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May 21, 2018 / 11:21 AM / Updated 22 minutes ago Italian bonds sell off as 5-Star, League inch towards government Dhara Ranasinghe , Danilo Masoni 5 Min Read
LONDON/MILAN (Reuters) - Italy’s borrowing costs surged further on Monday and its stock market touched six-week lows as two anti-establishment parties that plan to ramp up spending appeared set to form a coalition government. FILE PHOTO: Anti-establishment 5-Star Movement leader Luigi Di Maio speaks following a talk with Italian President Sergio Mattarella at the Quirinal Palace in Rome, Italy, April 12, 2018. REUTERS/Max Rossi/File Photo
The 5-Star Movement and League will seek the president’s backing later in the day for a prime minister to lead a coalition that plans billions of euros in tax cuts, additional spending and a roll-back of pension reforms.
The prospect of a spendthrift government taking shape in Italy - the euro zone’s third-biggest economy and its most indebted after Greece - has rattled markets.
Italian 2-year bond yields jumped more than 10 basis points to 0.23 percent IT10YT=RR, their highest since December 2016. Just a week ago, that yield was at minus 0.11 percent.
The gap between 10-year Italian and Spanish bond yields ES10YT=RR was at 81 basis points — the widest since 2012, when the euro area was starting to emerge from a debt crisis.
As 10-year Italian debt yields hit 10-month highs at almost 2.30 percent, the gap over benchmark German Bund yields DE10YT=RR pushed out to 175 bps - the widest since October.
“If this is the government we’re going it get, the Italian/German bond spread north of 180 bps is certainly a possibility,” said Patrick O’Donnell, investment manager at Aberdeen Asset Management in London.
“There is focus on the individual names of the government and that may be a positive if they are seen as mainstream, but at the end of the day we are going to get a programme that is very confrontational with Brussels and mean more BTPs (Italian bond) issuance.”
Graphic: Italian/Spanish yield gap at widest in 6 years - reut.rs/2LeUBSy
The cost of insuring exposure to Italian government bonds jumped to its highest in almost seven months at 128 bps, according to data from IHS Markit.
The Italian-German bond spread, however, remains below the 200-plus bps levels seen early last year when euro zone break-up fears gripped markets ahead of French presidential elections.
Also, most euro zone bond yields were down on the day, except in Spain and Portugal, where markets PT10YT=RR felt some pressure from the sell-off in Italy.
One reason is that the European Central Bank’s bond-buying programme remains a potent backstop for the bloc’s bond markets. Aberdeen’s O’Donnell reckons this will cushion Italy from further selling, although the situation would have to get “materially worse” before the ECB considered any action.
ECB governing council member Ewald Nowotny acknowledged that potential policy changes in Italy were creating a lot of nervousness, but said it was necessary to wait to see what is actually put in practice.
But the rise in Italian risks is giving investors another reason to sell the euro against a resurgent U.S. dollar.
The single currency was down 0.3 percent at $1.17360 EUR= . It fell for a sixth straight day against the Swiss franc EURCHF=EBS, taking cumulative losses to more than 2.2 percent -- its biggest six-day loss since June 2016.
Since end-June last year, the euro had surged nearly 11 percent against the franc as concerns over a eurozone breakup receded swiftly after the French elections. The latest losses have cut its gains by a quarter since then.
Graphic - Euro: risk reversals and positions - reut.rs/2LiOAEf OPPORTUNITY KNOCKS?
Italian stocks fell as much as 2.1 percent in early trade, further weighed down by a number of stocks going ex dividend, but trimmed the losses as the session went on. The market stood 0.2 percent lower by 1030 GMT .FTMIB .
Futures on the FTSE MIB IFSc1 rose more than 1 percent as bargain hunters stepped in following a week of heavy losses. But some investors warned against rushing back.
“I would wait before considering the current phase of widening spreads and stock losses as an interesting buying opportunity,” said Alessandro Balsotti, a portfolio manager at JCI Capital in Milan.
The FTSE MIB suffered its biggest one-week loss in more than two months on Friday, but it remains the best performer among major European stock markets and is up over 7 percent this year.
Nick Gartside, chief investment officer at JP Morgan Asset Management, added that the bond market also offered an opportunity after sharp selling of the past week.
“We have seen a big readjustment in spreads in short order, and we now see that as an opportunity in terms of the bond markets,” he said.
“Italy has a bit of room to extend the budget deficit and globally governments are doing that. Maybe if we get some more detail on the government posts and spending plans we could see stability in the spread.” Reporting by Dhara Ranasinghe and Saikat Chatterjee in London, Danilo Masoni in Milan; editing by Sujata Rao and Larry King | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-eurozone-bonds/italian-bonds-sell-off-as-5-star-league-inch-towards-government-idUKKCN1IM11M |
May 11, 2018 / 10:06 AM / Updated an hour ago Hungary detects fresh case of African swine fever in wild boar Reuters Staff 2 Min Read
BUDAPEST (Reuters) - Hungary detected a fresh case of African swine fever in wild boar this week but the disease has not spread to domestic pigs, the national food safety authority NEBIH said. FILE PHOTO: A wild boar walks past hundreds of deer standing in a flooded forest in the Danube-Drava National Park, 150 km south from Budapest, August 20, 2002. REUTERS/Laszlo Balogh/File Photo
Russia’s agriculture safety watchdog on Monday introduced temporary restrictions on pig and pork imports from Hungary due to an outbreak of the disease in Heves region in eastern Hungary where the fresh case was also detected.
“In Hungary so far the African swine fever has only been identified by laboratory tests in wild boars,” NEBIH said in a reply to Reuters questions late on Thursday.
It said Heves county was the most at risk from the disease at the moment. On Thursday, China said it had banned imports of pigs, wild boars and pig-related products from Hungary following the Heves case.
When the first case was detected late last month, NEBIH introduced measures including an organized search for wild boar carcasses and temporarily suspended hunting in the affected area. According to the NEBIH website, so far the disease has been identified in seven dead wild boars.
“This (measure) will remain in place until authorities manage to clarify the extent of the infection,” NEBIH said, adding that after that hunting of wild boars will be encouraged.
African swine fever is a highly contagious disease that affects pigs and wild boar and has been spreading in Eastern Europe in recent years. It does not affect humans.
Germany issued a decree in February to allow hunters to shoot wild boar year-round to stop the animals, which can carry African swine fever, from passing the deadly infection on to farm pigs.
While no case has yet been detected in Germany’s wild boar population, the spread of the disease in eastern Europe has been causing immense concern in Germany.
Hungary’s neighbor, Romania, reported an outbreak of African swine fever among backyard pigs in the town of Micula in the north of the country, some 7 km from the border with Hungary and Ukraine, earlier this year. Reporting by Krisztina Than; Editing by Matthew Mpoke Bigg | ashraq/financial-news-articles | https://uk.reuters.com/article/us-hungary-swine-fever/hungary-detects-fresh-case-of-african-swine-fever-in-wild-boar-idUKKBN1IC0Z5 |
May 3, 2018 / 7:03 PM / Updated an hour ago Ferrari's Marchionne 'encouraged' by F1 engine proposals Reuters Staff 3 Min Read
MILAN (Reuters) - Ferrari boss Sergio Marchionne, who has warned that his glamour team could walk away from Formula One after 2020, said on Thursday he was encouraged by a “change in attitude” from the sport’s owners as they map out F1’s future. Formula One - F1 - Italian Grand Prix 2017 - Monza, Italy - September 3, 2017 Ferrari president Sergio Marchionne arrives before the race REUTERS/Max Rossi
Speaking to analysts in a post-results conference call, the chairman saw a basis for ‘meaningful discussions’ and hoped everything could be resolved by the end of the year.
“I’m encouraged by the change in the attitude that we are seeing from Liberty in terms of the extent of the changes that they’re forecasting in 2021,” he said.
“Probably the biggest indication has been the recognition of the fact that the engine regulations need to reflect sort of the nature of the sport. And we can’t really dumb down engine development just to accommodate new entries, right?
“So the stuff that’s on the table now is potentially workable as a system. The economics are not,” he added. “I think that’s something that we need to go back to Liberty with.”
Commercial rights holders Liberty Media, who took over Formula One in January last year, want to implement a cost cap, improve the racing and have a fairer distribution of revenues to level the playing field.
They also want engines to remain hybrid and road relevant, with the rules making the sport attractive for any new entrants. MEANINGFUL DISCUSSIONS
Ferrari, the oldest and most successful team, receive special payments to reflect their status.
Critics say the current V6 turbo hybrid engines are too complicated, quiet and costly and need to be simpler, cheaper and noisier.
Marchionne has warned in the past against standardisation, which he has compared to the U.S. stock car racing series NASCAR.
“I think we now have enough of a basis to try start having meaningful discussions. And hopefully, we’ll get it all resolved by the end of this year one way or the other,” said the chairman.
Marchionne said budget cap discussions were “more encompassing in nature than just dealing with engine development” but he could see value in removing some of the costs associated with aerodynamic development.
“The important thing for us... is that we don’t touch the nature of the technical development of the powertrains because that is at the heart of what Ferrari does for a living,” he emphasised.
“I think we need to continue to work with Liberty with the commercial rights holders and with the (governing) FIA to try and bring about a sensible equilibrium. If we can’t, as I said before, we’ll just pull out.
“But we’re not there today. I think we owe the sport a phenomenal effort to try and bring about closure of these items. We’ll try and get that done before the end of this year.” Reporting by Agnieszka Flak, writing by Alan Baldwin, editing by Christian Radnedge | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-motor-f1-ferrari-marchionne/ferraris-marchionne-encouraged-by-f1-engine-proposals-idUKKBN1I42FD |
BRUSSELS—The European Union’s tough new data-protection law demands costly changes for many companies—and opens rich business opportunities for others.
A cottage industry around privacy technology has sprung up in recent years, with firms offering new products and services designed to help companies more efficiently meet the demands of the EU’s General Data Protection Regulation. In an unexpected twist, some of those compliance tools could create additional legal risk for the companies using them, experts say.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/data-privacy-law-creates-new-business-for-tech-consultants-1526731201 |
Technology companies are driving a capital spending surge Evelyn Cheng Reblog Capital expenditures are on track to post 25.9 percent growth in the first quarter, according to Thomson Reuters I/B/E/S, as of Tuesday morning. Much of that comes from a 59.8 percent projected growth in investments from information technology companies, the data showed. Google parent Alphabet and Microsoft accounted for much of the increase, along with spending related to cloud computing and semiconductors, Credit Suisse says. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/02/technology-companies-are-driving-a-capital-spending-surge.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
May 15, 2018 / 2:06 PM / Updated 19 minutes ago Italian debt collector IFIS buys rival FBS to expand into secured loans Reuters Staff 2 Min Read
MILAN, May 15 (Reuters) - Italy’s Banca IFIS has agreed to buy rival FBS as it expands its collection business beyond a traditional focus on unsecured loans to include corporate and property-backed debt.
IFIS said on Tuesday it would pay 58.5 million euros ($69.3 million) for 90 percent of FBS, acquiring also 1.3 billion euros of soured loans as part of the deal.
Italy became Europe’s biggest market for soured bank loans after a deep recession saddled its lenders with 360 billion euros in impaired debt, a burden which has now fallen to 285 billion euros thanks to costly disposals.
As a consequence, the country’s debt servicing industry has seen a flurry of deals culminating last month in Europe’s top debt collector Intrum Justitia buying 51 percent of Intesa Sanpaolo’s loan recovery unit.
Both the 3.6 billion euro Intrum deal and the much smaller acquisition by Banca IFIS highlight a shift in market focus from unsecured debt to more complex corporate and secured loans.
Both Intrum and IFIS originally specialised in recovering unsecured loans, such as consumer debt, which Italian banks have found easier to dispose of and whose prices have been rising steadily in recent years amid strong demand, hurting returns for buyers.
The deal brings total loans under management at IFIS to more than 20 billion euros, of which 14 billion euros belong to the Veneto-based bank. $1 = 0.8441 euros Reporting by Valentina Za; Editing by Mark Potter | ashraq/financial-news-articles | https://www.reuters.com/article/italy-banca-ifis-ma/italian-debt-collector-ifis-buys-rival-fbs-to-expand-into-secured-loans-idUSL5N1SM71N |
Partnership Accelerates Growth, Product Investment of SaaS Leader in Digital Learning & Safer Schools
LOS ANGELES--(BUSINESS WIRE)-- GoGuardian, a leading education technology SaaS provider that powers K-12 personalized learning and enhances student safety, announced that Sumeru Equity Partners (“SEP”)—a growth-focused technology investment firm—has made a strategic investment in the company to accelerate growth and product innovation. Alongside the investment, GoGuardian has appointed Tony Miller—accomplished technology executive and former Deputy Secretary of the U.S. Department of Education—to the company’s Board.
GoGuardian currently serves over 5 million students in 10,000 schools across all 50 states, and is uniquely positioned to help educators support student growth. “Since our inception, GoGuardian’s mission has been entirely focused on helping educators, students, and school administrators leverage technology to improve the teaching and learning experience,” said GoGuardian co-founder, CEO and Board Director Advait Shinde. “We are excited to partner with SEP to expand our reach and invigorate classrooms across the country with innovative tools that meet the evolving needs of today’s educators and students,” said Shinde.
“SEP’s emphasis on investing in customer-centric technology and track record of helping companies scale is aligned with our approach of serving schools in increasingly transformative ways. We welcome the partnership with SEP and Tony Miller as we look to make student-driven learning and holistic well-being the norm in K-12 education,” Shinde said. "Research on schools’ needs defines GoGuardian’s product roadmap. This partnership will expedite the research and development process - helping us further support educators’ goals of creating dynamic, interactive and safe learning environments."
SEP Managing Directors George Kadifa and Sanjeet Mitra added, “Over the last decade, we have observed the meaningful impact that innovative technologies have in significant enhancement of the student learning experience. GoGuardian’s technologies are fulfilling this mission while supporting districts, teachers, and school administrators in ensuring productive K-12 classrooms and safe learning environments. From its founding, GoGuardian has taken a sincerely differentiated, school-centric approach and made significant investments to create a leading, modern platform. We are highly enthusiastic about partnering with Advait, the GoGuardian team, and Tony to contribute to the growth of the company going forward.”
Tony Miller is an accomplished education and business leader, recently serving as Deputy Secretary and Chief Operating Officer for the U.S. Department of Education. He said, “More and more school districts, teachers, and students are using devices to improve learning in the classroom and at home. As the market leader in supporting the safe and effective use of these education technologies, GoGuardian plays a critically important role today and is uniquely positioned to deliver unprecedented value to schools, teachers, students, and parents going forward.”
As part of the investment, majority shareholder SEP will add principals Kadifa, Mitra and Sean Kendra to GoGuardian’s Board of Directors. The transaction closed in May 2018 and financial details were not disclosed. Vista Point Advisors, a San Francisco-based boutique investment bank, acted as the exclusive financial advisor to GoGuardian.
About GoGuardian
GoGuardian has changed the way K-12 schools maximize the learning potential of every student. Its SaaS products help educators identify learning patterns, protect students from harmful and distracting content, and support students who are at risk of self-harm. With GoGuardian, educators can easily engage students with more effective resources and communication. No other tool provides such actionable insight into student needs. As the only solution built exclusively by, for, and with educators, it’s easy to see why 10,000 schools and 120,000 educators choose GoGuardian to engage with and protect over 5 million students.
Learn more about GoGuardian’s industry-defining learning analytics, student engagement, and self-harm prevention products at www.goguardian.com .
About Sumeru Equity Partners
Sumeru Equity Partners is a technology-focused private equity firm that invests in middle market companies across software, technology-enabled services and hardware. The firm employs a growth-oriented partnership model with technology companies and typically invests $25-200 million per transaction. The firm was founded in 2014 by an experienced team from Silver Lake Sumeru, a private equity fund started in 2007 within Silver Lake. Sumeru Equity Partners utilizes extensive operating and investment experience in partnership with management teams to drive company growth and build strategic value. For more information please visit www.sumeruequity.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180524005369/en/
GoGuardian
Rebecca Sadwick, 888-310-0410, ext. 630
Director of Marketing
[email protected]
Source: GoGuardian | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/24/business-wire-goguardian-announces-strategic-investment-from-sumeru-equity-partners-appoints-education-veteran-tony-miller-to-board-of.html |
May 2 (Reuters) - iRhythm Technologies Inc:
* IRHYTHM TECHNOLOGIES ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
* Q1 REVENUE $30.6 MILLION VERSUS I/B/E/S VIEW $29.1 MILLION
* SEES FY 2018 REVENUE UP 36 TO 41 PERCENT * GROSS MARGINS FOR FULL YEAR 2018 ARE EXPECTED TO RANGE FROM 71.5% TO 72.5%
* QTRLY LOSS PER SHARE $0.47 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-irhythm-technologies-reports-qtrly/brief-irhythm-technologies-reports-qtrly-loss-per-share-of-0-47-idUSASC09Z3L |
May 24, 2018 / 10:12 PM / Updated 20 minutes ago U.S. jury awards Apple $539 million in Samsung patent retrial Jan Wolfe , Stephen Nellis 4 Min Read
(Reuters) - After nearly five days of deliberations, a U.S. jury on Thursday said Samsung Electronics Co Ltd should pay $539 million to Apple Inc for copying patented smartphone features, according to court documents, bringing a years-long feud between the technology companies into its final stages. Silhouette of mobile user is seen next to a screen projection of Apple logo in this picture illustration taken March 28, 2018. REUTERS/Dado Ruvic/Illustration
The world’s top smartphone rivals have been in court over patents since 2011, when Apple filed a lawsuit alleging Samsung’s smartphones and tablets “slavishly” copied its products. Samsung was found liable in a 2012 trial, but a disagreement over the amount to be paid led to the current retrial over damages where arguments ended on May 18.
Samsung previously paid Apple $399 million to compensate Apple for infringement of some of the patents at issue in the case. The jury has been deliberating the case since last week.
Because of that credit, if the verdict is upheld on appeal it will result in Samsung making an additional payment to Apple of nearly $140 million.
In a statement, Apple said it was pleased that the members of the jury “agree that Samsung should pay for copying our products.”
“We believe deeply in the value of design,” Apple said in its statement. “This case has always been about more than money.”
Samsung did not immediately say whether it planned to appeal the verdict but said it was retaining “all options” to contest it.
“Today’s decision flies in the face of a unanimous Supreme Court ruling in favor of Samsung on the scope of design patent damages,” Samsung said in a statement. “We will consider all options to obtain an outcome that does not hinder creativity and fair competition for all companies and consumers.”
The new jury verdict followed a trial in San Jose, California, before Judge Lucy Koh that focused on how much Samsung should pay for infringing Apple patents covering aspects of the iPhone’s design. The jury awarded Apple $533.3 million for Samsung’s violation of so-called design patents and $5.3 million for the violation of so-called utility patents.
Apple this year told jurors it was entitled to $1 billion in profits Samsung made from selling infringing phones, saying the iPhone’s design was crucial to their success.
Samsung sought to limit damages to about $28 million, saying it should only pay for profits attributable to the components of its phones that infringed Apple patents.
Jurors in the earlier trial awarded $1.05 billion to Apple, which was later reduced.
Samsung paid $548 million to Apple in December 2015, including $399 million for infringement of some of the patents at issue in this week’s trial.
Apple’s case against Samsung raised the question of whether the total profits from a product that infringes a design patent should be awarded if the patent applies only to a component of the product, said Sarah Burstein, a professor of patent law at the University of Oklahoma.
The verdict appears to be a compromise between Apple and Samsung’s positions and does not offer much clarity on that question, said Burstein, who predicted Samsung would appeal it to the U.S. Court of Appeals for the Federal Circuit.
“This decision just means we are going to have more uncertainty,” Burstein said. “Smart tech industry players are waiting to see what the Federal Circuit does. This is just one jury applying one test.” FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo Reporting by Stephen Nellis in San Francisco and Jan Wolfe in New York; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://in.reuters.com/article/us-apple-samsung-elec/u-s-jury-awards-apple-539-million-in-samsung-patent-retrial-cnet-idINKCN1IP3Q1 |
INDIANAPOLIS, May 15, 2018 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuel products, today reported results for the first quarter ended March 31, 2018, as follows:
Three Months Ended March 31,
2018
2017
(Dollars in millions, except per unit data)
Net loss
$
(4.8)
$
(6.2)
Limited partners' interest basic and diluted net loss per unit
$
(0.06)
$
(0.08)
Adjusted EBITDA
$
75.0
$
78.7
The Partnership's $4.8 million net loss and $75.0 million of Adjusted EBITDA for first quarter 2018 included, but were not limited to, the following: a $3.1 million favorable lower of cost or market ("LCM") inventory adjustment; $3.7 million of expense related to enterprise resource planning ("ERP") system costs; $2.1 million of realized hedging losses; and $4.0 million in acquisition costs. Excluding these impacts, Adjusted EBITDA for the first quarter 2018 would have been $81.7 million.
For detailed information on Adjusted EBITDA and a reconciliation of Adjusted EBITDA to the nearest comparable GAAP measure for the periods presented above, please see the sections of this release entitled "Non-GAAP Financial Measures" and "Reconciliation of Net Loss To EBITDA, Adjusted EBITDA and Distributable Cash Flow."
Management Commentary
"I am pleased to report that Calumet has delivered another solid quarter of results," said Tim Go, Chief Executive Officer of Calumet. "Continued strength in our Branded Products division, coupled with solid execution against our self-help initiatives, have allowed Calumet to continue the positive momentum we established over the last six quarters. Adjusting for divestitures from our portfolio, our first quarter results represent a significant improvement to the first quarter last year. Further, we were able to increase our gross profit per barrel in both our specialty and fuels segments, despite heavy turnaround and maintenance activity at a few of our facilities and the continued upward trajectory of crude prices."
Go concluded, "We remain intently focused on progressing our strategic priorities this year. We continue to look for opportunities to reduce leverage on our balance sheet, enhance our cash flows, and position Calumet for continued sustainable growth. We strengthened our balance sheet by completing the early redemption of our high interest senior secured notes and by extending our corporate revolving credit facility another five years. In addition, we partnered with The Heritage Group to make a commitment to renewable base oil technology through the acquisition of Biosynthetic Technologies, LLC, which is representative of our long-term vision of producing innovative value-enhancing specialty products for our customers. The partners intend to explore a range of alternatives to maximize the value of the acquired estolides technology. This could include internal or external licensing or the sale of the technology for applications across a diverse portfolio of products and solutions in a variety of end-markets. One of the first potential uses of this proprietary technology is commercial production of renewable esters at our Missouri plant. In summary, we look forward to building on the momentum we created, as we continue to transform our specialty products business."
Specialty Products Segment | Results Summary
Three Months Ended March 31,
2018
2017
(Dollars in millions, except per barrel data)
Specialty products segment gross profit
$
69.6
$
82.3
Specialty products segment Adjusted EBITDA
$
37.7
$
45.6
Specialty products segment gross profit per barrel
$
33.11
$
31.85
Specialty products TTM Adjusted EBITDA Margin
13.9
%
13.7
%
The specialty products segment gross profit of $69.6 million and Adjusted EBITDA of $37.7 million were down compared to $82.3 million and $45.6 million in the year-ago period, respectively. This includes the impact of turnaround and maintenance activity at the Shreveport facility and $4.0 million in acquisition-related costs. Specialty products segment gross profit per barrel of $33.11 increased approximately 4% compared to $31.85 in the year-ago period, driven in part by the growing contribution from the higher-margin Branded Products division and despite the over 21% rise in the price of crude oil year-over-year. Inclusive of the $4.0 million acquisition related costs, negative impacts of higher crude prices and lower volumes due to downtime at Shreveport, the specialty segment trailing twelve-month Adjusted EBITDA Margin results of 13.9% improved compared to 13.7% one year ago.
Fuel Products Segment | Results Summary
Three Months Ended March 31,
2018
2017
(Dollars in millions, except per barrel data)
Fuel products segment gross profit
$
43.6
$
47.2
Fuel products segment Adjusted EBITDA
$
38.7
$
36.8
Fuel products segment gross profit per barrel
$
7.49
$
5.19
Fuel products segment gross profit of $43.6 million declined year-over-year, but Adjusted EBITDA of $38.7 million increased over 5% compared to the reported figures from the year-ago period despite the divestiture of the Superior refinery that took place in fourth quarter 2017, as well as turnaround and maintenance activity at both the Great Falls and Shreveport facilities. Notwithstanding, the heavy downtime and maintenance activity during the quarter, gross profit per barrel of $7.49 marked an improvement of approximately 44% relative to the year-ago results, benefiting from the 14% improvement in the benchmark Gulf Coast 211 crack spread, and the widening WTI/WCS crude differentials, partially offset by realized hedging losses of $2.1 million. First quarter results also include benefits related to lower the Partnership's Renewable Identification Numbers ("RINs") market prices and a reduction in our 2017 RINs obligation.
Partnership Liquidity
As of March 31, 2018, the Partnership had total liquidity of $458.4 million, comprised of $146.6 million of unrestricted cash and availability under the revolving credit facility of $311.8 million. As of March 31, 2018, Calumet had a $351.4 million borrowing base, $39.6 million in outstanding standby letters of credit and no outstanding borrowings. The Partnership believes it will continue to have sufficient liquidity from cash on hand, cash flow from operations, borrowing capacity and other means by which to meet its financial commitments, debt service obligations, contingencies and anticipated capital expenditures.
Financial Guidance
Full-Year 2018 Capital Spending Forecast
Through the first quarter of 2018, total capital spending was $22.5 million, primarily related to maintenance and turnaround activity. For the full-year 2018, the Partnership continues to anticipate total capital expenditures to come within range of its previously stated annual guidance of $80 to $90 million.
Second Quarter 2018 Timing Expectations
West Griffin, Executive Vice President & Chief Financial Officer of Calumet, concluded, "We continue to make good progress in addressing our ERP issues. The reduced spend from $6.9 million in the fourth quarter of 2017 to $3.7 million this quarter reflects the reduction in the amount of effort to process items in the system. While our front-end processes are no longer a hindrance to the business, the residual effects from the issues we encountered in going live on the system are still being dealt with in the back office, resulting in delays in our filings. That said, we are cautiously optimistic that these effects should largely be resolved by the end of June. While we cannot assure that we will file within the normal timeline, we are very encouraged by the progress made to date. Regarding our second quarter filing expectations, we plan to issue our earnings release concurrent with the filing of the fiscal second quarter 10-Q deadline. As always, our first priority is maintaining the integrity of our numbers; secondarily we will prioritize the timely reporting of our results within SEC guidelines. We continue to work closely with our implementation partner to capture the system's full benefits and enable us to capitalize on new categories of self-help, including opportunities to optimize transportation and procurement, improve sales and optimize product mix."
2018 Renewable Fuel Standard ("RFS") Compliance Impact Forecast
The Partnership records its outstanding RINs obligation as a balance sheet liability. This liability is marked-to-market on a quarterly basis to reflect the market price of RINs on the last day of each quarter. The Partnership expects its gross estimated annual RINs obligation, which includes RINs that are required to be secured through either blending or through the purchase of RINs in the open market, will be up to 85 million RINs for the full-year 2018, excluding the potential for any hardship waivers that may or may not be granted by the U.S. Environmental Protection Agency ("EPA") to any of the Partnership's fuel refineries at a later time, and excluding the impact of the Superior refinery divestiture in the fourth quarter of 2017. Calumet expects to be able to satisfy a portion of its 2018 gross RINs obligation through internal blending efforts.
Operations Summary
The following table sets forth information about the Partnership's combined operations from continuing operations. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased fuel product blendstocks such as ethanol and biodiesel and the resale of crude oil in the Partnership's fuel products segment.
Three Months Ended March 31,
2018
2017
(In bpd)
Total sales volume (1)
88,033
129,856
Total feedstock runs (2)
84,492
132,165
Facility production: (3)
Specialty products:
Lubricating oils
10,031
15,160
Solvents
7,984
7,345
Waxes
1,239
1,477
Packaged and synthetic specialty products (4)
2,438
2,566
Other
1,706
2,048
Total
23,398
28,596
Fuel products:
Gasoline
17,848
37,568
Diesel
23,049
33,011
Jet fuel
3,747
6,763
Asphalt, heavy fuel oils and other
16,929
29,413
Total
61,573
106,755
Total facility production (3)
84,971
135,351
(1)
Total sales volume includes sales from the production at the Partnership's facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil to third-party customers. Total sales volume includes the sale of purchased fuel product blendstocks, such as ethanol and biodiesel, as components of finished fuel products in the Partnership's fuel products segment sales.
