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May 17, 2018 / 7:52 AM / Updated 7 hours ago In Silicon Valley, Chinese 'accelerators' aim to bring startups home Koh Gui Qing , Salvador Rodriguez 8 Min Read
NEW YORK/ SAN FRANCISCO (Reuters) - Beijing’s unslakeable thirst for the latest technology has spurred a proliferation of “accelerators” in Silicon Valley that aim to identify promising startups and bring them to China. An exterior view of the ZGC Innovation Center is seen in Santa Clara, California, April 12, 2018. Picture taken April 12, 2018. REUTERS/Stephen Lam
The surge in the number of China-focused accelerators - which support, mentor and invest in early-stage startups - is part of a larger wave of Chinese investment in Silicon Valley. At least 11 such programs have been created in the San Francisco Bay Area since 2013, according to the tech-sector data firm Crunchbase.
Some work directly with Chinese governments, which provide funding. Reuters interviews with the incubators showed that many were focused on bringing U.S. startups to China.
For U.S. government officials wary of China’s growing high-tech clout, the accelerator boom reaffirms fears that U.S. technological know-how is being transferred to China through investments, joint ventures or licensing agreements.
“Our intellectual property is the future of our economy and our security,” Senator Mark Warner, the Democratic vice-chairman of the U.S. Senate Intelligence Committee, said in a statement to Reuters about Chinese accelerators. “China’s government has clearly prioritized acquiring as much of that intellectual property as possible. Their ongoing efforts, legal or illegal, pose a risk that we have to look at very seriously.”
The U.S. has already moved to block many Chinese acquisitions in the tech sector, and is considering several measures that could impose sweeping new strictures on Chinese investment in Silicon Valley.
U.S. President Donald Trump’s crackdown down on visas for foreign tech workers and threats of a trade war with China are also changing the landscape.
And to be sure, the Chinese programs are a small part of the picture; there are 159 accelerators and 70 incubators of all types in the San Francisco Bay area, according to Crunchbase.
Yet the accelerators reflect close ties between entrepreneurs, tech investors and top engineering talent in the U.S. and China.
U.S. universities remain a major training ground for Chinese engineers, for example, and U.S. companies such as Microsoft have long had research laboratories in China.
Officials at several China-backed accelerators told Reuters their goal was to help startups gain access to the China market and nurture relationships between entrepreneurs and investors in both countries.
“We are building the door or bridge to the China market,” said Wei Luo, chief operating officer at ZGC Capital Corp, which runs the ZGC Innovation Center. Slideshow (2 Images)
The center is backed by Zhongguancun Development Group, an entity funded by the Beijing local government; its name refers to the Zhongguancun neighborhood, which is sometimes called China’s Silicon Valley.
Accelerators like ZGC “help U.S. entrepreneurs understand China better,” Luo said. CHINA CONNECTION
Ethan Schur, an American entrepreneur and co-founder of Grush, a smart toothbrush that combines brushing with gaming to encourage children to clean their teeth, has teamed up with ZGC and called the partnership “very helpful.”
ZGC helped Grush set up shop in China, Schur said.
“We’re able to meet the manufacturers we want to work with, are trustable, reliable and have a good price,” he said.
For entrepreneurs David Lee and Grace Wang, who founded a ZGC-backed travel planning app called The Explorer.io, running a company that is not well connected to China is bad for business.
“It’s all about collaboration,” said Wang, who was born in China and moved to the United States in 2011 for college before attending graduate school at the University of California Berkeley. “There should be some way where we can help countries grow together and work with each other.”
During a Reuters visit, the ZGC Innovation Center in Santa Clara, in the heart of Silicon Valley, was bustling with tech entrepreneurs of both Chinese and American origin. Since its 2014 opening, the center has hosted 55 startups and has invested in more than 40.
Other accelerators in the valley that help bring U.S. startups to China include Plug and Play, a non-Chinese accelerator that collaborates with several local Chinese governments; InnoSpring, whose investors include Legend Capital, a unit of Legend Holdings ( 3396.HK ), the parent of computer group Lenovo Group Ltd ( 0992.HK ); and Shanghai Lingang Overseas Innovation Center, which is linked to the Shanghai government.
Jaunt, in which InnoSpring is an investor, has raised more than $100 million in funding. And the Chinese-backed incubator Amino Capital has a stake in Human Longevity, a health data company, which has raised more than $300 million. INTELLECTUAL PROPERTY
Many local governments in China - like their counterparts in the United States - are eager to support startups in the name of economic development.
The accelerators work with companies in fields including artificial intelligence, autonomous driving technology, big data and health sciences.
They often help U.S. companies set up joint ventures or licensing agreements to enter China - the type of deals some U.S. policy hawks have criticized as conduits for transferring intellectual property.
The Shanghai Lingang Overseas Innovation Center will “serve as a broker in technology transfer,” the Shanghai government said in a brief statement on its website in May 2016 to mark the opening of the center in downtown San Francisco.
There have been no high-profile examples of such theft from companies helped by the Chinese accelerators. But American heavyweights such as Apple, GM and even Michael Jordan have faced fights in China over protecting their intellectual property.
Xiao Wang, co-founder of InnoSpring Silicon Valley, a Shanghai-headquartered accelerator that has invested $3.5 billion in 70 U.S. and 15 Chinese startups in the last five years, said those who believe intellectual property theft is the price for entering need “to understand China better.”
Although China’s protection of intellectual property is not as good as in the United States, it has improved, she said. Risks for startups are outweighed by the benefits of moving into China, which include access to a huge market and a growing pool of talent, Wang said.
Sue Xu, a general partner at Amino Capital, said her firm had invested in more than 130 startups and helped more than 30 percent of them enter China.
“The Chinese market is huge, so the companies we invested in say ‘We won’t stop until we get into the Chinese market,’” she said.
Still, even deals in which U.S. startups gladly welcome Chinese investors concern some policymakers in Washington, D.C.
A study by the Defense Innovation Unit Experimental, which invests in commercial technology on behalf of the U.S. Department of Defense, said in a report in January that Chinese investment in startups hit a record high of $11.5 billion in 2015, or 16 percent of all technology deals that year.
For entrepreneurs like The Explorer.io co-founder Lee, who moved to the United States from South Korea 15 years ago, the hope is that suspicions about Chinese investors will eventually fade.
It is only a matter of time, he said, before people realize that suspicion of Chinese investment is “detrimental for the United States.” Editing by Jonathan Weber and Gerry Doyle | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-startups/in-silicon-valley-chinese-accelerators-aim-to-bring-startups-home-idUSKCN1II0UG |
QUEBEC CITY and MYRTLE BEACH, SC, May 10 2018 /PRNewswire/ - TSO 3 Inc. (TSX: TOS), ("TSO 3 " or the "Company"), an innovator in sterilization technology for medical devices in healthcare settings, today announced that the nominees listed in the management proxy circular dated April 3, 2018, were elected as directors of TSO 3 . In addition, all other proposals submitted by management were approved.
Election of Directors
Based on the proxies received and the votes on a show of hands, the following individuals were elected as directors of the Corporation until the next annual shareholders' meeting. Accordingly, the results are set out below:
Name
Votes for
% for
Withheld
% withheld
Douglas Dieter
36,802,968
96.38
1,382,514
3.62
Claude Michaud
34,183,227
89.52
4,002,255
10.48
Jeffrey Pompeo
34,146,552
89.42
4,038,930
10.58
Jean-Pierre Robert
34,184,837
89.52
4,000,645
10.48
Linda Rosentstock
36,305,700
95.08
1,879,782
4.92
Richard M. Rumble
29,722,388
77.84
8,463,094
22.16
Steve West
34,170,938
89.49
4,014,544
10.51
Other Proposals
Proposals
Votes for
% for
Votes against
% against
Withheld
% withheld
Appointment of
Independent Auditors
44,602,998
97.42
0
0
1,181,127
2.58
Advance Notice By-Law
27,587,290
72.25
10,598,192
0
0
0
Final voting results on all matters voted at the Annual Meeting of Shareholders held on May 9, 2018, will be filed on SEDAR ( www.sedar.com ) under the name TSO 3 .
Appointment of a New Chairperson
TSO 3 is also pleased to announce that the board appointed Dr. Linda Rosenstock as Chairperson of the Board of Directors. Dr. Rosenstock is a physician executive in academia and government, with broad experience in clinical care, health care delivery, population health, research and health and regulatory policy.
About TSO 3
Founded in 1998, TSO 3 's activities encompass the sale, production, maintenance, research, development, and licensing of sterilization processes, related consumable supplies and accessories for heat-sensitive medical devices. The Company designs products for sterile processing areas in the hospital environment that offer an advantageous replacement solution to other low temperature sterilization processes currently used in hospitals. TSO 3 also offers services related to the maintenance of sterilization equipment and compatibility testing of medical devices with such processes.
For more information about TSO 3 , visit the Company's website at www.tso3.com .
The statements in this release and oral statements made by representatives of TSO 3 relating to matters that are not historical facts are forward-looking statements that involve certain risks, uncertainties and hypotheses, including, but not limited to, the limited history of sales or distribution of the Company, the ability of the Company to obtain the required regulatory clearances to market its products, general business and economic conditions, the condition of the financial markets, the ability of TSO 3 to obtain financing on favourable terms and other risks and uncertainties. Although TSO 3 believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The complete versions of the cautionary note regarding forward-looking statements as well as a description of the relevant assumptions and risk factors likely to affect TSO 3 's actual or projected results are included in the Management's Discussion and Analysis for the year ended December 31, 2017, which is available on the Company's website. The forward-looking statements contained in this press release are made as of the date hereof, and TSO 3 does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise unless expressly required by applicable securities laws.
releases/tso3-announces-the-vote-results-from-its-annual-meeting-of-the-shareholders-and-the-appointment-new-chairperson-300646766.html
SOURCE TSO3 Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-tso3-announces-the-vote-results-from-its-annual-meeting-of-the-shareholders-and-the-appointment-new-chairperson.html |
Dow Jones, a News Corp company News Corp is a network of leading companies in the worlds of diversified media, news, education, and information services Dow Jones | ashraq/financial-news-articles | http://jp.wsj.com/articles/SB11182910543236833496604584225100190784962 |
(Repeats item issued earlier. The opinions expressed here are those of the author, a columnist for Reuters.)
By Clyde Russell
SINGAPORE, May 25 (Reuters) - In the relatively short space of the past decade the paper iron ore market has grown from virtually nothing to exceed the physical market, but now the industry is grappling with what comes next.
While the growth in iron ore futures and exchanged-cleared swaps has been impressive, iron ore is still a long way behind other commodity markets, such as crude oil and some agricultural products, where paper trade exceeds physical by large multiples.
There are two main paper markets for iron ore, the well-established Singapore Exchange (SGX) futures and swaps, and the Dalian Commodity Exchange (DCE), which up until now has largely catered for Chinese domestic investors.
The SGX is viewed largely as the professional market, used by miners, traders, finance houses and steel mills to hedge risk and to some extent discover prices.
However, the main SGX contract is financially settled against an index, in this case provided by the Steel Index, one of the established players in the market.
The absence of a physically delivered future may be viewed as a weakness of the SGX, notwithstanding the general respect the market has for the validity of the index price.
The DCE contract can be taken to physical delivery, but hardly ever is, with the bulk of the volume being day traders or short-term players, aiming to move in and out quickly to take advantage of news-driven, short-term price fluctuations.
Despite their different characteristics, the SGX and DCE contracts do track each other relatively closely, although the DCE is probably more prone to sharper movements as its participants respond more readily to news events, especially those reported in Chinese media.
The current situation is largely one where there are two separate markets serving two distinct types of participants.
But the landscape for paper iron ore appears to be reaching something of an inflection point, where the dynamics are changing and the ultimate outcome is somewhat uncertain.
CHINA’S MARKET OPENING One of themes at the SGX Iron Ore Week event in Singapore over the past few days was that the market needs to become more diverse and more sophisticated in order to grow.
Volumes on the SGX contract are flat for the year so far, a change from the previous trend of solid year-on-year growth.
This is likely because the price of iron ore has been in a relatively narrow range between $60 and $80 a tonne for the past year, meaning producers and buyers haven’t felt the need to hedge as much as they would if prices were more volatile.
But it’s also likely that SGX is close to the limits of growth in the current model, and the market needs to take the next steps on the road to financialisation.
These may include launching more products, especially a contract on higher grade iron ore.
The current benchmark contract is for iron ore with a 62 percent iron content, but the increasing use of 65 percent ore by Chinese steel mills means there is potential for such a contract to gain traction.
At the other end of the quality scale, the SGX’s 58 percent contract hasn’t worked because of a lack of liquidity. But if there was a full suite of contracts for the various iron ore grades, it too may find volumes coming as participants see arbitrage opportunities.
The other main development is the internationalisation of the DCE, with changes earlier this month allowing non-Chinese players to participate without having to establish a Chinese-domiciled company.
This could well drive volumes on both the DCE and the SGX as participants play arbitrage opportunities, and also allow miners an outlet for physical delivery through the DCE if the pricing is favourable.
The main game is to bring more players into the market, such as hedge funds and high-frequency traders.
Access to DCE contracts may well be the key, and this in turn could result in changes in the way the SGX products are traded as well.
In some ways the SGX participants are still something of an insiders club, with trade dominated by brokers, who build business on the basis on establishing relationships with miners, steel mills, shippers and traders.
There is nothing inherently wrong with this model, but it likely places a cap on just how much the paper market can grow relative to the physical market.
It also probably acts as deterrent to attracting new participants, given they are likely to be cautious of being burned in what they see as an insiders market.
If the iron ore market does follow the path pioneered by crude oil, the brokers will eventually lose sway and be overwhelmed by the volumes being generated by new participants.
The opening up of the Chinese market to all investors may well be the spark needed to drive iron ore’s financialisation to the next level. (Editing by Richard Pullin)
| ashraq/financial-news-articles | https://www.reuters.com/article/column-russell-ironore-market/column-china-opening-may-spark-iron-ore-to-become-more-like-crude-oil-russell-idUSL3N1SW2KR |
May 31, 2018 / 3:30 PM / Updated 33 minutes ago English Domestic One-Day Competition Scoreboard Reuters Staff 3 Min Read May 31 (OPTA) - Scoreboard at close of play of between Leicestershire and Lancashire on Thursday at Oakham, England Lancashire win by 9 wickets Leicestershire 1st innings Cameron Delport b Joe Mennie 2 Paul Horton c Liam Livingstone b Graham Onions 2 Ned Eckersley c Alex Davies b Stephen Parry 15 Mark Cosgrove st Dane Vilas b Matthew Parkinson 52 Colin Ackermann b Matthew Parkinson 24 Neil Dexter c Josh Bohannon b Matthew Parkinson 0 Ateeq Javid c Liam Livingstone b Stephen Parry 21 Tom Wells c Stephen Parry b Matthew Parkinson 11 Callum Parkinson c Dane Vilas b Joe Mennie 20 Dieter Klein lbw Graham Onions 11 Varun Aaron Not Out 10 Extras 0b 2lb 0nb 0pen 2w 4 Total (49.0 overs) 172 all out Fall of Wickets : 1-5 Delport, 2-5 Horton, 3-47 Eckersley, 4-88 Ackermann, 5-88 Dexter, 6-101 Cosgrove, 7-124 Wells, 8-139 Javid, 9-154 Klein, 10-172 Parkinson Bowling Ov Md Rn Wk Econ Ex Graham Onions 9 0 31 2 3.44 Joe Mennie 9 0 35 2 3.89 1w Jordan Clark 6 1 27 0 4.50 Stephen Parry 10 1 30 2 3.00 Liam Livingstone 5 0 17 0 3.40 Matthew Parkinson 10 2 30 4 3.00 1w Lancashire 1st innings Alex Davies c Ned Eckersley b Dieter Klein 23 Haseeb Hameed Not Out 55 Liam Livingstone Not Out 90 Extras 1b 2lb 2nb 0pen 2w 7 Total (25.5 overs) 175-1 Fall of Wickets : 1-42 Davies Did Not Bat : Vilas, Jones, Clark, Bohannon, Mennie, Parry, Onions, Parkinson Bowling Ov Md Rn Wk Econ Ex Varun Aaron 7 1 16 0 2.29 1w Dieter Klein 6 0 37 1 6.17 1nb Tom Wells 4 0 42 0 10.50 Callum Parkinson 6 0 29 0 4.83 Cameron Delport 2 0 26 0 13.00 1w Ateeq Javid 0.5 0 22 0 26.40 Umpire Jeffrey Evans Umpire Billy Taylor Home Scorer Paul Rogers Away Scorer Chris Rimmer | ashraq/financial-news-articles | https://uk.reuters.com/article/cricket-england-scoreboard/english-domestic-one-day-competition-scoreboard-idUKMTZXEE5VLN2BYD |
May 11 (Reuters) - James River Group Holdings Ltd:
* JAMES RIVER GROUP HOLDINGS SAYS FILES PROSPECTUS SUPPLEMENT RELATING TO SELLING SHAREHOLDERS OFFERING 3.3 MILLION COMMON SHARES OF CO - SEC FILING Source text: ( bit.ly/2rzseGE ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-james-river-group-files-prospectus/brief-james-river-group-files-prospectus-supplement-relating-to-selling-shareholders-offering-3-3-mln-shares-idUSFWN1SI1FU |
Profit up at Brazil's Petrobras on oil prices, asset sales Published 14 Hours Ago The Associated Press
SAO PAULO (AP) — Brazil's Petrobras says profit rose 56 percent in first quarter of the year as the state-controlled oil company is beginning to emerge from a massive corruption scandal.
Petrobras said Tuesday it recorded net income of 6.96 billion reais ($1.94 billion) in the January-to-March period, compared to 4.45 billion reais in the same period last year. Higher oil prices and asset sales contributed to the increase.
Petrobras is at the center of the sprawling corruption investigation known as Operation Car Wash. Investigators say construction companies rigged the bidding process for Petrobras contracts and overcharged the oil company. Politicians and executives received kickbacks and bribes from the padded prices.
The company reported a net loss in 2017, largely because of payments to settle lawsuits related to the corruption and outstanding debts. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/08/the-associated-press-profit-up-at-brazils-petrobras-on-oil-prices-asset-sales.html |
Mickey M. Renner brings nearly three decades of experience
CHARLESTON, S.C.--(BUSINESS WIRE)-- Pinnacle Financial Partners has tapped a veteran banking leader with deep roots and experience in South Carolina to lead its coastal banking team. Mickey M. Renner is the firm’s new regional president for the entire South Carolina coast, including Myrtle Beach, Charleston and Hilton Head. He starts work immediately at Pinnacle’s office on Johnnie Dodds Boulevard in Mount Pleasant, which is in the Charleston area.
Renner has 27 years of experience in financial services and spent his entire career at Wachovia, now Wells Fargo. Since 2009, he has been the Wells’ South Carolina business banking executive with responsibility for Charleston, Columbia, Greenville and Florence.
“Mickey’s accomplishments in South Carolina banking are second to none,” said Rick Callicutt, Pinnacle’s chairman for the Carolinas and Virginia. “He was a top tier producer in loans, deposits and fee business at Wells, and he did it all while leading a team of nearly 80 people. His track record of servant leadership and service to clients are a perfect fit for Pinnacle.”
Renner is a South Carolina native who has served clients all over the state but has been eager to put down permanent roots on the coast for many years. The opportunity to lead a growing team at a bank with a track record like Pinnacle’s was the perfect fit.
“Pinnacle is exactly where I need to be,” Renner said. “It takes me back to a more customer-focused way of doing business. Work with your clients and do right by them. That’s what this company is all about. Rick and Terry Turner are genuine people who live and work by a set of beliefs that are right in line with my own: Engage your team, serve your clients and do your best every day to make both of them happy.”
Before taking over the South Carolina team for Wells Fargo, Mickey served Wachovia as a business banker, business banking director, small business manager and retail sales manager in various markets in North Carolina. That’s where he first came to Callicutt’s attention.
“I’ve wanted to work with Mickey for many years, and this was the perfect opportunity,” Callicutt said. “We have an incredible team on the South Carolina coast, and with his leadership they are poised to build on their growth trajectory and reach even greater heights for their clients.”
Renner is filling a role formerly held by Charlie Rivers, who retired in early 2018 after 40 years as a banker and leader in Charleston. He earned his bachelor’s degree in business administration from Western Carolina University and an executive MBA at the University of North Carolina’s Kenan-Flagler School of Business.
Renner is very active in professional and community service circles. He sits on the legislative and economic council of the South Carolina Bankers Association and is a board member at both the South Carolina Chamber of Commerce and the South Carolina Council on Economic Education. He is also a commissioner for the South Carolina Education Lottery and serves the boards of the Leukemia and Lymphoma Society and the Muscular Dystrophy Association.
Renner’s headshot is available to download at www.pnfp.com/mickeyrennerphoto .
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm earned a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as the sixth-best bank to work for in 2017.
Pinnacle entered the South Carolina market in 2017 when it acquired BNC Bancorp. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $22.9 billion in assets as of March 31, 2018. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.
Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at www.pnfp.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180521005792/en/
Pinnacle Financial Partners
Joe Bass, 615-743-8219
[email protected]
Source: Pinnacle Financial Partners | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/business-wire-pinnacle-financial-partners-hires-top-tier-banking-leader-as-president-of-south-carolina-coastal-region.html |
UPDATE 2-Brazil economy expands for fifth straight quarter Rodrigo Viga Gaier and Bruno Federowski Published 24 Mins Ago Reuters
(Adds analyst comments, market reaction, context)
RIO DE JANEIRO/BRASILIA, May 30 (Reuters) - The Brazilian economy expanded in the first three months of 2018 for a fifth straight quarter, as expected, easing fears of a slowdown before a nationwide trucker protest this month roiled Latin America's largest economy.
Brazil's gross domestic product (GDP) grew 0.4 percent from the prior three months, government statistics agency IBGE said on Wednesday, in line with the median estimate in a Reuters poll of economists. Growth accelerated from an upwardly revised rate of 0.2 percent in the prior quarter, compared to the previously reported 0.1 percent.
GDP rose 1.2 percent from the first quarter of 2017, slightly below a 1.3 percent consensus estimate.
Household spending continued to grow as record-low interest rates and low inflation bolstered consumers' purchasing power. Capital spending rose for a fourth straight quarter, although more slowly than in the two prior quarters amid uncertainty about general elections coming in October.
A Reuters poll last week showed most economists expected the economy to accelerate in coming quarters, turning the page on a recession that shaved nearly 8 percent off GDP in 2015-16.
Some may begin to question those optimistic outlooks after a truckers protest over the past 10 days blocked major highways and hurt several sectors of the economy.
"If the effects of the truckers' strike are limited to May, it won't significantly impact second-quarter figures. But it could trigger protests from other groups, generating economic noise, dampening sentiment and lowering GDP," said Haitong economist Flavio Serrano.
The median estimate for 2018 GDP growth fell to 2.37 percent in a weekly central bank survey of economists published on Monday, from 2.5 percent a week before.
That would suggest downward pressure to the government's official 2.5 percent forecast, which it already reduced this month following a string of underwhelming economic indicators.
Yields on interest rate futures fell in early trading amid a global rebound in demand for riskier emerging-market assets, while the Brazilian real strengthened.
With unemployment at double digits and companies grappling with widespread idle capacity, the economic recovery is unlikely to lift inflation, currently hovering below the central bank's target range.
That should allow the bank to keep interest rates at all-time lows for a long time, according to economist forecasts, providing additional support to the economy.
Maintaining steady growth will hinge on the government's ability to cut spending and curb growth of public debt, a burden that will likely fall to the next president. (Reporting by Rodrigo Viga in Rio de Janeiro and Bruno Federowski in Brasilia; Additional reporting by Claudia Dolfini in São Paulo; Writing by Bruno Federowski Editing by Susan Thomas and David Gregorio) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/30/reuters-america-update-2-brazil-economy-expands-for-fifth-straight-quarter.html |
May 22, 2018 / 1:52 PM / Updated 30 minutes ago Anti-immigrant stance helps Slovenia's SDS party to poll lead Marja Novak 5 Min Read
LJUBLJANA (Reuters) - An anti-immigrant party looks set to win Slovenian elections on June 3, two years after nearly half a million migrants crossed the country on their way to Western Europe, although a lack of potential coalition partners may keep it out of government.
The Slovenian Democratic Party (SDS), one of whose rallies was addressed by Hungary’s nationalist prime minister Viktor Orban this month, is leading in opinion polls after pledging to reject EU migrant quotas and boost spending on security.
A revival in the number of people passing west through the former Yugoslav republic to other European Union countries — 1,226 in January to April, compared with 322 in the same period last year — has pushed migration up the electoral agenda.
