Impact Group and MYA are forming a closely-aligned strategic partnership to continue to serve clients and customers in the Midwest.
"We have established a terrific working relationship with Impact Group over the last fifteen plus years," said Jeff Yurgae, President of MYA. "We look forward to continuing our partnership as we collectively move forward offering our clients and customers exceptional results."
With the acquisitions, Impact Group adds approximately 125 professionals from Impact Sales & Associates, RBW, and WJ Pence to its staff.
ABOUT IMPACT SALES & ASSOCIATES
Impact Sales & Associates was created in 2009 from the merger of two local broker agencies. The group is based in Minnetonka, Minnesota with two additional offices in Peoria, Illinois and O'Fallon, Missouri. Impact Sales & Associates' wholesale business model and industry relationships have provided an exceptional track record within the group's geography.
ABOUT RITT-BEYER & WEIR
Based in Franklin, Wisconsin, Ritt-Beyer & Weir was established in 1957. From the beginning, the group has invested in people and technology to ensure that its principals and customers receive the quality services they expect and deserve. RBW offers a full vertical approach, from data-driven, analytical product presentations through successful implementation of goods and marketing activity at retail.
ABOUT WJ PENCE
Founded in 1953, WJ Pence is based in Hartland, Wisconsin. The group's business model is to profitably and ethically expedite the flow of goods and services from the prime producer to the ultimate consumer. By doing so, WJ Pence earns the respect of both their clients and customers.
ABOUT IMPACT GROUP
Founded in 1994, Impact Group is a passionate sales and marketing agency with offices and teams spread strategically across the country. Impact Group has decades of combined experience in the retail broker and CPG industry, which enables clients to more effectively connect with retailers and drive aggressive growth and sales. Impact Group focuses on leading change through disruptive and innovative services including sales, merchandising, and category analytical support to companies in the CPG industry. Over 700 remarkable CPG companies trust Impact Group to represent their brand. Impact Group is known for fostering a culture that is authentic, strategic, collaborative, and entrepreneurial. For more information on Impact Group, please visit www.impactgrp.com .
View original content with multimedia: http://www.prnewswire.com/news-releases/impact-group-strengthens-national-presence-with-acquisition-of-three-independent-food-brokers-300649996.html
SOURCE Impact Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/pr-newswire-impact-group-strengthens-national-presence-with-acquisition-of-three-independent-food-brokers.html |
JERUSALEM (Reuters) - The United States opens its new embassy in Jerusalem on May 14, a move that has delighted Israel and infuriated Palestinians.
FILE PHOTO: A worker on a crane hangs a U.S. flag next to an Israeli flag, next to the entrance to the U.S. consulate in Jerusalem, May 7, 2018. REUTERS/Ronen Zvulun/File Photo On Monday, road signs directing traffic there went up around the neighborhood where it will be situated, and next week’s opening ceremony is timed to coincide with Israel’s 70th anniversary.
The initiative was driven by President Donald Trump, after he broke last year with decades of U.S. policy by recognizing Jerusalem as the capital of Israel.
Trump said his administration has a peace proposal in the works, and recognizing Jerusalem as the capital of America’s closest ally had “taken Jerusalem, the toughest part of the negotiation, off the table.”
Israel’s prime minister, Benjamin Netanyahu, celebrated Trump’s decision, but the move upset the Arab world and Western allies.
Palestinian President Mahmoud Abbas called it a “slap in the face” and said Washington could no longer be regarded as an honest broker in any peace talks with Israel.
Initially, a small interim embassy will operate from the building in southern Jerusalem that now houses U.S. consular operations, while a secure site is found to move the rest of the embassy operations from Tel Aviv.
WHY DID TRUMP RECOGNIZE JERUSALEM AS ISRAEL’S CAPITAL, AND ANNOUNCE THE EMBASSY WILL BE MOVED THERE?
There has long been pressure from pro-Israel politicians in Washington to move the embassy to Jerusalem, and Trump made it a signature promise of his 2016 election campaign.
The decision was popular with many conservative and evangelical Christians who voted for Trump and Vice President Mike Pence, many of whom support political recognition of Israel’s claim to the city.
Trump acted under a 1995 law that requires the United States to move its embassy to Jerusalem, but to which other presidents since then - Bill Clinton, George W. Bush and Barack Obama - consistently signed waivers.
WHY DOES JERUSALEM PLAY SUCH AN IMPORTANT ROLE IN THE MIDDLE EAST CONFLICT?
FILE PHOTO: A worker hangs a road sign directing to the U.S. embassy, in the area of the U.S. consulate in Jerusalem, May 7, 2018. REUTERS/Ronen Zvulun/File Photo Religion, politics and history.
Jerusalem has been fought over for millennia by its inhabitants, and by regional powers and invaders.
It is sacred to Judaism, Christianity and Islam, and each religion has sites of great significance there.
Israel’s government regards Jerusalem as the eternal and indivisible capital of the country, although that is not recognized internationally. Palestinians feel equally strongly, saying that East Jerusalem must be the capital of a future Palestinian state.
The city even has different names. Jews call it Jerusalem, or Yerushalayim, and Arabs call it Al-Quds, which means “The Holy”.
But the city’s significance goes further.
At the heart of the Old City is the hill known to Jews across the world as Har ha-Bayit, or Temple Mount, and to Muslims internationally as al-Haram al-Sharif, or The Noble Sanctuary. It was home to the Jewish temples of antiquity but all that remains of them above ground is a restraining wall for the foundations built by Herod the Great. Known as the Western Wall, this is a sacred place of prayer for Jews.
Within yards of the wall, and overlooking it, are two Muslim holy places, the Dome of the Rock and Al-Aqsa Mosque, which was built in the 8th century. Muslims regard the site as the third holiest in Islam, after Mecca and Medina.
The city is also an important pilgrimage site for Christians, who revere it as the place where they believe that Jesus Christ preached, died and was resurrected.
Slideshow (2 Images) WHAT IS THE CITY’S MODERN HISTORY AND STATUS? In 1947, the United Nations General Assembly decided that the then British-ruled Palestine should be partitioned into an Arab state and a Jewish state. But it recognized that Jerusalem had special status and proposed international rule for the city, along with nearby Bethlehem, as a ‘corpus separatum’ to be administered by the United Nations.
That never happened. When British rule ended in 1948, Jordanian forces occupied the Old City and Arab East Jerusalem. Israel captured East Jerusalem from Jordan in the 1967 Middle East war and annexed it.
In 1980 the Israeli parliament passed a law declaring the “complete and united” city of Jerusalem to be the capital of Israel. But the United Nations regards East Jerusalem as occupied, and the city’s status as disputed until resolved by negotiations between Israel and the Palestinians.
DOES ANY OTHER COUNTRY HAVE AN EMBASSY IN JERUSALEM? In March Guatemala’s president, Jimmy Morales, said that his country will move its embassy from Tel Aviv to Jerusalem on May 16, two days after the U.S. move.
Netanyahu said in April that “at least half a dozen” countries were now “seriously discussing” following the U.S. lead, but he did not identify them.
In December, 128 countries voted in a non-binding U.N. General Assembly resolution calling on the United States to drop its recognition of Jerusalem as Israel’s capital. Nine voted against, 35 abstained and 21 did not cast a vote.
WHAT IS LIKELY TO HAPPEN NEXT? HAS JERUSALEM BEEN A FLASHPOINT BEFORE?
Since Trump’s announcement there have been Palestinian protests and wider political tensions.
Arab leaders across the Middle East have warned the move could lead to turmoil and hamper U.S. efforts to restart long-stalled Israeli-Palestinian peace talks.
More than 40 Palestinians have been killed by Israeli troops in Gaza during a six-week border protest due to culminate on May 15, the day after the U.S. Embassy move and when Palestinians traditionally lament homes and land lost with Israel’s creation.
Although the clashes have not been on the scale of the Palestinian intifadas of 1987-1993 and 2000-2005, violence has erupted before over matters of sovereignty and religion.
In 1969 an Australian Messianic Christian tried to burn down Al-Aqsa Mosque. He failed but caused damage, and prompted fury across the Arab world.
In 2000, the Israeli politician Ariel Sharon, then opposition leader, led a group of Israeli lawmakers onto the Temple Mount/al-Haram al-Sharif complex. A Palestinian protest escalated into the second intifada.
Deadly confrontations also took place in July after Israel installed metal detectors at the complex’s entrance after Arab-Israeli gunmen killed two Israeli policemen there.
Reporting by Stephen Farrell; editing by John Stonestreet
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-israel-diplomacy-jerusalem-explai/why-is-the-u-s-moving-its-embassy-to-jerusalem-idUSKBN1I811N |
Santos Ltd. of Australia rejected a more than US$10 billion acquisition offer by Harbour Energy Ltd. on Tuesday, saying the offer undervalued it given recent oil-price gains.
The rejection comes after private-equity-backed Harbour—set up by EIG Global Energy Partners in 2014 to hunt for oil and natural-gas assets outside the U.S.—raised its offer twice in recent days to woo Santos. The latest proposal, made on Monday, offered US$5.21 a share for Santos, and was contingent on the Australian company hedging some of its future... | ashraq/financial-news-articles | https://www.wsj.com/articles/santos-rejects-more-than-10-billion-offer-as-oil-prices-rise-1526990610 |
Phil Poindexter Promoted to President
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in the Louisville, Indianapolis and Cincinnati metropolitan markets, today announced that James A. (Ja) Hillebrand will become Chief Executive Officer of the Company effective October 1, 2018. Hillebrand (49) currently serves as President of the Company and the Bank and has served on the Company's Board of Directors since 2008. Hillebrand succeeds David P. Heintzman (59), who will retire as Chief Executive Officer and move into the role of Executive Chairman of the Board through the end of 2018 and will continue as its Chairman thereafter. Also, as part of this leadership succession – which has been long planned and is unanimously supported by the Board – the Company announced that Philip S. Poindexter (52), who is currently Executive Vice President and Chief Lending Officer, will become President of the Company and the Bank, effective October 1, 2018.