The decrease in total sales volume for the three months ended March 31, 2018, as compared to the same period in 2017, is due primarily to the divestiture of the Superior Refinery in November 2017, turnaround activities at the Shreveport refinery and certain third-party processing facilities and maintenance activities.
(2)
Total feedstock runs represent the barrels per day ("bpd") of crude oil and other feedstocks processed at the Partnership's facilities and at certain third-party facilities pursuant to supply and/or processing agreements.
The decrease in total feedstock runs for the three months ended March 31, 2018, as compared to the same period in 2017, is due primarily to the divestiture of the Superior refinery in November 2017, turnaround activities at the Shreveport refinery and certain third-party processing facilities and maintenance activities.
(3)
Total facility production represents the bpd of specialty products and fuel products yielded from processing crude oil and other feedstocks at the Partnership's facilities and at certain third-party facilities pursuant to supply and/or processing agreements. The difference between total facility production and total feedstock runs is primarily a result of the time lag between the input of feedstocks and production of finished products and volume loss.
The change in total facility production for the three months ended March 31, 2018, as compared to the same period in 2017, is due primarily to the operational items discussed above in footnote 2.
(4)
Represents production of branded and packaged specialty products including the products from the Royal Purple, Bel-Ray and Calumet Packaging facilities.
Derivatives Summary
The following table summarizes the derivative activity reflected in the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2018 and 2017:
Three Months Ended March 31,
2018
2017
(In millions)
Realized loss on derivative instruments
$
(2.1)
$
(4.9)
Unrealized gain on derivative instruments
2.0
10.6
Total derivative gain (loss) reflected in the unaudited condensed consolidated statements of operations
$
(0.1)
$
5.7
Total loss on commodity derivative settlements
$
(2.1)
$
(4.9)
Webcast Information
A conference call is scheduled for 9:00 a.m. ET on May 16, 2018 to discuss the financial and operational results for the first quarter 2018. Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on the Partnership's website at http://www.calumetspecialty.com . Interested parties may also participate in the call by dialing (866) 584-9671 and entering the passcode 6391948. A replay of the conference call will be available a few hours after the event on the investor relations section of the Company's website, under the events section and will remain available for at least 90 days.
About the Partnership
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a master limited partnership and a leading independent producer of high-quality, specialty hydrocarbon products in North America. Calumet processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products; produces fuel products including gasoline, diesel and jet fuel. Calumet is based in Indianapolis, Indiana, and operates eleven manufacturing facilities located in northwest Louisiana, northern Montana, western Pennsylvania, Texas, New Jersey and eastern Missouri.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements and information in this press release may constitute " ." The words "believe," "expect," "anticipate," "plan," "intend," "foresee," "should," "would," "could" or other similar expressions are intended to identify , which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are , including, but not limited to, the statements regarding (i) our expectation regarding our business outlook and cash flows, (ii) our expectation regarding anticipated capital expenditures, (iii) our access to capital to meet our financial commitments, debt service obligations, contingencies and anticipated capital expenditures, (iv) the effectiveness of our enterprise resource planning ("ERP") system to further enhance operating efficiencies and provide more effective management of our business operations and (v) our expectation regarding the timing of the issuance of our 2018 second quarter earnings release and filing of our Quarterly Report Form 10-Q for the quarter ended June 30, 2018. These are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause actual results to differ materially from those in the include: the overall demand for specialty hydrocarbon products, fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products and fuel products that meet our customers' unique and precise specifications; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital, including debt and equity markets, to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the RFS, including the prices paid for RINs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; accidents or other unscheduled shutdowns; and general economic, market or business conditions.
For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission ("SEC"), including our latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.
Readers are cautioned not to place undue reliance on , which speak only as of the date they are made. We undertake no obligation to publicly update or revise any after the date they are made, whether as a result of new information, future events or otherwise.
Non-GAAP Financial Measures
We include in this press release the non-GAAP financial measures EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted EBITDA Margin. We provide reconciliations of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Net loss, our most directly comparable financial performance measure. We also provide a reconciliation of Distributable Cash Flow to Net cash used in operating activities, our most directly comparable liquidity measure. Both Net loss and Net cash used in operating activities are calculated and presented in accordance with U.S. generally accepted accounting principles ("GAAP").
EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted EBITDA Margin are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess:
the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure; and the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities.
We believe that these non-GAAP measures are useful to analysts and investors as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to pay distributions and interest costs. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations.
We define EBITDA for any period as net income (loss) plus interest expense (including debt issuance costs), income taxes and depreciation and amortization.
We define Adjusted EBITDA for any period as: (1) net income (loss); plus (2)(a) interest expense (including debt issuance and extinguishment costs); (b) income taxes; (c) depreciation and amortization; (d) impairment; (e) unrealized losses from mark-to-market accounting for hedging activities; (f) realized gains under derivative instruments excluded from the determination of net income (loss); (g) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (h) debt refinancing fees, premiums and penalties; (i) any net loss realized in connection with an asset sale that was deducted in computing net income (loss) and (j) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense; minus (3)(a) unrealized gains from mark-to-market accounting for hedging activities; (b) realized losses under derivative instruments excluded from the determination of net income (loss) and (c) other non-recurring expenses and unrealized items that reduced net income (loss) for a prior period, but represent a cash item in the current period.
We define Distributable Cash Flow for any period as Adjusted EBITDA less replacement and environmental capital expenditures, turnaround costs, cash interest expense (consolidated interest expense less non-cash interest expense), income (loss) from unconsolidated affiliates, net of cash distributions and income tax expense (benefit).
We define Adjusted EBITDA Margin as Adjusted EBITDA divided by sales.
The definitions of Adjusted EBITDA and Distributable Cash Flow that are presented in this release are consistent with the calculation of "Consolidated Cash Flow" contained in the indentures governing our 7.625% senior notes due January 15, 2022, that were issued in November 2013 (the "2022 Notes"), our 6.50% senior notes due April 15, 2021, that were issued in March 2014 (the "2021 Notes") and our 7.75% senior notes due April 15, 2023 (the "2023 Notes"), that were issued in March 2015. We are required to report Consolidated Cash Flow to the holders of our 2021 Notes, 2022 Notes and 2023 Notes and Adjusted EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Please see our filings with the SEC, including our 2017 Annual Report on Form 10-K and Quarterly Report on Form 10-Q, for additional details regarding the covenants governing our debt instruments.
EBITDA, Adjusted EBITDA and Distributable Cash Flow should not be considered alternatives to Net loss, Operating income, Net cash used in operating activities or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA and Distributable Cash Flow, management recognizes and considers the limitations of these measurements. EBITDA and Adjusted EBITDA do not reflect our obligations for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA and Distributable Cash Flow are only three of several measurements that management utilizes. Moreover, our EBITDA, Adjusted EBITDA and Distributable Cash Flow may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA and Distributable Cash Flow in the same manner. The following tables present a reconciliation of EBITDA, Adjusted EBITDA and Distributable Cash Flow to Net loss, our most directly comparable GAAP financial performance measure, and Distributable Cash Flow to Net cash used in operating activities, our most directly comparable GAAP liquidity measure, for each of the periods indicated.
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except unit and per unit data)
Three Months Ended March 31,
2018
2017
Sales
$
750.5
$
886.5
Cost of sales
637.3
757.0
Gross profit
113.2
129.5
Operating costs and expenses:
Selling
14.7
16.3
General and administrative
40.6
30.6
Transportation
30.3
35.7
Taxes other than income taxes
1.9
5.2
Asset impairment
—
0.4
Other (income) expense
(15.6)
1.9
Operating income
41.3
39.4
Other income (expense):
Interest expense
(45.2)
(43.9)
Debt extinguishment costs
(0.6)
—
Gain (loss) on derivative instruments
(0.1)
5.7
Other
1.5
0.2
Total other expense
(44.4)
(38.0)
Net income (loss) from continuing operations before income taxes
(3.1)
1.4
Income tax benefit
(0.2)
(0.1)
Net income (loss) from continuing operations
$
(2.9)
$
1.5
Net loss from discontinued operations, net of tax
(1.9)
(7.7)
Net loss
$
(4.8)
$
(6.2)
Allocation of net loss:
Net loss
$
(4.8)
$
(6.2)
Less:
General partner's interest in net loss
(0.1)
(0.1)
Net loss available to limited partners
$
(4.7)
$
(6.1)
Weighted average limited partner units outstanding:
Basic
78,045,360
77,412,634
Diluted
78,045,360
78,259,909
Limited partners' interest basic and diluted net income (loss) per unit:
From continuing operations
$
(0.04)
$
0.02
From discontinued operations
(0.02)
(0.10)
Limited partners' interest
$
(0.06)
$
(0.08)
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
March 31, 2018
December 31, 2017
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
146.6
$
164.3
Restricted Cash
350.0
350.0
Accounts receivable, net
280.7
354.1
Inventories
325.0
314.4
Prepaid expenses and other current assets
18.0
8.7
Total current assets
1,120.3
1,191.5
Property, plant and equipment, net
1,149.7
1,159.2
Investment in unconsolidated affiliates
35.1
35.0
Goodwill
171.4
171.4
Other intangible assets, net
102.9
107.9
Other noncurrent assets, net
26.7
23.8
Total assets
$
2,606.1
$
2,688.8
LIABILITIES AND PARTNERS' CAPITAL
Current liabilities:
Accounts payable
$
271.1
$
282.3
Accrued interest payable
54.3
52.5
Accrued salaries, wages and benefits
24.9
35.9
Other taxes payable
15.1
16.1
Obligations under inventory financing agreements
107.2
103.1
Other current liabilities
19.1
73.7
Current portion of long-term debt
392.6
354.1
Derivative liabilities
0.1
6.0
Discontinued operations, current liabilities
2.8
2.0
Total current liabilities
887.2
925.7
Pension and postretirement benefit obligations
3.1
3.1
Other long-term liabilities
1.6
1.9
Long-term debt, less current portion
1,598.8
1,638.2
Total liabilities
2,490.7
2,568.9
Commitments and contingencies
Partners' capital:
Partners' capital
122.6
127.1
Accumulated other comprehensive loss
(7.2)
(7.2)
Total partners' capital
115.4
119.9
Total liabilities and partners' capital
$
2,606.1
$
2,688.8
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Three Months Ended March 31,
2018
2017
Operating activities
Net loss
$
(4.8)
$
(6.2)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss from discontinued operations
1.9
7.7
Depreciation and amortization
29.7
37.1
Amortization of turnaround costs
3.3
7.4
Non-cash interest expense
2.7
2.3
Non-cash debt extinguishment costs
0.6
—
Unrealized gain on derivative instruments
(2.0)
(10.6)
Asset impairment
—
0.4
Equity based compensation
1.1
1.5
Lower of cost or market inventory adjustment
(3.1)
(5.4)
Other non-cash activities
5.7
2.9
Changes in assets and liabilities:
Accounts receivable
44.0
4.4
Inventories
(7.5)
(42.7)
Prepaid expenses and other current assets
(8.5)
(4.0)
Derivative activity
(0.1)
(0.1)
Turnaround costs
(6.8)
(0.5)
Other assets
—
(0.2)
Accounts payable
(9.3)
10.3
Accrued interest payable
1.6
2.6
Accrued salaries, wages and benefits
(11.3)
5.4
Other taxes payable
(1.0)
—
Other liabilities
(55.3)
(46.8)
Pension and postretirement benefit obligations
—
(0.2)
Net cash used in discontinued operating activities
—
(6.0)
Net cash used in operating activities
(19.1)
(40.7)
Investing activities
Additions to property, plant and equipment
(17.6)
(16.9)
Investment in unconsolidated affiliates
(3.8)
—
Proceeds from sale of business, net
28.0
—
Proceeds from sale of property, plant and equipment
0.2
—
Net cash used in discontinued investing activities
(0.5)
(0.3)
Net cash provided by (used in) investing activities
6.3
(17.2)
Financing activities
Proceeds from borrowings — revolving credit facility
4.5
219.7
Repayments of borrowings — revolving credit facility
(4.7)
(190.7)
Payments on capital lease obligations
(0.3)
(2.2)
Proceeds from (payments on) inventory financing
—
32.2
Payments on other financing activities
(0.8)
(0.8)
Debt issuance costs
(3.6)
—
Contributions from Calumet GP, LLC
—
0.1
Net cash provided by (used in) financing activities
(4.9)
58.3
Net increase (decrease) in cash, cash equivalents and restricted cash
(17.7)
0.4
Cash, cash equivalents and restricted cash at beginning of period
514.3
4.2
Cash, cash equivalents and restricted cash at end of period
$
496.6
$
4.6
Cash and cash equivalents
$
146.6
$
4.6
Restricted cash
$
350.0
$
—
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
RECONCILIATION OF NET LOSS TO EBITDA, ADJUSTED EBITDA AND DISTRIBUTABLE CASH FLOW
(In millions)
Three Months Ended March 31,
2018
2017
Reconciliation of Net loss to EBITDA, Adjusted EBITDA and Distributable Cash Flow:
(Unaudited)
Net loss
$
(4.8)
$
(6.2)
Add:
Interest expense
45.2
43.9
Depreciation and amortization
29.7
41.1
Income tax benefit
(0.2)
(0.1)
EBITDA
$
69.9
$
78.7
Add:
Unrealized gain on derivative instruments
$
(2.0)
$
(10.6)
Amortization of turnaround costs
3.3
7.4
Impairment charges
—
0.4
Debt extinguishment costs
0.6
—
Non-cash equity based compensation and other items
3.2
2.8
Adjusted EBITDA
$
75.0
$
78.7
Less:
Replacement and environmental capital expenditures (1)
6.6
5.3
Cash interest expense (2)
42.5
41.6
Turnaround costs
6.8
0.5
Loss from unconsolidated affiliates
(3.7)
(0.1)
Income tax benefit
(0.2)
(0.1)
Distributable Cash Flow
$
23.0
$
31.5
(1)
Replacement capital expenditures are defined as those capital expenditures which do not increase operating capacity or reduce operating costs and exclude turnaround costs. Environmental capital expenditures include asset additions to meet or exceed environmental and operating regulations.
(2)
Represents consolidated interest expense less non-cash interest expense.
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
RECONCILIATION OF DISTRIBUTABLE CASH FLOW, ADJUSTED EBITDA AND EBITDA TO NET CASH USED IN OPERATING ACTIVITIES
(In millions)
Three Months Ended March 31,
2018
2017
Reconciliation of Distributable Cash Flow, Adjusted EBITDA and EBITDA to Net cash used in operating activities:
(Unaudited)
Distributable Cash Flow
$
23.0
$
31.5
Add:
Replacement and environmental capital expenditures (1)
6.6
5.3
Cash interest expense (2)
42.5
41.6
Turnaround costs
6.8
0.5
Loss from unconsolidated affiliates
(3.7)
(0.1)
Income tax benefit
(0.2)
(0.1)
Adjusted EBITDA
$
75.0
$
78.7
Less:
Unrealized gain on derivative instruments
$
(2.0)
$
(10.6)
Amortization of turnaround costs
3.3
7.4
Impairment charges
—
0.4
Debt extinguishment costs
0.6
—
Non-cash equity based compensation and other items
3.2
2.8
EBITDA
$
69.9
$
78.7
Add:
Unrealized gain on derivative instruments
$
(2.0)
$
(10.6)
Cash interest expense (2)
(42.5)
(41.6)
Asset impairment
—
0.4
Non-cash equity based compensation
1.1
1.5
Lower of cost or market inventory adjustment
(3.1)
(4.0)
Loss from unconsolidated affiliates
3.7
0.1
Amortization of turnaround costs
3.3
7.4
Income tax benefit
0.2
0.1
Debt extinguishment costs
0.6
—
Changes in assets and liabilities:
Accounts receivable
44.0
(7.6)
Inventories
(7.5)
(46.2)
Other current assets
(8.5)
(4.0)
Derivative activity
(0.1)
(0.1)
Turnaround costs
(6.8)
(0.5)
Other assets
—
(0.2)
Accounts payable
(9.3)
21.7
Accrued interest payable
1.6
2.6
Other current liabilities
(67.6)
(41.1)
Other, including changes in noncurrent liabilities
3.9
2.7
Net cash used in operating activities
$
(19.1)
$
(40.7) | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-calumet-specialty-products-partners-l-p-reports-first-quarter-2018-results.html |
The family of Zeke Upshaw is filing a wrongful death lawsuit on Wednesday against the NBA, the Detroit Pistons and the ownership group of the G-League’s Grand Rapids Drive and the DeltaPlex.
Upshaw collapsed during the Drive’s final game of the season on March 24 and died two days later. He was 26.
His family contends that no life-saving efforts were made at the DeltaPlex when he fell in the lawsuit being filed in Manhattan.
“Despite this undeniable dire situation, no life-saving measures were attempted, no CPR was initiated and no defibrillator was used,” said a news release from attorney Ben Crump’s office, per the Detroit Free Press.
The Drive’s operations are run by the Detroit Pistons.
Upsaw was rushed to the hospital after he lay motionless on the floor with less than a minute to go.
With 49 seconds remaining, Upshaw, 26, was playing defense on an inbounds play when he fell flat on his stomach.
“I immediately knew it was terrible because he wasn’t moving,” Drive public address announcer Eric Zane told mlive.com at the time. “What was remarkable was how fast a lady came out — within 10 seconds — she came sprinting out there with a defibrillator.”
It was unclear whether the defibrillator was used, but Upshaw was quickly removed via stretcher before the game continued.
Upshaw, a 6-foot-6 forward, was in his second year with the Drive after going undrafted out of Hofstra. He averaged 8.5 points and 2.3 rebounds for the Drive this season.
—Field Level Media
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© 2018 Reuters. All Rights Reserved. | ashraq/financial-news-articles | https://www.reuters.com/article/us-basketball-unk-upshaw/basketball-family-sues-over-death-of-g-league-player-upshaw-idUSKCN1IV2F0 |
May 3, 2018 / 8:20 PM / Updated 12 minutes ago Severe weather, including tornadoes, threaten 24 million in U.S.: forecasters Suzannah Gonzales 2 Min Read
CHICAGO (Reuters) - Severe weather including hail, high winds and possible tornadoes threatened more than 24 million people across the central and northeastern United States on Thursday, meteorologists said.
The main tornado threat was in parts of Missouri, Iowa, Kansas and Nebraska, Marc Chenard, a National Weather Service meteorologist in College Park, Maryland said in a phone interview.
Some 32 tornadoes have been reported in Kansas, Nebraska, Oklahoma and Missouri since Tuesday, said meteorologist Patrick Marsh at the NWS’s storm prediction center in Norman, Oklahoma. No injuries had been reported, but images posted online by the NWS showed farm buildings flattened and a mobile home with its roof ripped off in north-central Kansas.
Tornado concerns were not as high on Thursday, forecasters said.
“You can’t rule one out today, but it’s not expecting to be a big time destructive tornado,” said NWS meteorologist Brandon Drake in Topeka, Kansas.
Further east, portions of southern New York state, northern Pennsylvania and western New England, could see wind gusts of up to 60 miles per hour (100 km per hour), powerful enough to down trees, Chenard said.
Hail and wind threatened northeast Texas, southeast Oklahoma and central Arkansas, Chenard said. In addition, Chenard said there was some threat of rain and flash flooding in parts of Iowa and Wisconsin on Thursday. Reporting by Suzannah Gonzales in Chicago; Editing by Lisa Shumaker | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-weather/severe-weather-including-tornadoes-threaten-24-million-in-u-s-forecasters-idUSKBN1I42KB |
Calabasas, Calif. campus embraces creativity, collaboration, beauty and wellness
CALABASAS, Calif.--(BUSINESS WIRE)-- Coty Professional Beauty, the salon and professional division of global beauty giant Coty, celebrated the opening its new North American headquarters in Calabasas, Calif. May 24.
The expansive 26-acre campus, located at 4500 Park Granada, provides an inspirational backdrop for creativity and a refreshing respite from the LA cityscape for Coty colleagues and salon professionals, alike.
“Our new facility takes advantage of the beautiful Southern California weather with meeting and working spaces located indoors and outdoors,” said Coty Professional North America Senior Vice President Salvatore Mauceri. “Importantly, the space offers a space for our culture to thrive, where employees are energized to bring innovative, new products and beauty solutions to our customers.”
The state-of-the-art facility features two separate centers: the General Office, which is an open collaboration space where Coty teams including marketing, consumer research and finance sit alongside one another; and the Studio Annex, where Coty educators and ambassadors experiment and train salon professionals in the latest techniques and trends. Natural light pours into the space, making for an ideal environment to create through hair color, cuts and styling techniques or bespoke nail art and design. A dedicated photo stage gives space to the content team to capture work for online tutorials or for professionals’ personal portfolios
In the portfolio of Coty Professional Beauty are iconic brands that salon owners, hair stylists and nail technicians immediately recognize as embodying quality and service. Included are Wella Professionals, the No. 1 professional hair color brand globally; OPI, the leading professional nail lacquer; Nioxin, professional beauty’s top solution for thinning hair; Sebastian Professional, the SoCal-born brand of editorial stylists; and Clairol Professional, the brand that brought hair color to the American woman.
About Coty
Coty is one of the world’s largest beauty companies with approximately $9 billion in pro forma revenue, an iconic portfolio of brands and a purpose to celebrate and liberate the diversity of consumers’ beauty. We believe the beauty of humanity lies in the individuality of its people; beauty is at its best when authentic; and beauty should make you feel happy, never sad. As the global leader in fragrance, a strong number two in professional salon hair color & styling, and number three in color cosmetics, Coty operates three divisions: Consumer Beauty, which is focused on mass color cosmetics, mass retail hair coloring and styling products, body care and mass fragrances with brands such as COVERGIRL, Max Factor, Bourjois and Rimmel; Luxury, which is focused on prestige fragrances and skincare with brands such as Calvin Klein, Marc Jacobs, Hugo Boss, Gucci and philosophy; and Professional Beauty, which is focused on servicing salon owners and professionals in both hair and nail, with brands such as Wella Professionals, Sebastian Professional, OPI and ghd. Coty has over 20,000 colleagues globally and its products are sold in over 150 countries. Coty and its brands are committed to a range of social causes as well as seeking to minimize its impact on the environment.
For additional information about Coty Inc., please visit www.coty.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180525005589/en/
Coty Professional Beauty
Mary Atherton
[email protected]
818-397-0024
Source: Coty Professional Beauty | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/25/business-wire-coty-professional-beauty-north-america-opens-new-headquarters-and-destination-for-salon-professionals.html |
May 11 (Reuters) - Wilhelmina International Inc:
* WILHELMINA INTERNATIONAL, INC. REPORTS EARNINGS FOR FIRST QUARTER 2018
* Q1 REVENUE $19.7 MILLION VERSUS $19.2 MILLION * AS OF MARCH 31, AN ADDITIONAL 404,012 SHARES MAY YET BE PURCHASED UNDER CO’S STOCK REPURCHASE PROGRAM Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-wilhelmina-international-posts-q1/brief-wilhelmina-international-posts-q1-eps-of-0-04-idUSASC0A1S9 |
U.S. Army Corps pulls out of Puerto Rico as hurricane season looms 9:13am EDT - 00:52
Puerto Rico's fragile power system is still reeling from the devastation wrought by Hurricane Maria eight months ago and the U.S. Army Corps of Engineers is leaving Friday (May 18), taking with it support for the island utility's restoration efforts. Rough cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Puerto Rico's fragile power system is still reeling from the devastation wrought by Hurricane Maria eight months ago and the U.S. Army Corps of Engineers is leaving Friday (May 18), taking with it support for the island utility's restoration efforts. 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/2IqjTiV | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/18/us-army-corps-pulls-out-of-puerto-rico-a?videoId=427990472 |
Kenyan police examine burst dam after dozens die 2:45pm BST - 00:59
Kenya's chief prosecutor has ordered police to investigate a dam-burst on a farm in the Rift Valley after dozens died. At least 44 people were killed when the reservoir burst its banks, and many are still missing.
Kenya's chief prosecutor has ordered police to investigate a dam-burst on a farm in the Rift Valley after dozens died. At least 44 people were killed when the reservoir burst its banks, and many are still missing. //reut.rs/2G7ouQZ | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/11/kenyan-police-examine-burst-dam-after-do?videoId=425900535 |
Buffett buys more Apple 01:21
Berkshire Hathaway bought 75 million additional Apple shares in the first quarter, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker. Aleksandra Michalska reports.
Berkshire Hathaway bought 75 million additional Apple shares in the first quarter, CEO Warren Buffett told CNBC, aggressively ramping up its bets on the iPhone maker. Aleksandra Michalska reports. //reut.rs/2KCRcgf | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/04/buffett-buys-more-apple?videoId=423885138 |
This wasn’t supposed to happen again.
The Golden State Warriors and Cleveland Cavaliers played in the last three NBA Finals and became so familiar with each other that Golden State employees were treated like regulars in Cleveland coffee shops. But after the Warriors destroyed the Cavaliers last year, it seemed unnecessary for them to play again. Unlike the Warriors’ championship in 2015 or the Cavaliers’ title in 2016, one team was very obviously better than the other.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/the-warriors-are-playing-the-cavaliers-in-the-nba-finals-again-1527604496 |
May 23, 2018 / 8:13 PM / Updated 15 minutes ago Peru president cancels London-based Tullow's offshore oil contracts Mitra Taj , Marco Aquino 3 Min Read
LIMA (Reuters) - The government of Peruvian President Martin Vizcarra canceled his predecessor’s decision to award five offshore oil contracts to London-based Tullow Oil PLC shortly before resigning, citing insufficient consultations with coastal residents. Peru's President Martin Vizcarra smiles after inaugurated the Binational Border Service Center (CEBAF) in Desaguadero, Peru, April 28, 2018. REUTERS/David Mercado
The reversal, which was published in the official gazette on Wednesday, was a victory for fishermen and environmentalists who said that exploration and drilling would have put important fisheries and whale breeding grounds at risk.
It was another setback for efforts to shore up slumping energy investments in Peru, a relatively small oil producer where past bidding rounds have failed to draw offers.
Tullow, whose shares fell 5.2 percent in London on Wednesday, said it would consider “next steps.”
The contracts came under fire after Peruvians learned the disgraced former president, Pedro Pablo Kuczynski, had signed five decrees authorizing them just before stepping down in March over graft allegations.
Despite Kuczynski’s approval, the contracts themselves were never signed, state energy promoter Perupetro said.
Vizcarra’s government said Perupetro had negotiated the contracts directly with Tullow without giving communities along Peru’s northern coast enough time to weigh in.
“We want a country that develops investments with peace and tranquility, and that’s done with a good start to a project,” Prime Minister Cesar Villanueva told a press conference.
“With this repeal we are not even remotely opposed to private investment,” Villanueva added.
Since taking office, Vizcarra, Kuzynski’s former vice president, has distanced himself from his predecessor as he aims to strengthen ties with the opposition-controlled Congress and build grassroots support following Peru’s worst political crisis in nearly two decades.
The revocation of Kuczynski’s decrees “is deeply disappointing,” said George Cazenove, Tullow’s head of communications. “Tullow has complied with the process and procedures required under Peruvian law.”
Earlier this month, the comptroller’s office said it had found nothing illegal about the contracts, but that the process of granting oil concessions through direct talks should be more transparent and give other stakeholders more say.
Critics said a public auction should have been held and a higher royalty rate should have been set.
Tullow had planned an initial investment of $200 million in the five blocks, according to Perupetro.
The National Society of Mining, Petroleum and Energy business association said the government had only created more uncertainty for investors in Peru, where oil imports cost the country billions of dollars per year. Reporting by Mitra Taj and Marco Aquino; Editing by Tom Brown and Grant McCool | ashraq/financial-news-articles | https://www.reuters.com/article/us-peru-oil-tullow/peru-president-cancels-london-based-tullows-offshore-oil-contracts-idUSKCN1IO36B |
Crypto investor Brian Kelly makes the case for bitcoin cash May 21, 2018
Cryptocurrency investor Brian Kelly said Monday bitcoin cash is the must-own digital currency of the moment.
On Saturday, bitcoin cash miners met to discuss funding for a bitcoin cash development fund, he told CNBC.
In the fund, miners are “going to take some of the rewards they get from mining and put it in a fund to build stuff on top of bitcoin cash,” Kelly said on “ Fast Money .”
“That’s how blockchains gain value,” he added. “You’re going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for bitcoin cash.”