“I believe that Slovenia should not be forced to accept migrants. We should first take care of our own poor people,” said Natasa, a 55-year-old saleswoman who was strolling in the centre of the capital Ljubljana.
“I have not decided yet but am considering voting for the SDS.”
The SDS is led by Janez Jansa, who served twice as Slovenia’s prime minister before stepping down in 2013 to face corruption allegations. He denies any wrongdoing.
In a televised pre-election debate, SDS lawmaker Branko Grims emphasized the party’s hardline stance on immigration, saying: “No migrants means a secure Slovenia.”
If the party wins, he said, it will seek to abolish the EU migrant quotas under which Slovenia has committed to take 567 asylum seekers. It will also divert money currently paid to non-governmental organizations to the security forces.
An opinion poll on Sunday gave the SDS 14.9 percent of the vote, suggesting it will emerge as the largest party in Slovenia’s fractured parliament, ahead of centre-left newcomer the List of Marjan Sarec (LMS) on 9.7 percent.
The Social Democrats, a junior partner in the current centre-left coalition, scored 6.5 percent in the poll, with other parties — 25 of which will contest the election — on less than 5 percent.
But even if the SDS wins the election, other parties’ expressed unwillingness to work with it may mean it cannot form a government.
“I expect very long coalition talks. We will certainly not have a new government before September,” Tanja Staric, a political analyst at national broadcaster Radio Slovenia, told Reuters. CHANGE
Not everyone agrees with the SDS’s anti-immigrant rhetoric and there are other big campaign issues, particularly the state of the national health system.
“I believe Slovenia should help migrants and enable them to contribute to the society,” said Darja, a 24-year-old student. “I will certainly not vote for the SDS as I strongly disagree with their radical opinions.”
While Slovenia’s economy is forecast to grow by a healthy 5.1 percent this year, boosted by exports and investments, waiting lists for medical examinations and operations are long and the system is short of money and staff.
Recently the last three consultants quit Slovenia’s only child surgical cardiology department, at the main UKC hospital, saying a lack of doctors meant they could no longer work there.
The hospital management is now hoping to keep services going using visiting doctors from Croatia and the Czech Republic.
“I will vote for the SDS because we need change,” said 43-year-old electrician Andrej, who was buying groceries in a Ljubljana street market.
“The health system is deteriorating, young people are leaving the country and there is a lot of corruption.”
SDS leader Jansa spent six months in prison in 2014 after being convicted on bribery charges related to a 2006 arms deal but was freed after the Constitutional Court ordered a retrial which did not take place because a 10-year time limit expired.
He previously served as prime minister from 2004 to 2008 and from 2011 to 2012.
In 2013, Slovenia narrowly avoided needing an international bailout after the biggest banking crisis in its history.
It rescued the banks itself but the new government will be obliged to sell a majority stake in NLB, the country’s largest lender, as agreed with the European Commission when it approved the granting of state aid to the bank in 2013.
The pension system also needs reforming in order to ease the burden of a rapidly ageing population on the state budget.
But memories of 2015 and 2016, when over a million people fleeing war and poverty in the Middle East, Africa and beyond arrived in Europe, many via the Balkan route of which Slovenia is part, remain a potent influence on the election.
In one of his first trips abroad after securing a third term as Hungary’s prime minister, Orban told an SDS rally on May 11 that mass migration threatened Europe’s security and culture.
“If Europe surrenders to mass population movement and immigration, our own continent will be lost,” he said. “Unless we watch carefully we could lose our countries.” Reporting By Marja Novak; Editing by Ivana Sekularac and Catherine Evans | ashraq/financial-news-articles | https://www.reuters.com/article/us-slovenia-election/anti-immigrant-stance-helps-slovenias-sds-party-to-poll-lead-idUSKCN1IN1QU |
New titles for Harry and Meghan on wedding day 10:09am BST - 01:13
U.S. actor Meghan Markle will become a duchess when she marries Prince Harry on Saturday after Queen Elizabeth bestowed the title of Duke of Sussex on her grandson hours before their glittering wedding. ▲ Hide Transcript ▶ View Transcript
U.S. actor Meghan Markle will become a duchess when she marries Prince Harry on Saturday after Queen Elizabeth bestowed the title of Duke of Sussex on her grandson hours before their glittering wedding. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2LeMsh9 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/19/new-titles-for-harry-and-meghan-on-weddi?videoId=428358332 |
SEOUL, May 4 (Reuters) - South Korean police are seeking an arrest warrant for the youngest daughter of Korean Air Lines’ chairman on suspicion of assault during a recent angry outburst, police said on Friday.
Cho Hyun-min, the younger sister of the notorious “nut rage” heiress of the airline, who got into trouble over a petulant outburst in 2014, is being investigated over accusations that she threw a drink at people at a business meeting last month.
Cho, 34, made a tearful apology during a media scrum on Monday when she made her first appearance for questioning at Seoul’s Gangseo police station, which is leading the investigation.
“The Seoul Gangseo police station requested an arrest warrant for a former senior vice president, Cho Hyun-min, related to the case of assault and obstruction of business,” the police said in a statement.
Cho denied any wrongdoing during questioning, police said.
Police said prosecutors would decide whether to send the request to court for a ruling on her arrest.
Investigators fear evidence in the case may have been destroyed, police added in the statement.
“As a result of digital forensics, there is a risk of destroyed evidence, given circumstances where Korean Air discussed measures to save the situation,” they said.
Korean Air declined to comment on Friday.
The younger Cho stepped down from her position at the airline after her father, Cho Yang-ho, its chairman, apologized for the behaviour of his daughters.
The younger sister’s tantrum has reignited public impatience with family-run conglomerates known as chaebol that dominate South Korea’s economy, over what some people see as unchecked bad behaviour by the rich and powerful.
“Police will thoroughly investigate and take stern action against gapjil,” the police statement said, using a Korean term for high-handness by those in positions of power. (Reporting by Christine Kim and Joori Roh Writing by Ju-min Park Editing by Darren Schuettler)
| ashraq/financial-news-articles | https://www.reuters.com/article/southkorea-airline-daughter/s-korean-police-seek-arrest-warrant-for-korean-air-daughter-idUSL3N1SB1ZG |
May 17, 2018 / 10:13 AM / Updated 43 minutes ago Mahathir warns many figures on Malaysia's financial position are false Reuters Staff 2 Min Read
KUALA LUMPUR (Reuters) - Malaysian Prime Minister Mahathir Mohamad said on Thursday many of the figures recording the country’s financial position may be false, but he did not offer any evidence or say which data he was referring to. Malaysia's Prime Minister Mahathir Mohamad speaks during a news conference in Kuala Lumpur, Malaysia May 17, 2018. REUTERS/Liz Lee
“Regarding the numbers indicating our financial position, I realize many of these figures are false,” he told a news conference. “So we need to determine how much of it is inaccurate.”
Mahathir made the comment in response to a request for a fresh forecast on Malaysia’s economic growth. But it was not clear what numbers he was referring to.
His spokesman did not immediately respond to further queries.
The central bank, finance ministry and the Department of Statistics - all of which report data - did not immediately respond to requests for comment.
Mahathir won a historic election last week, defeating Najib Razak and his Barisan Nasional coalition, which had governed the country over 60 years.
The country’s central bank on Thursday reported that economic growth slowed to 5.4 percent in the first quarter of 2018, compared with a year earlier, leaving the new government with the task of turning around an economy that has decelerated for two consecutive quarters.
In his first week back in office, Mahathir has announced moves to effectively scrap a goods and services tax - a significant source of government revenue - introduced by Najib, reintroduce a sales tax, and review various projects signed off by the previous government. Reporting by Liz Lee, Rozanna Latiff and Joseph Sipalan; Editing by Praveen Menon and Neil Fullick | ashraq/financial-news-articles | https://www.reuters.com/article/us-malaysia-politics-data/mahathir-warns-many-figures-on-malaysias-financial-position-are-false-idUSKCN1II19G |
WASHINGTON—The number of Americans filing new applications for unemployment benefits rose again last week, but remained near historically low levels.
Initial jobless claims, a proxy for layoffs across the U.S., increased by 11,000 to a seasonally adjusted 234,000 in the week ended May 19, the Labor Department said Thursday.
It was the second... | ashraq/financial-news-articles | https://www.wsj.com/articles/u-s-jobless-claims-rose-to-234-000-last-week-1527165096 |
May 12, 2018 / 8:34 PM / in 9 minutes Kvitova lasts the pace to claim record third Madrid title Reuters Staff 2 Min Read
MADRID (Reuters) - Petra Kvitova outlasted the unseeded Kiki Bertens to win a thrilling Madrid Open final on Saturday 7-6(8-6) 4-6 6-3 and become the first player to lift the trophy for a third time. Tennis - WTA Mandatory - Madrid Open - Madrid, Spain - May 12, 2018 Czech Republic's Petra Kvitova celebrates with a trophy after winning the final against Netherlands' Kiki Bertens REUTERS/Paul Hanna
Czech Kvitova, ranked 10th in the world, struck the first blow in a tense match which lasted two hours 52 minutes by edging the tie-break at the end of a grueling 75-minute first set, taking advantage of a third set point when Bertens found the net.
The Dutchwoman had beaten Caroline Wozniacki and Maria Sharapova in a sparkling week in the Spanish capital to reach her first premier mandatory final and recovered well from surrendering the first set to take the second.
She led by a break in the third but let her advantage slip and Kvitova broke twice in a row to take a 4-2 lead in the decider. Slideshow (6 Images)
Bertens broke back to make it 4-3 but lost her next service game and Kvitova served out the final game to love, sealing victory when Bertens hit the tramlines with a backhand.
In doing so, she took her landmark third title, surpassing the two each won by Serena Williams and Simona Halep in Madrid, which established a women’s section in 2009.
Twice-Wimbledon winner Kvitova was forced out of action for more than five months last year after her racket hand was stabbed by a burglar who broke into her apartment in December 2016.
But she has returned with a vengeance, winning the St Petersburg Ladies Trophy, the Qatar Total Open and the Prague Open this year before making history in Madrid. Reporting by Richard Martin,; Editing by Neville Dalton | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-madrid-women/kvitova-lasts-the-pace-to-claim-record-third-madrid-title-idUSKCN1ID0UY |
Riverbed Xirrus recommended by IDC to all distributed organizations seeking a robust cloud-managed enterprise Wireless LAN solution
SAN FRANCISCO--(BUSINESS WIRE)-- Riverbed®, The Digital Performance Company™, today announced that IDC positioned Riverbed Xirrus as a Major Player in its “IDC MarketScape: Worldwide Enterprise WLAN 2018 Vendor Assessment.” Complimentary access to the report can be viewed here .
LinkedIn: Riverbed Named a Major Player in IDC MarketScape Worldwide Enterprise WLAN 2018 Vendor Assessment: https://rvbd.ly/2rLOfRC
IDC’s placement of Riverbed Xirrus as a major player is representative of the enhanced value combining the cloud networking solutions of the two companies following Riverbed’s acquisition of Xirrus in 2017. The IDC report indicates that distributed organizations, especially those at large or global scale, seeking a robust cloud-managed enterprise WLAN solution, should consider Riverbed Xirrus.
The report also notes Riverbed’s end-to-end cloud networking solution and digital performance strategy.
“Riverbed and Xirrus have come together to create something much bigger – delivering a powerful cloud networking and digital experience management solution that provides more agility and better performance for today’s digital enterprise,” said Bruce Miller, Vice President of Product Marketing. “In addition to enterprise Wi-Fi, Riverbed Xirrus customers can leverage a broad cloud networking and digital experience management portfolio, including SD-WAN and SD-LAN connectivity, WAN optimization, network and application performance management (NPM/APM), and end-user experience management.”
Blog: IDC MarketScape Recognizes Riverbed As a Major Player in WLAN
IDC’s vendor assessment of Riverbed’s unified and integrated portfolio recommends organizations seeking full-stack cloud networking and converged campus and branch networking solutions should consider Riverbed Xirrus in the context of the broader Riverbed portfolio, showing its recognition of Riverbed’s integrated and unified digital performance platform.
In April 2017, Riverbed acquired Xirrus, which was part of a multi-year strategy from Riverbed to lead in the area of digital performance, which included several strategic acquisitions, organic development of digital performance and cloud-based features and functionality, and integration across multiple solutions.
At the time of the acquisition, Xirrus was the largest remaining independent privately-held enterprise WLAN infrastructure company. Xirrus is a performance-driven enterprise WLAN vendor, offering a broad range of standard and unique high density APs and a next generation multi-tenant cloud-managed platform, giving customers a powerful but easy to use WLAN solution. Xirrus’s industry-leading Wi-Fi solutions have further strengthened Riverbed’s digital performance solutions, including SteelConnect and SteelCentral. Since the acquisition, the integration of Riverbed and Xirrus products has created an end-to-end cloud networking offering with SD-WAN SteelConnect, SteelHead for WAN optimization and enterprise Wi-Fi, integrated with a holistic suite of digital experience management visibility solutions, resulting in a highly differentiated offer.
Resources
Report: IDC MarketScape: Worldwide Enterprise WLAN 2018 Vendor Assessment, (Doc# US42018017), March 2018
About IDC MarketScape: IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor's position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.
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About Riverbed
Riverbed ® , The Digital Performance Company™, enables organizations to maximize digital performance across every aspect of their business, allowing customers to rethink possible. Riverbed’s unified and integrated Digital Performance Platform™ brings together a powerful combination of Digital Experience, Cloud Networking and Cloud Edge solutions that provides a modern IT architecture for the digital enterprise, delivering new levels of operational agility and dramatically accelerating business performance and outcomes. At more than $1 billion in annual revenue, Riverbed’s 30,000+ customers include 98% of the Fortune 100 and 100% of the Forbes Global 100. Learn more at riverbed.com .
Riverbed and any Riverbed product or service name or logo used herein are trademarks of Riverbed Technology, Inc. All other trademarks used herein belong to their respective owners.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180517005029/en/
Riverbed Technology
Katherine Harwood, 415-527-4170
[email protected]
Source: Riverbed Technology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/17/business-wire-riverbed-named-a-major-player-in-idc-marketscape-worldwide-enterprise-wlan-2018-vendor-assessment.html |
LONDON, May 10 (Reuters) - Sterling recovered back towards $1.35 on Thursday after Bank of England Governor Mark Carney told the BBC that he expected a rate rise over the course of the next year if there are no shocks to the economy.
The pound had slid sharply earlier in the day after the BoE kept rates on hold and cut its economic growth and inflation forecasts.
Sterling was down 0.4 percent at $1.3492 at 1515 GMT, up from around $1.3470 at a fresh four-month low before Carney’s comments.
The British currency also trimmed losses versus the euro to trade 0.7 percent lower at 88.110 pence.
Gilt futures pared gains marginally after the remarks.
Reporting by Tommy Wilkes and; editing by Dhara Ranasinghe
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-markets-sterling/sterling-trims-losses-after-carney-says-he-expects-rate-rise-over-next-year-idUSL8N1SH6FV |
Home Depot's rare sales miss 8:12pm IST - 00:54
Fewer customers visiting its stores and an unusually long winter crimped quarterly sales growth at Home Depot. As Fred Katayama reports, the rare sales miss hurt its stock.
Fewer customers visiting its stores and an unusually long winter crimped quarterly sales growth at Home Depot. As Fred Katayama reports, the rare sales miss hurt its stock. //reut.rs/2L2hzML | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/15/home-depots-rare-sales-miss?videoId=427141477 |
BEIJING, (Reuters) - Growth in China’s manufacturing sector unexpectedly picked up in April as output quickened slightly, a private survey showed on Wednesday, though a decline in export orders reinforced risks to the outlook as firms continued to shed staff while inventories also rose.
FILE PHOTO: A labourer works inside an electronics factory in Qingdao, Shandong province, China January 29, 2018. REUTERS/William Hong/File Photo The Caixin/Markit Manufacturing Purchasing Managers’ index (PMI) climbed to 51.1 in April from a four-month low of 51.0 in March, and topped economists’ forecast for a modest slowdown to 50.9.
While production rose at a slightly faster pace and the headline reading remained above the 50-point mark that divides growth from contraction on a monthly basis, the pace of acceleration was modest.
Particularly concerning was a sub-index on export orders shrinking for the first time since November 2016. The weak overseas sales reading was also backed up by an official PMI survey which showed shipment orders slowed last month - a worrying sign given the growing risks to the trade sector from a heated Sino-U.S. trade dispute.
Moreover, overall optimism among Chinese manufacturers dipped to a four-month low in April, with some firms citing concerns over future market conditions and the strength of global demand.
While the survey didn’t make any reference to the U.S.-China trade row, underlying caution about the outlook reinforced views of an expected slackening in momentum in the world’s second-biggest economy. Indeed, the survey showed “anecdotal evidence” of softer international demand.
“Overall, operating conditions across China’s manufacturing sector continued to improve in April,” Zhengsheng Zhong, director of Macroeconomic Analysis at CEBM Group, said in a note accompanying the survey.
“But uncertainty in exports has increased significantly, and the dependence of the Chinese economy on domestic demand is rising.”
The private survey tends to focus on small and mid-sized firms, which have not benefited as much from a year-long, state-led construction boom as large, government-owned industrial heavyweights.
There was also a further reduction in headcount in April, pressured by soft demand conditions. Input price inflation picked up for the first time since September, likely due to the increases in crude oil prices, CEBM’s Zhong said.
This may squeeze the profit margins of manufacturers as output price increases remained soft.
Any prolonged softness in overseas demand is likely to put intense pressure on China Inc., which helped the economy deliver solid growth last year thanks to increased government infrastructure spending, a resilient housing market and unexpected strength in exports.
Signs of stress have already started to emerge in softer industrial demand, slower investment growth and a subdued property market, leaving policymakers walking a tight rope as they try to defuse debt risks without imperilling growth. So far, with the deleveraging campaign in its third year, Beijing appears to have successfully managed that balancing act.
Economists expect China’s economic growth to ease to 6.5 percent this year, in line with Beijing’s target but below a forecast-beating 6.9 percent in 2017, with the regulatory crackdown on the country’s finance sector and the growing trade dispute with the United States seen as key risks, a Reuters poll showed.
Reporting by Stella Qiu and Ryan Woo; Editing by Shri Navaratnam
| ashraq/financial-news-articles | https://www.reuters.com/article/us-china-economy-pmi-factory-caixin/china-april-factory-growth-edges-up-marginally-export-orders-shrink-caixin-pmi-idUSKBN1I3071 |
(Reuters) - Juniper Networks Inc ( JNPR.N ) on Tuesday topped Wall Street estimates for first-quarter results and the network gear maker forecast current-quarter revenue above expectations on higher demand for equipment used by its data center customers.
The company’s shares rose 7.6 percent to $26.61 after the bell and were set to halve the 13 percent drop since January when Juniper warned of a hit from deployment delays by some customers.
“We hit the high-end of our guidance during the March quarter due to better-than-expected results from our cloud vertical and another quarter of growth in our enterprise business,” Chief Executive Officer Rami Rahim said.
The Sunnyvale, California-based company has been cutting costs and shifting its focus to areas such as cloud computing to offset softness in the switches and routers markets, where it faces tough competition from bigger rivals such as Cisco Systems Inc ( CSCO.O ).
“While we had expected security broadly across the entire industry to be strong, we had not expected Juniper to participate in this strength,” said Needham & Co analyst Alex Henderson.
Henderson said Juniper’s strong quarter was partly due to higher spending by both Verizon and AT&T, two of the company’s largest customers.
Juniper forecast current-quarter revenue to be about $1.18 billion, plus or minus $30 million, and an adjusted profit of about 44 cents, plus or minus 3 cents.
Analysts were expecting revenue of $1.16 billion and a profit of 43 cents for the second quarter ending June, according to Thomson Reuters I/B/E/S.
Total revenue fell 11.4 percent to $1.08 billion in the first quarter, but topped analysts’ estimate of $1.05 billion.
Excluding items, the company earned 28 cents per share, beating analysts’ average estimate of 26 cents.
Reporting by Muvija M in Bengaluru; editing by Patrick Graham and Sriraj Kalluvila
| ashraq/financial-news-articles | https://www.reuters.com/article/us-juniper-networks-results/network-gear-maker-junipers-profit-tops-estimates-shares-jump-idUSKBN1I24EO |
* HK->Shanghai Connect daily quota used 4.2 pct, Shanghai->HK daily quota used -1.2 pct
* HSI +1.0 pct, HSCE +0.9 pct
SHANGHAI, May 11 (Reuters) - Hong Kong shares finished higher on Friday, in line with regional markets, as softer U.S. inflation numbers eased global worries of faster rate hikes by the Federal Reserve, boosting appetite for equities.
** The Hang Seng index rose 1.0 percent, to 31,122.06, while the China Enterprises Index gained 0.9 percent, to 12,345.30 points.
** The Hang Seng Index ended the week 4 percent higher, its best performance since mid-February.
** The index measuring price differences between dual-listed companies in Shanghai and Hong Kong stood at 122.39. A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa. ** The three biggest gainers in the Hang Seng Index were Geely Automobile Holdings Ltd up 3.7 percent, Swire Pacific Ltd gaining 3 percent and AIA Group Ltd up by 2.4 percent. ** The three biggest decliners in the Hang Seng Index were Sunny Optical Technology Group Co which fell 0.7 percent, MTR Corp Ltd which lost 0.6 percent and BOC Hong Kong Holdings Ltd down by 0.5 percent. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-shares-rise-after-soft-u-s-inflation-data-idUSZZN2NAO00 |
Stay with financials in rising rate environment: Pro 2 Hours Ago CNBC's Mike Santoli; Michael Yoshikami, Destination Wealth Management; and Sarat Sethi, Douglas C. Lane & Associates, discuss today's winners and losers at the market close. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/financials-rising-rate-environment.html |
CRANSTON, R.I., May 22, 2018 /PRNewswire/ -- The Lambros Law Office, an estate planning, probate and trust administration law firm based in Cranston, Rhode Island, has announced the renovation and expansion of its offices and the hiring of two new attorneys.
"Since its inception in 2012, Lambros Law Office LLC has striven to provide the best possible client experience for those seeking assistance and guidance with their estate planning, probate, and business matters," said firm founder Nick Lambros. "Part of our process of continual improvement has involved renovation and expansion, including upgrades to our office space, website, and legal software to accommodate new and current clients and streamline their overall experience."
Lambros noted that the firm places a major emphasis on developing staff to add to the firm's range and depth of experience. He said that two new attorneys have recently joined the firm: Kimberly DeCiantis Bittner and Ann Marie Maccarone.
Bittner has more than 20 years of experience in estate planning, probate administration, and civil litigation. She is admitted to practice law in Rhode Island and Massachusetts state courts, as well as the U.S. District Court for the District of Rhode Island and U.S. Court of Appeals for the First Circuit. Bittner is a graduate of Providence College and New England School of Law. She currently serves as a Commissioner on the City of Cranston Planning Board.
Maccarone has represented individuals and businesses in real estate, tax, and a wide range of business matters for almost 25 years. She is currently enrolled in the Graduate Tax Program at Boston University School of Law to obtain further expertise in estate planning. Maccarone is licensed to practice law in Rhode Island and Massachusetts state and federal courts. She is a graduate of Providence College and Suffolk University Law School.
For more information, visit LambrosLawLLC.com or call 401-383-9899.
Contact:
Nicholas A. Lambros, Esq.
401-369-8534
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/lambros-law-office-expands-with-addition-of-two-new-attorneys-300652518.html
SOURCE The Lambros Law Office | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/pr-newswire-lambros-law-office-expands-with-addition-of-two-new-attorneys.html |
Breakingviews TV: Tiffany shines 1:33pm EDT - 03:31
May 23 – The jewelry chain gave shareholders a gem of a quarter, with earnings jumping 53 pct. Antony Currie and Tom Buerkle explain how new CEO Alessandro Bogliolo pulled it off – and why Tiffany’s turnaround may not be the right blueprint for other struggling retailers. ▲ Hide Transcript ▶ View Transcript
May 23 – The jewelry chain gave shareholders a gem of a quarter, with earnings jumping 53 pct. Antony Currie and Tom Buerkle explain how new CEO Alessandro Bogliolo pulled it off – and why Tiffany’s turnaround may not be the right blueprint for other struggling retailers. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IDKPMd | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/23/breakingviews-tv-tiffany-shines?videoId=429653146 |
Bitcoin extended a two-week sell off Wednesday, falling below $8,000 to its lowest level since mid April.
The digital currency dropped 8.7 percent to a low of $7,512.43 as of 12:30 p.m. ET, according to data from CoinDesk.
All other major cryptocurrencies were also in the red despite bullish calls that prices would skyrocket after a week of major blockchain events in New York City.
Analysts at Fundstrat predicted bitcoin would rally as much as 69 percent as a result of "Blockchain Week," yet the cryptocurrency has fallen about 13 percent since those conferences kicked off.
