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PARIS (Reuters) - French President Emmanuel Macron’s party is seen easily outperforming its rivals in next year’s European Parliament elections, the first poll on the issue showed on Wednesday, which could give a boost to his EU reform plans.
French President Emmanuel Macron waits for a guest after a meeting with NATO's Secretary-General at the Elysee Palace in Paris, France, May 15, 2018. REUTERS/Gonzalo Fuentes/Pool The 40-year-old French president lacks clout in the European legislature, where some of his plans to reform the European Union may stand or fall, because his start-up party has no formal representation there.
His Republic on The Move party and center-right Modem allies are seen winning 27 percent of the votes to elect France’s EU lawmakers in May 2019, the Ifop poll for Valeurs Actuelles magazine showed.
That’s ahead of Marine Le Pen’s far-right National Front which, with 17 percent of the votes, would lose its current status as the biggest French parliamentary contingent in the European legislature.
Even if it came ahead in France, Macron’s party would still need to forge alliances with like-minded parties from other countries to crack the current dominance of the conservative EPP and Social-Democrat PES at the Strasbourg-based parliament.
Macron has seen his popularity drop sharply since his election a year ago, but he benefits from the opposition’s fragmentation and weaknesses.
The conservative The Republicans would win 15 percent of the votes, and the far-left France Unbowed 14 percent, with other parties in the low single digits.
When he first laid out his thinking on reforms, Macron talked about creating a sizeable separate budget for the 19 countries that share the single currency, appointing a single finance minister and converting the bloc’s emergency rescue fund into something more akin to a European monetary fund.
German Chancellor Angela Merkel has praised Macron for his ideas but poured cold water on some of them, especially those that may result in Germany taking on more risk.
Reporting by Ingrid Melander; editing by Michel Rose
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-parliament-macron/macrons-party-seen-outperforming-french-rivals-in-2019-eu-elections-poll-idUSKCN1IG3EC |
Basketball legend Shaquille O'Neal has listed his sprawling, Florida estate for a whopping $28 million, Premier Sotheby's International Realty announced Monday .
The lakeside mansion includes a 6,000-square-foot indoor basketball court and an "aquarium-style room" with a saltwater triangular fish tank.
Uneek Uneek The three-acre estate is located in the posh, gated golf community of Isleworth, which has also been home to golf star Tiger Woods and N'SYNC member Joey Fatone. The affluent community it located outside Windermere, Florida, near Orlando.
Uneek O'Neal purchased the mansion for $3.95 million in 1993, when it was a 23,000 square-foot Neo-Colonial, according to the Orlando Sentinel . Now, the estate boasts an impressive 31,000 square feet of living space.
The property, which is being exclusively marketed by Danial Natoli of Premier Sotheby's International Realty, includes luxurious amenities like a sound-proof home theater, a gallery hall designed for an art collection and a "gentleman's room" with game tables and a wet bar.
Uneek The formal dining room seats 16, and there's also a 1,170-square foot, two-story great room with a marble fireplace and glass walls.
Uneek Outside, the mansion features a 95-foot-long, 15-feet-deep pool with a custom rock waterfall, sunken hot tub and tiki-style open cabana overlooking Lake Butler.
Uneek On the main level, there's a guest wing consisting of five en-suite bedrooms, a great room and a bar. The second level contains a master bedroom area consisting of 900-square-feet and a balcony. Also on the second floor are four en-suite bedrooms and a four-room, master closet with custom shelving.
Uneek The home also has a "showroom-like" garage (O'Neal has been known for his impressive car collection ) and a 2,100-square foot secondary garage, which includes a dance studio and enclosed recording studio.
Uneek "This one-of-a-kind estate was designed for one of the most dominant players in the history of the NBA. Every exquisite detail has been curated to deliver the ultimate luxury living experience," Natoli says .
O'Neal, who has reportedly moved to Atlanta, certainly has the net worth to back up his luxurious digs. In 2014, Forbes listed O'Neal as the sixth highest paid retired athlete, with $20 million in earnings.
O'Neal is now known as a successful businessman and investor and recommends saving and investing 75 percent of your earnings for retirement and long-term goals, and living off the remaining 25 percent.
But he hasn't always been so good at managing his money. At 20, he blew through $1 million in an hour .
Don't miss: Donald Trump used to own this $45 million Connecticut mansion with Ivana — take a look inside
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show chapters Shaq talks business at BTIG’s Charity Day 1:11 PM ET Tue, 8 May 2018 | 07:42 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/pictures-of-shaquille-oneals-28-million-florida-mansion.html |
May 1 (Reuters) - Medicure Inc:
* MEDICURE REPORTS FINANCIAL RESULTS FOR QUARTER AND YEAR ENDED DECEMBER 31, 2017
* QUARTERLY EARNINGS PER SHARE C$3.27 * QTRLY NET REVENUES FOR THE THREE MONTHS ENDED DECEMBER 31, 2017 WERE $5.0 MILLION VERSUS $7.3 MILLION FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-medicure-reports-quarterly-earning/brief-medicure-reports-quarterly-earnings-of-c3-27-share-idUSASC09YV9 |
May 29 (Reuters) - BOYNER PERAKENDE VE TEKSTIL YATIRIMLARI :
* SAID ON MONDAY DECIDES TO INCREASE SHARE CAPITAL TO 657.7 MILLION LIRA FROM 257.7 MILLION LIRA THROUGH RIGHTS ISSUES
Source text for Eikon:
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL5N1T00GH |
First-time director brings "post-post-colonial" South Africa to Cannes 1:13pm IST - 01:07
''The Harvesters'' tells the story of Afrikaners, a community that thrived in the apartheid era but now faces an uncertain future. Rough Cut (no reporter narration) ▲ Hide Transcript ▶ View Transcript
"The Harvesters" tells the story of Afrikaners, a community that thrived in the apartheid era but now faces an uncertain future. Rough Cut (no reporter narration) Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2L5fLT3 | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/17/first-time-director-brings-post-post-col?videoId=427510248 |
Stocks closed higher on Monday amid hopes of a potential breakthrough in trade tensions between the U.S. and China, the world's two largest economies.
The Dow Jones industrial average rose 68.24 points to 24,899.41, with UnitedHealth and Walmart as the best-performing stocks in the index. The 30-stock index also extended its winning streak to eight straight days. The S&P 500 gained 0.1 percent to close at 2,730.13, with energy, health care and materials outperforming. The Nasdaq composite advanced 0.1 percent and finished at 7,411.32.
President Donald Trump pledged Sunday to help Chinese technology firm ZTE Corp to "get back into business, fast" after a U.S. ban had significantly hampered the Asian company.
Tweet
"It's being perceived as healthy," said Daniel Deming, managing director at KKM Financial. "The market sees it as extending an olive branch."
Trump's tweet on Sunday came ahead of the second round of trade talks between the U.S. and China this week. Trade officials are seeking to find a way to resolve an ongoing trade dispute, although Beijing has already said it will not change its current position over the coming days.
Brendan McDermid | Reuters Traders work on the floor of the New York Stock Exchange (NYSE) in New York. "For the President to become suddenly concerned about Chinese jobs is quite a volte-face," said Jonathan Fenby, chairman of China research at TS Lombard. "The most probable explanation can only be that he wants to butter up Xi with a concession on the trade front to get China's help to make [North Korean leader] Kim Jong-un amenable to a deal at the Singapore summit, in an application of linkage he advanced last year of Korea and China trade issues."
Trump and Kim are scheduled to meet in Singapore on June 12. The encounter between the two leaders would mark the first-ever meeting between a U.S. president and a North Korean leader.
Optical component makers saw their stocks jump on Trump's ZTE news, with Oclaro, Lumentum and Finisar rising 2.9 percent, 2.2 percent and 1 percent, respectively. Acacia Communications also surged 8.7 percent.
Chip stocks rose Monday after a report said Chinese regulators will restart a review of the proposed acquisition of NXP Semiconductors by Qualcomm. NXP shares jumped 11.9 percent on the news, while Qualcomm's stock gained 2.7 percent. The Vaneck Vectors Semiconductor ETF (SMH) 1.7 percent on the news.
Still, Commerce Secretary Wilbur Ross said the gap between the U.S. and China " remains wide ." He also said: "Before landing in China we sent them an extremely detailed list of our needs, and they responded with a similarly detailed but as you can imagine quite different list of their proposals."
Equities came into the session riding last week's strong gains. The Dow posted its biggest weekly gain since March last week while the S&P 500 and Nasdaq climbed 2.4 percent and 2.7 percent, respectively.
In corporate news Monday, Xerox fell more than 4 percent after the company abandoned a $6.1 billion deal with Japanese firm Fujifilm as part of a settlement between Carl Icahn and Darwin Deason.
| ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/us-stocks-point-to-a-triple-digit-rally-at-the-open-as-trade-concerns-abate.html |
The shadow war between Israel and Iran in Syria is heating up, and on Monday Israeli Prime Minister Benjamin Netanyahu raised the stakes by revealing that Tehran is secretly maintaining its nuclear-weapons program.
In a presentation on national TV, Mr. Netanyahu revealed the country’s spooks had obtained “half a ton” of documents and CDs from a secret facility in the Shorabad District in southern Tehran. The Israeli leader claims the files “conclusively prove” that Iran lied about its nuclear-weapons program before signing... To | ashraq/financial-news-articles | https://www.wsj.com/articles/the-iran-israel-shadow-war-1525129416 |
Oil prices won't go much higher, says David Spika 3:03pm EDT - 04:25
GuideStone Capital Management's president tells Reuters' Fred Katayama why he thinks the oil rally may soon run its course. He also advises investors nearing retirement to lower their risk exposure without flocking to bonds. ▲ Hide Transcript ▶ View Transcript
GuideStone Capital Management's president tells Reuters' Fred Katayama why he thinks the oil rally may soon run its course. He also advises investors nearing retirement to lower their risk exposure without flocking to bonds. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KSjvY0 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/10/oil-prices-wont-go-much-higher-says-davi?videoId=425664686 |
SOUTH SAN FRANCISCO, Calif., GigaGen Inc., a biopharmaceutical company developing novel antibody therapies, today announced that Sheila M. Keating, Ph.D., has joined the company as Director, Immunology.
"We are pleased to welcome Dr. Keating to GigaGen," said Dave Johnson, Ph.D., CEO of GigaGen. "We have successfully created the world's first recombinant hyperimmune gammaglobulins in our laboratory, and look forward to bringing these therapies to the clinic. Dr. Keating's deep experience in viral infections and responses of human B cell repertoires to vaccines will help lead clinical development of these novel therapies in collaboration with our pharmaceutical partner, Grifols."
"GigaGen's novel recombinant hyperimmune gammaglobulins are an exciting novel class of drugs that hold great promise for transforming the treatment of infectious disease and immune deficiencies," said Dr. Keating. "Viruses and bacteria constantly evolve, which complicates development of monotherapies. GigaGen's polyclonal drugs are a perfect solution, since they cover broad epitopes and span multiple mechanisms of action. I look forward to advancing our therapies from the bench to the clinic to improve outcomes for patients."
Prior to joining GigaGen, Dr. Keating was the Director of the Core Immunology Laboratory at Blood Systems Research Institute (BSRI) in San Francisco. BSRI provides high throughput immunological analysis for large scale medical research projects in the US and internationally. Dr. Keating has spent her career advancing the diagnosis and treatment of infectious and chronic disease through the study of immune biomarkers and immunopathology. She has been the recipient of multiple research grants and has lead both pre-clinical and clinical projects in translational immunology research.
Dr. Keating received a Ph.D. in Immunology at Oxford University in Oxford, U.K., a MSPH in Epidemiology and Tropical Medicine at Tulane University in New Orleans, LA, and a B.A. in Biology at College of Holy Cross in Worcester, MA. She is an Adjunct Associate Professor at the University of California, San Francisco, and has authored more than 80 publications.
About GigaGen
GigaGen is a privately-held, preclinical biopharmaceutical company developing novel antibody therapies to treat diseases of immune dysregulation. GigaGen's deep understanding of immune dysregulation is enabled by industry-leading technology that quickly captures the genetic makeup of entire immune repertoires to analyze B cells at a rate of millions per hour, while simultaneously identifying their antigen and protein binders. GigaGen has a robust internal pipeline consisting of novel antibodies against immuno-oncology targets, in addition to the first recombinant intravenous immunoglobulin (IVIG) for patients with immune deficiency. For more information visit www. GigaGen .com.
releases/gigagen-announces-appointment-of-sheila-m-keating-phd-as-director-immunology-300641946.html
SOURCE GigaGen Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/pr-newswire-gigagen-announces-appointment-of-sheila-m-keating-ph-d-as-director-immunology.html |
May 4 (Reuters) - HTC Corp:
* SAYS UNAUDITED CONSOLIDATED REVENUE AT T$2.10 BILLION ($70.72 million) IN APRIL, T$10.89 BILLION IN JAN-APRIL Source text in English: bit.ly/2w7OFHm Further company coverage: ($1 = 29.6940 Taiwan dollars) (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-htcs-unaudited-consolidated-revenu/brief-htcs-unaudited-consolidated-revenue-down-55-5-pct-y-y-in-april-idUSH9N1S900C |
May refuses to relax Northern Ireland abortion law 7:46pm IST - 01:27
British Prime Minister Theresa May faces a showdown within her Conservative party after refusing to back reform of Northern Ireland's restrictive abortion rules after neighbouring Ireland's vote to liberalize its laws.
British Prime Minister Theresa May faces a showdown within her Conservative party after refusing to back reform of Northern Ireland's restrictive abortion rules after neighbouring Ireland's vote to liberalize its laws. //reut.rs/2L2D4Mr | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/28/may-refuses-to-relax-northern-ireland-ab?videoId=431151230 |
May 9 (Reuters) - EPAM Systems Inc:
* EPAM REPORTS RESULTS FOR FIRST QUARTER 2018 * Q1 NON-GAAP EARNINGS PER SHARE $0.93
* Q1 GAAP EARNINGS PER SHARE $1.15 * Q1 EARNINGS PER SHARE VIEW $0.91 — THOMSON REUTERS I/B/E/S
* SEES FY 2018 NON-GAAP EARNINGS PER SHARE AT LEAST $4.11
* SEES FY 2018 GAAP EARNINGS PER SHARE AT LEAST $3.77 * Q1 REVENUE $424.1 MILLION VERSUS I/B/E/S VIEW $414.1 MILLION
* FOR Q2, COMPANY EXPECTS GAAP INCOME FROM OPERATIONS TO BE IN RANGE OF 11.5% TO 12.5% OF REVENUES
* FOR Q2, COMPANY EXPECTS NON-GAAP INCOME FROM OPERATIONS TO BE IN RANGE OF 15.5% TO 16.5% OF REVENUES
* REVENUE GROWTH FOR 2018 WILL NOW BE AT LEAST 27% * EXPECTS 2018 GAAP INCOME FROM OPERATIONS TO CONTINUE TO BE IN RANGE OF 12% TO 13% OF REVENUES
* EXPECTS 2018 NON-GAAP INCOME FROM OPERATIONS TO CONTINUE TO BE IN RANGE OF 16% TO 17% OF REVENUES
* FY2018 EARNINGS PER SHARE VIEW $4.10, REVENUE VIEW $1.82 BILLION — THOMSON REUTERS I/B/E/S
* Q2 EARNINGS PER SHARE VIEW $0.97, REVENUE VIEW $439.2 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-epam-systems-reports-q1-non-gaap-e/brief-epam-systems-reports-q1-non-gaap-earnings-per-share-of-0-93-idUSASC0A0V8 |
WASHINGTON--(BUSINESS WIRE)-- Buchanan & Edwards Inc. , an award-winning and fast-growing technology leader creating transformative solutions for government customers, announced today that former Associate Director of Foreign Affairs Katie Mooshian has been named the new director of foreign affairs. Mooshian, who has more than a decade of experience managing client delivery teams, will be leading Buchanan & Edwards’ programs at the Department of State and the Agency of International Development.
“We are thrilled to have Katie moving into this position,” said Dennis Kelly, president and CEO for Buchanan & Edwards . “In the past year, she has proven to be an incredible asset to our customers and internal teams in the area of foreign affairs. We look forward to her leadership in this area as we continue to grow and expand our support to customers in the diplomatic area of national security.”
Before joining Buchanan & Edwards in 2017, Mooshian worked at Booz Allen Hamilton, providing support and coaching to various client teams within the company. In that role, Mooshian helped grow business development by more than 200 percent in less than three years and managed an annual client portfolio of more than $7 million.
Mooshian is a graduate of Cornell College, where she earned a bachelor’s degree in international relations, politics and Spanish. She also received a master’s degree in international relations and affairs from George Washington University.
About Buchanan & Edwards
Since 1998, Buchanan & Edwards Inc. has served as a trusted partner on missions of vital importance to our customers, the nation and the world. Our experience in the civilian, defense, intelligence and law enforcement markets combined with our expertise in data analytics, cyber intelligence, operations support, cloud migration and digital services enables us to anticipate change and deliver tomorrow’s solutions today. For additional information, please visit our website at www.Buchanan-Edwards.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180522005501/en/
Media:
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Kristina Messner, 703-678-6023
[email protected]
Source: Buchanan & Edwards Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/22/business-wire-buchanan-edwards-promotes-katie-mooshian-to-director-of-foreign-affairs.html |
has executives.
Friday | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/12/the-associated-press-trump-wants-negotiations-with-california-on-auto-gas-mileage.html |
May 2, 2018 / 8:31 PM / Updated 8 minutes ago BRIEF-Anika Therapeutics Q1 Loss Per Share $0.46 Reuters Staff * Q1 LOSS PER SHARE $0.46
* Q1 REVENUE $21.3 MILLION VERSUS I/B/E/S VIEW $24.3 MILLION
* Q1 EARNINGS PER SHARE VIEW $0.16 — THOMSON REUTERS I/B/E/S
* NOW EXPECTS TOTAL REVENUE GROWTH TO BE FLAT FOR FULL YEAR OF 2018
* TOTAL OPERATING EXPENSES ARE EXPECTED TO BE IN HIGH $90 MILLION RANGE FOR FULL YEAR OF 2018 Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-anika-therapeutics-q1-loss-per-sha/brief-anika-therapeutics-q1-loss-per-share-0-46-idUSASC09Z3Z |
May 4, 2018 / 1:24 AM / Updated 10 hours ago Indonesia looks to blockchain to fix its dodgy data challenges Gayatri Suroyo , Tabita Diela 4 Min Read
JAKARTA (Reuters) - Indonesia, like other emerging markets, has historically struggled to keep accurate records due to a lack of expertise and resources, but the public and private sectors are now looking at blockchain technology to overcome some of these challenges. FILE PHOTO: Bitcoin (virtual currency) coins placed on Dollar banknotes, next to computer keyboard, are seen in this illustration picture, November 6, 2017. REUTERS/Dado Ruvic/Illustration/File Photo
Blockchain, the digital data structure best known for underpinning cryptocurrencies, provides a shared record of information maintained and updated by a network of computers rather than a centralized authority.
This approach to data management could help Southeast Asia’s largest economy, which has difficulties keeping accurate data and control over everything from food output to personal information for its 250 million people across 17,000 islands.
The tax system is one such area and tech firm Online Pajak has launched a blockchain-driven app that allows customers to share encrypted tax data with institutions such as the tax and treasury offices, banks and the central bank.
As well as increasing transparency and reducing paperwork and errors, it would mean tax payers can know for sure they have paid their dues, said Online Pajak founder Charles Guinot.
“Today in Indonesia, there’s no proof you’ve paid,” Guinot said at a briefing to launch the product last week.
The blockchain verification process could also help address doubts that hang over elections in countries like Indonesia.
Horizon State, an Australian firm, plans to launch a phone app on Sumatra island in July, which would enable direct polling on various local policy issues.
Nimo Naamani, the firm’s co-founder, said the system uses blockchain verification and could reduce voting fraud and address the electoral challenges faced by countries with large populations dispersed across remote towns and islands with poor access.
Indonesian banks are also looking at the technology: a survey by Bain & Company published last year found about 80 percent of executives at financial institutions think blockchain will significantly impact markets. A similar percentage expects to start using it before 2020.
Rico Usthavia Frans, director of digital banking and technology at Bank Mandiri, Indonesia’s second-biggest bank by assets, said it was looking at applying blockchain for trade financing, but lenders were waiting for guidelines from regulators.
The Financial Services Authority has a dedicated team to study how blockchain could help the industry, said Fithri Hadi, the regulator’s director of finance innovation.
Crucially, policymakers see the potential to reduce graft in Indonesia’s public programes.
Farm subsidies, for example, are allocated in the state budget based on the previous year’s harvest, though such harvest production statements are difficult to verify due to the large numbers of small farmers. This increases the risk of such estimates being overstated in order to receive more funds.
The government is looking at how it can use the technology directly to authenticate information from fund recipients.
“We want to use the technology platform to be able to identify those groups of people who need to get the benefit,” Finance Minister Sri Mulyani Indrawat told Reuters, noting her staff are looking at ways to use blockchain for tasks such as subsidy disbursement to micro-loan programes.
Blockchain has gained traction in other emerging markets, such as Estonia, which has employed it for a number of services since 2012. Applications include national health, judicial, legislation, security and commercial code systems.
However, Iwan Djuniardi, the tax office’s director of transformational technology, cautions the pace of adoption in Indonesia could be slower.