Commenting on the announcement, Lead Independent Director Charles R. Edinger III said, "We appreciate David's long and exemplary service to the Company. He leaves an indelible imprint on Stock Yards Bank & Trust for its dynamic and organic growth, guided by his keen eye for minimizing the risks associated with expansion. On the heels of record results, strong returns, exceptional credit quality and commendable cost efficiencies, this leadership transition comes at a good time for the Company."
"We are fortunate as a company to be able to attract superior talent, like Ja and Phil, to our outstanding management team and have a strong succession plan to facilitate a smooth leadership transition," Heintzman said. "Ja and Phil have played integral roles in our consistent and attractive growth and are highly committed to the outstanding level of personalized customer service for which our company is known. Their achievements within our bank and across the communities we serve give me great confidence that their leadership abilities will help Stock Yards Bancorp continue its record as one of the best performing community banks in the country."
Heintzman joined the Company in 1985 and progressed through management's ranks as Chief Financial Officer, Executive Vice President and, in 1992 at age 33, was elected President. He has served as Chairman and Chief Executive Officer since January 2005. During his tenure as CEO, the Company's total assets have increased 171% to $3.3 billion and total stockholders' equity has grown 190% to $338 million. The Company's annual cash dividend has increased 268% from $0.25 per share to an indicated annual rate of $0.92 per share. Meanwhile the Company's stock price has increased from $15.30 per share (adjusted for stock splits) to $39.60 per share at the close on May 25, 2018.
Commenting on the planned transition, Hillebrand said, "I am honored by the support David and the Board have placed in me to continue driving sustainable profitability and stockholder returns, while maintaining an unmatched level of customer service. David has been an important mentor to many of us, and the values and ethics that define him have made a lasting impact on our 600+ dedicated employees. Of all his leadership traits, none are greater or more apparent than his strength of character. David has overseen tremendous growth over many years of service, enabling our company to outperform financial benchmarks for our peers on a consistent basis – through good times as well as during the financial crisis a decade ago.
"The experiences of our 114-year history remain a model for all of us, and especially for Phil and me as we work to extend the Company's record of growth by focusing on our customers and the needs of the communities we serve," Hillebrand continued. "Phil has been instrumental in the development and growth of several key lines of business across all three of our markets and his team-building skills, initiative and sense of urgency when taking care of our customers' needs will serve him well in his new role as President."
Hillebrand joined the Company in 1996 to develop its Private Banking Group. He served as Executive Vice President and Director of Private Banking until 2008 and, during that time, he directed the Company's expansion into the Indianapolis and Cincinnati markets and supervised the Bank's retail brokerage division.
Hillebrand is active in a number of civic and community service organizations in Louisville. He has served on the Board of Directors of the Kentucky Derby Festival and was its Chairman in 2011, and he is a Past Board Chair of the SJ Kids Foundation. He currently serves on the boards of the Kentucky Bankers Association, Boy Scouts of America - Lincoln Heritage Council, St. Joseph Children's Home, and the Fund for the Arts. Hillebrand earned his business administration degree from Bellarmine University.
Poindexter joined the Company in 2004 as Executive Vice President and Director of Commercial Lending. In his current role as Executive Vice President and Chief Lending Officer, he oversees Commercial Banking, Commercial Real Estate Lending, Private Banking, Treasury Management, International Banking, and Specialized Lending in Louisville, Cincinnati and Indianapolis. He has more than 29 years of banking experience with both small and large financial institutions.
Poindexter has served on the Endowment Board and Executive Committee for the Kentucky Center for the Arts, Kentucky Country Day Board of Trustees, and is a Past Board Chair for Junior Achievement of Kentuckiana. He also currently serves on the Louisville Sports Commission Board as Treasurer. Poindexter is a graduate of Indiana University with a degree in Finance.
Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $3.3 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company's common shares trade on the NASDAQ Global Select Market under the symbol SYBT.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act that involve risks and uncertainties. Although the Company's management believes the assumptions underlying the forward-looking statements contained herein are reasonable, any of these assumptions could be inaccurate. Therefore, there can be no assurance the forward-looking statements included herein will prove to be accurate. Factors that could cause actual results to differ from those discussed in forward-looking statements include, but are not limited to: economic conditions both generally and more specifically in the markets in which the Company and its subsidiaries operate; competition for the Company's customers from other providers of financial services; government legislation and regulation, which change from time to time and over which the Company has no control; changes in interest rates; material unforeseen changes in liquidity, results of operations, or financial condition of the Company's customers; and other risks detailed in the Company's filings with the Securities and Exchange Commission, all of which are difficult to predict and many of which are beyond the control of the Company. See Risk Factors outlined in the Company's Form 10-K for the year ended December 31, 2017.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180529006256/en/
Stock Yards Bancorp, Inc.
Nancy B. Davis, 502-625-9176
Executive Vice President and Chief Financial Officer
Source: Stock Yards Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/business-wire-stock-yards-bancorp-names-ja-hillebrand-chief-executive-officer-as-david-heintzman-transitions-to-the-role-of-executive.html |
European markets open lower as Trump plays down US-Sino trade optimism 1 Hour Ago European stocks edged lower Wednesday morning amid souring market sentiment over ongoing trade talks between the world's two biggest economies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/european-markets-open-lower-as-trump-plays-down-us-sino-trade-optimism.html |
By Alan Murray and David Meyer 6:21 AM EDT Good morning.
U.S. antitrust regulators yesterday cleared the way for Bayer’s $66 billion purchase of Monsanto—forcing a record $9 billion of divestitures before approving the deal. It was the “largest divestiture ever required by the United States,” trumpeted Makan Delrahim, who heads the U.S. Justice Department’s Antitrust Division. But it still marks a huge step toward consolidation of the agricultural services business.
The ruling brings Bayer closer to completing the third in a trinity of deals that will change the face of agriculture forever. Dow Chemical and DuPont merged in September, with plans to split into three units–one focusing on agriculture. And China’s state-owned ChemChina purchased Syngenta to form a new company called Nutrien.
Critics say the deals will increase concentration and therefore costs for farmers—and they may well be right. The three new mega-companies will control more than 60% of the market for seed and pesticides.
But there is an inescapable logic in these combinations, as well. Agriculture has always been a business of vast uncertainties—uncontrollable sunlight and rainfall, as well as unpredictable pestilence and disease. The companies above use biology and chemistry—seeds, fertilizer and pesticides—to combat nature’s uncertainties. The rise of ubiquitous sensors, big data and machine learning provide an opportunity to revolutionize that business.
Think of it as Farming as a Service: real-time monitoring of crop and soil conditions, combined with weather data provided via Monsanto’s Climate Corp., will enable more sophisticated management of agricultural inputs—seed, fertilizer, pesticide—to reduce risk and increase output. If the world has any chance of feeding the 10 billion people who soon will occupy it, such techniques to manage the vicissitudes of agriculture are essential.
By the way, both Hugh Grant, CEO of Monsanto, and Erik Fyrwald, CEO of Syngenta, are members of Fortune’s CEO Initiative. We are still in search of a few more good CEOs to join the effort. You can find more information here .
More news below.
Alan Murray @alansmurray [email protected] Top News
China Surprise
The U.S. has suddenly decided to go ahead with tariffs and sanctions against China, despite being in the middle of trade negotiations. Those talks, scheduled for this weekend, might now not go ahead. The Trump administration said Tuesday that it will hit Chinese imports with tariffs after all, and restrict Chinese access to sensitive U.S. tech. These measures were supposed to be on hold, so everyone is surprised, to say the least. Is it a negotiating ploy? ¯\_(ツ)_/¯ Wall Street Journal
EU Tariffs
Meanwhile, the European Union appears to have given up on winning a full carve-out from President Donald Trump’s steel and aluminum tariffs. “Realistically, if the U.S. decides to refrain from applying duties I expect them nonetheless to want to impose some sort of cap on EU exports,” EU trade chief Cecilia Malmström warned members of the European Parliament yesterday. The EU’s temporary exemption from the tariffs will expire Friday. Financial Times
Browder Arrest
Kremlin critic Bill Browder, the American CEO of Hermitage Capital, was arrested in Spain this morning on a Russian warrant. Browder, who has been a driving force behind sanctions such as the Magnitsky Act, and who alleges corruption going all the way up to the highest echelons of the Russian system, faces years in jail if he ends up getting sent back to Russia. But not this time—Interpol denied having anything to do with Russia’s warrant, and the Spanish police released the financier. Fortune
Sorrell’s Back
Ousted WPP chief Martin Sorrell is already back in business. The ad guru’s S4 Capital vehicle is being bought by the investment firm Derriston Capital in a reverse takeover that will leave Sorrell in charge of Derriston, which is changing its name to S4. And guess what the company will do? “S4 Capital is a company that aims to build a multi-national communication services business focused on growth,” said Sorrell. Bloomberg
Advertisement Around the Water Cooler
Daimler Investment
The Estonia-based Uber rival Taxify just got a big boost in the form of a $175 million investment from a group led by Daimler. The German automaker is already an investor in various ride-hailing firms, including Germany’s MyTaxi, France’s Chauffeur Privé, and the Dubai-headquartered Careem. Taxify’s existing investors include the Chinese ride-hailing giant Didi Chuxing. Reuters
Tesla Crash
Another Tesla crash, and this time it was into a parked police SUV (which is a write-off as a result.) The car was in autopilot mode when it struck the cop car in Laguna Beach, California. The driver sustained minor injuries. Tesla’s take? Autopilot isn’t perfect, drivers are supposed to keep their hands on the wheel anyway, and the mode should only be engaged on highways with a center divider and clear lane markings. Fortune
Roseanne Cancelled
The hit sitcom Roseanne has been abruptly scrapped after its star, the conservative actress Roseanne Barr, compared former Obama advisor Valerie Jarrett—who is black—to an ape. Here’s ABC president Channing Dungey: “Roseanne’s Twitter statement is abhorrent, repugnant and inconsistent with our values, and we have decided to cancel her show.” Barr apologized, but went on to retweet supporters who claimed she hadn’t said anything racist. CNBC
Puerto Rico Toll
How many people were killed by Hurricane Maria in Puerto Rico last year? The official death toll was 64, but new research shows the real figure was 4,645—more than 70 times as many as thought before. Why the discrepancy? The official stats were based on bodies that had been examined by a medical examiner, but Maria’s destruction meant that was simply impossible in most cases. Fortune
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . | ashraq/financial-news-articles | http://fortune.com/2018/05/30/bayer-monsanto-china-eu-tariffs-bill-browder-martin-sorrell-ceo-daily-for-may-30-2018/ |
Increase in Q1 Sales Year-On-Year Driven by Growth Mainly from Integration of Intersil and Industrial Business.