Some pundits pointed to regulatory news as the key driver of this week's sell-off.
On Monday, regulators in the U.S. and Canada announced a widespread crackdown on some cryptocurrency investment schemes, led by the North American Securities Administrators Association. More than 40 state and provincial watchdogs are participating in what's being called "Operation Crypto-Sweep," which has triggered at least 70 investigations so far.
"This cleaned out a lot of the bad projects," said Brian Kelly, founder and CEO of BKCM, an investment firm focused on digital currencies. "That has people a little concerned, and is a short-term hit to sentiment."
Long-term though, Kelly said it's part of the maturation this market needs for institutional investors to buy in.
"The projects that they shut down they appear to be junk, they had a real reason to shut them down," Kelly said.
Unlike stock markets, the nascent cryptocurrency market typically takes a few days to digest news before it triggers a sell-off, Kelly said.
This week's crackdown comes amid growing attention in the U.S. to cryptocurrency scams by U.S. regulators. The Securities and Exchange Commission has brought several fraud cases against operators of initial coin offerings and last week launched a website to help investors recognize scams.
Bitcoin has lost nearly 40 percent of its value this year, after an epic 1,300 percent rise to near $20,000 in 2017.
The top ten cryptocurrencies by market capitalization also sold off significantly Wednesday. Ethereum dropped 13 percent, XRP was down 11 percent and bitcoin cash fell 14 percent.
Jack Tatar, co-author of "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond," said this sell-off could be a sign that a shakeout is coming for digital currencies.
"I think you're going to start to see some consolidation around many of the smaller cryptoassets," Tatar said. "That may not be a bad thing for the overall crypto community as I'm seeing more critical examination of altcoins, their utility and overall value." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/bitcoin-drops-9-percent-now-back-below-8000.html |
Here are some of the companies with shares expected to trade actively in Wednesday’s session. Stock movements reflect premarket trading. —Up 3.5%: Apple said it would spend an additional $100 billion on stock buybacks, ramping up its payout to shareholders. Its core iPhone business continued to generate healthy growth in the latest quarter despite analysts’ Most Popular ETF Bet in April: Short-Term Debt Next Mixed Messages on Wall Street | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/02/stocks-to-watch-apple-t-mobile-mastercard-snap-cvs-mondelez-xerox-gilead-clorox-allstate-coors/ |
May 30, 2018 / 6:18 AM / Updated 37 minutes ago German retail sales rebound with bigger-than-expected jump in April Reuters Staff 2 Min Read
BERLIN (Reuters) - German retail sales rose more than expected in April after four consecutive monthly drops, data showed on Wednesday, suggesting that household spending will support growth in Europe’s biggest economy in the second quarter. FILE PHOTO: People carry their shopping bags in downtown Hamburg, Germany, January 25, 2018. REUTERS/Fabian Bimmer/File Photo
Private consumption has become a key growth driver in recent years as German consumers benefit from record-high employment, rising real wages, strong job security, moderate inflation and low borrowing costs.
The volatile indicator, which is often subject to revision, showed retail sales rose by 2.3 percent on the month in real terms, the Federal Statistics Office said.
It was the strongest monthly increase since October 2016 and beat the Reuters consensus forecast for a 0.7 percent rise. It followed an upwardly revised drop of 0.4 percent in March.
On the year, retail rose by 1.2 percent, slightly weaker than the Reuters consensus forecast for a 1.3 percent increase.
A breakdown of the year-on-year data showed sharp increases in sales of clothing, shoes and other items such as books and jewellery. Online retail sales also surged.
The retail sales data came after a GfK survey published last week showed the mood among German consumers deteriorated further heading into June to reach the lowest level so far in 2018.
Household spending contributed 0.2 percentage points to a quarterly gross domestic product expansion rate of 0.3 percent in the first quarter.
Despite uncertainties sparked by the prospect of a trade dispute between Europe and the United States, the government expects consumers to remain a key pillar of support for the economy this year. Berlin forecasts 2.3 percent growth for 2018. Reporting by Michael Nienaber; Editing by Michelle Martin and Raissa Kasolowsky | ashraq/financial-news-articles | https://uk.reuters.com/article/us-germany-economy-retail/german-retail-sales-rebound-with-bigger-than-expected-jump-in-april-idUKKCN1IV0I9 |
Distinguished emergency medicine physician was formerly the Director of Clinical Operations for the emergency department at Inova Alexandria Hospital
CONCORD, Calif.--(BUSINESS WIRE)-- The leadership teams of VEP Healthcare and Tennova Healthcare – Clarksville are pleased to announce that Leon C. Adelman, MD, MBA, FACEP, is the new emergency department Medical Director of Tennova Healthcare – Clarksville, Tennessee, effective July 2018.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180524005021/en/
Leon C. Adelman, MD, MBA, FACEP (Photo: Business Wire)
Says Dr. Adelman, “I look forward to this new position and to working closely with my colleagues at this outstanding hospital to deliver excellent healthcare to the people of Clarksville.”
Steven Maron, MD, President and CEO of VEP Healthcare, adds, “Dr. Adelman has been instrumental in improving performance in the hospitals where he previously worked. He has an exceptional track record for leading measurable improvements in patient satisfaction, throughput, sepsis control, and other conditions. We’re confident that Tennova Healthcare – Clarksville patients will benefit greatly from his experience and leadership.”
Dr. Adelman earned his MD at the University of North Carolina School of Medicine and completed his emergency medicine residency at Beth Israel Deaconess Medical Center, a teaching hospital of Harvard Medical School.
For the past four years, Dr. Adelman has been the Director of Clinical Operations for the emergency department at Inova Alexandria Hospital in Alexandria, Virginia.
Dr. Adelman is also an accomplished author, with numerous articles published in journals and textbooks.
For more information, contact VEP Healthcare. Call 925.225.5837 and visit VEP online at www.vephealthcare.com .
About Tennova Healthcare
One of Tennessee’s largest health networks, Tennova Healthcare includes 16 hospitals and more than 115 physician clinics. The combined network has approximately 2,600 licensed beds, 2,800 physicians on the combined active medical staffs, and 9,000 employees, with more than 70,000 admissions and 465,000 emergency department visits each year. For more information regarding Tennova Healthcare, please visit https://www.tennova.com/ .
About VEP Healthcare
VEP Healthcare began providing emergency medical management services in 1981. In the years since, the organization’s expertise has expanded into hospitalist services, intensive care, clinical decision units, telehealth, and surgicalist services. Today, the owners of VEP – the company’s physicians, advanced practice clinicians, and corporate personnel – deliver clinical staffing and management services to major urban, smaller community, and rural hospitals nationwide. Partner hospitals call the organization’s positive impact on quality, efficiency, and patient satisfaction “the VEP Effect.” For more information about VEP Healthcare, call 925.225.5837, or visit www.vephealthcare.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005021/en/
VEP Healthcare
April Martin, Marketing Coordinator
925-225-5837 ext. 127
[email protected]
Source: VEP Healthcare | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-vep-healthcare-appoints-leon-adelman-md-new-emergency-department-medical-director-at-tennova-healthcare-a-clarksville.html |
PARIS, May 17 (Reuters) - Vivendi will review a potential change in the shareholding structure of its music unit, the media giant said in a statement on Thursday.
The group also said it may request a new shareholders meeting at Telecom Italia, of which it owns 24 percent, in order to propose changes to the board and address what it sees as a “risk of dismantling”.
Vivendi said first-quarter sales rose 3.3 percent at constant currency and perimeter to 3.11 billion euros ($3.67 billion).
$1 = 0.8476 euros Reporting by Mathieu Rosemain and Gwenaelle Barzic Editing by Laurence Frost
| ashraq/financial-news-articles | https://www.reuters.com/article/vivendi-results/vivendi-to-review-potential-change-in-music-units-shareholding-structure-idUSFWN1SO0WA |
The founder of small, start-up carrier OneJet is banking that a decade of megamergers among U.S. airlines has left it with perfect conditions to compete.
The airline started flying three years ago, going after business travelers for companies like FedEx in midsize cities that large carriers pulled back from following the wave of consolidation.
Now it's trying to grow, taking a page from the playbook of some of the bigger airlines in purchasing another carrier. OneJet said Tuesday it is buying Ultimate Jet Charters, a corporate shuttle service based in North Canton, Ohio.
show chapters NetJets unveils its latest private jet for London 10:26 AM ET Wed, 21 March 2018 | 01:41 OneJet, which has a base in Pittsburgh, operates about 180 flights a week. It flies seven-seat jets and is transitioning to larger 30-seat used Embraer E135 aircraft, said CEO Matthew Maguire. He said this will help the operation grow to some 400 weekly flights by the end of the year. Maguire declined to say how much the company is paying for Ultimate. Together they will serve at least 17 cities.
Competing with large carriers isn't easy. Four carriers control some three-quarters of the U.S. market. Corporate travelers often book on big airlines that offer the most flights and flexibility because their plans change so often .
Maguire says his airline is focused on nonstop service between smaller cities that lost service but still have business travelers who may not want to spend the time connecting through larger airlines' hubs.
Flight schedule data from Planestats.com show some airports that OneJet flies from have lost service over the last decade. Seat availability based on June schedules from Cincinnati is down 35 percent from June 2008, while it dropped 18 percent from Milwaukee over the last 10 years.
A one-way ticket in May from Milwaukee to Pittsburgh on OneJet costs about $200 on the company's website, which says it takes about an hour and 10 minutes. It's about $60 cheaper on United but the trip takes more than three hours because it stops in Chicago.
OneJet's operation hasn't been without its challenges. It recently announced it was dropping its Milwaukee-Omaha route due to low demand. "You can only serve so many routes," Maguire told CNBC.
And some reviews featured complaints about cancellations.
"Certainly, when you're growing an airline, there are growing pains," Maguire said, adding that he expects the larger, used Embraer jets to be more reliable.
OneJet isn't the only upstart that wants to scoop up well-heeled passengers in smaller airports. JetBlue has invested in JetSuite, and is selling seats abroad its scheduled West Coast charter service JetSuiteX.
On Tuesday, Delta Air Lines said it was expanding its booking platform for its private-jet arm, Delta Private Jets, to allow travelers to book so-called empty-leg flights, when a plane is repositioned to a destination where a customer has already booked a flight. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/01/startup-airline-one-jet-announces-its-first-acquisition.html |
Republicans turn down volume on Trump's tax cuts Monday, May 07, 2018 - 01:36
Republican incumbents in the tightest congressional races in the November elections are talking less and less about the tax cuts, a Reuters analysis shows.
Republican incumbents in the tightest congressional races in the November elections are talking less and less about the tax cuts, a Reuters analysis shows. //reut.rs/2KDhJK5 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/07/republicans-turn-down-volume-on-trumps-t?videoId=424658094 |
Koreas dismantle DMZ propaganda speakers, again 1:01pm BST - 01:28
U.S. President Donald Trump says he'd like his planned meeting with Kim Jong Un to take place in the Korean demilitarized zone, as North and South Korea begin dismantling loudspeakers used to blast propaganda across the border for decades. ▲ Hide Transcript ▶ View Transcript
U.S. President Donald Trump says he'd like his planned meeting with Kim Jong Un to take place in the Korean demilitarized zone, as North and South Korea begin dismantling loudspeakers used to blast propaganda across the border for decades. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2FwwvOY | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/01/koreas-dismantle-dmz-propaganda-speakers?videoId=422918679 |
Cramer: Don't invest on trade tweets 7 Hours Ago The "Squawk on the Street" crew discusses ongoing concerns weighing on the markets as Washington spars with China on trade negotiations. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/cramer-dont-invest-on-trade-tweets.html |
* For the week, Brent drops 2.7 pct and WTI down 4.9 pct
* Russian, Saudi oil ministers meet in St Petersburg
* Russia says oil output cuts likely to be eased at June meeting
* U.S. drillers add most rigs in week since Feb -Baker Hughes (Updates with CFTC data)
NEW YORK, May 25 (Reuters) - Oil prices fell more than $2 per barrel on Friday as Saudi Arabia and Russia discussed easing production cuts that have helped push crude prices to their highest since 2014.
Brent crude futures fell $2.35, or 3 percent, to settle at $76.44 a barrel. The global benchmark lost about 2.7 percent this week, its largest weekly drop since early April. The contract hit its highest since late 2014 at $80.50 last week.
U.S. West Texas Intermediate (WTI) crude slumped $2.83, or 4 percent, to finish at $67.88 a barrel. For the week, WTI tumbled about 4.9 percent, its biggest loss since early February, a sharp course reversal after six weeks of gains.
The discount of WTI to Brent <WTCLc1-LCOc1> hit $8.60 per barrel, its widest since May 17, and not far off levels last seen three years ago.
The energy ministers of Russia and Saudi Arabia met in St. Petersburg to review the terms of a global oil supply pact that has been in place for 17 months, ahead of a key OPEC meeting in Vienna next month.
The ministers, along with their counterpart from the United Arab Emirates, discussed an output increase of about 1 million barrels per day (bpd), sources told Reuters.
Russia's energy minister said oil ministers from OPEC states and non-OPEC countries participating in a deal to cut output would likely decide to gradually ease curbs at their meeting in Vienna next month.
"After hitting that $80 level, which is a psychological level, we were seeing a little bit of a pull-back yesterday, and then rhetoric out of Saudi and Russia has only exacerbated the sell-off today," said Matt Smith, director of commodity research at ClipperData.
Global crude inventories have fallen over the past year because of the OPEC-led cuts, which were boosted by a dramatic drop in Venezuelan production.
The prospect of renewed sanctions on Iran after Trump pulled out of an international nuclear deal with Tehran has further supported prices in recent weeks.
This comes even as U.S. crude production has risen. The United States in February produced 10.3 million bpd, a record.
The U.S. oil rig count, an indicator of future production, rose by 15 to 859 in the week to May 25, the highest level since March 2015, General Electric Co's Baker Hughes energy services firm said.
Hedge funds and other money managers raised their bullish bets on U.S. crude futures and options in the latest week after four consecutive cuts in the net long position, according to data released on Friday.
The increase lifted the wagers from 6-month lows, in the week to May 22, according to data from the U.S. Commodity Futures Trading Commission (CFTC).
The speculator group raised its combined futures and options position in New York and London by 2,009 contracts to 421,916 during the period.
(Additional reporting by Ron Bousso in London, and Henning Gloystein and Roslan Khasawneh in Singapore Editing by Marguerita Choy and Chris Reese) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/25/reuters-america-update-11-oil-prices-slump-as-opec-and-russia-consider-output-boost.html |
Nigeria's World Cup 'underdogs' need to play as a team, captain says Abraham Achirga 2 Min Read
UYO, Nigeria (Reuters) - Nigeria’s “underdog” football squad need to play together and not as individuals, captain John Mikel Obi said, with the team acknowledging they face a tough group stage at the World Cup in Russia next month.
“We have to make sure we play together as a team which is the most important thing; no individual players,” Obi told a media conference on Friday.
“No need to think that we are favourites, we’re still underdogs, so we have to go as underdogs in this World Cup and hopefully we can get good results,” he said.
Nigeria, known as the Super Eagles, are ranked 47th by FIFA and face Argentina, ranked fifth, Croatia (18) and Iceland (22) in Group D.
“We have a very tough group,” said Nigeria’s coach, Gernot Rohr. “It will be a surprise to come out of this group for a lot of people but perhaps not for me because I believe in my team and I think that my team, even though it’s young, has enough experience.”
Obi added: “We want to do well, we want to do better than ever, we want to go one step further.” Writing by Paul Carsten; | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-worldcup-nga/nigerias-world-cup-underdogs-need-to-play-as-a-team-captain-says-idUKKCN1IR0QL |
7 Hours Ago | 03:16
I have Type 1 diabetes, which means my body doesn't produce any insulin. So I have to inject insulin to regulate my blood sugar and check my levels by using a glucometer. This means I have to stick my finger with a needle anywhere from 5 to 10 times a day.
Dexcom provided me with a review unit of its new G6 continuous glucose monitor that's approved by the FDA to require no blood at all.
CGMs allow diabetics to see their blood sugar throughout the day and night with a sensor that is inserted under the skin. Previously, CGMs needed a blood glucose reading in order to calibrate the device.
The new Dexcom G6 comes factory-calibrated and requires no finger stick. I've been wearing the device for nine days and I am really impressed with it. The insertion is painless CNBC | Jeniece Pettitt CNBC's Erin Black inserts the Dexcom G6 sensor
The G6 comes with a new auto-applicator that allows one-button insertion. And wow, was it smooth. I didn't feel a thing. CNBC | Jeniece Pettitt Side-by-side comparison of Dexcom G5 and G6 applicators
This is a huge improvement from Dexcom G5 inserter that required you to push the needle under the skin yourself. It's definitely the most painless thing I've had to put in my body in the 20 years of using syringes, insulin pens and pumps. CNBC | Jeniece Pettitt The Dexcom G6 CGM auto-applicator.
The insertion device itself is big. And I did feel bad about throwing it away after its one-time use. But because the device is so accurate, I don't need to check my blood sugar as much, which means I've been using fewer glucose strips in my meter. So I feel it will even out in the end. The sensor took a few days to become accurate CNBC | Erin Black After the sensor warmed up, it was off by 25 mg.
After the sensor finished its two-hour warm up, I double-checked the reading it gave me with my glucometer. It was 25 points off.
Now I did just finish a workout, which is a highly volatile time for my blood sugars usually. But even when I checked before going to bed that night, it was still 20 points off. As I used it, the number got closer and closer to accurate, and by day 3 it was matching my meter exactly. On the fifth day of using it, I found myself not worrying about double-checking it anymore. CNBC | Erin Black After 2 days, the sensor could accurately read my blood sugar.
The sensor now lasts 10 days instead of 7. Some users like to reuse G5 and previous sensors to cut on costs of buying more. But the G6 has a hard shut off after 10 days and can't be re-used. The transmitter is more comfortable and smaller than the G5 CNBC | Jeniece Pettitt
Looking at the G5 and G6 transmitters side by side, they don't look that different. But once I have the transmitter snapped into the sensor it felt much smaller. The design is sleeker with a 28% lower profile and it sits flush against the sensor. I found it much easier to sleep on it than the previous versions. The Dexcom App has some cool new features CNBC | Jeniece Pettitt The Dexcom G6 app displays real time glucose data.
If you had a G5, you'll have to download the new G6 app. It looks pretty much the same. The numbers are a little smaller. At first, I found it harder to read than the old app. CNBC | Jeniece Pettitt The Urgent Low Soon feature on the Dexcom G6 app.
This version has a new feature called Urgent Low Soon that warns users in advance of a dangerous low (55 mg/dL). I appreciated this feature a lot because some lows aren't as urgent as others.
It also features an alert schedule that allows you to customize alerts and alarms for different times of the day. These alerts notify you when you are heading high or low.
You can still share your data with 5 other people, which is a must-have feature for parents of children with Type 1. The app is available on iOS and most Android devices.
If you don't use the app, the G6 comes with a new receiver. Since I use my phone to monitor the sensor, I didn't even take the receiver out of the box. The G6 system requires a prescription and cost varies by insurance CNBC | Erin Black The Dexcom G6 Continuous Glucose Monitoring system
It is hard to say how much the G6 system will cost you, as it will vary under different insurance plans. Dexcom also accepts out-of-pocket payments, and while the company hasn't revealed the price yet, my G5 costs around $800 up front plus $35 for each sensor, so you can expect to spend a couple thousand dollars a year total.
But I think the benefit of having one outweighs the cost.
Being able to peer inside your body and know what your blood sugar is 24/7 is amazing feature, and this device allows me to do it more discreetly and with fewer finger pricks. It's the best CGM I've ever tried and I think that you'll like it too. All this being said — if your glucose alerts and readings from the G6 do not match symptoms or expectations, use a blood glucose meter to make diabetes treatment decisions. The Dexcom G6 Continuous Glucose Monitoring System will be available in June 2018. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/dexcom-g6-review-a-cgm-that-doesnt-require-finger-pricks.html |
SEOUL (Reuters) - After a surprise meeting with North Korean leader Kim Jong Un on Saturday, South Korean President Moon Jae-in said he hopes that U.S. President Donald Trump keeps his planned meeting with Kim in June, Seoul-based news agency Yonhap reported Sunday.
South Korean President Moon Jae-in is greeted by North Korean leader Kim Jong Un during their summit at the truce village of Panmunjom, North Korea, in this handout picture provided by the Presidential Blue House on May 26, 2018. Picture taken on May 26, 2018. The Presidential Blue House /Handout via REUTERS The meeting was the latest dramatic turn in a week of diplomatic flip-flops surrounding the prospects for an unprecedented summit between the United States and North Korea, and the strongest sign yet that the two Korean leaders are trying to keep the on-again off-again summit on track.
Kim said he feels closer to Moon after talking again, Yonhap reported.
Writing by Josh Smith; Editing by Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-moon/south-koreas-moon-hopes-trump-kim-summit-goes-ahead-as-planned-idUSKCN1IS00B |
This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- DREAM HARD ASSET ALTERNATIVES TRUST (TSX:DRA.UN) ("Dream Alternatives", "we" or the "Trust") today reported its financial results for the three months ended March 31, 2018.
For the three months ended March 31, 2018, the Trust reported net income of $5.8 million compared to a net loss of $18.6 million in the same quarter in the prior year. The year over year results are not comparable due to the sale of substantially all of the Trust's non-core legacy assets in 2017, which resulted in $28.1 million of fair value losses recorded in the same period in the prior year. The Trust has continued to identify and capitalize on key development and re-development opportunities and has substantially repositioned its portfolio into assets that are expected to increase the Trust's net asset value ("NAV") per unit (1) . During and subsequent to the first quarter of 2018, the Trust has or expects to successfully invest $87.1 million of equity primarily into new loans and development and investment holdings. The new loans have an average yield of over 10% and the new development and investment holdings were underwritten at IRR's between 20-30%. With these transactions, the repositioning of the Trust's portfolio into long term investments is now substantially completed. Significant new investments include: a 10% interest in the Hard Rock Hotel in Las Vegas, alongside a consortium of experienced equity partners; and a 25% partnership interest in 9 acres of lands in the West Don Lands that will be developed into 1,500 purpose-built multi-family units in Toronto's burgeoning downtown east district.
"We are pleased with the Trust's first quarter performance and our accomplishments in substantially completing the repositioning of the Trust's portfolio into irreplaceable, core, long term investments which has taken over three years," said Michael Cooper, Portfolio Manager. "Through our recent investments in the Hard Rock Hotel in Las Vegas and the West Don Lands, the Trust has continued to reposition its portfolio into long term investments alongside well capitalized, experienced partners with demonstrated track records of generating high returns. We are excited about the future prospects of the Trust's current portfolio and the partnering with several well-established developers and institutions are expected to deliver attractive returns on equity to our unitholders."
During the first quarter of 2018, the Trust completed the acquisition of the Hard Rock Hotel & Casino in Las Vegas, Nevada with a consortium of partners, led by Juniper Capital Partners ("Juniper") and Fengate Real Asset Investments ("Fengate"). On closing of the transaction, the Trust contributed US $29.0 million (CAD $37.9 million) for an approximate 10% equity investment, including transaction costs, in the partnership. The partnership plans to open a re-conceptualized and revitalized property, the Virgin Hotels Las Vegas, in the late fall of 2019. Virgin Hotels, the lifestyle brand established by Virgin Group founder Sir Richard Branson, is also part of the consortium of investing partners, alongside other private investors. The property is located in Las Vegas on 30 acres of land and is situated 1 mile east of the strip and 2 miles from McCarron airport. Located at 4455 Paradise Road, the property will continue full service operations under the Hard Rock flag until it opens as a Virgin Hotels hotel. Guest rooms, restaurants and public spaces will undergo a face lift with the final product being a showcase of Virgin's signature sleek and stylish design with an eclectic mix of social spaces. The hotel will feature 1504 well-appointed chambers, suites and penthouse, a 60,000 square foot, fully renovated casino, multiple pools over five acres, world-class restaurants, lounges and bars, including new nightlife venues and the Virgin brand's flagship space, the Commons Club, as well as numerous meeting and convention spaces. For full press release please click here .