“That’s a place I want to buy,” said Kelly, who is founder and CEO of BKCM, an investment firm focused on digital currencies.
Bitcoin cash was priced at $1,233.25 at 6 p.m. ET Monday. While it declined from its $1,300 price the week of May 14, bitcoin cash was still valued significantly higher than its April 17 level of $763 . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/21/crypto-investor-brian-kelly-makes-the-case-for-bitcoin-cash.html/ |
May 30, 2018 / 7:54 PM / Updated 27 minutes ago Dollar recovery seen as an earnings risk on horizon Caroline Valetkevitch , Saqib Iqbal Ahmed 6 Min Read
NEW YORK (Reuters) - Late last month, the chief financial officer at Akamai Technologies Inc ( AKAM.O ) identified an emerging risk for the network technology company’s profit outlook: the U.S. dollar. FILE PHOTO: U.S. Dollar banknotes are seen in this photo illustration taken February 12, 2018. REUTERS/Jose Luis Gonzale/Illustration/File Photo
Specifically, the surprisingly strong American dollar.
“We do expect some currency headwinds from the recent strengthening of the U.S. dollar over the last couple of weeks,” Akamai CFO James Benson told analysts on an earnings conference call at the end of April.
Akamai, like hundreds of big U.S. companies, enjoyed a sales and profit boost from the dollar’s steep decline through last year and into the first quarter of 2018.
But the greenback’s downtrend abruptly reversed course in April as U.S. interest rates shot higher and European economic growth slowed. It now stands at the highest level in nearly seven months, meaning foreign currency earnings of U.S. multinationals can be worth less when translated back to dollars.
The dollar index .DXY, which measures the greenback against a basket of six currencies, has gained nearly 6 percent since April 17 but remains down about 2.7 percent year over year, as of Tuesday’s close.
“It’s too early to say we’re going to see that impact show up in this next quarter, but I think we’ll probably see it if it persists in the third quarter,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, referring to U.S. quarterly results.
Against the euro, the greenback is down 3.2 percent year-over-year, compared with a year-over-year decline of 14 percent in mid April. It hit a 10-month high on Tuesday as investors balked at the prospect of repeat elections in Italy, which may become a de facto referendum on Italian membership of the currency bloc.
U.S. dollar vs euro - reut.rs/2LaY2cj
Analysts expect profit growth for S&P 500 companies to begin to slow, according to Thomson Reuters data, with first quarter’s 26.3 percent increase possibly representing a peak for the current earnings up trend. S&P 500 earnings have gained year-over-year since the third quarter of 2016.
They are forecasting profit growth of 22 percent for all of 2018 and 2019 growth to slow to 9.5 percent, based on the data.
The first-quarter jump in earnings - the biggest year-over-year increase since the fourth quarter of 2010 - was largely due to the corporate tax cuts that went into effect this year.
But Bank of America Merrill Lynch estimates currency moves in the first quarter provided a 2 percentage-point benefit to sales growth, the biggest boost from currency changes in six years.
The bank has estimated that in general a sustained 10 percent appreciation in the dollar results in a reduction in S&P 500 earnings per share of 3 to 4 percent.
Companies from many industries pointed to the dollar as a benefit to sales and earnings in the first quarter, including Apple Inc ( AAPL.O ), Bristol-Myers Squibb Co ( BMY.N ), Mattel Inc ( MAT.O ), PayPal Holdings Inc ( PYPL.O ), Tapestry Inc ( TPR.N ) and Intuitive Surgical Inc ( ISRG.O ).
In Akamai’s case, it added 5 percentage points to first-quarter profit and 2 points to its sales.
For Facebook Inc ( FB.O ), a weaker dollar in the first quarter added $536 million to its revenue, increasing the social media company’s top line by 49 percent, instead of 42 percent without the foreign exchange effect.
S&P 500 companies that generate 50 percent or more of their revenue outside the United States are on track for a first-quarter earnings increase of 30.5 percent, while companies that generate less than 50 percent of their revenue outside the United States are on track for a 24.8 percent earnings increase, based on Thomson Reuters data.
Analysts estimate that between 40 percent to 50 percent of S&P 500 sales come from abroad, with Asia and Europe accounting for the biggest portion.
“If the political situation in Italy worsens, the longer-term spillovers would be felt in the U.S. via a stronger dollar and lower European growth. This would act as a headwind, especially for some multinationals’ corporate profits,” said Mohamed El-Erian, chief economic adviser at Allianz in Newport Beach, California.
To be sure, many analysts are sceptical the dollar strength will persist.
Sameer Samana, global equity and technical strategist at Wells Fargo Investment Institute in St. Louis, said he expects the dollar to decline into the year end, citing pressure from the U.S. deficit.
Yet, at its current pace, the dollar index could turn positive on a year-over-year basis sometime later this quarter or early in the third quarter.
Karl Schamotta, director of global product and market strategy at Cambridge Global Payments, in Toronto, said he had seen an increase in hedging activity, particularly companies that are exposed to a falling euro and Canadian dollar.
“Both of these factors are driving a pretty pronounced increase in hedging activity using forwards and options,” said Schamotta, referring to companies’ use of derivatives to minimize foreign exchange risks.
Some equity strategists said next year could be the bigger problem if the dollar continues on its current path.
“If you measure on a year-over-year basis, the comps are going to look terrible,” said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. Reporting by Caroline Valetkevitch and Saqib Iqbal Ahmed; additional reporting by Noel Randewich in San Francisco, and Lewis Krauskopf, Chuck Mikolajczak, Sinead Carew, April Joyner and Jennifer Ablan in New York; Editing by Alden Bentley and Susan Thomas | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-results-dollar-analysis/dollar-recovery-seen-as-an-earnings-risk-on-horizon-idUKKCN1IV2NI |
NEW DELHI/LONDON (Reuters) - Fortis Healthcare Ltd aims to accept an offer of investment from the underdog of a five-way bidding war, in a decision that drew investor ire and sent shares in the cash-strapped hospital operator down almost 5 percent.
A Fortis hospital building is pictured in Gurgaon, May 11, 2018. REUTERS/Saumya Khandelwal Hero Enterprise Investment Office and Burman Family Office will together invest 18 billion rupees ($267 million), valuing Fortis at 90 billion rupees, subject to shareholder approval.
“We are sure that the shareholders will see the intrinsic value in our proposal,” Hero-Burman said in a statement.
A major Fortis shareholder, however, which favoured an offer over twice the size from Malaysia’s IHH Healthcare Bhd, told Reuters it was unhappy with the decision and planned to vote against it at a meeting expected within a month.
The shareholder, who did not want its voting intentions publicly known and so declined to be identified, said the “ridiculous” offer was the worst received, and that other shareholders were likely to vote against it.
Reflecting the sentiment, Fortis shares fell as much as 4.9 percent on Friday before closing down 3 percent.
“We looked at all the different binding bids from the point of view of certainty versus risk. We looked at all of them from the point of view also of liquidity for the company,” Fortis director Brian Tempest said at a news conference on Friday.
He said five of the board’s eight directors voted to recommend Hero-Burman.
The decision is aimed at ending a bidding war to buy part or all of Fortis, which operates about 30 private hospitals in India and is in need of cash after an aggressive period of expansion.
The contest attracted international suitors seeking to capitalise on a lucrative private healthcare market that is expected to get a boost from a government plan to expand an insurance programme to half of India’s 1.3 billion people.
If approved, Hero-Burman will be Fortis’ largest shareholder with just under a fifth of the company, having made the only offer that excluded due diligence as a precondition for investment, giving Fortis quick access to the funds.
With IHH’s offer, the majority of funds would be accessible only after conducting due diligence.
Fortis initially agreed to be bought by domestic peer Manipal Hospitals with global buyout firm TPG Capital Management LP, but shareholder objections and competing offers scuttled the deal.
Manipal and IHH on Friday said they were disappointed with the outcome, with IHH saying it was open to further discussion.
Fortis also received an offer of investment from peer Radiant Life Care Pvt Ltd with global private equity firm by KKR & Co LP, and a non-binding offer of investment from China’s Fosun International Ltd.
Radiant and Fosun were not immediately available for comment.
Hero Enterprise Investment Office is an investment unit of Sunil Munjal, whose family runs India’s largest motorcycle maker, Hero MotoCorp Ltd. The Burman Family Office is the private investment arm of the family that controls consumer goods company Dabur India Ltd.
($1 = 67.3250 Indian rupees)
Brian Tempest, Director, Board of Directors, Fortis Healthcare Limited, addresses a news conference in Gurgaon, May 11, 2018. REUTERS/Saumya Khandelwal Reporting by Sudarshan Varadhan in NEW DELHI and Alasdair Pal in LONDON; Additional reporting by Devidutta Tripathy, Tanvi Mehta and Rama Venkat Raman; Writing by Sayantani Ghosh; Editing by Sai Sachin Ravikumar and Christopher Cushing
| ashraq/financial-news-articles | https://in.reuters.com/article/fortis-health-m-a-hero/fortis-healthcare-accepts-investment-offer-from-hero-burman-idINKBN1IB2MZ |
Per Share Net Income of $0.25 and Normalized FFO of $0.36 Up 19% and 9% Respectively Compared to Prior Year Quarter
BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Medical Properties Trust, Inc. (the “Company” or “MPT”) (NYSE: MPW) today announced financial and operating results for the first quarter ended March 31, 2018 and recent highlights.
“After a record year in 2017, MPT raised its quarterly dividend by over 4 percent in the first quarter making this the fourth consecutive year that the Company has increased its payout to shareholders,” said Edward K. Aldag, Jr., MPT’s Chairman, President and Chief Executive Officer. “Our consistent dividend growth has contributed to superior total shareholder returns and is the result of strongly accretive acquisitions. The Company has experienced extraordinary growth over the past five years, increasing total assets at a compound rate of over 33 percent annually, and our pipeline is very strong.”
FIRST QUARTER AND RECENT HIGHLIGHTS
Net income of $0.25 and Normalized Funds from Operations (“NFFO”) of $0.36 in the first quarter both on a per diluted share basis; Completed construction of a 40-bed, 50,985 square foot rehabilitation hospital in Flagstaff, Arizona operated by Ernest Health (“Ernest”) for a total investment of approximately $24 million; commenced rent on March 1st; Entered into a 15-year lease agreement in March with a joint venture formed by Vibra Healthcare and Ernest for an LTAC hospital in Boise, Idaho; lease has three 5-year renewal options; Increased quarterly dividend by 4.2% to $0.25 making 2018 the fourth consecutive year that MPT has increased its dividend; Added Elizabeth Pitman to Company’s Board of Directors in February.
Aldag commented on the election of Elizabeth Pitman to MPT’s Board of Directors and the recent promotions of two senior team members. “MPT will benefit greatly from Elizabeth’s addition to the Board. Her extensive healthcare and legal experience together with her expertise in cyber security is critical and complements the Board’s needs. The sustainability of MPT depends in part on the career growth of our people. In the first quarter, we were very pleased to announce the promotion of Rosa Hooper to Vice President and Managing Director, Asset Management and Underwriting in recognition of the outstanding job she has done managing MPT’s largest department. We were delighted to also announce the promotion of Charles Lambert to Treasurer and Managing Director, Capital Markets as an acknowledgement of his significant contribution to the Company over the past 12 years.”
Included in the financial tables accompanying this press release is information about the Company’s assets and liabilities, net income and reconciliations of net income to NFFO, all on a basis comparable to 2017 results. In addition, a reconciliation of pro forma total gross assets to total assets is included in the financial tables accompanying this press release.
PORTFOLIO UPDATE
The Company has pro forma total gross assets of approximately $9.5 billion, including $6.6 billion in general acute care hospitals, $2.1 billion in inpatient rehabilitation hospitals, and $0.4 billion in long-term acute care hospitals. This pro forma portfolio includes 275 properties representing more than 32,000 licensed beds in 29 states and in Germany, the United Kingdom, Italy and Spain. The properties are leased to or mortgaged by 31 hospital operating companies.
OPERATING RESULTS AND OUTLOOK
Net income for the first quarter of 2018 was $90.6 million (or $0.25 per diluted share), compared to $68.0 million (or $0.21 per diluted share) in the first quarter of 2017.
NFFO for the first quarter of 2018 increased 24% to $131.5 million compared with $105.9 million in the first quarter of 2017. Per share NFFO increased 9% to $0.36 per diluted share in the first quarter of 2018, compared with $0.33 per diluted share in the first quarter of 2017.
On January 1, 2018, the Company adopted new accounting rules, which resulted in an increase in general and administrative expenses for the first quarter. Certain third party transaction costs that were previously accounted for as acquisition expenses are now capitalized. With this accounting change, MPT will no longer charge indirect and internal transaction costs as acquisition expenses.
The Company reaffirms its NFFO estimates for 2018. Net income is expected to range from $1.00 to $1.04 per diluted share, while NFFO is expected to range from $1.42 to $1.46 per diluted share. This estimate assumes no additional acquisitions or investments, no asset sales and no material capital transactions. The Company also reaffirmed its expectations that it will complete negotiations of certain joint venture arrangements during the first half of 2018. However, there is no assurance that any such arrangements will be completed.
A reconciliation of NFFO guidance to net income is included with the financial tables accompanying this press release.
These estimates do not include the effects, if any, of unexpected real estate operating costs, changes in accounting pronouncements, litigation costs, debt refinancing costs, acquisition costs, currency exchange rate movements, interest rate hedging activities, write-offs of straight-line rent or other non-recurring or unplanned transactions, including the previously mentioned joint venture arrangements. These estimates may change if the Company acquires or sells assets, market interest rates change, debt is refinanced, new shares are issued, additional debt is incurred, other operating expenses vary, income from investments in tenant operations vary from expectations, or existing leases do not perform in accordance with their terms.
CONFERENCE CALL AND WEBCAST
The Company has scheduled a conference call and webcast for Thursday, May 3, 2018 at 11:00 a.m. Eastern Time to present the Company’s financial and operating results for the quarter ended March 31, 2018. The dial-in numbers for the conference call are 855-365-5214 (U.S.) and 440-996-5721 (International); both numbers require passcode 2449648. The conference call will also be available via webcast in the Investor Relations’ section of the Company’s website, www.medicalpropertiestrust.com .
A telephone and webcast replay of the call will be available beginning shortly after the call’s completion through May 17, 2018. Dial-in numbers for the replay are 855-859-2056 and 404-537-3406 for U.S. and International callers, respectively. The replay passcode for both U.S. and International callers is 2449648.
The Company’s supplemental information package for the current period will also be available on the Company’s website under the “Investor Relations” section.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. MPT’s financing model helps facilitate acquisitions and recapitalizations and allows operators of hospitals and other healthcare facilities to unlock the value of their real estate assets to fund facility improvements, technology upgrades and other investments in operations. Facilities include acute care hospitals, inpatient rehabilitation hospitals, long-term acute care hospitals, and other medical and surgical facilities. For more information, please visit the Company’s website at www.medicalpropertiestrust.com .
The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Words such as "expects," "believes," "anticipates," "intends," "will," "should" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the satisfaction of all conditions to, and the timely closing (if at all) of pending transactions; net income per share for 2018; NFFO per share for 2018; the amount of acquisitions of healthcare real estate, if any; results from potential sales and joint venture arrangements, if any; capital markets conditions; estimated leverage metrics; the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the payment of future dividends, if any; completion of additional debt arrangements, and additional investments; national and international economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; the Company's ability to maintain its status as a REIT for income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the "Risk factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 and as updated by the Company’s subsequently filed Quarterly Reports on Form 10-Q and other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this press release.
MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Amounts in thousands, except for per share data) March 31, 2018 December 31, 2017 Assets (Unaudited) (A) Real estate assets Land, buildings and improvements, intangible lease assets, and other $ 5,867,286 $ 5,944,220 Mortgage loans 1,927,393 1,778,316 Net investment in direct financing leases 686,024 698,727 Gross investment in real estate assets 8,480,703 8,421,263 Accumulated depreciation and amortization (493,782 ) (455,712 ) Net investment in real estate assets 7,986,921 7,965,551 Cash and cash equivalents 138,314 171,472 Interest and rent receivables 81,965 78,970 Straight-line rent receivables 202,317 185,592 Other assets 622,323 618,703 Total Assets $ 9,031,840 $ 9,020,288 Liabilities and Equity Liabilities Debt, net $ 4,898,364 $ 4,898,667 Accounts payable and accrued expenses 206,891 211,188 Deferred revenue 15,549 18,178 Lease deposits and other obligations to tenants 57,847 57,050 Total Liabilities 5,178,651 5,185,083 Equity Preferred stock, $0.001 par value. Authorized 10,000 shares; no shares outstanding
- - Common stock, $0.001 par value. Authorized 500,000 shares; issued and outstanding - 364,695 shares at March 31, 2018 and 364,424 shares at December 31, 2017
365 364 Additional paid-in capital 4,333,972 4,333,027 Distributions in excess of net income (484,804 ) (485,932 ) Accumulated other comprehensive loss (9,961 ) (26,049 ) Treasury shares, at cost (777 ) (777 ) Total Medical Properties Trust, Inc. Stockholders' Equity 3,838,795 3,820,633 Non-controlling interests 14,394 14,572 Total Equity 3,853,189 3,835,205 Total Liabilities and Equity $ 9,031,840 $ 9,020,288 (A) Financials have been derived from the prior year audited financial statements. MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Consolidated Statements of Income
(Unaudited) (Amounts in thousands, except for per share data) For the Three Months Ended March 31, 2018 March 31, 2017 Revenues Rent billed $ 128,011 $ 96,763 Straight-line rent 15,791 12,779 Income from direct financing leases 17,681 17,880 Interest and fee income 43,563 28,975 Total revenues 205,046 156,397 Expenses Interest 57,023 38,029 Real estate depreciation and amortization 35,802 27,586 Property-related
2,184
1,328
General and administrative 17,818 13,197 Acquisition costs - 2,756 Total expenses 112,827 82,896 Other income (expense) Gain on sale of real estate, net 1,467 7,413 Debt refinancing costs - (13,629 ) Other (1,468 ) 1,767 Total other income (expense) (1 ) (4,449 ) Income before income tax 92,218 69,052 Income tax expense (1,175 ) (867 ) Net income 91,043 68,185 Net income attributable to non-controlling interests (442 ) (215 ) Net income attributable to MPT common stockholders $ 90,601 $ 67,970 Earnings per common share - basic and diluted: Net income attributable to MPT common stockholders $ 0.25 $ 0.21 Weighted average shares outstanding - basic 364,882 321,057 Weighted average shares outstanding - diluted 365,343 321,423 Dividends declared per common share $ 0.25 $ 0.24 MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Reconciliation of Net Income to Funds From Operations (Unaudited) (Amounts in thousands, except for per share data) For the Three Months Ended March 31, 2018 March 31, 2017 FFO information: Net income attributable to MPT common stockholders $ 90,601 $ 67,970 Participating securities' share in earnings (195 ) (125 ) Net income, less participating securities' share in earnings $ 90,406 $ 67,845 Depreciation and amortization (A) 36,517 28,099 Gain on sale of real estate, net (1,467 ) (7,413 ) Funds from operations $ 125,456 $ 88,531 Write-off of straight-line rent and other 6,059 1,117 Debt refinancing costs - 13,629 Acquisition costs, net of tax benefit (A) - 2,645 Normalized funds from operations $ 131,515 $ 105,922 Share-based compensation 1,856 1,971 Debt costs amortization 1,789 1,617 Straight-line rent revenue and other (A) (23,425 ) (16,482 ) Adjusted funds from operations $ 111,735 $ 93,028 Per diluted share data: Net income, less participating securities' share in earnings $ 0.25 $ 0.21 Depreciation and amortization (A) 0.09 0.09 Gain on sale of real estate, net - (0.02 ) Funds from operations $ 0.34 $ 0.28 Write-off of straight-line rent and other 0.02 - Debt refinancing costs - 0.04 Acquisition costs, net of tax benefit (A) - 0.01 Normalized funds from operations $ 0.36 $ 0.33 Share-based compensation 0.01 0.01 Debt costs amortization - - Straight-line rent revenue and other (A) (0.06 ) (0.05 ) Adjusted funds from operations $ 0.31 $ 0.29 A) Includes our share of real estate depreciation, acquisition expenses and straight-line rent revenue from unconsolidated joint ventures. These amounts are included with the activity of all of our equity interests in the "Other" line on the consolidated statements of income. Investors and analysts following the real estate industry utilize funds from operations, or FFO, as a supplemental performance measure. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of GAAP depreciation and amortization of real estate assets, which assumes that the value of real estate diminishes predictably over time. We compute FFO in accordance with the definition provided by the National Association of Real Estate Investment Trusts, or NAREIT, which represents net income (loss) (computed in accordance with GAAP), excluding gains (losses) on sales of real estate and impairment charges on real estate assets, plus real estate depreciation and amortization and after adjustments for unconsolidated partnerships and joint ventures. In addition to presenting FFO in accordance with the NAREIT definition, we also disclose normalized FFO, which adjusts FFO for items that relate to unanticipated or non-core events or activities or accounting changes that, if not noted, would make comparison to prior period results and market expectations less meaningful to investors and analysts. We believe that the use of FFO, combined with the required GAAP presentations, improves the understanding of our operating results among investors and the use of normalized FFO makes comparisons of our operating results with prior periods and other companies more meaningful. While FFO and normalized FFO are relevant and widely used supplemental measures of operating and financial performance of REITs, they should not be viewed as a substitute measure of our operating performance since the measures do not reflect either depreciation and amortization costs or the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, which can be significant economic costs that could materially impact our results of operations. FFO and normalized FFO should not be considered an alternative to net income (loss) (computed in accordance with GAAP) as indicators of our financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity. We calculate adjusted funds from operations, or AFFO, by subtracting from or adding to normalized FFO (i) unbilled rent revenue, (ii) non-cash share-based compensation expense, and (iii) amortization of deferred financing costs. AFFO is an operating measurement that we use to analyze our results of operations based on the receipt, rather than the accrual, of our rental revenue and on certain other adjustments. We believe that this is an important measurement because our leases generally have significant contractual escalations of base rents and therefore result in recognition of rental income that is not collected until future periods, and costs that are deferred or are non-cash charges. Our calculation of AFFO may not be comparable to AFFO or similarly titled measures reported by other REITs. AFFO should not be considered as an alternative to net income (calculated pursuant to GAAP) as an indicator of our results of operations or to cash flow from operating activities (calculated pursuant to GAAP) as an indicator of our liquidity. MEDICAL PROPERTIES TRUST, INC. AND SUBSIDIARIES Fiscal Year 2018 Guidance Reconciliation (Unaudited) Fiscal Year 2018 Guidance - Per Share (1) Low High Net income attributable to MPT common stockholders $ 1.00 $ 1.04 Participating securities' share in earnings - - Net income, less participating securities' share in earnings $ 1.00 $ 1.04 Depreciation and amortization 0.40 0.40 Funds from operations $ 1.40 $ 1.44 Other adjustments 0.02 0.02 Normalized funds from operations $ 1.42 $ 1.46 (1) The guidance is based on current expectations and actual results or future events may differ materially from those expressed in this table, which is a forward-looking statement within the meaning of the federal securities laws. Please refer to the forward-looking statement included in this press release and our filings with the Securities and Exchange Commission for a discussion of risk factors that affect our performance. Pro Forma Total Gross Assets (Unaudited) March 31, 2018 Total Assets $ 9,031,840 Add: Binding real estate commitments on new investments (2) 17,500 Unfunded amounts on development deals and commenced capital improvement projects (3)
139,799 Accumulated depreciation and amortization 493,782 Less: Cash and cash equivalents (138,314 ) Pro Forma Total Gross Assets (4) $ 9,544,607 (2) Reflects a commitment to acquire a facility post March 31, 2018. (3) Includes $123.6 million unfunded amounts on ongoing development projects and $16.2 million unfunded amounts on capital improvement projects and development projects that have commenced rent. (4) Pro forma total gross assets is total assets before accumulated depreciation/amortization, assumes all real estate binding commitments on new investments and unfunded amounts on development deals and commenced capital improvement projects are fully funded, and assumes cash on hand is fully used in these transactions. We believe pro forma total gross assets is useful to investors as it provides a more current view of our portfolio and allows for a better understanding of our concentration levels as our binding commitments close and our other commitments are fully funded.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503005792/en/
Medical Properties Trust, Inc.
Tim Berryman, 205-969-3755
Director – Investor Relations
[email protected]
Source: Medical Properties Trust, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-medical-properties-trust-inc-reports-first-quarter-results.html |
May 3 (Reuters) - India’s Lanco Infratech Ltd said on Thursday a panel of its creditors has not approved an insolvency resolution plan and that its administrator will file for potential liquidation of the company.
Lanco, among 12 of the biggest debt defaulters in India that were pushed to bankruptcy court last year, said in a stock exchange filing bit.ly/2jncWQC that a debt resolution proposal from Thriveni Earthmovers Pvt Ltd had failed to get the minimum 75 percent creditors' vote required for it to get the go ahead before the deadline expires on Friday.
The company did not give details of the proposal, but said its administrator would also seek a ruling from the bankruptcy court on a revised proposal given by Thriveni on May 1.
Lanco, whose business includes power and infrastructure, faces total claims of 515.05 billion rupees ($7.73 billion), according to government data.
$1 = 66.6200 Indian rupees Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Vyas Mohan
Our | ashraq/financial-news-articles | https://www.reuters.com/article/lancoinfratech-bankruptcy/indias-lanco-infratech-to-file-for-potential-liquidation-idUSL3N1SA3W4 |
May 16 (Reuters) - Cisco Systems Inc:
* CISCO REPORTS THIRD QUARTER EARNINGS * Q3 NON-GAAP EARNINGS PER SHARE $0.66
* Q3 GAAP EARNINGS PER SHARE $0.56 * Q3 REVENUE $12.5 BILLION VERSUS I/B/E/S VIEW $12.43 BILLION
* Q3 EARNINGS PER SHARE VIEW $0.65 — THOMSON REUTERS I/B/E/S
* CISCO SEES Q4 REVENUE GROWTH OF 4% TO 6% * CISCO SEES Q4 2018 NON-GAAP EPS $0.68 TO $0.70
* Q4 EARNINGS PER SHARE VIEW $0.69, REVENUE VIEW $12.73 BILLION — THOMSON REUTERS I/B/E/S
* CISCO QTRLY SECURITY REVENUE OF $583 MILLION, UP 11 PERCENT
* CISCO QTRLY INFRASTRUCTURE PLATFORMS REVENUE OF $7,163 MILLION, UP 2 PERCENT
* CISCO - EXPECT TO RECOGNIZE UP TO $50 MILLION OF CHARGES IN Q4 OF FISCAL 2018 RELATED TO RESTRUCTURING PLAN
* CISCO - TOTAL PRE-TAX CASH CHARGES TO GAAP FINANCIAL RESULTS RELATED TO RESTRUCTURING PLAN IS ESTIMATED TO BE ABOUT $300 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-cisco-q3-non-gaap-earnings-per-sha/brief-cisco-q3-non-gaap-earnings-per-share-0-66-idUSASC0A2O6 |
May 28, 2018 / 12:25 PM / Updated an hour ago Manchester United granted licence to play in women's second tier Christian Radnedge 3 Min Read
LONDON (Reuters) - Manchester United will field a women’s team for the first time since 2005 after being granted a licence to play in the second tier Championship as part of the Football Association’s restructuring of the game announced on Monday. FILE PHOTO: Soccer Football - Premier League - Manchester United vs Brighton & Hove Albion - Old Trafford, Manchester, Britain - November 25, 2017 General view of a corner flag before the match REUTERS/Andrew Yates
Following a detailed review and assessment of clubs wishing to participate in the top two levels of women’s football in England, the FA revealed that 11 teams would contest the top-flight Women’s Super League for 2018-19, while 12 teams will make up the Women’s Championship.
United have been criticised for not reviving their scrapped women’s team from 2005 while the game has shown significant growth, particularly with rivals Manchester City becoming part of City Football Group in 2012 and winning several trophies.
The FA’s head of women’s football, Sue Campbell, said tough decisions had to be made but the announcement was a milestone in the sport’s history.
“Such is the strength of women’s football in this country, there have been some difficult decisions to make but they’ve been made with the sport’s best interests at heart,” Campbell said in a statement.
“This is a hugely exciting time for the game and I am hopeful that we will look back upon this as one of the most significant decisions made in its history.”