Achieved Gross Margin Improvement for Four Consecutive Quarters
Q1 2018: Non-GAAP (1) semiconductor sales of 182.0 billion yen, up 5.5% year-on-year. Non-GAAP gross margin of 48.0%, up 2.6 points year-on-year and Non-GAAP operating profits (margin) of 31.4 billion yen (16.9%), up 2.3 billion yen (up 0.5 point) year-on-year Outlook for Q2 2018: Non-GAAP semiconductor sales of 192.7 billion yen, down 0.8% year-on-year, Non-GAAP gross margin of 44.0%, down 1.8 points year-on-year and Non-GAAP operating margin of 12.8%, down 1.9 points year-on-year
TOKYO--(BUSINESS WIRE)-- Renesas Electronics Corporation (TSE:6723, “Renesas”), a premier supplier of advanced semiconductor solutions, today reported financial results for the first quarter ended March 31, 2018 (January 1, 2018 to March 31, 2018).
“We have been continuously improving our gross and operating margins by pursuing sales growth and cost efficiency,” said Bunsei Kure, Representative Director, President and CEO, Renesas Electronics Corporation. “We have achieved four consecutive quarters of improvement in non-GAAP Gross Margin in the first quarter. Our non-GAAP semiconductor sales also increased by 5.5% year on year, driven by the integration of Intersil and increased sales mainly in the industrial business. While we forecast stable demand in automotive and industrial businesses during the coming quarter, we expect a similar level of semiconductor sales on a year-on-year basis mainly due to the impact from the exchange rate.”
Quarterly Financial Summary (Billion yen)
Non-GAAP Basis Q1 FY2018 (Jan-Mar 2017)
Q4 FY2017 (Oct-Dec 2017)
Q1 FY2017 (Jan-Mar 2017)
QoQ YoY Net Sales 185.9 210.2 177.6 -11.6% +4.7% Semi. Sales 182.0 206.4 172.6 -11.8% +5.5% Gross Margin 48.0% 47.9% 45.5% +0.1pts +2.6pts Operating Income 31.4 34.1 29.1 -2.7 +2.3 Operating Margin 16.9% 16.2% 16.4% +0.7pts +0.5pts EBITDA (2) 53.5 54.5 46.2 -1.0 +7.3 Japan GAAP Basis Q1 FY2018 (Jan-Mar 2018)
Q4 FY2017 (Oct-Dec 2017)
Q1 FY2017 (Jan-Mar 2017)
QoQ YoY Net Sales 185.9 210.2 177.2 -11.6% +4.9% Semi. Sales 182.0 206.4 172.2 -11.8% +5.7% Gross Margin 47.8% 47.7% 43.8% +0.1pts +3.9pts Operating Income 20.6 21.9 22.1 -1.3 -1.5 Operating Margin 11.1% 10.4% 12.5% +0.7pts -1.4pts EBITDA 52.3 52.6 42.7 -0.3 +9.6 (1) Non-GAAP Basis: Results excluding non-recurring and certain other items. Following the completion of the purchase of Intersil in February 2017, Non-GAAP figures exclude amortization of goodwill, amortization of purchased intangible assets, costs related to the Intersil acquisition, stock-based compensation cost, costs related to the offering, and PPA (purchase price allocation) effects associated with the acquisition. See page 5 for reconciliation of Japan GAAP and Non-GAAP. (2) EBITDA: Sum of operating income, depreciation and amortization, and amortization of long-term prepaid expenses. Amortization of goodwill is also included for Japan GAAP-based EBITDA. Quarterly Semiconductor Sales by Application (Billion yen) (3)
Following the completion of the acquisition of Intersil in February 2017, Renesas integrated Intersil into its operations and reformed its business organization into three business units. To align with this change, Renesas redefined its semiconductor sales breakdown to: “Automotive,” “Industrial” and “Broad-based,” the three application categories that constitute the main business of the Group, and “Other semiconductors,” that constitute the businesses that do not belong to the above three application categories.
Non-GAAP Basis Q1 FY2018
(Jan-Mar 2018)
Q4 FY2017
(Oct-Dec 2017)
Q1 FY2017
(Jan-Mar 2017)
QoQ YoY Automotive (4) 92.4 109.1 97.8 -15.3% -5.6% Industrial (5) 50.9 54.2 45.2 -6.2% +12.4% Broad-Based (6) 38.1 40.9 28.8 -6.9% +32.3% Other Semiconductors 0.6 2.2 0.8 -70.9% -22.9% Total 182.0 206.4 172.6 -11.8% +5.5% (3) Semiconductor sales by application: From the fiscal year ending December 31, 2018, the company partially changed the sales categories, consisting of "Automotive", "Industrial" and "Broad-based" by transferring part of sales from "Industrial" to "Broad-based" among other changes, to accurately represent the business content. Accordingly, the figures of the fiscal year ended December 31, 2017 have been retroactively amended to reflect the new categories of the fiscal year ending December 31, 2018. (4) Automotive: Renesas mainly supplies microcontrollers (MCUs), system-on-chip (SoCs), analog semiconductors and power semiconductor devices for the “Automotive control” and “Automotive information” categories. (5) Industrial: Renesas mainly supplies MCUs and SoCs for “Smart factory,” “Smart home” and “Smart infrastructure” categories. (6) Broad-based: Renesas mainly supplies “General-purpose MCUs” and “General-purpose analog semiconductor devices” to a wide variety of end market solutions. Summary of First Quarter 2018 Results (Non-GAAP Basis)
First quarter consolidated net sales were 185.9 billion yen, down 11.6% quarter-on-quarter and up 4.7% year-on-year. First quarter semiconductor sales were 182.0 billion yen, down 11.8% quarter-on-quarter, but up 5.5% year-on-year. Automotive sales decreased by 5.6% year-on-year, due to the rebound of the strong demand last year. Industrial sales increased by 12.4% year-on-year, mainly owing to the strong demand for factory automation (FA) and home appliances. Broad-based sales increased by 32.3% year-on-year, mainly due to the integration of Intersil and the strong demand in analog semiconductor devices.
Non-GAAP gross margin in the first quarter was 48.0%, 4.2 points above the Company’s guidance, mainly due to production increase and cost-containment effects. On a sequential basis, gross margin increased by 0.1 point and improved by 2.6 points year-on-year.
Non-GAAP R&D (7) expenses in the first quarter were 31.9 billion yen, compared to 34.3 billion yen and 27.0 billion yen in the sequential and year-ago quarter. First quarter R&D ratio to net sales was 17.2%.
Non-GAAP SG&A (8) expenses in the first quarter were 26.0 billion yen, compared to 32.4 billion yen and 24.7 billion yen in the sequential and year-ago quarter. First quarter SG&A ratio to net sales was 14.0%.
Although OPEX (operating expenses such as R&D and SG&A costs) ratio to net sales was relatively high due to a temporary drop in net sales, Renesas aims its long-term financial targets at around 30%, which is the sum of the ratios of R&D- and SG&A-to-net sales.
Non-GAAP operating income was 31.4 billion yen, equivalent to 16.9% of operating margin in the first quarter, showing a decrease of 2.7 billion yen from the 34.1 billion yen on a sequential basis. Non-GAAP operating margin improved by 0.7 point from 16.2% in the previous quarter. On a year-on-year basis, non-GAAP operating income improved by 2.3 billion yen (0.5 point) mainly due to sales increases.
Non-GAAP net income attributable to shareholders of parent company in the first quarter was 25.9 billion yen, while Non-GAAP net income per share was 15.5 yen.
Net cash provided by operating activities in the first quarter was 15.4 billion yen and net cash used in investing activities was 17.8 billion yen. These resulted in negative free cash flows of 2.4 billion yen.
Capital expenditures for property, plant, equipment (manufacturing equipment) and intangible assets, were 4.1 billion yen in the first quarter. These expenditures are based on the amount of investment decisions made and does not refer to the cash outlays in the cash flow statement.
Equity ratio was 49.8% as of March 31, 2018, against 47.7% as of December 31, 2017. Debt/equity ratio (gross) was 0.45 as of March 31, 2018.
(7) R&D: Research & Development (8) SG&A: Selling, general and administrative expenses Outlook for Second Quarter and First Half of 2018
In the second quarter of 2018, Renesas expects semiconductor sales of 192.7 billion yen (up 5.9% quarter-on-quarter, but down 0.8% from year-ago quarter). For the first half of 2018 ending in June 30, 2018, Renesas expects semiconductor sales of 374.7 billion yen, up 2.1% year-on-year.
Non-GAAP gross margin for the second quarter of 2018 is expected to decrease by 4.0 points quarter-on-quarter and 1.8 points down from year-ago quarter to 44.0%, mainly due to adjustment in production volume after an increase in production in the last quarter, However, Non-GAAP gross margin for the first half of 2018 is expected to come in at 45.9%, up 0.3 point year-on-year, mainly due to an increase in sales.