Subsequent to the first quarter, the Trust formed a partnership to develop and manage a new residential rental apartment community in Toronto’s West Don Lands region ("West Don Lands"). The Partnership entered into 99-year land leases with Infrastructure Ontario ("IO") for land parcels that will be developed into approximately 1,500 rental units as well as ancillary retail and potential office space. Dream Unlimited Corp. ("Dream"), together with the Trust and each of the residual equity partners, which include Kilmer Van Nostrand ("Kilmer") and Tricon Capital Group ("Tricon"), hold an equal ownership share of the Partnership. The lands are located in close proximity to the Distillery District, Canary District and Waterfront Toronto’s Quayside, Google’s 13-acre Sidewalk Labs neighbourhood, forming an integral part of the ongoing revitalization and transformation of the east end. The current proposal, comprehensive of all five blocks, is expected to be built in stages and includes a total of approximately 1,500 purpose-built residential units, 30% of which will satisfy the Province’s affordability requirement and 70% of which will be rented upon completion at market rates, as well as up to 75,000 square feet of retail amenity space and an opportunity for the future development of a 200,000 square foot office building. The first block slated for development features approximately 750 rental units and 26,000 square feet of retail amenity space which has been fully zoned and approved by the City of Toronto. The Partnership is targeting to commence construction on this first block as early as the second quarter of 2019 with initial residential occupancy targeted for 2021. For full press release please click here .
During the three months ended March 31, 2018, the Trust entered into a partnership, alongside several other experienced developers in the Greater Toronto Area ("GTA"), including Fieldgate Homes ("Fieldgate"), Mattamy Homes ("Mattamy"), Paradise Developments ("Paradise), and TACC Construction Ltd. ("TACC"). The partnership invested in a fully-zoned 395-acre land and housing development located in Seaton, in the City of Pickering, Ontario ("Seaton Development"). During the first quarter of 2018, the Trust, along with Fieldgate, acquired a 14% equity investment in the partnership, of which the Trust owns 50%. The Trust invested a total of $9.1 million for its interest in the partnership through a combination of loans and equity investment. Initial servicing on the land and housing development is expected to begin in 2019 in phases, with expected completion slated for 2023. The combined IRR's expected on the debt and equity investment in the Seaton Development is in line with targeted returns for developments by the Trust. The larger community of Seaton is a proposed new urban development on approximately 3,100 acres of land in the City of Pickering. Upon all of the lands being developed, Seaton will be a mixed use, sustainable community which will be a workplace for 30,500 and home to 61,000 people by 2031.
Subsequent to the first quarter, the Trust, along with Dream, acquired a 33.3% leasehold interest in a retail shopping centre and residential mixed use development investment opportunity located at 100 Steeles Ave. West in Toronto, Ontario ("100 Steeles") for $7.8 million, including transaction costs. The Trust owns a 25% interest in this income property with Dream owning 8.3%. The investment is currently an income producing retail property with approximately one million square feet of residential and commercial mixed use density redevelopment potential in future years.
As at March 31, 2018, the Trust had a cash balance of $22.6 million and funds available under its revolving credit facility of $21.3 million (net of $1.7 million of letters of credit). Subsequent to the first quarter of 2018, the Trust expected to fund approximately $38.3 million to its development and investments projects over the balance of 2018, which is comprised of $20.5 million related to future capital commitments to both the Port Credit and Zibi developments with the remainder representing management's estimate of future expected capital calls on various other development and investment projects.
Net Asset Value ("NAV" 1 )
NAV per unit of $8.90 as at March 31, 2018 remained relatively stable to $8.89 per unit as at December 31, 2017, in line with expectations. During the first quarter of 2018, a fair value gain of $2.1 million was recognized on the Empire Lakeshore high-rise condominium development project. In addition, during the three months ended March 31, 2018, a market value (1) gain of $1.3 million was recorded on the Axis Condominium development. These gains represent the continued steady progress to completion and payout on each of the above noted investments. Fair value adjustments are reflected in the Trust's condensed consolidated financial statements. Market value adjustments are reflected only in NAV, which is a non-GAAP measure. For details please refer to page 32 of the Management Discussion and Analysis ("MD&A"). As well, during the three months ended March 31, 2018, the Trust recorded a fair value gain of $3.0 million on its investment in the publicly traded units of Dream Office REIT (TSX: D.UN). Slightly offsetting the above noted increase were $2.1 million in fair value losses recorded in income properties due to changes in leasing assumptions in certain income properties.
The development and investment holdings NAV of $280.2 million (43.5% of total NAV) or $3.87 per unit increased compared to $206.0 million or $2.84 per unit as at December 31, 2017. The increase in NAV was primarily due to the aforementioned recent acquisitions, fair and market value gains during the first quarter. During the three months ended March 31, 2018, the Trust received approximately $2.0 million in cash as return of capital from the Axis Condominium development to the Trust and invested an additional $9.5 million of capital in the Frank Gehry, Port Credit and Zibi developments. In addition as at March 31, 2018, the development and investment holdings NAV included $20.5 million of payables related to both the Port Credit and Zibi developments which represents the future commitments that are now classified within the Cash, Working capital and Other NAV balance.
The lending portfolio NAV of $168.4 million (26.1% of total NAV) or $2.33 per unit at March 31, 2018 increased compared to $158.8 million or $2.19 per unit as at December 31, 2017. The increase was the result of $28.7 million of loan advances during the three months ended March 31, 2018, offset by principal repayments of $17.2 million.
The Trust relies on growth in the NAV per unit as a measure of value creation including the market value adjustments on its equity accounted investments and renewable power projects. Please refer to page 11 and 21, respectively, of the MD&A for additional details on the Trust's equity investments and renewable power projects. The closest IFRS measure to NAV per unit is unitholders' equity per unit. Please refer to page 8 of the MD&A for a reconciliation between NAV and unitholders' equity.
Unitholders' Equity
As at March 31, 2018, total unitholders' equity per unit of $8.38 has remained relatively consistent compared to $8.39 per unit as at December 31, 2017. During the three months ended March 31, 2018, net income generated by the Trust (before depreciation) was effectively distributed during the quarter to unitholders.
Cash Generated from Operating Activities
Cash generated from operating activities for the three months ended March 31, 2018 was $3.5 million compared to cash utilized in operating activities of $3.0 million for the same quarter in the prior year. The year over year change was largely due to the Trust generating net income for the three months ended March 31, 2018 compared to incurring an $18.6 million net loss in the same period in the prior year.
Other Operating Highlights in Q1 2018:
Development and Investment Holdings
For the three months ended March 31, 2018, development and investment holdings net income of $2.1 million remained relatively consistent compared to the same period in the prior year. During the first quarter of 2018, a fair value gain of $2.1 million was recognized relating to the Empire Lakeshore high-rise condominium development project as it continued to progress steadily to completion and payout. The Empire Lakeshore condominium development is comprised of two towers, the Water Tower and Sky Tower. Construction of the Empire Lakeshore condominium development continues to progress on schedule with construction currently on the 34th floor of the Water Tower and 35th floor of the Sky Tower. In total, the Water Tower and Sky Tower are expected to comprise of 49 and 66 storeys, respectively. With 99% of the 1,280 total projected condominium units sold, the project is expected to be completed and occupied in phases from the fourth quarter of 2019 to the second quarter of 2020. As at March 31, 2018, the Trust’s IFRS value of its participating loan investment in Empire Lakeshore was $71.4 million, which is expected to continue appreciating over time to approximately $85-90 million as the project progresses towards completion and there is a reduction in risk profile of the asset as further major development milestones are met.
Since the Trust’s inception, $35.8 million of cumulative fair value gains have been recognized on the Empire projects which includes both Empire Lakeshore and the substantially completed Empire Brampton. At March 31, 2018, the aforementioned Empire projects had an IFRS fair value of $77.4 million, net of cash distributions received to date as return of capital.
Development projects are key drivers of future growth for the Trust and are expected to generate attractive returns and future cash flows as milestones are achieved. The Trust expects its development projects will provide attractive profits to the Trust upon their respective completion dates, and will contribute to growth in our NAV per unit. The Trust generally targets a pre-tax IRR (1) of at least 15-20% on new equity investments in residential and mixed-use development projects.
Lending Portfolio
For the three months ended March 31, 2018, net income of $3.7 million from the lending portfolio increased from $3.0 million when compared to the same quarter in the prior year. The increase in net income resulted from new loan advances with a higher weighted average effective interest rate. During the quarter, the Trust advanced total gross proceeds of $28.7 million at a weighted average effective interest rate of 11.2%.
Income Properties and Investments
For the three months ended March 31, 2018, income properties and investments generated net income of $3.2 million compared to a net loss of $24.0 million in the same period in the prior year. The variance resulted primarily from $28.1 million in fair value losses recognized in the prior year relating to the sale of non-core co-owned income properties which have since been sold. In addition, during the three months ended March 31, 2018, the Trust recorded a fair value gain of $3.0 million on its investment in the publicly traded units of Dream Office REIT (TSX: D.UN) which was partially offset by $2.1 million of fair value losses in the income property portfolio.
Renewable Power
Net income of $0.9 million for the three months ended March 31, 2018 from the renewable power portfolio decreased slightly from $1.1 million compared to the same quarter in the prior year. The decrease in net income was a result of an increase in depreciation and interest expense stemming from six Ground Mount Solar projects becoming operational and the closing of the financing with respect to these renewable power projects in the prior year.
Other (2)
Net loss of $4.1 million for the three months ended March 31, 2018, related to the Other segment, increased from a net loss of $0.9 million in the same period in the prior year. The increase in net loss was due to an income taxes expense position in the current period compared to an income tax recovery position in the same period in the prior year. The year over year change was primarily due to the net income position in the first quarter of 2018 compared to a net loss position resulting from the various dispositions in the same period in the prior year.
NCIB
Subsequent to the three months ended March 31, 2018, the Trust entered into an automatic securities repurchase plan (the "Plan") in order to facilitate purchases of its units under the normal course issuer bid ("NCIB"). The Plan allows for purchases by Dream Alternatives of units at any time including, without limitation, when the Trust would ordinarily not be permitted to make purchases due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by the Trust based upon the parameters prescribed by the Toronto Stock Exchange (the “TSX”) and the terms of the parties' written agreement. Outside of such restricted or black-out periods, the Units may also be purchased in accordance with management’s discretion. The Plan will terminate on January 14, 2019.
Since the inception of the Trust's NCIB program in December 2014 to May 7, 2018, the Trust has purchased for cancellation 3.2 million units for a total cost of $19.5 million, which included 587,347 units purchased during and subsequent to the three months ended March 31, 2018.
As previously mentioned, the year over year results are not comparable due to the sale of substantially all of the Trust's non-core legacy assets. Selected financial and operating metrics for the three months ended March 31, 2018 are summarized below:
For the three months ended March 31,
2018 March 31,
2017 Consolidated results of operations Net income (loss) $ 5,784 $ (18,572 ) Net Income (loss) before depreciation (1) 7,296 (17,211 ) Net operating income ("NOI") (1) 9,780 12,509 Cash generated from (utilized in) operating activities 3,549 (2,969 ) Net income (loss) per unit (1) 0.08 (0.26 ) Net income (loss) per unit before depreciation (1) 0.10 (0.24 ) Distributions paid and payable 7,309 6,916 Trust unit information Distributions declared and paid per unit 0.10 0.10 Units outstanding – end of period 72,416,062 72,354,151 Units outstanding – weighted average 72,358,674 72,353,192
For the three months ended March 31, 2018, distributions paid and payable of $7.3 million were relatively in line with the Trust’s net income (loss) before depreciation.
With the Trust's focus on development investments that will generate higher growth and cash flow over a period of time, growth in NAV per unit is considered to be a useful metric of value creation and unitholders return. The determination of NAV incorporates a market value adjustment to equity accounted investments and the renewable power portfolio to take into consideration reduction in the risk profile as a result of various factors including progression to completion or becoming operational. For additional details on NAV per unit, please refer to page 32 of the MD&A. The table below provides a summary of the Trust's portfolio as at March 31, 2018, including Unitholders' equity, NAV and date of last appraisal:
Location Accounting
Treatment (3) Economic
Ownership
% Asset
Value Debt Total
Unitholders'
Equity (5) NAV NAV
per
unit Year
acquired/Last
External
Appraisal Development & Investment Holdings Empire Lakeshore Toronto & GTA Fair value 78.8 % $ 71,419 N/A $ 74,073 $ 74,073 $ 1.02 N/A Hard Rock/Virgin Hotels Las Vegas United States Fair value 10.0 % 37,926 N/A 37,926 37,926 0.52 Acquired 2018 Zibi development Other Ontario Equity Accounted 40.0 % 33,391 N/A 33,391 33,446 0.46 Acquired 2017 Port Credit development Toronto & GTA Equity Accounted 23.3 % 30,971 N/A 30,971 35,247 0.49 Q4 2017 Frank Gehry development Toronto & GTA Equity Accounted 18.8 % 19,559 N/A 19,559 19,559 0.27 Acquired 2017 Bayfield LP Other Western Canada Fair value 11.9% - 13.2% 14,799 N/A 14,799 14,799 0.20 Q4 2017 Lakeshore East development Toronto & GTA Equity Accounted 37.5 % 12,413 N/A 12,413 26,911 0.37 Q4 2017 Plaza Bathurst and Plaza Imperial development Toronto & GTA Equity Accounted 40.0 % 8,419 N/A 8,419 8,420 0.12 Acquired 2017 Empire Brampton Toronto & GTA Fair value 80 % 6,003 N/A 6,003 6,003 0.08 N/A Seaton development (6) Toronto & GTA Equity Accounted 7.0 % 4,047 N/A 4,047 4,047 0.07 Acquired 2018 Hotel Pur Eastern Canada Fair value 50 % 3,652 N/A 3,652 3,652 0.05 N/A IVY Condominiums Toronto & GTA Equity Accounted 50.0 % 2,411 N/A 2,411 4,300 0.06 Q4 2017 Axis Condominiums Toronto & GTA Equity Accounted 28 % 1,870 N/A 1,870 11,771 0.16 Q4 2017 $ 246,880 $ 249,534 $ 280,154 $ 3.87 Lending Portfolio Toronto development Toronto & GTA Amortized Cost (4) N/A $ 104,139 N/A $ 102,699 $ 102,699 $ 1.42 N/A Vancouver development British Columbia Amortized Cost N/A 51,116 N/A 51,116 51,116 0.71 N/A Other Saskatchewan Amortized Cost N/A 14,600 N/A 14,600 14,600 0.20 N/A $ 169,855 $ 168,415 $ 168,415 $ 2.33 Income Properties and Investments Toronto and GTA Toronto & GTA Fair value 50.1% - 100% $ 169,113 $ 90,315 $ 80,966 $ 80,966 $ 1.12 Q4 2017 Investment in Dream Office REIT units Toronto & other Fair value 3.3 % 58,845 N/A 58,845 58,845 0.81 Mark to market Other Other Ontario Fair value 60.0 % 42,190 26,830 15,419 15,419 0.21 Q3 2017 Industrial Portfolio Saskatchewan Fair value 50.0 % 9,075 5,701 3,485 3,485 0.05 Q4 2017 $ 279,223 $ 122,846 $ 158,715 $ 158,715 $ 2.19 Renewable Power Canadian Solar Toronto & GTA Amortized Cost 100.0 % $ 82,540 $ 50,216 $ 37,665 $ 42,522 $ 0.59 Q4 2017 Canadian Wind Eastern Canada Amortized Cost 80.0 % 31,765 26,240 7,512 10,452 0.14 Q4 2017 United Kingdom Wind United Kingdom Amortized Cost 100.0 % 21,281 — 22,072 25,901 0.36 Q4 2017 $ 135,586 $ 76,456 $ 67,249 $ 78,875 $ 1.09 Cash, Working capital and Other Marketable Securities - other $ 1,094 $ 1,094 $ 0.02 Revolving credit facility (22,000 ) (22,000 ) (0.30 ) Cash and other consolidated working capital (6) , including tax (16,285 ) (20,747 ) (0.30 ) $ (37,191 ) $ (41,653 ) $ (0.58 ) Total Unitholders Equity / NAV $ 606,722 $ 644,506 — Total Unitholders Equity / NAV per unit $ 8.38 $ 8.90 With our partners and relationships, the Trust has access to unparalleled opportunities to invest in across North America. The table below provides an overview of some of the Trust's key partners within its development/re-development investments:
Project Partners Partner
Since Empire Lakeshore & Brampton Empire Communities 2014 Axis Condominiums CentreCourt Developments 2016 Lakeshore East development Dream Unlimited, Great Gulf Residential 2016 Port Credit development Dream Unlimited, Kilmer Van Nostrand Co. Ltd, Diamond Corp., FRAM + Slokker 2017 Plaza Bathurst and Plaza Imperial development Plazacorp Properties Ltd. 2017 Zibi development Dream Unlimited, Windmill Development 2017 Frank Gehry development Dream Unlimited, Great Gulf Residential, Westdale Construction Co. Ltd 2017 Seaton development Fieldgate Homes, Mattamy Homes, Paradise Developments, TACC Construction Ltd 2018 Hard Rock/Virgin Hotels Las Vegas Juniper Capital Partners, Fengate Real Asset Investments, Virgin Hotels 2018 100 Steeles Dream Unlimited, Westdale Construction Co. Ltd 2018 West Don Lands Dream Unlimited, Kilmer van Nostrand Co. Ltd, Tricon Capital Group 2018 About Dream Alternatives
Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, real estate development, real estate lending, real estate, and renewable power managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to build and maintain a growth-oriented portfolio, provide predictable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase NAV per unit over time. For more information, please visit: www.dreamalternatives.ca
For further information, please contact:
DREAM ALTERNATIVES
Michael J. Cooper Pauline Alimchandani Kim Lefever Portfolio Manager Chief Financial Officer Investor Relations 416 365-5145 416 365-5992 416 365-6339 [email protected] [email protected] [email protected] Footnotes
(1) Non-IFRS measures - Please refer to cautionary statements under the heading "Non-IFRS Measures" in this press release
(2) Other segment represents costs not allocated to the other operating segments, such as general and administrative costs and income taxes, and are net of interest income earned on our cash balances
(3) Equity accounted investments are recognized initially at cost and subsequently adjusted for the Trust's share of the profit or loss
(4) Includes a loan of $15.3 million as at March 31, 2018 classified as fair value through profit and loss
(5) Included in Total Unitholders' equity is working capital that is presented separately from its asset in the condensed consolidated statements of financial position
(6) Cash and other consolidated working capital includes Trust and other segment level cash and net working capital balances
(6) Seaton development total investment is $9.1 million, split between loan investments and equity investment under IFRS
Non-IFRS Measures
The Trust’s condensed consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures including net income (loss) before depreciation, net income (loss) per unit before depreciation, IRR, net operating income (“NOI”), market value, net asset value ("NAV"), NAV per unit, as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as Management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to unitholders' equity, net income, total comprehensive income or cash flows generated from operating activities or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the “Non-IFRS Measures and Other Disclosures” in the Trust’s Management’s Discussion and Analysis for the three months ended March 31, 2018.
Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to our objectives, strategies to achieve those objectives, our beliefs, plans, estimates, projection and intentions, and similar statements concerning anticipated future events, future growth, results of operations, performance, business prospects and opportunities, as well as statements regarding our plans and proposals for future development projects, including projected sizes, density and uses; our expected ownership levels of proposed investments; the growth potential of our development investments; development timelines and anticipated returns on current and future development projects; our anticipated return on our development projects and expected growth in NAV of our development projects as a result of fair value adjustments; unitholders equity and NAV performance as well as targeted returns, future distributions and future returns on equity. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: general and local economic and business conditions including foreign exchange rates, employment levels, mortgage and interest rates and regulations, regulatory risks, environmental risks, consumer confidence, the financial condition of tenants and borrowers, local real estate conditions, adverse weather conditions and variability in wind conditions and solar irradiation, reliance on key clients, partners and personnel, the uncertainties of acquisitions and new projects, inflation and competition. All forward-looking information in this press release speaks as of May 7 2018. The Trust does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR ( www.sedar.com ). These filings are also available at the Trust’s website at www.dreamalternatives.ca
Source:Dream Hard Asset Alternatives Trust | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-dream-alternatives-reports-first-quarter-results-and-announces-substantial-completion-of-portfolio-repositioning-with.html |
VANCOUVER, British Columbia, May 02, 2018 (GLOBE NEWSWIRE) -- The following issues have been halted by IIROC / L'OCRCVM a suspendu la negociation des titres suivants:
Company / Société : Maple Gold Mines Ltd. TSX-Venture Symbol / Symbole à la Bourse de croissance TSX : MGM 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) 11 :29 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/2018/05/02/globe-newswire-iiroc-trading-halt-suspension-de-la-negociation-par-locrcvm--mgm.html |
BASEL, Switzerland, May 29, 2018 /PRNewswire/ --
Nouscom, an immuno-oncology company developing off-the-shelf and personalized neoantigen-based genetic cancer vaccines based on its clinically validated Exovax platform, announced today the appointment of Adrian Woolfson M.D., Ph.D. as Chief Medical Officer (CMO). Dr. Woolfson brings to Nouscom over a decade of extensive and broad experience in leading clinical trials in oncology and hematology in the pharmaceutical industry. At Nouscom Dr. Woolfson will play a key role in leading the Company's clinical development of its neoantigen off-the-shelf vaccine targeting tumors associated with Microsatellite Instability (MSI), as well as the personalized neoantigen vaccines and oncolytic virus programs.
"We are pleased to welcome Adrian, a seasoned pharmaceutical industry executive with highly relevant immunotherapy experience, to Nouscom's management team," said Alfredo Nicosia, Chief Executive Officer of N ous c om . "Adrian's extensive immunotherapy drug development experience will allow us to leverage the clinical potential of our best-in-class platform as we look to enter our lead program, NOUS-209, an off-the-shelf cancer vaccine, into the clinic."
"Nouscom is positioned to be a leading player in the neoantigen vaccine space. The Company combines a deep knowledge of infectious disease vaccines, with cutting-edge neoantigen predictive bioinformatics, a proprietary best-in-class platform, and a state-of-the art manufacturing capability," said Dr . Adrian Woolfson . "I look forward to working with Nouscom's highly experienced management team to develop its innovative neoantigen-based genetic cancer vaccines and potentially make this treatment option available to physicians and cancer patients."
Dr. Woolfson joins Nouscom from Pfizer where he most recently served as Global Clinical Leader Early and Late Stage Immuno-Oncology/Hematology and was responsible for building a diverse portfolio of monotherapy and combination studies for Pfizer's PD-L1 inhibitor Bavencio and 4-1BB agonist Utomilumab. Prior to Pfizer, he was Global Clinical Lead at Bristol-Myers Squibb where he was responsible for the development of a portfolio of small-molecule inhibitors including JAK2, CDC7, SMO, and IGF-1R/IR. Dr. Woolfson's clinical and post-graduate medical training was at Balliol College, Oxford, UK and Addenbrooke's Hospital Cambridge, UK. His Ph.D. and post-doctoral molecular immunology fellowship were supervised by Nobel Prize winner César Milstein.
About Nous c om
Nouscom is a privately-held oncology company developing next-generation immunotherapies. Nouscom's proprietary technology platform, Exovax, harnesses the full power of the immune response by combining viral vectored genetic vaccines based on neoantigens with other immunomodulators.
Nouscom is currently advancing the development of its lead program, NOUS-209, an off-the-shelf cancer vaccine based on shared frame-shift generated neoantigens, into clinical studies. The Company will also continue to develop its' preclinical product candidate, NOUS-100-PV, a personalized neoantigen-based vaccine, which is also expected to enter clinical studies in 2019.
Nouscom is led by an experienced management team that has worked together for many years in previous successful enterprises, including IRBM/Merck and Okairos (acquired by GSK), and are veterans in the field of viral vectored genetic vaccines.
Nouscom, which was founded in 2015 and is headquartered in Basel, Switzerland with operations in Rome, Italy, is backed by international life sciences investors: 5AM, Abingworth, LSP (Life Sciences Partners) and Versant Ventures.
For more information on Nouscom, please visit the company's website at www.nouscom.com
Contacts :
Nouscom
Marina Udier, Chief Operating Officer
E: [email protected]
Tel: +41-61-201-1835
Citigate Dewe Rogerson
Sylvie Berrebi, Mark Swallow
[email protected]
T: +44-(0)-20-7638-9571
SOURCE Nouscom | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/29/pr-newswire-nouscom-appoints-adrian-woolfson-m-d-ph-d-as-chief-medical-officer.html |
May 5, 2018 / 1:36 PM / Updated 2 hours ago Crutchlow blasts to Spanish GP pole Reuters Staff 2 Min Read
JEREZ, Spain (Reuters) - Britain’s Cal Crutchlow put in a sizzling lap to beat the local MotoGP favourites and seize pole position for the Spanish Grand Prix on Saturday. Motorcycle Racing - Argentina Motorcycle Grand Prix - MotoGP race - Termas de Rio Hondo, Argentina - April 8, 2018 - LCR Honda Castrol rider Cal Crutchlow of Britain competes. REUTERS/Marcos Brindicci
The non-works LCR Honda rider, who switched bikes during the session, lapped with a circuit record time of one minute 37.653 seconds on a sunny afternoon at the Jerez circuit in southern Spain.