“It takes time to process a management change before we adopt a new technology. Even cloud technology is still being debated, let alone blockchain,” Djuniardi said. Reporting by Tabita Diela and Gayatri Suroyo; Additional reporting by Cindy Silviana; Editing by Ed Davies and Sam Holmes | ashraq/financial-news-articles | https://in.reuters.com/article/us-indonesia-blockchain/indonesia-looks-to-blockchain-to-fix-its-dodgy-data-challenges-idINKBN1I503R |
May 30, 2018 / 7:58 PM / Updated 3 minutes ago North Korea official in U.S. for talks on summit, differences remain Rodrigo Campos , Jonathan Allen 5 Min Read
NEW YORK (Reuters) - A senior North Korean official made a rare visit to the United States on Wednesday for talks about a possible summit between the leaders of the two countries but the sides appeared far apart on the central issue of Pyongyang’s nuclear weapons. North Korean envoy Kim Yong Chol arrives at a hotel in New York, U.S., May 30, 2018. REUTERS/Lucas Jackson
Kim Yong Chol, a close aide of North Korean leader Kim Jong Un and vice chairman of the ruling Workers’ Party’s Central Committee, arrived at New York’s John F. Kennedy airport on a flight from Beijing. He was later seen entering a hotel in midtown Manhattan.
Kim Yong Chol is due to meet with U.S. Secretary of State Mike Pompeo on Wednesday and Thursday to discuss whether to go ahead with an unprecedented meeting between U.S. President Donald Trump and North Korean leader Kim.
The summit, originally planned for June 12 in Singapore, has been cast in doubt as the two countries - which have technically been at war since the 1950s - test each other’s diplomatic mettle.
Trump last week called off the summit after North Korea expressed anger at comments by senior U.S. officials. But Trump later said he was reconsidering his position and U.S., North Korean and South Korean officials have gone ahead with summit preparations anyway. Related Coverage The man sent by North Korean leader to U.S. for high-level talks
The White House said on Wednesday that negotiations at the demilitarized zone along the border between North and South Korea for the summit were going well and that it expects the historic meeting to take place on June 12.
Separately on Wednesday at Pearl Harbor in Hawaii, Admiral Harry Harris, the outgoing head of U.S. Pacific Command who is Trump’s pick to be the ambassador to South Korea, said North Korea remained the United States’ most imminent threat. “And a nuclear-capable North Korea with missiles that can reach the United States is unacceptable,” Harris said.
A U.S. official said negotiations about the summit’s agenda have so far been slow going, and the two fundamental issues, the definition of North Korean denuclearization and whether both sides would take actions at the same time or separately, remained unsettled. North Korean envoy Kim Yong Chol arrives at a hotel in New York, U.S., May 30, 2018. REUTERS/Lucas Jackson ‘DENUCLEARIZATION’
Trump has sworn not to allow North Korea to develop nuclear missiles that could hit the United States and wants North Korea to “denuclearize,” or get rid of its nuclear arms.
But the leadership in Pyongyang is believed to regard nuclear weapons as crucial to its survival and has rejected unilaterally disarming.
The U.S. official said the U.S. position remained that North Korea must agree to complete, verifiable, and irreversible denuclearization before it can receive any financial assistance, such as relaxation of some economic sanctions, new food or other aid, or new investment, and that the degree of assistance would depend on the pace and extent of Pyongyang’s actions.
North Korea’s position going into the meetings with Pompeo in New York, meanwhile, was that a pledge of denuclearization alone should open the way to economic relief, said the official, who is familiar with the talks and spoke on condition of anonymity. Slideshow (2 Images)
South Korea’s Yonhap news agency quoted Seoul’s Unification Minister Cho Myoung-gyon as saying in a speech on Wednesday that the differences between North Korea and the United States on the denuclearization issue remained “quite significant” and it would not be easy to narrow the gap.
However, Cho added that the engagement of the leaders of the two countries meant “chances are high that common ground can be found.”
Kim Yong Chol is the most senior North Korean official to meet top officials for talks in the United States since Jo Myong Rok, a vice marshal, met then-President Bill Clinton at the White House in 2000.
A former military spy chief, he has played a central role in the thaw in relations over the past six months between North Korea and South Korea, as well as the United States.
During his tenure as a senior intelligence official, Kim was accused by South Korea of masterminding deadly attacks on a South Korean navy ship and an island in 2010. He was linked by U.S intelligence to a cyber attack on Sony Pictures in 2014.
North Korea denied any involvement in the attack on the ship and on Sony Pictures.
North Korea defends its nuclear and missile programs as a deterrent against what it sees as U.S. ambitions to overthrow its leadership and unite the Korean Peninsula. The United States stations 28,500 troops in South Korea, a legacy of the 1950-1953 Korean War. Reporting by Rodrigo Campos and Jonathan Allen in New york; additional reporting by David Brunnstrom and Matt Spetalnick in Washington; Writing by Alistair Bell; editing by Mary Milliken; and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-usa/north-korea-official-in-u-s-for-talks-on-summit-differences-remain-idUSKCN1IV2NS |
May 24, 2018 / 1:48 PM / Updated 16 minutes ago Investors attack Lloyds Bank over mistreatment of customers Sinead Cruise , Lawrence White 4 Min Read
LONDON (Reuters) - Britain’s Lloyds Banking Group ( LLOY.L ) faced a barrage of allegations of poor customer service and withholding misconduct compensation on Thursday, laying bare the task of rebuilding customer trust after years of reputational damage. A woman uses a cash machine at a Lloyds Bank branch in central London, Britain February 25, 2016. REUTERS/Paul Hackett
Shareholders of the UK’s biggest commercial and retail lender were quick to go on the attack at the bank’s annual general meeting, venting their anger over issues from fraud to the mistreatment of small businesses and the rates it charges “vulnerable” mortgage borrowers.
“You’re a liar and a cheat,” one shareholder shouted at Lloyds’ Chairman Norman Blackwell at the start of the meeting, setting the tone for a series of predominantly hostile confrontations between management and investors.
A little more than a year since its return to private ownership after the British government finished selling the stake it assumed following its 2008 bailout, Lloyds has completed a restructuring of its business but is still struggling to restore its reputation.
The hardest-hitting questions posed by investors concerned the fallout from one of Britain’s worst banking frauds at the Reading branch of Lloyds’ HBOS unit, an independent review into which has slipped into 2019.
Six people, including two former HBOS bankers, were jailed last year for the fraud and the bank is still being investigated by Britain’s National Crime Agency. Slideshow (2 Images)
Shareholders grilling Lloyds about the case included British entertainer and television presenter Noel Edmonds, who said the bank had reneged on promises to pay consequential losses to affected customers over and above any compensation due.
Edmonds has been a vocal critic of Lloyds ever since the collapse of his company, Unique Group, which he alleged was “groomed, pillaged and destroyed” by the bank, leading to scores of job losses. ‘DARK FORCES’
“Your brand values are trashed, the black horse has become a symbol of the dark forces in banking,” Edmonds said. “You boasted about a landmark year, some might say it’s been more like a skidmark year.”
Lloyds has apologised to the victims of the HBOS Reading fraud and set aside 100 million pounds for compensation.
Further complaints came from customers who said they were paying more than they should for mortgages on so-called standard variable rates, to which homebuyers are often switched from cheaper initial rates.
Britain’s financial watchdog this month said that about 30,000 borrowers in Britain who took out home loans before the 2008 crisis were now mortgage “prisoners”, blocked from switching to better rates by the terms of their deals.
Shareholder Lisa King said she could have saved 500 pounds a month by switching, had she not been prevented from doing so by the bank, and that she and her husband have suffered “five years of living hell” as a result of the financial burden.
Blackwell said he was not familiar with her case but would ensure it was investigated.
He also invited aggrieved customers to begin legal proceedings against Lloyds if they felt that their complaints had not been handled to their satisfaction.
However, not all attendees were there to berate the board.
Alexander Hopkinson-Woolley said that Chief Executive Antonio Horta-Osorio deserved “a dukedom” for his efforts in rehabilitating Lloyds after the almost fatal government-backed acquisition of troubled lender HBOS at the peak of the financial crisis.
($1 = 0.7469 pounds) | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-lloyds-agm/investors-attack-lloyds-bank-over-mistreatment-of-customers-idUKKCN1IP27C |
TOKYO, May 2 (Reuters) - Japanese government bond prices edged down on Wednesday as market players lightened their positions after the recent rally and ahead of an event-packed long weekend in Japan.
Japanese markets will be closed from Thursday to Sunday for the Golden Week holidays, during which the U.S. Federal Reserve will announce its policy decision and the U.S. payroll data is due.
“It’s mainly driven more by position adjustments ahead of the long weekend given there are a lot of events,” said Naoya Oshikubo, a strategist at Barclays.
A re-offering of 400 billion yen ($3.65 billion) JGBs with one to five years left to maturity on Wednesday attracted less bids than the previous auction, with bid-to-cover falling to 3.65 from 4.91 last time.
Still, on the whole, the auction produced fair results, market players said.
Ten-year JGB futures fell 0.08 point to 150.80 and were on course to mark their first fall in four sessions.
The benchmark 10-year JGB yield rose 0.5 basis point to 0.040 percent.
The 20-year JGB yield rose 1.0 basis point to 0.520 percent and the 30-year JGB yield ticked up 1.0 basis point to 0.725 percent.
The two-year JGB yield rose 1 basis point to minus 0.135 percent, while the five-year JGB yield rose 1.5 basis points to minus 0.105 percent.
$1 = 109.71 yen Reporting by Tokyo Markets Team; Editing by Subhranshu Sahu
| ashraq/financial-news-articles | https://www.reuters.com/article/japan-bonds/jgbs-slip-on-position-unwinding-ahead-of-golden-week-holidays-idUSL3N1S91KR |
With over 31,000 caregivers across 15 states in 221 locations, the newly formed company will serve more than 63,000 individuals and families daily
NEW YORK--(BUSINESS WIRE)-- Today, Great Lakes Caring, National Home Health Care, and Jordan Health Services successfully completed the previously announced transaction to create one of the nation’s largest home-based care providers. The new company brings together three market leaders and creates a comprehensive care continuum of personal care, skilled home healthcare, and hospice care. The combined company will serve more than 63,000 patients and their families daily, employing over 31,000 caregivers across 15 states in 221 locations.
“We are now one of the largest home-based care providers in the United States,” said G. Scott Herman, Enterprise CEO . “By establishing a full continuum of in-home care services through this combination, we believe we will significantly improve clinical outcomes and enhance the patient experience.”
The combination, which was announced on April 10, combines the assets of Great Lakes Caring, National Home Health Care, and Jordan Health Services to create one of the most technologically advanced platforms in the country. Together, combined revenues will top $1 billion annually, making it the fourth largest continuum based homecare company in the United States.
This transaction brings together two leading private equity partners, Blue Wolf Capital Partners and Kelso & Company. Blue Wolf is an investor in National Home Health Care and Great Lakes Caring. Kelso joined forces with Blue Wolf to acquire Jordan Health Services from Palladium Equity Partners, LLC, adding it to the National Home Health Care and Great Lakes Caring continuum.
About National Home Health Care
National Home Health Care Corp., through its four operating subsidiaries, is a provider of home health care services, including nursing care, personal care and other specialized health services in the Northeastern part of the United States. For additional information, please visit www.nhhc.net .
About Great Lakes Caring
Great Lakes Caring Home Health and Hospice is one of the nation’s leading providers of a continuum of home health and hospice care. Great Lakes Caring dedicates its resources to providing value-based, high quality care wherever our patients call home. Great Lakes Caring’s primary focus is to provide superior quality health care to those we are honored to serve, utilizing state-of-the-art technology and innovative processes which drive extraordinary patient outcomes. With locations across the country, Great Lakes Caring provides the right care, at the right time, in the right place. Great Lakes Caring is committed to being a great place to work for employees and is the recipient of Fortune Magazine’s Best Workplaces in Healthcare and Best Workplaces for Millennials awards, in addition to being recognized as a National Best and Brightest Company to Work For. www.GreatLakesCaring.com
About Jordan Health Services
Founded in 1975 and based in Dallas, Texas, Jordan Health Services ( www.jhsi.com ) is one of the nation’s largest home care providers. With its unique blend of services including personal care, case management, skilled nursing, therapy, and hospice services, Jordan’s team of highly skilled and dedicated professionals provide care to approximately 37,000 patients throughout the states of Texas, Oklahoma, Arkansas, and Louisiana.
About Blue Wolf Capital Partners LLC
Blue Wolf Capital Partners LLC is a private equity firm that specializes in control investments in middle market companies. Leading by experience, and with a commitment to excellence, Blue Wolf transforms companies strategically, operationally and collaboratively. Blue Wolf manages challenging situations and complex relationships between business, customers, employees, unions, and regulators to build value for stakeholders. For additional information, please visit www.bluewolfcapital.com .
About Kelso & Company
Kelso has been investing in private equity for over 35 years. Kelso’s industry-leading alignment of interest and partnership approach date back to its founder, Louis Kelso, who is commonly referred to as the inventor of the Employee Stock Ownership Plan (or ESOP). Kelso benefits from a successful investment track record, a long-tenured and stable investing team, and a reputation as a preferred partner to management teams and corporates. Since 1980, Kelso has raised a total of nine private equity funds, representing approximately $12 billion of capital, and has made more than 120 investments. For more information about Kelso, please visit the firm’s website at www.kelso.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515006324/en/
For Blue Wolf Capital Partners LLC
Michelle Wellington, 646-560-5989
[email protected]
Source: Blue Wolf Capital Partners LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-great-lakes-caring-national-home-health-care-and-jordan-health-services-combine-to-become-one-of-the-nationas-largest-home.html |
May 9, 2018 / 12:06 AM / Updated an hour ago UK recruiters report weakest growth in permanent jobs this year - REC Reuters Staff 2 British permanent job placements increased in April at the weakest pace this year, adding to mixed signals from the labour market ahead of this week’s Bank of England interest rate decision, a survey showed on Wednesday. FILE PHOTO - Workers cross London Bridge during the morning rush hour in London, August 16, 2017. REUTERS/Toby Melville
The Recruitment and Employment Confederation (REC) also said growth in starting salaries for permanent staff edged up last month after falling to a ten-month low in March, although it was still the second-weakest reading since June 2017.
Still, pay rates for temporary staff picked up at the fastest rate in two years.
Britain’s economy grew by just 0.1 percent in the first three months of 2018, its weakest performance in five years, due in part to heavy snow in late February and early March.
But since then business surveys have recovered less than expected and BoE Governor Mark Carney has suggested the central bank could wait before raising rates, causing a sharp shift in financial markets away from bets on a rate hike this Thursday.
The latest REC survey showed weakness centred especially around the retail sector. Earlier on Wednesday, figures from the British Retail Consortium and payments company Barclaycard pointed to a subdued consumer economy.
“Following the recent headlines about high street closures, it’s unsurprising to see demand for retail staff falling this month,” REC director of policy Tom Hadley said.
Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have filed for protection from creditors, while fashion retailer New Look is also closing stores.
Official data last month showed British workers’ pay is still rising by less than inflation despite the lowest unemployment rate since 1975, but wage growth turned out weaker than expected in the three months to February. Reporting by Ana De Liz, editing by Andy Bruce | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-britain-economy-labour/uk-recruiters-report-weakest-growth-in-permanent-jobs-this-year-rec-idUKKBN1IA00F |
The Detroit Tigers scored three first-inning runs and used six pitchers to make it hold up as they edged the Kansas City Royals 3-2 on Saturday afternoon.
Nicholas Castellanos had three extra-base hits while scoring a run and driving in another. Victor Martinez had two hits, scored a run and added an RBI, while Leonys Martin had two hits and scored a run.
Jordan Zimmermann (2-0) lasted five innings to pick up the win. Shane Greene survived some shaky fielding by striking out three batters to record his sixth save. Detroit has lost the first two games of the four-game series.
Jason Hammel (0-4) took the loss. Abraham Almonte hit his third homer of the season, while Lucas Duda added two hits and a run scored.
The Tigers had three run-scoring extra-base hits in the opening inning against Hammel. Leonys Martin led off with a single and scored one out later on Castellanos’ line-drive double to left. Martinez knocked in Castellanos with a double to center.
With two outs in the inning, John Hicks also doubled to bring home Martinez and make it 3-0.
From that point, the pitchers took control. Castellanos was left stranded after hitting a one-out triple in the third.
The Royals loaded the bases with two outs in the fifth but Zimmermann struck out Mike Moustakas to snuff out the threat.
Almonte ended Kansas City’s scoring drought with his two-out homer to left in the sixth.
Detroit squandered a chance to extend the lead in the seventh. With two on and one out, Castellanos struck out on a pitch out of the zone. Hanmel was then removed for left-hander Brian Flynn. A walk loaded the bases but JaCoby Jones swung at the next pitch and fouled out.
Duda led off the ninth with a double. Following a strikeout, Alex Gordon blooped a ball to center that Martin dropped, allowing Duda to score and Gordon to reach second.
Greene struck out Alcides Escobar before Ryan Goins reached on an infield single when second baseman Dixon Machado had trouble with the exchange. Greene then struck out Jon Jay to finish the game.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/baseball-mlb-kc-det-recap/tigers-make-early-trifecta-hold-up-idUSMTZEE56A4JFA6 |
Carl Icahn on his latest investments 51 Mins Ago CNBC's Scott Wapner speaks with Carl Icahn about his latest investments in Energen, Xerox and VMWare, a subsidiary of Dell Technologies. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/21/carl-icahn-on-his-latest-investments.html |
May 21, 2018 / 2:00 AM / Updated 8 hours ago U.S. underscores importance of concluding new NAFTA deal Reuters Staff 2 Min Read
MEXICO CITY (Reuters) - U.S. Deputy Secretary of State John Sullivan underscored the importance of concluding a new NAFTA trade deal in talks on Sunday with Mexican Foreign Minister Luis Videgaray on the sidelines of the G-20 foreign ministers meeting in Buenos Aires. FILE PHOTO: The flags of Canada, Mexico and the U.S. are seen on a lectern before a joint news conference on the closing of the seventh round of NAFTA talks in Mexico City, Mexico, March 5, 2018. REUTERS/Edgard Garrido/File Photo
Sullivan and Videgaray discussed “continued cooperation on managing a shared border and the importance of working together to disrupt transnational criminal organizations,” State Department spokesperson Heather Nauert said in a statement.
“The Deputy also emphasized the importance of concluding a NAFTA deal,” said Nauert.
Canada, the United States and Mexico are renegotiating the North American Free Trade Agreement (NAFTA).
Talks to reach a deal on reworking the 24-year-old accord have intensified in recent weeks, pressed by U.S. congressional deadlines and a common will to reach an agreement before Mexico’s July 1 presidential election.
U.S. Treasury Secretary Steven Mnuchin said on Sunday that President Donald Trump is focused on getting a good NAFTA deal, whether it is passed by the current or future U.S. Congress. He said Trump is not focused on specific deadlines. Reporting by Anthony Esposito; Editing by Sandra Maler | ashraq/financial-news-articles | https://www.reuters.com/article/us-trade-nafta/u-s-underscores-importance-of-concluding-new-nafta-deal-idUSKCN1IM04N |
May 16 (Reuters) - Abpro Corp:
* ABPRO CORP FILES TO WITHDRAW IPO PLANS – SEC FILING * ABPRO CORP - HAD FILED FOR IPO OF UP TO $69 MILLION IN APRIL, 2018 Source text: ( bit.ly/2GqRq6u ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-abpro-corp-files-to-withdraw-ipo-p/brief-abpro-corp-files-to-withdraw-ipo-plans-idUSFWN1SN0YH |
May 18, 2018 / 12:20 PM / Updated 25 minutes ago Lanka IOC prepared to set own fuel prices to minimise losses Reuters Staff 3 Min Read
COLOMBO (Reuters) - Sri Lankan fuel retailer Lanka IOC will be forced to implement its own pricing mechanism to minimise losses if the government fails to implement its proposed fuel price formula, the company said on Friday. File Photo: A worker fills the tank of a motorised vehicle, known locally as a "three-wheeler", at a Lanka India Oil fuel station in Colombo April 25, 2012. REUTERS/Dinuka Liyanawatte
The move by Lanka IOC, a subsidiary of India’s IOC, comes after the government failed to increase fuel prices charged by state-owned Ceylon Petroleum Corp (CPC) in line with rising global oil prices.
On March 24 Lanka IOC raised its prices because of losses incurred after the government’s failure to implement a pricing formula for CPC.
Finance Minister Mangala Samaraweera last week said that the cabinet has approved a price formula with revisions every two months. The government raised fuel prices last week after Lanka IOC raised its prices.
“Cabinet approval is there, but the pricing of petroleum is a very touchy issue across the globe and the same is the case in Sri Lanka,” Lanka IOC’s Managing Director Shyam Bohra told Reuters.
“If the proper pricing mechanism is in place, we will follow it. If it is not, then we will have to sell our products at the cost plus what ever actuals are there.”
Lanka IOC posted a loss of 755.6 million rupees ($4.79 million) in the year to March 31, against a 3.07 billion rupee profit in the previous year, mainly because of high global oil prices in conjunction with low retail prices for fuel.