The news was heralded by United’s executive vice chairman Ed Woodward.
“We will be making some exciting announcements in the coming days and weeks,” Woodward said in a statement on the club’s website. “Starting a professional team from scratch is challenging but rewarding and we will make every effort to provide the support and experience for the new women’s team to be successful and to uphold the fine traditions of our great club.”
The 2018-19 season will begin on Aug. 18, with the opening round of fixtures being the Continental Tyres Cup, before both leagues get underway on Sept. 8.
The reigning Super League champions are Chelsea FC Women who also won the FA Women’s Cup earlier this month.
The 11 clubs which will form the FA Women’s Super League for the 2018-19 season are:
Arsenal | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-soccer-england-women/manchester-united-granted-licence-to-play-in-womens-second-tier-idUKKCN1IT14C |
BERKELEY, Calif., Dynavax Technologies Corporation (NASDAQ:DVAX) today announced that it will report financial results for the first quarter ended March 31, 2018 after market close on Tuesday, May 8, 2018, and host a conference call that day to review the results and provide a business update at 4:30pm ET/1:30pm PT.
To access the call, participants must dial (866) 548-4713 in the U.S. or (323) 794-2093 internationally, and use the conference ID 8635193. The live call will be webcast and can be accessed in the "Investors and Media" section of the company's website at www.dynavax.com . A replay of the webcast will be available for 30 days following the live event.
A replay of the conference call will be available for two weeks and can be accessed by dialing (844) 512-2921 in the U.S. or (412) 317-6671 internationally. The conference ID for the replay will be 8635193.
About Dynavax
Dynavax is a fully-integrated biopharmaceutical company focused on leveraging the power of the body's innate and adaptive immune responses through toll-like receptor (TLR) stimulation. Dynavax discovers and develops novel vaccines and immuno-oncology therapeutics. The Company’s first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the United States. Dynavax's lead immunotherapy product, SD-101, is an investigational cancer immunotherapeutic currently being evaluated in Phase 1/2 studies and its second cancer immunotherapeutic, DV281, is in Phase 1 development. For more information, visit www.dynavax.com .
Contact:
David Burke
Director, IR & Corporate Communications
510.665.7269
[email protected]
Source:Dynavax Technologies Corporation | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-dynavax-to-host-first-quarter-2018-financial-results-conference-call.html |
May 27, 2018 / 10:53 AM / Updated 3 hours ago Tennis-Ukraine's Svitolina sweeps past Tomljanovic after shaky start Richard Lough 1 Min Read
PARIS, May 27 (Reuters) - Ukraine’s Elina Svitolina overcame a slow start to power past Australia’s Ajla Tomljanovic 7-5 6-3 and become the first big name to reach the second round of the French Open on Sunday.
The fourth seed was broken twice early in the opening set before clawing her way back into the match from 5-1 down, pinning her opponent behind the baseline and testing the Australian’s backhand as she rediscovered her groundstrokes.
The Ukranian wrapped up the match with a comfortable second set, to stretch her head-to-head lead over Tomljanovic to 3-0.
“It was not an easy start and I had to really wake up. I had to step up my game,” Svitolina said straight after the match. (Reporting by Richard Lough) | ashraq/financial-news-articles | https://uk.reuters.com/article/tennis-frenchopen-svitolina/tennis-ukraines-svitolina-sweeps-past-tomljanovic-after-shaky-start-idUKL3N1SY0A8 |
May 2, 2018 / 1:33 PM / Updated 8 minutes ago BRIEF-Boyd Gaming To Acquire Lattner Entertainment Group Reuters Staff
May 2 (Reuters) - Boyd Gaming Corp: * BOYD GAMING TO ACQUIRE LATTNER ENTERTAINMENT GROUP
* BOYD GAMING CORP - DEAL FOR $100 MILLION
* BOYD GAMING CORP - ANTICIPATES ACQUISITION WILL BE FREE CASH FLOW POSITIVE AND IMMEDIATELY ACCRETIVE TO EARNINGS.
* BOYD GAMING CORP - INTENDS TO FINANCE TRANSACTION THROUGH CASH FLOW FROM OPERATIONS AND AVAILABILITY UNDER ITS EXISTING CREDIT FACILITY Source text for Eikon: Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-boyd-gaming-to-acquire-lattner-ent/brief-boyd-gaming-to-acquire-lattner-entertainment-group-idUSASC09Z0S |
* At $80 per barrel, Asia's oil thirst would cost $1 trln a year
* Drop in U.S. inventories pushes up WTI crude
* OPEC cuts, looming U.S. sanctions against Iran lift Brent
* But surging U.S. production could meet fall in OPEC supplies (Updates prices)
SINGAPORE, May 17 (Reuters) - Oil prices hit their highest level since November 2014 on Thursday, with Brent crude creeping ever closer to $80 per barrel as supplies tighten and demand remains strong.
Brent crude futures were at $79.40 per barrel at 0655 GMT, up 0.12 percent from their last close. They earlier touched their highest in more than 3-1/2 years at $79.49 a barrel.
U.S. West Texas Intermediate (WTI) crude futures were at $71.67 a barrel, up 18 cents, or 0.3 percent, from their last settlement. That was not far off Tuesday's $71.92 a barrel - also a level not seen since November 2014.
ANZ bank said on Thursday that Brent was "now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and) an unexpected fall in inventories in the U.S. got investors excited."
U.S. crude inventories <C-STK-T-EIA> dropped by 1.4 million barrels in the week to May 11, to 432.34 million barrels.
ANZ said the falling U.S. inventories were "raising concerns of tight markets heading into the U.S. driving season," during which demand typically rises.
U.S. bank Morgan Stanley said it had raised its Brent price forecast to $90 per barrel by 2020 due to a steady increase in demand.
Even at $80 per barrel, the costs of oil are huge, with Asia's consumption costing $1 trillion a year, twice as much as during the price lull of 2015/2016.
EVERYTHING BULLISH?
Not all indicators pointed to a tighter market, however.
The International Energy Agency (IEA) said on Wednesday it had lowered its global oil demand growth forecast for 2018 from 1.5 million barrels per day (bpd) to 1.4 million bpd.
The IEA said global oil demand would average 99.2 million bpd in 2018, although U.S. bank Goldman Sachs said consumption would cross 100 million bpd "this summer."
And although supplies currently only stand at 98 million bpd due to supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), the IEA said "strong non-OPEC growth ... will grow by 1.87 million bpd in 2018."
Leading production increases is the United States, where crude output <C-OUT-T-EIA> has soared by 27 percent in the last two years, to a record 10.72 million bpd, putting the United States within reach of top producer Russia's 11 million bpd.
Brokerage Marex Spectron said the surge in U.S. supplies was "strongly price-bearish," adding the economic outlook was also "firmly bearish" as "short-term credit conditions have worsened which ... hasn't been priced correctly by the market."
Goldman Sachs, though, said even with a slowdown in demand and soaring U.S. output, global oil markets would remain tight.
"U.S. shale cannot solve the current oil supply problems," it said, arguing that U.S. oil would not be sufficient to offset production losses from Iran, Venezuela and Angola.
Goldman also said the tight market left "room for OPEC to exit (its production cuts) without significant price impact."
(Reporting by Henning Gloystein; Editing by Tom Hogue and Joseph Radford) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/17/reuters-america-update-3-oil-hits-highest-since-nov-2014-as-brent-edges-closer-to-80.html |
HARARE (Reuters) - Zimbabwe’s parliament said on Monday that former President Robert Mugabe was scheduled to answer questions this week related to diamond mining operations during his tenure, but an official said senior ruling party politicians opposed this.
FILE PHOTO: Former Zimbabwean President Robert Mugabe addressed a meeting of his party's youth league in Harare, Zimbabwe, October 7, 2017. REUTERS/Philimon Bulawayo/File Photo Mugabe was originally scheduled to appear before the mines committee on May 9, which would have been his first public appearance since he was ousted in November, but the invitation letter had never been sent.
Parliament wants the 94-year-old to give evidence over his 2016 declarations that the state had been deprived by mining companies of at least $15 billion in diamond revenue.
A parliament notice said Mugabe would answer questions on Wednesday, subject to confirmation. It did not elaborate.
Temba Mliswa, the mines committee chairman said parliament had written the letter and Mugabe had received it. He had not, however, confirmed his attendance.
Mliswa said there were also suggestions that Mugabe could perhaps give evidence at his house or in camera, away from the public eye, but this had not been finalised.
But a parliament official privy to the issue said it was unlikely Mugabe would appear before the committee because this was opposed by some influential ruling ZANU-PF politicians.
“They are saying they do not want their old man to be embarrassed especially by the opposition members of parliament. It will not happen,” said the official, declining to be named because he is not allowed to speak to the press.
Reporting by MacDonald Dzirutwe; Editing by Richard Balmforth
| ashraq/financial-news-articles | https://www.reuters.com/article/us-zimbabwe-mugabe/zimbabwe-sets-new-date-for-mugabe-hearing-doubts-over-his-appearance-idUSKCN1IM1PR |
NEW DELHI (Reuters) - State-run thermal power plants in India’s coastal states have again begun buying overseas coal due to domestic coal shortages, government and utility officials said, in a setback for the country’s long-term plans to eliminate imports.
FILE PHOTO: A worker carries a basket filled with coal to load it onto a truck at a coal yard in an industrial area in Mumbai, India, November 30, 2017. REUTERS/Shailesh Andrade/File photo After no significant imports in 2017, government utilities in the states of Tamil Nadu and Andhra Pradesh have ordered several cargoes of coal since the beginning of this year, two officials said.
Andhra Pradesh, a state on India’s east coast, has imported 200,000 tonnes of coal so far this year and could import as much as 1 million tonnes in 2018, said Ajay Jain, a senior official in the state energy department.
“Coal has been a real problem. If we had depended only on coal, it would have been a disaster,” Jain said.
Tamil Nadu Generation and Distribution Corp, a government utility in the southwestern India state, has imported about 1.4 million tonnes of coal this year, after going a year without imports starting at the end of 2016, according to Vikram Kapoor, the chairman of the utility.
An increase in coal imports by state-owned power utilities undermines a pledge by Indian Prime Minister Narendra Modi’s government to cut thermal coal imports to zero by March 2018.
But state-owned Coal India Ltd, the world’s second-biggest coal miner by production, is grappling with a shortage of trains to carry the fuel from its mines to the country’s power plants. [nL4N1QC31T]
Both Andhra Pradesh and Tamil Nadu are waiting for the wind energy season to start in June, when they expect dependence on coal to ease, Jain and Kapoor both said.
Domestic logistic bottlenecks, regulatory changes and surging power demand will likely increase 2018 thermal coal imports after two years of declines, Reuters reported in February. [nL4N1Q9138]
Imports rose over 15 percent in the first quarter of 2018. [nL3N1SG5FK]
State-run utilities could add up to 5 million tonnes to India’s coal imports in 2018 because of the Coal India shortages, a senior executive from Adani Enterprises, India’s biggest coal trader told Reuters in February. [nL4N1QC31T]
India imported 144.5 million tonnes of coal in 2017, according to data provided by American Fuels & Natural Resources, a Dubai-based coal trader.
Imports would be a boost for international miners such as Indonesia’s Adaro Energy, Australia’s Whitehaven Coal or global commodity merchant Glencore.
Maharashtra, a western coastal state, has floated a tender for procuring 1 million tonnes of coal to augment its existing stock and meet growing power demand, a senior official at Maharashtra State Power Generation Co, the state utility, said on Tuesday.
Gujarat, Maharashtra’s northwestern neighbor, plans to ramp up imports by 400,000 tonnes this year, according to a senior state government official.
Karnataka, another southern state, has resisted imports so far. But that might change, according to Kumar Naik, the managing director of state utility Karnataka Power Corp.
Two of Karnataka’s three major thermal power plants had almost run out of coal stockpiles, according to government data on May 14.
($1 = 68.0800 Indian rupees)
Reporting by Sudarshan Varadhan; Editing by Sanjeev Miglani and Christian Schmollinger
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/us-india-coal-imports/indias-state-power-plants-resume-coal-imports-amid-domestic-shortages-idUSKCN1II0RU |
May 18, 2018 / 6:38 AM / Updated 3 minutes ago Cambridge Analytica files for bankruptcy in U.S. following Facebook debacle Reuters Staff 2 Min Read
(Reuters) - Cambridge Analytica, the political consultancy at the centre of Facebook Inc’s ( FB.O ) privacy scandal, filed for Chapter 7 bankruptcy in the United States late on Thursday.
This past March allegations surfaced that Cambridge Analytica, hired by President Donald Trump’s 2016 U.S. election campaign, improperly used data of 87 million Facebook users beginning in 2014.
Cambridge Analytica and its British parent SCL Elections Ltd said earlier this month that they would shut down immediately and begin bankruptcy proceedings after suffering a sharp drop in business.
The petition to file bankruptcy was submitted at the U.S. Bankruptcy Court Southern District of New York and was signed on behalf of Cambridge Analytica’s board by Rebekah and Jennifer Mercer, daughters of billionaire Robert Mercer.
The Mercer family was one of Trump’s biggest donors. The nameplate of political consultancy, Cambridge Analytica, is seen in central London, Britain March 21, 2018. REUTERS/Henry Nicholls
Cambridge Analytica LLC listed assets in the range of $100,001 to $500,000 (74,200 to 371,078 pounds) and liabilities in the range of $1 million to $10 million.
London-based Cambridge Analytica was created in 2013 initially with a focus on U.S. elections, with $15 million in backing from Mercer and a name chosen by former Trump White House adviser Steve Bannon, according to a report by the New York Times.
Facebook has faced multiple investigations in the United States and Europe over its handling of personal data of users, hurting shares of the Mark Zuckerberg-led company.
Zuckerberg has appeared before U.S. congressional committees to testify on data privacy and will meet leaders of the European Parliament soon.
Facebook said on Monday it has suspended around 200 apps in the first stage of its review into apps that had access to large quantities of user data before the company restricted data access. Reporting by Abinaya Vijayaraghavan and Supantha Mukherjee in Bengaluru; Editing by Gopakumar Warrier | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cambridge-analytica-bankruptcy/cambridge-analytica-files-for-chapter-7-bankruptcy-idUKKCN1IJ0IP |
6:20 PM ET Fri, 18 May 2018 | 01:09
Netflix's DVD business, DVD.com, is still alive and profitable, by a small margin.
Netflix split the DVD division from the streaming service in 2011. The company has barely more than 3 million DVD subscribers, compared to 125 million streaming subscribers. But the company has no reason to kill that business yet, as it still earns money: it showed an operating profit of $56 million on $99 million in revenue in the first quarter of 2018.
The service has fans because it works even in areas with bad network connectivity, and has a much bigger selection: about 100,000 DVDs versus only 5,600 titles or so for the streaming service.
DVD plans range from $5 to $12 a month, while streaming plans are $8-$14 a month. One former DVD.com employee admitted that some people may still be paying for the DVD service without even knowing it because they never order DVDs.
At the peak, there were 50 distribution centers. Now only 17 remain in the U.S. The company recently released footage of a buzzing DVD distribution center for the service's 20th anniversary. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/20/netflixs-dvd-business-still-has-more-than-3-million-subscribers.html |
Actress Sarah Jessica Parker and Time’s Up Legal Defense Fund Leader Tina Tchen spoke at WSJ’s Future of Everything festival about how workplace culture and the media industry have changed in the wake of the #MeToo movement. Parker also weighed in on how her “Sex And The City” character Carrie Bradshaw would be portrayed today. | ashraq/financial-news-articles | http://live.wsj.com/video/sarah-jessica-parker-on-the-metoo-timesup-movement/428382B6-603D-41B9-AC0D-71E6E4D39E99.html |
RIYADH (Reuters) - Nouf al-Anzy’s new life shows how Saudi Arabia’s social reforms are helping its struggling economy. Six months ago she got her first job, one of tens of thousands of women to do so as the government tackles prejudice against female employment.
The 22-year-old high school graduate earns 4,000 riyals ($1,067) a month as a supermarket cashier in central Riyadh. Her family initially objected but now approves, and the income from the job has been transformative.
“I have good money every month and I am not married and have no obligations. I can go to the cinemas, go shopping, dine out, and take computer and English courses to improve myself,” she said. “I also plan to buy a car to drive.”
Consumer spending by newly employed women like al-Anzy is helping to offset a huge drag on growth from measures to bolster state finances and an exodus of foreign workers.
The extent to which the economy can pick up over the next two years after shrinking last year for the first time since 2009 may depend largely on how much female empowerment and other social reforms can contribute.
Two years after it launched an economic reform programme to cut reliance on oil exports, Saudi Arabia has little to show for it. Plans to spur private investment in new non-oil industries, from shipbuilding to robotics, have barely got off the ground, partly because of red tape and legal uncertainties.
Bank loans to private firms have shrunk from a year earlier for 13 straight months, dampened by taxes and fees levied to cut the state budget deficit. Growth in private business activity is the slowest since August 2009, a corporate survey shows.
But social reforms introduced by Crown Prince Mohammed bin Salman alongside the economic steps are underway, and for the next few years at least, they may have more of a positive impact on business than Riyadh’s ambitious investment plans.
MIXED PICTURE Many of the measures have business implications.
Plans for tourist visas will boost the leisure sector, curbs on the power of the religious police may help restaurants by enabling the sexes to mingle over meals out and the economy could also benefit from education and court reform.
Muhammad Alagil, chairman of Jarir Marketing, a top retailing chain, told Reuters rising female employment was one reason for a 13.4 percent increase in his company’s sales last year despite the tough economic times.
“Women entering the workforce is really a strong tailwind for the economy,” he said, noting that a typical Saudi family could more than double its income if the wife and some of her unmarried daughters chose to work.
Measuring the impact on the wider economy is not easy: plans to lift a ban on women driving, which the government says will happen in late June, are a case in point.
In the long run, allowing women to drive will spur industries such as auto parts, auto insurance and by improving the mobility of families, even housing, Alagil predicted.
Over the shorter term, the lifting of the ban on women driving may put tens of thousands of foreign chauffeurs out of work, accelerating a drop in immigrant workers which has hurt the economy.
CHANGING DEMOGRAPHICS Last month, a ban on cinemas was lifted, part of a campaign to alter conservative social customs and encourage Saudis who sought entertainment abroad to spend on it at home.
Multi-billion dollar, state-invested projects, such as a theme park area near Riyadh and a vast complex of resorts on the Red Sea, will take years to develop and have uncertain commercial prospects.
But a state-backed firm is also creating the infrastructure for entertainment districts in over a dozen Saudi cities, to house smaller private businesses that could be established quickly.
These may include scores of cinema screens, venues for public performances, restaurants and retail space, becoming new centers for economic activity in metropolitan areas.
Mazen al-Sudairi, head of research at Al Rajhi Capital, estimated spending on entertainment — recreation, culture, restaurants and hotels — at 8 percent of household spending. That equates to $20 billion a year, a sign of its potential.
Weighing against any increased revenue from entertainment is the departure of many foreign workers due to the economic slump, rising fees for work permits and government orders to businesses not to employ them.
The number of foreigners employed in Saudi Arabia shrank by over 466,000 from a year earlier to 10.42 million in 2017; more than half of that decline occurred in the fourth quarter.
Meanwhile, the number of Saudis at work grew by about 102,000 to 3.16 million last year; about two-thirds of the rise occurred among women, who added 64,000 jobs to 1.08 million.
Employers complain it is often hard, and more expensive, to find trained Saudis who can substitute for departing foreign workers, even in areas such as the restaurant trade.
Customary gender segregation in most workplaces still limits the ways in which women can be employed, and the government has not committed itself to ending the practice, though it promises “relaxed social norms” in some of its new economic zones.
Nevertheless, state resources are being ploughed into getting women to work, including a 9,000 riyal per year child care grant and an 800 riyal per month transport allowance.
Khalid Alkhudair, managing director of Glowork, a women’s recruitment agency in Riyadh, said the formal listing of female employment as an objective of the government’s social reforms meant companies could no longer ignore it.
“Now every major company is being incentivised to consider the issue and make a plan. Organizations have a path laid out for them.”
Demographics are in favor of the trend, he added. The female participation rate in the economy is now about 19 percent; doubling that ratio would put a million more women to work, while still leaving Saudi Arabia well below rates of about 55 percent seen in many Western nations.
(For graphic on Saudi spending, revenue and reserves, click: tmsnrt.rs/2jzOkUF )
FILE PHOTO - A Saudi woman sits in her shop at heritage village during Gulf Coastal Cultural Festival at Dammam Corniche, Dammam, Saudi Arabia April 20, 2018. REUTERS/Hamad I Mohammed Additional reporting by Marwa Rashad; editing by Philippa Fletcher
| ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-economy-social/social-reform-is-rare-bright-spot-in-saudi-economic-gloom-idUSKCN1IU0HD |
L Brands beats on top and bottom, but lowers Q2 guidance 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/23/l-brands-beats-on-top-and-bottom-but-lowers-q2-guidance.html |
MONACO (Reuters) - Red Bull have told Max Verstappen he needs to stop making mistakes after the 20-year-old Dutch driver wrecked his Monaco Grand Prix chances with a crash in Saturday’s final practice.
Formula One F1 - Spanish Grand Prix - Circuit de Barcelona-Catalunya, Barcelona, Spain - May 13, 2018 Red Bull’s Max Verstappen celebrates on the podium with his trophy after finishing in third place REUTERS/Albert Gea Verstappen will line up last for Formula One’s showcase race on Sunday while Australian team mate Daniel Ricciardo, already a winner this season, secured pole position with a record lap for what will be the team’s 250th start.
“This place bites,” team principal Christian Horner told Britain’s Channel Four television after a qualifying session that did not feature Verstappen.
“He got bitten pretty hard today in a session that doesn’t really count for anything other than setting the car up,” added the Briton.
“He is in a car that is capable of winning this grand prix and that will hurt him even more. You don’t get that many opportunities to win a Monaco GP.
“He needs to learn from it, and stop making these errors. He knows that more than anybody.”
When asked whether he felt Saturday’s crash would be a catalyst for that, Horner added: “I hope so. I don’t know what else will.”
Verstappen has won three races already in a precocious career and is the youngest man in the sport’s history to stand on top of the podium.
He might also have become the youngest ever to qualify on pole on Saturday, and he can hope to have more chances before the season is out, but his 2018 has so far been far from stellar.
He finished third in Spain two weekends ago for his first podium of the year but retired in Azerbaijan after a collision with Ricciardo.
In China he tangled with Mercedes’s reigning champion Lewis Hamilton and Ferrari’s title contender Sebastian Vettel, finishing fifth after a 10-second penalty demoted him from fourth while Ricciardo won the race.
Before that, he collided with Hamilton in Bahrain and retired while he had a 360-degree spin in Australia and finished sixth after starting fourth.
“We’ve got a great car, he’s a phenomenally fast driver and would have been able to be competing for the pole position today,” said Horner.
“For the whole team to only be running one-legged with such a strong car is frustrating.”
Horner said the mechanics had done their best to get the car fixed for qualifying, after Verstappen had hit the wall, but they then detected an oil leak which required further work.
Editing by Clare Fallon
| ashraq/financial-news-articles | https://www.reuters.com/article/us-motor-f1-monaco-verstappen/motor-racing-verstappen-must-cut-out-the-errors-says-red-bull-boss-idUSKCN1IR0LY |
* U.S. probe into auto imports weighs on regional automakers
* Nikkei off 1.1 pct, KOSPI 0.3 pct lower
* Trump calls for ‘different structure’ on China-U.S. trade deal
By Andrew Galbraith
SHANGHAI, May 24 (Reuters) - Asian shares fell on Thursday after the U.S. government launched a national security probe into auto imports that could lead to new tariffs, and President Donald Trump’s comments indicated fresh setbacks in U.S.-China trade talks.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1 percent higher, but Japan’s Nikkei stock index fell 1.2 percent as auto shares slumped. South Korea’s KOSPI lost 0.3 percent.
A broad MSCI index of automobile and auto components firms was down 0.9 percent. Tokyo’s SE TOPIX transportation equipment index was 2.6 percent lower.
The U.S. Commerce Department said on Wednesday that it would launch a national security investigation into car and truck imports under Section 232 of the Trade Expansion Act of 1962, a move that could lead to tariffs like those imposed on steel and aluminium in March.
Adding to market jitters, Trump on Wednesday called for “a different structure” in any trade deal with China, fuelling uncertainty over the negotiations.
On Thursday, China’s Commerce Ministry said it had not pledged to cut China’s trade surplus with the U.S. by a certain figure, and that it hopes the U.S. implements measures promised during trade negotiations as soon as possible.
China’s blue chip CSI 300 index was 0.1 percent lower.
Prompting further uncertainty, Trump on Wednesday cast doubt on plans for an unprecedented summit with North Korean leader Kim Jong Un, saying he would know next week whether the meeting would take place.
“There’s a lot of noise around Donald Trump, China-U.S. trade, the auto imports now, and then the Korean summit, and all these things are just weighing on investors at the moment,” said Shane Oliver, chief economist & head of investment strategy, AMP Capital, Sydney.
“I think we probably would have seen a decent day in Asian markets were it not for these ongoing geopolitical worries because the minutes from the Fed’s last meeting were relatively benign.”
While the minutes from the Federal Reserve’s May 1-2 meeting indicated that policymakers expect another interest rate increase would be warranted “soon” if the U.S. economic outlook remains intact, they helped to ease market concerns that the Fed would accelerate the pace of interest rate increases.
The two-year Treasury note yield, which rises with traders’ expectations of higher Fed fund rates, was at 2.5121 percent after touching 2.5970 on Wednesday.
The yield on benchmark 10-year Treasury notes fell back below the 3-percent threshold to 2.9825 percent, compared with its U.S. close of 3.003 percent on Wednesday.
Analysts said that market uncertainty was prompting a clear flight to safety across financial markets.
The dollar was down 0.6 percent against the yen to 109.44 .
“With Trump’s unpredictable behaviour leaving investors on edge, the Japanese yen has scope to appreciate further in the short term,” said Lukman Otunuga, an analyst at FXTM. “However, a strengthening dollar on the back of heightened U.S. rate hike expectations could limit the yen’s upside gains.”
The euro was up 0.1 percent on the day at $1.1709. The dollar index, which tracks the greenback against a basket of six major rivals, was 0.2 percent lower at 93.839.
SIGNS OF GROWTH Concerns over trade, talks and tariffs overpowered indications of strong economic performance in two of the region’s major economies.
Confidence among Japanese manufacturers saw its first rise in fourth months, and service-sector sentiment rose to a record high in the latest Reuters Tankan poll, underscoring expectations that the Japanese economy will return to growth in the second quarter.
In South Korea, Finance Minister Kim Dong-yeon said the economy is on track for annual growth of 3 percent despite concerning indicators such as high youth unemployment.
The Bank of Korea held interest rates steady for a sixth straight month on Thursday, with inflation seen remaining below target and amid concerns a U.S.-China trade war would hurt regional economies.
In commodities markets, U.S. crude was down 0.2 percent at $71.68 a barrel. Oil prices fell on Wednesday after an unexpected rise in U.S. crude and gasoline inventories.
Brent futures were 0.3 percent lower at $79.53 a barrel, continuing to move lower after rising above $80 for the first time since November 2014 last week.
The most-traded iron ore futures on the Dalian Commodity Exchange rose for the first time in six sessions on Thursday, gaining 0.3 percent.
Weak commodity prices continued to put pressure on Australian shares, which were 0.2 percent lower, extending losses into a sixth consecutive session. New Zealand’s benchmark S&P/NZX 50 index was 0.7 percent higher.
Gold was slightly higher. Spot gold was traded at $1,294.11 per ounce.
Editing by Eric Meijer and Jacqueline Wong
| ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-asia-share-markets-hit-by-u-s-auto-tariff-threat-dollar-pulls-back-idUSL5N1SV0CC |
Miss your mother's home-made soup? There's an app where you can "rent a mum" to cook some for you. Need someone to courier a package at 2.30am? Looking for a pet dog for an Instagram project? There are apps for those too.
The sharing economy has moved well beyond ride sharing and renting spare rooms. And that makes perfect sense to Parkson Yip Tak-yin, vice-president of strategic business development at US-listed Sharing Economy International, which launched BuddiGo this month.
BuddiGo's delivery service relies on a network of "buddies" who practically become couriers while commuting. It's basically about trip sharing, Yip says.