Non-GAAP operating margin is expected to be 12.8% (decrease by 4.1 points quarter-on-quarter, down 1.9 points from year-ago quarter). Non-GAAP operating margin for the first half of 2018 is expected to come in at 14.8%, down 0.7 point year-on-year due to proactive R&D investments.
The forecasts for the second quarter of the 2018 are calculated at the rate of 105 yen per USD and 129 yen per Euro, while the forecasts for the first half of 2018 are based on the rate of 107 yen per USD and 131 yen per Euro.
Capital expenditures are based on the amount of investment decisions made for property, plant and equipment (manufacturing equipment) and intangible assets during the first half of 2018, and they are expected to be 3% of net revenue.
References
Refer to Renesas Electronics’ earnings report “Renesas Electronics Reports Financial Results for the Three Months Ended March 31, 2018” for the consolidated balance sheets, the consolidated statements of income and the consolidated statements of cash flows.
Refer to the separate sheet for Japan GAAP – non-GAAP reconciliation.
Forward-Looking Statements
The statements in this press release with respect to the plans, strategies and financial outlook of Renesas Electronics and its consolidated subsidiaries (collectively “we”) are forward-looking statements involving risks and uncertainties. We caution you in advance that actual results may differ materially from such forward-looking statements due to several important factors including, but not limited to, general economic conditions in our markets, which are primarily Japan, North America, Asia, and Europe; demand for, and competitive pricing pressure on, products and services in the marketplace; ability to continue to win acceptance of products and services in these highly competitive markets; and fluctuations in currency exchange rates, particularly between the yen and the U.S. dollar. Among other factors, downturn of the world economy; deteriorating financial conditions in world markets, or deterioration in domestic and overseas stock markets, may cause actual results to differ from the projected results forecast.
About Renesas Electronics Corporation
Renesas Electronics Corporation ( TSE: 6723 ) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live—securely and safely. A global leader in microcontrollers, analog & power and SoC products, Renesas provides the expertise, quality, and comprehensive solutions for a broad range of Automotive, Industrial, Home Electronics, Office Automation and Information Communication Technology applications to help shape a limitless future. Learn more at renesas.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006441/en/
Media Contacts
Renesas Electronics Corporation
Kyoko Okamoto, +81 3-6773-3001
[email protected]
or
Investor Contacts
Renesas Electronics Corporation
Makie Uehara, +81 3-6773-3002
[email protected]
Source: Renesas Electronics Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/business-wire-renesas-electronics-reports-first-quarter-2018-financial-results.html |
Snap misses top line estimates 1 Hour Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/snap-misses-top-line-estimates.html |
May 2 (Reuters) - Energy Focus Inc:
* Q1 SALES $4.7 MILLION VERSUS I/B/E/S VIEW $5.3 MILLION * Q1 EARNINGS PER SHARE VIEW $-0.16 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-energy-focus-q1-loss-per-share-020/brief-energy-focus-q1-loss-per-share-0-20-idUSASC09YZ7 |
Monsters invade Cannes (don't worry - it's just a movie) 1:04am BST - 01:25
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's ''Thriller'', they were not there to wreak havoc
ROUGH CUT (NO REPORTER NARRATION) Monsters on boats and water skis invaded a beach on the French Riviera on Monday (May 7). Dancing to Michael Jackson's "Thriller", they were not there to wreak havoc //reut.rs/2KLfCEe | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/08/monsters-invade-cannes?videoId=424799228 |
All amounts are in U.S. Dollars unless otherwise indicated:
TSX ticker symbol; BKX
OTCQX ticker symbol; BNKPF
CAMARILLO, CA, May 9, 2018 /PRNewswire/ -
FIRST QUARTER HIGHLIGHTS
During the first quarter of 2018, the Company commenced its 2018 development drilling program by drilling two wells, the Glenn 16-2H well and the WLC 14-1H well (both 100% working interest) The Glenn 16-2H well, which started production in late March, had a 30-day initial production (IP) rate of 630 boepd, of which 540 barrels was oil. This is 45% higher than the Company's next highest well's oil production at the 30 day mark Average production for the first quarter of 2018 was 1,464 BOEPD, an increase of 94% compared to first quarter 2017 average production of 753 BOEPD. The increase was primarily due to the addition of three producing wells in 2017 and the Glenn 16-2H well in 2018 Average production for the month of April 2018, which included a full month of production from the Glenn 16-2H well, was 1,833 BOE Funds from operations was $2.2 million in the first quarter 2018 compared to $0.9 million in the first quarter of 2017. The increase was mainly due to a 94% increase in production combined with a 25% increase in oil prices partially offset by realized losses from commodity contracts in the first quarter of 2018 Net loss for the first quarter of 2018 was approximately $0.5 million compared to a net income of $1.0 million for the first quarter of 2017 due to unrealized losses of $0.8 million from hedged commodity contracts in the first quarter of 2018 compared to an unrealized gain of $1.5 in first quarter 2017 Revenue, net of royalties was $4.9 million in the first quarter of 2018 compared to $2.2 million for first quarter of 2017, an increase of 127%, as production increased by 94% and average prices increased 16% between the quarters Average netback per barrel for the first quarter of 2018 was $29.95, an increase of 16% from the prior year first quarter due to the higher prices in 2018. The Company received prior period adjustments for its natural gas volumes sold and processing costs related to prior years. Excluding the impact of these prior period adjustments, the netbacks for the first quarter of 2018 were $31.69 per BOE, an increase of 23% from the prior year first quarter At March 31, 2018, cash totaled $1.0 million and the Company had $3.0 million in available borrowing capacity on its credit facility. The Company's working capital was $(5.1) million and the Company's 90-Day working capital, which includes borrowings under its credit facility expected in the next 90 days and the fair value of the liability under its commodity contracts that are payable within 90 days, was $(0.9) million
BNK's President and Chief Executive Officer, Wolf Regener commented:
"We are excited to have kicked off our 2018 development drilling program with the excellent results of the Glenn 16-2H well, which started producing in late March. As previously disclosed, the 30-day initial production (IP) rate of the Glenn well was 630 boepd, including 540 barrels of oil, which is 45% higher than the 30-day oil IP rate from any of our past wells. The Glenn 16-2H well was the first to utilize our latest generation frack design which our technical team believes was the main driver of these impressive results. Our April production, which included a full month of the Glenn 16-2H well, was 1,833 BOE per day.
We just completed the fracture stimulation of the WLC 14-2H well, using the same frack design as was used on the Glenn 16-2H well, and we expect to release the preliminary flow results from the well later this month. Once again, I am proud that our team has safely executed both the drilling and fracture stimulation of this well on time and we are expecting the total cost for the well to again come in below our estimated $5.7 million budget. Since this well is outside of the acreage that was evaluated by our reserve engineers at the end of 2017, a successful production rate from the WLC 14-2H well should prove up significant reserves in future reserve reports. We are currently in the planning stage of selecting the next locations to be drilled in our 2018 development drilling program which we are planning to start in the third quarter.
Our net revenue increased by 127% in the first quarter 2018 as production increased by 94% and average prices increased by 16% compared to the prior year quarter. In addition, we generated funds from operations of $2.2 million in the first quarter of 2018, which was a 144% increase from the first quarter 2017 amount of $0.9 million. The first quarter 2018 only included a few days of production from the Glenn 16-2H well, so we expect a further increase to our funds from operations going forward.
Average netbacks for the first quarter of 2018 were $29.95 per boe, an increase of 16% compared to the prior year due to higher prices. We had some prior year natural gas adjustments which impacted our netbacks during the first quarter. If these adjustments are excluded from the netback calculation, our average netbacks for the first quarter of 2018 would be $31.69 per boe, an increase of 23% compared to the first quarter of 2017.
In the first quarter of 2018, the Company incurred a net loss of $0.5 million compared to a net income of $1.0 million in the first quarter 2017. This is primarily due to an unrealized loss on financial commodity contracts of $0.8 million in the first quarter of 2018, compared to an unrealized gain of $1.5 million in the first quarter of 2017."
1 st Qtr 2018
1 st Qtr 2017
%
Net income (loss):
$ Thousands
($494)
$984
(150)
$ per common share assuming dilution
($0.00)
$0.01
-
Capital Expenditures
$7,930
$10,544
(25)
Production per day (Boepd)
1,464
753
94
Product Price per Barrel
$47.97
$41.45
16
Netback per Barrel
$29.95
$25.81
16
Netback per Barrel excluding prior year adjustments
$31.69
$25.81
23
Netback per Barrel including Commodity Contracts
$26.77
$32.92
(19)
3/31/2018
12/31/2017
Cash and Cash Equivalents
$1,024
$521
Working Capital
$(5,058)
$(537)
90-Day Working Capital
$(884)
$2,227
First Quarter 2018 versus First Quarter 2017
Oil and gas gross revenues totaled $6,320,000 in the quarter versus $2,809,000 in the first quarter of 2017. Oil revenues increased $3,065,000 or 128% as oil production increased by 81% to 989 boepd and average oil prices increased by $12.48 per barrel or 25% to $61.43. Natural gas revenues increased $219,000 or 139% to $376,000 as natural gas production increased 189% to 1,597 mcfpd which was partially offset by an average natural gas price decrease of $0.54/mcf or 17% to $2.62/mcf. Natural gas liquids (NGLs) revenues increased $227,000 or 90% as NGL production increased 80% to 209 boepd and average NGL prices increased 6% to $25.47.
Average first quarter 2018 production per day increased 94% from the first quarter of 2017 due to three additional wells added to production in 2017 and one well in 2018.
Production and operating expenses increased to $987,000 and the per boe production and operating costs increased by 10% to $6.91/boe due to higher production taxes in 2018, which increased taxes by $0.90/boe, as well as a non-recurring workover of one well during the first quarter of 2018.