“Most likely it will be that we will have to have our own prices ... We can’t keep on losing money,” Bohra added.
President Maitripala Sirisena’s coalition government, which has pressed ahead with unpopular fiscal reforms since coming to power in 2015, has been hesitant to implement the fuel price formula before local elections.
The coalition partners suffered a humiliating loss in local government polls in February.
Bohra said the government has yet to inform the company about the new pricing formula and said it should also be transparent for the public.
The government had agreed in principle with an International Monetary Fund (IMF) requirement to implement the pricing formula in return for a $1.5 billion three-year loan approved in 2016.
The IMF on Thursday said that if the pricing formula is implemented properly, it “would eliminate fuel subsidies that benefit the rich rather than the poor”.
“We think that an automatic fuel pricing mechanism marks a major step toward completing the energy pricing reforms that are under way in Sri Lanka, and minimises the fiscal risks,” said Gerry Rice of the IMF’s Communications Department.
($1 = 157.6500 Sri Lankan rupees) Reporting by Ranga Sirilal and Shihar Aneez; Editing by David Goodman | ashraq/financial-news-articles | https://in.reuters.com/article/sri-lanka-lanka-ioc-pricefixing/lanka-ioc-prepared-to-set-own-fuel-prices-to-minimise-losses-idINKCN1IJ1IR |
LITTLE SILVER, N.J., May 16, 2018 /PRNewswire/ -- Additive Orthopaedics, LLC., the leader in 3D printed orthopaedic foot and ankle devices, today announced that is has received FDA 510(k) clearance for its Patient Specific 3D Printed Bone Segments, to address internal bone fixation in the ankle and foot.
According to Greg Kowalczyk, President of Additive Orthopaedics, "This is a tremendous milestone for orthopaedics and the obvious trend towards patient specific 3D printed implants. In cases of implant revision, limb salvage, and trauma, often there are no clinically available devices to address the patient's condition. This is where 3D printed patient specific implants are making significant clinical impacts."
According to Brian McLaughlin, VP of Engineering and Operations, "Our lattice structures are proving to be the next generation design as opposed to the older, more open, types of structures that rely on biologics for osteosynthesis. In several patients, our lattice structures have shown close to 90% boney in-growth after 6 months using no biologics. We are excited to now offer these as patient specific solutions."
The Company has seen over 1000 devices implanted since their commercial launch in early 2017. The Company has recently closed a Series B Round of $1M.
About Additive Orthopaedics, LLC.
Additive Orthopaedics is an early stage orthopaedic company focused on the integration of advanced manufacturing and biologics for the benefit of a better patient outcome.
Contact:
Greg Kowalczyk
732.882.6633
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/additive-orthopaedics-announces-fda-clearance-of-their-patient-specific-3d-printed-bone-segments-for-the-global-extremities-market-300649830.html
SOURCE Additive Orthopaedics, LLC. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/pr-newswire-additive-orthopaedics-announces-fda-clearance-of-their-patient-specific-3d-printed-bone-segments-for-the-global-extremities.html |
Macron thanks Australia PM's "delicious" wife 5:21pm BST - 00:34
French President Emmanuel Macron thanks Australian Prime Minister Malcolm Turnbull and his ''delicious wife'' for their warm welcome and hospitality during his visit to Sydney. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
French President Emmanuel Macron thanks Australian Prime Minister Malcolm Turnbull and his "delicious wife" for their warm welcome and hospitality during his visit to Sydney. Rough Cut (no reporter narration). Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KuoNsA | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/02/macron-thanks-australia-pms-delicious-wi?videoId=423213564 |
US housing starts total 1.287 million in April, vs 1.310 million starts expected U.S. homebuilding tumbled in April and permits fell. The data suggested the housing market continued to tread water amid shortages of land and skilled labor. Housing starts dropped 3.7 percent to a seasonally adjusted annual rate of 1.287 million units in April, the Commerce Department said. Published 19 Mins Ago Reuters David Paul Morris | Bloomberg | Getty Images A contractor moves roofing material on a home under construction at the Toll Brothers Cantera at Gale Ranch housing development in San Ramon, Calif.
U.S. homebuilding tumbled in April and permits fell, suggesting the housing market continued to tread water amid shortages of land and skilled labor.
Housing starts dropped 3.7 percent to a seasonally adjusted annual rate of 1.287 million units in April, the Commerce Department said on Wednesday. The drop reversed March's rise.
Data for March was revised to show starts rising to a 1.336 million-unit rate instead of the previously reported 1.319 million-unit pace. Building permits fell 1.8 percent to a rate of 1.352 million units.
Economists polled by Reuters had forecast housing starts falling to a pace of 1.310 million units last month and permits declining to a 1.350 million-unit rate.
Single-family home building, which accounts for the largest share of the housing market, edged up 0.1 percent to a rate of 894,000 units last month. Single-family homebuilding has lost momentum since setting a 948,000-unit pace last November, which was the strongest in more than 10 years.
Residential construction has been hamstrung by rising prices for building materials and shortages of land and skilled workers.
While a survey on Tuesday showed confidence among single-family homebuilders perked up in May, builders complained that "the record-high cost of lumber is hurting builders' bottom lines and making it more difficult to produce competitively priced houses for newcomers to the market."
The Trump administration in April last year imposed anti-subsidy duties on imports of Canadian softwood lumber. These constraints have left builders unable to plug an acute shortage of houses on the market, restraining home sales growth.
Permits for the construction of single-family homes rose 0.9 percent to a rate of 859,000 units in April.
Last month's gain in single-family starts was outpaced by an 11.3 percent decline in groundbreaking activity on multi-family housing units. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/us-housing-starts-april-2018.html |
May 30, 2018 / 1:03 AM / Updated an hour ago Trump and Mexican president spar over border wall again Reuters Staff 2 Min Read
NASHVILLE, Tenn. (Reuters) - U.S. President Donald Trump on Tuesday accused Mexico of doing “nothing” to stop illegal immigrants crossing into the United States, and repeated his election campaign pledge that Mexico would pay for his planned border wall.
Very quickly Mexico replied: no we won’t.
Trump was addressing supporters in a campaign-style rally in Nashville, Tennessee when he returned to the wall he wants built on the U.S. southern border to keep out illegal immigrants.
The wall was a favourite campaign theme of Trump’s and has been a longstanding bone of contention with Mexico. Related Coverage
“In the end, Mexico is going to pay for the wall,” Trump told the crowd. “They do absolutely nothing to stop people from going through Mexico, from Honduras and all these other countries ... They do nothing to help us.”
About an hour later, Mexico’s President Enrique Pena Nieto took to Twitter to hit back. Slideshow (7 Images)
“President @realDonaldTrump: NO. Mexico will NEVER pay for a wall. Not now, not ever. Sincerely, Mexico (all of us),” Pena Nieto wrote in English. He then repeated the tweet in Spanish.
The United States, Mexico and Canada are locked in tortuous negotiations to rework the North American Free Trade Agreement (NAFTA) and are also seeking to avoid a potential stand-off over U.S. threats to impose steel and aluminium tariffs. Reporting by Jeff Mason and Diego Ore; Writing by Mohammad Zargham and Dave Graham; Editing by Sandra Maler and Michael Perry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-wall/trump-says-mexico-will-eventually-pay-for-border-wall-idUKKCN1IV031 |
BLAIRSVILLE, Ga., May 11, 2018 (GLOBE NEWSWIRE) -- United Community Banks, Inc. (NASDAQ:UCBI) (“United”), reported that its Board of Directors approved an increase of its regular quarterly cash dividend to $0.15 per common share. The dividend is payable July 5, 2018 to shareholders of record on June 15, 2018.
About United Community Banks, Inc.
United Community Banks, Inc. (NASDAQ:UCBI) is a bank holding company based in Blairsville, Georgia with $12.3 billion in assets. The company’s banking subsidiary, United Community Bank, is one of the southeast region’s largest full-service banks, operating 151 offices in Georgia, North Carolina, South Carolina and Tennessee. The bank specializes in personalized community banking services for individuals, small businesses and corporations. Services include a full range of consumer and commercial banking products including mortgage, advisory, and treasury management. Respected national research firms consistently recognize United Community Bank for outstanding customer service. For the last five years, J.D. Power has ranked United Community Bank first in customer satisfaction in the Southeast. In 2018, for the fifth consecutive year, Forbes magazine included United on its list of the 100 Best Banks in America. Additional information about the company and the bank’s full range of products and services can be found at www.ucbi.com .
For more information:
Jefferson Harralson
Chief Financial Officer
(706) 781-2266
[email protected]
Source:United Community Banks, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/globe-newswire-united-community-banks-inc-announces-quarterly-cash-dividend-increase.html |
WASHINGTON (Reuters) - President Donald Trump said on Tuesday the United States will withdraw from a 2015 international agreement designed to deny Tehran the ability to build nuclear weapons.
U.S. President Donald Trump announces his intention to withdraw from the JCPOA Iran nuclear agreement during a statement in the Diplomatic Room at the White House in Washington, U.S., May 8, 2018. REUTERS/Jonathan Ernst “I am announcing today that the United States will withdraw from the Iran nuclear deal,” Trump said.
Reporting by Steve Holland; Writing by Mohammad Zargham
| ashraq/financial-news-articles | https://www.reuters.com/article/us-iran-nuclear-trump-announcement/trump-says-u-s-pulling-out-of-iran-nuclear-deal-idUSKBN1I92NJ |
May 2(Reuters) - Audio Visual Enterprises Sa :
* REPORTED ON MONDAY, FY 2017 SALES AT EUR 42.6 MLN VS EUR 40.3 MLN YR AGO
* FY NET LOSS EUR 4.5 MLN VS LOSS EUR 9.9 MLN YR AGO Source text : bit.ly/2rfINqE
Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/idUSL8N1S91AN |
Ivanka Trump, Steve Mnuchin, and Jared Kushner arrive in Israel ahead of embassy move 8:30am EDT - 00:48
U.S. Treasury Secretary, along with Presidnt Trump's daughter Ivanka and son-in-law land at Israel's airport ahead of the US. Embassy in Jerusalem opening. Rough cut (no reporter narration).
U.S. Treasury Secretary, along with Presidnt Trump's daughter Ivanka and son-in-law land at Israel's airport ahead of the US. Embassy in Jerusalem opening. Rough cut (no reporter narration). //reut.rs/2KYVMpe | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/13/ivanka-trump-steve-mnuchin-and-jared-kus?videoId=426512977 |
54 COMMENTS Download PDF
Please don’t post any spoilers until after the contest deadline.
PLAY PRINT | ashraq/financial-news-articles | https://blogs.wsj.com/puzzle/2018/05/10/so-thats-your-game-crossword-contest-may-11/ |
May 3 (Reuters) - COMPANY FOR COOPERATIVE INSURANCE :
* Q1 NET PROFIT OF SHAREHOLDERS CAPITAL INVESTMENT 21.5 MILLION RIYALS VERSUS 36.1 MILLION RIYALS YEAR AGO
* Q1 GROSS WRITTEN PREMIUMS 2.10 BILLION RIYALS VERSUS 2.03 BILLION RIYALS YEAR AGO Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-company-for-cooperative-insurance/brief-company-for-cooperative-insurance-q1-profit-falls-idUSFWN1SA05L |
TORONTO, May 31, 2018 (GLOBE NEWSWIRE) -- Sandy Lake Gold Inc. (“ Sandy Lake Gold “) (TSXV:SLAU) announces that Mike Desmeules has resigned from the Sandy Lake Gold Inc. Board of Directors, effective immediately.
For further information please contact:
Dan Noone
Interim Chief Executive Officer
(416) 628-5904
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy and / or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Sandy Lake, including, but not limited to the effect of any future discussions with local First Nations, the length of time for which the event of force majeure in respect of the Weebigee Project may continue, the nature of any resolution to the matters giving rise to such event of force majeure (if any such resolution is reached at all), the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements
Source:Sandy Lake Gold Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/31/globe-newswire-sandy-lake-gold-announces-resignation-of-director.html |
LONDON (Reuters) - Virgin Money ( VM.L ) is still reviewing a takeover offer by rival British bank CYBG ( CYBGC.L ) and an announcement will be made in due course, Chairwoman Irene Dorner said on Wednesday.
FILE PHOTO: Signage is see outside a branch of Virgin Money in Manchester, Britain September 21, 2017. Picture taken September 21, 2017. REUTERS/Phil Noble CYBG has made a 1.6 billion pound all-share offer for Virgin Money which the lenders said on Monday could create one of Britain’s biggest banks.
Dorner, who was speaking at the bank’s annual shareholder meeting, made no further comment on the bid. Analysts had expected Virgin Money to quickly dismiss the offer as too low.
Virgin Money shares were down 1.2 percent at 1244 GMT, after rising almost 10 percent on Tuesday compared to Friday’s close. Monday was a public holiday in Britain.
Reporting by Emma Rumney, editing by Sinead Cruise and Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-virgin-money-m-a-cybg/virgin-money-chairwoman-says-board-still-reviewing-cybgs-takeover-bid-idUSKBN1IA1YT |
SAN FRANCISCO (AP) — A young computer hacker who prosecutors say unwittingly worked with a Russian spy agency was sentenced to five years in prison Tuesday for using data stolen in a massive Yahoo data breach to gain access to private emails.
U.S. Judge Vince Chhabria also fined Karim Baratov $250,000 during a sentencing hearing in San Francisco.
Baratov was named in a federal indictment last year that charged two Russian spies with orchestrating the 2014 Yahoo breach involving 500 million users. Baratov was charged with using that stolen data passed to him by Russia's Federal Security Service to hack dozens of email accounts of journalists, business leaders and others.
Prosecutors said Baratov, 23, was an "international hacker for hire" who did little or no research of his customers.
He pleaded guilty in November to nine felony hacking charges. He acknowledged that he began hacking as a teen seven years ago and charged customers $100 a hack to access web-based emails.
Baratov, who was born in Kazakhstan but lived in Toronto, Canada, where he was arrested last year, charged customers to obtain another person's webmail passwords by tricking them to enter their credentials into a fake password reset page.
Prosecutors said in court papers that Baratov's Russian-language web site named "webhacker" advertised services for "hacking of email accounts without prepayment."
Prosecutors said Russian security service paid Baratov to target dozens of email accounts using information obtained from the Yahoo hack. Prosecutors argued that Russia's Federal Security Service targeted Russian journalists, U.S. and Russian government officials and employees of financial services and other private businesses.
Baratov and his attorneys also said his work with the Russia spy agency was unwitting.
In court documents Baratov claimed he could access webmail accounts maintained by Google and Russian providers such as Mail.Ru and Yandex. He would provide customers with a screenshot of the hacked account and promised he could change security questions so they could maintain control of the account.
The U.S. Justice Department charged two Russian spies with orchestrating the 2014 security breach at Yahoo to steal data from 500 million users. Dmitry Aleksandrovich Dokuchaev and Igor Anatolyevich remain at large and prosecutors believe they are living in Russia, which doesn't have an extradition treaty with the United States.
Baratov is believed to have collected more than $1.1 million in fees, which he used to buy a house and expensive cars.
"Deterrence is particularly important in a case like this," the judge said during the hearing. He rejected prosecutors call for a prison sentence of nearly 10 years, noting Baratov's age and clean criminal record prior to his arrest.
Baratov, who has been in custody since his arrest, told the judge that his time behind bars has been "a very humbling and eye-opening experience."
He apologized and promised "to be a better man" and obey the law upon his release. The judge said it is likely Baratov will be deported once he is released from prison.
"Criminal hackers and the countries that sponsor them make a grave mistake when they target American companies and citizens," said Assistant Attorney General for National Security John Demers. "We will identify them wherever they are and bring them to justice." | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/29/the-associated-press-hacker-gets-5-years-for-russian-linked-yahoo-security-breach.html |
May 6, 2018 / 2:04 PM / in an hour ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Singles Results Reuters Staff 1 Results from the ATP World Tour Masters 1000 / WTA Premier, Madrid Masters Men's Singles matches on Sunday .. 1st Round .. 1-Rafael Nadal (ESP) (Bye) 5-Dominic Thiem (AUT) (Bye) 4-Juan Martin del Potro (Bye) (ARG) Richard Gasquet (FRA) beat 14-Tomas Berdych (CZE) 6-4 6-2 6-Kevin Anderson (RSA) (Bye) 8-David Goffin (BEL) (Bye) Denis Shapovalov (CAN) beat Tennys Sandgren (USA) 6-1 6-4 3-Grigor Dimitrov (BUL) (Bye) 7-John Isner (USA) (Bye) 2-Alexander Zverev (GER) (Bye) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-atp-results-mens-singles/atp-world-tour-masters-1000-wta-premier-madrid-masters-mens-singles-results-idUKMTZXEE56B88B56 |
May 8, 2018 / 6:27 AM / Updated an hour ago France says Iran deal not perfect but a source of peace Reuters Staff 1 Min Read
PARIS (Reuters) - France’s defense minister said the Iran nuclear deal was a source of peace in an explosive region, as world powers waited to see if U.S. President Donald Trump would pull out of the accord on Tuesday.
Florence Parly told RTL radio the deal was not perfect but had successfully suspended Iran’s nuclear military program and the Iranians had respected the agreement.
Trump has repeatedly threatened to withdraw from the deal, which eased economic sanctions on Iran in exchange for Tehran limiting its nuclear program, unless France, Germany and Britain - which also signed the agreement - fix what he has called its flaws.
A U.S. official said on Monday it was unclear if efforts by European allies to address Trump’s concerns over the pact would be enough to save it.
“This deal ... is a factor of peace and stabilization in a very eruptive region,” Parly said.
(This version of the story corrects lead and quote) Reporting by Sybille de La Hamaide and Sophie Louet; Editing by Andrew Heavens | ashraq/financial-news-articles | https://in.reuters.com/article/us-iran-nucelar-france/french-says-weakening-iran-deal-would-aggravate-region-idUSKBN1I90IU |
May 8, 2018 / 9:27 AM / in 7 hours U.N. food agency aims to boost aid to North Korea but lacks funds Stephanie Nebehay 3 Min Read
GENEVA (Reuters) - The United Nations food agency said its chief would visit North Korea on Tuesday to look into boosting food distributions to hungry women and children, in the latest sign of an opening in the isolated country. FILE PHOTO: People work in a field just outside Pyongyang, North Korea May 4, 2016. REUTERS/Damir Sagolj/File Photo
The four-day trip comes amid a warming of relations between the North and South Korea and in the build-up to planned talks on denuclearisation with U.S. President Donald Trump. The World Food Programme (WFP) said it had been active in the North for years, but the visit would focus on stepping up support.
About 70 percent of North Korea’s 25 million people are “food insecure”, meaning they struggle to avoid hunger, and one in four children under five is stunted from chronic malnutrition, according to the WFP. A 2015 drought worsened the situation, it says.
The agency currently aims to assist 650,000 women and children there each month providing fortified cereals and enriched biscuits. On average, it now reaches about 500,000 of them, WFP spokeswoman Bettina Luescher said.
“Funding shortfalls have meant that rations have had to be reduced and suspended in some cases,” WFP said in a statement coinciding with the start of the May 8-11 visit by WFP executive director David Beasley. FILE PHOTO: North Korean children walk along the Yalu River in Sinuiju, North Korea, which borders Dandong in China's Liaoning province, April 15, 2017. REUTERS/Aly Song/File Photo SHORTFALLS
Figures on the WFP website show that its $52 million appeal for 2018 is only 19.2 percent funded. Switzerland, Sweden and France are among the leading donors.
“This week, I will visit schools and nurseries to meet some of the mothers and young children WFP is supporting, as well as to understand the needs of the operation, which at this point is under-funded,” Beasley said.
Due to critical funding shortfalls, WFP was forced last November to leave 190,000 children in kindergartens without nutritional support, Luescher said. This came on top of cuts made since February 2017, when WFP had to shrink rations by one-third, to the minimum food amount needed to make any difference
WFP and the U.N. Children’s Fund (UNICEF) are among only a few aid agencies with access to North Korea, which suffered famine in the mid-1990s that killed up to three million people.
UNICEF said in January that an estimated 60,000 North Korean children face potential starvation. It blamed international sanctions targeting the country’s nuclear and ballistic missile programs for exacerbating the situation by slowing aid deliveries and making fuel scarcer and more expensive. Reporting by Stephanie Nebehay; Editing by Andrew Heavens | ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-food-un/u-n-food-agency-aims-to-boost-aid-to-north-korea-but-lacks-funds-idUSKBN1I90YL |
May 7, 2018 / 12:53 PM / Updated 9 minutes ago BRIEF-Clorox Files For Potential Debt Shelf Offering Reuters Staff 1 Min Read
May 7 (Reuters) - Clorox Co:
* CLOROX CO FILES FOR POTENTIAL DEBT SHELF OFFERING; SIZE NOT DISCLOSED - SEC FILING Source text: ( bit.ly/2rqeRsh ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-clorox-files-for-potential-debt-sh/brief-clorox-files-for-potential-debt-shelf-offering-idUSFWN1SE0Q8 |
SAN JOSE, Calif., May 10, 2018 (GLOBE NEWSWIRE) -- Zscaler, Inc. (NASDAQ:ZS), the leader in cloud security, will release third quarter fiscal 2018 earnings after the market closes on June 6. The company will host an investor conference call that day at 1:30 p.m, Pacific time (4:30 p.m. Eastern time) to discuss the results.