More from South China Morning Post:
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Fake grooms and brides for hire: Chinese Lunar New Year sees boom for businesses serving Chinese too afraid to go home alone
"As an example, the buddy nearby your location has to go to work in [Hong Kong's] Central [business district] and you give him HK$20 [US$2.50] to help you deliver something to, or buy something from, Central," he explains. "The HK$20 can help subsidise his transport cost and save you the trouble of going to Central in person for the errand."
With millions of commuters making journeys across the length and breadth of Hong Kong daily, in Yip's utopian vision of universal sharing everybody can be a paid helper and underutilised manpower put to full use.
He believes the public participation rate would be high, especially among retirees. "They have [not much] to do every day and they enjoy the HK$2 discounted travel fare for elderly citizens. They can make frequent trips, run errands for others, and earn money."
Before working for Sharing Economy International, Yip was managing director of ECrent, one of the largest online sharing platforms in the world. ECrent encourages people to share through renting to protect the environment.
Set up in Hong Kong in 2013, it rents out all sorts of products, from bicycles to popcorn machines, and offers services such as bridal make-up and venue decoration. Among ECrent's more eccentric offerings are mums-for-hire for those single salary earners who yearn for home-made soup.
With around one million users worldwide, ECrent charges US$6 for putting an item up for rent online but nothing for renting it, leaving the two parties to agree terms for the rental.
Not everyone buys into the concept of sharing, though, especially when it is sentient beings that are being shared. ECrent courted controversy in Hong Kong in 2016 when its pets-for-hire service allowed users to try keeping a pet before deciding whether to buy one. This raised the ire of animal welfare activists, who said such services distort the value of life.
Pet-for-hire services are popular in Korea and Japan, however, with young couples renting pets for their holidays and returning them before they go back to work.
Yip says there is public demand for pets-for-hire services. "There are pet product expositions which need animal models. Pets can also be rented for advertising.
"To ensure the welfare of the animals, the owners can be with the pets throughout the rental period. Those who have big attachment to their pets will not allow them to stay overnight in strangers' houses."
A quick search for pets for hire on Xian Yu, a second-hand goods site launched by Taobao, the online retail platform of e-commerce conglomerate Alibaba yielded a couple of listings of pets available for rent as models. Pictures of furry cats holding lipsticks and bottles of perfumes dot Taobao itself. (Alibaba is the owner of the South China Morning Post .)
Beijinger Han Tong recently put up a listing on Xian Yu to rent out her British shorthair and American shorthair cats, and her two poodles, as models. She said renting them out for part-time modelling stints can help cover some of the expenses of keeping them.
"We will be there [with the pets] throughout the process, like for five to six hours a day. We worry about their welfare too. We never think of putting them in a strange environment [without their owners nearby] for a few days," she says.
While pet rentals may raise eyebrows in the animal welfare community, proponents of the practice argue that the concept is just the same as the long-standing practice of household pets serving as therapy animals in the children's wards of hospitals and at old people's homes.
Humans, on the other hand, are harder to share, though there is a plethora of online platforms where you can hire someone to act as a temporary relative or lover.
In Japan, "rental family service" is so popular that it has practically become an industry. A recent New Yorker report on the phenomenon featured a widower who rented two women to act as substitutes for his deceased wife and estranged daughter to give him some comfort for a while.
On the listings menu at Family Romance, one of the agencies in Japan that offers "replacement relatives", slim-looking mothers and wives are available for hire (as overweight women are often considered an embarrassment in Japanese social circles).
In China, single men and women have used online partner rental services in recent years to hire fake spouses in order to stop their parents nagging them about settling down and starting a family. However, Yip says Hong Kong is more conservative than China and not ready to embrace the concept of "hiring" a boyfriend or girlfriend.
"I have lived [in China] for a long time. The common practice of hiring a [platonic] girlfriend is above board. It's to serve a practical purpose, like bringing a partner home to please the parents."
He also says that being able to rent a substitute mother or father can help heal the mental scars of those who come from a broken home. "There are unfortunate children who don't have parents. They never experience the feeling of having a complete family," he says.
Yip thinks Hong Kong should catch up with other parts of the world and embrace an economic future that everyone can benefit from. "With the exception of illegal things like weapons, anything can be for rent."
Follow CNBC International on Twitter and Facebook . | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/rent-a-mum-or-how-about-a-pet-sharing-economy-apps-stretch-boundaries.html |
By David Z. Morris 3:55 PM EDT
A new civil rights lawsuit says that a United Airlines crew ejected a Nigerian woman and her two children from a flight on the basis of race, after complaints from a white passenger who had previously stolen the woman’s seat. The suit claims the woman was taking her children to school in Canada, and United’s decision caused them to miss important appointments. The allegations continue a string of embarrassments over the airline’s customer service failures, while adding a racial element that could even further erode United’s battered public image.
According to the complaint filed in Houston Friday, the incident unfolded on March 4, 2016. Nigerian citizen Queen Obioma was escorting two of her children from Nigeria to Ontario, Canada for school, and boarded a plane in Houston to find a white man sitting in her assigned business-class seat. That passenger refused to move even after a United crew member asked him, and Obioma ultimately had to take a different seat in business class.
The same passenger then rose and entered the cockpit, and later blocked Obioma’s access to her seat for “several minutes” before she was able to, in the suit’s words, “squeeze” past him to her seat. A United crew member identified in the suit as Russell H. almost immediately ordered Obioma off the plane. Once off the plane, Obioma was informed by United staff that “the pilot personally requested that Ms. Obioma be ejected from the aircraft because the white man sitting around her in the business class cabin was not comfortable flying with her because she was ‘pungent,'” the lawsuit says.
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The suit states the events were racially motivated, saying that United “wrongfully singled out Ms. Obioma and her children because they were blacks and punished them publicly because a white man did not want them on the plane.” United staff, according to the suit, also “marched” Obioma’s two children “out of the aircraft like criminals,” and, Obiama “sobbed uncontrollably for a long time” due to the embarrassment and trauma United caused her.
The family was not able to get on another flight for five hours, and the two children missed appointments.
“United does not tolerate discrimination of any kind and will investigate this matter,” United said in a statement to Fortune . However, the airline says it has not been served with the suit and declined to comment further on pending litigation. While the events laid out in the suit are just allegations at this point, the picture they paint is disturbing, particularly because of the direct involvement of a United pilot.
Obioma’s lawyer wants a jury trial in the case, which is seeking compensatory and punitive damages from United.
United has previously demonstrated little concern for the comfort or well being of some passengers, including a doctor who was violently dragged from an overbooked flight. United has also recently had more pet deaths than other airlines, including one disturbing incident in which a passenger was forced to place a puppy in an overhead bin, which then died during the flight .
United doesn’t have a monopoly on questionable and racially tinged treatment of passengers, though. American Airlines was sued late last month over an incident in which it refused to divert a flight when an African-American passenger suffered an embolism, allegedly causing her death . | ashraq/financial-news-articles | http://fortune.com/2018/05/13/nigerian-family-united-flight-lawsuit/ |
LONDON (Reuters) - Britain could sell a 10 percent stake in Royal Bank of Scotland ( RBS.L ) as soon as this week, Sky News reported on Monday, citing banking sources.
FILE PHOTO: Royal Bank of Scotland signs are seen at a branch of the bank, in London, Britain December 1, 2017. REUTERS/Peter Nicholls/File Photo The British government still holds a 71 percent stake in the bank after stepping in with a taxpayer bailout during the financial crisis.
Sky reported that bankers expected Britain to announce the disposal of a stake worth at least 3 billion pounds ($4 billion), but added that any share sale could be delayed by market conditions or ministers’ concerns about value for money for taxpayers.
At Friday’s closing share price of just under 290 pence, little more than half the 502 pence the government paid for them, the Treasury stands to lose billions of pounds on the sale.
The British government pumped 45.5 billion pounds into RBS in the depths of the financial crisis, and efforts since then to recoup the money have been stymied by the plunge in the bank’s share price, regulatory probes in the United States and Brexit.
In particular, a long-running investigation by the U.S. Department of Justice into the bank’s mis-selling of toxic mortgage-backed securities delayed the share sale.
But RBS agreed a smaller than expected $4.9 billion settlement earlier this month, paving the way for a long-awaited return of cash to UK taxpayers.
Britain said in November it would sell 15 billion pounds of RBS shares over five years, with 3 billion pounds to be sold by the end of the 2018-2019 fiscal year.
“We don’t comment on market speculation,” a spokesman for the finance ministry said. A spokesman for RBS declined to comment on the report
Both RBS and Lloyds were rescued during the 2007-9 financial crisis. Britain sold its remaining stake in Lloyds last year.
Reporting by Alistair Smout; Editing by Jane Merriman and Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-britain-rbs-stake/britain-could-sell-10-percent-stake-in-rbs-as-soon-as-this-week-sky-news-idUSKCN1IT1CP |
NEW DELHI (Reuters) - Vedanta Resources is working on a legal challenge to an Indian state’s closure of one of its copper smelters, but it will not proceed until tensions over the deaths of 13 people during protests last week have eased, two sources told Reuters.
FILE PHOTO: Government officials seal a copper smelter controlled by London-listed Vedanta Resources in Thoothukudi in the southern state of Tamil Nadu, India, May 28, 2018. REUTERS/Sudarshan Varadhan/File Photo The southern state of Tamil Nadu ordered the permanent closure of the smelter on Monday after police fired on protesters demanding its closure on environmental grounds.
London-listed Vedanta ( VED.L ), majority owned by billionaire Anil Agarwal, considers it is now left with no other option than to file a writ petition challenging the Tamil Nadu government’s decision in the Madras High Court or the Supreme Court in New Delhi, the two sources close to the company said.
“They have not presented a single (piece of) evidence against the company,” said one of the sources, both of whom declined to be named. “Vedanta is confident that it has a strong case legally. It has not violated any law.”
However, the sources said that with local tensions running high over the deaths of the protesters, the resources company was holding off for now from filing the legal challenge.
A Vedanta spokesman did not respond to requests seeking comment. The company earlier said it had broken no rules, and hoped soon to reopen the plant and double its capacity to 800,000 tonnes a year at a cost of more than $700 million.
The chief of Vedanta’s India copper business, P. Ramnath, told Reuters on Friday the company would legally fight any attempt to close the plant.
D. Jayakumar, a senior Tamil Nadu minister, said the smelter was closed mainly in response to the demands of residents of the coastal city of Thoothukudi, and that the state government would defend itself in court.
“We’ve closed the plant based on various violations raised by the pollution control board. They will of course say that they have not violated any rule,” Jayakumar, who speaks for the state government, told Reuters.
“People are totally against the plant. We’re with the people only. We go by their demand and the law.”
He declined to give details of the violations.
D. Sekar, a senior official with the Tamil Nadu Pollution Control Board, also declined to explain the reasons, saying only that the closure was a “policy decision”.
The plant, India’s second-biggest copper smelter known as Sterlite Copper, has been shut since late March for maintenance and pending a renewal of its license, as residents continued largely peaceful protests demanding it be shut for good.
Residents and environmental activists have long demanded a shutdown of the copper smelter, which has annual production of more than 400,000 tonnes, citing air and water pollution. Vedanta denies the accusations of pollution.
The opposition escalated last week when thousands of people marched towards a government office on the 100th day of the protest. Ten people were killed in police firing that day, while three more died in subsequent days, piling pressure on the state government as protests spread elsewhere in the state.
Minister Jayakumar said his government has been opposed to the smelter since 2013, when a suspected gas leak led to its closure for more than two months. The plant was allowed to reopen after a court-appointed team of experts found no instance of emissions beyond set limits.
In recent weeks, however, Tamil Nadu has canceled a decision to allocate a plot of land to Vedanta for a doubling of the plant’s capacity and cut its electricity connection and water supply, he said.
Reporting by Krishna N. Das; Editing by Adrian Croft
| ashraq/financial-news-articles | https://www.reuters.com/article/us-vedanta-smelter-litigation/vedanta-prepares-legal-challenge-to-india-copper-plant-closure-after-fatal-protest-sources-idUSKCN1IU27W |
The international stuff is just noise, says market expert 1 Hour Ago CNBC's Mike Santoli; Nancy Tengler, Heartland Financial; and Bill Smead, Smead Capital Management, discuss the day's market response following the cancellation of the Trump-Kim summit. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/markets-investing-stocks.html |
May 15 (Reuters) - Tiger Global Management LLC:
* DISSOLVES STAKE IN ALPHABET - SEC FILING
* REPORTS SHARE STAKE OF 200,000 CLASS A SHARES IN DROPBOX - SEC FILING
* UPS SHARE STAKE IN FACEBOOK TO ABOUT 5 MILLION CLASS A SHARES FROM 2.4 MILLION CLASS A SHARES - SEC FILING
* TAKES STAKE IN TWITTER INC OF 9.5 MILLION SHARES * DISSOLVES STAKE IN ETSY - SEC FILING
* UPS SHARE STAKE IN FIAT CHRYSLER TO 26 MILLION SHARES FROM 22.1 MILLION SHARES - SEC FILING
* TAKES SHARE STAKE OF 5.7 MILLION SHARES IN SUNRUN - SEC FILING
* CHANGE IN HOLDINGS ARE AS OF MARCH 31, 2018 AND COMPARED WITH THE PREVIOUS QUARTER ENDED AS OF DEC 31, 2017 Source for quarter ended Mar 31, 2018: bit.ly/2GhSIRx Source for quarter ended Dec 31, 2017: bit.ly/2EHnWEH
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tiger-global-dissolves-stake-in-al/brief-tiger-global-dissolves-stake-in-alphabet-takes-stake-in-twitter-idUSFWN1SM1BM |
MALVERN, Pa., May 07, 2018 (GLOBE NEWSWIRE) -- Vishay Intertechnology, Inc. (NYSE:VSH) announced today that the Company's Board of Directors declared a dividend of $0.085 per share of common stock and Class B common stock, a 26% increase over the previous quarter’s dividend, to be paid on June 28, 2018 to stockholders of record as of the close of business on June 13, 2018. Future dividends will be subject to Board approval.
"We are pleased to be in a position to return cash to our stockholders and proud of the financial health of our Company. Our significant dividend increase demonstrates our commitment to return capital to our stockholders and shows confidence in the strength of our ongoing cash flows," said Marc Zandman, Executive Chairman of the Board and Chief Business Development Officer. “Our historically strong cash generation in good times as well as in bad enables us to declare this increase.”
About Vishay
Vishay Intertechnology, Inc., a Fortune 1000 Company listed on the NYSE (VSH), is one of the world's largest manufacturers of discrete semiconductors (diodes, MOSFETs, and infrared optoelectronics) and passive electronic components (resistors, inductors, and capacitors). These components are used in virtually all types of electronic devices and equipment, in the industrial, computing, automotive, consumer, telecommunications, military, aerospace, power supplies, and medical markets. Vishay's product innovations, successful acquisition strategy, and "one-stop shop" service have made it a global industry leader. Vishay can be found on the Internet at http://www.vishay.com.
Forward-Looking Statements
Statements contained herein that relate to the Company's future performance, including statements with respect to quarterly cash dividends, are within the safe harbor provisions of Private 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should," or other similar words or expressions often identify Such statements are based on current expectations only, and are subject to certain risks, uncertainties and assumptions, many of which are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance, or achievements may vary materially from those anticipated, estimated or projected. Among the factors that could cause actual results to materially differ include: general business and economic conditions; delays or difficulties in implementing our cost reduction strategies; delays or difficulties in expanding our manufacturing capacities; changes in foreign currency exchange rates; uncertainty related to the effects of changes in foreign currency exchange rates; competition and technological changes in our industries; difficulties in new product development; difficulties in identifying suitable acquisition candidates, consummating a transaction on terms which we consider acceptable, and integration and performance of acquired businesses; changes in applicable domestic and foreign tax regulations and uncertainty regarding the same; and other factors affecting our operations that are set forth in our filings with the Commission, including our annual reports on Form 10-K and our quarterly reports on Form 10-Q. We undertake no obligation to publicly update or revise any , whether as a result of new information, future events or otherwise.
Contact:
Vishay Intertechnology, Inc.
Peter Henrici
Senior Vice President, Corporate Communications
+1-610-644-1300
Source:Vishay Intertechnology, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-vishay-intertechnology-increases-quarterly-dividend-by-26-percent.html |
The private sector in the U.S. added fewer jobs in May than the month prior as businesses struggled to fill open positions.
The private sector added 178,000 nonfarm jobs in May, the most of which were in medium-size businesses with between 50 and 499 employees, according to the ADP National Employment Report from payroll processor Automatic Data Processing Inc. and Moody’s Analytics. Economists polled by The Wall Street Journal were expecting the addition of 187,000 jobs.
... | ashraq/financial-news-articles | https://www.wsj.com/articles/private-sector-adds-fewer-jobs-in-may-as-businesses-struggle-to-fill-openings-1527685276 |
03:26 03:26 | 9:40 AM ET Thu, 24 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/25/sizzling-stocks-4-buys.html |
BOGOTA (Reuters) - Colombians vote on Sunday in a deeply divisive presidential ballot that has stirred fears the winner could upset a fragile peace accord with Marxist FARC rebels or derail the nation’s business-friendly economic model.
A woman assembles voting booths ahead of the May 27 presidential election, in Bogota, Colombia May 26, 2018. REUTERS/Carlos Garcia Rawlins In the first election since the peace deal was signed in 2016 with the Revolutionary Armed Forces of Colombia (FARC), voters will decide on a replacement for President Juan Manuel Santos, who won the Nobel Peace Prize for ending the five-decade-old conflict.
Leading candidate, right-wing Ivan Duque, has pledged to alter the terms of the peace deal and to jail former rebels for war crimes. Leftist Gustavo Petro, polling second, has said he would overhaul Colombia’s orthodox economic policy and redistribute wealth from the rich to the poor.
Trailing them in the often-unreliable polls are mathematician and centrist Sergio Fajardo and former vice president German Vargas, who has Santos’ support.
If no candidate gets more than 50 percent, the top two will go to a runoff on June 17.
Campaigning in the traditionally conservative nation has been marked by acrimonious accusations that rival candidates will collapse the economy with socialist policies, force the nation back to the battle field or bust the budget by overspending.
“These elections will decide the future of Colombia and maybe steer it toward an even more divided society that could end in a deep crisis,” said Gregorio Sierra, a 52-year-old psychologist in the capital, Bogota. “It’s scary.”
Business-friendly Duque, who was handpicked by hard-line former President Alvaro Uribe, has promised to cut corporate taxes and support oil and mining projects, as well as change the peace accord and impose tougher punishments for former FARC fighters. [nL1N1SE0QE]
Under the terms of the deal, thousands of rebels demobilized and the group is now a political party. But the accord drew ire from many who believe the FARC should be in prison and not in Congress.
Some areas abandoned by the FARC have suffered an increase in fighting between criminal gangs and remaining guerrilla group the National Liberation Army (ELN) over valuable illegal mining and drug trafficking territories. Colombia’s production of coca - the raw material for cocaine - has risen sharply, stirring concern in Washington. [nL2N1RG26B]
The election also coincides with a growing migration crisis from neighboring Venezuela. Colombia is appealing for international support to cope with hundreds of thousands of Venezuelans streaming across the border to flee shortages of food and rising crime as their nation’s economy implodes. [nL2N1SP0WA]
REALIGN AXIS Petro, a combative populist who was once a member of the now defunct M19 rebel group, supports the peace deal. But some of his economic policies spook investors and have prompted rivals to compare him to former Venezuelan President Hugo Chavez.
He has promised to take power away from political and social elites he says have stymied progress and to carry out a complete economic overhaul. [nL1N1SF0YS]
His pledges to end extractive industries and shift the focus of state-run oil company Ecopetrol to renewable energy have dismayed business leaders. Oil and coal are Colombia’s top exports. [nL2N1SM1UN]
Polls suggest the end of the FARC conflict has shifted voters’ priorities to inequality and corruption from security issues - opening the door to the left for the first time.
“These elections may realign the political axis to a more ideological right versus left,” said Francisco Miranda, a political consultant.
“It would be the first time in the history of Colombia that an openly leftist leader, a socialist, may get through to the second round.”
With the highest rejection rate among all candidates, Petro is highly unlikely to win. Amid pitched battles on social media between voters, Petro said that voting software had been tampered with in a bid to help Vargas reach the second round. [nL2N1SR0D2]
Petro called on his followers to observe vote counting and may call for protests if he does not reach the run-off. During his tenure as mayor of Bogota he was briefly ousted over a trash collection scandal and led massive marches calling for his own reinstatement.
In the affluent Usaquen neighborhood of the capital, Claudia Guerrero, a 28-year-old shop assistant, said she hoped fellow voters did not just hurl insults on social media but actually went to the polls.
Abstention in the country is high - less than half of eligible voters tend to participate in elections.
“I hope many young people vote and above all I hope the losers accept the results,” Guerrero said. “Not only the candidates, but their followers.”
Graphic tmsnrt.rs/2rAQ4l1 on Latin American elections
Reporting by Helen Murphy and Steven Grattan; Editing by Daniel Flynn and Rosalba O'Brien
| ashraq/financial-news-articles | https://in.reuters.com/article/colombia-election/colombians-vote-for-new-president-with-peace-deal-economy-at-stake-idINKCN1IS03A |
May 4 (Reuters) - Browave Corp
* Says it will repurchase 8.1 percent shares(6 million shares) at the price of T$25 to T$40 per share, for up to T$643.1 million in total, during the period from May 4 to July 3
Source text in Chinese: goo.gl/tD7Yg8
(Beijing Headline News)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-browave-to-repurchase-81-pct-share/brief-browave-to-repurchase-8-1-pct-shares-for-up-to-t643-1-mln-idUSL3N1SB1N5 |
BENGALURU, May 16 (Reuters) - Gold prices recovered slightly early on Wednesday, after sliding to the lowest level this year in the previous session on surging U.S. bond yields and a stronger dollar. FUNDAMENTALS * Spot gold rose 0.2 percent to $1,292.73 per ounce at 0048 GMT, after shedding 1.7 percent and marking the lowest this year at $1,288.31 in the previous session. * This was also the lowest price level for the yellow metal since Dec. 28. * U.S. gold futures for June delivery were up 0.1 percent at $1,292.10 per ounce. * The dollar hovered near a five-month high against a group of major currencies on Wednesday, as a surge in the benchmark 10-year Treasury yield above 3 percent reignited a rally that had lost steam last week. * The yield on the benchmark U.S. 10-year Treasury note hit its highest in about seven years on Tuesday on the heels of a report that indicated a pick-up in consumer spending, lifting the dollar to its strongest level this year. * U.S. retail sales increased marginally in April as rising gasoline prices cut into discretionary spending, but consumer spending appeared on track to accelerate after slowing sharply in the first quarter. ] * Federal Reserve Chair Jerome Powell's top deputies are edging toward a clash that could shape the pace of interest-rate hikes in coming months, as well as how the Fed should prepare for and combat the next economic downturn. * Bank of England Deputy Governor Ben Broadbent said in an interview on Tuesday with the Telegraph that the central bank will not "spoon feed" markets with meeting-by-meeting interest rate hikes. * The United States is seeking to make a trade deal with China, White House economic adviser Larry Kudlow said on Tuesday. * North Korea on Wednesday threw into question an unprecedented summit between its leader Kim Jong Un and U.S. President Donald Trump scheduled for next month, denouncing military exercises between South Korea and the United States as a provocation and calling off high-level talks with Seoul. * Palestinians buried the dead on Tuesday from the bloodiest day in Gaza in years, after Israeli forces killed 60 Palestinians near the Gaza-Israel border during demonstrations against the opening of the U.S. embassy in Jerusalem. * European powers vowed to keep the 2015 nuclear deal alive without the United States by trying to keep Iran's oil and investment flowing, but admitted they would struggle to provide the guarantees Tehran seeks. * The London Bullion Market Association said on Tuesday it had suspended the Ekaterinburg Non-Ferrous Metals Processing Plant from its gold and silver good delivery lists due to "ownership related issues". DATA/EVENT AHEAD (GMT) 0130 China House prices Apr 1230 U.S. Housing starts Apr 1230 U.S. Building permits Apr 1315 U.S. Industrial production Apr (Reporting by Apeksha Nair in Bengaluru; Editing by Sunil Nair)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/global-precious/precious-gold-prices-edge-up-after-hitting-fresh-2018-low-idUSL3N1SN0BZ |
RUSTON, La., May 23, 2018 (GLOBE NEWSWIRE) -- Origin Bancorp, Inc. (Nasdaq:OBNK) (“Origin”), the financial holding company for Origin Bank, today announced a quarterly cash dividend of $0.0325 per share of its common stock. The cash dividend is payable on June 29, 2018 to stockholders of record as of the close of business on June 15, 2018.
About Origin Bancorp, Inc.
Origin is a financial holding company for Origin Bank, headquartered in Ruston, Louisiana, which provides a broad range of financial services to small and medium-sized businesses, municipalities, high net-worth individuals and retail clients from 41 banking centers located from Dallas/Fort Worth, Texas across North Louisiana to Central Mississippi, as well as in Houston, Texas. For more information, visit www.origin.bank.
Contact Information
Investor Relations
Chris Reigelman
318-497-3177
[email protected]
Media Contact
Ryan Kilpatrick
318-232-7472
[email protected]
Source:Origin Bancorp, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/23/globe-newswire-origin-bancorp-inc-announces-declaration-of-quarterly-cash-dividend.html |
* Shares down on concerns over Q2, Q3 dip
* New CEO yet to take the helm
* Core TV business supports profitability
* Content production hit by weak dollar, lack of orders (Recasts to focus on guidance, updates shares)
MUNICH/FRANKFURT, May 9 (Reuters) - Shares in German broadcaster ProsiebenSat.1 Media SE took another tumble on Wednesday after it said profitability would dip over the summer, leaving it counting on a bumper final quarter to meet its earnings guidance.
ProSieben’s shares, recently dropped from the DAX index of leading German companies, fell 9 percent on the results to make them the worst performer among national midcaps.
“The comments about EBITDA falling in Q2 and Q3 may raise issues about the need for Q4 to perform,” said analysts Ian Whittaker and Annick Maas at Liberum, who have a “hold” rating on the stock.
Chief Executive Thomas Ebeling stepped down early in the year after completing a restructuring at ProSieben that bundled its e-commerce activities and brought in investor General Atlantic to help develop the business.
The transition is not complete, however, with his designated successor Max Conze, the former CEO of UK appliances maker Dyson, not due to take up his role until next month.
On a conference call, interim CEO Conrad Albert said ProSieben’s annual targets of revenue growth in the low- to mid-single digits, and stable adjusted EBITDA margins in the mid-20s percent range, were still achievable.
But investors took fright at a warning that adjusted EBITDA would weaken in the second and third quarters, due to seasonally higher programming costs and consolidation effects, before picking up in the fourth quarter.
Munich-based ProSieben said first-quarter adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 7 percent to 200 million euros ($237 million), just beating the 5 percent gain seen by analysts in a Reuters poll.
That was sustained by a good showing at ProSieben’s main commercial TV channels. The content product and global sales division - for which the company is seeking a partner - suffered a drag on revenues as the dollar weakened, however.
ProSieben’s e-commerce division, called Nucom, also saw declines in revenues and profits. This was due to asset disposals over the course of the last year, the company said.
Chief Financial Officer Jan Kemper said that ProSieben’s leverage had declined to 1.5 times core earnings from 1.8 times over the quarter, leaving room for two or three acquisitions in the second half of the year.