Honda’s Dani Pedrosa, last year’s winner from pole in Jerez, was the top Spaniard in second place, 0.259 seconds slower, while Tech3 Yamaha’s French rider Johann Zarco completed the front row.
Reigning champion Marc Marquez qualified fifth for Honda, behind compatriot Jorge Lorenzo, whose Italian Ducati team mate and championship leader Andrea Dovizioso, a point ahead of Marquez, was eighth.
“It’s nice to get a pole, sure,” Crutchlow said. “But we’re here to race and the key point is tomorrow.
“I had a bad qualifying in Texas and Argentina so it’s nice to make up for one and get a front row for my team and Honda in Jerez,” he said, adding that the conditions were not the best for his bike. Reporting by Alan Baldwin in London, editing by Ed Osmond | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-motogp-spain/crutchlow-blasts-to-spanish-gp-pole-idUKKBN1I60HR |
Management to Host Conference Call at 4:30 p.m.
WOODBURY, N.Y., May 14, 2018 (GLOBE NEWSWIRE) -- Research Frontiers Inc. (Nasdaq:REFR) announced its financial results for its first quarter Management will host a conference call today at 4:30 p.m. Eastern Time to discuss its financial and operating results as well as recent developments.
Who: Joseph M. Harary, President & CEO, Seth Van Voorhees, CFO Date/Time: May 14, 2018, 4:30 PM ET Dial-in Information: 1-412-717-9591 Replay: Available on Tuesday, May 15, 2018 for 90 days at www.SmartGlass-IR.com
Key First Quarter 2018 Comments:
1) Fee income increased in all major markets for the Company’s SPD-SmartGlass light-control technology.
a. Fee income increased to $433,269 for the 3-month period ending March 31, 2018 as compared to $393,116 for the same period in 2017, a 10.2% increase. This increase in revenues was principally the result of higher revenues from the automotive, aircraft and architectural sectors that was partially offset by modestly lower revenues in the display sector. In 2018, the Company adopted the new ASC 606 revenue recognition guidance which applies to revenues reported beginning with the first quarter of 2018. In the first quarter of 2018, the Company reported $48,746 higher revenue under ASC 606 as compared to the accounting guidance used prior to the adoption of ASC 606.
b. Fee income as reported increased by $153,829, or 55% in the first quarter of 2018 as compared to the fourth quarter of 2017. Under the previous revenue recognition guidance in place prior to the adoption of ASC 606, fee income for the first quarter of 2018 would have increased by $105,083 or 37.6% over the fourth quarter of 2017.
c. These revenue increases from last quarter and year over year follow a 22% increase in revenues in 2017 over the prior year.
2) Expenses declined by $119,107, or -8.8%, for the 3-month period ending March 31, 2018 as compared to the same period in 2017. This expense reduction follows a $1.6 million expense reduction (-29%) in 2017 as compared to the prior year.
3) The Company’s net loss was $158,788 (16.7%) lower in the first quarter of 2018 as compared to the same period last year. This follows five straight years in a row of lower losses for the Company.
4) Cash and cash equivalents increased by $558,698 since the end of 2017 as a result of a financing completed in February.
5) The interest in using SPD technology for new markets continues to expand as demonstrated by Electrolux, a global leader in appliances, which premiered its "SenseOven 2.0" concept at 2018 EuroCucina, Europe’s largest kitchen trade show. The SenseOven 2.0 embeds VariGuard’s SPD-SmartGlass interactive intelligence into the appliance – an electronically dimmable glass which uses Research Frontiers’ patented SPD-Smart light-control film technology.
For more details, please see the Company’s Quarterly Report on Form 10-Q which was filed today with the SEC, the contents of which are incorporated by reference herein.
Research Frontiers is the developer of SPD-Smart light-control technology which allows users to instantly, precisely and uniformly control the shading of glass or plastic, either manually or automatically. Research Frontiers has built an infrastructure of over 40 licensed companies that collectively are capable of serving the growing global demand for smart glass products in automobiles, homes, buildings, museums, aircraft and boats. For more information, please visit our website at www.SmartGlass.com , and on Facebook , Twitter , LinkedIn and YouTube .
CONTACT:
Seth L. Van Voorhees
Chief Financial Officer
Research Frontiers Inc.
+1-516-364-1902
[email protected]
Note: From time to time Research Frontiers may issue forward-looking statements which involve risks and uncertainties. This press release contains forward-looking statements. Actual results could differ and are not guaranteed. Any forward-looking statements should be considered accordingly. "SPD-Smart" and "SPD-SmartGlass" are trademarks of Research Frontiers Inc.
RESEARCH FRONTIERS INCORPORATED Consolidated Balance Sheets Unaudited March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 2,296,545 $ 1,737,847 Royalties receivable, net of reserves of $1,051,424 in 2018 and 2017 737,203 597,441 Prepaid expenses and other current assets 91,052 29,697 Total current assets 3,124,800 2,364,985 Fixed assets, net 443,081 482,561 Deposits and other assets 33,567 33,567 Total assets $ 3,601,448 $ 2,881,113 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable $ 78,137 $ 58,090 Accrued expenses and other 288,551 254,833 Deferred revenue 153,140 824 Total current liabilities 519,828 313,747 Shareholders’ equity: Common stock, par value $0.0001 per share; authorized 100,000,000
shares, issued and outstanding 25,432,739 in 2018 and 24,043,846 in 2017 2,543 2,404 Additional paid-in capital 112,877,650 111,627,789 Accumulated deficit (109,798,573 ) (109,062,827 ) Total shareholders’ equity 3,081,620 2,567,366 Total liabilities and shareholders’ equity $ 3,601,448 $ 2,881,113
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Operations Unaudited Three months ended March 31, 2018 2017 Fee income $ 433,269 $ 393,116 Operating expenses 1,009,825 1,136,255 Research and development 218,616 211,293 Total Expenses 1,228,441 1,347,548 Operating loss (795,172 ) (954,432 ) Net investment income 1,405 1,877 Net loss (793,767 ) (952,555 ) Basic and diluted net loss per common share $ (0.03 ) $ (0.04 ) Weighted average number of common shares outstanding 24,691,996 24,043,846
RESEARCH FRONTIERS INCORPORATED Consolidated Statements of Cash Flows Unaudited Three months ended March 31, 2018 2017 Cash flows from operating activities: Net loss $ (793,767 ) $ (952,555 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 44,879 43,852 Change in assets and liabilities: Royalty receivables (81,741 ) 33,578 Prepaid expenses and other current assets (61,355 ) 178,065 Accounts payable and accrued expenses 53,765 17,710 Deferred revenue 152,316 33,750 Net cash used in operating activities (685,903 ) (645,600 ) Cash flows from investing activities: Purchases of fixed assets (5,399 ) (4,121 ) Proceeds from sale of investment - 1,523,333 Net cash (used in) provided by investing activities (5,399 ) 1,519,212 Cash flows from financing activities: Proceeds for issuance of common stock and warrants 1,250,000 - Net cash provided by financing activities 1,250,000 - Net increase in cash and cash equivalents 558,698 873,612 Cash and cash equivalents at beginning of year 1,737,847 1,691,603 Cash and cash equivalents at end of period $ 2,296,545 $ 2,565,215
Source:Research Frontiers Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-research-frontiers-reports-first-quarter-2018-financial-results.html |
Mueller said he could issue a Trump subpoena 3:08pm IST - 01:26
Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump's lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday.
Special Counsel Robert Mueller, in a meeting with U.S. President Donald Trump's lawyers in March, raised the possibility of issuing a subpoena for Trump if he declines to talk to investigators in the Russia probe, a former lawyer for the president said on Tuesday. //in.reuters.com/video/2018/05/02/mueller-said-he-could-issue-a-trump-subp?videoId=423161738&videoChannel=13423 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/02/mueller-said-he-could-issue-a-trump-subp?videoId=423161738 |
May 2 (Reuters) - British American Tobacco PLC:
* BRITISH AMERICAN TOBACCO PLC - RECLASSIFICATION OF H1 2017 RESULTS FOR IFRS 15
* BRITISH AMERICAN TOBACCO - RECLASSIFICATION OF HY 2017 RESULTS FOR IFRS 15, NEW REGIONAL STRUCTURE, NEW PERFORMANCE MEASURE - INCLUSIVE OF ACQUISITIONS
* BRITISH AMERICAN TOBACCO PLC - WHILE THESE RECLASSIFICATIONS AFFECT PRESENTATION OF REGIONAL RESULTS, THEY DO NOT AFFECT GROUP’S REPORTED INCOME STATEMENT, BALANCE SHEET, OR CASH FLOW, OTHER THAN AS RELATING TO IFRS 15 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-british-american-tobacco-announces/brief-british-american-tobacco-announces-reclassification-of-h1-2017-results-for-ifrs-15-idUSFWN1S901V |
May 11, 2018 / 9:12 PM / Updated 8 hours ago Cardiff storm back to beat Gloucester in Challenge Cup Final Reuters Staff 1 Min Read
(Reuters) - Gareth Anscombe’s late penalty sealed a superb comeback for Cardiff Blues as they came from 14 points down to beat Gloucester 31-30 in a thrilling European Challenge Cup final on Friday. Rugby Union - European Challenge Cup Final - Cardiff Blues v Gloucester Rugby - San Mames, Bilbao, Spain - May 11, 2018 Cardiff Blues' Gareth Anscombe (L) celebrates with Josh Turnbull and Blaine Scully after the match REUTERS/Vincent West
Gloucester dominated the first half at the San Mames Stadium in Bilbao, with superb tries from Henry Trinder and Mark Atkinson helping them to a 20-6 lead at the break.
Cardiff, however, battled back, with scrumhalf Tomos Williams winning a frenetic chase to steal in under the posts early in the second half. Rugby Union - European Challenge Cup Final - Cardiff Blues v Gloucester Rugby - San Mames, Bilbao, Spain - May 11, 2018 Cardiff Blues' Gareth Anscombe is tackled by Gloucester Rugby's Billy Twelvetrees REUTERS/Vincent West
A Garyn Smith try briefly gave Cardiff the lead, but Gloucester bullied their way over the line for a pushover try shortly afterwards to go 27-23 in front and a Billy Twelvetrees penalty extended their lead to seven.
Yet Blaine Scully struck back for Cardiff with a late try, and Anscombe, who missed a difficult conversion, made no mistake with a penalty in the dying moments to complete a remarkable comeback. Reporting by Philip O'Connor; Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-cdf-glo-challenge-cup-fin/cardiff-storm-back-to-beat-gloucester-in-challenge-cup-final-idUKKBN1IC2LH |
April 30 (Reuters) -
* WHATSAPP CO-FOUNDER JAN KOUM SAYS LEAVING COMPANY - FACEBOOK POST
* WHATSAPP CO-FOUNDER JAN KOUM SAYS “IT IS TIME FOR ME TO MOVE ON” - FACEBOOK POST Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-whatsapp-co-founder-jan-koum-says/brief-whatsapp-co-founder-jan-koum-says-leaving-co-facebook-post-idUSFWN1S71AC |
NEW YORK, May 4 (Reuters) - U.S. Treasury yields fell on Friday after a government report showed the world’s largest economy created fewer jobs than expected last month, with wages also rising less than forecast.
The report puts the Federal Reserve on track to raise interest rates at a gradual pace.
The Labor Department said U.S. non-farm payrolls grew by 164,000, lower than market expectations for a rise of 192,000 jobs. In addition, average earnings growth, a closely-monitored inflation indicator, grew by just 0.1 percent in April after rising 0.3 percent the previous month.
In early morning trading, U.S. benchmark 10-year yields fell to 2.914 percent from 2.946 percent late on Thursday.
U.S. 30-year bonds slid to 3.089 percent, from Thursday’s 3.121 percent. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds/treasuries-yields-fall-after-weaker-than-expected-u-s-jobs-report-idUSL1N1SB0HV |
NEW YORK, May 10 (Reuters) - U.S. fund investors walloped emerging market stock funds with $870 million in withdrawals, the most since November 2016, weekly data from Lipper showed on Thursday.
Short-term corporate bond funds pulled in $1.1 billion, marking the most new cash for the category since September 2017, the research service’s data showed. (Reporting by Trevor Hunnicutt; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/investment-mutualfunds-lipper/u-s-investors-cash-out-of-emerging-market-stock-funds-lipper-idUSN9N1F901B |
May 23 (Reuters) - Ralph Lauren Corp:
* RALPH LAUREN REPORTS FOURTH QUARTER AND FULL YEAR FISCAL 2018 RESULTS
* Q4 REVENUE $1.5 BILLION * FOREIGN CURRENCY IS EXPECTED TO BENEFIT REVENUE GROWTH BY APPROXIMATELY 150-200 BASIS POINTS IN Q1 OF FISCAL 2019
* IN Q1 OF FISCAL 2019, COMPANY EXPECTS NET REVENUE TO BE FLAT TO DOWN SLIGHTLY IN CONSTANT CURRENCY
* PLANNING CAPITAL EXPENDITURES OF APPROXIMATELY $275 MILLION FOR FISCAL 2019
* OPERATING MARGIN FOR Q1 OF FISCAL 2019 IS EXPECTED TO BE UP SLIGHTLY IN CONSTANT CURRENCY
* FOR FISCAL 2019, NET REVENUE IS EXPECTED TO DECREASE LOW SINGLE-DIGITS IN CONSTANT CURRENCY
* FOREIGN CURRENCY IS EXPECTED TO HAVE MINIMAL IMPACT ON REVENUE GROWTH IN FISCAL 2019
* NORTH AMERICA REVENUE IN THE FOURTH QUARTER DECREASED 14% ON BOTH A CONSTANT CURRENCY AND REPORTED BASIS TO $759 MILLION
* EXPECTS OPERATING MARGIN FOR FISCAL 2019 TO BE UP SLIGHTLY IN CONSTANT CURRENCY DRIVEN BY GROSS MARGIN EXPANSION
* EUROPE REVENUE IN THE FOURTH QUARTER $420 MILLION, DOWN 1% IN CONSTANT CURRENCY BASIS
* ASIA REVENUE IN THE FOURTH QUARTER $257 MILLION, UP 11% ON CONSTANT CURRENCY BASIS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-ralph-lauren-reports-q4-adjusted-e/brief-ralph-lauren-reports-q4-adjusted-earnings-per-share-0-90-excluding-items-idUSASC0A3DM |
May 9, 2018 / 9:34 AM / Updated 36 minutes ago Motor racing-Formula One drivers' form sheet Reuters Staff 3 Min Read May 9 (Reuters) - Formula One drivers' form sheet ahead of Sunday's Spanish Grand Prix at Barcelona's Circuit de Catalunya (listed in championship order and with the most recent races first): Number=race result, R=retired, DQ=disqualified, NS=did not start, NQ=did not qualify. 2018 2017 2016 AZ CN BH AU/AE BR MX US JP MY SG IT BE HU GB AT AZ CA MC ES RU BH CN AU/AE Lewis Hamilton 1 4 3 2 2 4 9 1 1 2 1 1 1 4 1 4 5 1 7 1 4 2 1 2 1 Sebastian Vettel 4 8 1 1 3 1 4 2 R 4 R 3 2 1 7 2 4 4 1 2 2 1 2 1 3 Kimi Raikkonen 2 3 R 3 4 3 3 3 5 NS R 5 4 2 3 5 14 7 2 R 3 4 5 4 6 Valtteri Bottas 14 2 2 8 1 2 2 5 4 5 3 2 5 3 2 1 2 2 4 R 1 3 6 3 R Daniel Ricciardo R 1 R 4 R 6 R R 3 3 2 4 3 R 5 3 1 3 3 3 R 5 4 R 5 Fernando Alonso 7 7 7 5 9 8 10 R 11 11 R 17 R 6 R R 9 16 - 12 NS 14 R R 10 Nico Hulkenberg R 6 6 7 6 10 R R R 16 R 13 6 17 6 13 R 8 R 6 8 9 12 11 7 Max Verstappen R 5 R 6 5 5 1 4 2 1 R 10 R 5 4 R R R 5 R 5 R 3 5 4 Sergio Perez 3 12 16 11 7 9 7 8 7 6 5 9 R 8 9 7 R 5 13 4 6 7 9 7 8 Carlos Sainz 5 9 11 10 R 11 R 7 R R 4 14 10 7 R R 8 R 6 7 10 R 7 8 R Pierre Gasly 12 18 4 R 16 12 13 - 13 14 - - - - - - - - - - - - - - - Kevin Magnussen 13 10 5 R 13 R 8 16 8 12 R 11 15 13 12 R 7 12 10 14 13 R 8 R R Charles Leclerc 6 19 12 13 - - - - - - - - - - - - - - - - - - - - - Stoffel Vandoorne 9 13 8 9 12 R 12 12 14 7 7 R 14 10 11 12 12 14 R R 14 NS R 13 - Lance Stroll 8 14 14 14 18 16 6 11 R 8 8 7 11 14 16 10 3 9 15 16 11 R R R - Marcus Ericsson 11 16 9 R 17 13 R 15 R 18 R 18 16 16 14 15 11 13 R 11 15 R 15 R 15 Esteban Ocon R 11 10 12 8 R 5 6 6 10 10 6 9 9 8 8 6 6 12 5 7 10 10 10 13 Brendon Hartley 10 R 17 15 15 R R 13 - - - - - - - - - - - - - - - - - Romain Grosjean R 17 13 R 11 15 15 14 9 13 9 15 7 R 13 6 13 10 8 10 R 8 11 R 11 Sergey Sirotkin R 15 15 R - - - - - - - - - - - - - - - - - - - - - AZ-Azerbaijan, CN-China, BH-Bahrain, AU-Australia, AE-Abu Dhabi, BR-Brazil, MX-Mexico, US-United States, JP-Japan, MY-Malaysia, SG-Singapore, IT-Italy, BE-Belgium, HU-Hungary, GB-Britain, AT-Austria, CA-Canada, MC-Monaco, ES-Spain, RU-Russia. (Reporting by Alan Baldwin, editing by Amlan Chakraborty) | ashraq/financial-news-articles | https://uk.reuters.com/article/motor-f1-spain-drivers/motor-racing-formula-one-drivers-form-sheet-idUKL3N1SF3XZ |
April 30 (Reuters) - Eugene Technology Co Ltd :
* Says it signed a 3.69 billion won contract with Samsung Electronics Co,.Ltd to provide semiconductor manufacturing equipment
Source text in Korean : goo.gl/ioxPSU
Further company coverage: (Beijing Headline News)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-eugene-technology-signs-contract-w/brief-eugene-technology-signs-contract-worth-3-69-bln-won-idUSL3N1S72RZ |
(Reuters Health) - Making it easier and more affordable for women to access care, and supporting research that includes how treatments work in both sexes, can improve the health of all Americans, not just women, U.S. doctors argue.
A woman shades herself from the sun with an umbrella as she walks down 34th Street in New York July 22, 2011. REUTERS/Shannon Stapleton “Women and their families are adversely affected by policies that do not support women’s health,” said Dr. Ana Maria Lopez, president of the American College of Physicians (ACP).
Such policies “hurt the health of our population,” Lopez, a professor at the University of Utah School of Medicine in Salt Lake City, said by email.
In a position paper published in Annals of Internal Medicine, the ACP lays out many areas where health policy decisions may result in discrimination or inequitable barriers to care for women.
Among other things, the paper touches on paid family and medical leave, domestic violence, sexual abuse and harassment, and participation in clinical trials. The paper also addresses access to coverage for reproductive health services.
Access to affordable, comprehensive public or private health insurance that includes coverage for all evidence-based care women need throughout their lives helps not only women but also their families, doctors argue in the paper. To support this level of access and affordability, insurers should not be allowed to impose higher premiums or cost sharing on women because of their sex or gender.
In addition, universal access to family and medical leave with a minimum of six weeks of paid leave can help support women and families when a new baby arrives, a parent gets sick or someone else in the family needs help, doctors note.
Clinicians also need better and more widely available screening tools to identify women who have been victims of sexual violence or intimate partner abuse and treat these patients effectively.
Adding more women to clinical trials may help identify better ways to treat women in a wide variety of circumstances when they might require a different treatment approach than men - for example, with a different dose of a drug or a different symptom checklist for diagnoses.
In research and treatment, clinicians also need to understand that the unique medical needs for women of color, who have an increased risk of certain diseases relative to white women.
Health care providers in all specialties, including internal medicine, should also receive training in health issues that are specific to women and understand leading causes of chronic illness, disability and fatalities in women that aren’t always the same as what’s seen in men.
“Based on comparisons of overall health and survival in countries that surpass Americans’ longevity, the biggest risks to women’s and society’s health are suppression of reproductive health care leading to increased unintended pregnancies, failure to provide paid maternal leave, and lack of universal mental and physical health care insurance,” said Carol Rowland Hogue, author of an accompanying editorial and a researcher at the Rollins School of Public Health at Emory University in Atlanta.
“The ‘canary in the mine’ is maternal mortality, which has risen dramatically over the last four decades - but only here in the U.S. compared with other resource-rich nations,” Hogue said by email.
“This paper highlights approaches that can reverse this trend, including needed research into preventing unintended pregnancy, improving the health of women before they become pregnant, and reducing the causes and consequences of depression through screening at all opportunities and access to effective treatment,” Hogue added.
Providing women with comprehensive reproductive healthcare throughout their lives can help the health of entire families, Hogue said.
“Women are the primary caregivers for both children and the elderly, and women comprise almost half of the U.S. employed workforce,” Hogue added. “When women suffer, families and businesses suffer.”
SOURCE bit.ly/2wYH0qu Annals of Internal Medicine, online May 28, 2018.
| ashraq/financial-news-articles | https://www.reuters.com/article/us-health-women-policies/u-s-doctors-call-for-health-policies-that-support-women-idUSKCN1IT21Y |
When Spotify announced it was pulling the music of R. Kelly from its playlists earlier this month, it seemed like bad news for the R&B singer. When Apple Music and Pandora followed suit , it seemed worse.
So far, though, the actions haven’t made much of an effect on the singer’s income. In fact, on Spotify, streams of R. Kelly songs are actually slightly higher than they were before the changes.
Before the policy change on May 10, music from the entertainer, who has been accused of sexual abuse, but faces no criminal charges at this time, had an average of 6,584,000 streams per week. The week after the announcement, the songs were streamed 6,676,000 times.
The numbers, gathered by Nielsen Music, combine streams from Spotify, Apple Music, Pandora, and other services.
The decision to remove R. Kelly’s music from official playlists was part of a new Spotify policy prohibiting hateful content and conduct on the streaming service. The company did not remove his music from the service, but instead said it will no longer promote it.
“We don’t censor content because of an artist’s or creator’s behavior, but we want our editorial decisions — what we choose to program — to reflect our values,” the company said at the time . “When an artist or creator does something that is especially harmful or hateful, it may affect the ways we work with or support that artist or creator.” | ashraq/financial-news-articles | http://fortune.com/2018/05/22/spotify-pandora-apple-r-kelly-playlists/ |
(Adds company news)
May 18 (Reuters) - Britain’s FTSE index was up 0.09 percent at 0712 GMT.
* JUST GROUP: Private equity investor Permira said on Friday it had sold its entire stake in British specialist pensions provider Just Group for 143 pence a share.
* OPHIR ENERGY: Ophir Energy Chief Executive Officer Nicholas Cooper will step down with immediate effect, the Asia- and Africa-focused oil producer said on Friday.
* DUNELM: British retailer Dunelm Group Plc said on Friday it has appointed Laura Carr as its new Chief Financial Officer.
* HIKMA: Hikma Pharmaceuticals Plc said its generics business had a good start to the year helped by a favourable product mix, despite continued pricing pressure in the United States.
* SAINSBURY: Britain’s competition regulator on Friday invited all interested parties in the proposed deal to combine Sainsbury’s with Walmart’s WMT.N Asda to comment on the impact it could have.
* LLOYDS BANKING GROUP: Lloyds Banking Group said on Friday it had sold its Irish residential mortgage portfolio to Barclays BARC.L for around 4 billion pounds ($5.4 billion) in cash, as part of a plan to focus on its core UK market.
* BARCLAYS: Activist investor Edward Bramson is calling on Barclays to end the bulk of trading activities at its investment bank, in a radical plan to cut costs and boost returns at the British lender.
* RYANAIR: Ryanair said its issues with pilot staffing have stabilised, with would-be Ryanair pilots queueing up to join after the company decided to recognise unions and offer direct contracts.
* GSK: GlaxoSmithKline is putting more marketing muscle behind its new lung drugs and is looking for a sales boost as top respiratory experts gather to analyse clinical trials data at a meeting in San Diego this weekend.