Date: Wednesday, June 6 Time: 1:30 p.m. PT Webcast: https://ir.zscaler.com/ Dial-in number: (323) 794-2094 or (800) 263-0877, conference ID: 8313258 A live webcast of the conference call will be accessible from the Zscaler website at ir.zscaler.com . Listeners may log on to the call under the “Events & Presentations” section and select “Q3 2018 Zscaler Earnings Conference Call” to participate.
A telephone replay of the conference call will be available at approximately 4:30 p.m. PT, June 6 through June 8, 2018 by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 8313258.
About Zscaler
Zscaler enables the world’s leading organizations to securely transform their networks and applications for a mobile and cloud-first world. Its flagship services, Zscaler Internet Access and Zscaler Private Access, create fast, secure connections between users and applications, regardless of device, location, or network. Zscaler services are 100% cloud delivered and offer the simplicity, enhanced security, and improved user experience that traditional appliances or hybrid solutions are unable to match. Used in more than 185 countries, Zscaler operates a massive, global cloud security platform that protects thousands of enterprises and government agencies from cyberattacks and data loss. Learn more at zscaler.com or follow us on Twitter @zscaler .
Zscaler ™ is a registered trademarks of Zscaler, Inc. in the United States and/or other countries.
Investor Relations Contact:
Bill Choi, CFA
Vice President, Investor Relations
(669) 255-0767
[email protected]
Media Relations Contact:
Angel Badagliacco
Manager, PR
(408) 313-5358
[email protected]
Source:Zscaler, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/globe-newswire-zscaler-to-host-third-quarter-fiscal-2018-earnings-conference-call.html |
(Adds details on loans, context on local government financial vehicles in China)
By Pei Li and Kevin Yao
BEIJING, May 18 (Reuters) - A firm controlled by a city government in China’s Inner Mongolia region has failed to make interest and principal payments on nearly 4 billion yuan ($629 million) in off-balance sheet loans, two sources with direct knowledge of the matter said.
The rare loan default highlights growing funding strains on Chinese local governments as the central government cracks down on riskier types of financing and rising debt which some outside agencies have warned could lead to a banking crisis.
It also points to the tightrope that Chinese leaders must walk as they try to rein in risks to the country’s financial system without undermining economic growth and market stability.
Xilinhot Geipaishui Co, a local government financing vehicle (LGFV) controlled by the government of Xilinhot city, has failed to repay loans provided by more than 20 mostly state-run leasing firms, said the sources, who were from two of the leasing companies involved.
Chinese regulators are in the third year of a campaign to clamp down on risky lending practices, including the so-called shadow banking sector, squeezing borrowers that have binged on off-balance sheet loans in the past.
Outstanding local government debt rose 7.5 percent to 16.47 trillion yuan ($2.56 trillion) at the end of 2017 from the previous year, according to Reuters calculations, but remained within the government’s target.
Highlighting the potential risks to the world’s second-largest economy, regional governments account for around 90 percent of total public spending in China, but have more limited sources of direct revenue.
That has seen an explosion in off-balance sheet borrowing by LGFVs that has created pools of hidden debt, a trend that has raised official concerns.
Local governments, which before 2015 were banned from issuing bonds, previously used LGFVs to raise funds to finance projects and drive regional economic growth, resulting in massive liabilities that now threaten financial stability.
Amid Beijing’s drive to slow a rapid build-up in debt, financing to LGFVs is shrinking, and LGFVs with vulnerable cash-flows are struggling to service their debt obligations.
Xilinhot Geipaishui had borrowed on behalf of the local government to fund infrastructure construction, the sources said, declining to be identified.
The Xilinhot city government declined to comment.
“Sometimes payments are late by a week or two, we wouldn’t consider it a break of contract or even wouldn’t charge any penalty. But this one case is different, the government is very firm it wouldn’t be able to pay back,” said one of the sources.
Company executives have conducted several rounds of talks with local officials but they have yet to break a deadlock, according to the sources.
Local government officials have insisted on rolling over the loans for another year as the city authorities struggle to boost their fiscal revenues, the sources said.
“The government’s argument is that only interest will be paid,” said one of the sources. (Reporting by Pei Li and Kevin Yao; Editing by Ryan Woo and Kim Coghill)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-economy-debt-default/update-1-china-local-govt-firm-fails-to-repay-629-mln-loans-in-rare-default-sources-idUSL3N1SP21I |
Scaramucci to return to Skybridge as managing partner 49 Mins Ago CNBC's Leslie Picker reports that former White House Communications Director Anthony Scaramucci is returning to Skybridge as managing partner as news comes out that HNA will drop its Skybridge acquisition deal. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/04/30/scaramucci-to-return-to-skybridge-as-managing-partner.html |
May 1 (Reuters) - COMMERCIAL BANK OF KUWAIT:
* Q1 NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 10.1 MILLION DINARS VERSUS 795,000 DINARS YEAR AGO
* Q1 TOTAL OPERATING REVENUE 37.5 MILLION DINARS VERSUS 39.3 MILLION DINARS YEAR AGO Source:( bit.ly/2w2X8fb ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-commercial-bank-of-kuwait-q1-profi/brief-commercial-bank-of-kuwait-q1-profit-rises-idUSFWN1S71IE |
Abrams’ Georgia Primary Win Signals a Shift for Black Women in the Democratic Party Stacey Abrams. By McKenna Moore 1:46 PM EDT
Democratic National Committee Chair Tom Perez tweeted after Doug Jones’ victory in December that “black women are the backbone of the Democratic party.” Now, Stacey Abrams , Georgia’s first black woman nominee for governor, aims to be a decision-maker for the party, too.
For many years, black women have been a loyal constituency voting for the Democratic party across the nation, with 94% voting for Hillary Clinton in the 2016 election, while 52% of white women voted for Trump, according to CNN exit polls . Despite the deciding power of black women’s votes, they remain extremely underrepresented in politics.
Melanie Campbell, president and CEO of the National Coalition on Black Civic Participation and the Black Women’s Roundtable, said in a statement on Tuesday that black women are “sick and tired” of being thanked for voting and not receiving nominations.
“Black women are demanding that the progressive movement show us they respect our leadership and the power of our vote by investing more in black women running for office,” she said.
Before the midterm elections, black women hold only three statewide offices, and there are 19 black women in Congress. Black women make up 7.3% of the U.S. population, but less than 5% of politicians, according to a new report by Higher Heights Leadership Fund and the Center for American Women and Politics.
Abrams is just one of several black women who have run and won their primary elections this midterm cycle so far. D.D. Adams, Alma Adams and Linda Coleman of North Carolina all became their district’s Democratic nominee for House representative on Tuesday. That means half of the House nominees in North Carolina are black women .
Senator Kamala Harris, California’s first black senator, said in a statement on Tuesday that black women’s nominations in these elections are a sign of progress in America.
“It challenges peoples’ notions of who can do what, as compared to who has done what.” SPONSORED FINANCIAL CONTENT | ashraq/financial-news-articles | http://fortune.com/2018/05/24/georgia-governor-black-women-politics/ |
WARSAW (Reuters) - Poland is disappointed that Russian gas company Gazprom avoided fines in a settlement of an EU antitrust case on Thursday, Poland’s deputy foreign minister was Quote: d as saying by state-run news agency PAP.
FILE PHOTO: European Union's chief Brexit negotiator Michel Barnier listens to Polish European Affairs Minister Konrad Szymanski during an EU's General Affairs Council in Brussels, Belgium, February 27, 2018. REUTERS/Francois Lenoir “We are disappointed that the long-term antitrust proceedings against Gazprom ended without imposing fines, lack of compensation for aggrieved companies and only marginal concessions from the Russian monopolist,” deputy foreign minister Konrad Szymanski told PAP.
Gazprom reached a deal with EU antitrust regulators to reform its pricing structure and allow rivals a foothold in eastern Europe, avoiding fines in a case that dragged on for seven years.
Reporting by Agnieszka Barteczko; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-eu-gazprom-antitrust/poland-minister-says-disappointed-with-eu-gazprom-settlement-pap-idUSKCN1IP1ZE |
May 12, 2018 / 7:02 PM / Updated 30 minutes ago UPDATE 1-Golf-Just like good old days as Woods rediscovers that Tiger magic Reuters Staff 3 Min Read
(Adds details, quotes)
PONTE VEDRA BEACH, Fla. May 12 (Reuters) - It was just like the halcyon days of a previous era as Tiger Woods carded his best ever score at TPC Sawgrass, a seven-under-par 65, in the third round of the on Saturday.
Woods, a 79-times winner on the PGA Tour, used his irons with precision and wielded a hot putter to record his lowest numerical score on the PGA Tour since 2015.
It was also his best score in relation to par since 2013, though he has played only sparingly in the ensuing five years while nursing a serious back injury.
After making the cut with nothing to spare on Friday, Woods teed off trailing halfway leader Webb Simpson by 14 strokes on another perfect morning.
“I finally got off to a good start,” said Woods, who sent waves of excitement through the gallery with six front-nine birdies.
He turned in 30 and added further birdies at the 11th and 12th holes, but he could not pick up any more.
His 65 left Woods on an eight-under 208, unlikely to be near the lead by day’s end as scoring conditions remained ideal.
Still, it was a nice confidence-booster for Woods as he works his way back to tournament sharpness after last year’s successful spinal fusion.
“It was nice to see a few putts go in. I hit a lot of quality shots and 65 was probably as high as I could have shot today, which was kind of nice,” he said.
“To be eight-under there through 12 — realistically, I probably could have got a couple more out of it and got to 10 (under) for the day.
“Today I felt more comfortable with my overall warm-up. I felt I had better control of hitting it right-to-left and left-to-right, and consequently today I was able to shape the golf ball both ways and started to control it a little bit better today.”
While Woods has shown signs of his old self in his seven-plus tournaments this year, he has struggled to string good rounds together.
The 42-year-old has displayed patience, outwardly at least, knowing that even a player of his calibre needs some time to get back to near his best after missing so much time through injury.
“It’s just a matter of playing and executing and putting the shots together,” he said.
“Eventually I was going to put all the pieces together and today for the most part I did that.” (Reporting by Andrew Both, Editing by Neville Dalton) | ashraq/financial-news-articles | https://in.reuters.com/article/golf-players-woods/update-1-golf-just-like-good-old-days-as-woods-rediscovers-that-tiger-magic-idINL3N1SJ09G |
VELDHOVEN, the Netherlands - ASML Holding N.V. (ASML) reports the following transactions, conducted under ASML's current share buyback program.
Date Total repurchased shares Weighted average price Total repurchased value 30-Apr-18 30,260 157.32 4,760,602.79 2-May-18 29,865 159.43 4,761,483.51 3-May-18 29,755 160.02 4,761,492.55 4-May-18 29,605 160.85 4,761,831.50 ASML's current share buyback program was announced on 17 January 2018, and details are available on our website at https://www.asml.com/investors/share-buyback/en/s25436
This regular update of the transactions conducted under the buyback program is to be made public under the Market Abuse Regulation (Nr. 596/2014).
Media Relations Contacts Investor Relations Contacts Monique Mols, phone +31 6 528 444 18 Skip Miller, phone +1 480 235 0934 Marcel Kemp, phone +31 40 268 6494
Source:ASML Netherlands BV | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-asml-reports-transactions-under-its-current-share-buyback-program.html |
Super-rich paying extra for stripped down real estate 15 Hours Ago CNBC's Diana Olick reports on why sellers are stripping their real estate property in order to make it more appealing to buyers. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/02/super-rich-paying-extra-for-stripped-down-real-estate.html |
Michael Cohen, wiretaps & the Stormy Daniels saga 1 Hour Ago CNBC's Eamon Javers reports on the Michael Cohen wiretap, the White House Press conference and responses to Rudy Giuliani's interview on Sean Hannity last night. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/michael-cohen-wiretaps-the-stormy-daniels-saga.html |
May 23, 2018 / 8:20 AM / Updated 32 minutes ago Crisis-hit Steinhoff repays $2.3 billion African debt
JOHANNESBURG (Reuters) - Scandal-hit South African retailer Steinhoff ( SNHJ.J ) has repaid its debt in Africa after its local unit ( SRRJ.J ) used the proceeds of a fundraising to pay back 16 billion rand ($1.26 billion) in shareholder loans.
Steinhoff is fighting for survival after uncovering holes its accounts in December. Reporting by Nqobile Dludla, editing by Louise Heavens | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-steinhoff-intln-debt/crisis-hit-steinhoff-repays-2-3-billion-african-debt-idUKKCN1IO0ZS |
(Reuters) - Merck & Co said on Wednesday its drug Keytruda helped patients with a certain type of lung cancer live longer and prevented the disease from spreading, helping to solidify its position in the lucrative cancer market.
Keytruda, already approved for other types of cancer, is being studied in a late-stage trial as a first-line treatment, in combination with chemotherapy, for metastatic squamous non-small cell lung cancer (sNSCLC) patients.
Merck said the combination therapy met its main trial goals when compared to patients who were on chemotherapy alone, according to an interim analysis.
The company’s shares were up 1 percent at $59.04 in midday trading.
Earlier this month, Merck reported data from an interim analysis of the trial that met a secondary goal of overall response rate, or the portion of patients with a reduction in tumor size.
Merck had submitted a marketing application to the U.S. Food and Drug Administration for the sNSCLC indication recently.
“We doubted that Merck would submit the study for FDA approval based on overall response rate if it did not have confidence in the primary endpoints,” said BMO Capital Markets analyst Alex Arfaei.
Analysts were looking for the latest data to support the company’s application for an expanded approval.
Vamil Divan from Credit Suisse said, “We already knew Keytruda showed a benefit on overall response rate, but prolonging survival is obviously what matters.”
Credit Suisse estimates that the areas in which Keytruda has now shown positive data represent a market opportunity of $6.6 billion in first-line non-small cell lung cancer in the United States.
Keytruda is the only immunotherapy approved in the United States to treat lung cancer patients who have not received prior treatment.
Merck has been expanding its position into the lung cancer market through Keytruda. Also jockeying for a piece of the lucrative market are drugmakers Bristol-Myers Squibb, Roche and AstraZeneca, which are advancing their rival immunotherapies.
Merck said the new data will be shared with the U.S. Food and Drug Administration as part of its push to expand the drug’s label, and would be presented at an upcoming medical conference, the company said.
Reporting by Manas Mishra in Bengaluru; Editing by Shailesh Kuber
| ashraq/financial-news-articles | https://www.reuters.com/article/us-merck-co-study/mercks-keytruda-succeeds-in-late-stage-lung-cancer-study-idUSKCN1IO1L4 |
CUSTOMS UNION OFFERS BEST FUTURE FOR SCOTTISH TRADING RELATIONSHIPS 3:55pm EDT - 00:43
Nicola Sturgeon speaking at 2018 says that she hopes the UK continues to be in a customs union with the European Union. She says if the government can deliver no hard border for Ireland then they should be able to do the same for Scotland.
Nicola Sturgeon speaking at 2018 says that she hopes the UK continues to be in a customs union with the European Union. She says if the government can deliver no hard border for Ireland then they should be able to do the same for Scotland. //www.reuters.com/video/2018/05/14/nicola-sturgeon-says-customs-union-offer?videoId=426912109&videoChannel=14073 | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/14/nicola-sturgeon-says-customs-union-offer?videoId=426912109 |
May 19, 2018 / 10:22 PM / Updated 4 hours ago Hawaii lava flow engulfs more homes as ash plume ascends Terray Sylvester 3 Min Read
PAHOA, Hawaii (Reuters) - New, fast-moving lava poured from the flank of Hawaii’s Kilauea volcano on Saturday, destroying four more homes on the Big Island after a second explosive eruption shot a nearly two-mile-high (10,000 foot) ash plume from the crater. Lava erupts on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 19, 2018. REUTERS/Terray Sylvester
Molten rock from two huge cracks formed a single channel and traveled 1,000 feet in under an hour, twice the speed of previous flows of older lava that have torn through homes, roads and tropical forest for over two weeks, the County of Hawaii’s Civil Defense Agency said.
The new lava, which is flowing east underground from the sinking lava lake at Kilauea’s summit, is expected to create more voluminous flows that travel further, threatening homes and a coastal road that is a key exit route for around 2,000 residents.
“There is much more stuff coming out of the ground and its going to produce flows that will move much further away,” said U.S. Geological Survey scientist Wendy Stovall on a conference call with reporters. Lava erupts on the outskirts of Pahoa during ongoing eruptions of the Kilauea Volcano in Hawaii, U.S., May 19, 2018. REUTERS/Terray Sylvester
Up at the volcano’s summit, some 25 miles (40 km) to the east, the second large explosive eruption occurred around midnight, with winds blowing ash onto communities southwest of the crater, the Hawaiian Volcano Observatory reported.
Scientists expect Kilauea, one of the world’s most active volcanoes, to experience a series of explosive eruptions that could spread ash and volcanic smog across the Big Island, the southernmost of the Hawaiian archipelago. That could pose a hazard to jet engines if it blows into aircraft routes around 30,000 feet (9,144 meters). Slideshow (11 Images)
There have been no reported injuries or deaths since the latest eruption began on May 3.
Lava crossed a road on Friday near the Leilani Gardens housing development in lower Puna district, cutting off around 40 homes and forcing the helicopter evacuation of four residents by Hawaii National Guard, authorities said.
Around 2,000 residents of Leilani Estates and Laipuna Gardens housing areas have faced mandatory evacuations due to at least 22 volcanic cracks that have opened since May 3.
Many thousands more residents of the area have voluntarily left their homes due to life-threatening levels of toxic sulfur dioxide gas spewing from vents in the volcanic fissures.
A further 2,000 residents of coastal communities may face compulsory evacuation if lava from the fissures blocks the oceanside Highway 137. Reporting by Terray Sylvester, additional reporting and writing by Andrew Hay in Taos, New Mexico; editing by G Crosse | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hawaii-volcano/hawaii-lava-flow-engulfs-more-homes-as-ash-plume-ascends-idUKKCN1IK0VH |
NEW YORK (Reuters) - A New York state judge has backed a couple’s battle to kick their 30-year-old son out of their home because he has not contributed toward household expenses or helped with chores and they wanted him to get a job.
New York State Supreme Court Judge Donald Greenwood on Tuesday ordered Michael Rotondo to leave his parents’ home in the town of Camillus, about 200 miles(320 km) northwest of New York City, according to Anthony Adorante, an attorney for the parents, Mark and Christina Rotondo.
Adorante declined further comment on the decision, which ended a four-month family battle.
In court documents, Michael Rotondo referred to a “common law requirement of six-month notice to quit” before a tenant may be removed.
“I just wanted a reasonable amount of time to vacate, with consideration to the fact that I was not really prepared to support myself at the time where I was served these notices,” the younger Rotondo told local CBS television affiliate WSTM.
“I don’t see why the judge wants to throw people on the street.”
Rotondo told the station he was employed but declined further comment. Attempts by Reuters to reach him were unsuccessful.
His parents said they have tried to get their son to leave their home in Camillus, near Syracuse, for several months, according to court filings. The documents included five written notices that the couple said they began sending him on Feb. 2.
“After a discussion with your mother, we have decided you must leave this house immediately,” the couple wrote in one of the letters. “You have 14 days to vacate. You will not be allowed to return.”
In another note, the parents offered him $1,100 to help look for a job and an apartment and shared advice on how to manage on his own.
“There are jobs available even for those with a poor work history like you. Get one — you have to work!” one of the letters read. In the second-to-last letter, on March 5, the parents warned they would take actions to make sure he left the home.
The judge also asked for adult protective services because he is concerned about the strained relationship, according to WSTM. Michael Rotondo said he plans to appeal the ruling.
Reporting by Gina Cherelus; Editing by Scott Malone and Jeffrey Benkoe
| ashraq/financial-news-articles | https://www.reuters.com/article/us-new-york-eviction/hit-the-road-son-parents-win-court-battle-to-evict-30-year-old-idUSKCN1IO28F |
FRANKFURT (Reuters) - Deutsche Bank ( DBKGn.DE ) investors, fed up with a languishing share price and dwindling revenue, will call on its leaders to deliver quicker results at this week’s annual general meeting.
FILE PHOTO: The headquarters of the Deutsche Bank is pictured in Frankfurt, Germany, March 19, 2018. REUTERS/Ralph Orlowski/File Photo Chairman Paul Achleitner and newly appointed chief executive Christian Sewing are expected to provide further details of the loss-making bank’s refocused strategy at the gathering of up to 4,500 shareholders in Frankfurt on Thursday.
Deutsche Bank has said it will scale back its sprawling global investment bank and lean more heavily on retail banking and asset management, following months of turmoil which have also led to calls for Achleitner’s departure, following his ousting of former CEO John Cryan in April.
“Achleitner will need to demonstrate more effective leadership at the top of the supervisory board,” Hans-Christoph Hirt, head of shareholder adviser Hermes EOS at Hermes Investment Management, said in a statement on Tuesday.
Shares in Deutsche Bank, which declined to comment, have fallen nearly 32 percent this year and Hirt said the 61-year-old banker, who has been chairman since 2012, “bears ultimate responsibility” and that plans should be made to replace him.
Germany’s biggest lender is also under pressure from credit ratings agencies, with Standard & Poor’s expected to say by the end of the month whether it will cut Deutsche Bank’s rating after putting it on “credit watch” in April.