First-quarter revenues declined by 3 percent to 881 million euros, in line with expectations, although the company said that, adjusted for consolidation and currency effects, revenues had risen by 1 percent. ($1 = 0.8435 euros) (Reporting by Joern Poltz Writing by Douglas Busvine Editing by Keith Weir)
| ashraq/financial-news-articles | https://www.reuters.com/article/prosieben-media-results/update-1-prosieben-tumbles-as-it-guides-for-weaker-summer-idUSL8N1SG4LU |
"Black Panther" star gives Howard University graduation speech 3:41pm EDT - 02:08
Chadwick Boseman, the star of the runaway hit film ''Black Panther'', returned to his alma mater on Saturday (May 12) to deliver the keynote address at Howard University's commencement ceremony in Washington, D.C. Rough Cut (no reporter narration). ▲ Hide Transcript ▶ View Transcript
Chadwick Boseman, the star of the runaway hit film "Black Panther", returned to his alma mater on Saturday (May 12) to deliver the keynote address at Howard University's commencement ceremony in Washington, D.C. 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/2KV96KY | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/12/black-panther-star-gives-howard-universi?videoId=426313875 |
May 23 (Reuters) - xG Technology Inc:
* SAYS IMT VISLINK BUSINESS AWARDED $1.4 MILLION ORDER TO SUPPLY AIRBORNE VIDEO DOWNLINK SOLUTIONS TO U.S. AIR FORCE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-xg-technologys-imt-vislink-busines/brief-xg-technologys-imt-vislink-business-awarded-1-4-million-order-idUSFWN1SU0V5 |
May 7 (Reuters) - Brookdale Senior Living Inc:
* BROOKDALE ANNOUNCES FIRST QUARTER 2018 RESULTS * Q1 REVENUE $1.19 BILLION VERSUS I/B/E/S VIEW $1.15 BILLION
* Q1 SAME STORE SALES FELL 0.6 PERCENT * QTRLY SAME COMMUNITY REVENUE PER OCCUPIED UNIT (REVPOR) SEQUENTIALLY INCREASED 2.5% FROM Q4 OF 2017
* SEES 2018 ADJUSTED EBITDA, EXCLUDING TRANSACTION AND ORGANIZATIONAL RESTRUCTURING COSTS, OF $545 MILLION TO $575 MILLION
* EXPECTS CONSOLIDATED FULL-YEAR 2018 NON-DEVELOPMENT CAPITAL EXPENDITURES TO BE IN A RANGE OF $170 MILLION TO $180 MILLION
* QTRLY NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS $2.45 Source text for Eikon:
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May 9, 2018 / 3:53 PM / Updated 4 minutes ago Trump's CIA pick promises no more harsh interrogation programme Patricia Zengerle , Mark Hosenball 6 Min Read
WASHINGTON (Reuters) - President Donald Trump’s nominee to head the CIA told U.S. lawmakers on Wednesday “my moral compass is strong” and she would never resume the agency’s harsh interrogation programme, often denounced as torture, that has threatened to derail her confirmation.
Gina Haspel, currently the spy agency’s acting director, told her Senate confirmation hearing she would not carry out any order from Trump she found morally objectionable, though she did not say she would refuse an order to use waterboarding, a form of simulated torture, to get answers from a terrorism suspect.
“My moral compass is strong. I would not allow CIA to undertake activity that I thought was immoral, even if was technically legal. I would absolutely not permit it,” Haspel told the Senate Intelligence Committee.
The hearing was dominated by questions about Haspel’s role at the CIA in the use of harsh interrogation methods during former President George W. Bush’s administration, as well as the destruction of videotapes documenting the tactics.
“Having served in that tumultuous time, I can offer you my personal commitment, clearly and without reservation, that under my leadership, on my watch, CIA will not restart such a detention and interrogation programme,” Haspel testified.
Haspel said U.S. law now clearly prohibits such interrogation methods, and “I fully support the detainee treatment required by law.”
Trump vowed as a candidate to resume waterboarding, a form of simulated drowning previously used by CIA interrogators but now banned, and promised techniques “a hell of a lot worse.”
Republican Senator Susan Collins asked Haspel what she would do if Trump gave her a direct order to use waterboarding on a “high-value terrorism suspect.”
“I do not believe the president would ask me to do that,” Haspel said, but did not say that she would refuse.
Haspel said there are “other U.S. government entities that conduct interrogations,” adding, “We’re not in the business of interrogating detainees” at the CIA and that she would not restart the interrogation programme under any circumstances.
Public questioning of Haspel on issues such as the effectiveness of the interrogations, CIA drone strikes and agency “renditions” of suspected militants to third countries may be limited because the operations remain classified.
“CIA has learnt some tough lessons,” Haspel said, explaining that in retrospect the agency was not prepared to conduct the detention and interrogation programme employed after the Sept. 11, 2001, attacks on the United States by al Qaeda militants.
Haspel needs 51 votes for confirmation as the first woman director of the CIA in the 100-seat Senate, where Trump’s fellow Republicans hold a 51-49 majority. The agency’s former deputy director, she would succeed Mike Pompeo, a Republican former congressman confirmed last month as secretary of state.
Haspel already has the strong support of many Republicans. As he opened the hearing, the panel’s Republican chairman, Richard Burr, praised Haspel.
“I believe your intellectual rigor, honourable service and outstanding judgement make you a natural fit to lead the CIA,” he said, urging that the hearing not be made “a trial about a long-shuttered programme.”
But Haspel could face a difficult time being confirmed. At least one Republican, Senator Rand Paul, has said he opposes her, and others have said they will wait to see how she does at Wednesday’s hearing. No Democrat has yet expressed support. ‘MORALLY QUESTIONABLE BEHAVIOUR’
Senator Mark Warner, the committee’s top Democrat, has said his vote on Haspel’s confirmation will largely depend on how she expresses her current views on the harsh techniques and a 2005 decision to destroy tapes of interrogations when she was chief of staff to Jose Rodriguez, then the CIA’s clandestine service chief.
Democrats pressed Haspel on her role in destroying videotapes of the interrogation sessions before they could be made public. Under questioning, Haspel acknowledged she “absolutely was an advocate” for destroying the tapes, saying she feared an “irresponsible leak” of the video that would reveal the identities of CIA agents and put them at risk.
Democratic Senator Martin Heinrich asked her, “Doesn’t that feel like a cover-up?”
“I never watched the tapes, but I understood that our officers’ faces were on them and it was very dangerous,” she said.
An undercover officer for most of her more than 30-year career, Haspel in 2002 served as CIA station chief in Thailand, where the agency ran one of the secret prisons where suspected al Qaeda extremists were interrogated using procedures that included waterboarding, which simulates drowning.
Warner and other Democrats expressed frustration they have not been given more details of Haspel’s long record with the agency, much of which remains classified.
Democratic Senator Dianne Feinstein said the agency was feeding “small pieces” of information to senators to bolster her nomination while keeping any damaging records under wraps.
Warner also said he would want Haspel’s commitment to cooperate in investigations into Russia’s role in the 2016 U.S. election. Trump has called those investigations a “witch hunt.”
Haspel’s testimony was interrupted by a protester who yelled, “Bloody Gina” and “You are a torturer,” before being removed by police. Before the hearing, a small group of protesters shouted, “Say no to torture,” before also being removed.
Haspel said the United States needs to do more to address China’s “overt and illicit efforts to steal” U.S. technology. Acting CIA Director Gina Haspel testifies at her Senate Intelligence Committee confirmation hearing on Capitol Hill in Washington, U.S., May 9, 2018. REUTERS/Kevin Lamarque Additional reporting by Doina Chiacu; Writing by John Whitesides; Editing by Will Dunham | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-haspel/trumps-cia-pick-promises-no-more-harsh-interrogation-program-idUKKBN1IA2LD |
(Changes sourcing to company)
May 9 (Reuters) - French insurer AXA SA's initial public offering (IPO) of its U.S. division raised $2.75 billion on Wednesday by pricing at $20 per share, below its targeted range of $24-$27 per share, the company said.
Despite coming in below target, it is still the biggest U.S. IPO so far in 2018 based on proceeds raised, according to Thomson Reuters data.
AXA, which is Europe's second-biggest insurer by market capitalisation behind Allianz, has said that the proceeds will help finance its earlier acquisition of insurer XL Group.
Although it was not immediately clear why it undershot its expectations, investors have previously voiced concerns over the exposure of many U.S. insurers to the long-term care (LTC) industry. LTC is insurance coverage which pays out for end-of-life medical care, such as when a person needs assistance bathing or feeding themselves.
The U.S. arm of AXA, dubbed AXA Equitable Holdings Inc , offers such protection to clients through a rider on life insurance products. It is one of America's oldest life insurers, with roots going back to 1859 in New York. AXA acquired the business in 1992.
AXA Equitable Holdings offered 137.25 million shares in its IPO. The listing values the U.S. entity at $11.22 billion.
It is the second U.S. insurance IPO this year to price below its target range, after Goosehead Insurance Inc last month.
Morgan Stanley, JP Morgan, Barclays and Citigroup are the main investment banks involved in the IPO. (Reporting by Joshua Franklin in New York; Additional reporting by David French in New York and Kanishka Singh in Bengaluru Editing by Rosalba O'Brien and Lisa Shumaker) | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/09/reuters-america-update-2-axas-u-s-arm-raises-2-point-75-bln-in-ipo-misses-target.html |
DALLAS, May 1, 2018 /PRNewswire/ -- Four Sayles Werbner trial lawyers were selected in four separate practice areas for recognition in D Magazine's annual listing of the Best Lawyers in Dallas for 2018.
This marks the 10 th consecutive year Sayles Werbner founders Richard A. "Dick" Sayles and Mark S. Werbner were recognized for their work. Sayles was honored for business and commercial litigation and Werbner for his representation of clients in white-collar criminal defense.
Additionally, firm shareholder Shawn C. Long was included for her work in professional non-medical liability litigation, and shareholder Darren P. Nicholson was chosen for his business and commercial litigation practice. To learn more about the individual lawyers, visit http://www.swtriallaw.com/attorneys/ .
"Our entire firm is dedicated to our clients' cases," said Sayles. "To be continuously recognized by our fellow attorneys for our hard work is rewarding."
With a track record of securing successful outcomes for clients, the lawyers at Sayles Werbner are known for tackling high-stakes litigation in Texas and across the country. Their success includes one of the top patent infringement awards ever issued by a U.S. jury, the nation's first civil liability verdict against a foreign bank for providing material financial support to terrorists, and one of the top business fraud verdicts awarded in Dallas County.
The Best Lawyers in Dallas list is compiled from attorney nominations from Dallas and Fort Worth, a thorough screening process by D Magazine's editorial team, and final review by a hand-picked, anonymous panel of the city's most respected attorneys and the editors. The full listing will appear in the magazine's May edition and online at http://www.dmagazine.com .
Sayles Werbner maintains an international reputation as a proven trial law firm in complex business litigation, life-altering personal injury cases, and practically every type of case that requires courtroom expertise. To learn more, visit swtriallaw.com .
Media Contact:
Sophia Reza
800-559-4534
[email protected]
View original content: http://www.prnewswire.com/news-releases/sayles-werbner-lands-four-attorneys-on-d-magazines-best-lawyers-in-dallas-300640239.html
SOURCE Sayles Werbner | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/01/pr-newswire-sayles-werbner-lands-four-attorneys-on-d-magazines-best-lawyers-in-dallas.html |
ROME (Reuters) - The leader of Italy’s 5-Star Movement dismissed a call on Monday by the head of state to form a neutral government and said the country should hold a new election in July after a vote in March ended in a hung parliament.
FILE PHOTO: Anti-establishment 5-Star Movement Luigi Di Maio looks on during a news conference at the Foreign Press Club in Rome, Italy, March 13, 2018. REUTERS/Tony Gentile/File Photo The 5-Star emerged as the largest single party in the March election, but all attempts to put together a coalition with its rivals have hit a brick wall, prompting President Sergio Mattarella to urge the creation of a broad unity government.
“(We have) No faith in a “neutral” government, which is synonymous with a government of technocrats. We are going to vote in July,” 5-Star chief Luigi Di Maio wrote on Twitter.
Reporting by Crispian Balmer; Editing by Matthew Mpoke Bigg
Our | ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-dimaio/italys-5-star-rules-out-neutral-government-wants-july-vote-idUSKBN1I820J |
The soft patch in the global economy is looking more soft and less like a patch.
Wednesday’s flash purchasing managers indexes for the eurozone and Japan showed fresh declines. The eurozone composite index fell to 54.1, compiler IHS Markit said, an 18-month low and weaker than forecast; in Germany business confidence about the outlook slipped to its lowest since November 2016.
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BRUSSELS (Reuters) - Germany is seeking to end a dispute between the United States and the European Union over President Donald Trump’s decision to impose high tariffs on steel and aluminum imports, Economy Minister Peter Altmaier said on Monday.
FILE PHOTO - German Economy Minister Peter Altmaier arrives to the weekly cabinet meeting in Berlin, Germany, May 23, 2018. REUTERS/Fabrizio Bensch Altmaier said he would discuss the issue with European Trade Commissioner Cecilia Malmstrom and U.S. Commerce Secretary Wilbur Ross at a meeting of the Organization for Economic Co-operation and Development (OECD) in Paris this week.
“We need to try to avoid higher tariffs,” Altmaier said. Trump imposed a 25 percent tariff on steel imports and a 10 percent tariff on aluminum in March but the European Union has been granted exemptions until June 1.
Reporting by Peter Maushagen; Writing by Joseph Nasr; Editing by Catherine Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-germany/germany-seeking-deal-to-end-eu-u-s-trade-dispute-idUSKCN1IT0LN |
May 22, 2018 / 3:39 PM / Updated 5 hours ago Baby powder helping fund Islamic State in Afghanistan: report Reuters Staff 3 Min Read
KABUL (Reuters) - Islamic State fighters in Afghanistan are making hundreds of thousands of dollars a year from illegal mining of talc, much of which ends up in the United States and Europe, advocacy group Global Witness reported on Tuesday. FILE PHOTO: Afghan National Army troops prepare for an operation against insurgents in Khogyani district of Nangarhar province, Afghanistan November 28, 2017. REUTERS/Parwiz/File Photo
About 500,000 tonnes of talc, used in products ranging from paint to baby powder, were exported from Afghanistan in the year to March, according to Afghan mining ministry figures cited in the group’s report.
Almost all went to Pakistan, where much of it is re-exported. Pakistan provides more than a third of U.S. imports of talc and much also ends up in the European Union, it said.
“Unwitting American and European consumers are inadvertently helping fund extremist groups in Afghanistan,” Nick Donovan, Campaign Director at Global Witness, said in a statement, calling for stronger checks on imports.
Illegal mining of gemstones and minerals such as lapis lazuli is a major source of revenue for Taliban insurgents and the report said Islamic State was fighting for control of mines in Nangarhar, the province where it has its stronghold.
Nangarhar, on the border with Pakistan, has large deposits of talc as well as minerals such as chromite and marble, and sits on major smuggling routes used for drugs and other contraband.
The report quoted a senior Islamic State militant commander as saying that wresting control of mining assets from other armed groups in Nangarhar was a priority: “The mines are in the hands of the mafia ... At any price we will take the mines.”
Security officials in Afghanistan have long been concerned about the uncontrolled traffic in Nangarhar of commodities like talc and chromite, which the Global Witness report said “may be the least glamorous of conflict minerals”.
It said that while it was difficult to estimate the value of the trade to Islamic State, revenue from mining in Nangarhar could amount “anywhere from the high tens of thousands to the low millions of dollars a year”. Somewhere in the hundreds of thousands was a plausible mid-range estimate, it added.
The sum did not appear very high, it said, but the U.S. military estimated the strength of Islamic State in Nangarhar at somewhere between 750 to 2,000 fighters, meaning the funds would be a significant source of revenue to the movement.
An Afghan mining ministry spokesman said a special committee had already been established to coordinate approaches to the issue with security and intelligence services. The ministry planned a news conference this week to address some of the specific issues raised in the report. Reporting by James Mackenzie; Editing by Mark Heinrich | ashraq/financial-news-articles | https://www.reuters.com/article/us-afghanistan-mining/baby-powder-helping-fund-islamic-state-in-afghanistan-report-idUSKCN1IN25N |
May 7 (Reuters) - TPG RE Finance Trust Inc:
* TPG RE FINANCE TRUST, INC. REPORTS OPERATING RESULTS FOR THE QUARTER ENDED MARCH 31, 2018
* Q1 GAAP EARNINGS PER SHARE $0.42 * Q1 EARNINGS PER SHARE VIEW $0.43 — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-tpg-re-finance-trust-reports-q1-ga/brief-tpg-re-finance-trust-reports-q1-gaap-earnings-per-share-0-42-idUSASC0A09Q |
Secrets to a better password and less hacks: Go long, use variety, and sometimes lie Jennifer Schlesinger Reblog "The average person has probably more than 100 accounts online that they've got to maintain a password with," said Caleb Barlow, an IBM IBM Security vice president. The average person uses between eight and 12 passwords, according to Charles Henderson, a global managing partner with IBM Security's X-Force Red, a team which companies pay to test their security. Henderson's team at IBM built a special machine called Cracken that can crack passwords up to 14 characters in under 5 minutes. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/10/secrets-to-a-better-password-and-less-hacks-go-long-use-variety-and-sometimes-lie.html?__source=yahoo%7Cfinance%7Cheadline%7Cstory%7C&par=yahoo&yptr=yahoo |
The president of the World Economic Forum ( WEF ) has urged European leaders to continue trying to find common ground with the President Donald Trump administration.
The U.S. and EU are currently on track for a showdown over how to handle one of the linchpins of the global financial system following Trump's decision to re-impose tough economic sanctions on Iran .
"We are in a situation where there is a more fractured world but in a more fractured world you have to incentivize more and closer cooperation," Borge Brende, president of the World Economic Forum, told CNBC's Willem Marx on Thursday.
"There is not enough cooperation and dialogue in the world today," he added.
Iran deal EU leaders are rushing to find an alternative solution to the landmark Iran nuclear deal, after Trump announced the U.S. would withdraw from the multilateral pact earlier this month.
The U.S. president had often described the Iran nuclear accord as the " worst deal ever ," while EU officials continue to believe it is vital for international security.
show chapters EU’s Gabriel: Europe needs to lead on data protection front 10 Hours Ago | 02:49 Alongside the foreign minister of Iran, the foreign ministers of France , Germany and the U.K. — all signatories of the Iran nuclear deal — gathered in Brussels on Tuesday to begin discussions on how to keep the accord alive.
When asked whether he believed the U.S. was largely responsible for the current challenges to the transatlantic relationship, Brende replied: "I think we all have to work with the current U.S. administration."
The WEF describes itself as the "international organization for public-private cooperation." Best known for its annual meeting in Davos , the Forum seeks to remain independent and impartial.
Aside from Iran, the U.S. and Europe are also currently at odds over trade tariffs. Following the U.S. decision to raise duties on metals, Europe has been seeking a permanent exemption from the higher prices.
show chapters EU leaders say the bloc is open to trade talks with the US administration 10 Hours Ago | 03:43 Speaking to CNBC, Mariya Gabriel, the EU's commissioner for the digital economy, said that despite the clear differences, the U.S. and Europe are still the best alliance across the world.
"We have our differences, but we know we are the best alliance, we are the most powerful in this world, we have only to win if we continue to work together," she said. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/18/wef-president-europe-must-keep-trying-to-work-with-trump.html |
Mnuchin says ZTE situation is an 'enforcement issue' 2 Hours Ago CNBC's Kayla Tausche reports on the latest comments from U.S. Treasury Secretary Steve Mnuchin who elaborated on the ZTE issue and explained that situation is an enforcement issue as opposed to a trade issue. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/mnuchin-says-zte-situation-is-an-enforcement-issue.html |
ROME (Reuters) - The head of Italy’s anti-establishment 5-Star Movement said on Monday he wanted law professor Giuseppe Conte to be the prime minister of a coalition government that could take office later this week.
“I am very proud of this choice, Giuseppe Conte will be the head of a political government agreed by two political forces,” Luigi Di Maio told reporters after recommending his nomination to President Sergio Mattarella.
The head of state appoints prime ministers in Italy and is not obliged to accept Conte’s name.
Reporting By Gavin Jones; Editing by Crispian Balmer
| ashraq/financial-news-articles | https://www.reuters.com/article/us-italy-politics-5star-conte/italys-5-star-chief-di-maio-says-law-professor-conte-should-be-pm-idUSKCN1IM1V7 |
SEOUL, May 27 (Reuters) - North Korean leader Kim Jong Un reaffirmed his commitment to “complete” denuclearisation of the Korean peninsula and to a planned meeting with U.S. President Donald Trump, South Korean President Moon Jae-in said on Sunday.
Moon and Kim agreed at a surprise second meeting on Saturday that a possible North Korea-U.S. summit, currently planned for June 12 in Singapore, must be held successfully, Moon told a news conference in Seoul.
Moon, who returned to Seoul on Thursday morning after meeting Trump in Washington in a bid to keep the high-stakes U.S.-North Korea summit on track, said he delivered Trump’s “firm will” to end the hostile relationship with North Korea and pursue bilateral economic cooperation. (Reporting by Soyoung Kim and Hyonhee Shin in SEOUL Editing by Paul Tait)
| ashraq/financial-news-articles | https://www.reuters.com/article/northkorea-missiles-southkorea/s-korea-says-n-koreas-kim-reaffirms-commitment-to-summit-with-trump-idUSS6N1MO01P |
WESTLAKE VILLAGE, Calif. (AP) _ PennyMac Mortgage Investment Trust (PMT) on Thursday reported first-quarter net income of $28.2 million.
On a per-share basis, the Westlake Village, California-based company said it had profit of 35 cents.
The specialty finance company posted revenue of $75.7 million in the period.
PennyMac Mortgage shares have risen 9 percent since the beginning of the year. The stock has declined roughly 1 percent in the last 12 months.
This story was generated by Automated Insights ( http://automatedinsights.com/ap ) using data from Zacks Investment Research. Access a Zacks stock report on PMT at https://www.zacks.com/ap/PMT | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/04/the-associated-press-pennymac-mortgage-1q-earnings-snapshot.html |
May 2, 2018 / 6:45 AM / Updated 17 minutes ago Insurer Direct Line counts the cost of Britain's long, icy winter Reuters Staff 2 Min Read
(Reuters) - British motor and home insurer Direct Line Insurance Group ( DLGD.L ) reported a 5 percent fall in quarterly gross written premiums and said claims linked to Britain’s recent cold weather snap would utilise almost all the company’s annual weather budget.
Direct Line, whose brands include Churchill, Green Flag and Privilege, said claims associated with widespread snow and icy weather conditions in the first quarter were expected to be about 50 million pounds post tax, against a budget of 55 million pounds.
The weather system dubbed “the Beast from the East” brought rare snow and sub-zero temperatures to much of Britain in late February and early March.
Shares were trading 3.9 percent down at 361.7 pence at 0714 GMT.
Smaller rival Hastings ( HSTG.L ) also reported higher claims costs due to the inclement weather and a slowdown in gross written premium growth in the first quarter.
Direct Line’s gross written premiums fell to 769.9 million pounds in the first quarter from 810.3 million pounds a year earlier, as its exit from the Nationwide and Sainsbury’s partnerships reduced premiums by 48.8 million pounds.
Meanwhile, motor gross written premiums rose 2.9 percent in the quarter, but the premium rises seen in the first half of 2017 had now largely tailed off as customers benefited from last year’s favourable claims environment, the company said.
Motor gross written premiums rose 9.9 percent in the first half of 2017 but only by 8.5 percent over the full year.
The cost of a comprehensive motor insurance policy fell 7 percent in Britain in the first quarter, the largest quarterly reduction in premiums seen in four years, according to a survey compiled by insurance advisory company Willis Towers Watson.
The FTSE 100 company maintained its full year target. Reporting by Radhika Rukmangadhan in Bengaluru, editing by Sinead Cruise | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-direct-line-ins-outlook/insurer-direct-line-counts-the-cost-of-britains-long-icy-winter-idUKKBN1I30OF |
May 15 (Reuters) - Microchip Technology Inc said on Tuesday it has received antitrust approval from China to buy rival Microsemi Corp, clearing a major hurdle to the $8.35 billion deal.
The company has also received antitrust clearances from the Japan Fair Trade Commission, the Philippine Competition Commission, the Austrian Federal Competition Authority and the German Federal Cartel Office.
Microchip had agreed to buy Microsemi, the largest U.S. commercial supplier of military and aerospace semiconductor equipment, in March. (Reporting by Arjun Panchadar in Bengaluru; Editing by Arun Koyyur)
| ashraq/financial-news-articles | https://www.reuters.com/article/microsemi-ma-microchip-tech/microchip-gets-china-antitrust-approval-to-buy-microsemi-idUSL3N1SM5CC |
May 16, 2018 / 9:57 AM / in 24 minutes Bulgarian government prepares to revive Belene nuclear project Reuters Staff 1 Min Read
SOFIA, May 16 (Reuters) - The Bulgarian government decided on Wednesday to ask parliament to lift a ban on the development of the 2,000-megawatt Belene nuclear power plant as it gears up to attract foreign investors to revive the project.
Chinese state nuclear company CNNC has confirmed it is interested in the project.
Energy Minister Temenuzhka Petkova has said the Balkan country plans to launch a tender by the end of the year to pick a strategic investor for the plant, which is estimated to cost at least 10 billion euros ($11.92 billion). (Reporting by Angel Krasimirov; editing by Jason Neely) | ashraq/financial-news-articles | https://www.reuters.com/article/bulgaria-energy/bulgarian-government-prepares-to-revive-belene-nuclear-project-idUSL5N1SM5SI |
Dallas Cowboys wide receiver Terrance Williams was arrested early Saturday in Frisco, Texas, charged with public intoxication — a Class C misdemeanor in Texas — near his home after police found his car wrecked at an intersection near the Cowboys’ training complex.
Dec 17, 2017; Oakland, CA, USA; Dallas Cowboys wide receiver Terrance Williams (83) runs with the ball after making a catch next to Oakland Raiders cornerback Dexter McDonald (23) in the first quarter at Oakland Coliseum. Mandatory Credit: Cary Edmondson-USA TODAY Sports Per a Frisco Police Department press release, around 4:45 a.m., police responded to a crash in the area of Frisco Green Avenue and Lebanon Road where they found a 2017 blue Lamborghini that had struck a light pole.
The driver of the vehicle had fled the scene and could not be found in the area, but police were able to determine the vehicle was registered to Williams.
Officers located Williams near his residence riding an electric bicycle in the road, where he was arrested for public intoxication.
Williams was released from the Frisco Detention Center on a $369 bond. He was also given a misdemeanor at-large charge for leaving the scene of a crash.
The Cowboys are aware of the arrest.
Williams won’t participate in upcoming workouts with the Cowboys because of a fractured foot, but he is expected to be ready for training camp.
He may need to impress. Despite the release of Dez Bryant, the Cowboys have signed free agent receivers Allen Hurns and Deonte Thompson and added Michael Gallup and Cedric Wilson in the recent draft.
Williams has played in every game of his five-year Cowboys career. The third-round pick out of Baylor in the 2013 draft has 20 touchdowns on 230 receptions over 80 games. He was shut out of the end zone last season as the Cowboys’ passing game sputtered under second-year QB Dak Prescott.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-dal-williams-arrested/cowboys-wide-receiver-williams-arrested-for-public-intoxication-idUSKCN1IK0UN |
May 18 (Reuters) - British retailer Dunelm Group Plc said on Friday it has appointed Laura Carr as its new Chief Financial Officer.
Carr, the current Group Financial Controller of Compass Group, will succeed Keith Down who announced his departure in February.
Dunelm, which appointed Nick Wilkinson, the former boss of Evans Cycles, as chief executive in February, said Down will leave the board slightly earlier than expected on May 24.
Carr will join the company in autumn, Dunelm said. (Reporting by Radhika Rukmangadhan in Bengaluru, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/dunelm-group-cfo/british-retailer-dunelm-appoints-laura-carr-as-cfo-idUSL3N1SP2IQ |
Johnson & Johnson and its talc suppliers on Wednesday were hit with a $21.7 million jury verdict in a lawsuit by a woman who said she developed cancer after being exposed to asbestos in the company's Baby Powder.
The verdict by a Los Angeles jury came down in the case of 68-year-old Joanne Anderson, who was diagnosed with mesothelioma, a form of cancer closely linked to asbestos exposure, and marked the second trial loss for J&J over similar allegations.
Of the $21.7 million the jury awarded in compensatory damages, J&J was assigned 67 percent, with the rest distributed among other defendants.
J&J has vehemently denied that its talc products contain asbestos or cause cancer, citing decades of testing by independent laboratories and scientists. But plaintiffs claim that asbestos and talc, which are closely linked minerals, are intermingled in the mining process, making it impossible to remove the carcinogenic substance.
Anderson and her husband in 2017 had sued J&J, a unit of Imerys, Cyprus Amax Minerals, a unit of Brenntag, Honeywell , and other local talc suppliers, but it was not immediately clear which of those companies were subject to the remaining damages award.
Damages could still grow as the jury debates whether to award punitive damages, Anderson's lawyer, Chris Panatier, said, declining to comment further.
"While we are disappointed with this decision, the jury has further deliberations to conduct in this trial and we will reserve additional comment until the case is fully completed," J&J said in a statement.
J&J has also been battling some 6,000 cases claiming its baby powder caused ovarian cancer, but the talc litigation has taken a new focus in recent months with plaintiffs claiming the widely used product causes mesothelioma due to alleged asbestos contamination.