Depletion and depreciation expense increased $797,000 or 83% due to an increase in production in the first quarter of 2018.
General and administrative expenses increased $86,000 or 9% due to advisor fees in the first quarter of 2018.
Stock based compensation decreased by $15,000 or 34% due to the timing of stock awards granted to employees.
Finance income decreased $2,039,000 in the first quarter of 2018 compared to the prior year quarter primarily due to unrealized and realized gains on commodity contracts in the first quarter of 2017.
Finance expense increased $1,154,000 in the first quarter of 2018 compared to the prior year quarter primarily due to unrealized and realized losses on commodity contracts in the first quarter of 2018 offset by reduced interest expense on the credit facility in 2018.
Capital expenditures of $7,930,000 were incurred in the first quarter of 2018 relating to the 2018 drilling program in the US.
BNK PETROLEUM INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited, Expressed in Thousands of United States Dollars)
($000 except as noted)
March 31
December 31
2018
2017
Current Assets
Cash
$1,024
$521
Trade and other receivables
2,319
2,510
Other current assets
481
563
3,824
3,594
Non-current assets
Property, plant and equipment
153,496
147,195
153,496
147,195
Total Assets
$157,320
$150,789
Current Liabilities
Trade and other payables
$7,156
$3,132
Fair value of commodity contracts
1,726
999
8,882
4,131
Non-current liabilities
Loans and borrowings
26,513
24,484
Asset retirement obligations
1,074
950
Fair value of commodity contracts
1,035
951
28,622
26,385
Equity
Share capital
289,522
289,522
Contributed surplus
22,443
22,406
Deficit
(192,149)
(191,655)
Total Equity
119,816
120,273
Total Equity and Liabilities
$157,320
$150,789
BNK PETROLEUM INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited, expressed in Thousands of United States dollars, except per share amounts)
($000 except as noted)
Three months ended March 31,
($000's)
2018
2017
Oil and gas revenue net of royalties
$4,932
$2,177
Other income
18
1
4,950
2,178
Production and operating expenses
987
427
Depletion and depreciation
1,754
957
General and administrative expenses
1,023
937
Share based compensation
29
44
$3,793
$2,365
Finance Income
-
2,039
Finance Expense
(1,625)
(471)
Net income (loss) and comprehensive income (loss) from continuing operations
$(468)
$1,381
Net loss and comprehensive loss from discontinued operations
(26)
(397)
Net income (loss)
(494)
984
Net income (loss) per share
$(0.00)
$0.01
BNK PETROLEUM INC.
FIRST QUARTER 2018
(Unaudited, expressed in Thousands of United States dollars, except as noted)
Quarter Ending March 31,
2018
2017
Oil revenue before royalties
$5,466
$2,401
Gas revenue before royalties
376
157
NGL revenue before royalties
478
251
Oil and Gas revenue
6,320
2,809
Funds from operations
2,161
886
Capital expenditures
(7,930)
(10,544)
Statistics:
Average oil production (Bopd)
989
545
Average natural gas production (mcf/d)
1,597
552
Average NGL production (Boepd)
209
116
Average production (Boepd)
1,464
753
Average oil price ($/bbl)
$ 61.43
$ 48.95
Average natural gas price ($/mcf)
2.62
3.16
Average NGL price ($/bbl)
25.47
24.05
Average price per barrel
$49.45
$41.45
Royalties per barrel
10.85
9.34
Operating expenses per barrel
6.91
6.30
Prior period adjustments
1.74
-
Netback per barrel
$29.95
$25.81
Average price per barrel including commodity contracts
$46.27
$48.56
Royalties per barrel
10.85
9.34
Operating expenses per barrel
6.91
6.30
Prior period adjustments
1.74
-
Netback per barrel including commodity contracts
$26.77
$32.92
The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2018 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedar.com .
NON-GAAP MEASURES
Netback per barrel, netback excluding prior period adjustments, netback including commodity contracts, net operating income, funds from operations and 90-Day working capital (collectively, the "Company's Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP.
The Company's Non-GAAP Measures are described and reconciled to the GAAP measures in the management's discussion and analysis which are available under the Company's profile at www.sedar.com .
CAUTIONARY STATEMENTS
In this news release and the Company's other public disclosure:
(a)
The Company's natural gas production is reported in thousands of cubic feet (" Mcfs "). The Company also uses references to barrels (" Bbls ") and barrels of oil equivalent (" Boes ") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
(b)
Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value.
(c)
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
(d)
The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery.
Caution Regarding Forward-Looking Information
This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, availability of funds from the Company's reserves based loan facility, expected hedging levels and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.
Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with managements' expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company's reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.
Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, anticipated results and estimated costs will not be consistent with managements' expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company's reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section, the Company's most recent management's discussion and analysis and the Company's other public disclosure, available under the Company's profile on SEDAR at www.sedar.com .
With respect to estimated reserves, the evaluation of the Company's reserves is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future capital and operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, may vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company's reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.
Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale gas properties and concessions in the United States. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX and on the OTCQX under the stock symbol BNKPF.
View original content with multimedia: http://www.prnewswire.com/news-releases/bnk-petroleum-inc-announces-first-quarter-2018-results-300646069.html
SOURCE BNK Petroleum Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/pr-newswire-bnk-petroleum-inc-announces-first-quarter-2018-results.html |
May 29, 2018 / 5:00 PM / in 20 minutes Congo ruling party shows all signs of seeking Kabila third term Issa Sikiti da Silva 4 Min Read
KINSHASA (Reuters) - From the sprawling capital Kinshasa to villages deep in the equatorial forests, Congo’s ruling PPRD is in full-on election campaign mode - and President Joseph Kabila’s face is everywhere. FILE PHOTO: Democratic Republic of Congo's President Joseph Kabila addresses a news conference at the State House in Kinshasa, Democratic Republic of Congo January 26, 2018. REUTERS/Kenny Katombe - File Photo
The deadline for declaring candidates for Democratic Republic of Congo’s scheduled Dec. 23 poll is just over two months away, and Kabila, 46, is officially not allowed to run again.
But his bearded portrait smiles down from billboards and T-shirts being printed by his People’s Party for Reconstruction and Democracy (PPRD), while there is no sign of a successor.
After a reshuffle this month of Congo’s Constitutional Court and provocative comments from members of his inner circle, suspicion is rife that Kabila - in power since the death of his father, Laurent, in 2001 - intends to bypass the constitution and run for a third term.
Any such move would likely ignite chaos across the vast, mineral-rich country, which has never seen a peaceful change of power in the 58 years since independence from Belgium.
“We were with Kabila, we are still with Kabila and we will still be with Kabila,” PPRD permanent secretary Emmanuel Ramazani Shadari said on May 5 in an address aired on radio.
The deadline for declaring candidates is Aug. 8.
A spokesman for Shadari did not respond to a request for clarification, Kabila has repeatedly dodged the question and government spokesman Lambert Mende told reporters on Monday he was “not aware of a plan to change the constitution”.
Kabila is unpopular in the capital Kinshasa and many parts of the country. A rare poll released in March showed that eight in 10 Congolese have an unfavorable opinion of him. Scores have died in protests since he refused to step down when his mandate expired 18 months ago.
Militias have proliferated, killing and displacing villagers, kidnapping foreigners and shutting down eco-tourist spots. The violence has hit mining operations in Africa’s top copper producer and the world’s leading miner of cobalt, prized for batteries for electric vehicles. “LEGAL BASIS”
Earlier this month, Kabila appointed three new judges to the Constitutional Court, including two close allies.
His opponents fear the court will legitimize running again on a legal technicality - the fact that electoral procedure in the constitution has changed since Kabila was first elected in 2006, although the two-term limit was there before.
“The legal basis that legislated the 2006 elections was different from the one of the 2011 elections,” legal expert Jean-Cyrus Mirindi, a Kabila ally, told a debating forum in Kinshasa late last month.
Long before the changes, the court had ruled when Kabila’s mandate expired in 2016 that he could stay on until the poll.
Another option for Kabila is to hold a referendum, as his allies have sometimes suggested and as the presidents of neighboring Rwanda and Congo Republic did.
Resistance could come from Congo’s Catholic church, which has slowly transformed from a mediator for peace to lightning rod for dissatisfaction with Kabila.
Donatien Nshole, spokesman for the church council, told a news conference this week “the bishops will never support” a Kabila third term.
It would also set Congo on a collision course with Western powers and its neighbors - both of which have a history of meddling in its affairs. Wars between 1996 and 2003 sucked in nine African armies and killed millions.
French President Emmanuel Macron met with Rwandan President Paul Kagame last week and Angolan leader Joao Lourenco on Monday to discuss Congo, infuriating Congolese authorities.
Rwanda and Angola fought on opposite sides during a 1998-2003 war, but both are increasingly alarmed at Congo’s slide toward instability.