ACHLEITNER OUT? A small but vocal shareholder faction led by Riebeck-Brauerei will vote to oust Achleitner, after successfully having the item added to the official AGM agenda.
Deutsche Bank’s supervisory board said in a statement that it “has never had, and still does not have, any doubts concerning Dr. Achleitner’s comprehensive personal and professional skills and integrity”.
Achleitner will not be the only top figure under pressure, with Sewing also firmly in the spotlight.
Klaus Nieding of the shareholder lobby group DSW told Reuters that he will urge Sewing “to step on the gas from the very beginning. He has no more time and must deliver quickly”.
“The capital markets won’t just stand back and watch if Deutsche Bank needs additional years for restructuring after more than five years of restructuring already. The bank can’t afford this any more,” Nieding added.
Deutsche Bank has so far provided few details of plans to scale back investment banking in the U.S. and Asia. It is expected to cut around 1,000 jobs or 10 percent of its workforce in the United States, a person familiar with the matter said.
Some shareholders say that high level changes, including Cryan’s exit, could be a smokescreen for bigger problems.
Hirt at Hermes said they “could simply mask an underlying problem, namely, the lack of an implementable strategy that creates value for shareholders and other stakeholders.”
Reporting by Tom Sims; Editing by Caroline Copley and Alexander Smith
| ashraq/financial-news-articles | https://www.reuters.com/article/us-deutsche-bank-agm/deutsche-banks-chairman-to-face-tough-questions-at-annual-meeting-idUSKCN1IN0ZY |
May 11 (Reuters) - Spanish National Securities Market Commission (CNMV):
* SAYS ADMITTED APPLICATION FOR AUTHORIZATION OF TAKEOVER BID SUBMITTED BY ALZETTE INVESTMENT FOR HISPANIA
Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-alzettes-bid-for-hispania-is-admit/brief-alzettes-bid-for-hispania-is-admitted-for-processing-spains-regulator-idUSFWN1SI0JM |
April 30 (Reuters) - VODAFONE QATAR:
* Q1 NET PROFIT 17.5 MILLION RIYALS VERSUS LOSS OF 74.2 MILLION RIYALS YEAR AGO
* Q1 TOTAL REVENUE 532 MILLION RIYALS VERSUS 517 MILLION RIYALS YEAR AGO
* BY END OF 31 MARCH 2018, THE TOTAL MOBILE CUSTOMERS WERE 1.4 MILLION, DOWN 6.1 PERCENT YEAR-ON-YEAR Source: ( bit.ly/2HDSyp2 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-vodafone-qatar-posts-q1-profit/brief-vodafone-qatar-posts-q1-profit-idUSFWN1S713V |
May 17, 2018 / 8:13 PM / Updated 33 minutes ago Nordstrom's quarterly sales beat estimates Reuters Staff 1 Min Read
May 17 (Reuters) - Department store operator Nordstrom Inc reported quarterly sales on Thursday that beat analysts’ estimates, as more people visited the upscale clothing and accessories retailer’s stores in the United States.
The company’s net income rose to $87 million, or 51 cents per share, in the first quarter ended May 5, from $63 million, or 37 cents per share, a year earlier.
Nordstrom’s total revenue increased to $3.56 billion from $3.35 billion, beating analysts’ average estimate of $3.46 billion, according to Thomson Reuters I/B/E/S. (Reporting by Vibhuti Sharma in Bengaluru; Editing by Shounak Dasgupta) | ashraq/financial-news-articles | https://www.reuters.com/article/nordstrom-results/nordstroms-quarterly-sales-beat-estimates-idUSL3N1SO5IV |
US pro bowler charged in attempted extortion of actor Kevin Hart 01:08 Thu, Nov 23, 2017 - (2:18) Follow Reuters: Reuters Plus | Reuters News Agency | Brand Attribution Guidelines | Careers
Reuters, the news and media division of Thomson Reuters , is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/02/us-pro-bowler-charged-in-attempted-extor?videoId=423349571 |
May 14 (Reuters) - Gluskin Sheff + Associates Inc:
* GLUSKIN SHEFF + ASSOCIATES INC. DECLARES REGULAR QUARTERLY DIVIDEND OF $0.25 AND SPECIAL DIVIDEND OF $0.60
* GLUSKIN SHEFF + ASSOCIATES INC - ALSO ANNOUNCED A SPECIAL DIVIDEND OF $0.60 PER COMMON SHARE PAYABLE ON JUNE 4, 2018 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-gluskin-sheff-associates-inc-decla/brief-gluskin-sheff-associates-inc-declares-regular-quarterly-dividend-of-0-25-idUSASC0A24M |
May 14, 2018 / 3:15 PM / Updated 31 minutes ago France extends cheese recall after E.coli cases in children Sybille de La Hamaide 3 Min Read
PARIS (Reuters) - All Reblochon cheese coming from a factory in the French Alps should be removed from the market after young children were found to have been infected by a E.coli bacteria linked to the raw milk based product, the French agriculture ministry said on Monday.
French food retailer Leclerc had issued a recall on Friday of Reblochon products produced by cheesemaker Chabert and sold in its own shops under the “Nos regions ont du talent” (“Our regions have talent”) brand.
The recall now concerns all distributors of the suspect cheese, including retailers Carrefour and Intermarché, which sold the cheese produced in Cruseilles in the western Haute-Savoie region under their own brand, the company said.
The move came after the French health authorities linked seven cases of E.coli 026 bacteria among children between one-and-a-half and three years to the cheese, which is a creamy specialty of the French Alps.
Six of the seven cases of infection involved hemolytic-uremic syndrome (HUS), a potentially serious condition that can cause kidney failure among young children.
“Following the traceability survey conducted this weekend, it was decided as a precaution measure to withdraw and recall all Reblochon cheese made with whole raw milk manufactured on this site (carrying the sanitary mark: FR 74.096.050 CE) and marketed until today,” the ministry said in a statement.
It reiterated official guidance that raw milk and cheese made with raw milk should not be given to young children.
The ministry said the recall concerned 329 tonnes of cheese produced by the family firm since the end of January. It was unclear how much was still on the market.
Cheeses made at other plants of the supplier are not covered by the alert, Chabert said.
In another health alert affecting children, France witnessed a massive recall of baby milk late last year after cases of salmonella bacteria were linked to a factory of dairy giant Lactalis.
The health ministry said on Monday there had been no new case of E.coli reported over the weekend and that one of the seven children infected was yet to return home.
However, new cases could emerge now that hospitals and doctors had been alerted to the problem, the French agriculture ministry’s deputy head of food, Loic Evain, said.
“A case of HUS is far more serious than a case of salmonella as seen at Lactalis,” he said.
“The problem is solved in terms of products, there won’t be any contaminated Reblochon left on the market, but we cannot say that things are over as a public health matter. It is possible that other cases will be revealed.” Reporting by Sybille de La Hamaide; Editing by Toby Chopra | ashraq/financial-news-articles | https://in.reuters.com/article/france-cheese-ecoli/france-extends-cheese-recall-after-e-coli-cases-in-children-idINKCN1IF243 |
May 2 (Reuters) - Compass Diversified Holdings:
* QTRLY LOSS PER SHARE $0.09 * Q1 EARNINGS PER SHARE VIEW $0.26, REVENUE VIEW $338.1 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-compass-diversified-holdings-qtrly/brief-compass-diversified-holdings-qtrly-loss-per-share-0-09-idUSASC09Z6N |
May 1 (Reuters) - Beijing Teamsun Technology:
* SAYS UNIT SIGNS MOU WITH ALIBABA CLOUD (SINGAPORE) PRIVATE LIMITED ON COOPERATION IN HONG KONG AND MACAU MARKETS Source text in Chinese: bit.ly/2HJWt3F Further company coverage: (Reporting by Hong Kong newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-beijing-teamsun-technologys-unit-s/brief-beijing-teamsun-technologys-unit-signs-mou-with-alibaba-cloud-idUSL3N1S82VP |
PEARL HARBOR, Hawaii—In a symbolic nod toward India, the U.S. military changed the name of the military headquarters covering Asia and the Pacific Ocean from Pacific Command to Indo-Pacific Command, making the shift Wednesday during a ceremony that also named its new commander.
Adm. Philip Davidson took over the newly named command at a ceremony here attended by Defense Secretary Jim Mattis and Marine Gen. Joe Dunford, the chairman of the Joint Chiefs of Staff.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/pentagon-changes-top-officer-name-for-its-command-covering-asia-1527716043 |
Bannon wanted vote suppressed in 2016: witness Wednesday, May 16, 2018 - 01:32
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, said Wednesday that voter suppression was a service that U.S. clients could request from Cambridge Analytica when Steve Bannon, who later became President Trump's White House adviser, was vice president of the company. Rough Cut (no reporter narration).
Christopher Wylie, a former Cambridge Analytica staffer-turned-whistle-blower, said Wednesday that voter suppression was a service that U.S. clients could request from Cambridge Analytica when Steve Bannon, who later became President Trump's White House adviser, was vice president of the company. Rough Cut (no reporter narration). //reut.rs/2rNuLfG | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/16/bannon-wanted-vote-suppressed-in-2016-wi?videoId=427494700 |
May 3 (Reuters) - Trevena Inc:
* Q1 LOSS PER SHARE $0.14 * Q1 EARNINGS PER SHARE VIEW $-0.22 — THOMSON REUTERS I/B/E/S
* OLICERIDINE NDA ON TRACK FOR POTENTIAL APPROVAL IN NOVEMBER Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-trevena-q1-loss-per-share-014/brief-trevena-q1-loss-per-share-0-14-idUSASC09ZGH |
OSLO, May 24 (Reuters) - Budget carrier Norwegian Air , under pressure to staff its fleet as it ramps up its transatlantic business, said summer bookings were good and that it had “more than enough” pilots to cover the season, its CEO told Reuters.
The company, which has been courted by British Airways owner IAG, had difficulties last summer with having enough pilots and had to lease extra planes and staff that weighed on its bottom line.
Ryanair last year approached Norwegian with a proposal to take a stake of around 20 percent in the Oslo-listed carrier, a source with close knowledge of the discussion separately told Reuters.
“I can confirm that Ryanair has shown interest in Norwegian Air, and that I brought it up with the board,” said Norwegian Air’s Chief Executive Bjoern Kjos. A spokesman for Ryanair said the airline does not comment on rumour or speculation. (Additional reporting by Padraic Halpin in Dublin, writing by Terje Solsvik, editing by Gwladys Fouche)
| ashraq/financial-news-articles | https://www.reuters.com/article/norwegian-ma/norwegian-air-ceo-says-summer-bookings-strong-well-covered-with-pilots-idUSL5N1SV4DO |
May 9 (Reuters) - CNO Financial Group Inc:
* CNO FINANCIAL GROUP NAMES NEW CHAIRMAN OF THE BOARD AND ANNOUNCES INCREASE TO QUARTERLY DIVIDEND AND RESULTS OF ANNUAL SHAREHOLDERS MEETING
* APPROVED 11 PERCENT INCREASE IN ITS QUARTERLY DIVIDEND * DECLARED A QUARTERLY CASH DIVIDEND OF $0.10 PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cno-financial-group-appoints-danie/brief-cno-financial-group-appoints-daniel-maurer-as-chairman-of-the-board-idUSASC0A15S |
ON A RECENT Friday night, China Live, the new food and drink complex on the edge of San Francisco’s Chinatown, throbbed with diners. “We have eight different cooking stations, four distinct cooking types,” said founder George Chen, leading a tour past open kitchens surrounding a dining room sparkling with luxurious materials—river rock, marble, a cityscape mural in blue and white tile.
In the adjoining room, shoppers browsed a marketplace stocked with fancy cookware and gourmet ingredients (extra virgin tea oil, housemade... | ashraq/financial-news-articles | https://www.wsj.com/articles/a-feasting-guide-to-san-franciscos-newly-glam-chinatown-1525281553 |
SARASOTA, Fla., May 07, 2018 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:UNIR) (the “Company”) today reported its financial results for the first quarter ended April 1, 2018.
Financial Highlights
* Net Sales increase 2.6% to $26,429,687 versus the prior year quarter as a 10.3% growth in the Industrial sector offset a moderate decline in the automotive sector.
* Gross Margins of 17.5% pressured by raw material price increases and operational start-up costs in the UK.
* Earnings Per Common share was a loss of $0.02 for this quarter versus earnings of $0.03 in the same quarter of the previous year.
Overview
The first quarter of this year was testimony to the diversification strategy of the Company as increases in Net Sales of the Industrial sector offset a moderate decline in sales of the Automotive sector resulting in an increase in overall Net Sales for the quarter of 2.6% versus the first quarter of last year. The Industrial sector grew more than 10% versus last year as sales to off-the-highway equipment manufacturers and a revitalization of the hospitality and physical fitness industries sparked the increases. The Automotive sector was tepid this quarter (-1.1%) as gains in our UK operations offset a decline in the domestic business.
Raw material prices continue to be a challenge as increases put in place have been accepted for the most part by customers in the Industrial sector over the first quarter of this year. The automotive customers have contracts in place so price increases are not as easily accepted in this segment. We continue to work on operating efficiencies and expense reduction programs to offset raw material increases in general.
Overall, we continue to deliver operational improvement at both of our major US and UK operational facilities and we continue to bid on major automotive platforms in segments more preferred by discriminating consumers (SUV’s and trucks). This will take time but we remain positive for better results particularly in the second half of this year.
Net Sales
Net Sales for the quarter increased 2.6% to $26,429,687 versus $25,758,429 in the first quarter of last year. The Automotive sector (65.2% of Net Sales) declined 1.1% for the quarter as growth in the European automotive market could not offset a decline in the US automotive market. European automotive sales represented approximately 72.5% of Net Sales in the Automotive sector this quarter. As previously mentioned, we are bidding on platforms of major automotive OEM’s to diversify our product offerings to the US industry which should rekindle growth.
The Industrial sector (34.8% of Net Sales) had a very strong quarter as sales increased 10.3% versus the quarter of the previous year. This was primarily due to sharp increases in sales to off-the-highway equipment manufacturers especially in the US. The seating marketplace was also good this quarter with increases to the physical fitness and hospitality industries.
Operating Income
Operating Income for the quarter was significantly below the prior year results (-48.3%) primarily as a result of Gross Profit Margins declining to 17.5% versus 20.9% in the quarter of the prior year. The delays in the timing of raw material price increases being accepted by customers, production inefficiencies as a result of new platform development and a change in the mix of high vs. lower margin sales lead to the margin erosion. This will improve as we move forward and the first quarter of this year should be the low point of the year barring any catastrophic occurrences.
Net Loss/Income Available to Common Shareholders
Net Loss for the quarter, after Preferred stock dividends, was $294,820 or a loss of $0.02 per common share versus Net Income of $470,776 or income of $0.03 per common share.
For further details, see the in the Company’s Form 10-Q filed on May 7, 2018. The Company will have comments on the quarter in an earnings conference call on May 8, 2018 at 9:00 am (EDT).
Persons wishing to access the conference call may do so by dialing 888-394-8218 (U.S.) and 323-701-0225 (International), and using the ID #7660024. Howard F. Curd, President, will discuss our earnings on the call and will be available for questions. The call will also be available by logging on to www.uniroyalglobal.com and accessing the webcast link ( http://public.viavid.com/player/index.php?id=129704 ) in the investor relations section.
A replay of the conference call will be available beginning May 8, 2018 through August 8, 2018 by calling 844-512-2921 (US) or 412-317-6671 (International) and using Pin #7660024. The webcast will be archived on www.uniroyalglobal.com in the investor relations section until May 8, 2019.
About Uniroyal Global Engineered Products, Inc.:
Uniroyal Global Engineered Products, Inc . (UNIR) is a leading manufacturer of vinyl coated fabrics that are durable, stain resistant, cost-effective alternatives to leather, cloth and other synthetic fabric coverings. Uniroyal Global Engineered Products, Inc.’s revenue in 2017 was derived 67.5% from the automotive industry and approximately 32.5% from the recreational, industrial, indoor and outdoor furnishings, hospitality and health care markets. Our primary brand names include Naugahyde ® , BeautyGard ® , Flame Blocker™, Spirit Millennium ® , Ambla ® , Amblon ® , Velbex ® , Cirroflex ® , Plastolene ® and Vynide ® .
Forward-Looking Statements:
Except for statements of historical fact, certain information contained in this press release constitutes , including, without limitation, statements containing the words “believe,” “expect,” “anticipate,” “intend,” “should,” “planned,” “estimated” and “potential” and words of similar import, as well as all references to the future. These are based on Uniroyal Global Engineered Products, Inc.’s current expectations. The Company cautions investors that made by the Company are not guarantees of future performance and that a variety of factors could cause the Company´s actual results and experience to differ materially from the anticipated results or other expectations expressed in the Company´s . The which may affect the operations, performance, development and results of the Company´s business include, but are not limited to, the following: uncertainties relating to economic conditions, uncertainties relating to customer plans and commitments, the pricing and availability of equipment, materials and inventories, currency fluctuations, technological developments, performance issues with suppliers, economic growth, delays in testing of new products, the Company’s ability to successfully integrate acquired operations, the Company’s dependence on key personnel, the Company’s ability to protect its intellectual property rights, the effectiveness of cost-reduction plans, rapid technology changes and the highly competitive environment in which the Company operates. Readers are cautioned not to place undue reliance on these , which speak only as of the date the statement was made.
Uniroyal Global Engineered Products, Inc. Public Relations :
TTC Group, Inc.
Vic Allgeier, 646-290-6400
[email protected]
Uniroyal Global Engineered Products, Inc. ASSETS (Unaudited)
April 1, 2018 December 31, 2017 CURRENT ASSETS Cash and cash equivalents $ 820,723 $ 1,267,319 Accounts receivable, net 16,599,946 15,167,468 Inventories, net 19,972,809 19,769,662 Other current assets 796,255 846,362 Related party receivable 21,180 37,116 Total Current Assets 38,210,913 37,087,927 PROPERTY AND EQUIPMENT, NET 17,733,381 17,289,058 OTHER ASSETS Intangible assets 3,376,400 3,295,896 Goodwill 1,079,175 1,079,175 Other long-term assets 3,976,314 3,902,246 Total Other Assets 8,431,889 8,277,317 TOTAL ASSETS $ 64,376,183 $ 62,654,302 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Checks issued in excess of bank balance $ 328,742 $ 686,640 Lines of credit 19,857,378 19,340,468 Current maturities of long-term debt 1,195,332 1,155,490 Current maturities of capital lease obligations 431,377 408,425 Accounts payable 10,806,363 10,358,761 Accrued expenses and other liabilities 3,956,040 3,594,684 Related party obligation 588,460 286,955 Current portion of postretirement benefit liability - health and life 143,287 143,287 Total Current Liabilities 37,306,979 35,974,710 LONG-TERM LIABILITIES Long-term debt, less current portion 2,828,168 2,467,433 Capital lease obligations, less current portion 443,281 531,218 Related party lease financing obligation 2,149,960 2,153,327 Long-term debt to related parties 2,612,524 2,765,655 Postretirement benefit liability - health and life, less current portion 2,532,536 2,547,076 Other long-term liabilities 851,166 822,492 Total Long-Term Liabilities 11,417,635 11,287,201 Total Liabilities 48,724,614 47,261,911 STOCKHOLDERS' EQUITY Preferred units, Series A UEP Holdings, LLC, 200,000 units issued
and outstanding ($100 issue price) 617,571 617,571 Preferred units, Series B UEP Holdings, LLC, 150,000 units issued
and outstanding ($100 issue price) 463,179 463,179 Preferred stock, Uniroyal Global (Europe) Limited, 50 shares
issued and outstanding ($1.51 stated value) 75 75 Common stock, 95,000,000 shares authorized ($.001 par value)
18,690,030 shares issued and outstanding as of both
April 1, 2018 and December 31, 2017 18,690 18,690 Additional paid-in capital 35,044,933 34,944,972 Accumulated deficit (20,571,764 ) (20,276,944 ) income (loss) 78,885 (375,152 ) Total Stockholders' Equity 15,651,569 15,392,391 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 64,376,183 $ 62,654,302
Uniroyal Global Engineered Products, Inc. (Unaudited) Three Months Ended April 1, 2018 April 2, 2017 NET SALES $ 26,429,687 $ 25,758,429 COST OF GOODS SOLD 21,812,193 20,382,282 Gross Profit 4,617,494 5,376,147 OPERATING EXPENSES: Selling 1,349,030 1,284,947 General and administrative 1,948,301 1,821,466 Research and development 421,963 533,854 OPERATING EXPENSES 3,719,294 3,640,267 Operating Income 898,200 1,735,880 OTHER INCOME (EXPENSE): Interest and other debt related expense (456,364 ) (389,856 ) Other income 33,282 99,254 Net Other Expense (423,082 ) (290,602 ) INCOME BEFORE TAX PROVISION 475,118 1,445,278 TAX PROVISION (BENEFIT) (14,521 ) 234,586 NET INCOME 489,639 1,210,692 Preferred stock dividend (784,459 ) (739,916 ) NET INCOME (LOSS) AVAILABLE TO COMMON SHAREHOLDERS $ (294,820 ) $ 470,776 EARNINGS (LOSS) PER COMMON SHARE: Basic $ (0.02 ) $ 0.03 Diluted $ (0.02 ) $ 0.03 WEIGHTED AVERAGE SHARES OUTSTANDING: Basic 18,690,030 18,723,226 Diluted 18,690,030 18,813,333
Source:Uniroyal Global Engineered Products, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-uniroyal-global-engineered-products-inc-reports-net-sales-of-26429687-and-a-net-loss-available-to-common-shareholders-of.html |
May 2 (Reuters) - Rudolph Technologies Inc:
* Q1 GAAP EARNINGS PER SHARE $0.47 * Q1 EARNINGS PER SHARE VIEW $0.40 — THOMSON REUTERS I/B/E/S
* SEES Q2 2018 NON-GAAP EARNINGS PER SHARE $0.44 TO $0.51
* SEES Q2 2018 GAAP EARNINGS PER SHARE $0.38 TO $0.45 * Q1 NON-GAAP EARNINGS PER SHARE $0.51
* SEES Q2 2018 REVENUE $75 MILLION TO $81 MILLION * Q1 REVENUE $73.1 MILLION VERSUS I/B/E/S VIEW $68.9 MILLION
* Q2 EARNINGS PER SHARE VIEW $0.43, REVENUE VIEW $73.3 MILLION — THOMSON REUTERS I/B/E/S Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rudolph-technologies-q1-gaap-earni/brief-rudolph-technologies-q1-gaap-earnings-per-share-0-47-idUSASC09Z3T |
May 8 (Reuters) - Stellus Capital Investment Corp:
* STELLUS CAPITAL INVESTMENT CORPORATION REPORTS RESULTS FOR ITS FIRST FISCAL QUARTER ENDED MARCH 31, 2018
* STELLUS CAPITAL INVESTMENT CORP - NET ASSET VALUE PER SHARE $13.93 AS OF MARCH 31
* STELLUS CAPITAL INVESTMENT CORP QTRLY NET INVESTMENT INCOME PER SHARE $0.28 Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-stellus-capital-investment-reports/brief-stellus-capital-investment-reports-qtrly-net-investment-income-per-share-of-0-28-idUSASC0A0EH |
Sessions says parents, children who enter country illegally could be separated Monday, May 07, 2018 - 01:25
At the U.S.-Mexico border in San Diego, U.S. Attorney General Jeff Sessions said the illegal crossings trend ''must end'' and that if a child is being smuggled into the U.S., the child will be placed in protective custody. During Sessions' speech, a protester can be heard shouting in the background. Rough Cut
At the U.S.-Mexico border in San Diego, U.S. Attorney General Jeff Sessions said the illegal crossings trend "must end" and that if a child is being smuggled into the U.S., the child will be placed in protective custody. During Sessions' speech, a protester can be heard shouting in the background. Rough Cut //reut.rs/2FR5s1a | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/07/sessions-says-parents-children-who-enter?videoId=424794756 |
DALLAS--(BUSINESS WIRE)-- Flowserve Corporation, (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, announced today that Lanesha Minnix will join Flowserve as senior vice president and chief legal officer, beginning Monday, June 11.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180518005097/en/
Lanesha Minnix, Flowserve Chief Legal Officer (Photo: Business Wire)
Ms. Minnix will join Flowserve from BMC Stock Holdings, Inc., a leading provider of diversified residential building materials, where she served as senior vice president, general counsel and corporate secretary, since 2017. In this role, she had responsibility for all legal, compliance and risk management matters for the company.