* RBS: The British unit of Spain's biggest bank Banco Santander SA plans to apply for a slice of the 775 million pounds of funds that RBS agreed to make available to stimulate competition in the U.K. small-business lending market, Bloomberg reported. bloom.bg/2k896v8
* BP: BP Plc and ConocoPhillips are in discussions for an asset swap deal that would see the U.K. energy major gain a greater foothold in a key project in the North Sea and the U.S. explorer get Alaskan assets, Bloomberg reported. bloom.bg/2rMbdIq
* SAINSBURY: UK Business secretary Greg Clark has written to the UK competition regulator insisting that its inquiry into J Sainsbury's proposed takeover of Asda must look at the implications for supermarket suppliers., FT reported. on.ft.com/2IO4LeE
* GOLD: Gold prices edged down on Friday to near their lowest levels this year, pressured by a firm U.S. dollar amid surging U.S. Treasury yields.
* OIL: Oil prices held firm on Friday on strong demand, ongoing supply cuts led by producer cartel OPEC and looming U.S. sanctions against major crude exporter Iran.
* The UK blue chip index closed 53.77 points higher at 7787.97 on Thursday, as strong oil prices helped the index seal its highest ever closing level.
* For more on the factors affecting European stocks, please click on: cpurl://apps.cp./cms/?pageId=livemarkets
TODAY’S UK PAPERS > Financial Times
> Other business headlines Multimedia versions of Reuters Top News are now available for: * 3000 Xtra : visit topnews.session.rservices.com * For Top News : topnews.reuters.com (Reporting by Sangameswaran S in Bengaluru)
| ashraq/financial-news-articles | https://www.reuters.com/article/britain-stocks-factors/update-1-uk-stocks-factors-to-watch-on-may-18-idUSL3N1SP2PG |
A decade after the financial crisis, The Wall Street Journal has checked in on dozens of the bankers, government officials, chief executives, hedge-fund managers and others who left a mark on that period to find out what they are doing now. Today, we spotlight former Merrill Lynch banker Christopher Ricciardi and Moody’s CEO Raymond McDaniel.
Moody’s Corp. Chief Executive Raymond McDaniel Jr. has been guiding the credit ratings firm into new opportunities. But after weathering criticism for giving lofty ratings to debt... | ashraq/financial-news-articles | https://www.wsj.com/articles/moodys-ceo-embraces-new-businesses-but-bond-ratings-as-dominant-as-ever-1526652000 |
May 8 (Reuters) - Kamada Ltd:
* KAMADA LTD - KEDRAB HAS BEEN LAUNCHED IN U.S. Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-kamada-ltd-says-kedrab-has-been-la/brief-kamada-ltd-says-kedrab-has-been-launched-in-u-s-idUSFWN1SF0PZ |
May 9 (Reuters) - Crombie Real Estate Investment Trust :
* QTRLY AFFO $0.26 PER UNIT DILUTED * Q1 FFO PER SHARE VIEW C$0.30 — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-crombie-reit-reports-q1-ffo-030-pe/brief-crombie-reit-reports-q1-ffo-0-30-per-unit-diluted-idUSASC0A18A |
Cramer's lightning round: Sell Priceline parent on pricing pressure 15 Hours Ago Jim Cramer fires off his take on callers' favorite stocks, including a travel booking play that's seeing more competition. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/11/cramers-lightning-round-sell-priceline-parent-on-pricing-pressure.html |
GDP outlook There's now analytical proof behind 'keeping up with the Joneses' Social pressure to compete with neighbors with sudden lotto riches is so great that it leads to a significant increase in both the amount of credit and mortgages people are willing to incur, a new research paper finds. "The magnitude of lottery wins increases the value of risky financial assets (securities) on the balance sheets of nonlottery-winning neighbors," a Federal Reserve study finds. Flashy spending by lottery winners appears to pressure neighbors into spending more themselves. CNBC.com Koji Aok | Getty Images
The larger the lottery reward a lucky gambler collects, the more likely his or her neighbors are to file for bankruptcy, according to a new working paper from the Philadelphia Federal Reserve that sought to find analytical backing for the "keeping up with the Joneses" theory.
The research found that social pressure to compete with one's neighbors on exciting new purchases is so great that it leads to a significant increase in both the amount of credit and mortgages people are willing to incur, the paper finds.
"We find that the magnitude of the neighbor's lottery win is related to the dollar value of more visible, but not less visible consumption assets," wrote Sumit Agarwal of Georgetown University and Vyacheslav Mikhed of the Federal Reserve Bank of Philadelphia.
"The magnitude of lottery wins increases the value of risky financial assets (securities) on the balance sheets of nonlottery-winning neighbors at the time of bankruptcy filing," they added. "On the other hand, the magnitude of the lottery win has no effect on cash and (weakly) decreases less risky assets."
The researchers studied the effects a one-time income boost for one person on the financial stability of that person's neighbors. Limiting the sample to a collection of small neighborhoods in Canada, the researchers wrote, helped guaranteethat neighbors witnessed any obvious changes in consumption by lottery winners. The one lucky winner, they reason, should be clear thanks to flashy purchases like a new car or a larger house.
Among its main findings, the study observed that a lottery win equal to the median annual income for the communities studied increases the rate of bankruptcies among neighbors by 0.03 in the three years after the win, a 6.59 percent increase relative to the average bankruptcy rate.
In turn, that type of "conspicuous consumption" pressures neighbors into spending more themselves. But while social pressures can lead to compelling academic theories, upticks riskier borrowing appeared to have more insidious economic implications.
While the size of the lottery win didn't affect neighbors' credit in the years prior to a lottery win, the researchers found increases in both the number of accounts as well as the dollar balances after lottery wins, implying a net increase in borrowing in neighborhoods following an isolated income shock.
In terms of magnitude, Agarwal and Mikhed found that a 10 percent increase in the lottery amount would buoy all credit accounts by 0.003 and total balances by $134 in the second year after the win.
They also observed a shift in the housing market; according to their calculations, a 10 percent increase in the lottery prize would result in 0.0007 additional mortgages and an additional $165 in mortgage balances in the second year after the win.
"Taken together, these findings are suggestive of the increased borrowing of neighbors because of relative income comparisons, leading to financial distress," Agarwal and Mikhed wrote.
"While the results in this paper are based on microgeographies, [by] examining the very close neighbors of lottery winners, future research could possibly examine whether these results are important for the entire economy," they said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/31/theres-now-analytical-proof-behind-keeping-up-with-the-joneses.html |
(Reuters) - Walmart Inc on Wednesday announced it was paying $16 billion for a roughly 77 percent stake in Indian online marketplace Flipkart, the U.S. retailer’s biggest deal as it battles rival Amazon.com Inc in a burgeoning e-commerce market.
FILE PHOTO: A Common myna sits next to the logo of India's e-commerce firm Flipkart installed on the company's office in Bengaluru, India April 12, 2018. REUTERS/Abhishek N. Chinnappa/File Photo The deal is also Walmart’s biggest bet in foreign markets, where it has historically struggled. The retailer’s previous biggest acquisition, Asda - which it bought in 1999, was sold last month to Sainsbury’s.
Deals and investments made by Walmart in the past two decades:
** Walmart bought UK grocery chain Asda Group PLC in 1999 for 6.7 billion pounds, which was the retailer’s biggest acquisition up until the Flipkart deal. Last month, Sainsbury’s bought Asda for around 7.3 billion pounds, after Walmart struggled with the business over the past five years.
** Walmart sold its German retail business to Metro AG in 2006, taking a loss of $1 billion. The terms of the agreement were not disclosed.
** In 2006, Walmart sold its South Korean retail business to Shinsegae Co for 825 won billion($882 million).
** Walmart spent up to 100 billion yen ($878 million) to buy out minority shareholders in Japanese supermarket unit Seiyu Ltd in 2007.
** In 2012, Walmart got the go ahead from a South African court for its $2.4 billion acquisition of retailer Massmart.
** In 2015, a unit of conglomerate China Resources Corp plans to sell minority stakes it holds in 21 Wal-Mart Stores Inc outlets around China for $525 million.
** In June 2016, Walmart sold its Chinese online grocery store, Yihaodian, in return for a stake in the country’s no. 2 e-commerce firm JD.com Inc.
** Walmart paid $3.3 billion for internet retailer Jet.com and its innovative pricing software in the August of 2016.
** Walmart in January 2017, announced that it was buying online shoe seller Shoebuy.com from Barry Diller’s IAC/InterActiveCorp IAC for $70 million.
** Walmart bought online outdoor retailer Moosejaw in February 2017 for about $51 million in cash giving the U.S. retailer a slew of popular brands including Patagonia and North Face.
** In March 2017, Walmart bought women’s vintage-inspired retailer Modcloth.com. The value of the transaction was not disclosed.
** In June of 2017, Walmart said it would buy online men’s fashion retailer Bonobos Inc for $310 million.
Reporting by Aishwarya Venugopal in Bengaluru; Editing by Bernard Orr
| ashraq/financial-news-articles | https://in.reuters.com/article/flipkart-m-a-walmart-factbox/factbox-walmart-notches-biggest-foreign-investment-with-16-billion-flipkart-deal-idINKBN1IA2ME |
May 30, 2018 / 3:33 AM / Updated 26 minutes ago Endangered whale shark fins found in Singapore Airlines shipment to HK Reuters Staff 3 Min Read
HONG KONG (Reuters) - Shark fins from endangered species including the giant, placid whale shark were found in a Singapore Airlines shipment to Hong Kong in May, highlighting the widespread challenges the Chinese territory faces in regulating the trade.
The 980 kgs (2,150 pounds) shipment of assorted fins came from Colombo, Sri Lanka via Singapore. Singapore Airlines, which bans shark fin cargo, said in an emailed statement on Wednesday that the shipment had been labelled as “Dry Seafood”.
Hong Kong permits imports of shark fins, viewed as a delicacy, but shark species listed by the U.N. Convention on International Trade in Endangered Species (CITES) must be accompanied by a permit.
Hong Kong is the world’s largest trading hub for shark fins and has moved to stop illegal trading.
On the fringes of the former British colony’s industrial Western district where the Singapore Airline’s shipment was sent to, warehouses brim with bags of shark fins while dried seafood stores are stacked high with the product.
Gary Stokes, Asia director at Sea Shepherd, who discovered the endangered fins within the shipment, said: “This is another case of misleading and deceiving. The shipment came declared as ‘dried seafood’ so didn’t flag any alarms.”
Singapore Airlines said it had sent out a reminder to all its stations to immediately conduct sampling checks on shipments labelled ‘dried seafood’ and had blacklisted the shipper. The airline was not able to provide further details.
A Sea Shepherd investigation last year revealed that Maersk, Cathay Pacific and Virgin Australia Cargo, which ban transport of shark fins, were targets of shark fin smuggling including those from endangered species.
Viewed as a status symbol, shark fin is typically consumed in a shredded jelly like soup believed to have nourishing benefits. Restaurants across Hong Kong serve the delicacy, including one of the biggest chains, Maxims, which is half-owned by a unit of conglomerate Jardine Matheson Group.
Over 70 million sharks are killed annually, pushing over a quarter of species into extinction according to WWF.
Despite activists helping to dent the volume of shark fins coming into Hong Kong by 50 percent over the past 10 years, illegal supply has continued to boom with the government seizing thousands of kilograms including those from threatened hammerhead and oceanic white tip sharks. Reporting by Farah Master; Editing by Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hongkong-environment/endangered-whale-shark-fins-found-in-singapore-airlines-shipment-to-hk-idUKKCN1IV08P |
NEW YORK, May 2 (Reuters) - The U.S. bond market’s gauge of investors’ outlook for five-year inflation rose on Wednesday as the government refrained from selling another issue of five-year Treasury Inflation Protected Security later this year, which some analysts had expected.
At 8:43 a.m. (1243 GMT), the five-year inflation breakeven rate, or the yield gap between five-year Treasury Inflation Protected Securities and regular five-year Treasury notes, erased an earlier decline. It was 2.10 percent, up 1 basis point from late Tuesday, Tradeweb data showed. (Reporting by Richard Leong Editing by Chizu Nomiyama)
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-bonds-tips/u-s-5-year-tips-breakeven-rate-turns-higher-idUSL1N1S90GV |
After President Trump pulled out of the Iran nuclear deal, experts wanted to know what comes next?
Today, Secretary of State Mike Pompeo answered this question. Critics will no doubt dwell on what the defunct Iran deal could have achieved, but this is wasted energy.
Pompeo made this clear by trashing it for ten minutes before announcing there would be no "new deal." It will be replaced with a three-pronged strategy that would "crush" the Iranian regime if it did not give up its aggression and rejoin "civilization." But his strategy has holes.
First, he promised "the strongest sanctions in history." It's true, this could bend the Ayatollah's will. Iran has a collapsing economy, high unemployment, and run-away inflation. Worse, Iran's nuclear program and shadow wars in Syria, Iraq and Yemen have cost billions.
Sanctions would force the regime to choose between funding its military ambitions or saving its economy, and Pompeo is betting on the latter. However, the regime has consistently chosen the former since its founding 40 years ago. Expanding Shia Islam is how the regime legitimatizes its existence, from the Iran-Iraq War to present hostilities. Expecting this to change now is folly.
"The biggest problems are what Pompeo left out. For example, we're going back to a pre-Iran Nuclear Deal policy, which wasn't working hence the deal in the first place." Second, Pompeo wants to contain Iranian aggression. This means forcefully pushing back on Iranian cyberattacks, proxy wars in Syria and Yemen, and threats against international shipping in the Persian Gulf. Harkening back to his CIA days, he said the U.S. and allies (read Israel) would hunt down and stop Iranian agents around the world. Iran would no longer have "carte blanche to operate."
While this tough talk sounds impressive, it's how wars start. World War I started with an assassination that spiraled into the Great War because world leaders didn't want to back down. The Cuban Missile Crisis almost set off World War III, and the same could happen today.
Readers will remember the close call of the USS Stark in 1987, when an Iranian jet fighter nearly sank a U.S. frigate by "accident." Washington, Tehran and Pyongyang are full of hot heads, making accidental war a threat.
Third, Pompeo stressed Washington would "advocate tirelessly for the Iranian people." America would defend the human rights of the Iranian people, he said, and encourage allies to do the same. He especially stressed equal rights for women.
Pompeo said this strategy had 12 objectives, most of which I believe are unattainable. For example, he demanded the release of all American political prisoners in Iran, a complete halt of nuclear activities, and its full withdrawal from Syria. It's hard to see why Iran would do any of this now.
For example, Iran owns Syria the same way Russia owns the Crimea. Why would they leave at this point? Israel might go to war with Iran over this, and suck the U.S. into a war with Iran too. It's a bad strategy.
The biggest problems are what Pompeo left out. For example, we're going back to a pre-Iran Nuclear Deal policy, which wasn't working hence the deal in the first place. Also, how to end the war in Syria, an intractable conflict? You can't deal with Iran without touching Syria.
Pompeo didn't mention Russia once, Iran's main backer and a rising powerbroker in the Middle East. For example, Russia could infuse billions into Iran's failing economy, nullifying the sanctions.
Russia could support its ally militarily, playing nuclear chicken with the Washington. Would the U.S. really declare war against Russia over a naval standoff in the Persian Gulf? Doubtful. Russia is the only country that could vaporize the U.S., something many forget. Moscow is the power player here, not Iran, and Pompeo didn't mention this once, a serious oversight.
Lastly, Pompeo's speech had spooky overtones of the lead up to the invasion of Iraq, 2003: We must be tougher on Iraq/Iran and promote regime change to stop its nuclear ambitions. America has been there and done that, and probably doesn't want to do it again.
Commentary by Sean McFate, a senior fellow at the Atlantic Council and the Changing Character of War Centre, Oxford University. Follow him on twitter @seanmcfate.
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/pompeos-tough-talk-on-iran-is-how-wars-start.html |
May 9, 2018 / 12:10 PM / Updated 3 minutes ago Wall Street surges on higher oil after U.S. quits Iran deal Noel Randewich 4 Wall Street surged on Wednesday as surging oil prices boosted energy stocks following U.S. President Donald Trump’s decision the previous day to quit a nuclear agreement with Iran. Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 3, 2018. REUTERS/Brendan McDermid
Gains were broad and volume was high, with all but the utilities and telecom sectors advancing as investors who had moved to the sidelines in recent days ahead of Trump’s decision returned to the market.
“It’s classic ‘buy on the terrible news’,” said Ian Winer, director of trading at Wedbush Securities in Los Angeles, referring to the wider market’s rally. “People had gotten way too nervous about this.”
Trump’s decision for the United States pull out of the international agreement aimed at preventing Iran from obtaining a nuclear weapon was good news for investors betting on a rise in oil prices. Crude hit its highest level in 3-1/2 years as investors bet the U.S. withdrawal would increase risks of conflict in the Middle East and curtail global oil supplies.
The S&P energy index .SPNY jumped 2.03 percent, bringing its gain this quarter to 12.6 percent, more than any other sector.
“The rise in oil is helping energy sector, which is expected to be a pretty big growth sector. A lot of analysts are expecting strong earnings as oil rebounds, and that hasn’t really played out so much early this year,” said Shawn Cruz, senior trading specialist at TD Ameritrade in Chicago.
The Dow Jones Industrial Average .DJI rose 0.75 percent to end at 24,542.54 points, while the S&P 500 .SPX gained 0.97 percent to 2,697.79.
The Nasdaq Composite .IXIC added 1 percent to finish the session at 7,339.91.
The Cboe Volatility Index .VIX, the most widely followed barometer of expected near-term volatility for the S&P 500, closed down 1.29 points at 13.42, its lowest close since Jan. 26.
Worries lingered that rising oil prices would perk up inflation. The U.S. 10-year Treasury yield US10YT=RR rose to a two-week high and above the key 3 percent level on expectations of higher interest rates. [US/]
With March-quarter reports mostly wrapped up, S&P 500 earnings per share appear to have surged by 25.9 percent, helped by deep corporate tax cuts introduced this year, according to Thomson Reuters I/B/E/S.
In stock trading, Google-owner Alphabet Inc ( GOOGL.O ) rose 2.87 percent, providing more lift than any other stock to the S&P 500. It was followed by Facebook Inc ( FB.O ), which rose 2.09 percent.
Walmart Inc ( WMT.N ) fell 3.13 percent after the retailer took a majority stake in Indian e-commerce firm Flipkart for about $16 billion.
Walt Disney ( DIS.N ) dipped 1.79 percent despite reporting a quarterly profit above Wall Street estimates.
Advancing issues outnumbered declining ones on the NYSE by a 1.71-to-1 ratio; on Nasdaq, a 1.65-to-1 ratio favored advancers.
The S&P 500 posted 40 new 52-week highs and 11 new lows; the Nasdaq Composite recorded 168 new highs and 52 new lows.
Volume on U.S. exchanges was 7.1 billion shares, compared with the 6.6 billion-share average over the last 20 trading days. Additional reporting by Saqib Ahmed in New York and Sruthi Shankar in Bengaluru; editing by Chizu Nomiyama and Jonathan Oatis | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-stocks/futures-rise-on-oil-rally-after-u-s-exits-iran-deal-idUSKBN1IA1QJ |
May 10 (Reuters) - Diplomat Pharmacy Inc:
* DIPLOMAT PHARMACY APPOINTS BRIAN GRIFFIN AS CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF THE BOARD
* DIPLOMAT PHARMACY INC - BOARD WILL EXPAND TO EIGHT MEMBERS WITH GRIFFIN’S APPOINTMENT Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-diplomat-pharmacy-appoints-brian-g/brief-diplomat-pharmacy-appoints-brian-griffin-as-ceo-and-chairman-of-board-idUSASC0A1GE |
Immediate focus is new markets in Europe and Asia
NEW YORK--(BUSINESS WIRE)-- ClassPass , the leading fitness membership, today announced it will be expanding its global presence by launching in nine new countries by the end of 2018. The company’s immediate focus includes widening its existing network in the UK and launching three new countries in Asia. ClassPass has hired Chloe Ross as VP of International to lead the charge on global strategy and execution.
ClassPass is currently in 50 cities across four countries including the US, Canada, the UK and Australia. After successfully launching 10 new domestic cities in the US last fall, the company has now shifted its focus to launching more than 20 new countries internationally by the end of 2019 while doubling-down on the density of studio offerings in its existing markets.
“ClassPass is already the leading fitness aggregator in the US, and we have yet to find a city where ClassPass does not work,” said Fritz Lanman, ClassPass CEO. “We are excited to accelerate our footprint both domestically and internationally with the goal of more than doubling our network size and establishing a major global presence. Chloe joining the team is a critical piece in implementing the infrastructure and team on the ground in order to accomplish these ambitious goals.”
Chloe Ross joins ClassPass with nearly two decades of strategy and operating experience across the tech, policy and corporate sectors, including international strategy at Microsoft and developing policy in the UK Prime Minister’s Strategy Unit. Having also previously been a CEO herself for a SaaS eCommerce platform, she brings extensive B2B marketplace knowledge and an entrepreneurial spirit that are inherent to the ClassPass culture. She will be based out of the ClassPass London office.
“I look forward to joining the ClassPass team at this inflection point of hypergrowth,” said Chloe Ross, ClassPass VP of International. “ClassPass has the team, product, partners and technology to be the global leader in the fitness space, and I’m excited to be part of the ride as we expand into new territories.”
ClassPass is immediately launching new cities in the US, Canada and UK, including Manchester and Bristol, and will launch in three new countries in Asia within the coming months and an additional six countries by the end of the year. The company’s 2019 plans include adding 17 new international markets to the growing network.
“As we continue towards our vision of ‘every life, fully lived,’ this rapid expansion will allow us to positively impact the lives of even more people across the world,” said Payal Kadakia, ClassPass Founder. “When we first launched in New York, the goal was always to bring ClassPass to a massive global audience, so this is a huge milestone in making that a reality.”
About:
Founded in 2013, ClassPass is the leading fitness membership. With over 9,000 partners in 50 cities worldwide, ClassPass connects members to a variety of fitness experiences, including yoga, cycling, Pilates, barre, running, strength training, dance, sports, videos and more. Recognized as one of Forbes's Next Billion Dollar Startups, ClassPass leverages proprietary technology to dynamically merchandise and surface over a million fitness classes for a seamless booking experience that facilitates discovery.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005769/en/
ClassPass PR
Ashley Hennings
[email protected]
Source: ClassPass | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-classpass-announces-aggressive-global-expansion-plans-brings-on-vp-of-international.html |
May 1 (Reuters) - Sinovac Biotech Ltd:
* SINOVAC FORCED TO TEMPORARILY SUSPEND FLU VACCINE PRODUCTION DUE TO DISRUPTIVE ACTIONS TAKEN BY MINORITY SHAREHOLDER OF SINOVAC BEIJING
* SINOVAC BIOTECH LTD -EXPECTS SUSPENSION WILL RESULT IN ITS INABILITY TO SUPPLY FLU VACCINES FOR 2018 TO 2019 FLU SEASON Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-sinovac-forced-to-temporarily-susp/brief-sinovac-forced-to-temporarily-suspend-flu-vaccine-production-idUSASC09YJ4 |
May 15, 2018 / 1:29 PM / Updated 8 minutes ago Brazil's Marfrig gets funding to pay for National Beef - filing Reuters Staff 1 Min Read
SAO PAULO, May 15 (Reuters) - The board of Brazil’s Marfrig Global Foods SA authorized the company on Tuesday to get a loan of up to $900 million to finance the acquisition of U.S.-based National Beef Packing Company LLC.
The acquisition was announced on April 9, for $969 million. (Reporting by Tatiana Bautzer Editing by Chizu Nomiyama) | ashraq/financial-news-articles | https://www.reuters.com/article/national-beef-packin-ma-marfrig-gl-foods/brazils-marfrig-gets-funding-to-pay-for-national-beef-filing-idUSE6N1PP01U |
May 3 (Reuters) - Apollo Global Management LLC:
* APOLLO SAYS CONTINUES TO ANALYZE THE MERITS OF A C-CORP CONVERSION; DO NOT HAVE SPECIFIC TIMETABLE FOR MAKING DETERMINATION - INVESTOR CALL (Reporting by Joshua Franklin)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-apollo-says-still-looking-at-merit/brief-apollo-says-still-looking-at-merits-of-c-corp-conversion-idUSL1N1SA0Z1 |
STOCKHOLM, May 4, 2018 /PRNewswire/ --
Highlights from the first quarter
In local currencies, sales increased by 10 percent for the first quarter. Reported sales increased by 4 percent to 2,941 MSEK (2,833). In local currencies, operating profit from product segments1) increased by 11 percent for the first quarter. Reported operating profit from product segments increased by 6 percent to 1,079 MSEK (1,021). Operating profit2) amounted to 1,047 MSEK (1,235) for the first quarter. The first quarter 2017 included larger one-time items of 238 MSEK relating to capital gains from the sale of STG shares and from the sale of a parcel of land. Profit after tax amounted to 766 MSEK (932) for the first quarter. Earnings per share amounted to 4.36 SEK (5.07) for the first quarter. Adjusted earnings per share3) increased by 15 percent to 4.36 SEK (3.78). As of January 1, 2018, Swedish Match implemented the new revenue recognition standard, IFRS 15. This implementation has a significant effect on the recognition of net sales, but an immaterial impact on profit. Consequently, the Group's reportable segments have changed. Financial statements of 2017 have been restated to reflect the recognition of revenue according to the new standard. Further information is given in Note 1, Accounting principles.