“Congo ... will not let any person, state or interest group ... substitute itself for the Congolese people in deciding its future,” government spokesman Mende said on Monday. Additional reporting by David Lewis in Nairobi and Tim Cocks in Dakar; Writing by Tim Cocks; Editing by Aaron Ross and Andrew Roche | ashraq/financial-news-articles | https://www.reuters.com/article/us-congo-politics/congo-ruling-party-shows-all-signs-of-seeking-kabila-third-term-idUSKCN1IU284 |
May 2, 2018 / 10:40 AM / Updated 6 minutes ago BRIEF-HollyFrontier Reports Q1 Earnings Per Share $1.50 Reuters Staff
May 2 (Reuters) - HollyFrontier Corp:
* QTRLY EARNINGS PER SHARE $1.50 - SEC FILING * QTRLY ADJUSTED EARNINGS PER SHARE $0.77
* HOLLYFRONTIER - QTRLY RESULTS REFLECT SPECIAL ITEMS THAT COLLECTIVELY INCREASED NET INCOME BY $130.8 MILLION
* HOLLYFRONTIER - WITHIN THE REFINING SEGMENT, CRUDE OIL CHARGES AVERAGED 415,260 BPD FOR CURRENT QUARTER VERSUS 371,070 BPD FOR THE FIRST QUARTER 2017
* QTRLY SALES AND OTHER REVENUES $4.13 BILLION VERSUS $3.08 BILLION REPORTED LAST YEAR
* HOLLYFRONTIER SAYS “TO DATE, CRUDE SPREADS HAVE BEEN CONSISTENT, AND WE ARE OPTIMISTIC ABOUT REFINING AND LUBRICANT MARGINS GOING INTO THE SUMMER”
* Q1 EARNINGS PER SHARE VIEW $0.38, REVENUE VIEW $3.31 BILLION — THOMSON REUTERS I/B/E/S
* HOLLYFRONTIER - WITHIN REFINING SEGMENT, CRUDE OIL CHARGES AVERAGED 415,260 BPD FOR CURRENT QUARTER VERSUS 371,070 BPD LAST YEAR Source text: ( bit.ly/2jlPSBK ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-hollyfrontier-reports-q1-earnings/brief-hollyfrontier-reports-q1-earnings-per-share-1-50-idUSFWN1S90K3 |
May 4 (Reuters) - Rocket Internet SE:
* DGAP-NEWS: ROCKET INTERNET SE: ROCKET INTERNET SE HAS PURCHASED 9,724,739 OWN SHARES THROUGH ITS PUBLIC SHARE PURCHASE OFFER Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rocket-internet-buys-97-mln-own-sh/brief-rocket-internet-buys-9-7-mln-own-shares-in-public-offer-idUSASO0004AG |
Q1 2018 Highlights
Total revenue, including royalty and other revenue was $213.0 million Product revenue was $204.4 million Shipments of noninvasive technology boards and monitors were 53,600 GAAP net income of $45.6 million, or $0.82 per diluted share. Non-GAAP net income of $41.9 million, or $0.75 per diluted share.
IRVINE, Calif.--(BUSINESS WIRE)-- Masimo (NASDAQ: MASI) today announced its financial results for the first quarter ended March 31, 2018.
First Quarter 2018 Results:
First quarter 2018 total revenue, including royalty and other revenue, increased to $213.0 million. Product revenues for the first quarter of 2018 increased to $204.4 million.
The Company’s worldwide direct product revenue, which accounted for 87.5% of total product revenue, increased to $178.9 million in the first quarter of 2018. OEM sales, which accounted for 12.5% of total product revenue, increased to $25.5 million in the first quarter of 2018.
GAAP net income for the first quarter of 2018 was $45.6 million, or $0.82 per diluted share.
Non-GAAP net income for the first quarter of 2018 was $41.9 million, or $0.75 per diluted share.
As a result of the strong performance in the first quarter, Masimo is raising its fiscal year 2018 product revenue guidance from $808 million to $818 million, its GAAP EPS guidance from $2.90 to $3.01 and its non-GAAP EPS guidance from $2.80 to $2.88.
During the first quarter of 2018, the Company shipped approximately 53,600 noninvasive technology boards and monitors.
As of March 31, 2018, total cash and cash equivalents were $369.5 million. During the first quarter of 2018, the Company repurchased approximately 0.2 million shares of common stock at a total cost of $16.5 million.
Joe Kiani, Chairman and Chief Executive Officer of Masimo, said, “We had another record quarter for product revenues and earnings, demonstrating once again the clinical and economic value of our innovative technologies for improving patient care. We achieved another strong quarter of shipments of our noninvasive monitoring technologies, at 53,600. Our positive outlook is visible in our higher guidance for sales and earnings in 2018 as we introduce important new products and gain new customers around the world.”
2018 Financial Guidance
The Company provided the following updated estimates for its full year 2018 guidance:
2018 Updated Guidance 1 Prior 2018 Guidance 1 (in millions, except percentages and earnings per share) GAAP Non-GAAP GAAP Non-GAAP Total revenue, including royalty and other revenue $ 846 $ 846 $ 836 $ 836 Product revenue $ 818 $ 818 $ 808 $ 808 Royalty and other revenue $ 28 $ 28 $ 28 $ 28 Operating margin 24.2 % 24.4 % 24.2 % 24.4 % Diluted earnings per share $ 3.01 $ 2.88 $ 2.90 $ 2.80 EBITDA 26.8 % 29.9 % 26.9 % 29.9 % Estimated tax rate 20.2 % 24.0 % 22.0 % 25.0 %
1 Updated guidance provided May 2, 2018. Prior guidance provided February 27, 2018.
Total revenue, including royalty and other revenue, increasing to $846 million; Product revenue increasing to $818 million; GAAP diluted earnings per share increasing to $3.01; and Non-GAAP diluted earnings per share increasing to $2.88.
Impact of Adoption of New Revenue Accounting Standard:
During the first quarter of 2018, the Company adopted Financial Accounting Standards Board (FASB) Accounting Standards Update No. 2014-09, Revenue (Topic 606): Revenue from Contracts with Customers (ASU 2014-09). The new revenue recognition standard requires the Company to make numerous assumptions that are based upon historical trends and management judgment. These assumptions may change over time and may have a material impact on our revenue recognition, guidance and results of operations. In accordance with the full retrospective method of adoption, the Company has adjusted certain amounts previously reported in its unaudited condensed consolidated financial statements to comply with the new standard, as indicated by the notation, “As Adjusted”. For additional information with respect to the impact of the adoption of this new accounting standard and reconciliations to the prior reported amounts, please reference Note 2 to our condensed consolidated financial statements that will be included in Part I, Item 1 of our Quarterly Report on Form 10-Q (Form 10-Q) for the quarter ended March 31, 2018 once filed with the Securities and Exchange Commission (SEC) and Exhibit 99.3 that was included in our Current Report on Form 8-K that was filed with the SEC today.
Supplementary Non-GAAP Financial Information
For additional non-GAAP financial details, please visit the Investor Relations section of the Company’s website at www.masimo.com to access Supplementary Financial Information.
Non-GAAP Financial Measures
The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s ongoing core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.
Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies.
The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s core net operating results on an ongoing basis: (i) non-GAAP net income, (ii) non-GAAP diluted earnings per share, (iii) non-GAAP gross profit, (iv) non-GAAP operating income and (v) adjusted EBITDA. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s core operating results with those of other companies. Management believes non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share and adjusted EBITDA are important measures in the evaluation of the Company’s performance and uses these measures to better understand and evaluate our business.
The non-GAAP financial measures reflect adjustments for the following items, as well as the related income tax effects thereof:
Acquisition-related costs, including depreciation and amortization.
Depreciation and amortization related to the revaluation of assets and liabilities (primarily intangible assets, property, plant and equipment adjustments, inventory revaluation, lease liabilities, etc.) to fair value through purchase accounting related to value created by the seller prior to the acquisition rather than ongoing costs of operating our core business. As a result, we believe that exclusion of these costs in presenting non-GAAP financial measures provides management and investors a more effective means of evaluating historical performance and projected costs and the potential for realizing cost efficiencies within our core business. Depreciation and amortization related to the revaluation of acquisition-related assets and liabilities will generally recur in future periods.
Litigation damages, awards and settlements.
In connection with litigation proceedings arising in the course of our business, we have recorded expenses as a defendant in such proceedings in the form of damages, as well as gains as a plaintiff in such proceedings in the form of litigation awards and settlement proceeds; most recently in connection with our November 2016 settlement agreement with Koninklijke Philips N.V. We believe that exclusion of these expenses and gains is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. In this regard, we note that these expenses and gains are generally unrelated to our core business and/or infrequent in nature.
Realized and unrealized gains or losses from foreign currency transactions.
We are exposed to foreign currency gains or losses on outstanding foreign currency denominated receivables and payables related to certain customer sales agreements, product costs and other operating expenses. As the Company does not actively hedge these currency exposures, changes in the underlying currency rates relative to the U.S. Dollar may result in realized and unrealized foreign currency gains and losses between the time these receivables and payables arise and the time that they are settled in cash. Since such realized and unrealized foreign currency gains and losses are the result of macro-economic factors and can vary significantly from one period to the next, we believe that exclusion of such realized and unrealized gains and losses are useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. Realized and unrealized foreign currency gains and losses are likely to recur in future periods.
Excess tax benefits from stock-based compensation.
Current authoritative accounting guidance requires that excess tax benefits or costs recognized on stock-based compensation expense be reflected in our provision for income taxes rather than paid-in capital. Since we cannot control or predict when stock option awards will be exercised or the price at which such awards will be exercised, the impact of such guidance can create significant volatility in our effective tax rate from one period to the next. We believe that exclusion of these excess tax benefits or costs is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. These excess tax benefits or costs will generally recur in future periods as long as we continue to issue equity awards to our employees.
Tax impacts that may not be representative of the ongoing results of our core operations.
The Tax Cuts and Jobs Act of 2017 (2017 Tax Act) was signed into law in December 2017, and became effective January 1, 2018. The 2017 Tax Act included a number of changes to existing U.S. federal tax law impacting businesses including, among other things, a permanent reduction in the corporate income tax rate from 35% to 21%, a one-time transition tax on the “deemed repatriation” of cumulative undistributed foreign earnings as of December 31, 2017 and changes in the prospective taxation of the foreign operations of U.S. multinational companies. We believe that exclusion of the tax charges related to the 2017 Tax Act is useful to management and investors in evaluating the performance of our ongoing operations on a period-to-period basis. In this regard, we note that this tax charge is unrelated to our core business and non-recurring in nature.