Wednesday's verdict marks the second trial loss for J&J over allegations that its talc-based products contain asbestos.
A New Jersey state court jury in April ordered J&J and its talc supplier, a unit of Imerys, to pay $117 million to a man who alleged he developed mesothelioma due to asbestos exposure from J&J Baby Powder. An appeal is pending.
A California jury in November last year cleared J&J of liability in another mesothelioma lawsuit.
The company and Imerys, as well as a local unit of U.S. drugstore chain Rite Aid , are also facing another mesothelioma trial in a South Carolina court. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/jj-hit-with-21-point-7-million-verdict-in-another-talc-asbestos-cancer-case.html |
May 3 (Reuters) - Amper SA:
* Q1 NET PROFIT 2.6 MILLION EUROS VERSUS 1.9 MILLION EUROS YEAR AGO
* Q1 EBITDA 5.9 MILLION EUROS VERSUS 4.7 MILLION EUROS YEAR AGO
* Q1 NET SALES 40.9 MILLION EUROS VERSUS 21.3 MILLION EUROS YEAR AGO
Source text for Eikon:
(Gdynia Newsroom)
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-amper-q1-net-profit-up-40-pct-at-2/brief-amper-q1-net-profit-up-40-pct-at-2-6-mln-euros-yoy-idUSFWN1SA198 |
May 15 (Reuters) - Xerox Corp:
* CARL ICAHN SAYS ENTERED CONFIDENTIALITY AGREEMENT WITH XEROX - SEC FILING
* CARL ICAHN SAYS XEROX TO PROVIDE CERTAIN REPRESENTATIVES OF ICAHN WITH BOARD OBSERVER RIGHTS Source text: ( bit.ly/2IjokMk ) Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-carl-icahn-says-entered-confidenti/brief-carl-icahn-says-entered-confidentiality-agreement-with-xerox-sec-filing-idUSFWN1SM1D4 |
FRANKFURT (Reuters) - ElringKlinger has won a contract worth several hundred million euros to supply battery systems for an all-electric solar vehicle made by start-up Sono Motors, the German automotive supplier said on Wednesday.
Germany wants one million electric cars onto the road by 2020, a target it will likely miss. The government said in April it was ready to offer support to companies that make batteries for electric vehicles.
Sono Motors, a Munich-based company founded in 2016, is developing the Sion, a fully-electric vehicle that has solar cells integrated into its bodywork. It can be charged via solar power, from conventional power outlets or other electric cars.
The battery system that ElringKlinger will provide for the Sion will offer a range of around 250 km (155 miles) before it needs recharging, ElringKlinger said.
It said the order from Sono Motors was worth several hundred million euros over a period of eight years, and production would start in the second half of 2019 at one of its German plants.
Sono says it has around 4,000 orders for the Sion, which it aims to start selling next year.
Shares in ElringKlinger, which generates annual revenue of around 1.7 billion euros, were up 3 percent to 15.74 euros at 0820 GMT.
Reporting by Riham Alkousaa; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-autos-electric-germany-elringklinger/elringklinger-to-supply-battery-systems-for-sono-motors-solar-car-idUSKBN1IA15I |
Quotas Make a Comeback as Countries Seek U.S. Tariff Exemptions: European Union officials have bristled at accepting hard limits on exports, saying such pacts violate World Trade Organization rules, but the Trump administration has already struck one agreement with South Korea and is seeking to replicate A Question for the EU That Can No Longer Be Ducked | ashraq/financial-news-articles | http://blogs.wsj.com/moneybeat/2018/05/11/europe-bristles-at-quota-comeback/ |
May 21, 2018 / 2:58 PM / Updated 39 minutes ago Pivot Power to build British battery network for electric cars Reuters Staff 2 Min Read
LONDON (Reuters) - Pivot Power plans to develop a 2-gigawatt (GW) network of grid-scale batteries and rapid electric vehicle charging stations in Britain, it said on Monday. FILE PHOTO: A car is plugged in at a charging point for electric vehicles in London, Britain, March 6, 2018. REUTERS/Simon Dawson
The British-based firm plans 45 sites, each with a grid-scale 50-megawatt battery, at sub-stations which are connected to the grid.
The 1.6-billion pound programme will provide infrastructure to support the take-up of electric vehicles and help reduce strain on the grid from the demands of massive EV charging and intermittent renewable energy.
Britain has said it will ban all new petrol and diesel cars and vans from 2040.
Pivot Power said the network will be the world’s biggest, storing enough power to supply 235,000 average homes a day.
It aims to have operational batteries at 10 sites in 18 months, while a site on the south coast of England could be up-and-running by the middle of 2019, subject to planning approval.
Last December in Australia, Tesla Inc. switched on a 129-MW hour battery to help feed the country’s power grid. Reporting by Nina Chestney; Editing by Alexander Smith | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-pivotpower-energy/pivot-power-to-build-british-battery-network-for-electric-cars-idUKKCN1IM1MV |
May 31, 2018 / 10:06 AM / a few seconds ago Ahead of November election, old voting machines stir concerns among U.S. officials Sharon Bernstein , Grant Smith 6 Min Read
HARRISBURG, Pennsylvania (Reuters) - U.S. election officials responsible for managing more than a dozen close races this November share a fear: Outdated voting machines in their districts could undermine confidence in election results that will determine which party controls the U.S. Congress.
In 14 of the 40 most competitive races, Americans will cast ballots on voting machines that do not provide a paper trail to audit voters’ intentions if a close election is questioned, according to a Reuters analysis of data from six states and the Verified Voting Foundation, a non-political group concerned about verifiable elections.
These include races in Pennsylvania, New Jersey, Texas, Florida, Kansas and Kentucky. Nationwide, of 435 congressional seats up for grabs, 144 are in districts where some or all voters will not have access to machines using paper records, the analysis shows. While something could go wrong in any of those districts, it is in the close elections where a miscount or a perception of a miscount matters most.
Most of the dozen-plus state and local election officials interviewed by Reuters said they worry about bad actors hacking the older electronic voting machines to alter ballots, and then being unable to verify the results because there will be no paper trail. But the officials worry most about voters losing trust in elections, because officials would not be able to visibly demonstrate that the tally was indeed accurate.
“Voter confidence is a really big thing, and it’s the battle I worry about losing,” said Pennsylvania’s elections commissioner, Jonathan Marks. His state has four of the country’s most hotly contested elections – all of them in counties that use the older machines.
While there is no evidence that any voting machines were hacked in the 2016 presidential election of Donald Trump, there is increased anxiety, in large part because of U.S. intelligence findings that Russia actively sought, mostly through manipulation of social media, to sow distrust.
Trump himself has been accused by opponents of undermining confidence in the U.S. election system by falsely claiming that Hillary Clinton’s victory in the popular vote was due to massive voter fraud in favor of his Democratic opponent. No evidence of such fraud has been found. A NEED FOR PAPER
Most election officials interviewed by Reuters said they neither have the time nor the money to install voting machines that have a verifiable paper backup in time for the 2018 election. Officials believe paper is the best way to verify disputed election results because it can be physically examined and counted.
The Department of Homeland Security declared last year that Russian hackers had probed election-related computer systems in 21 of the 50 states during the 2016 election and that a small number were compromised. U.S. officials said, however, there was no evidence votes were altered in 2016.
Intelligence agencies expect more meddling leading up to the 2018 elections. “The intelligence community has been clear that the threat and desire to undermine confidence in our democratic institutions remains,” said Matt Masterson, senior cyber security adviser in the Department of Homeland Security.
Voting machines are generally not connected to the internet and therefore are difficult to hack. But even if hackers don’t get in during the moments they might be linked to the internet, if voters are led to believe that the results are faked or mistallied, the mistrust of the system could undermine faith in elections, said Washington State Secretary of State Kim Wyman. Eric Cooper, director of product strategy for Dominion Voting Systems, demonstrates one of the company's voting machines in Harrisburg, Pennsylvania April 26, 2018. Photo taken April 26, 2018. REUTERS/Sharon Bernstein
“If people perceive somebody cheated, then it’s as if somebody cheated,” said Wyman. TOO LITTLE, TOO LATE
Many states switched to electronic voting machines after paper ballot disputes cast a pall over Republican George W. Bush’s victory over Democrat Al Gore in 2000. But with cybersecurity a nascent concern at the time, securing machines against potential hackers was largely an afterthought.
Last fall, Virginia became the only state since the 2016 election to replace all of its paperless touchscreen machines after its board of elections decertified them.
The state acted after hackers at the annual Def Con hacking conference in Las Vegas demonstrated how they could quickly break into electronic machines, including some of the models used in Virginia. Other states ordered their counties to upgrade, but they were delayed by lack of money and the difficult logistics of procuring new equipment.
For the most part, the Def Con exercise discovered vulnerabilities by physically accessing voting machines, in some cases literally pulling them apart to find security weaknesses.
Earlier this year, Congress appropriated $380 million to upgrade election systems across the country, but state and local officials say the amount is both too little and comes too late for them to buy new machines for the 2018 election.
In Pennsylvania, for instance, the state has ordered local jurisdictions, which are charged with administering elections, to update their systems by 2019. It will cost up to $150 million, said Kathy Boockvar, Pennsylvania’s senior adviser to the governor on election modernization, but the federal government funding provides only $14 million of it.
To help states shore up their systems in the meantime, DHS offers states weekly updates on cyber threats and sends computer experts to check the security of local systems, said Masterson, the cybersecurity adviser at Homeland Security. Willie G. Wesley Jr., of ESS Elections Systems, displays a paper ballot that makes voitng on electronic systems more secure at an exposition of voting machines in Harrisburg, Pennsylvania April 26, 2018. REUTERS/Sharon Bernstein
Florida hired a cybersecurity firm to analyze its systems.
In Kentucky, the state brought in federal advisers to train county election chiefs on security risks. It plans to train another 15,000 poll workers before November’s election, said Alison Grimes, Kentucky’s secretary of state. Reporting by Sharon Bernstein in Harrisburg, Pennsylvania, Dustin Volz in Washington, D.C., Jim Finkle in Montreal, and Grant Smith in New York; Editing by Damon Darlin and Ross Colvin | ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-election-votingmachines/ahead-of-november-election-old-voting-machines-stir-concerns-among-u-s-officials-idUSKCN1IW16Z |
BERLIN (Reuters) - EU member states should engage in intensive talks to reach a common position on how to respond to U.S. tariffs on metal imports should efforts to secure a long-term exemption fail, a German government spokeswoman said on Friday.
“I can’t speak of timetables as this must be done at the European level,” the spokeswoman said. “It is clear that it is important that speedy talks are held in order to reach a common European position.”
Writing by Joseph Nasr; Editing by Peter Graff
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-metals-germany/germany-urges-speedy-eu-talks-to-reach-common-position-on-u-s-tariffs-idUSKBN1I518Y |
NEW YORK, May 15 (Reuters) - U.S. inflation is rising toward the Federal Reserve’s 2 percent goal while not accelerating enough to suggest the economy is overheating, Dallas Federal Reserve President Robert Kaplan said on Tuesday.
Inflation is approaching two percent but it’s “not running away from us,” he said at an event titled “Energy, Trade, and Energy Growth” sponsored by the Council for Foreign Relations. (Reporting by Richard Leong Editing by Chizu Nomiyama)
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/usa-fed-kaplan/feds-kaplan-sees-u-s-inflation-rising-but-not-running-away-idUSL2N1SM0U7 |
May 2 (Reuters) - Annaly Capital Management Inc:
* ANNALY CAPITAL MANAGEMENT, INC. TO ACQUIRE MTGE INVESTMENT CORP. FOR $900 MILLION
* ANNALY CAPITAL MANAGEMENT INC - DEAL ACCRETIVE TO ANNALY’S CORE EARNINGS PER SHARE OF COMMON STOCK
* ANNALY CAPITAL MANAGEMENT INC - TRANSACTION CONSIDERATION TO CONSIST OF APPROXIMATELY 50% ANNALY SHARES AND APPROXIMATELY 50% CASH
* ANNALY CAPITAL MANAGEMENT - DEAL VALUES MTGE AT $19.65 PER SHARE OF MTGE COMMON STOCK
* ANNALY CAPITAL MANAGEMENT INC - DEAL TO PROVIDES IMMEDIATE AND TANGIBLE COST SAVINGS TO SHAREHOLDERS
* ANNALY CAPITAL MANAGEMENT INC - ANNALY WOULD ASSUME EXISTING NOTIONAL $55 MILLION IN MTGE 8.125% SERIES A CUMULATIVE REDEEMABLE PREFERRED STOCK
* ANNALY CAPITAL - AS PART OF DEAL, MTGE SHAREHOLDERS MAY ELECT TO RECEIVE $9.82 IN CASH AND 0.9519 SHARES OF ANNALY STOCK
* ANNALY CAPITAL MANAGEMENT INC - FOR EACH SHARE OF MTGE COMMON STOCK, MTGE SHAREHOLDERS MAY ALSO ELECT TO RECEIVE 1.9037 SHARES OF ANNALY COMMON STOCK
* ANNALY CAPITAL - AS PART OF DEAL, MTGE SHAREHOLDERS MAY ELECT TO RECEIVE $19.65 IN CASH FOR EACH SHARE OF MTGE STOCK Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-annaly-capital-management-to-acqui/brief-annaly-capital-management-to-acquire-mtge-investment-for-900-million-idUSASC09Z8C |
United Airlines is bringing back tomato juice.
Late Thursday, United said it would initiate plans to restock airplane galleys with a beverage apparently more beloved by many of the Chicago-based carrier's loyal customers than had been anticipated.
The about-face comes in the context of United recently revealing it was in the process of streamlining onboard food and beverage offerings. Those plans call for less elaborate meal options in premium cabins on flights of less than four hours as well as a variety of changes in the range of liquor and spirits offered on flights.
But sources within the ranks of United frontline flight attendants told the Chicago Business Journal none of the planned changes hit harder from their vantage point than did the news the airline was dropping tomato juice from the beverage list and substituting instead an additional can of Bloody Mary mix on beverage trolleys.
As the Chicago Business Journal noted in an article on Monday, many within the ranks of United flight attendants were already "in full apology mode" as tomato juice had gone missing on United flights.
By late Thursday, United spokespeople were busy spreading the news that tomato juice is coming back. "We do listen to customer feedback and make adjustments accordingly," noted a United spokesman, who indicated tomato juice should be back on board all United flights by July.
United flight attendants, needless to say, responded quite favorably to United's reversal of course. Noted one United flight attendant: "I am amazed by how quickly the Titanic changed course. My Thursday is much happier!"
The flight attendant also characterized United's change of heart as "change for good."
United Airlines is a unit of United Continental Holdings.
More from Chicago Business Journal:
McDonald's ads spotlight 'speechless' celebrities, fresh-beef burgers
Land O'Frost takes viewers inside sandwich boardroom in first-ever ad
Snapchat rolling out redesign of its redesign | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/united-airlines-has-change-of-heart-about-beloved-tomato-juice.html |
WASHINGTON (Reuters) - U.S. President Donald Trump decided to break off a planned summit with North Korean leader Kim Jong Un after Pyongyang broke a series of promises and cut off direct communication with the United States, a senior White House official said on Thursday.
U.S. President Donald Trump speaks before the signing ceremony for S. 2155 - Economic Growth, Regulatory Relief, and Consumer Protection Act in the Roosevelt Room at the White House in Washington, U.S., May 24, 2018. REUTERS/Kevin Lamarque Briefing reporters on condition of anonymity, the official also cited a statement from North Korea earlier on Thursday warning that it was prepared for a nuclear showdown with Washington.
“This strange lack of judgment, combined with the broken promises over the past weeks and North Korea’s suspension of direct communication with the United States, suggests a profound lack of good faith,” the official said. “There has been a trail of broken promises that has given the United States pause.”
Reporting by Jeff Mason; Editing by Tim Ahmann
| ashraq/financial-news-articles | https://www.reuters.com/article/us-northkorea-missiles-usa-promises/trump-kim-summit-called-off-after-broken-north-korea-promises-u-s-official-idUSKCN1IP3HY |
May 16 (Reuters) - Verastem Inc:
* VERASTEM ONCOLOGY ANNOUNCES PRICING OF PUBLIC OFFERING OF COMMON STOCK
* SAYS PUBLIC OFFERING OF 7.78 MILLION COMMON SHARES PRICED AT $4.50PER SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-verastem-oncology-announces-public/brief-verastem-oncology-announces-public-offering-of-7-78-mln-common-shares-priced-at-4-50per-share-idUSASC0A2MM |
HOUSTON, May 09, 2018 (GLOBE NEWSWIRE) -- Spark Energy, Inc. ("Spark" or the "Company") (NASDAQ:SPKE), an independent retail energy services company, today reported financial results for the quarter ended March 31, 2018.
Key Highlights
Achieved $15.9 million in Adjusted EBITDA, $45.7 million in Retail Gross Margin, and a $(41.8) million Net Loss for the first quarter Total RCE count increased 1% to a record 1,055,000 as of March 31, 2018 Average monthly attrition of 4.2% for the first quarter Closed on two acquisitions, adding approximately 80,000 RCEs Continue to simplify, streamline, and optimize the organization Expanded the senior credit facility to $200.0 million in commitments Issued two million shares of Series A Preferred Stock for net proceeds of approximately $48.9 million
“Since the start of the year, we closed on two acquisitions, completed the integration of Verde Energy, implemented additional integration and cost-reduction initiatives, and further increased our liquidity,” said Nathan Kroeker, Spark Energy’s President and Chief Executive Officer. “That said, first quarter results were tempered by an unexpected burst of cold weather in early January that adversely affected Spark and our entire industry. This prolonged cold weather negatively impacted our financial results, especially compared to last year, when warmer-than-normal weather resulted in very strong unit margins for the winter months.
“Looking forward to the remainder of the year, we will continue to execute on our synergy projects to achieve further economies of scale. We intend to remain cost-effective with our organic acquisitions, and we will continue to evaluate additional acquisition opportunities while maintaining discipline with respect to purchase prices and valuation. On balance, we still anticipate that full-year Adjusted EBITDA for 2018 should be similar to that of 2017.”
Summary First Quarter 2018 Financial Results
For the quarter ended March 31, 2018, Spark reported Adjusted EBITDA of $15.9 million compared to Adjusted EBITDA of $34.4 million for the quarter ended March 31, 2017. The Company attributes this decrease of $18.5 million primarily to unexpected extreme cold weather patterns that raised short-term commodity prices in January.
For the quarter ended March 31, 2018, Spark reported Retail Gross Margin of $45.7 million compared to Retail Gross Margin of $64.6 million for the quarter ended March 31, 2017. Spark attributes this decrease of $18.9 million primarily to unexpected extreme cold weather patterns that raised short-term commodity prices in January.
Net loss for the quarter ended March 31, 2018, was $(41.8) million compared to net income of $11.1 million for the quarter ended March 31, 2017, driven by higher non-cash mark-to-market losses.
Strategic Update
As previously announced, the termination of the Verde earnout agreement on January 15, 2018 has allowed Spark to integrate Verde's operations on an accelerated basis. In addition, the Company expects the reintegration of Retailco Services into its operations, effective April 1, 2018, will allow it to realize synergies and cost reductions as early as the second quarter. Finally, Spark's internal brand consolidation and cost-cutting measures should also begin impacting 2018 results in the second quarter.
During the quarter, Spark increased the commitments on its credit facility to $200.0 million and issued an additional $48.9 million of its Series A Preferred Stock.
Liquidity and Capital Resources
($ in thousands) March 31, 2018 Cash and cash equivalents $ 21,065 Senior Credit Facility Availability (1) 43,811 Subordinated Debt Availability (2) 25,000 Total Liquidity $ 89,876 (1) Subject to Senior Credit Facility borrowing base and covenant restrictions.
(2) The availability of the Subordinated Facility is dependent on our Founder's financial position and liquidity.
Dividend
Spark’s Board of Directors declared quarterly dividends of $0.18125 per share of Class A common stock payable on June 14, 2018, and $0.546875 per share of Series A Preferred Stock payable on July 16, 2018.
Conference Call and Webcast
Spark will host a conference call to discuss first quarter 2018 results on Thursday, May 10, 2018, at 10:00 AM Central Time (11:00 AM Eastern).
A live webcast of the conference call can be accessed from the Events & Presentations page of the Spark Energy Investor Relations website at http://ir.sparkenergy.com/events-and-presentations . An archived replay of the webcast will be available for twelve months following the live presentation.
About Spark Energy, Inc.
Spark Energy, Inc. is an established and growing independent retail energy services company founded in 1999 that provides residential and commercial customers in competitive markets across the United States with an alternative choice for their natural gas and electricity. Headquartered in Houston, Texas, Spark currently operates in 19 states and serves 94 utility territories. Spark offers its customers a variety of product and service choices, including stable and predictable energy costs and green product alternatives.
We use our website as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Investors should note that new materials, including press releases, updated investor presentations, and financial and other filings with the Securities and Exchange Commission are posted on the Spark Energy Investor Relations website at ir.sparkenergy.com . Investors are urged to monitor our website regularly for information and updates about the Company.
Cautionary Note Regarding Forward Looking Statements
This earnings release contains that are subject to a number of risks and uncertainties, many of which are beyond our control. These within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) can be identified by the use of forward-looking terminology including “may,” “should,” “likely,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” “plan,” “intend,” “projects,” or other similar words. All statements, other than statements of historical fact included in this earnings release, regarding strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, objectives and beliefs of management are . Forward-looking statements appear in a number of places in this earnings release and may include statements about business strategy and prospects for growth, customer acquisition costs, ability to pay cash dividends, cash flow generation and liquidity, availability of terms of capital, competition and government regulation and general economic conditions. Although we believe that the expectations reflected in such are reasonable, we cannot give any assurance that such expectations will prove correct.
The in this earnings release are subject to risks and uncertainties. Important factors that could cause actual results to materially differ from those projected in the include, but are not limited to:
changes in commodity prices and the sufficiency of risk management and hedging policies; extreme and unpredictable weather conditions, and the impact of hurricanes and other natural disasters; federal, state and local regulation, including the industry's ability to address or adapt to potentially restrictive new regulations that may be enacted by the New York Public Service Commission; our ability to borrow funds and access credit markets and restrictions in our debt agreements and collateral requirements; credit risk with respect to suppliers and customers; changes in costs to acquire customers and actual customer attrition rates; accuracy of billing systems; whether our majority stockholder or its affiliates offer us acquisition opportunities on terms that are commercially acceptable to us; ability to successfully identify and complete, and efficiently integrate acquisitions into our operations; competition; and the “Risk Factors” in our latest Annual Report on Form 10-K, and in our quarterly reports, other public filings and press releases.
You should review the risk factors and other factors noted throughout or incorporated by reference in this earnings release that could cause our actual results to those contained in any forward-looking statement. All speak only as of the date of this earnings release. Unless required by law, we disclaim any obligation to publicly update or revise these statements whether as a result of new information, future events or otherwise. It is not possible for us to predict all risks, nor can we assess the impact of all factors on the business or the extent to which any factor, or combination of factors, may cause actual results to those contained in any .
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2018 AND DECEMBER 31, 2017
(in thousands)
(unaudited)
March 31, 2018 December 31, 2017 Assets Current assets: Cash and cash equivalents $ 21,065 $ 29,419 Accounts receivable, net of allowance for doubtful accounts of $4.4 million and $4.0 million as of March 31, 2018 and December 31, 2017, respectively 152,454 158,814 Accounts receivable—affiliates 3,063 3,661 Inventory 400 4,470 Fair value of derivative assets 7,965 31,191 Customer acquisition costs, net 20,181 22,123 Customer relationships, net 20,878 18,653 Prepaid assets 3,809 1,028 Deposits 28,763 7,701 Other current assets 22,001 19,678 Total current assets 280,579 296,738 Property and equipment, net 7,699 8,275 Fair value of derivative assets 262 3,309 Customer acquisition costs, net 6,698 6,949 Customer relationships, net 35,074 34,839 Deferred tax assets 30,734 24,185 Goodwill 120,154 120,154 Other assets 11,452 11,500 Total assets $ 492,652 $ 505,949 Liabilities, Series A Preferred Stock and Stockholders' Equity Current liabilities: Accounts payable $ 61,687 $ 77,510 Accounts payable—affiliates 4,050 4,622 Accrued liabilities 40,259 33,679 Fair value of derivative liabilities 12,347 1,637 Current portion of Senior Credit Facility — 7,500 Current payable pursuant to tax receivable agreement—affiliates 5,937 5,937 Current contingent consideration for acquisitions 3,043 4,024 Other current liabilities 2,484 2,675 Current portion of note payable 11,332 13,443 Total current liabilities 141,139 151,027 Long-term liabilities: Fair value of derivative liabilities 11,038 492 Payable pursuant to tax receivable agreement—affiliates 26,355 26,355 Long-term portion of Senior Credit Facility 106,500 117,750 Contingent consideration for acquisitions — 626 Other long-term liabilities — 172 Long-term portion of note payable 5,900 7,051 Total liabilities $ 290,932 $ 303,473 Commitments and contingencies (Note 13) Series A Preferred Stock, par value $0.01 per share, 20,000,000 shares authorized, 3,707,256 shares issued and outstanding at March 31, 2018 and 1,704,339 shares issued and outstanding at December 31, 2017 90,758 41,173 Stockholders' equity: Common Stock (1) : Class A common stock, par value $0.01 per share, 120,000,000 shares authorized, 13,237,981 issued, and 13,138,535 outstanding at March 31, 2018 and 13,235,082 issued and 13,135,636 outstanding at December 31, 2017 132 132 Class B common stock, par value $0.01 per share, 60,000,000 shares authorized, 21,485,126 issued and outstanding at March 31, 2018 and December 31, 2017 216 216 Additional paid-in capital 27,717 26,914 Accumulated other comprehensive loss (43 ) (11 ) Retained earnings (5,726 ) 11,008 Treasury stock, at cost, 99,446 shares at March 31, 2018 and December 31, 2017 (2,011 ) (2,011 ) Total stockholders' equity 20,285 36,248 Non-controlling interest in Spark HoldCo, LLC 90,677 125,055 Total equity 110,962 161,303 Total liabilities, Series A Preferred Stock and stockholders' equity $ 492,652 $ 505,949 (1) Outstanding shares of common stock reflect the two-for-one stock split, which took effect on June 16, 2017. See Note 5 "Equity" for further discussion.
(2) See Note 5 "Equity" for disclosure of our variable interest entity in Spark HoldCo, LLC.
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(in thousands)
(unaudited)
Three Months Ended March 31, 2018 2017 (1) Revenues: Retail revenues $ 284,001
$ 196,500
Net asset optimization revenues/(expense) (2) 2,687 (193 ) Total Revenues 286,688 196,307 Operating Expenses: Retail cost of revenues 289,876 145,761 General and administrative (3) 30,047 24,493 Depreciation and amortization 13,019 9,270 Total Operating Expenses 332,942 179,524 Operating (loss) income (46,254 ) 16,783 Other (expense)/income: Interest expense (2,245 ) (3,445 ) Interest and other income 201 199 Total other expenses (2,044 ) (3,246 ) (Loss) Income before income tax (benefit) expense (48,298 ) 13,537 Income tax (benefit)/expense (6,467 ) 2,405 Net (loss) income (41,831 ) $ 11,132 Less: Net (loss) income attributable to non-controlling interests (29,505 ) 8,862 Net (loss) income attributable to Spark Energy, Inc. stockholders $ (12,326 ) $ 2,270 Less: Dividend on Series A preferred stock 2,027 183 Net (loss) income attributable to stockholders of Class A common stock $ (14,353 ) $ 2,087 Other comprehensive loss, net of tax: Currency translation loss $
(83 ) $
(49 ) Other comprehensive loss (83 ) (49 ) Comprehensive (loss) income $
(41,914 ) $ 11,083 Less: Comprehensive (loss) income attributable to non-controlling interests (29,556 ) 8,831 Comprehensive (loss) income attributable to Spark Energy, Inc. stockholders $
(12,358 ) $
2,252 (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017. See Notes 2 and 4, "Basis of Presentation and Summary of Significant Accounting Policies" and "Acquisitions," respectively, for further discussion.
(2) Net asset optimization revenues (expenses) includes asset optimization revenues—affiliates of $648 and $0 for the three months ended March 31, 2018 and 2017, respectively, and asset optimization revenues—affiliates cost of revenues of $12 and $0 for the three months ended March 31, 2018 and 2017, respectively.