1) Operating profit for Swedish Match product segments, which excludes Other operations and larger one-time items.
2) Operating profit for the Group, which includes Other operations and larger one-time items.
3) Earnings per share adjusted to exclude income from Scandinavian Tobacco Group (STG) and larger one-time items.
For the full report: www.swedishmatch.com/Investors/Financial-reports/Interim-reports/
Swedish Match telephone conference
A telephone conference will be held today, Friday, May 4 at 2:00 p.m. (CET), (1:00 p.m. UK time). At this time we will review and comment on the results. Participants will include Lars Dahlgren, Thomas Hayes, and Emmett Harrison.
Listen to the telephone conference: www.swedishmatch.com/Investors/Presentations/Webcasts-and-audiocasts/
Telephone conference presentation: www.swedishmatch.com/Investors/Presentations/
Contacts:
Lars Dahlgren,
President and Chief Executive Officer
Office +46-8-658-0441
Thomas Hayes,
Senior Vice President and Chief Financial Officer
Office +46-8-658-0108
Emmett Harrison,
Senior Vice President Investor Relations and Corporate Sustainability
Office +46-8-658-0173
Richard Flaherty,
President US Division, US Investor Relations contact
Office +1-804-787-5130 | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/04/pr-newswire-swedish-match-interim-report-january--march-2018.html |
Oldest pandas outside China at home in Mexico City Saturday, May 26, 2018 - 01:27
Female pandas, 'Mexicans' Shuan Shuan and Xin Xin, living long lives due to natural environment of enclosures and lots of zoo-grown bamboo. Rough cut (no reporter narration).
Female pandas, 'Mexicans' Shuan Shuan and Xin Xin, living long lives due to natural environment of enclosures and lots of zoo-grown bamboo. Rough cut (no reporter narration). //reut.rs/2IPzjO1 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/26/oldest-pandas-outside-china-at-home-in-m?videoId=430522769 |
May 7 (Reuters) - Alcentra Capital Corp:
* ALCENTRA CAPITAL CORPORATION ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS
* ALCENTRA CAPITAL CORP - NET ASSET VALUE AT QUARTER-END $11.22 PER SHARE
* ALCENTRA CAPITAL CORP - QTRLY NET INVESTMENT INCOME OF $3.8 MILLION, OR $0.27 PER SHARE Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-alcentra-capital-corp-reports-qtrl/brief-alcentra-capital-corp-reports-qtrly-net-investment-income-of-3-8-mln-or-0-27-per-share-idUSASC0A09W |
Brandon Crawford highlighted a 17-hit attack with a two-run double and two-run home run Saturday afternoon, lifting the San Francisco Giants to a 9-4 victory over the Colorado Rockies in San Francisco.
Andrew McCutchen complemented Crawford’s performance with three hits, including a pair of doubles, as the Giants turned the tables on the Rockies after Colorado had won the first two games of the series 5-3 and 6-1.
The Rockies led 2-1 before singles by McCutchen and Buster Posey, and a walk to Brandon Belt, loaded the bases in the third inning, setting the stage for Crawford’s two-run, go-ahead double. Miguel Gomez followed with an RBI single, completing a three-run inning while increasing the San Francisco lead to 4-2.
The Rockies hung within 5-4 before McCutchen doubled in a pair of runs in the fifth inning to give the Giants a three-run cushion.
Crawford then smacked his fourth homer of the season, a two-run shot, in the seventh, putting the Giants in a commanding position at 9-4. He finished 3-for-5, raising his batting average in May to .449 (31-for-69).
Right-hander Chris Stratton (5-3) got the win despite allowing four runs (three earned) and eight hits in five innings. He walked two and struck out one. Four Giants relievers combined to blank the Rockies the rest of the way.
Right-hander Jon Gray (4-6) took the loss. He was roughed up for five runs and nine hits in 3 2/3 innings, walking one and striking out four. Along the way, Gray recorded his 400th career strikeout.
Crawford finished with four RBIs for the Giants, who snapped a three-game losing streak and improved to 3-3 on a seven-game homestand that ends Sunday.
Posey, Belt, Gomez and Evan Longoria added two hits apiece for the Giants.
Charlie Blackmon and Gerardo Parra had two hits each, and Ian Desmond scored twice for the Rockies, who fell to 3-2 on their nine-game trip.
Blackmon also scored a pair of runs, while Parra had Colorado’s only extra-base hit in the game, a double.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-sf-col-recap/crawford-giants-pound-rockies-9-4-idUSMTZEE5K01D8HI |
PRAGUE, May 4 (Reuters) - Komercni Banka posted a 26.5 percent drop in first-quarter attributable net profit on Friday, less than expected but sharply down after the Czech lender booked gains from a real estate sale in the same period a year ago.
Profit at the bank, majority owned by Societe Generale of France, dropped to 2.999 billion crowns ($140.96 million), versus the average estimate of 2.87 billion crowns in a Reuters poll.
Net interest income rose in the quarter. But overall banking revenue fell by a more-than-expected 3.6 percent to 7.57 billion crowns, dragged lower by weaker financial operations income.
The bank also said it planned to update its strategy in the coming years to counter pressure on profit margins and growing competition. It will simplify, digitalise and accelerate customer processes in its retail and corporate segments, it said, adding implementation of its KB Change 2020 plan would bring a net positive financial contribution starting from 2019. ($1 = 21.2750 Czech crowns) (Reporting by Jason Hovet)
| ashraq/financial-news-articles | https://www.reuters.com/article/komercni-banka-results/komercni-banka-q1-profit-falls-less-than-expected-plans-strategy-shift-idUSP7N1PY013 |
UPDATE 1-Chicken massacre as Brazil truckers disrupt commodity exports Ana Mano and José Roberto Gomes Published 58 Mins Ago
* 70 million chickens killed as animal feed supply fails
* Soybean exporters consider declaring force majeure
* Beef rots in trucks stuck on roadsides
* Hundreds of sugar mills shut down (New throughout, adds Abiove quote and context)
SAO PAULO, May 29 (Reuters) - Striking truckers in Brazil have disrupted supply and exports of farm produce from one of the world's agricultural commodity powerhouses.
Brazil is the top global exporter of soybeans, sugar, coffee and chickens. The strike over high fuel prices has paralyzed Latin America's largest economy, emptied Brazilian roadways and left major cities running short on food, gasoline and medical supplies.
Farmers and merchants have been unable to get their supplies to key ports during the nine days of industrial action. The strike has been slow to unwind even after the government agreed to subsidize diesel prices in a bid to end protests.
The strike has had a devastating impact on livestock. Tens of millions of chickens have been killed because feed supplies have failed. If they begin to starve, chickens start eating each other, so meat packers have culled flocks quickly, according to poultry and pork processing association ABPA.
"Lack of feed leads chicken to start pecking each other and blood and cuts appear, making them confuse flesh for food. Thats when cannibalism starts," an industry source said on condition of anonymity because the person is not authorized to speak to the media.
Some 70 million chickens had died as of Monday, ABPA said, adding that farmers were running out of space to dispose of their carcasses. Brazil is the world's biggest chicken exporter, supplying over a third of all shipments. The Latin American country is a big supplier of chicken to Asia and the Middle East.
ABPA estimated that the country had lost 120,000 tonnes in potential exports since truckers began protesting.
Nearly 4,000 trucks of beef are sitting on roadsides throughout the country, and the meat will soon rot, said beef packer trade group Abiec. Only two of Brazil's 109 beef processing plants continued to operate, according to Abiec, and even those plants were working at half their capacity.
Brazilian beef processors said they had lost an estimated 40,000 tonnes of potential exports worth $170 million since the strike began.
FORCE MAJEURE CONSIDERED
Soybean exporters are considering declaring force majeure on shipments, a contractual clause that releases them from obligations because of events beyond their control, according to Anec, a trade group representing grains exporters such Archer Daniels Midland Co. and Louis Dreyfus Co.
No trucks had delivered soybeans to Santos, the largest port in Latin America, since the protests started on May 21, an Anec exporters group spokesperson said.
Brazil is one of the biggest suppliers to top buyer China.
Soy crushers group Abiove said on Tuesday all soy crushing units had ground to a halt in Brazil because of lack of supplies.
"There are reports that road blockades have been lifted in some places but we don't know if the units started receiving raw materials to resume crushing," an Abiove representative told Reuters on Tuesday.
International sugar futures notched their biggest percentage one-week rally so far this year as the strike prompted worries that millers in the world's top sugar producer and exporter would slow crushing and be unable to get product to ports.
Cane harvesting in Brazils center-south, the world's largest cane belt, has slowed because of fuel shortages.
As many as 340 mills in Brazil's center-south could be shut by Thursday if the strike persists, up from 220 already shut, said trade group Fórum Nacional Sucroenergético late on Monday.
Around 150 sugar mills have shut down in the state of Sao Paulo, trade group UNICA said in a statement on Monday. About 60 percent of the country's ethanol and sugar are produced in the state.
Brazil's top coffee exporter Cooxupé warned foreign clients last week about possible shipping delays due to the protests.
Brazil is the biggest grower and exporter of coffee, and the strike helped drive international benchmark Arabica coffee futures on ICE up 2 percent to just above $1.20 per lb last week. The strike came just ahead of Brazil's main arabica harvest.
The Brazilian coffee industry is losing an estimated 70 million reais ($18.75 million) per day due to the protests, trade group Abic said. ($1 = 3.7326 reais) (Reporting by Ana Mano and José Roberto Gomes in SAO PAULO; additional reporting by Marcy Nicholson and Chris Prentice in NEW YORK Editing by Simon Webb and Susan Thomas) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/reuters-america-update-1-chicken-massacre-as-brazil-truckers-disrupt-commodity-exports.html |
Pretty much every single data point emerging from the jobs market these days is signaling that wages should be accelerating — except for actual paychecks.
That looks to be changing soon, even if it's been a long time coming.
The latest sign came this week, when the Bureau of Labor Statistics said job openings rose to a record 6.6 million positions in March, even if hiring hasn't been that great lately. Strictly speaking, that should indicate that employers hungry to hire will be forced into paying higher wages to attract workers.
But average hourly earnings growth actually decelerated in April, fueling the continuing conundrum over what's happening in the labor market.
"All this data signals that wage growth should accelerate going forward," Nick Colas, co-founder of DataTrek Research, said in his daily market note Wednesday. "Otherwise, the mystery of the missing wage growth will continue."
Indeed, economists and Federal Reserve policymakers have been in quandary over why wages aren't higher.
The unemployment rate fell to 3.9 percent in April , but average hourly earnings rose just 2.6 percent over the year, a slowing from the 2.7 percent gain in March.
The last time the unemployment rate was that low, in December 2000, wages grew at a 4.2 percent pace, a level that the job market hasn't come close to matching throughout the recovery that began in mid-2009.
There are numerous theories for why this hasn't happened, but the most popular is a skills mismatch that has left employers groping to find workers. In March, there were essentially the same amount of workers that the BLS counted as unemployed as there were job openings.
Multiple surveys that the Fed conducts of its business contacts have indicated that the skills gap remains a major issue.
"If you can't fill a certain position, by definition you can't give this nonexistent employee a raise," Colas wrote. "This dilemma highlights the ongoing difficulty of employers finding qualified workers. The interest is there, but the skills needed to meet many jobs' requirements are not."
However, there's hope.
This week's Job Openings and Labor Turnover Survey indicated a record high in what Colas calls his "take this job and shove it" indicator. That's a comparison from the JOLTS release between the quits rate, or those leaving their jobs voluntarily, against the total separations, which encompasses all reasons why workers leave or are fired from their positions.
The current level is at 63.2 percent, a record high, which he said "shows a greater belief among workers in their own ability to attain a more lucrative position and that the economy is strong enough to offer better jobs."
Matthew Busch | Bloomberg | Getty Images Employees build components for hybrid electric vehicle motors at the Toshiba International manufacturing facility in Houston, Texas. So when does wage inflation finally start showing up?
Any day now, says Amy Glaser, senior vice president at Adecco, the world's largest staffer of temporary workers.
"It's truly a candidate's market, and companies are really struggling to find top talent. So we're seeing them make concessions," Glaser said. "Most of my discussions now [with employers] tend to be what is the return on investment they can expect when giving a raise to their employees."
Companies are offering not only significantly higher wages but also other incentives and benefits to try to lure workers, so long as they can find those with the right qualifications.
Glaser said the current situation "defies the laws of supply and demand," but economist David Rosenberg said that's not going to last forever. Rosenberg, chief economist and strategist at Gluskin Sheff, said there's typically a six-month lag from a peak in quits and a rise in wages, "so we will give it more time."
"The shape of the curves may be different than they have looked before, but the laws of supply and demand have not been repealed," Rosenberg wrote in his daily note to clients, adding, "that goes for any market, labor or otherwise." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/all-the-signs-are-there-for-higher-pay-but-mystery-of-missing-wage-growth-continues.html |
UK will bounce back from weak start to 2018 - BoE's Carney 12:35pm EDT - 01:35
Mark Carney said on Tuesday he expected Britain's economy to bounce back from a weak start to the year, when it was hit by snowstorms. As David Pollard reports, the Bank of England governor was speaking before a parliamentary committee, amid criticism over the bank's forward guidance policy.
Mark Carney said on Tuesday he expected Britain's economy to bounce back from a weak start to the year, when it was hit by snowstorms. As David Pollard reports, the Bank of England governor was speaking before a parliamentary committee, amid criticism over the bank's forward guidance policy. //reut.rs/2IAT0sF | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/22/uk-will-bounce-back-from-weak-start-to-2?videoId=429352666 |
BRUSSELS—European powers, jolted by the U.S. decision to withdraw from the 2015 nuclear deal, turned attention Wednesday to trying to save the pact by preserving enough of the deal’s economic benefits to persuade Tehran to stay on board.
But they face a tall task, as the U.S. threatens punitive sanctions to companies doing business with Iran and Iranian officials expressing diffidence that the Europeans can deliver enough economic benefits to stick with the accord.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/europe-pulls-together-in-bid-to-preserve-iran-deal-1525869615 |
Cambridge Analytica shuts down after data scandal 5:35am BST - 00:53
Controversial political consultancy Cambridge Analytica is shutting down following a massive scandal over data it mined from Facebook during the 2016 election. Justin Mitchell reports.
Controversial political consultancy Cambridge Analytica is shutting down following a massive scandal over data it mined from Facebook during the 2016 election. Justin Mitchell reports. //reut.rs/2Ksvo6F | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/03/cambridge-analytica-shuts-down-after-dat?videoId=423320763 |
May 3 (Reuters) - Minerva Neurosciences Inc:
* MINERVA NEUROSCIENCES REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS AND BUSINESS UPDATES
* Q1 LOSS PER SHARE $0.32 * CASH, CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES AS OF MARCH 31, 2018 WERE ABOUT $121.1 MILLION
* CASH, CASH EQUIVALENTS, RESTRICTED CASH AND MARKETABLE SECURITIES AS OF MARCH 31, 2018 WERE APPROXIMATELY $121.1 MILLION Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-minerva-neurosciences-reports-q1-l/brief-minerva-neurosciences-reports-q1-loss-per-share-0-32-idUSASC09ZI5 |
May 2 (Reuters) - China Beidahuang Industry Group Holdings Ltd:
* ON 26 APRIL, CO ESTABLISHED A MEDIUM TERM BOND PROGRAMME WITH AGGREGATE NET PROCEEDS NOT EXCEEDING HK$300 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-china-beidahuang-industry-group-up/brief-china-beidahuang-industry-group-updates-on-medium-term-bond-programme-idUSFWN1S90JH |
No right answer in Yanny/Laurel debate, says doctor Thursday, May 17, 2018 - 01:37
''Yanny'' or ''Laurel''? The saga continues as the audio illusion that's gone viral has no right or wrong response, says NYU Langone Health professor Mario Svirsky. Rough Cut (no reporter narration).
"Yanny" or "Laurel"? The saga continues as the audio illusion that's gone viral has no right or wrong response, says NYU Langone Health professor Mario Svirsky. Rough Cut (no reporter narration). //reut.rs/2KBQej9 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/no-right-answer-in-yanny-laurel-debate-s?videoId=427909538 |
BRUSSELS (Reuters) - The world’s largest steelmaker ArcelorMittal said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.
The group did not give a specific forecast for its own prospects, but repeated that it saw 2018 global apparent steel consumption, which takes into account inventory changes, growing by between 1.5 and 2.5 percent.
The steel industry, worth about $900 billion a year, is seen as a gauge of the world’s economic health.
ArcelorMittal said demand was likely to increase this year for steel in machinery and construction amid solid expansion in the United States and Europe, while Brazil, another of its large markets, had pulled clear of a two-year recession.
The spread between the price of steel and its raw materials was also healthy, the company said.
“The outlook for 2018 has strengthened as the year has progressed, with the combination of growing demand and supply-side reform driving higher capacity utilisation rates and healthy steel spreads globally,” Chief Executive Lakshmi Mittal said in a statement.
First-quarter core profit (EBITDA), the figure most closely watched by analysts, rose 13 percent year-on-year to $2.51 billion, above the average $2.33 billion expected in a Reuters poll of 10 analysts.
ArcelorMittal shares matched a four-year high of 30.76 euros and were up 2.2 percent at 30.22 euros at 0820 GMT, making them among the strongest performers in the FTSEurofirst index of leading European shares.
Commerzbank analyst Ingo Martin Schachel said the results were strong at every level and mainly linked to higher profit margins, with plants running at full capacity after capacity reduction in Europe and North America and protective trade measures already in place.
“The first quarter was better than expected and the market backdrop for the second and third quarters is better than we imagined at the start of the year. It’s improving almost on a week-by-week basis,” he said.
ArcelorMittal said its average steel selling price was 18.2 percent higher than in the first quarter of 2017, with shipments up 1.4 percent. For iron ore, of which it mines more than 50 million tonnes a year, shipments rose 5.5 percent, while prices were down 13.1 percent.
The firm has been a vocal supporter of trade measures against cheap imports into both the United States and the European Union, where it has the bulk of its operations.
“Comprehensive solution for unfairly trade imports across geographies still required,” ArcelorMittal said in an overview of EU and U.S. measures, including the 25 percent import tariffs imposed since March 23 by U.S. President Donald Trump, with certain temporary exemptions, such as for EU steel.
The principal target of such measures has been China, the world’s largest consumer and producer of steel and a key gauge for the global industry, even though ArcelorMittal itself has no direct exposure to the Chinese market.
Chinese steel exports declined at the start of the year as local demand has grown and the state has reined its domestic steel capacity to curb stifling smog. However, they jumped in April despite the U.S. tariffs.
FILE PHOTO: Rolled up steel sits in the ArcelorMittal Dofasco steel plant in Hamilton, Ontario, Canada, March 13, 2018. REUTERS/Mark Blinch/File Photo Reporting by Philip Blenkinsop, Editing by Sherry Jacob-Phillips and Alexander Smith
| ashraq/financial-news-articles | https://in.reuters.com/article/arcelormittal-results/arcelormittal-beats-first-quarter-estimate-bullish-on-full-year-idINKBN1IC0EE |
Kroger is buying meal kit company Home Chef as brick and online services continue moving to brick and mortar grocery stores.
The initial price is $200 million and could go up to $700 million over the next five years in exchange for Home Chef meeting certain milestones, including "significant" growth of in-store and online meal kit sales, the companies said.
Home Chef posted $250 million in revenue last year and posted two profitable quarters, the companies said. Investors have worried whether these services, while popular, could be profitable.
Blue Apron 's stock has struggled since going public last June. Shares closed at $2.97 on Wednesday. They started trading at $10 per share in their initial public offering.
The company announced last month it would bring its kits to grocery stores this year.
Rival grocer Albertsons acquired Plated, another meal kit company, last summer. It plans to roll out the kits to hundreds of stores by the end of the year.
Kroger and other grocers are trying to keep up in e-commerce. Amazon is planning to give Prime members more perks at Whole Foods, the natural and organic grocer it acquired last year in a shocking move that rattled the industry.
Competitors have been racing to keep up with changes in how consumer are shopping. Kroger signed an exclusive deal last week with Ocado to receive the U.K.-based online retailer's grocery delivery service.
Shares of Kroger were flat on the news. They've slid nearly 11 percent this year. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/23/kroger-to-buy-home-chef-in-bid-to-capitalize-on-meal-kit-craze.html |
Brendan McDermid | Reuters President Donald Trump's personal lawyer Michael Cohen exits a hotel in New York City, April 11, 2018.
The Miami section of the roadshow occurred April 4. Foreign Policy reported that one person who was at the forum in Miami said that Cohen had "sat in one roundtable discussion" at the event.
A spokesman for the Qatari embassy said that Cohen had asked for the meeting with Al Thani, but would not confirm the meeting happened.
"The State of Qatar has never been a client of Mr. Cohen," the spokesman told Foreign Policy.
CNBC has requested comment from Qatar's embassy, as well as from Stephen Ryan, a lawyer for Cohen.
Qatar's leader, Sheikh Tamim bin Hamad Al Thani, met with Trump in the Oval Office at the tail end of the roadshow, on April 10.
Just a day earlier, on April 9, FBI agents, armed with search warrants, raided the New York City home and office of Cohen, as well as a hotel room where he and his family had been staying while their apartment was being renovated.
The agents, acting on behalf of federal prosecutors in Manhattan, seized documents and electronic files, as well as cells phones and other electronic devices. Prosecutors are investigating Cohen for possible crimes related to his business dealings. Mark Wilson | Bloomberg | Getty Images President Donald Trump, right, and Sheikh Tamim bin Hamad Al Thani, the Emir of Qatar, shake hands during a meeting in the Oval Office of the White House in Washington, D.C., on Tuesday, April 10, 2018.
The White House has denied such an affair. But Trump and his new lawyer, Rudy Giuliani , in recent weeks have confirmed that the president reimbursed Cohen for the payment to Daniels , despite Trump's previous claim that he had no knowledge of the hush-money payoff.
On May 8, Michael Avenatti, a lawyer for Daniels, revealed that records showed that four other entities — drug giant Novartis , AT&T , defense contractor Korean Aerospace Industries and private equity firm Columbus Nova — had paid Cohen hundreds of thousands of dollars after Trump became president.
Columbus Nova is closely tied to Viktor Vekselberg, a Russian oligarch who is himself closely linked to Russian President Vladimir Putin .
Columbus Nova has said Vekselberg played no role in its decision to hire Cohen as a "business consultant," for a reported amount of $500,000. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/trump-lawyer-michael-cohen-met-with-qatar-official-before-fbi-raid-report.html |
May 11 (Reuters) - Mosaic Co:
* MOSAIC CO - AT 2018 ANNUAL MEETING OF STOCKHOLDER, MOSAIC STOCKHOLDERS ELECTED THIRTEEN DIRECTORS - SEC FILING Source text: ( bit.ly/2wyQZaI ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mosaic-stockholders-elected-thirte/brief-mosaic-stockholders-elected-thirteen-directors-idUSFWN1SI1HI |
3D printing helping improve health outcomes 10:41am EDT - 02:24
Surgeons in the UK are using 3D printing in life saving and complex surgeries. Jessica Omari takes a look at how it works and speaks to a surgeon involved in using this techology.
Surgeons in the UK are using 3D printing in life saving and complex surgeries. Jessica Omari takes a look at how it works and speaks to a surgeon involved in using this techology. //reut.rs/2KSLWoE | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/3d-printing-helping-improve-health-outco?videoId=425878075 |
PARIS (Reuters) - France said on Friday it had thwarted a possible ricin attack after intercepting messages on the secure social media platform Telegram and a source in the Paris prosecutor’s office said an Egyptian-born student was in police custody.
French Interior Minister Gerard Collomb heads a staff meeting in Paris, France, May 13, 2018. REUTERS/Pascal Rossignol Police raided the student’s residence in the capital’s densely populated 18th arrondissement on May 11 on suspicion he had links to criminal networks, the source said. Four days later he was placed under formal investigation and denied bail.
A second man who was arrested was later released. Interior Minister Gerard Collomb said the two were brothers, but the official in the prosecutor’s office said this was not the case.
“We’re following a number of people on (social media) networks. These two happened to be on Telegram,” Collomb told BFM TV. “We were able to trace them, identify this plot and stop them.”
Collomb said the student possessed “instructions on how to build ricin-based poisons.”