First Quarter 2018 Actuals versus First Quarter 2017 Actuals:
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE
Three Months Ended March 31, 2018 April 1, 2017
As Adjusted
(in thousands, except per share amounts) $ Per Diluted
Share
$ Per Diluted
Share
GAAP net income, as originally reported $ 45,630 $ 0.82 $ 45,334 $ 0.82 ASC 606 adjustments — — 6,199 0.11 GAAP net income, as adjusted 45,630 0.82 51,533 0.93 Non-GAAP adjustments: Acquisition related depreciation and amortization 360 0.01 427 — Litigation damages, awards and settlements — — — — Non-operating other (income) expense (1,113 ) (0.02 ) (557 ) (0.01 ) Tax impact of above item 120 — (102 ) — Excess tax benefits from stock-based compensation (3,148 ) (0.06 ) (15,147 ) (0.27 ) Remeasurement of deferred taxes 16 — — — Total non-GAAP adjustments (3,765 ) (0.07 ) (15,379 ) (0.28 ) Non-GAAP net income $ 41,865 $ 0.75 $ 36,154 $ 0.65 Weighted average shares outstanding - diluted 55,496 55,529 Full Year 2017 Actuals versus Full Year 2018 Guidance:
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND NET INCOME PER DILUTED SHARE
Full Year 2018
Updated Guidance 1
Full Year 2017
Actuals As Adjusted
(in thousands, except per share amounts) $ Per Diluted
Share
$ Per Diluted
Share
GAAP net income, as originally reported $ 167,800 $ 3.01 $ 131,616 $ 2.36 ASC 606 adjustments — — (6,827 ) (0.13 ) GAAP net income as adjusted 167,800 3.01 124,789 2.23 Non-GAAP adjustments: Acquisition related depreciation and amortization 1,500 0.03 1,597 0.03 Non-operating other (income) expense (1,100 ) (0.02 ) 270 0.01 Tax impact of above items (100 ) — (456 ) (0.01 ) Excess tax benefits from stock-based compensation (8,000 ) (0.14 ) (39,241 ) (0.70 ) Tax impact of U.S. tax reform 2, 3 — — 41,392 0.74 Total non-GAAP adjustments (7,700 ) (0.13 ) 3,562 0.07 Non-GAAP net income $ 160,100 $ 2.88 $ 128,351 $ 2.30 Weighted average shares outstanding - diluted 55,700 55,595 1 Estimated effective tax rate of 22% applied to GAAP earnings and 25% applied to non-GAAP earnings. 2 As previously reported in February 2018, the 2017 Tax Act resulted in an unfavorable charge of $43.5 million in the fourth quarter of 2017. The amount recognized was a provisional estimate and subject to change, possibly materially, due to, among other things, refinements of the Company’s calculations, changes in interpretations and assumptions the Company has made or additional guidance issued by the U.S. Treasury, Securities and Exchange Commission or Financial Accounting Standards Board. 3 Includes adjustments related to the full retrospective application of ASC 606 of $2.1 million, or $0.04 per diluted share. RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT AND OPERATING INCOME
Full Year 2018
Updated Guidance
Full Year 2017
Actuals As Adjusted
(in thousands, except percentages) $ % of Revenue
$ % of Revenue
GAAP gross profit, as originally reported $ 564,600 66.7 % $ 535,100 67.0 % ASC 606 adjustments — — (13,068 ) (1.0 ) GAAP gross profit, as adjusted 564,600 66.7 522,032 66.0 Non-GAAP adjustments: Acquisition related depreciation and amortization 500 0.1 500 0.1 Total non-GAAP adjustments 500 0.1 500 0.1 Non-GAAP gross profit $ 565,100 66.8 % $ 522,532 66.1 % GAAP operating income $ 205,000 24.2 % $ 197,361 24.7 % ASC 606 adjustments — — (13,573 ) (1.4 ) GAAP operating income, as adjusted 205,000 24.2 183,788 23.3 Non-GAAP adjustments: Acquisition related depreciation and amortization 1,500 0.2 1,597 0.2 Total non-GAAP adjustments 1,500 0.2 1,597 0.2 Non-GAAP operating income $ 206,500 24.4 % $ 185,385 23.5 % RECONCILIATION OF EBITDA TO ADJUSTED EBITDA
Full Year 2018
Guidance
Full Year 2017
Actuals As Adjusted
(in thousands, except percentages) $ % of Revenue $ % of Revenue GAAP net income, as originally reported $ 167,800 19.8 % $ 131,616 16.7 % ASC 606 adjustments — — (6,827 ) (0.9 ) GAAP net income, as adjusted 167,800 19.8 124,789 15.8 Other (income)/expense 1 (5,100 ) (0.6 ) (2,013 ) (0.3 ) Provision for income taxes 42,400 5.0 61,011 7.8 Depreciation and amortization 21,900 2.6 20,061 2.5 EBITDA 227,000 26.8 203,848 25.8 Add: Non-cash stock-based compensation expense 26,200 3.1 17,187 2.2 Adjusted EBITDA $ 253,200 29.9 % $ 221,035 28.0 % | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-masimo-reports-first-quarter-2018-financial-results.html |
May 14, 2018 / 8:46 AM / Updated 31 minutes ago India's power minister to temporarily take additional charge of finance ministry Aditi Shah , Manoj Kumar 2 Min Read
NEW DELHI (Reuters) - Indian Power Minister Piyush Goyal will temporarily take additional charge of the finance ministry until Finance Minister Arun Jaitley recovers after undergoing a kidney transplant, the country’s president said in statement on Monday. FILE PHOTO: India's Finance Minister Arun Jaitley attends a news conference sharing details about the recapitalisation of public sector banks in New Delhi, India, January 24, 2018. REUTERS/Saumya Khandelwal/File Photo
Jaitley, who largely worked from home over the past month, was admitted to the All India Institutes of Medical Sciences (AIIMS) in the Indian capital on Saturday.
“The surgery has been successful. Both the recipient and donor are stable and recovering well,” the hospital said in a statement on Monday, adding that Jaitley is stable.
Jaitley could be out of action for about a month following surgery, a finance ministry official said.
Jaitley, 65, is a prominent member of Indian Prime Minister Narendra Modi’s government. In 2014, Jaitley had gastric bypass surgery to keep his diabetes in check.
Last month, he cancelled trips to London and Washington due to ill-health.
Goyal will also handle the Ministry of Corporate Affairs, which is overseen by Jaitley.
As part of a broader cabinet reshuffle, Rajyavardhan Singh Rathore also replaced Smriti Irani as minister of broadcasting and information.
The move comes weeks after the broadcasting ministry said India would deny government access to journalists who publish fake news.
The decision, taken when Irani was the minister, was heavily criticised and labelled as an attack on the freedom of the press in the world’s largest democracy.
Irani will remain India’s minister of textiles.
S.S. Ahluwalia has also been made junior minister in charge of the Ministry of Electronics & Information Technology. He will be relieved of his duty as junior minister of the Ministry of Drinking Water & Sanitation. Reporting by Aditi Shah, Manoj Kumar and David Lalmalsawma; Editing by Euan Rocha and Clarence Fernandez | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-minister/indian-finance-minister-stable-after-kidney-transplant-hospital-says-idUSKCN1IF0Y0 |
May 15 (Reuters) - Concordia International Corp:
* CONCORDIA INTERNATIONAL ANNOUNCES FIRST QUARTER 2018 RESULTS
* REPORTED Q1 REVENUE OF $152.3 MILLION, COMPARED TO $160.6 MILLION FOR Q1 OF 2017
* QTRLY LOSS PER SHARE $1.09 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-concordia-international-qtrly-loss/brief-concordia-international-qtrly-loss-per-share-1-09-idUSASC0A27X |
BEIRUT (Reuters) - President Michel Aoun on Thursday designated Saad al-Hariri to be Lebanon’s next prime minister and asked him to form a new government, a televised statement from the president’s office said.
Hariri’s name was put forward by 111 out of 128 members of Lebanon’s new parliament during consultations held on Thursday with Aoun. Lebanon held parliamentary elections on May 6.
Reporting by Lisa Barrington; Editing by Gareth Jones
| ashraq/financial-news-articles | https://www.reuters.com/article/us-lebanon-election-prime-minister/lebanons-president-designates-saad-al-hariri-as-next-pm-idUSKCN1IP2RU |
THE FILM Rosemary’s Baby, which premiered at Cannes in May 1968, was incredibly prescient, eerie in the way it predicted our current cultural moment. The movie was a seed. Somewhere in its biology, in miniature, was the entire tree, a huge oak that throws twisted shadows on every part of America’s front lawn.
I was born a few weeks after Rosemary’s Baby was released and grew up alongside it. I first saw the movie when I was 12 and have seen it again many times. It’s a different film with every watching. It started out as... | ashraq/financial-news-articles | https://www.wsj.com/articles/rosemarys-baby-a-disquieting-masterpiece-turns-50-1527095931 |
May 3 (Reuters) - Mogo Finance Technology Inc:
* MOGO EXTENDS INNOVATIVE MARKETING AGREEMENT WITH CANADA’S LARGEST NEWS MEDIA COMPANY, POSTMEDIA
* MOGO FINANCE TECHNOLOGY INC - EXTENDED TERM OF MARKETING COLLABORATION AGREEMENT WITH POSTMEDIA NETWORK FOR AN ADDITIONAL 2 YEARS Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-mogo-extends-innovative-marketing/brief-mogo-extends-innovative-marketing-agreement-with-canadas-largest-news-media-co-postmedia-idUSFWN1SA0Z0 |
Donald Trump's approach to foreign relations has never been subtle. But the president's recent declarations about leveling the trade playing field with China , premised on market competition, are more political than economic, the chief executive of Barings said Tuesday.
"It's definitely about voters now and that's where you get the rhetoric," Tom Finke, CEO and chairman of the North Carolina-based $304 billion asset management firm, told CNBC's "Squawk Box Europe."