Prior to BMC, Ms. Minnix was vice president, deputy general counsel and chief compliance officer, at ABM Industries Incorporated where she oversaw the legal operations and global compliance program. She was also the divisional general counsel for the Company’s international divisions, the Aviation and AirServ business and the Building and Energy Services business.
“I am extremely pleased to welcome Lanesha to our executive leadership team and look forward to leveraging her leadership and legal experience in many of the industries we serve. I know that her nearly two decades of global legal experience will help drive a continued focus on ethics and integrity, as well as serve to support our ongoing Flowserve 2.0 transformation efforts,” said Scott Rowe, Flowserve president and chief executive officer.
Additionally, Ms. Minnix served as senior legal counsel for Shell Oil Company. While at Shell, she managed the legal support for the production start-up of Pearl GTL, the company’s $19 billion capital investment project in Qatar. She also served as lead counsel for the retail lubricants and downstream aviation business.
“I look forward to joining Flowserve at an exciting time in its transformation efforts. This company has both the industry-leading product brands, the global footprint and customer relationships to grow into the flow control leader across the industries it serves. I’m thrilled to lead the legal organization as part of this effort while helping the business achieve its success,” said Minnix.
Early in her career, Ms. Minnix was corporate counsel at Sprint and a corporate associate at K&L Gates.
About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com .
Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.
The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.
All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180518005097/en/
Flowserve Corporation
Investor Contacts:
Jay Roueche, 972-443-6560
Vice President, Investor Relations
or
Mike Mullin, 972-443-6636
Director, Investor Relations
--
Media Contact:
Lars Rosene, 972-443-6644
Vice President, Corporate & Marketing Communications
Source: Flowserve Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/18/business-wire-flowserve-announces-the-appointment-of-lanesha-minnix-as-chief-legal-officer.html |
Condoleezza Rice would like to make one thing clear: She thinks college athletes should be allowed to benefit financially from their personal brands.
Two weeks ago in Indianapolis, the former secretary of state—presenting the findings of a college basketball reform commission she chaired—said that the sport’s core principles of amateurism should remain in place for now, effectively limiting players to tuition, room and board as compensation. Critics howled that Rice’s commission had failed to address the key problem in college... | ashraq/financial-news-articles | https://www.wsj.com/articles/condoleezza-rice-college-players-should-benefit-from-names-1525984057 |
LEWIS CENTER, Ohio, May 14, 2018 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB:MEEC) ("ME 2 C" or the "Company"), a leader in mercury emissions control in North America, will host a conference call on Monday, May 21, 2018 at 5:00 p.m. Eastern time to discuss its financial results for
A press release detailing these results is expected to be issued just prior to the call. Management will host the call, followed by a question and answer session. To participate, please use the following information:
Q1 2018 Conference Call and Webcast
Date: Monday, May 21, 2018
Time: 5:00 p.m. Eastern time
U.S. Dial-in: 1-888-394-8218
International Dial-in: 1-323-701-0225
Conference ID: 9714385
Webcast: http://public.viavid.com/index.php?id=129563
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through June 21 st , 2018. To listen, call 1-844-512-2921 within the United States or 1-412-317-6671 when calling internationally. Please use the replay pin number 9714385.
About Midwest Energy Emissions Corp. (ME 2 C)
Midwest Energy Emissions Corp. (OTCQB:MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. The U.S. Environmental Protection Agency (EPA) MATS rule requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, remove roughly 90% of mercury from their emissions starting April 15, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com .
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain " " that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as “anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying . These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Company Contact:
Richard MacPherson
Chief Executive Officer
Midwest Energy Emissions Corp.
Main: 614-505-6115
[email protected]
Investor Relations Contact:
Greg Falesnik
Managing Director
MZ Group - MZ North America
Main: 949-385-6449
[email protected]
www.mzgroup.us
Source:Midwest Energy Emissions Corp. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/14/globe-newswire-midwest-energy-emissions-corp-to-host-first-quarter-2018-financial-results-conference-call-on-may-21st-at-500-p-m-eastern.html |
May 14, 2018 / 3:31 PM / Updated 9 minutes ago Britain, EU clash in growing row over Galileo satellite project Andrew MacAskill , Michel Rose 3 Min Read
LONDON/PARIS (Reuters) - Britain and its European Union partners clashed on Monday in a deepening row over the European Commission’s decision to exclude the United Kingdom from a new satellite navigation system, Galileo. Britain's Foreign Secretary Boris Johnson arrives in Downing Street, in London, May 8, 2018. REUTERS/Hannah McKay
Galileo is the EU rival to the global positioning system (GPS) developed and controlled by the United States and used by millions of consumer devices globally. It was commissioned in 2003 and is due for completion by 2020.
The Commission, the EU’s executive, has started to exclude Britain and its companies from sensitive future work on Galileo ahead of the country’s exit from the bloc in a year’s time.
Britain’s foreign minister, Boris Johnson, said on Monday he had raised concerns with his French counterpart over the EU stance and the government said it might withhold security clearance for companies working on the project.
“I mentioned our slight puzzlement about what had happened with the Commission’s decision on Galileo and the satellite,” Johnson said.
“But our determination, nonetheless, (is) to go ahead with a (rival) UK satellite if that proved to be necessary.”
One expert said last week any rival British satellite navigation system could cost about 3 billion pounds ($4 billion).
A few hours after Johnson’s comments, the EU’s chief Brexit negotiator, Michel Barnier, said British companies could not be directly involved in a new EU satellite navigation system after Brexit, but Britain would have access to its signal. Related Coverage Britain after Brexit cannot be part of EU Galileo satellite system: Barnier
“It cannot be business as usual,” Barnier said. “Third countries and their companies cannot participate in the development of security-sensitive matters.”
Asked about the issue on Monday, a French presidential adviser said there was no decision from the EU to exclude Britain from Galileo, and that the current “uncertainty” was simply the direct result of Britain’s decision to leave.
“It’s simple: Britain is part of Galileo today as an EU member, but won’t be automatically part of Galileo tomorrow as a third-party state,” he said. “That’s the mechanical, legal consequence of Brexit.”
The adviser said the issue could only be settled as part of the EU’s post-Brexit security agreement with Britain.
“In principle, the EU and France in particular have no intention of keeping Britain away or outside Galileo after Brexit, quite the contrary,” he said. “But there are ways and means in terms of access, questions in terms of security data, it’s complicated.”
The UK space agency, on behalf of the business minister Greg Clark, wrote to British companies asking them to consult the government before agreeing any new contracts to work on the project, in a move aimed at stopping the transfer of technology to EU companies.
“I regret that these steps are a necessary consequence of the position taken by the European Commission,” the letter said. Reporting by Andrew MacAskill in London, Michel Rose in Paris and Robin Emmott in Brussels; Editing by Michael Holden and Gareth Jones | ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-eu-galileo/britain-raises-concerns-with-french-over-eus-satellite-system-snub-idUSKCN1IF264 |
Lisa Vanderpump may be best known as a reality TV star on Bravo's "Real Housewives of Beverly Hills," but she is also a savvy business woman.
Over her career, Vanderpump has opened over two dozen restaurants and bars , launched sangria and rosé brands , become an executive producer on her own spin off show, " Vanderpump Rules ," and landed a role as an editor of Beverly Hills Lifestyle magazine. Today, she runs three California restaurants, Villa Blanca, SUR and PUMP along with her husband Ken Todd.
Through those roles and her eight seasons on "Real Housewives," Vanderpump has had countless dinners, cocktail hours and lunches with colleagues. And when it comes to business meetings over a meal or drink, the English entrepreneur is a stickler for etiquette.
One rule she follows: Don't squabble about who will pay the check.
"If someone invites you, then that person should pick it up," Vanderpump tells The Hollywood Reporter. "I firmly believe it."
Peter Post, an etiquette expert and the managing director of The Emily Post Institute, agrees with that rule. "The person who did the asking does the paying," Post writes.
So if you're the one who arranged the lunch, then it's your turn to offer to pay. If that offer is rebuffed, "be firm but kind," he suggests. After all, that's "a good business trait to display anyway."
Say something like, "Sorry Jim, this one's on me. Next time, you can treat," Post explains.
If you feel compelled to pay (even though you didn't do the inviting), Vanderpump suggests taking care of the bill upfront to avoid any awkwardness at the table.
"As you walk in you give the card so that it's done and there's no struggle," she says.
And, take care to send the appropriate message while you're sharing the meal, Vanderpump says. Put your phone away, don't be late and avoid chit chatting too much with other people at the restaurant.
Above all else, avoid potentially disastrous foods.
"You never want to order spaghetti Bolognese," she advises. "Absolutely no-no. Positively hazardous with the long spaghetti noodle flying. I want to look at the end of the lunch the same way that I started and not like I've been wrestling with a spaghetti Bolognese."
Don't miss: What self-made millionaire Bethenny Frankel learned about hustle growing up at the racetrack
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show chapters What self-made millionaire Bethenny Frankel learned about hustle growing up at the racetrack 10:26 AM ET Wed, 14 March 2018 | 00:43 Disclosure: CNBC parent NBCUniversal owns Bravo. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/22/real-housewife-lisa-vanderpump-heres-who-should-pay-at-a-business-lunch.html |
HONOLULU, May 1, 2018 /PRNewswire/ -- Alexander & Baldwin, Inc. (NYSE:ALEX) (A&B) will report results for the first quarter 2018 at 4 p.m. ET on Tuesday, May 8, 2018. In connection with this announcement, A&B will host a live webcast of its conference call with financial analysts and professional investors on May 8, at 5 p.m. ET.
The webcast and call will feature a presentation on operating and financial performance, followed by questions from investors invited to participate in the interactive portion of the discussion. Parties listening via the webcast will be in a "listen-only" mode.
Company participants on the call will be Chris Benjamin, president and chief executive officer, and Jim Mead, chief financial officer.
Access to the webcast will be via a link on the Investors page of A&B's website at www.alexanderbaldwin.com . Presentation slides will be available for download from A&B's website at 4:30 p.m. ET on May 8, 2018.
Alexander & Baldwin, Inc. is Hawai`i's premier commercial real estate company and the state's foremost owner of grocery-anchored retail centers. With a portfolio of approximately 87,000 acres in Hawai`i, A&B is the state's fourth largest private landowner. A&B is a fully integrated real estate investment trust and owns, operates and manages 3.4 million square feet of primarily retail and industrial space in Hawai`i. A&B's interests extend beyond commercial real estate into diversified agriculture, renewable energy, and land stewardship. A&B also is Hawai`i's largest construction materials company and paving contractor. Over its nearly 150-year history, A&B has evolved with the state's economy and played a lead role in the development of the agricultural, transportation, tourism, construction and real estate industries. Learn more about A&B at www.alexanderbaldwin.com .
Contact:
Suzy Hollinger
Vice President Investor Relations
(808) 525-8422
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/alexander--baldwin-announces-first-quarter-2018-earnings-release-and-webcast-300640466.html
SOURCE Alexander & Baldwin, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-alexander-baldwin-announces-first-quarter-2018-earnings-release-and-webcast.html |
April 30 (Reuters) - JORDAN INSURANCE COMPANY:
* Q1 PROFIT 472,478 DINARS VERSUS 144,559 DINARS YEAR AGO * Q1 TOTAL INCOME 11.7 MILLION DINARS VERSUS 12 MILLION DINARS YEAR AGO Source: ( bit.ly/2jfwKp8 ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordan-insurance-q1-profit-rises/brief-jordan-insurance-q1-profit-rises-idUSFWN1S70ZS |
ISLAMABAD, Pakistan—A gunman opened fire on the country’s interior minister after a public meeting in his constituency Sunday, wounding him in the shoulder, officials said.
Talal Chaudhry, the minister of state for interior affairs, said Ahsan Iqbal was returning to his car after a meeting in the Narowal district when he came under attack.
Senior... | ashraq/financial-news-articles | https://www.wsj.com/articles/pakistan-interior-minister-ahsan-iqbal-wounded-in-attack-1525629166 |
The Midday Rundown: May 24, 2018 36 Mins Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/the-midday-rundown-may-24-2018.html |
Zverev survives test of nerve in Paris 10:05am BST - 02:02
Second seed Alexander Zverev was pushed to five sets but advances to the third round after holding his nerve against Serbian Dusan Lajovic ▲ Hide Transcript ▶ View Transcript
Second seed Alexander Zverev was pushed to five sets but advances to the third round after holding his nerve against Serbian Dusan Lajovic Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2J0Sh4f | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/31/zverev-survives-test-of-nerve-in-paris?videoId=431741940 |
FRANKFURT/DUESSELDORF, May 15 (Reuters) - Shareholder advisory and proxy voting firm ISS is recommending that investors in Uniper do not back a proposal to appoint a special auditor at the group’s annual general meeting, it said in a note to clients.
The proposal, filed by Cornwall Luxembourg S.a.r.l., a fund backed by activist investor Elliott, is aimed at investigating whether Uniper’s management worked against the planned sale of a 46.65 percent stake held by E.ON to Finnish peer Fortum. (Reporting by Christoph Steitz and Tom Kaeckenhoff; Editing by Douglas Busvine)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/uniper-agm-iss/iss-recommends-not-to-back-call-for-special-auditor-at-uniper-idUSL5N1SM9BT |
Russian President Vladimir Putin bragged earlier this year that his country had a new nuclear-powered missile with unlimited range — but it has yet to perform a successful test over multiple attempts, according to sources with direct knowledge of a U.S. intelligence report on the weapons program.
The cruise missile was tested four times between November and February, each resulting in a crash, according to sources who spoke to CNBC on the condition of anonymity.
The U.S. assessed that the longest test flight lasted just more than two minutes, with the missile flying 22 miles before losing control and crashing. The shortest test lasted four seconds and flew for five miles.
One report, according to the sources, did not mention health or environmental risks posed by damages to the missile's nuclear reactor.
The weapon, which has been in development since the early 2000s, is believed to use a gasoline-powered engine for takeoff before switching to a nuclear-powered one for flight, sources explained to CNBC.
The tests apparently showed that the nuclear-powered heart of the cruise missile failed to initiate and, therefore, the weapon was unable to achieve the indefinite flight Putin had boasted about.
show chapters Russia's new hypersonic weapon will likely be ready for war by 2020, says US intel 12:43 PM ET Wed, 16 May 2018 | 01:37 Sources said that the tests were ordered by senior Kremlin officials despite objections from the program's engineers, who voiced concerns that the system was still in its infancy.
During a state of the nation address in March, Putin claimed the cruise missile was capable of delivering a warhead to any point in the world while evading missile defense systems. In the same two-hour speech, Putin touted an arsenal of new hypersonic weapons which he called "invincible."
A week ago, CNBC learned the hypersonic glide vehicle, a weapon the U.S. currently is unable to defend against, will be ready for war by 2020 .
The sources, who spoke to CNBC on the condition of anonymity, said Russia successfully tested the weapon, which could carry a nuclear warhead, twice in 2016. The third known test of the device was carried out in October 2017 and resulted in a failure when the platform crashed seconds before striking its target.
The Russians are expected to conduct a fourth test sometime this summer.
show chapters China and Russia are pursuing hypersonic weapons — and the US can't defend against them 11:00 AM ET Wed, 21 March 2018 | 00:50 | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/russian-missile-with-unlimited-range-crashed-after-only-22-miles.html |
May 9, 2018 / 6:25 PM / Updated an hour ago Russia unlikely to limit Israeli actions in Syria - Netanyahu Dan Williams 3 Min Read
JERUSALEM (Reuters) - Russia is unlikely to try to limit Israel’s military actions in Syria, Israeli Prime Minister Benjamin Netanyahu said on Wednesday after meeting Russian President Vladimir Putin. Russian President Vladimir Putin and Israeli Prime Minister Benjamin Netanyahu shake hands during a meeting at the Kremlin in Moscow, Russia May 9, 2018. Sergei Ilnitsky/Pool via REUTERS
Since intervening in the Syrian civil war on behalf of President Bashar al-Assad in 2015, Russia has generally turned a blind eye to Israeli attacks on suspected arms transfers and deployments by Assad’s Iranian and Lebanese Hezbollah allies.
But Moscow’s condemnation of an April 9 strike that killed seven Iranian personnel set off speculation in Israel that Russian patience might be wearing thin.
Netanyahu flew to Moscow on Wednesday to meet Putin, hours after U.S. President Donald Trump quit the Iranian nuclear deal and after Syria accused Israel of carrying out a fresh missile strike on an army base near Damascus.
“Given what is happening in Syria at this very moment, there is a need to ensure the continuation of military coordination between the Russian military and the Israel Defence Forces,” Netanyahu told reporters before departing, referring to a hotline designed to prevent the countries clashing accidentally. Russian President Vladimir Putin, Defence Minister Sergei Shoigu and Israeli Prime Minister Benjamin Netanyahu attend a meeting at the Kremlin in Moscow, Russia May 9, 2018. Sergei Ilnitsky/Pool via REUTERS
After the talks with Putin, Netanyahu sounded upbeat.
“In previous meetings, given statements that were putatively attributed to - or were made by - the Russian side, it was meant to have limited our freedom of action or harm other interests and that didn’t happen, and I have no basis to think that this time will be different,” he told reporters in a phone briefing.
There was no immediate comment from the Kremlin. Slideshow (2 Images)
The Syrian Observatory for Human Rights said on Wednesday that the overnight air strike near Damascus killed at least 15 people, including eight Iranians. Israel has neither confirmed nor denied responsibility.
But the Israelis have said they are on high alert for a possible attack by Iranian forces in Syria, after Tehran vowed to avenge the April 9 strike. Israel has pledged to prevent Iran and Hezbollah from forming a Lebanese-Syria front against it.
Netanyahu’s relationship with Putin has been buoyed by a long-running Israeli courting of Russian sensitivities.
During his 10-hour Moscow visit, the Israeli leader attended, alongside Putin, annual Red Square celebrations of the anniversary of the end of World War Two. Israel recognises the Russian date, May 9. Most Western powers mark it on May 8.