A week ago, a Chechen-born Frenchman went on a stabbing rampage in central Paris, killing one person before police shot him dead, an attack that again exposed the difficulty European intelligence services face in keeping track of suspected extremists.
More than 240 people have been killed on French soil over the past three years in attacks launched by Islamist militants or individuals inspired by groups like Islamic State.
Reporting by Sophie Louet and Emmanuel Jarry; Writing by Richard Lough; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://in.reuters.com/article/france-security/france-foils-possible-ricin-attack-by-egyptian-born-brothers-idINKCN1IJ0ST |
May 4 (Reuters) - PHASE HOLOGRAPHIC IMAGING PHI AB :
* PHI INCREASE SALES IN FOURTH QUARTER, AS WELL * NET SALES DURING FOURTH AND FINAL FISCAL QUARTER OF 2017/18 AMOUNTED TO 2.2 (1.2) MSEK
* NET SALES DURING Q3 2017/18 AMOUNTED TO 1.4 (1.2) MSEK Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-phi-q4-2017-18-net-sales-up-at-sek/brief-phi-q4-2017-18-net-sales-up-at-sek-2-2-million-idUSASO00049M |
HOUSTON, May 8, 2018 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) (the "Company"), the bank holding company for Spirit of Texas Bank, announced today the closing of its initial public offering of 2,300,000 shares of its common stock, including 300,000 shares of its common stock pursuant to the exercise in full by the underwriters of their option to purchase additional shares, at a public offering price of $21.00 per share, before underwriting discounts and commissions. The Company's common stock began trading on the NASDAQ Global Select Market on May 4, 2018 under the trading symbol "STXB."
Stephens Inc. and Keefe, Bruyette & Woods, a Stifel Company, acted as joint book-running managers for the offering. Piper Jaffray & Co. and Sandler O'Neill + Partners, L.P. acted as co-managers for the offering.
A registration statement relating to these securities was declared effective by the U.S. Commission (the "SEC") on May 3, 2018. The offering was made only by means of a prospectus forming part of the registration statement. Copies of the final prospectus relating to the offering may be obtained from Stephens Inc., 111 Center Street, Little Rock, Arkansas 72201, Attention: Syndicate, or by calling toll-free 1-800-643-9691 or Keefe, Bruyette & Woods, Inc., 787 Seventh Avenue, 4th Floor, New York, New York 10019, Attention: Equity Capital Markets, or by calling toll-free 1-800-966-1559. Copies of the registration statement relating to these securities and the prospectus may also be obtained free of charge from the website of the SEC at www.sec.gov .
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 Spirit of Texas Bancshares, Inc.
The Company is the bank holding company for Spirit of Texas Bank, a state savings bank with total assets of $1.03 billion, headquartered in Conroe, Texas that delivers relationship-driven financial services to small and medium-sized businesses and individuals through 15 full-service branches located primarily in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas. Please visit https://www.sotb.com for more information.
Investor Relations Contact:
Ken Dennard / Natalie Hairston
Dennard Lascar Investor Relations
713-529-6600
[email protected]
View original content: http://www.prnewswire.com/news-releases/spirit-of-texas-bancshares-inc-announces-closing-of-upsized-initial-public-offering-of-common-stock-300644936.html
SOURCE Spirit of Texas Bancshares, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-spirit-of-texas-bancshares-inc-announces-closing-of-upsized-initial-public-offering-of-common-stock.html |
Facebook to offer new features 02:11
Facebook CEO Mark Zuckerberg said Facebook will soon offer new services, including online dating, clearing of browsing history, and new video options. Aleksandra Michalska reports.
Facebook CEO Mark Zuckerberg said Facebook will soon offer new services, including online dating, clearing of browsing history, and new video options. Aleksandra Michalska reports. //reut.rs/2FxYf69 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/01/facebook-to-offer-new-features?videoId=423034149 |
May 3, 2018 / 7:39 AM / Updated 23 minutes ago U.N. chief Guterres sees meaningful negotiation ahead on North Korea Reuters Staff 1 Min Read
LONDON (Reuters) - United Nations Secretary-Genera Antonio Guterres on Thursday said he was optimistic about the prospects for progress on the issue of North Korea’s nuclear programme after recent diplomatic moves by Pyongyang, Seoul and Washington. FILE PHOTO - U.N. Secretary-General Antonio Guterres reacts during a news conference at Rosenbad in Stockholm, Sweden April 23, 2018. TT News Agency/Henrik Montgomerry/via REUTERS
“I am optimistic ... I think now things are on track for a meaningful negotiation,” he said during an interview on BBC Radio 4.
“It’s in the interest of the North Koreans that have been dramatically impacted by the sanctions, it’s in the interest of South Korea that needs peace and security, it’s in the interest of China that was always against a nuclear North Korea but also wants a good security framework in the region, it’s in the interest of the United States because for the United States the de-nuclearisation of the Korean peninsula has always been a main objective.” Reporting by Estelle Shirbon; Editing by Alistair Smout | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-un/u-n-chief-guterres-sees-meaningful-negotiation-ahead-on-north-korea-idUKKBN1I40LU |
0 COMMENTS Progressive's Flo bot can recognize some categories of words outside of insurance jargon but is oblivious to others, helpful for avoiding a reputation-damaging encounter. Photo: Kim S. Nash / The Wall Street Journal
Sign up here for The Morning Download, and get the most important news in business technology emailed to you each weekday morning. Subscribe to WSJ Pro Cybersecurity for in-depth coverage on cybersecurity trends, breaches and best practices. Good morning, CIOs. Companies are beginning to see a competitive advantage in text-based chatbots that offer just a little bit more to everyday insurance and banking tasks than the usual no-nonsense customer service. CIO Journal’s Kim S. Nash and Sara Castellanos report on the efforts made by software developers at Progressive Insurance and Capital One Financial to translate wit, empathy and branding into code.
Giving chatbots more of voice offers advantages… Bots that bring “humanity” to banking, rather than simply convey data, are a competitive advantage, Capital One Financial Corp. CIO Rob Alexander says. “The winners in banking are going to be great technology companies that are able to … bring banking to customers in ways that really appeal to them,” he said.
…and new challenges. Doing business via text, where tone and context is everything, pushes corporate software programmers into new territory, teaching systems to understand and “chat” in natural language. Plus, the AI that powers many of these virtual assistants can be unpredictable. “Now we need to design a conversation,” says Roberto Masiero, vice president of innovation labs at Automated Data Processing Inc ., which is working on chatbots for human resources.
GDPR
Europe’s strict new GDPR privacy laws take effect Friday, requiring even many small and medium-size U.S. firms to overhaul the way they handle customer data. Photo: DADO RUVIC/REUTERS
GDPR has companies big and small racing to comply. The new General Data Protection Regulation is forcing hundreds of thousands of companies—multinationals like Mastercard Inc . and insurer Allianz SE , but also small manufacturers and even restaurants—to change how they gather and handle information about Europeans, even if the companies have no physical footprint in Europe. The Journal’s Sam Schechner and Natalia Drozdiak check the pulse .
Allianz. The Munich-based insurer said it has spent tens of millions of euros to get ready for GDPR, including mobilizing hundreds of privacy experts from 80 subsidiaries to make changes.
Accor SA. The French hotel group hired an outside vendor to build a map of all the ways it uses data, and then to keep that map updated in case regulators come for an audit.
Mastercard. The credit-card firm joined with International Business Machines Corp. to set up an external trust that will hold and anonymize the data, so Mastercard has no ability to reidentify individuals from it.
CYBERSECURITY
The final match in soccer’s UEFA Champions League competition is taking place Saturday in Kiev, Ukraine. Photo: SERG GLOVNY/ZUMA PRESS
FBI moves to dismantle network of hacked devices linked to Russia. The Federal Bureau of Investigation moved to dismantle a large network of hacked routers and storage devices that Cisco Systems Inc. and U.S. and Ukraine authorities said could be used to launch a massive cyberattack, possibly timed to next Saturday’s UEFA Champions League soccer final in Kiev. The WSJ’s Robert McMillan reports that Ukraine has blamed Russia for a wave of disruptive cyberattacks that have shut down electricity and hacked computers across the country over the past three years.
OTHER TECHNOLOGY NEWS
Samsung Electronics' home appliances are displayed at Samsung's headquarters in Seoul. Photo: LEE JAE-WON/ZUMA PRESS
Samsung wants AI in all devices. To speed the effort, Samung Electronics Co. is opening AI research centers in Cambridge, U.K., Toronto and Moscow this month, the Journal’s Timothy W. Martin reports . The company plans to build an internal team of at least 1,000 AI-dedicated engineers and researchers by 2020.
Uber ends self-driving program in Arizona. The company made its announcement two months after one of its vehicles operating in autonomous mode killed a pedestrian in Arizona, Reuters reports. Uber Technologies Inc. will continue tests in Pittsburgh and in two cities in California.
Bookings up. Uber’s first-quarter revenue rose 70% from the prior year to $2.59 billion, while gross bookings, a measure of how many rides and fresh food deliveries were made, jumped 55%, the WSJ’s Greg Bensinger reports .
Macron meets with tech leaders. French President Emmanuel Macron on Wednesday told chief executives from Facebook Inc., Microsoft Corp. , Intel Corp. and IBM that tech must contribute more to society and, hey, why not France. “There is no free lunch,” he told the executives, according to Reuters . “So I want from you some commitments.”
IBM helps with the tab. The company announced it would hire 1,400 people in France over the next couple of years. Reuters reports that the new hires will focus on blockchain, cloud and the internet of things.
Elon Musk shares latest proposal. Billionaire entrepreneur Elon Musk, unhappy with media coverage of Tesla Inc. , said he plans to create a Yelp.com-like site to let people rate the credibility of journalists and news organizations, the Journal’s Tim Higgins reports . Mr. Musk suggested he would name it after Pravda, the former Soviet Union’s main propaganda outlet.
Judge rules Trump may not block critics on Twitter. Doing so violates their right to free speech, Judge Naomi Reice Buchwald of the Southern District of New York ruled. The WSJ’s Rebecca Ballhaus has more .
Next PlayStation is three years off. Sony Corp. wants to spend three more years readying its next videogame move, the head of the PlayStation business said. The WSJ’s Takashi Mochizuki says the announcement marks a slight slowdown in the six-to-seven-year update cycle for the console since the first one debuted in 1994.
EVERYTHING ELSE YOU NEED TO KNOW
U.S. trading partners expressed alarm about threatened American tariffs on imported cars, which could hit allies hard and disrupt the industry around the world. (WSJ)
A senior North Korean official renewed a threat to call off a Kim-Trump summit and warned that Pyongyang could “make the U.S. taste an appalling tragedy it has neither experienced nor even imagined.” (WSJ)
Comcast is escalating its threat to disrupt Walt Disney’s megadeal to buy the bulk of 21st Century Fox’s assets , a potential move that could reshape the power structure in the entertainment industry. (WSJ)
NASA chief James Bridenstine unequivocally told a Senate panel that human activity is the primary cause of climate change. (WSJ)
The Morning Download cues up the most important news in business technology every weekday morning.
Share this: CHATBOTS DOWNLOAD GDPR IBM Previous Businesses Get Into the 'Flo' With Chatbots Next Cybersecurity Requires 'Insatiable' Problem-Solving Skills; Technical Skills Can Be Taught | ashraq/financial-news-articles | https://blogs.wsj.com/cio/2018/05/24/the-morning-download-chatbots-push-software-developers-into-new-territory/ |
* Political novice Conte meets parties on cabinet team
* League pushing for eurosceptic economy minister
* Ex-PM Berlusconi to vote against new government
* Italian markets recover after sell-off
By Gavin Jones and Massimiliano Di Giorgio
ROME, May 24 (Reuters) - Italian Prime Minister-designate Giuseppe Conte began putting together his cabinet team on Thursday, with party leaders pushing for an 81-year eurosceptic economist to be given the pivotal post of economy minister.
Conte, a law professor without political experience, is meeting all the groups in parliament to discuss his plans, and is unlikely to give the head of state his list of ministers before Friday evening, the 5-Star Movement said.
Plucked from obscurity by the anti-establishment party as the right man to head its coalition with the far-right League, Conte was given the mandate to form a government on Wednesday by President Sergio Mattarella.
League leader Matteo Salvini is expected to take over the interior ministry to pursue his promised crackdown on illegal immigration, while 5-Star chief Luigi Di Maio wants the labour ministry to enact his pledge to improve welfare for the poor.
Like the prime minister, neither Salvini nor Di Maio have any experience of government.
However, the economy ministry is proving most problematic - a potential clash looms between the League and Mattarella, who has the final say on ministerial appointments.
Salvini is lobbying for Paolo Savona, who has decades of experience in academia, banking and government but has spooked markets with his eurosceptic views that chime with the League’s.
Di Maio endorsed the choice on Thursday, saying he and Salvini were seeking “the best people to bring change to this country, and Savona is certainly among these.”
Savona has called Italy’s adoption of the European single currency a “historic error” and calls for a “plan B” to be drawn up to let it leave the euro zone with as little damage as possible should this should prove necessary.
Mattarella, who stresses that Italy must meet its European commitments, has let it be known through his aides that he does not want Savona. Yet Salvini shows no sign of backing down, creating a headache for Conte and potentially undermining the delicate equilibrium of the coalition before it even gets going.
Former prime minister Silvio Berlusconi, an ally of Salvini before the election, said on Thursday his Forza Italia party would vote against the new government in parliament, calling its programme “a naive book of dreams”.
Forza Italia’s votes are not necessary for the 5-Star/League coalition to obtain a majority.
The nascent government has the backing of most Italians, with an opinion poll by the Demopolis agency on Wednesday showing 61 percent were in favour and 39 percent against.
Savona’s appointment would probably alarm EU heavyweight Germany, in particular. He warns in his latest book that the Germans are now trying to dominate Europe economically, having failed to achieve the goal militarily in World War II.
“Savona’s positions are radically and suicidally anti-German,” former Italian economy minister Vincenzo Visco said in an interview in the daily Corriere della Sera on Thursday.
Italian markets, which sold off this week on the prospect of an inexperienced, eurosceptic government taking over the euro zone’s third largest economy, recovered on Thursday morning. Italy’s main share index was up 0.4 percent and the gap between the yield on Italian benchmark bonds and their safer German equivalent narrowed to 184 basis points from 190 on Wednesday. (Reporting by Gavin Jones Editing by Mark Heinrich)
| ashraq/financial-news-articles | https://www.reuters.com/article/italy-politics/italian-pm-designate-conte-taking-his-time-to-assemble-cabinet-idUSL5N1SV3JF |
SAN SALVADOR (Reuters) - The number of Salvadorans deported from the United States and Mexico fell 38 percent in the first three months of 2018, a U.N. agency said on Tuesday, a decline that coincided with President Donald Trump ending Salvadorans’ temporary protected status (TPS).
According to data compiled by the International Organization for Migration (IOM), which is supported by the United Nations, 5,829 Salvadorans were deported between January and March, compared with 9,392 during the first three months of 2017.
Jorge Peraza, the IOM’s Central America chief, said the Trump administration’s January announcement that it would end Salvadorans’ TPS on Sept. 9, 2019, had contributed to a decline in northbound migration.
“The news of the cancellation of TPS also could have had an effect because in some ways, it acts as a disincentive to undertake a migratory project,” he told Reuters, adding that declining murders in El Salvador and an anti-migration campaign were also factors.
In January, the Trump administration gave Salvadorans 18 months to seek lawful residency or leave the United States, and for El Salvador to prepare for their return. The TPS was granted in the wake of two devastating 2001 earthquakes in El Salvador that left hundreds of thousands of people homeless.
The decision to end TPS for Salvadorans was part of the administration’s broader push to tighten immigration laws and expel those living in the United States illegally.
The IOM data also showed that deportations of Hondurans and Guatemalans from the United States and Mexico had grown over the same period, up 29 percent and 48 percent, respectively.
Reporting by Nelson Renteria, editing by G Crosse
| ashraq/financial-news-articles | https://www.reuters.com/article/us-el-salvador-immigration/deportations-of-salvadorans-fall-as-end-of-tps-slows-migration-iom-data-idUSKBN1IA00V |
May 1 (Reuters) - Bovie Medical Corp:
* BOVIE MEDICAL CORPORATION ANNOUNCES APPOINTMENT OF DIANE I. DUNCAN, M.D., FACS TO MEDICAL ADVISORY BOARD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bovie-medical-announces-appointmen/brief-bovie-medical-announces-appointment-of-diane-duncan-m-d-facs-to-medical-advisory-board-idUSASC09YQ3 |
May 12, 2018 / 2:06 PM / a day ago BRITAIN'S LEWIS HAMILTON PUTS MERCEDES ON POLE POSITION AT SPANISH FORMULA ONE GRAND PRIX Reuters Staff | ashraq/financial-news-articles | https://uk.reuters.com/article/britains-lewis-hamilton-puts-mercedes-on/britains-lewis-hamilton-puts-mercedes-on-pole-position-at-spanish-formula-one-grand-prix-idUKMT1ALTL8N1SJ0AC1 |
May 23 (Reuters) - Bilibili Inc:
* . ANNOUNCES FIRST QUARTER 2018 FINANCIAL RESULTS * Q1 NON-GAAP LOSS PER SHARE $0.15
* Q1 REVENUE ROSE 105 PERCENT TO RMB 868 MILLION * QTRLY ADJUSTED NET LOSS WAS RMB3.2 MILLION AND ADJUSTED NET LOSS MARGIN WAS 0.4%,
* QTRLY AVERAGE MONTHLY PAYING USERS REACHED 2.5 MILLION, A 190% INCREASE FROM SAME PERIOD IN 2017
* AVERAGE MONTHLY PAYING USERS FOR MOBILE GAMES REACHED 0.8 MILLION IN QUARTER, A 79% INCREASE FROM SAME PERIOD IN 2017
* AVERAGE MONTHLY ACTIVE USERS REACHED 77.5 MILLION IN QUARTER, A 35% INCREASE FROM SAME PERIOD IN 2017; MOBILE MAUS REPRESENTED 82% OF MAUS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bilibili-inc-q1-non-gaap-loss-per/brief-bilibili-inc-q1-non-gaap-loss-per-share-0-15-idUSASC0A3HE |
Republicans finally managed to roll back some of the Wall Street regulations passed by Congress in the wake of the 2008 financial crisis after years of trying.
While it wasn't a full repeal as some had hoped, it's the first legislative overhaul since the Dodd-Frank Act became law in 2010.
This debate has primarily been framed as a fight over regulation. Democrats generally want more to protect taxpayers and investors from the next crisis; Republicans want less because they argue it stifles economic growth .
More from The Conversation:
The US economy is in desperate need of a strong dose of fiscal penicillin
How money is destroying the world
Recent stock market sell-off foreshadows a new Great Recession
So who's right?
Based on our combined 35 years of experience with securities markets and the research we've done for our book, " When the Levees Break: Re-visioning Regulation of the Securities Markets ," we think both sides are wrong. The issue isn't about more or less regulation but about the need for a streamlined system that supports 21st-century investing.
If we had our way, the whole system of financial regulation would be burned to the ground and replaced with something entirely different.
Of bonds and banks When we think of financial markets, we tend to jumble securities markets like stocks, bonds and commodities with conventional bank lending such as checking accounts and lines of credit.
Dodd-Frank, for example, was ostensibly focused on regulation of securities markets, but the rules that got the most attention were those that affect the "too big to fail" banks. That those banks straddled both worlds – securities trading and traditional banking – is what made the 2008 financial crisis life-threatening.
But only securities trading, and in particular derivatives, was at the root of the crisis. So for our purposes, when we talk about financial regulation, our focus is on the securities markets.
How did we get here? The financial markets meltdown in the fall of 2008 devastated the U.S. economy, but it wasn't nearly as bad as the stock market rout that preceded the Great Depression in October 1929.
After the 1929 crash, lawmakers reacted by passing laws aimed at ensuring investor protection. Two groundbreaking pieces of legislation, passed in 1933 and 1934, required companies to submit quarterly and annual reports and established the Securities and Exchange Commission . These laws form the cornerstone of modern securities markets regulation.
But they were only the beginning. As markets expanded and changed, Congress continued to craft new laws that added more agencies to oversee Wall Street activities. As a result, we have more than two dozen agencies, self-regulatory organizations and exchanges – such as the Commodity Futures Trading Commission , the Treasury, the Department of Labor and the Justice Department – not to mention state securities agencies, all with overlapping regulatory jurisdictions.
Moreover, the laws have been reactionary – rather than visionary – resulting in competing concerns and duplicative audit and enforcement procedures. Not surprisingly, there is largely no coordination or communication between them.
Meanwhile, the SEC – as primary regulator – is bogged down with too many directives, many of which are under- or unfunded. For decades, whenever Congress passed a bill to "regulate" big changes in the markets – from market crashes to "advancements" such as mutual funds and investment advisers – the SEC has been required to add oversight of these new practices to their existing responsibilities. Dodd-Frank, for example, expanded the SEC's role and called for additional internal audits of existing practices but – like past market-related legislation – failed to include funding for those activities.
Amid all the regulation, investor protection seems to have gotten lost.
Enter Dodd-Frank The severity of the 2008 crash and its economic impact – including investment company failures and unprecedented government bailouts – goaded Congress into action.
In 2010 Democratic lawmakers passed the Dodd-Frank Act , the most extensive revision of securities regulation since the 1930s, with the hope that more regulation would prevent another crisis.
Republicans have argued for its repeal ever since, claiming the law and the regulations designed to implement it – some of which have yet to be implemented – inhibit prosperity.
Both parties are missing the point. The current system of financial regulation is built on how stocks were traded in the 1930s – when computers and algorithmic trading had yet to be a glimmer in a quant's eye. To paraphrase an Oldsmobile commercial , it's not your father's stock market anymore.
My, how markets have changed Financial markets have undergone a fundamental transformation over the past 80 years.
First of all, there are the investors themselves. The mom and pop investor who the SEC was created to protect has by and large been replaced by institutional investors, including quantitative analysts, or "quants," that use complex algorithmic formulas to predict the best trading strategies. In fact, algorithmic trading makes up the majority of volume in today's markets.
Then there's the issue of disclosure. Since the dawn of federal securities regulation, lawmakers and regulators have relied on disclosure to protect investors. Public companies are required to disclose volumes of information, from financial information to dealings with Iran and even their code of ethics . As a result, a company can spend over a million dollars each year complying with disclosure regulations that few people actually read. Yet every time there's a new disaster, Congress piles on the disclosure requirements, as happened with Dodd-Frank.
But for all the hundreds of pages of disclosure, at no time in the past 80 years has there been a mandate to review the actual securities products issued by public companies and investment banks. There are no "safety" standards for stocks, like there are for cars or toasters. The products that brought down the house in 2008 – mortgage-backed securities and products derived from them – continue to be offered to the public, including new ones backed by credit card debt and student loans .
Finally, the SEC and other regulators are unequipped to keep up with the breathtaking changes in technology, let alone anticipate potential advances and challenges. To understand why, one must only consider the breadth of organizations that have fallen victim to hackers, from Target and Yahoo to the Veterans Administration, and the Federal Reserve itself .
Unfortunately, however, Congress does not fund the SEC in a way that would allow it to pay for the skills or systems it needs to keep up with technological and other market advances. Following Dodd-Frank, for example, the SEC's budget was actually reduced, even as its responsibilities multiplied.
In sum, what we have is a regulatory system that fails in its mission to protect investors. The structure used to oversee current investment practices, corporate disclosures, product development and technological advances is based on the market failures of 1929. It's a bit like trying to surf the internet using a typewriter.
Preparing for the next crash The next "big" crash will likely be bigger than the last one. So how do we prepare for it?
What we've done so far won't protect us in the future. Dodd-Frank is largely an extension of the existing patchwork structure. While the new legislation won't make things worse – as it's targeting small and mid-sized banks – Republican hopes to repeal the rest of it and return banks to the pre-crisis period of self-regulation would. After the next crash, institutions will not be too big to fail, they'll be too big to save.
The answer, in our view, is to move away from a fight about how much regulation toward a complete rethinking of how we regulate investing . Only then will the U.S. begin to prepare for the next big one.
Commentary by Jena Martin and Karen Kunz , a Professor of Law and Associate Professor of Public Administration at West Virginia University, respectively. They are also contributors at The Conversation , an independent source of news and views from the academic and research community. Follow Karen Kunz on Twitter @kakunz .
For more insight from CNBC contributors, follow @CNBCopinion on Twitter. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/wall-street-regulations-need-a-facelift-not-a-minor-dodd-frank-makeover.html |
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| ashraq/financial-news-articles | https://www.reuters.com/article/brief-fitch-rates-san-francisco-internat/brief-fitch-rates-san-francisco-international-airport-revs-a-outlook-stable-idUSFWN1S80L2 |
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