"If you think about the industrial revolution when Teddy Roosevelt was president, his mantra was 'speak softly and carry a big stick.' I think Trump's mantra is 'speak loudly and wave your stick around.'"
Finke was referring to ongoing U.S. -China negotiations that are taking place this month to ease trade tensions after a tit-for-tat dispute saw both countries threaten tariffs on hundreds of billions of dollars' worth of each other's imports. Trump has long criticized the gaping trade deficit between the U.S. and China, and has zeroed-in on shrinking that gap as the core focus of a broader call for Beijing to reform its international trade practices.
Triumphant tones came from the White House over the weekend, as Chinese trade officials conceded they would work toward increasing purchases of American goods , particularly in the agriculture and energy sectors.
But economists have criticized the announcements , saying they do not amount to concrete measures and that the trade deficit is not nearly as consequential as contentious points like technology security and intellectual property (IP) protection.
November midterms Trump has his eye on the congressional midterm elections in November, where the party of the sitting president traditionally struggles. And pointing to a victory for the trade imbalance, although it misses the full picture, can be easily touted as a win, according to Finke. This particularly targets U.S. farmers and energy producers, a key voting base for the Republican party.
"You've got to address the issues of greater IP security, openness to other parts of the market in China," Finke said, but added: "That's harder for the general population to get their head around. Easier to get their head around is the trade imbalance — that's when you get a lot of the sound bytes relative to the farmers. Selling more agriculture to China is the focus, but in the end the future is about technology."
Daniel Acker | Bloomberg | Getty Images Corn is harvested in Sheffield, Illinois. Still, the CEO was confident that Trump had a more comprehensive vision in mind for achieving a fairer relationship with the Beijing, which has long been accused of unfair trade practices including IP theft, unequal market access for foreign investors and preferential subsidies.
"Some of this is focused on what's in front of them politically, but also I do think there is a commitment to doing deals, period. He's a dealmaker, he wants to do deals," Finke said. "I think the process there is somewhat painful because it moves around a lot, and I think that's where we are with trade."
Not all observers have been so positive, however. Moody's Chief Economist Mark Zandi told CNBC on Monday that the current talks, as they're going, were nothing more than a "silly debate argument" with no specifics and no wins for either side, as the U.S. simply doesn't have enough to export to China in order to satisfy the Trump administration's trade figure demands.
The voices from the U.S. trade community have largely been advising caution with the Chinese, arguing that deeper structural issues beyond the deficit figures must be dealt with if the U.S. is to get a good and lasting deal. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/trumps-trade-mantra-is-speak-loudly-and-wave-your-stick-around-says-investment-chief.html |
Villanova Final Four hero Donte DiVincenzo announced Tuesday on his Instagram account that he will remain in the NBA draft and hire an agent prior to the upcoming festivities.
Apr 2, 2018; San Antonio, TX, USA; Villanova Wildcats guard Donte DiVincenzo (10) cuts down the net after beating the Michigan Wolverines in the championship game of the 2018 men's Final Four at Alamodome. Mandatory Credit: Bob Donnan-USA TODAY Sports DiVincenzo was named Most Outstanding Player of the Final Four as Villanova won the national title this year. The 6-foot-5 guard scored 31 points in the victory over Michigan in the national championship contest, raising his draft stock in the process.
“After gathering all of the information possible, my decision is to keep my name in the NBA draft and plan to hire an agent. I thank everyone who has helped me reach this decision because it was not easy,” DiVincenzo wrote.
DiVincenzo, a third-year sophomore, averaged 13.4 points and 4.8 rebounds and 3.5 assists in 40 games last season. After going through the draft process and shining at the combine in Chicago, he now rates as a probable late first-round draft choice.
—Auburn sophomore guard Mustapha Heron will pull his name out of the NBA draft and transfer to a school closer to his Connecticut home, his father told ZagsBlog.
Per the report, Heron intends to apply for a hardship waiver to be immediately eligible for the 2018-19 season, citing the health of his ailing mother, who has required extensive medical care in recovery from a serious concussion. The 6-foot-5 Heron hopes to be close enough to his mother, who lives in West Haven, Conn., for her to see him play.
The news came hours after sophomore center Austin Wiley withdrew from the NBA draft to return to the Tigers for the 2018-19 season. Wiley was ineligible and did not play last season as a result of violations related to his recruitment. The NCAA informed Auburn that Wiley would be reinstated for the start of the 2018-19 season.
—Tennessee forward Admiral Schofield announced on Twitter that he has withdrawn from the NBA draft and will return for his senior season.
“I am very grateful for my recent opportunities to compete and display my talents in front of NBA personnel,” Schofield said. “I have learned so much through this NBA Draft evaluation process and am looking forward to improving the areas of my game that need it while also improving as a man.”
Schofield averaged 13.9 points and 6.4 rebounds last season.
—UCLA guard Kris Wilkes pulled out of the NBA draft and is returning to college for his sophomore campaign.
Wilkes averaged 13.7 points and 4.9 rebounds in his first college season.
“Kris was a huge part of our team last season, and he knows that he’ll have an even bigger role for us during his sophomore year,” Bruins coach Steve Alford said in a statement. “With Kris, you’re talking about a young man with limitless potential. We are really excited to have him back for at least one more season. He certainly has a bright future in this game, and there’s no question that, down the road, he will be a first-round draft pick.”
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-ncaa/college-hoops-notebook-divincenzo-remains-in-nba-draft-idUSKCN1IV07Q |
May 12, 2018 / 5:45 AM / Updated 3 hours ago Super Rugby week 13
(Reuters) - Highlights of week 13 of Super Rugby: OTAGO HIGHLANDERS 39 LIONS 27
The Highlanders held off a late charge by the Lions to extend their home winning streak to 11 matches and leave the South Africans still chasing their first victory over New Zealand opponents this season.
Lima Sopoaga, Liam Coltman, Luke Whitelock, Waisake Naholo and Teihorangi Walden scored tries for the Highlanders, who grabbed their seventh win for the season to keep their playoffs hopes alive.
Robbie Coetzee grabbed a try either side of halftime for the Lions, who pulled within six points when Elton Jantjies converted Marnus Schoeman’s 73rd minute try.
But Sopoaga slotted a penalty minutes later to snuff out the contest and then kicked another in the final seconds to finish with 19 points for the game. READ MORE
Crusaders overhaul Tahs with record comeback
Joseph handed timely boost ahead of June tests
Sunwolves make it 10th time lucky with big win
Super Rugby fixtures for 2018 season
FACTBOX-Super Rugby at a glance
Folau’s beliefs complicate contract talks
Bok blow as Marx ruled out of June series
Sonny Bill back for Blues after six weeks out CANTERBURY CRUSADERS 31 NEW SOUTH WALES WARATAHS 29
The Crusaders came back from a 29-0 deficit five minutes before halftime to reel in the New South Wales Waratahs and extend New Zealand’s winning streak over Australia’s Super Rugby teams to 39 successive matches.
The Waratahs stunned the home side with four tries in the opening half-hour before the Crusaders stormed back with three tries before half time.
Replacement back Braydon Ennor crossed for the Crusaders early in the second half. The Waratahs’ scrum then disintegrated under pressure near the line to concede a penalty try and give the hosts the lead 12 minutes from the finish.
Flyhalf Bernard Foley missed a penalty kick with four minutes left that would have given the Waratahs the lead, and the Crusaders held on to claim the win. SUNWOLVES 63 QUEENSLAND REDS 28
The Sunwolves picked up their first win of the season on Saturday with a rousing 63-28 victory over the Queensland Reds in the Japanese capital.
In the final match to be held in Tokyo this season — the last two Sunwolves home games are in Hong Kong and Singapore — flyhalf Hayden Parker scored 36 points and winger Hosea Saumaki had a hat-trick of tries to lead their team to victory.
Tries from Parker and lock Grant Hattingh, as well as five penalties, gave the Sunwolves a 15-point lead at halftime and Jamie Joseph’s men did not relent after the break.
The Sunwolves piled on the points in the second half with three scores from Saumaki and a penalty try. AUCKLAND BLUES 15 WELLINGTON HURRICANES 36
The red-hot Wellington Hurricanes recorded their ninth straight win with a bonus point victory over the Auckland Blues at Eden Park on Friday, extending the home side’s winless streak against New Zealand opposition to 16 matches.
Tries from hooker Ricky Riccitelli, loose forward Gareth Evans, fullback Nehe Milner-Skudder, lock Sam Lousi and centre Matt Proctor were enough to see off a spirited Blues challenge and send the Hurricanes to the top of the standings.
The Blues, who had tries from centre Orbyn Leger and prop Ofa Tuungafasi either side of halftime, played plenty of enterprising rugby but were unable to match the execution of the Hurricanes at key moments.
The Hurricanes lead the Canterbury Crusaders by three points in the New Zealand conference having played a match fewer than the reigning champions, who would be expected to return to the top after they play the New South Wales Waratahs on Saturday. Editing by John O'Brien | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-super/super-rugby-week-13-idUKKBN1ID05C |
May 2, 2018 / 3:31 PM / a day ago Sauber technical head Zander leaves F1 team Reuters Staff 1 Min Read
LONDON (Reuters) - Sauber’s technical director Joerg Zander has left with immediate effect, the Swiss Formula One team said in a statement on Wednesday.
Zander returned to Sauber in January last year after a stint with Audi in the world endurance championship. He had previously worked for the team as chief designer when they were under BMW ownership.
Sauber said the various heads of department and project leaders would continue to work on the development of this season’s and next year’s car under the supervision of team boss Frederic Vasseur.
Ferrari-powered Sauber were last overall in the 2017 championship but are currently ninth of the 10 teams with 10 points after four of 21 races — double their entire tally from last season. Reporting by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-sauber/sauber-technical-head-zander-leaves-f1-team-idUKKBN1I3259 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.