“When the president of Russia invites the prime minister of the state of the Jews to stand alongside him at the parade symbolizing the Red Army’s victory over the Nazis, its liberation, also, of the (concentration) camps, of Jews and others – for Russia, that is very significant,” Israeli Intelligence Minister Israel Katz told the Ynet news site.
Last week, Israeli Defence Minister Avigdor Lieberman used a Russian newspaper interview to remind Moscow that Israel had not joined Western sanctions against it over the Crimea crisis and the poisoning of a Russian ex-spy in Britain. Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mideast-crisis-syria-israel-russia/russia-unlikely-to-limit-israeli-actions-in-syria-netanyahu-idUKKBN1IA30E |
PARIS (Reuters) - French President Emmanuel Macron will hold “frank” talks with Facebook Inc ( FB.O ) Chief Executive Mark Zuckerberg on tax and data privacy in a week’s time when he welcomes the bosses of leading tech firms to Paris in a drive to lure more investment.
FILE PHOTO: Facebook CEO Mark Zuckerberg listens while testifying before a joint Senate Judiciary and Commerce Committees hearing regarding the company’s use and protection of user data, on Capitol Hill in Washington, U.S., April 10, 2018. Picture taken April 10, 2018. REUTERS/Leah Millis/File Photo The French leader’s office said he would meet Zuckerberg and more than a dozen technology chief executives during a Tech for Good summit at which he will pitch France Inc but also push his case for an EU tax on digital turnover and call for a tougher battle against fake news.
Also expected at the Elysee Palace event are IBM’s ( IBM.N ) Virginia Rometty, Intel Corp’s ( INTC.O ) Brian Krzanich and Microsoft Corp’s ( MSFT.O ) Satya Nadella.
Macron, 40, paints himself as a champion of France’s plugged-in youth and wants to transform France into a “startup nation”, but he is also spearheading efforts in Europe to have digital tax companies pay more tax at source.
The summit comes at a time Facebook is under pressure in the United States and in Europe over data privacy after it emerged that tens of millions of users’ personal data harvested from the website by political consultancy Cambridge Analytica.
FILE PHOTO: French President Emmanuel Macron holds a keynote speech in front of students of the university of Aachen after being awarded with the Charlemagne Prize in Aachen, Germany, May 10, 2018. REUTERS/Thilo Schmuelgen “There will be tough discussions,” one official in Macron’s office said.
Macron will hold a one-on-one meeting with Zuckerberg, during which all subjects will be raised in “very frank” discussions, the president’s office said.
In April, Zuckerberg fielded questions over two days from U.S. lawmakers over how it handles private data, refusing to make any promises to support new legislation or change how the social network does business.
Lawmakers in Europe are demanding answers too and the European Parliament has requested Zuckerberg appear before the assembly more than once.
Reporting by Jean-Baptiste Vey; Writing by Ingrid Melander; Editing by Richard Lough
| ashraq/financial-news-articles | https://in.reuters.com/article/us-facebook-privacy-france/frances-macron-to-hold-tough-talks-with-facebooks-zuckerberg-idINKCN1IH24O |
A.M. Ahad talks about photographing survivors of a brutal attack on Rohingya Muslims in Chut Pyin, Myanmar, last year. "They really want to share their stories." Photo: A.M. Ahad for The Wall Street Journal | ashraq/financial-news-articles | http://live.wsj.com/video/a-photographer-documents-rohingya-muslims-trauma/2C603ECF-3A1A-4C94-AC71-772C875CEE98.html |
April 30 (Reuters) - UNION LAND DEVELOPMENT CORPORATION PSC :
* Q1 PROFIT ATTRIBUTABLE TO SHAREHOLDERS 172,109 DINARS VERSUS 916,735 DINARS YEAR AGO Source:( bit.ly/2rbkLfR ) Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-jordans-union-land-development-cor/brief-jordans-union-land-development-corp-q1-profit-falls-idUSFWN1S70YX |
SHANGHAI (Reuters) - A total of eight Chinese regions have promised to beef up anti-pollution curbs, vowing fresh cuts in smog, cleaner water and soil and tighter scrutiny over government officials after Beijing-led probes uncovered thousands of violations.
A man stands on a view point on top of a TV tower in heavy smog during a polluted day in Chengdu, Sichuan province, December 20, 2016. REUTERS/Stringer/Files China’s Ministry of Ecology and Environment (MEE) said on Tuesday that the heavily populated industrial provinces of Shandong, Zhejiang and Sichuan were among the regions committing themselves to new measures, as well as Xinjiang and Tibet in the remote northwest.
As part of efforts to crack down on persistent polluters and negligent local administrations, Beijing launched a nationwide audit at the end of 2015 into the environmental records of 31 provinces and regions.
Teams led by retired ministers were granted powers to make unannounced spot checks at factories and summon local bureaucrats to explain their actions. The inspections were completed last year.
In a statement published by the MEE, Shandong on China’s eastern coast vowed to “unswervingly” implement government policies by tackling polluters and restructuring its heavy industrial economy.
The region pledged to resolve all major environmental problems by 2020, according to the statement, cutting concentrations of hazardous airborne particles known as PM2.5 by half to 49 microgrammes per cubic metre over the period.
In its commitments, Xinjiang, a major oil and gas producing province, promised to set winter production caps on industries like thermal power production, steel, coal and chemicals in a bid to cut 2017 levels of PM2.5 by a quarter by 2020.
The manufacturing hub of Zhejiang, near Shanghai, promised to would cut PM2.5 to the Chinese national standard of 35 microgrammes, and make 91 percent of polluted arable land fit for human use by 2020.
Meanwhile the major hydropower region of Sichuan pledged to improve regulation and shut down plants that encroach on protected land.
By the end of March, more than 2,000 government and state enterprise officials in 15 regions had been held to account as a result of the inspections, according to Reuters calculations based on MEE data. Most received an official reprimand and 22 face criminal charges.
State-owned China Minmetals Group was also accused by inspectors of being a “big corporate bully” after it was found to have failed to rectify pollution problems.
China’s President Xi Jinping vowed this month to use the full might of the Communist Party to redress the damage done to the country’s skies, soil and water since its economy was first opened up in 1978.
Meanwhile the central government is planning to launch a second round of regional environmental inspections early next year, the Communist Party newspaper People’s Daily reported last week.
“It shows how resolute the Centre is on this issue and how it is determined to keep up the pressure on the provinces,” said Peter Corne, managing partner at the legal firm Dorsey & Whitney in Shanghai, who follows China’s environmental policies.
“They have nowhere to hide,” he added.
Buildings under construction are seen during a hazy day in Rizhao, Shandong Province, China, March 15, 2016. REUTERS/Stringer/Files Reporting by David Stanway; Editing by Kenneth Maxwell
| ashraq/financial-news-articles | https://in.reuters.com/article/china-pollution/china-regions-vow-to-step-up-pollution-crackdown-after-central-government-probes-idINKCN1IU0PS |
MEXICO CITY, May 15 (Reuters) - Mexico’s No. 2 bank Banorte on Tuesday said it did not expect “any economic impact” on its financial results following what the central bank has called a cyber attack on connections to the domestic payment system.
Banorte said in a filing with the Mexican stock exchange that clients that the bank had linked to Mexico’s payment system through an alternate connection. (Reporting by Michael O’Boyle; editing by Grant McCool)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/mexico-grupo-banorte-cyber/mexicos-banorte-does-not-see-cyber-attack-impact-on-financial-results-idUSE1N1MM02D |
April 30 (Reuters) - Mylan NV:
* MYLAN NV - CEO HEATHER BRESCH'S 2017 COMPENSATION WAS $12.7 MILLION VERSUS $13.8 MILLION IN 2016 - SEC FILING Source : bit.ly/2JG37ID Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mylan-nv-ceo-heather-breschs-2017/brief-mylan-nv-ceo-heather-breschs-2017-compensation-was-12-7-million-idUSFWN1S71DI |
0 COMMENTS The same accounting rule change that boosted Alphabet earnings is now hurting Warren Buffett‘s.
Mr. Buffett's Berkshire Hathaway posted a $1.14 billion first-quarter loss Saturday, but said that was due to $6.2 billion in losses on equity investments that the company now has to count in net income because of an accounting change that took effect at the start of the year.
That change distorts Berkshire’s earnings, the company says. The investment gains and losses are “often meaningless in terms of understanding our reported results or evaluating our periodic economic performance,” Berkshire said in its latest quarterly Securities and Exchange Commission filing. Berkshire’s first-quarter operating earnings, which the company considers a better barometer of its performance, were $5.29 billion, up 49% from a year ago.
“It really is not representative of what’s going on in the business at all,” said Mr. Buffett at Berkshire’s annual meeting Saturday in Omaha, Neb. “If you look at the figure of operating earnings, which is what we look at, we actually earned a record amount of any quarter we’ve ever had.”
The investment losses stem from a new rule that accounting rule-makers issued in 2016 on how companies should recognize and measure the value of the financial instruments they own. One part of the rule requires companies to include in their net income some gains and losses on their equity investments that had previously been kept out of the net income calculation.
The change affects Berkshire because of the significant stakes it owns in other companies, and the losses reflect the poor performance of some of those investments in the first quarter. Shares of Wells Fargo & Co. lost 13.6% during the quarter; Coca-Cola shares fell 5.3% and American Express shares were down 6.1%.
A different provision of the same new rule helped first-quarter earnings at Alphabet, Google’s parent. Alphabet’s first-quarter earnings, announced last month, included $3 billion in gains on the values of the stakes it owns in Uber Technologies Inc. and other hot technology startups that are closely held and don’t trade regularly.
The provision affecting Alphabet indicated that companies which owned such hard-to-value equity securities could value them on a mark-to-market basis if there were “observable price changes” in those securities or similar investments. That means Alphabet and other companies which own stakes in tech “unicorns” that have soared in value can now reflect those gains in their own earnings.
Mr. Buffett had warned in his annual letter to Berkshire shareholders in February that Berkshire’s earnings would appear more volatile starting this year because of the rule change. The value of Berkshire’s holdings affected by the new rule can easily swing by $10 billion or more within a given quarter, he wrote, and that will render Berkshire’s bottom-line net income “useless” for analytical purposes.
He wrote that he expects “considerable confusion among shareholders for whom accounting is a foreign language.”
Nicole Friedman contributed to this article.
Share this: Alphabet Berkshire Earnings Previous Stocks to Watch: Berkshire, Starbucks, Apple, Mondelez, Wells Fargo, Nvidia, Exxon, Blackstone | ashraq/financial-news-articles | https://blogs.wsj.com/moneybeat/2018/05/07/warren-buffetts-new-target-rule-that-cut-6-2-billion-from-berkshire-earnings/ |
MOORESTOWN, N.J., May 23, 2018 /PRNewswire/ -- The Knowles Teacher Initiative announced the appointment of Bei Saville to its Board of Trustees. Saville is the Chief Investment Officer for Endowments and Foundations at Northern Trust , where she is responsible for managing not-for-profit investment programs.
"It is with great pleasure that we welcome Bei Saville to the Knowles Board of Trustees," stated C. Harry Knowles , Knowles Founder and Board of Trustees Chairman. "As a recognized leader in the investment community, her expertise will prove to be valuable as we work to ensure that Knowles can continue to support for teachers for many years to come."
Since beginning her investment career in the mid 1990s, Saville has made a name for herself as a long-term investor in a variety of asset classes and geographies. Before joining Northern Trust, she served as the Director of Alternative Investments at The Leona M. and Harry B. Helmsley Charitable Trust , Endowment Arm, where she found the investment office and managed investments in hedge funds, private equity, venture capital, and real assets. Saville also oversaw the alternative investment portfolio for the pension fund at Pfizer .
"I have always admired Knowles for the innovative way it advances science and invests in the future, and I'm honored to be joining the board," said Saville. "I have tremendous respect for its board members and staff, and I look forward to working with them."
Saville is frequently called upon to speak at institutional investment forums and has written several white papers that have been published in leading investment magazines. She has received a number of awards, including being named as one of the "50 Leading Women in Hedge Funds" by The Hedge Fund Journal in 2017 and "Director of Alternative Investments of the Year" by International Hedge Funds Awards in 2014. Saville was also recognized by Corporate Livewire in 2015 for having the "Most Innovative Investment Strategy."
About the Knowles Teacher Initiative
The Knowles Teacher Initiative is a nonprofit organization that supports a national network of mathematics and science teachers who are collaborative, innovative leaders improving education for all students in the United States. We strive to create an educational system that is led by teachers who are equipped to solve difficult problems and respond to local challenges in order to serve all of our nation's students. For more information, visit www.knowlesteachers.org .
Media Contact
Ebony Freeman
Knowles Teacher Initiative
856.608.0001, ext. 7029
[email protected]
View original content with multimedia: http://www.prnewswire.com/news-releases/investment-leader-bei-saville-appointed-to-knowles-board-of-trustees-300652993.html
SOURCE Knowles Teacher Initiative | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/pr-newswire-investment-leader-bei-saville-appointed-to-knowles-board-of-trustees.html |
May 20, 2018 / 11:44 PM / Updated 3 minutes ago Global stocks rise on U.S.-China trade truce; Venezuela worries lift oil Laila Kearney 4 Min Read
NEW YORK (Reuters) - Global stock markets rallied broadly on Monday after the United States and China agreed to halt a trade war, while oil hit multi-year highs on political uncertainty and potential sanctions on Venezuela.
The U.S. trade battle with China was put “on hold” after the world’s two largest economies agreed to drop their tariff threats in favor of hashing out a broader deal, U.S. Treasury Secretary Steven Mnuchin said on Sunday.
In addition to the trade truce, Wall Street indexes rose on news of $28 billion in U.S. merger deals.
The Dow Jones Industrial Average .DJI rose 298.2 points, or 1.21 percent, to 25,013.29, the S&P 500 .SPX gained 20.04 points, or 0.74 percent, to 2,733.01, and the Nasdaq Composite .IXIC added 39.70 points, or 0.54 percent, to 7,394.04.
The small-cap Russell 2000 index hit a record high for a fourth straight session.
The pan-European FTSEurofirst 300 index .FTEU3 rose 0.26 percent and MSCI's gauge of stocks across the globe .MIWD PUS gained 0.40 percent.
In the short term, analysts said they expect stocks to continue to trend higher barring a major negative event.
“This is an indication of what we’ll see near term, because we are through earnings, relatively light on macro data, and with geopolitics it seems like some of the emotion has been reduced between now and the Korean summit,” said Gordon Charlop, managing director at Rosenblatt Securities in New York.
The U.S.-China trade news also boosted the U.S. dollar to a five-month high against a basket of currencies as investors pared short positions on the greenback before starting to sell off again.
The dollar index .DXY fell 0.12 percent, with the euro EUR= up 0.14 percent to $1.1792. Gold, meanwhile, sank to a low for the year so far. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid
The Japanese yen weakened 0.22 percent versus the greenback to 111.00 per dollar, while sterling GBP= was last trading at $1.3432, down 0.29 percent.
The yen was pressured by recent weaker Japanese data, expectations of falling safe-haven demand with the easing of the U.S.-China trade war, and elevated U.S. Treasury yields, analysts said.
The euro turned slightly positive after suffering from concerns about political uncertainty in Italy.
Italy’s far-right League and the 5-Star Movement agreed on a candidate to lead their planned coalition government and to implement spending plans seen by some investors as threatening the sustainability of the country’s debt pile.
Italy’s 10-year bond yield IT10YT=RR rose to its highest level since April 2017 before easing back.
U.S. Treasuries, which were steady ahead of $99 billion in new supply scheduled for this week, were supported by safety buying prompted by the surging Italian borrowing costs.
Meanwhile, oil prices soared to their highest level since 2014 after Venezuela’s presidential election spurred worries that the country’s oil output could fall further. The market is also weighing the possibility of additional U.S. sanctions on Venezuela following its presidential election.
U.S. crude CLc1 rose 1.8 percent to $72.56 per barrel and Brent LCOc1 was last at $79.52, up 1.29 percent on the day.
Crude prices climbed further on U.S. President Donald Trump’s discussions with Russia and China about issuing new debt to Venezuela.
Expectations that U.S. sanctions on Iran could curb the country’s crude exports have also led crude prices higher in recent weeks. Additional reporting by Julien Ponthus in London, Medha Singh, Jessica Resnick-Ault and Gertrude Chavez-Dreyfuss in New York; Editing by Leslie Adler | ashraq/financial-news-articles | https://www.reuters.com/article/us-global-markets/u-s-stock-futures-jump-after-mnuchin-says-trade-war-on-hold-idUSKCN1IL0XT |
Margin Expansion In All Businesses
Net Debt to Adjusted EBITDA Reduced
Reaffirms Full Year Guidance
MILWAUKEE, May 03, 2018 (GLOBE NEWSWIRE) -- Jason Industries, Inc. (NASDAQ:JASN) (NASDAQ:JASNW) (“Jason” or the “Company”) today reported results for first quarter 2018.
Key financial results for the first quarter 2018 versus the year ago period include:
Net sales of $167.3 million decreased 4.5 percent and included a negative 5.3 percent impact from the divestiture and planned exit of non-core businesses and a positive 2.9 percent from foreign currency translation. Operating income of $7.3 million, or 4.4 percent of net sales, increased from 4.3 percent of net sales on improved operational results. Net loss of $0.8 million, or $0.09 diluted loss per share, increased $0.3 million and $0.04 per share. Diluted loss per share was impacted $0.04 per share by the redemption premium on the conversion of preferred stock into common stock. Free cash flow was $0.2 million, an increase of $0.7 million, due to higher cash flows generated by operations.
On an adjusted basis, first quarter 2018 results versus the year ago period include:
Adjusted EBITDA of $19.7 million, or 11.8 percent of net sales, increased $1.2 million and improved from 10.6 percent of net sales, driven by margin expansion from pricing and improved operational efficiencies. Adjusted Net Income of $0.7 million, or $0.02 Adjusted Earnings Per Share, improved $0.01 per share.
“Our industrial segments, Finishing and Components, delivered organic growth of 1.5 percent and 6.0 percent, respectively, which was in-line with expectations” said Brian Kobylinski, chief executive officer of Jason. “Continued focus on profitable growth and operational improvement initiatives drove margin expansion for the fifth consecutive quarter, with all four businesses contributing to our 150 basis point gross margin improvement. This improvement drove an additional one quarter turn reduction in our net leverage which is now 5.3 times.”
Highlights during the quarter include:
Total Cost Reduction and Margin Expansion program savings were $0.3 million in the first quarter with a total of $20 million since the inception of the program. Actions taken and announced to-date are expected to achieve $24 million in annual run-rate cost savings.
Completed the exit of a facility in Libertyville, IL, previously announced as part of the Cost Reduction and Margin Expansion program.
Initiated move of Acoustics Richmond, IN facility into other existing facilities; project expected to be completed by the end of the second quarter.
Achieved organic growth of 6.0 percent in Components and 1.5 percent in Finishing. Organic growth was achieved through strong industrial markets and targeted growth initiatives, while exiting low margin business and products.
Key financial results within the segments for the first quarter 2018 versus the year ago period include:
Finishing net sales of $54.0 million increased $4.5 million, or 9.1 percent, including a positive foreign currency translation impact of 8.9 percent and a negative 1.3 percent impact from the exit of a non-core market in Brazil. Organic sales increased 1.5 percent and were impacted by pricing and higher volumes in industrial end markets, partially offset by strategic decisions to exit low-margin business and products. Adjusted EBITDA was $7.8 million, or 14.4 percent of net sales, an increase of $0.7 million from 14.3 percent of net sales. Adjusted EBITDA margin increased on improved pricing and savings resulting from the cost reduction program.
Components net sales of $22.4 million increased $1.3 million, or 6.0 percent due to pricing and higher volumes in the rail market. Adjusted EBITDA was $3.1 million, or 13.7 percent of net sales, an increase of $0.4 million from 12.9 percent of net sales, with margins positively impacted by increased pricing and higher volumes.
Seating net sales of $47.0 million decreased $0.3 million, or 0.7 percent, including a positive foreign currency translation impact of 0.9 percent. Organic sales decreased 1.6 percent on lower volumes in the motorcycle market and a delayed start to the spring turf care season, partially offset by volume growth in heavy industry. Adjusted EBITDA was $5.9 million, or 12.6 percent of net sales, an increase of $0.4 million from 11.7 percent of net sales, with margins positively impacted by continuous improvement initiatives and pricing.
Acoustics net sales of $43.8 million decreased $13.4 million, or 23.4 percent, including a negative 15.3 percent impact from the divestiture of the Acoustics European operations. Organic sales decreased 8.1 percent due to lower overall North American vehicle demand and a shift from cars to light truck vehicles. Adjusted EBITDA was $5.8 million, or 13.2 percent of net sales, an improvement from 11.7 percent of net sales in the prior year. Adjusted EBITDA margin increased on improved material efficiencies and continuous improvement projects, partially offset by higher raw material costs.
Corporate expenses of $2.9 million decreased $0.6 million on lower third-party professional fees and lower health care costs.
Other Information:
Net debt to Adjusted EBITDA on a trailing twelve-month basis was 5.3x as of the end of the first quarter, a decrease from 5.5x as of the end of 2017. Total liquidity as of the end of the first quarter was $95.0 million, comprised of $48.0 million of cash and cash equivalents and $47.0 million of availability on revolving loan facilities globally.