(3) General and administrative expense includes general and administrative expense—affiliates of $6,400 and $7,300 for the three months ended March 31, 2018 and 2017, respectively.
SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2018
(in thousands)
(unaudited)
Issued Shares of Class A Common Stock Issued Shares of Class B Common Stock Treasury Stock Class A Common Stock Class B Common Stock Treasury Stock Accumulated Other Comprehensive Loss Additional Paid-in Capital Retained Earnings (Deficit) Total Stockholders' Equity Non-controlling Interest Total Equity Balance at December 31, 2017 13,235 21,485 (99 ) $ 132 $ 216 $ (2,011 ) $ (11 ) $ 26,914 $ 11,008 $ 36,248 $ 125,055 $ 161,303 Stock based compensation — — — — — — — 817 — 817 — 817 Restricted stock unit vesting 3 — — — — — — (14 ) — (14 ) — (14 ) Consolidated net loss — — — — — — — — (12,326 ) (12,326 ) (29,505 ) (41,831 ) Foreign currency translation adjustment for equity method investee — — — — — — (32 ) — — (32 ) (51 ) (83 ) Distributions paid to non-controlling unit holders — — — — — — — — — — (4,822 ) (4,822 ) Dividends paid to Class A common stockholders — — — — — — — — (2,381 ) (2,381 ) — (2,381 ) Dividends to Preferred Stock — — — — — — — — (2,027 ) (2,027 ) — (2,027 ) Balance at March 31, 2018 13,238 21,485 (99 ) $ 132 $ 216 $ (2,011 ) $ (43 ) $ 27,717 $ (5,726 ) $ 20,285 $ 90,677 $ 110,962 SPARK ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2018 AND 2017
(in thousands)
(unaudited)
Three Months Ended March 31, 2018 2017 (1) Cash flows from operating activities: Net (loss) income $ (41,831 ) $ 11,132 Adjustments to reconcile net income to net cash flows provided by operating activities: Depreciation and amortization expense 11,632 8,204 Deferred income taxes (6,549 ) (87 ) Stock based compensation 1,131 1,367 Amortization of deferred financing costs 295 248 Change in Fair Value of Earnout liabilities — 711 Accretion on fair value of Earnout liabilities — 1,226 Bad debt expense 2,423 356 Loss on derivatives, net 36,542 21,796 Current period cash settlements on derivatives, net 16,442 (6,178 ) Accretion of discount to convertible subordinated notes to affiliate — 1,004 Payment of the Major Energy Companies Earnout — (1,104 ) Other (248 ) 6 Changes in assets and liabilities: Decrease in accounts receivable 9,737 3,738 Decrease (Increase) in accounts receivable—affiliates 354 (55 ) Decrease in inventory 4,070 3,322 Increase in customer acquisition costs (4,274 ) (7,690 ) Increase in prepaid and other current assets (21,465 ) (1,302 ) Increase in other assets (58 ) — Decrease in accounts payable and accrued liabilities (10,345 ) (8,979 ) Decrease in accounts payable—affiliates (572 ) (1,684 ) Decrease in other current liabilities (6,653 ) (2,413 ) Decrease in other non-current liabilities (171 ) (324 ) Net cash (used in) provided by operating activities (9,540 ) 23,294 Cash flows from investing activities: Purchases of property and equipment (754 ) (112 ) Acquisition of HIKO Energy (15,041 ) — Net cash used in investing activities (15,795 ) (112 ) Cash flows from financing activities: Proceeds from issuance of Series A Preferred Stock, net of issuance costs paid 48,490 38,607 Borrowings on notes payable 83,800 5,625 Payments on notes payable (102,550 ) (46,993 ) Payment of the Major Energy Companies Earnout (1,607 ) (6,299 ) Payment of the Provider Companies Earnout and installment consideration — (2,097 ) Payments on the Verde promissory note (3,261 ) — Proceeds from disgorgement of stockholders short-swing profits 244 666 Payment of dividends to Class A common stockholders (2,381 ) (2,355 ) Payment of distributions to non-controlling unitholders (4,822 ) (4,347 ) Payment of Dividends to Preferred Stock (932 ) — Net cash provided by (used in) financing activities 16,981 (17,193 ) (Decrease) increase in Cash and cash equivalents (8,354 ) 5,989 Cash and cash equivalents—beginning of period 29,419 18,960 Cash and cash equivalents—end of period $ 21,065 $ 24,949 Supplemental Disclosure of Cash Flow Information: Non-cash items: Property and equipment purchase accrual $ 180 $ 76 Cash paid during the period for: Interest $ 1,854 $ 888 Taxes $ 1,268 $ 118 (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017.
SPARK ENERGY, INC.
OPERATING SEGMENT RESULTS
FOR THE THREE MONTHS ENDED March 31, 2018 AND 2017
(in thousands, except per unit operating data)
(unaudited)
Three Months Ended
March 31, 2018 2017 (1) (in thousands, except volume and per unit operating data) Retail Electricity Segment Total Revenues 220,899 133,694 Retail Cost of Revenues 249,547 108,844 Less: Net Losses on non-trading derivatives, net of cash settlements (48,367 ) (11,921 ) Retail Gross Margin — Electricity 19,719 36,771 Volumes — Electricity (MWhs) 2,252,024 1,385,114 Retail Gross Margin — Electricity per MWh 8.76 26.55 Retail Natural Gas Segment Total Revenues $ 65,789 $ 62,613 Retail Cost of Revenues 40,329 36,917 Less: Net Asset Optimization Revenues (Expenses) 2,687 (193 ) Less: Net Losses on non-trading derivatives, net of cash settlements (3,227 ) (1,940 ) Retail Gross Margin — Gas $ 26,000 $ 27,829 Volumes — Gas (MMBtus) 7,677,082 8,219,279 Retail Gross Margin — Gas per MMBtu $ 3.39 $ 3.39 (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017.
Reconciliation of GAAP to Non-GAAP Measures
Adjusted EBITDA
We define “Adjusted EBITDA” as EBITDA less (i) customer acquisition costs incurred in the current period, (ii) net gain (loss) on derivative instruments, and (iii) net current period cash settlements on derivative instruments, plus (iv) non-cash compensation expense, and (v) other non-cash and non-recurring operating items. EBITDA is defined as net income (loss) before provision for income taxes, interest expense and depreciation and amortization. We deduct all current period customer acquisition costs (representing spending for organic customer acquisitions) in the Adjusted EBITDA calculation because such costs reflect a cash outlay in the period in which they are incurred, even though we capitalize such costs and amortize them over two years in accordance with our accounting policies. The deduction of current period customer acquisition costs is consistent with how we manage our business, but the comparability of Adjusted EBITDA between periods may be affected by varying levels of customer acquisition costs. For example, our Adjusted EBITDA is lower in years of customer growth reflecting larger customer acquisition spending. We do not deduct the cost of customer acquisitions through acquisitions of business or portfolios of customers in calculated Adjusted EBITDA. We deduct our net gains (losses) on derivative instruments, excluding current period cash settlements, from the Adjusted EBITDA calculation in order to remove the non-cash impact of net gains and losses on derivative instruments. We also deduct non-cash compensation expense as a result of restricted stock units that are issued under our long-term incentive plan.
We believe that the presentation of Adjusted EBITDA provides information useful to investors in assessing our liquidity and financial condition and results of operations and that Adjusted EBITDA is also useful to investors as a financial indicator of our ability to incur and service debt, pay dividends and fund capital expenditures. Adjusted EBITDA is a supplemental financial measure that management and external users of our condensed consolidated financial statements, such as industry analysts, investors, commercial banks and rating agencies, use to assess the following:
our operating performance as compared to other publicly traded companies in the retail energy industry, without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate earnings sufficient to support our proposed cash dividends; and our ability to fund capital expenditures (including customer acquisition costs) and incur and service debt.
Retail Gross Margin
We define retail gross margin as operating income (loss) plus (i) depreciation and amortization expenses and (ii) general and administrative expenses, less (i) net asset optimization revenues, (ii) net gains (losses) on non-trading derivative instruments, and (iii) net current period cash settlements on non-trading derivative instruments. Retail gross margin is included as a supplemental disclosure because it is a primary performance measure used by our management to determine the performance of our retail natural gas and electricity business by removing the impacts of our asset optimization activities and net non-cash income (loss) impact of our economic hedging activities. As an indicator of our retail energy business’ operating performance, retail gross margin should not be considered an alternative to, or more meaningful than, operating income (loss), its most directly comparable financial measure calculated and presented in accordance with GAAP.
We believe retail gross margin provides information useful to investors as an indicator of our retail energy business's operating performance.
The GAAP measures most directly comparable to Adjusted EBITDA are net income (loss) and net cash provided by operating activities. The GAAP measure most directly comparable to Retail Gross Margin is operating income (loss). Our non-GAAP financial measures of Adjusted EBITDA and Retail Gross Margin should not be considered as alternatives to net income (loss), net cash provided by operating activities, or operating income (loss). Adjusted EBITDA and Retail Gross Margin are not presentations made in accordance with GAAP and have important limitations as analytical tools. You should not consider Adjusted EBITDA or Retail Gross Margin in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA and Retail Gross Margin exclude some, but not all, items that affect net income (loss) and net cash provided by operating activities, and are defined differently by different companies in our industry, our definition of Adjusted EBITDA and Retail Gross Margin may not be comparable to similarly titled measures of other companies.
Management compensates for the limitations of Adjusted EBITDA and Retail Gross Margin as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these data points into management’s decision-making process.
The following tables present a reconciliation of Adjusted EBITDA to net income (loss) and net cash provided by operating activities for each of the periods indicated.
APPENDIX TABLES A-1 AND A-2
ADJUSTED EBITDA RECONCILIATIONS
(in thousands)
(unaudited)
Three Months Ended March 31, (in thousands) 2018 2017 (1) Reconciliation of Adjusted EBITDA to Net Income: Net (loss) income $ (41,831 ) $ 11,132 Depreciation and amortization 13,019 9,270 Interest expense 2,245 3,445 Income tax (benefit) expense (6,467 ) 2,405 EBITDA (33,034 ) 26,252 Less: Net, losses on derivative instruments (36,542 ) (21,796 ) Net, Cash settlements on derivative instruments (15,537 ) 7,355 Customer acquisition costs 4,274 7,690 Plus: Non-cash compensation expense 1,131 1,367 Adjusted EBITDA $ 15,902 $ 34,370 (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017.
Three Months Ended March 31, (in thousands) 2018 2017 (1) Reconciliation of Adjusted EBITDA to net cash provided by operating activities: Net cash (used in) provided by operating activities $ (9,540 ) $ 23,294 Amortization of deferred financing costs (295 ) (248 ) Allowance for doubtful accounts and bad debt expense (2,423 ) (356 ) Interest expense 2,245 3,445 Income tax (benefit) expense (6,467 ) 2,405 Changes in operating working capital Accounts receivable, prepaids, current assets 11,374 (2,381 ) Inventory (4,070 ) (3,322 ) Accounts payable and accrued liabilities 17,570 13,076 Other 7,508 (1,543 ) Adjusted EBITDA $ 15,902 $ 34,370 Cash Flow Data: Cash flows (used in) provided by operating activities $ (9,540 ) $ 23,294 Cash flows used in investing activities (15,795 ) (112 ) Cash flows provided by (used in) financing activities 16,981 (17,193 ) (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017.
The following table presents a reconciliation of Retail Gross Margin to operating income (loss) for each of the periods indicated.
APPENDIX TABLE A-3
RETAIL GROSS MARGIN RECONCILIATION
(in thousands)
(unaudited)
Three Months Ended March 31, (in thousands) 2018 2017 (1) Reconciliation of Retail Gross Margin to Operating Income: Operating (loss) income $ (46,254 ) $ 16,783 Depreciation and amortization 13,019 9,270 General and administrative 30,047 24,493 Less: Net asset optimization revenues (expenses) 2,687 (193 ) Net, Losses on non-trading derivative instruments (36,712 ) (21,376 ) Net, Cash settlements on non-trading derivative instruments (14,882 ) 7,515 Retail Gross Margin $ 45,719 $ 64,600 Retail Gross Margin - Retail Electricity Segment $ 19,719 $ 36,771 Retail Gross Margin - Retail Natural Gas Segment $ 26,000 $ 27,829 (1) Financial information has been recast to include results attributable to the acquisition of Perigee Energy, LLC by an affiliate on February 3, 2017.
Contact: Spark Energy, Inc.
Investors:
Christian Hettick, 832-200-3727
Media:
Kira Jordan, 832-255-7302
Source:Spark Energy, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-spark-energy-inc-reports-first-quarter-2018-financial-results.html |
April 30 (Reuters) - U.S. oil refiner Marathon Petroleum Corp, which has agreed to buy rival Andeavor, reported an increase in first-quarter profit, helped by higher refining and marketing margins.
Net income attributable to Marathon rose to $37 million or 8 cents per share in the three months ended March 31, from $30 million or 6 cents per share a year earlier.
Revenue rose to $18.98 billion from $16.39 billion.
Marathon said earlier on Monday it would buy Andeavor for more than $23 billion to form a company that would leapfrog Valero Energy Corp as the largest U.S. refiner by capacity. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sai Sachin Ravikumar)
| ashraq/financial-news-articles | https://www.reuters.com/article/marathon-petroleum-results/marathon-petroleum-reports-higher-first-quarter-profit-idUSL3N1S73VW |
May 16 (Reuters) - Southwest Airlines Co:
* SOUTHWEST AIRLINES CO - INCREASED COMPANY’S QUARTERLY DIVIDEND BY 28 PERCENT
* SOUTHWEST AIRLINES CO - AUTHORIZED A NEW $2.0 BILLION SHARE REPURCHASE PROGRAM
* SOUTHWEST AIRLINES CO - QUARTERLY DIVIDEND WILL INCREASE TO $.16 PER SHARE FROM $.125 PER SHARE
* SOUTHWEST AIRLINES - SUBSEQUENT TO LAUNCH OF Q2 ASR PROGRAM, CO HAS $350 MILLION REMAINING UNDER MAY 2017 $2.0 BILLION SHARE REPURCHASE AUTHORIZATION
* SOUTHWEST AIRLINES - AUTHORIZED NEW SHARE REPURCHASE PROGRAM UPON COMPLETION OF REMAINING $350 MILLION UNDER MAY 2017 $2.0 BILLION SHARE REPURCHASE AUTHORIZATION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-southwest-airlines-authorized-a-ne/brief-southwest-airlines-authorized-a-new-2-0-billion-share-repurchase-program-idUSFWN1SN0VB |
* Shanghai stocks close higher, blue-chip CSI300 index up
* Gains in Shanghai stocks led by Inner Mongolia Lantai Industrial Co Ltd and losses by Shandong Tyan Home Co Ltd
* China’s A-shares are at a 21.79 percent premium over H-shares
SHANGHAI, May 21 (Reuters) - China stocks extended gains to end higher on Monday, as trade tensions eased Mnuchin said their trade war with China was put “on hold”. ** The blue-chip CSI300 index ended up 0.5 percent at 3,921.24 points, while the Shanghai Composite Index closed 0.6 percent higher at 3,213.84 points. ** The U.S. trade war with China is “on hold” after the world’s largest economies agreed to drop their tariff threats while they work on a wider trade agreement, Mnuchin said on Sunday. ** China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier. ** “The U.S.-China agreement should provide investors some relief as a full-scale trade war has been avoided,” said Tai Hui, Chief Market Strategist for Asia Pacific, J.P. Morgan Asset Management. ** Transport firms, in particular shipping companies, led the rally on the mainland, with Cosco Shipping Holdings closing up 7.4 percent. Analysts said the “ceasefire” of the trade war is positive for shipping demand and port throughput. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.22 percent, while Japan’s Nikkei index closed 0.31 percent higher. ** At 0700 GMT, the yuan was Quote: d at 6.3859 per U.S. dollar, 0.14 percent weaker than the previous close of 6.3767. ** The largest percentage gainers in the main Shanghai Composite index were Inner Mongolia Lantai Industrial Co Ltd up 10.05 percent, followed by Jiangsu Zhongtian Technology Co Ltd gaining 10.04 percent and Hunan Salt Industry Co Ltd up by 10.02 percent. ** The largest percentage losers in the Shanghai index were Shandong Tyan Home Co Ltd down 5.01 percent, followed by Harson Trading China Co Ltd losing 4.33 percent and Future Land Holdings Co Ltd down by 3.41 percent. ** So far this year, the Shanghai stock index is down 2.8 percent, the CSI300 has fallen 2.7 percent, while China’s H-share index listed in Hong Kong is up 5.8 percent. Shanghai stocks have risen 4.29 percent this month. ** About 16.45 billion shares were traded on the Shanghai exchange, roughly 116.9 percent of the market’s 30-day moving average of 14.07 billion shares a day. The volume in the previous trading session was 13.65 billion shares. ** As of 0701 GMT, China’s A-shares were trading at a premium of 21.79 percent over the Hong Kong-listed H-shares. (Reporting by Shanghai Newsroom, Editing by Sherry Jacob-Phillips)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-stocks-close/china-stocks-end-higher-as-trade-tensions-ease-idUSZZN2RAY00 |
DNA sequencing helping fight TB in Madagascar 6:37pm IST - 01:34
An international team of scientists and doctors are using a hand held DNA sequencer in the fight against tuberculosis in remote parts of Madagascar. Stuart McDill
An international team of scientists and doctors are using a hand held DNA sequencer in the fight against tuberculosis in remote parts of Madagascar. Stuart McDill //reut.rs/2GYwrIP | ashraq/financial-news-articles | https://in.reuters.com/video/2018/05/29/dna-sequencing-helping-fight-tb-in-madag?videoId=431418543 |
May 1, 2018 / 10:33 AM / Updated 8 minutes ago BRIEF-BlackRock Capital Investment Says Co's Board Has Reduced Size Of Board From Eight To Seven Directors Reuters Staff 1 Min Read
May 1 (Reuters) - BlackRock Capital Investment Corp :
* BLACKROCK CAPITAL INVESTMENT CORP - CO'S BOARD HAS REDUCED SIZE OF BOARD FROM EIGHT TO SEVEN DIRECTORS - SEC FILING Source text: ( bit.ly/2HGdobq ) Further company coverage: | ashraq/financial-news-articles | https://www.reuters.com/article/brief-blackrock-capital-investment-says/brief-blackrock-capital-investment-says-cos-board-has-reduced-size-of-board-from-eight-to-seven-directors-idUSFWN1S806K |
May 15 (Reuters) - Touchstone Exploration Inc:
* TOUCHSTONE ANNOUNCES FIRST QUARTER FINANCIAL AND OPERATING 2018 RESULTS
* QTRLY CRUDE OIL PRODUCTION OF 1,543 BARRELS PER DAY, REPRESENTING AN INCREASE OF 21% FROM THE Q1 2017
* QTRLY EARNINGS PER SHARE C$0.01 * QTRLY FUNDS FLOW FROM OPERATIONS C$0.02 PER BASIC SHARE Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-touchstone-reports-qtrly-earnings/brief-touchstone-reports-qtrly-earnings-per-share-of-c0-01-idUSASC0A266 |
RIBEIRÃO PRETO, Brazil (Reuters) - Agricultural equipment makers in Brazil are banking on strong sales this year, boosted by a second straight bumper soy crop and rising grain prices, which will more than offset weakness in the sugar cane sector, they said at a major trade show.
General view of the Agrishow agricultural equipment exposition in Ribeirao Preto, Brazil April 30, 2018. Picture taken April 30, 2018. REUTERS/Marcelo Rodrigues Teixeira Some machinery producers are forecasting sales growth as high as 8 percent in 2018 as farmers’ confidence rises and record-low interest rates encourage them to borrow and invest.
“In the end, it all comes down to (the price of) soybeans. If that is good, the farmer will decide to buy,” said Rodrigo Bonato, Latin America sales director for machinery maker Deere & Co, during an interview last week at Agrishow, Brazil’s biggest agribusiness expo.
He said after Brazil’s past two soy crops set all-time records, farmers were likely to boost investment and improve efficiency. Deere invested half a billion dollars over the past decade in Brazil, where it sees sales growing 5 percent in 2018.
Although Brazil’s farm sector was a rare bright spot in the deep recession of the past few years, the downturn still appears to have weighed on sentiment among producers, making the economy’s gradual recovery a spark for some investments.
Visitors walk around the Agrishow agricultural equipment fair in Ribeirao Preto, Brazil April 30, 2018. Picture taken April 30, 2018. REUTERS/Marcelo Rodrigues Teixeira IC Agro, a farmer confidence index tracked by industry group Fiesp, hit a more than four-year high in the first quarter.
“Even though the agricultural sector didn’t suffer much during the recession, farmers held back investments,” said Fernando Gonçalves, chief executive at Jacto, a Brazilian producer of crop sprayers and other equipment. “But look at their confidence now. It is back,” he said, forecasting sales growth at Jacto of between 5 percent and 8 percent in 2018.
That is as much as twice the 3.7 percent growth forecast for farm machinery sales issued by vehicle maker group Anfavea.
Slideshow (2 Images) Borrowing is also getting easier as low inflation has allowed the central bank to cut its benchmark interest rate to an all-time low, with another cut expected in May.
Banco Santander Brasil SA was offering 1 billion reais of preapproved lines at Agrishow to finance equipment sales as it pushes into a sector traditionally dominated by state-controlled Banco do Brasil SA.
Santander Brasil has opened 16 dedicated farm lending locations in grain producing states such as Mato Grosso and Goiás since last year and hired 60 agronomists for its commercial operation.
“You have to speak the farmers’ language,” said Paulo Cesar Bertolane, a Santander product supervisor.
The major exception to the good cheer at Agrishow was in the cane sector, where sales have stalled as sugar prices hover near the lowest levels since late 2015 and mills put off investments.
Marco Antônio Gobesso, sales manager for cane machinery for the Brazilian unit of Agco Corp, said sales fell last year and were down 20 percent in the first four months of the year compared with the same period of 2017.
Agco has responded by cutting production capacity for cane products at its plant in Ribeirão Preto and opening a line in January dedicated to making sprayers for grain crops.
Reporting by Marcelo Teixeira; editing by Jonathan Oatis
| ashraq/financial-news-articles | https://www.reuters.com/article/us-brazil-agriculture-machinery/brazil-soy-boom-spells-bumper-year-for-agricultural-equipment-idUSKBN1I81FH |
As we mentioned in our Brainstorm Health newsletter on Thursday , the National Institutes of Health (NIH) is launching public enrollment in its ambitious genetic and health data collection project. The initiative, the “All of Us” research program announced by former President Barack Obama back in 2015, has a pretty out-there goal: to guide the development of personalized medicine by collecting samples from one million American volunteers.
Such a broad project necessitates widespread participation. And academic institutes are pushing it hard ahead of the official “All of Us” enrollment drive which begins this Sunday, May 6. “All of Us is an unprecedented effort to gather genetic, biological, environmental, health, and lifestyle data from 1 million or more volunteer participants living in the United States,” wrote the University of California system in a blog post Thursday. “A major component of the federal Precision Medicine Initiative, the program’s ultimate goal is to accelerate research and improve health.”
Subscribe to Brainstorm Health Daily , our newsletter about the most exciting health innovations.
The hope is that the project (which, by the way, you can learn more about in case you’re interested in participating here ) could theoretically help spur better medical research and better drugs by recruiting a far larger and more diverse swath of participants than traditional studies or clinical trials do.
Private companies, including consumer genetic testing firms like 23andMe and Google parent Alphabet—have similar ambitions through research partnerships and programs like Alphabet subsidiary Verily’s “Project Baseline.” But the scale of NIH’s program, and the approach taken by “All of Us,” may set it apart in some ways—including the fact that it makes its request for data transparent upfront, and that whatever information is gleaned from it would be available in a public database to researchers.
More than 25,000 people have already signed up for the project in its early stages. Congress has authorized nearly $1.5 billion toward the effort over the next 10 years. | ashraq/financial-news-articles | http://fortune.com/2018/05/04/enrollment-for-the-nihs-landmark-all-of-us-genetic-precision-medicine-project-begins-this-weekend/ |
May 10 (Reuters) - Pretium Resources Inc:
* REPORTS FINANCIAL AND OPERATING RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2018
* Q1 ADJUSTED EARNINGS PER SHARE $0.03 * QTRLY PRODUCTION TOTALED 75,689 OUNCES OF GOLD AND 94,730 OUNCES OF SILVER
* QTRLY REVENUE OF $89.4 MILLION WAS GENERATED ON SALE OF 68,651 OUNCES OF GOLD AND 84,234 OUNCES OF SILVER
* PRETIUM RESOURCES - BRUCEJACK MINE IS GENERATING FREE CASH FLOW & CO IS ON TRACK TO ACHIEVING H1 2018 GUIDANCE OF $900 TO $700 PER OUNCE OF GOLD SOLD
* PRETIUM RESOURCES - CO REMAINS “CONFIDENT” THAT IT WILL DELIVER H1 2018 AISC GUIDANCE, AS WELL AS PRODUCTION GUIDANCE OF 150,000 TO 200,000 OZ OF GOLD Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-pretium-resources-q1-loss-per-shar/brief-pretium-resources-q1-loss-per-share-0-04-idUSFWN1SH1PN |
This quarter has been 'outstanding': Pro 1 Hour Ago Lindsey Bell, CFRA Research, and Chris Bertelsen, Aviance Capital Management, discuss why the market isn't responding to a big earnings week. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/this-quarter-has-been-outstanding-pro.html |
0 COMMENTS New U.S. crude export facilities on the Gulf Coast may bring the world’s troubled business of operating big tankers a needed new market for transporting oil.
A trio of American energy logistics firms is preparing to build a terminal at the Port of Corpus Christi in Texas capable of handling very large crude carriers, or VLCCs, adding to a flurry of activity for U.S. oil exports that reached a record 2.3 million barrels a day last week.
Buckeye Partners , BPL 0.07% Phillips 66 PSX 2.77% Partners and refiner Andeavor ANDV 5.45% formed a joint venture to build the facility at the South Texas Gateway Terminal, a major transit point for U.S. energy exports heading to international markets.
Phillips 66 and Andeavor will be the launch customers for shipping crude out of the terminal, with two deep-water docks capable of berthing VLCCs, along with 3.4 million barrels of oil storage. The South Texas Gateway Terminal is scheduled to kick off operations next year.
The project will add capacity to a booming U.S. crude trade.
The U.S. Energy Information Administration says crude exports recently averaged around 1.6 million barrels a day over four weeks. Growing production of crude, refined products and liquefied natural gas could make the U.S. a net energy exporter by 2022, according to the EIA’s Annual Energy Outlook.
Tanker owners are hoping the growing U.S. exports will boost an international crude transport market that has remained in a slump this year.
Freight rates for VLCCs recently slumped to near record lows, industry analysts say, with a glut of ships pushing daily rates to an average $6,000, far from the break-even rate of around $22,000.
“There’s a lot of bleeding out there, and there is more to come this year,” said one Singapore broker, noting daily rates stood at $26,000 in the same period last year.
Big, listed operators kicked of this year with steep losses in the first quarter.
‘ Rates will stay under pressure until this process of rebalancing is much further advanced. ’
—Paddy Rogers, CEO of Euronav. Euronav, one of the world’s biggest VLCC owners, lost $39 million in the three months ending March 31. “Rates will stay under pressure until this process of rebalancing (supply and demand) is much further advanced,” Chief Executive Paddy Rogers said in announcing the earnings.
Crude stockpiles have been rising even as oil prices have pushed up to around $70 on global markets. On Wednesday, the EIA reported the amount of crude in storage rose by 6.2 million barrels last week , exceeding average analyst expectations for a 700,000-barrel build.
For crude carriers, “The overall message is that for the rest of the year, global oil stocks will remain pretty significant, which also means a significant lack of demand for oil transport,” Peter Sand, chief shipping analyst for ship broker BIMCO, said in an interview.
Tanker operators have continued to bulk up capacity despite falling prices. Mr. Sand said there were 54 orders of VLCCs last year up from only 14 in 2016, and there have been another 20 new orders so far this year.
“Just like container shipping, size does matter in oil transport, with VLCCs becoming the weapon of choice, especially with increased crude imports into China,” he said.
Brokers for oil transport estimate that tanker overcapacity is hovering at around 18% above demand.
Write to Costas Paris at [email protected] | ashraq/financial-news-articles | https://www.wsj.com/articles/energy-firms-will-build-u-s-gateway-for-the-worlds-biggest-tankers-1525285003 |
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