In the first quarter the Company completed a transaction in which the Company exchanged 1,395,640 shares of common stock for 12,136 shares of 8.0% Series A Convertible Perpetual Preferred Stock. The shares of Preferred Stock exchanged had an aggregate liquidation preference of $12.1 million, representing 24.4% of the Company’s outstanding Preferred Stock. With the completion of the exchange transaction, the Company has 27,362,021 common shares issued and outstanding, and 37,529 shares of Preferred Stock outstanding.
2018 Guidance:
“We met our expectations in the first quarter and remain on track to deliver our commitments for the full year. Our team is gaining traction with operational performance improving, commercial activities increasing and customer relationships trending positively. We remain focused on EBITDA growth, cash generation and leverage reduction.”
For the full year 2018, Jason reaffirms guidance of net sales in the range of $600 to $615 million, Adjusted EBITDA of $66 to $70 million, and free cash flow of $13 to $17 million, resulting in an implied net debt to Adjusted EBITDA range of 5.3 to 4.9 times.
Conference Call:
The Company will hold a conference call to discuss its first quarter results today at 10:00 a.m. Eastern time. A live webcast of the call may be accessed over the Internet from the Company’s Investor Relations website at investors.jasoninc.com . Participants should follow the instructions provided on the website to download and install the necessary audio applications. The conference call is also available by dialing 877-451-6152 (domestic) or 201-389-0879 (international). Participants should ask for the Jason Industries First Quarter 2018 Earnings conference call.
A replay of the live conference call will be available beginning approximately one hour after the call. The replay will be available on the Company’s website or by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the replay passcode 13642137. The telephonic replay will be available until 11:59 pm (Eastern Time), May 10, 2018. The online replay will be available on the website immediately following the call.
About Jason Industries, Inc.
The Company is the parent company to a global family of manufacturing leaders within the finishing, components, seating, and automotive acoustics markets, including Osborn (Richmond, Ind. and Burgwald, Germany), Metalex (Libertyville, Ill.), Milsco (Milwaukee, Wis.), and Janesville Acoustics (Southfield, Mich.). Headquartered in Milwaukee, Wis., Jason employs more than 4,300 people in 13 countries.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “guidance,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include projected financial information. Such forward-looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the Company’s businesses are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. Such factors include, but are not limited to, the level of demand for the Company’s products; competition in the Company’s markets; the Company’s ability to grow and manage growth profitably; the Company’s ability to access additional capital; changes in applicable laws or regulations; the Company’s ability to attract and retain qualified personnel; the possibility that the Company may be adversely affected by other economic, business and/or competitive factors; and other risks and uncertainties identified in the Company’s most recent Annual Report on Form 10-K, as such may be amended or supplemented by subsequent Quarterly Reports on Form 10-Q or other reports filed with the Securities and Exchange Commission.
The forward-looking statements contained in this press release are based on assumptions that we have made in light of our industry experience and our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances. As you review and consider this press release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond our control) and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect our actual results and cause them to differ materially from those anticipated in the forward-looking statements.
Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Non-GAAP and Other Company Information
Included in this press release are certain non-GAAP financial measures designed to complement the financial information presented in accordance with generally accepted accounting principles in the United States of America because management believes such measures are useful to investors. Because the Company’s calculations of these measures may differ from similar measures used by other companies, you should be careful when comparing the Company’s non-GAAP financial measures to those of other companies. In this earnings release, we disclose the following non-GAAP financial measures, and we reconcile these non-GAAP financial measures to the most directly comparable GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Earnings Per Share, Net Debt to Adjusted EBITDA, and Free Cash Flow.
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin - The Company defines EBITDA as net income (loss) before interest expense, provision (benefit) for income taxes, depreciation and amortization. The Company defines Adjusted EBITDA as EBITDA, excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense. The Company defines Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net sales.
Management believes that Adjusted EBITDA provides a more clear picture of the Company’s operating results by eliminating expenses and income that are not reflective of the underlying business performance. The Company uses this metric to facilitate a comparison of operating performance on a consistent basis from period to period and to analyze the factors and trends affecting its segments. The Company’s internal plans, budgets and forecasts use Adjusted EBITDA as a key metric and the Company uses this measure to evaluate its operating performance and segment operating performance and to determine the level of incentive compensation paid to its employees.
Adjusted Net Income and Adjusted Earnings Per Share - The Company defines Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) as net income and earnings per share (as defined by GAAP), excluding the impact of operational restructuring charges and non-cash or non-operational losses or gains, including goodwill and long-lived asset impairment charges, gains or losses on disposal of property, plant and equipment, integration and other operational restructuring charges, transactional legal fees, other professional fees, purchase accounting adjustments, and non-cash share based compensation expense, net of their income tax impact. The tax rates used to calculate adjusted net income and adjusted earnings per share are based on a transaction specific basis. Adjusted earnings per share includes the impact of share based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares and conversion of preferred stock. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance.
Net Debt to Adjusted EBITDA - The Company defines Net Debt to Adjusted EBITDA as current and long-term debt plus debt discounts less cash and cash equivalents, divided by pro forma Adjusted EBITDA for the trailing twelve months. Pro forma Adjusted EBITDA is calculated as Adjusted EBITDA as reported plus Adjusted EBITDA of acquisitions prior to the date of the acquisition during the trailing twelve months. Management believes that Net Debt to Adjusted EBITDA is useful in assessing the Company’s financial leverage.
Free Cash Flow - The Company defines Free Cash Flow as net cash flows from operating activities (as defined by GAAP) less capital expenditures and cash dividends on preferred stock. Management believes that Free Cash Flow is useful in assessing our ability to generate cash from business operations that is available for strategic capital decisions.
In addition to these non-GAAP financial measures, we also use the term “organic sales” to refer to GAAP net sales from existing operations excluding (i) sales from acquired businesses recorded prior to the first anniversary of the acquisition, (ii) sales from divested businesses or exited non-core businesses, and (iii) the impact of foreign currency translation. The impact of foreign currency translation is calculated as the difference between (a) the period-to-period change in results (excluding acquisitions, divestitures, and exited non-core businesses) and (b) the period-to-period change in results (excluding acquisitions, divestitures, and exited non-core businesses) after applying current period average foreign exchange rates to the prior year period. We use the term “organic sales growth” to refer to the measure of comparing current period organic sales with the corresponding prior year period organic sales.
Contact Information
Investor Relations:
Rachel Zabkowicz
[email protected]
414.277.2007
Jason Industries, Inc.
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts) (Unaudited)
Three Months Ended March 30,
2018 March 31,
2017 Net sales $ 167,254 $ 175,193 Cost of goods sold 131,582 140,584 Gross profit 35,672 34,609 Selling and administrative expenses 27,524 26,656 Loss (gain) on disposals of property, plant and equipment - net 234 (330 ) Restructuring 602 681 Operating income 7,312 7,602 Interest expense (8,027 ) (8,366 ) Equity income 100 143 Other income - net 71 113 Loss before income taxes (544 ) (508 ) Tax provision (benefit) 275 (15 ) Net loss $ (819 ) $ (493 ) Less net gain attributable to noncontrolling interests — 5 Net loss attributable to Jason Industries $ (819 ) $ (498 ) Redemption premium and accretion of dividends on preferred stock 1,727 918 Net loss available to common shareholders of Jason Industries $ (2,546 ) $ (1,416 ) Net loss per share available to common shareholders of Jason Industries: Basic and diluted $ (0.09 ) $ (0.05 ) Weighted average number of common shares outstanding: Basic and diluted 27,329 25,784
Jason Industries, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts) (Unaudited)
March 30, 2018 December 31, 2017 Assets Current assets Cash and cash equivalents $ 47,991 $ 48,887 Accounts receivable - net 83,890 68,626 Inventories - net 75,372 70,819 Other current assets 18,093 15,655 Total current assets 225,346 203,987 Property, plant and equipment - net 151,693 154,196 Goodwill 45,838 45,142 Other intangible assets - net 128,041 131,499 Other assets - net 12,873 11,499 Total assets $ 563,791 $ 546,323 Liabilities and Shareholders’ Equity Current liabilities Current portion of long-term debt $ 9,430 $ 9,704 Accounts payable 62,418 53,668 Accrued compensation and employee benefits 21,521 17,433 Accrued interest 215 276 Other current liabilities 21,169 19,806 Total current liabilities 114,753 100,887 Long-term debt 391,694 391,768 Deferred income taxes 25,324 25,699 Other long-term liabilities 22,505 22,285 Total liabilities 554,276 540,639 Shareholders’ Equity Preferred stock 38,277 49,665 Jason Industries common stock 3 3 Additional paid-in capital 155,397 143,788 Retained deficit (168,019 ) (167,710 ) Accumulated other comprehensive loss (16,143 ) (20,062 ) Total shareholders’ equity 9,515 5,684 shareholders’ equity $ 563,791 $ 546,323
Jason Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
Three Months Ended March 30, 2018 March 31, 2017 Cash flows from operating activities Net loss $ (819 ) $ (493 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 6,709 6,943 Amortization of intangible assets 4,098 3,060 Amortization of deferred financing costs and debt discount 711 752 Equity income (100 ) (143 ) Deferred income taxes (1,073 ) (2,672 ) Loss (gain) on disposals of property, plant and equipment - net 234 (330 ) Share-based compensation 231 349 Net increase (decrease) in cash, excluding effect of divestitures, due to changes in: Accounts receivable (14,500 ) (9,985 ) Inventories (4,076 ) 2,513 Other current assets (1,150 ) 318 Accounts payable 8,980 (898 ) Accrued compensation and employee benefits 3,985 3,615 Accrued interest (61 ) (54 ) Accrued income taxes 17 1,293 Other - net 631 (1,367 ) Total adjustments 4,636 3,394 Net cash provided by operating activities 3,817 2,901 Cash flows from investing activities Proceeds from disposals of property, plant and equipment 49 674 Payments for property, plant and equipment (3,622 ) (3,396 ) Acquisitions of patents (9 ) (33 ) Net cash used in investing activities (3,582 ) (2,755 ) Cash flows from financing activities Payments of First and Second Lien term loans (775 ) (775 ) Proceeds from other long-term debt 1,247 2,555 Payments of other long-term debt (1,963 ) (1,520 ) Other financing activities - net (13 ) (8 ) Net cash (used in) provided by financing activities (1,504 ) 252 Effect of exchange rate changes on cash and cash equivalents 373 217 Net (decrease) increase in cash and cash equivalents (896 ) 615 Cash and cash equivalents, beginning of period 48,887 40,861 Cash and cash equivalents, end of period $ 47,991 $ 41,476
Jason Industries, Inc.
Quarterly Financial Information by Segment
(In thousands) (Unaudited)
2017 2018 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q YTD Finishing Net sales $ 49,476 $ 49,757 $ 51,065 $ 49,986 $ 200,284 $ 53,978 $ 53,978 Adjusted EBITDA 7,067 7,324 7,503 5,767 27,661 7,799 7,799 Adjusted EBITDA % net sales 14.3 % 14.7 % 14.7 % 11.5 % 13.8 % 14.4 % 14.4 % Components Net sales $ 21,117 $ 21,713 $ 19,945 $ 19,846 $ 82,621 $ 22,393 $ 22,393 Adjusted EBITDA 2,720 2,451 2,445 2,272 9,888 3,070 3,070 Adjusted EBITDA % net sales 12.9 % 11.3 % 12.3 % 11.4 % 12.0 % 13.7 % 13.7 % Seating Net sales $ 47,373 $ 44,921 $ 32,963 $ 33,872 $ 159,129 $ 47,034 $ 47,034 Adjusted EBITDA 5,530 5,897 2,621 2,300 16,348 5,933 5,933 Adjusted EBITDA % net sales 11.7 % 13.1 % 8.0 % 6.8 % 10.3 % 12.6 % 12.6 % Acoustics Net sales $ 57,227 $ 56,086 $ 51,457 $ 41,812 $ 206,582 $ 43,849 $ 43,849 Adjusted EBITDA 6,721 7,983 6,640 5,997 27,341 5,778 5,778 Adjusted EBITDA % net sales 11.7 % 14.2 % 12.9 % 14.3 % 13.2 % 13.2 % 13.2 % Corporate Adjusted EBITDA $ (3,477 ) $ (3,075 ) $ (3,073 ) $ (3,861 ) $ (13,486 ) $ (2,867 ) $ (2,867 ) Consolidated Net sales $ 175,193 $ 172,477 $ 155,430 $ 145,516 $ 648,616 $ 167,254 $ 167,254 Adjusted EBITDA 18,561 20,580 16,136 12,475 67,752 19,713 19,713 Adjusted EBITDA % net sales 10.6 % 11.9 % 10.4 % 8.6 % 10.4 % 11.8 % 11.8 %
Jason Industries, Inc.
Reconciliation of GAAP to Non-GAAP Measures
(In thousands) (Unaudited)
Organic Sales Growth
1Q 2018 Finishing Components Seating Acoustics Jason
Consolidated Net sales Organic sales growth 1.5 % 6.0 % (1.6 )% (8.1 )% (2.1 )% Currency impact 8.9 % — % 0.9 % — % 2.9 % Divestiture & Non-Core Exit (1.3 )% — % — % (15.3 )% (5.3 )% Growth as reported 9.1 % 6.0 % (0.7 )% (23.4 )% (4.5 )% Free Cash Flow
1Q 2017 2018 Operating Cash Flow $ 2,901 $ 3,817 Less: Capital Expenditures (3,396 ) (3,622 ) Free Cash Flow $ (495 ) $ 195 Net Debt to Adjusted EBITDA
March 30, 2018 Current and long-term debt $ 401,124 Add: Debt discounts and deferred financing costs 8,581 Less: Cash and cash equivalents (47,991 ) Net Debt $ 361,714 Adjusted EBITDA 2Q17 $ 20,580 3Q17 16,136 4Q17 12,475 1Q18 19,713 TTM Adjusted EBITDA 68,904 Divestiture TTM Adjusted EBITDA* (1,275 ) Pro Forma TTM Adjusted EBITDA 67,629 Net Debt to Adjusted EBITDA** 5.3x
*Divestiture TTM Adjusted EBITDA excludes Adjusted EBITDA prior to the date of the divestiture during the trailing twelve months.
**Note the consolidated first lien net leverage ratio under the Company’s senior secured credit facilities was 3.78x as of March 30, 2018. See Form 10-Q for further discussion of the Company’s senior secured credit facilities.
Jason Industries, Inc.
Reconciliation of GAAP to Non-GAAP Measures
Adjusted EBITDA
(In thousands) (Unaudited)
2017 2018 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q YTD Net (loss) income $ (493 ) $ (4,737 ) $ (1,601 ) $ 2,358 $ (4,473 ) $ (819 ) $ (819 ) Interest expense 8,366 8,395 8,203 8,125 33,089 8,027 8,027 Tax (benefit) provision (15 ) 179 (1,602 ) (8,946 ) (10,384 ) 275 275 Depreciation and amortization 10,003 9,487 9,749 9,695 38,934 10,807 10,807 EBITDA 17,861 13,324 14,749 11,232 57,166 18,290 18,290 Adjustments: Restructuring (1) 681 543 1,772 1,270 4,266 602 602 Integration and other restructuring costs (2) — — — (569 ) (569 ) 356 356 Share-based compensation (3) 349 324 231 215 1,119 231 231 (Gain) loss on disposals of fixed assets—net (4) (330 ) 65 (639 ) 145 (759 ) 234 234 (Gain) loss on extinguishment of debt (5) — (1,564 ) (819 ) 182 (2,201 ) — — Loss on divestitures (6) — 7,888 842 — 8,730 — — Total adjustments 700 7,256 1,387 1,243 10,586 1,423 1,423 Adjusted EBITDA $ 18,561 $ 20,580 $ 16,136 $ 12,475 $ 67,752 $ 19,713 $ 19,713
(1) Restructuring includes costs associated with exit or disposal activities as defined by GAAP related to facility consolidation, including one-time employee termination benefits, costs to close facilities and relocate employees, and costs to terminate contracts other than capital leases. (2) During 2018, integration and other restructuring costs includes costs associated with a $0.4 million force majeure incident at a supplier in the seating segment that resulted in incremental costs to maintain production and related insurance recoveries in subsequent periods. During 2017, integration and other restructuring costs includes a $0.6 million reversal of a liability recorded in acquisition accounting for the business combination in 2014. (3) Represents non-cash share based compensation expense for awards under the Company’s 2014 Omnibus Incentive Plan. (4) (Gain) loss on disposals of fixed assets for the third quarter of 2017 includes a gain of $0.5 million on the sale of a building related to the closure of the finishing segment’s Richmond, Virginia facility and 2017 includes a gain of $0.4 million on the sale of equipment related to the closure of the components segment’s Buffalo Grove, Illinois facility. (5) Represents a (gain) loss on extinguishment of Second Lien Term Loan debt in both the second and third quarter of 2017 and a $0.2 million prepayment fee to retire foreign debt in the fourth quarter of 2017. (6) Represents the completed divestiture of the Company’s Acoustics European operations. A pre-tax loss of $7.9 million was recorded in the second quarter of 2017 when the business was classified as held for sale and a pre-tax loss of $0.8 million was recorded in the third quarter of 2017 upon closing of the divestiture.
Jason Industries, Inc.
Reconciliation of GAAP to Non-GAAP Measures
Adjusted Net Income and Adjusted Earnings per Share
(In thousands, except per share amounts) (Unaudited)
2017 2018 1Q 2Q 3Q 4Q FY 1Q 2Q 3Q 4Q YTD GAAP Net (loss) income $ (493 ) $ (4,737 ) $ (1,601 ) $ 2,358 $ (4,473 ) $ (819 ) $ (819 ) Adjustments: Restructuring 681 543 1,772 1,270 4,266 602 602 Integration and other restructuring costs — — — (569 ) (569 ) 356 356 Share based compensation 349 324 231 215 1,119 231 231 (Gain) loss on disposal of fixed assets - net (330 ) 65 (639 ) 145 (759 ) 234 234 (Gain) loss on extinguishment of debt — (1,564 ) (819 ) 182 (2,201 ) — — Loss on divestitures — 7,888 842 — 8,730 — — Tax effect on adjustments (1) (55 ) (582 ) (214 ) (122 ) (973 ) (314 ) (314 ) Tax (benefit) provision (2) — — — (3,787 ) (3,787 ) 410 410 Adjusted net income (loss) $ 152 $ 1,937 $ (428 ) $ (308 ) $ 1,353 $ 700 $ 700 Effective tax rate on adjustments (1) 16 % 8 % 16 % 10 % 9 % 22 % 22 % Diluted weighted average number of common shares outstanding
(GAAP): 25,784 26,042 26,241 26,255 26,082 27,329 27,329 Plus: effect of dilutive share-based compensation (non-GAAP) (3) — — — 530 — — — Plus: effect of convertible preferred stock and rollover shares (non-
GAAP) (3) 3,967 3,815 3,889 3,982 3,917 3,309 3,309 Diluted weighted average number of common shares outstanding (non-
GAAP) (3) 29,751 29,857 30,130 30,767 29,999 30,638 30,638 Adjusted earnings (loss) per share $ 0.01 $ 0.06 $ (0.01 ) $ (0.01 ) $ 0.05 $ 0.02 $ 0.02 GAAP Net (loss) income per share available to common
shareholders of Jason Industries $ (0.05 ) $ (0.22 ) $ (0.10 ) $ 0.05 $ (0.32 ) $ (0.09 ) $ (0.09 ) Adjustments net of income taxes: Restructuring 0.02 0.01 0.04 0.04 0.13 0.02 0.02 Integration and other restructuring costs — — — (0.02 ) (0.02 ) 0.01 0.01 Share based compensation 0.02 0.02 0.01 0.01 0.06 0.01 0.01 (Gain) loss on disposal of fixed assets - net (0.01 ) — (0.01 ) — (0.02 ) 0.01 0.01 (Gain) loss on extinguishment of debt — (0.04 ) (0.02 ) 0.01 (0.06 ) — — Loss on divestitures — 0.26 0.03 — 0.29 — — Tax (benefit) provision (2) — — — (0.12 ) (0.13 ) 0.02 0.02 Redemption premium on preferred stock conversion — — — — — 0.04 0.04 GAAP to non-GAAP impact per share (3) 0.03 0.03 0.04 0.02 0.12 — — Adjusted earnings (loss) per share $ 0.01 $ 0.06 $ (0.01 ) $ (0.01 ) $ 0.05 $ 0.02 $ 0.02
(1) The effective tax rate on adjustments is impacted by nondeductible foreign transaction and restructuring costs, restructuring charges in foreign jurisdictions at statutory tax rates, and discrete non-cash tax expense related to the vesting of restricted stock units for which no tax benefit will be realized. (2) Represents discrete tax items associated with The Tax Cuts and Jobs Act enacted in December 2017. (3) Adjusted earnings (loss) per share includes the impact of share-based compensation to the extent it is dilutive in each period. Adjusted earnings per share includes the impact to Jason Industries common shares upon conversion of JPHI Holdings Inc. rollover shares, the conversion of 12,136 shares of preferred stock at a conversion rate of 115 preferred shares to common shares and the conversion of all remaining preferred stock at the voluntary conversion ratio.
Source:Jason Industries, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/globe-newswire-jason-industries-reports-first-quarter-2018-results.html |
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